With the job market picking up again, you might be thinking of getting a new credit card as long as Credit Karma gives you the go-ahead. With so many cards to choose from, though, how do you know which one is best for your needs? Let’s help you take the guesswork out of the process with some of Canada’s best credit cards of 2021.
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1 / 20
American Express Cobalt Card
Monthly fee: $10
Annual interest rate: 19.99% on purchases and 21.99% on funds advances
The American Express Cobalt Card was one of the best credit cards in Canada in 2020 as well. It’s an especially great card for travel purposes, giving you a range of benefits, including free room upgrades when available. You earn 1 point for every $1 spent except for travel and transit, where you can earn double the points, and eating out or ordering in, where you can earn five times the points. If you apply by the end of January 2021, you can earn ten times the points for eligible Amazon purchases for the first three months.
See also: The cheapest cities to live in Canada.
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2 / 20
The Platinum Card by American Express
Annual fee: $699
Annual interest rate: 30% on balances not paid in full
You need one of the highest-paying in-demand jobs in Canada to afford the Platinum Card by American Express but it’s totally worth it. With this card, you earn double points for travel and triple points for eligible dining. You also get a $200 annual travel credit. What really makes this a great credit card is the extra perks you get at hotels and the airport lounge at Toronto–Pearson International Airport, the concierge service and the exclusive experiences you’ll qualify for.
Annual interest rate: 30% on balances not paid in full
You need one of the highest-paying in-demand jobs in Canada to afford the Platinum Card by American Express but it’s totally worth it. With this card, you earn double points for travel and triple points for eligible dining. You also get a $200 annual travel credit. What really makes this a great credit card is the extra perks you get at hotels and the airport lounge at Toronto–Pearson International Airport, the concierge service and the exclusive experiences you’ll qualify for.
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3 / 20
American Express Gold Rewards Card
Annual fee: $150
Annual interest rate: 30% on balances not paid in full
The trusty American Express Gold Rewards Card has long been a favourite with travellers. You earn double points for travel purchases like flights, hotels, car rentals and cruises. While flying and cruises are still not really recommended, you’ll have to limit your travel to unforgettable Canadian road trips and here the card is a winner too, since it gives you double points on gas purchases as well as eligible purchases at grocery stores and drugstores. You can also shop on Amazon with your points: you may want to use a credit card generator though to protect your card details when shopping online.
Annual interest rate: 30% on balances not paid in full
The trusty American Express Gold Rewards Card has long been a favourite with travellers. You earn double points for travel purchases like flights, hotels, car rentals and cruises. While flying and cruises are still not really recommended, you’ll have to limit your travel to unforgettable Canadian road trips and here the card is a winner too, since it gives you double points on gas purchases as well as eligible purchases at grocery stores and drugstores. You can also shop on Amazon with your points: you may want to use a credit card generator though to protect your card details when shopping online.
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4 / 20
American Express Business Edge Card
Annual fee: $99
Annual interest rate: 19.99% on purchases; 21.99% on funds advances
If you have a small business, you want the American Express Business Edge Card. It offers you business and car rental insurance benefits and gives you access to all kinds of business management tools. You get payment flexibility so you can use your cash flow to the best advantage. You can also earn triple points on transport and gas, food and drinks, and office supplies and electronics. Then, in addition to the 30,000 points you can get as a welcome bonus, you can earn another 1,000 points per month throughout the year.
Annual interest rate: 19.99% on purchases; 21.99% on funds advances
If you have a small business, you want the American Express Business Edge Card. It offers you business and car rental insurance benefits and gives you access to all kinds of business management tools. You get payment flexibility so you can use your cash flow to the best advantage. You can also earn triple points on transport and gas, food and drinks, and office supplies and electronics. Then, in addition to the 30,000 points you can get as a welcome bonus, you can earn another 1,000 points per month throughout the year.
Related: How to survive a job layoff in 2021.
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5 / 20
Scotia Momentum Visa Infinite Card
Annual fee: $120
Annual interest rate: 20.99% on purchases; 22.99% on funds advances
Scotiabank’s Scotia Momentum Visa Infinite Card consistently ranks as one of the best cash-back credit cards in Canada. You can earn 4% back on groceries and recurring payments such as bills and subscriptions; 2% on daily transit and gas; and 1% on everything else. The card also comes with benefits like better hotel rates, a concierge service and insurance on travel and new mobile devices.
Annual interest rate: 20.99% on purchases; 22.99% on funds advances
Scotiabank’s Scotia Momentum Visa Infinite Card consistently ranks as one of the best cash-back credit cards in Canada. You can earn 4% back on groceries and recurring payments such as bills and subscriptions; 2% on daily transit and gas; and 1% on everything else. The card also comes with benefits like better hotel rates, a concierge service and insurance on travel and new mobile devices.
