Discover the best credit card offers and rewards in Canada for 2023. Our comparison chart makes it easy to find the right card for you. Apply today and start earning rewards!
Credit cards are an important part of our financial lives. They help us manage our expenses, earn rewards, and build our credit history. But with so many credit cards available in Canada, it can be overwhelming to choose the right one. In this article, we will provide a comprehensive comparison chart of the 22 best credit cards in Canada for 2023, based on their rewards programs, interest rates, fees, and other features.
Credit Card Basics
Before we dive into the best credit cards in Canada, let’s review some basic information about credit cards.
Credit cards are a type of revolving credit, which means that you can borrow money up to a certain credit limit and pay it back over time. When you use your credit card, you are borrowing money from the credit card issuer, usually a bank or a financial institution.
Credit cards come with a variety of fees, including annual fees, interest rates, balance transfer fees, foreign transaction fees, and late payment fees. They also come with a variety of benefits, such as rewards programs, insurance coverage, concierge services, and more.
When choosing a credit card, it’s important to consider your financial situation, spending habits, and goals. For example, if you travel frequently, a travel rewards credit card may be a good option. If you have a high credit score, you may qualify for a credit card with a low interest rate.
Best Credit Cards for Rewards
There are three main types of rewards credit cards: cash back, travel rewards, and points. Let’s take a look at the best credit cards for each type of rewards program.
Cash Back Credit Cards
Cash back credit cards allow you to earn cash rewards on your purchases. Here are the best cash back credit cards in Canada for 2023:
- Scotia Momentum Visa Infinite
- TD Cash Back Visa Infinite
- BMO CashBack World Elite Mastercard
- CIBC Dividend Visa Infinite
- American Express SimplyCash Preferred Card
Travel Rewards Credit Cards
Travel rewards credit cards allow you to earn points or miles that can be redeemed for travel-related expenses, such as flights, hotels, and rental cars. Here are the best travel rewards credit cards in Canada for 2023:
- American Express Cobalt Card
- TD Aeroplan Visa Infinite
- CIBC Aventura Visa Infinite
- Scotiabank Gold American Express
- BMO World Elite Mastercard
Points Credit Cards
Points credit cards allow you to earn points that can be redeemed for a variety of rewards, including merchandise, gift cards, travel, and more. Here are the best points credit cards in Canada for 2023:
- American Express Gold Rewards Card
- TD Rewards Visa
- CIBC Rewards Visa
- Scotiabank Rewards Visa
- BMO Rewards Mastercard
Best Credit Cards for Low Interest Rates
If you carry a balance on your credit card, it’s important to choose a card with a low interest rate to minimize your interest charges. Here are the best credit cards for low interest rates in Canada for 2023:
- MBNA True Line Mastercard
- BMO Preferred Rate Mastercard
- Scotiabank Value Visa
- RBC Cash Back Mastercard
- TD Emerald Flex Rate Visa
Best Credit Cards for No Annual Fees
Annual fees can add up over time, especially if you have multiple credit cards. If you’re looking for a credit card with no annual fee, here are the best options in Canada for 2023:
- Tangerine Money-Back Credit Card
- PC Financial World Mastercard
- SimplyCash Card from American Express
- BMO CashBack Mastercard
- Rogers Platinum Mastercard
Best Credit Cards for Balance Transfers
If you have high-interest credit card debt, you may want to consider transferring your balance to a card with a lower interest rate. Here are the best credit cards for balance transfers in Canada for 2023:
- MBNA Platinum Plus Mastercard
- BMO Balance Transfer Mastercard
- Scotiabank Value Visa
- RBC Cash Back Mastercard
- TD Emerald Flex Rate Visa
Best Credit Cards for Bad Credit
If you have a low credit score, it can be difficult to get approved for a credit card. However, there are some options available. Here are the best credit cards for bad credit in Canada for 2023:
- Refresh Financial Secured Visa
- Capital One Low Rate Guaranteed Mastercard
- Home Trust Secured Visa
- No-Fee Scotiabank Value Visa
- CIBC Guaranteed Acceptance Visa
Best Credit Cards for Students
If you’re a student, a credit card can be a useful tool for building credit and managing expenses. Here are the best credit cards for students in Canada for 2023:
- BMO SPC CashBack Mastercard
- Scotiabank Scene Visa
- CIBC Dividend Visa for Students
- TD Cash Back Visa for Students
- RBC Rewards+ Visa for Students
Best Credit Cards for Small Business Owners
If you’re a small business owner, a credit card can help you manage expenses and earn rewards. Here are the best credit cards for small business owners in Canada for 2023:
- American Express Business Gold Rewards Card
- BMO Rewards Business Mastercard
- CIBC Aeroplan Visa Business
- TD Business Travel Visa
- RBC Avion Visa Business
Best Credit Cards for Seniors
If you’re a senior, you may be looking for a credit card that offers additional benefits, such as travel insurance or discounts on purchases. Here are the best credit cards for seniors in Canada for 2023:
- CIBC Aventura Visa Infinite for Business
- BMO World Elite Mastercard for Business
- Scotiabank Passport Visa Infinite
- TD Cash Back Visa Infinite
- American Express Platinum Card
Best Credit Cards for Luxury Benefits
If you’re looking for a credit card with luxury benefits, such as airport lounge access or concierge services, here are the best options in Canada for 2023:
- American Express Platinum Card
- CIBC Aventura Visa Infinite Privilege
- BMO World Elite Mastercard
- Scotiabank Passport Visa Infinite
- TD Aeroplan Visa Infinite Privilege
Best Credit Cards for Air Miles
If you’re an Air Miles collector, a credit card that earns Air Miles can help you maximize your rewards. Here are the best credit cards for Air Miles in Canada for 2023:
- BMO Air Miles World Elite Mastercard
- American Express Air Miles Platinum Card
- TD Aeroplan Visa Infinite
- CIBC Aeroplan Visa Infinite
- Scotiabank Gold American Express
Best Credit Cards for Groceries
If you spend a lot on groceries, a credit card that earns rewards on grocery purchases can help you save money. Here are the best credit cards for groceries in Canada for 2023:
- American Express Cobalt Card
- PC Financial World Elite Mastercard
- Scotia Momentum Visa Infinite
- BMO CashBack World Elite Mastercard
- TD Cash Back Visa Infinite
Best Credit Cards for Gas
If you spend a lot on gas, a credit card that earns rewards on gas purchases can help you save money. Here are the best credit cards for gas in Canada for 2023:
- Scotia Momentum Visa Infinite
- BMO CashBack World Elite Mastercard
- American Express Business Gold Rewards Card
- RBC Cash Back Mastercard
- TD Cash Back Visa Infinite
Best Credit Cards for Dining
If you eat out frequently, a credit card that earns rewards on dining purchases can help you save money. Here are the best credit cards for dining in Canada for 2023:
- American Express Cobalt Card
- TD Cash Back Visa Infinite
- CIBC Aventura Visa Infinite
- Scotiabank Gold American Express
- BMO World Elite Mastercard
Best Credit Cards for Entertainment
If you enjoy entertainment activities, a credit card that earns rewards on entertainment purchases can help you save money. Here are the best credit cards for entertainment in Canada for 2023:
- Scotiabank Gold American Express
- American Express Cobalt Card
- TD Cash Back Visa Infinite
- CIBC Aventura Visa Infinite
- BMO World Elite Mastercard
Best Credit Cards for Online Shopping
If you shop online frequently, a credit card that earns rewards on online purchases can help you save money. Here are the best credit cards for online shopping in Canada for 2023:
- Tangerine Money-Back Credit Card
- PC Financial World Mastercard
- SimplyCash Card from American Express
- BMO CashBack Mastercard
- Rogers Platinum Mastercard
Best Credit Cards for Charity Donations
If you frequently make charitable donations, a credit card that donates a portion of your purchases to charity can help you support your favorite causes. Here are the best credit cards for charity donations in Canada for 2023:
- MBNA Rewards World Elite Mastercard
- TD Cash Back Visa Infinite
- CIBC Dividend Visa Infinite
- Scotiabank Gold American Express
- BMO World Elite Mastercard
Best Credit Cards for Foreign Transactions
If you travel internationally or make purchases in foreign currencies, a credit card with no foreign transaction fees can help you save money. Here are the best credit cards for foreign transactions in Canada for 2023:
- Home Trust Preferred Visa
- Scotiabank Passport
- Rogers World Elite Mastercard
- Brim Financial World Elite Mastercard
- HSBC World Elite Mastercard
Best Credit Cards for Insurance Coverage
If you’re looking for a credit card that offers additional insurance coverage, such as travel insurance or rental car insurance, here are the best options in Canada for 2023:
- TD Aeroplan Visa Infinite
- American Express Cobalt Card
- CIBC Aventura Visa Infinite
- BMO World Elite Mastercard
- Scotiabank Passport Visa Infinite
Best Credit Cards for Concierge Services
If you’re looking for a credit card that offers concierge services, such as travel planning or ticket reservations, here are the best options in Canada for 2023:
- American Express Platinum Card
- CIBC Aventura Visa Infinite Privilege
- BMO World Elite Mastercard
- Scotiabank Passport Visa Infinite
- TD Aeroplan Visa Infinite Privilege
Conclusion
Choosing the right credit card can be a daunting task, but with so many great options available, you’re sure to find one that fits your needs. Whether you’re looking for a card with great rewards, low interest rates, or additional benefits, this comprehensive comparison chart of the 22 best credit cards in Canada for 2023 has you covered.
Remember to consider your financial situation, spending habits, and goals when choosing a credit card. And don’t forget to always make your payments on time and in full to avoid interest charges and late fees.
Credit Cards Comparison Chart
| Credit Card | Rewards Program | Interest Rate | Annual Fee | Balance Transfer Fee | Foreign Transaction Fee | Other Benefits |
|---|---|---|---|---|---|---|
| Scotia Momentum Visa Infinite | Cash back | 20.99% | $120 | 1% or $7.50, whichever is greater | 2.5% | Concierge services, travel insurance |
| TD Cash Back Visa Infinite | Cash back | 20.99% | $120 | 1% or $7.50, whichever is greater | 2.5% | Concierge services, travel insurance |
| BMO CashBack World Elite Mastercard | Cash back | 19.99% | $120 | 1% or $7.50, whichever is greater | 2.5% | Concierge services, travel insurance |
| CIBC Dividend Visa Infinite | Cash back | 20.99% | $99 | 1% or $7.50, whichever is greater | 2.5% | Concierge services, travel insurance |
| American Express SimplyCash Preferred Card | Cash back | 19.99% | $99 | 1% or $7.50, whichever is greater | 2.5% | Concierge services, travel insurance |
| American Express Cobalt Card | Travel rewards | 19.99% | $120 | N/A | 2.5% | Concierge services, travel insurance, bonus rewards for food and drinks |
| TD Aeroplan Visa Infinite | Travel rewards | 19.99% | $139 | 3% or $10, whichever is greater | 2.5% | Concierge services, travel insurance, bonus Aeroplan miles |
| CIBC Aventura Visa Infinite | Travel rewards | 20.99% | $139 | 3% or $10, whichever is greater | 2.5% | Concierge services, travel insurance, bonus Aventura points |
| Scotiabank Passport Visa Infinite | Travel rewards | 19.99% | $139 | 1% or $7.50, whichever is greater | No foreign transaction fees | Concierge services, travel insurance, airport lounge access |
| BMO World Elite Mastercard | Travel rewards | 19.99% | $150 | 1% or $7.50, whichever is greater | 2.5% | Concierge services, travel insurance, bonus rewards for travel purchases |
| American Express Gold Rewards Card | Travel rewards | 19.99% | $150 | N/A | 2.5% | Concierge services, travel insurance, bonus rewards for travel purchases |
| Tangerine Money-Back Credit Card | Cash back | 19.95% | $0 | 3% or $5, whichever is greater | 2.5% | 10 bonus categories for cash back rewards |
| PC Financial World Elite Mastercard | Cash back | 19.97% | $0 | N/A | 2.5% | Bonus rewards for PC Optimum points |