You may also like: The most in-demand jobs in 2025 and beyond.
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6 / 20
Scotiabank Gold American Express Card
Annual fee: $120
Annual interest rate: 19.99% on purchases; 22.99% on funds advances
If you want a credit card that gives you flexibility as far as rewards are concerned, the Scotiabank Gold American Express Card is one of your best bets. You get five times the rewards points for dining out or ordering in and for live entertainment, triple points for daily transit and gas and some streaming services and one point for everything else. You then get to redeem those points in a wide range of categories.
Annual interest rate: 19.99% on purchases; 22.99% on funds advances
If you want a credit card that gives you flexibility as far as rewards are concerned, the Scotiabank Gold American Express Card is one of your best bets. You get five times the rewards points for dining out or ordering in and for live entertainment, triple points for daily transit and gas and some streaming services and one point for everything else. You then get to redeem those points in a wide range of categories.
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7 / 20
Scotiabank SCENE Visa Card
Annual fee: None
Annual interest rate: 19.99% on purchases; 22.99% on funds advances
The Scotiabank SCENE Visa is a great option if you just want a basic no-fee card. In fact, it’s a good starter card for building up a good credit score. After all, without any form of credit, nothing will show up for you if you use Credit Karma to run a credit report for you. Your Scotiabank SCENE Visa Card will give you access to discounts on car rentals as well card protection in the event of, for instance, serious illness or job loss.
Annual interest rate: 19.99% on purchases; 22.99% on funds advances
The Scotiabank SCENE Visa is a great option if you just want a basic no-fee card. In fact, it’s a good starter card for building up a good credit score. After all, without any form of credit, nothing will show up for you if you use Credit Karma to run a credit report for you. Your Scotiabank SCENE Visa Card will give you access to discounts on car rentals as well card protection in the event of, for instance, serious illness or job loss.
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8 / 20
MBNA Rewards Platinum Plus Mastercard
Annual fee: None
Annual interest rate: 19.99% on purchases; 24.99% on cash advances; 22.99% on balance transfers and access cheques
The MBNA Rewards Platinum Plus Mastercard is another great no-fee credit card if you want something basic. You can earn double points on eligible gas, grocery and restaurant purchases – except in the first three months, when these purchases will earn you four times the points – and your rewards points won’t expire as long as your account remains open. The rewards are pretty flexible and your card will also give you access to discounts on car rentals. A new feature that will help you reduce credit card debt is the MBNA Payment Plan, which gives you a choice of terms on how to pay off large purchases.
Annual interest rate: 19.99% on purchases; 24.99% on cash advances; 22.99% on balance transfers and access cheques
The MBNA Rewards Platinum Plus Mastercard is another great no-fee credit card if you want something basic. You can earn double points on eligible gas, grocery and restaurant purchases – except in the first three months, when these purchases will earn you four times the points – and your rewards points won’t expire as long as your account remains open. The rewards are pretty flexible and your card will also give you access to discounts on car rentals. A new feature that will help you reduce credit card debt is the MBNA Payment Plan, which gives you a choice of terms on how to pay off large purchases.
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9 / 20
MBNA True Line Gold Mastercard
Annual fee: $39
Annual interest rate: 8.99% on purchases; 24.99% on cash advances; 8.99% on balance transfers and access cheques
If you want to use your credit card for the convenience but don’t want to be saddled with trying to make high-interest repayments, it’s a good idea to opt for a low-interest card instead. The MBNA True Line Gold Mastercard is one of the best in this category. As with most other credit cards, it gives you access to discounts on car rentals and other benefits. It’s an excellent card for families, since you can add as many as nine additional authorized users for no extra fee.
Annual interest rate: 8.99% on purchases; 24.99% on cash advances; 8.99% on balance transfers and access cheques
If you want to use your credit card for the convenience but don’t want to be saddled with trying to make high-interest repayments, it’s a good idea to opt for a low-interest card instead. The MBNA True Line Gold Mastercard is one of the best in this category. As with most other credit cards, it gives you access to discounts on car rentals and other benefits. It’s an excellent card for families, since you can add as many as nine additional authorized users for no extra fee.
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10 / 20
BMO CashBack Mastercard
Annual fee: None
Annual interest rate: 19.99% on purchases; 22.99% on cash advances
When you’re standing at the checkout counter only to find that you’re trying to buy things that are more expensive now than they were last year and you don’t have enough money on you, it helps to have a credit card. It’s even better when that card earns you 3% cash back on your grocery purchases. The BMO CashBack Mastercard does exactly this. You also get 1% cash back on recurring bill payments and 0.5% on everything else. What’s great is that you don’t have to wait to redeem your rewards but can do it whenever you want.
Annual interest rate: 19.99% on purchases; 22.99% on cash advances
When you’re standing at the checkout counter only to find that you’re trying to buy things that are more expensive now than they were last year and you don’t have enough money on you, it helps to have a credit card. It’s even better when that card earns you 3% cash back on your grocery purchases. The BMO CashBack Mastercard does exactly this. You also get 1% cash back on recurring bill payments and 0.5% on everything else. What’s great is that you don’t have to wait to redeem your rewards but can do it whenever you want.
Related: 18 great jobs for women in trades.
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11 / 20
BMO AIR MILES World Elite Mastercard
Annual fee: $120
Annual interest rate: 19.99% on purchases; 22.99% on cash advances
Right now it might not be the best idea to travel but there’s no reason why you can’t start collecting air miles so that once Covid-19 is under control, you can treat yourself to a trip somewhere. The BMO AIR MILES World Elite Mastercard is the best credit card for collecting air miles. You get one mile for every $10 in purchases and if you get the card before the end of December 2020, you can get five times the miles when you buy gas or goodies from the shop at Shell stations.
The welcome offer gives waives your annual fee for the first year and gives you 2,000 bonus miles, so you can take a short-haul flight already. Of course you don’t have to redeem those miles in the form of travel: instead, you can get appliances, chef’s tools and other merchandise. If you do decide to use your miles for travel, though, your card gets you all kinds of travel discounts and perks, as well as comprehensive travel insurance.
Annual interest rate: 19.99% on purchases; 22.99% on cash advances
Right now it might not be the best idea to travel but there’s no reason why you can’t start collecting air miles so that once Covid-19 is under control, you can treat yourself to a trip somewhere. The BMO AIR MILES World Elite Mastercard is the best credit card for collecting air miles. You get one mile for every $10 in purchases and if you get the card before the end of December 2020, you can get five times the miles when you buy gas or goodies from the shop at Shell stations.
The welcome offer gives waives your annual fee for the first year and gives you 2,000 bonus miles, so you can take a short-haul flight already. Of course you don’t have to redeem those miles in the form of travel: instead, you can get appliances, chef’s tools and other merchandise. If you do decide to use your miles for travel, though, your card gets you all kinds of travel discounts and perks, as well as comprehensive travel insurance.
You might also like: 10 things you never thought to consider while travelling, after Covid-19.
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12 / 20
Brim World Elite Mastercard
Annual fee: $199
Annual interest rate: 19.99% on purchases; 21.50% on cash advances
If you frequently do transactions in other countries, for example if you live and work abroad, the Brim World Elite Mastercard will save you a ton of money because it won’t charge you a foreign transaction fee. This card also gives you free Wi-Fi wherever you are in the world, lounge access, travel assistance and comprehensive travel insurance, including trip cancellation insurance – a must in these times when travel restrictions can be announced seemingly without warning. With your Brim World Elite Mastercard you earn 2% back in points and if you apply for the card before the end of December 2020, your annual fee will be waived for the first year.
Annual interest rate: 19.99% on purchases; 21.50% on cash advances
If you frequently do transactions in other countries, for example if you live and work abroad, the Brim World Elite Mastercard will save you a ton of money because it won’t charge you a foreign transaction fee. This card also gives you free Wi-Fi wherever you are in the world, lounge access, travel assistance and comprehensive travel insurance, including trip cancellation insurance – a must in these times when travel restrictions can be announced seemingly without warning. With your Brim World Elite Mastercard you earn 2% back in points and if you apply for the card before the end of December 2020, your annual fee will be waived for the first year.
See also: 7 ways to invest $100 and grow it to $1,000.
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13 / 20
HSBC +Rewards Mastercard
Annual fee: $25
Annual interest rate: 11.9% on purchases; 11.9% on cash advances and balance transfers
If you have debt to pay off, high interest rates can drag you deeper into the hole. The HSBC +Rewards Mastercard is perfect, then, because its low interest rates mean you can get rid of your debt sooner. You earn a point for every dollar you spend on everyday purchases except dining and entertainment, where you can earn double points. If you apply before December 28, 2020 you can earn 20,000 points and an annual fee rebate for the first year.