| SimplyCash Card from American Express | Cash back | 19.99% | $0 | 1% or $3.50, whichever is greater | 2.5% | Bonus rewards for certain purchases |
| BMO CashBack Mastercard | Cash back | 19.99% | $0 | N/A | 2.5% | Bonus rewards for certain purchases |
| Rogers Platinum Mastercard | Cash back | 19.99% | $0 | 1% or $3.50, whichever is greater | 2.5% | Bonus rewards for certain purchases |
| CIBC Aventura Visa Infinite Privilege | Travel rewards | 19.99% | $399 | N/A | 2.5% | Concierge services, travel insurance, bonus Aventura points |
| TD Aeroplan Visa Infinite Privilege | Travel rewards | 19.99% | $599 | 3% or $10, whichever is greater | 2.5% | Concierge services, travel insurance, bonus Aeroplan miles |
| BMO Air Miles World Elite Mastercard | Air Miles | 19.99% | $120 | 1% or $7.50, whichever is greater | 2.5% | Concierge services, travel insurance, bonus Air Miles |
| American Express Air Miles Platinum Card | Air Miles | 19.99% | $120 | N/A | 2.5% | Concierge services, travel insurance, bonus Air Miles |
| TD Cash Back Visa | Cash back | 19.99% | $0 | 1% or $3.50, whichever is greater | 2.5% | N/A |
| American Express Business Gold Rewards Card | Business rewards | 19.99% | $250 | N/A | 2.5% | Concierge services, travel insurance, bonus rewards for business expenses |
| MBNA Rewards World Elite Mastercard | Rewards program | 19.99% | $89 | N/A | 2.5% | Concierge services, travel insurance, bonus rewards for purchases |
| Home Trust Preferred Visa | Rewards program | 19.99% | $0 | N/A | No foreign transaction fees | Concierge services, roadside assistance, rental car collision insurance |
This comprehensive comparison chart includes the 22 best credit cards in Canada for 2023, along with key information that can help you make an informed decision when choosing a credit card. The chart includes the following categories: Credit Card, Rewards Program, Interest Rate, Annual Fee, Balance Transfer Fee, Foreign Transaction Fee, and Other Benefits.
Each credit card is listed in a separate row, and the information for each category is listed in the corresponding column. The table is organized in a way that makes it easy to compare the credit cards side by side and see how they stack up against each other.
This comparison chart includes credit cards that offer cash back, travel rewards, Air Miles, and other rewards programs. It also includes credit cards that have no annual fees, as well as premium credit cards that come with higher fees but also offer more benefits.
Whether you’re looking for a credit card that offers cash back rewards, travel rewards, or other benefits, this comprehensive comparison chart has all the information you need to make an informed decision. So take a look at the chart, compare the credit cards, and choose the one that best fits your needs.
I hope this comprehensive comparison chart is helpful to you in making a decision about which credit card to choose. If you have any questions or need further assistance, don’t hesitate to reach out to the credit card issuer or consult with a financial advisor.
In conclusion, when it comes to choosing a credit card, it’s important to consider your individual needs and preferences. Do you want to earn cash back on your purchases? Do you frequently travel and want to earn travel rewards? Do you want a credit card with no annual fee or are you willing to pay a higher fee for more benefits?
By comparing the 22 best credit cards in Canada for 2023 using this comprehensive comparison chart, you can find the credit card that best suits your needs and helps you achieve your financial goals. It’s important to consider all the factors, including interest rates, fees, rewards programs, and other benefits, before making your decision.
Remember to read the fine print and understand the terms and conditions of the credit card before applying. It’s also important to use your credit card responsibly and make payments on time to avoid high interest charges and fees.
Thank you for taking the time to review this comprehensive comparison chart of the 22 best credit cards in Canada for 2023. I hope it has been helpful in your search for the right credit card. If you have any further questions or comments, please don’t hesitate to reach out.