Annual interest rate: 11.9% on purchases; 11.9% on cash advances and balance transfers
If you have debt to pay off, high interest rates can drag you deeper into the hole. The HSBC +Rewards Mastercard is perfect, then, because its low interest rates mean you can get rid of your debt sooner. You earn a point for every dollar you spend on everyday purchases except dining and entertainment, where you can earn double points. If you apply before December 28, 2020 you can earn 20,000 points and an annual fee rebate for the first year.
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14 / 20
TD Aeroplan Visa Infinite Card
Annual fee: $139
Annual interest rate: 19.99% on purchases; 22.99% on cash advances
If you tend to travel with a partner and fly Air Canada, the TD Aeroplan is the credit card for you. You can earn double Aeroplan points for every dollar you spend at Aeroplan partner brands and online retailers; 1.5 points for every dollar you spend on eligible gas, grocery and Air Canada purchases and one point for everything else. Until November 2021, you can also earn 1.5 points for every dollar you spend at participating Starbucks outlets. Your points don’t expire.
The travel perks include getting your first bag checked for free on Air Canada flights: not only for you but also for as many as eight travel companions. If you apply by January 17, 2021 you can also earn a 10,000-point welcome bonus, an annual fee rebate for the first year and a Buddy Pass, where you can get an extra ticket when you buy an economy ticket for an Air Canada flight to destinations in Canada, the United States and Mexico.
Annual interest rate: 19.99% on purchases; 22.99% on cash advances
If you tend to travel with a partner and fly Air Canada, the TD Aeroplan is the credit card for you. You can earn double Aeroplan points for every dollar you spend at Aeroplan partner brands and online retailers; 1.5 points for every dollar you spend on eligible gas, grocery and Air Canada purchases and one point for everything else. Until November 2021, you can also earn 1.5 points for every dollar you spend at participating Starbucks outlets. Your points don’t expire.
The travel perks include getting your first bag checked for free on Air Canada flights: not only for you but also for as many as eight travel companions. If you apply by January 17, 2021 you can also earn a 10,000-point welcome bonus, an annual fee rebate for the first year and a Buddy Pass, where you can get an extra ticket when you buy an economy ticket for an Air Canada flight to destinations in Canada, the United States and Mexico.
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15 / 20
TD First Class Travel Visa Infinite Card
Annual fee: $120
Annual interest rate: 19.99% on purchases; 22.99% on cash advances
With the TD First Class Travel Visa Infinite Card, you earn three points for regular purchases and a whopping nine points for travel bookings you make through Expedia. There are different ways to redeem your points and they don’t expire. The card comes with the usual discounts on car rentals, comprehensive travel insurance and other perks. If you apply by May 30, 2021 you can get an annual fee rebate for the first year and as many as 60,000 points.
Annual interest rate: 19.99% on purchases; 22.99% on cash advances
With the TD First Class Travel Visa Infinite Card, you earn three points for regular purchases and a whopping nine points for travel bookings you make through Expedia. There are different ways to redeem your points and they don’t expire. The card comes with the usual discounts on car rentals, comprehensive travel insurance and other perks. If you apply by May 30, 2021 you can get an annual fee rebate for the first year and as many as 60,000 points.
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16 / 20
Tangerine Money-Back Credit Card
Annual fee: None
Annual interest rate: 19.95% on purchases; 19.95% on cash advances and balance transfers
The Tangerine Money-Back Credit Card gives you 2% cash back in two of the following ten categories: groceries, drugstores, furniture, home improvements, restaurants, entertainment, hotels and motels, gas, public transport and parking, and recurring bill payments. You also get 0.50% back on everyday purchases. So, you can tailor your cash-back rewards to your lifestyle. There’s no limit to how much cash back you can earn and you get the payments monthly. Tangerine offers a 1.95% promotional interest rate on balance transfers for the first six months if you make a balance transfer within 30 days after being approved for the card. The card will also give you easy access to all the information you need to keep track of your spending and help you budget.
Annual interest rate: 19.95% on purchases; 19.95% on cash advances and balance transfers
The Tangerine Money-Back Credit Card gives you 2% cash back in two of the following ten categories: groceries, drugstores, furniture, home improvements, restaurants, entertainment, hotels and motels, gas, public transport and parking, and recurring bill payments. You also get 0.50% back on everyday purchases. So, you can tailor your cash-back rewards to your lifestyle. There’s no limit to how much cash back you can earn and you get the payments monthly. Tangerine offers a 1.95% promotional interest rate on balance transfers for the first six months if you make a balance transfer within 30 days after being approved for the card. The card will also give you easy access to all the information you need to keep track of your spending and help you budget.
Related: 10 best apps that make budgeting easier.
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17 / 20
Amazon.ca Rewards Mastercard
Annual fee: None
Annual interest rate: 19.99% on purchases; 22.99% on cash advances and balance transfers
If you’re wondering how to curb your online shopping addiction, you should probably steer clear of an Amazon credit card. If you can spend wisely while shopping online, however, the Amazon.ca Rewards Mastercard is a very handy one to have. If you’re a Prime member, you can get 2.5% cash back on Amazon and Whole Foods Market purchases and eligible foreign currency transactions. If you’re not a Prime member, you can get 1.5% back on Amazon and Whole Foods Market purchases and 1% on eligible foreign currency transactions. Grocery store and restaurant purchases can earn you 1% back.
Annual interest rate: 19.99% on purchases; 22.99% on cash advances and balance transfers
If you’re wondering how to curb your online shopping addiction, you should probably steer clear of an Amazon credit card. If you can spend wisely while shopping online, however, the Amazon.ca Rewards Mastercard is a very handy one to have. If you’re a Prime member, you can get 2.5% cash back on Amazon and Whole Foods Market purchases and eligible foreign currency transactions. If you’re not a Prime member, you can get 1.5% back on Amazon and Whole Foods Market purchases and 1% on eligible foreign currency transactions. Grocery store and restaurant purchases can earn you 1% back.
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18 / 20
RBC Cash Back Mastercard
Annual fee: None
Annual interest rate: 19.99% on purchases; 22.99% on cash advances
The RBC Cash Back Mastercard is a good, no-nonsense, no-fee cash-back card. This RBC credit card gives you up to 2% cash back on groceries and 1% on everything else. There’s no limit on the cash that you can get back and because your rewards accumulate automatically, you don’t have to worry about keeping track. You can link your card for savings on fuel and earning as much as 20% on purchases at Petro-Canada too. As an added bonus RBC is one of the companies with great customer service in Canada.
Annual interest rate: 19.99% on purchases; 22.99% on cash advances
The RBC Cash Back Mastercard is a good, no-nonsense, no-fee cash-back card. This RBC credit card gives you up to 2% cash back on groceries and 1% on everything else. There’s no limit on the cash that you can get back and because your rewards accumulate automatically, you don’t have to worry about keeping track. You can link your card for savings on fuel and earning as much as 20% on purchases at Petro-Canada too. As an added bonus RBC is one of the companies with great customer service in Canada.
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19 / 20
RBC U.S. Dollar Visa Gold
Annual fee: US$65
Annual interest rate: 19.99% on purchases; 22.99% on cash advances
If you’re a snowbird or a digital nomad, you may find it easier to have an account in U.S. dollars, which can save you foreign transaction fees. Using the RBC U.S. Dollar Visa Gold card also means you can avoid those daily currency fluctuations. You earn a rewards point for every dollar you spend and there are different ways to redeem your points. You also get access to travel insurance and assistance. The best part of this card is that you don’t actually have to travel to the United States to get it, since it’s issued in Canada.
Annual interest rate: 19.99% on purchases; 22.99% on cash advances
If you’re a snowbird or a digital nomad, you may find it easier to have an account in U.S. dollars, which can save you foreign transaction fees. Using the RBC U.S. Dollar Visa Gold card also means you can avoid those daily currency fluctuations. You earn a rewards point for every dollar you spend and there are different ways to redeem your points. You also get access to travel insurance and assistance. The best part of this card is that you don’t actually have to travel to the United States to get it, since it’s issued in Canada.
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20 / 20
Refresh Financial Secured Card
Annual fee: $12.95
Annual interest rate: 17.99%
If you’ve had to declare bankruptcy and need to rebuild your credit score, or if you really don’t want a credit card but need one to apply for an apartment rental, for instance, a secured card is the best alternative. You use it just like you would a regular credit card and even make monthly payments on it but the difference is that to get the card, you have to pay a security deposit. In other words, you don’t get money upfront. With the Refresh Financial Secured Card, your credit limit can be set at between $200 and $10,000. One of the best features of this card is that it shows you how your spending and how you make repayments affect your credit score, so you can decide what needs to change if you want to get your finances back on track.
Annual interest rate: 17.99%
If you’ve had to declare bankruptcy and need to rebuild your credit score, or if you really don’t want a credit card but need one to apply for an apartment rental, for instance, a secured card is the best alternative. You use it just like you would a regular credit card and even make monthly payments on it but the difference is that to get the card, you have to pay a security deposit. In other words, you don’t get money upfront. With the Refresh Financial Secured Card, your credit limit can be set at between $200 and $10,000. One of the best features of this card is that it shows you how your spending and how you make repayments affect your credit score, so you can decide what needs to change if you want to get your finances back on track.
You may also like: How to live life without a credit card in Canada.
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