Best Credit Cards In Canada For April 2023 - Forbes

American Express Cobalt Card

Rewards: Earn 5 Membership Rewards per dollar spent on groceries (up to $30,000 annually), 3 Membership Rewards points per dollar spent on eligible streaming services, 2 Membership Rewards points per dollar spent at gas stations, travel bookings and transit, 1 Membership Rewards point per dollar spent on everything else and 1 additional Membership Rewards point for every dollar spent on eligible hotel or car rental bookings made with American Express Travel.

Welcome Offer: 2,500 points for each month in which you spend $500 on your card, adding up to 30,000 Membership Rewards points over the year (a $300 value).

Annual Fee: $155.88 ($12.99 per month)

Other Benefits and Drawbacks: Though American Express is still not accepted everywhere in Canada – taken at fewer retailers than Visa and Mastercard – the benefits of the Amex Cobalt are so plentiful, it's very much still worth using. You'll get flexible redemption options for Membership Rewards points, such as statement credits, and the ability to transfer points to leading frequent flyer programs, an extensive suite of travel insurance coverages, including $5 million in out-of-country and out-of-province emergency medical travel coverage. Plus, you'll also get an annual $100 USD hotel credit that can be used on dining, spa or other leisure activities at select hotels.

CIBC Aventura Gold Visa Card

Rewards: Get 2 Aventura Points per dollar when you make travel purchases through the CIBC Travel Rewards Centre. Plus, receive 1.5 Aventura Points per dollar on gas, grocery and drugstore purchases. Finally, earn 1 Aventura Point per dollar spent on all other purchases.

Welcome Offer: 35,000 Aventura points in the first year, including 20,000 when you make your first purchase and 15.000 when you spend $1,000 or more on each monthly statement in the first year.

Annual Fee: $139 (waived in the first year)

Other Benefits and Drawbacks: For the $139 annual fee (not applied in the first year) you will get many additional benefits. These include four complimentary airport lounge visits per year on the DragonPass network of over 1,200 airport lounges worldwide through the Visa Airport Companion Program and a rebate on a NEXUS application fee every four years. You'll also get emergency medical out-of-province and out-of-country travel medical insurance in the amount of $5 million for 15 days for those under age 65. Flight delay and baggage insurance is also included along with mobile device insurance, auto rental collision damage/loss insurance, hotel burglary insurance and $500,000 common carrier travel accident insurance. This is in addition to purchase security and extended warranty insurance.

CIBC Dividend Visa Infinite Card

Rewards: Earn 4% cash back on grocery and gas purchases and 2% cash back on dining, transportation and recurring bills. All other purchases give you 1% cash back and there's no cap on how much you can earn.

Welcome Offer: Earn 10% cash back on $2,500 in net purchases over the first 4 statements.

Annual Fee: $120

Other Benefits and Drawbacks: This card earns you a healthy $537.50 per year in cash back (even when you factor in the $120 annual fee – a cost which is a bit of a drawback on its own). Truly, the only other negative thing about this card is that you need to have at least $60,000 in personal annual income or $100,000 in annual household income to qualify for it.

CIBC Aeroplan Visa Business Plus

Rewards: Get 2 points per dollar for every purchase made with Air Canada directly and at the Air Canada eStore. Get 1.5 points per dollar on travel purchases like non-Air Canada flights, cruise lines, rental car companies and tour companies. You'll also earn the same on transportation purchases like limos, cabs and buses, as well as any dining, shipping, internet and phone purchases. Plus, you'll get 1 point per dollar on all other purchases.

Welcome Offer: Get up to 60,000 Aeroplan Points in the first year (10,000 when you make the first purchase, 20,000 points when you spend at least 3,000 during your first four monthly statements and 30,000 when you spend at least $35,000 in the first year.

Annual Fee: $120 (rebated in the first year)

Other Benefits and Drawbacks: For a $120 annual fee ( $50 annually for each additional cardholder), you'll also get four complimentary guest passes to Air Canada's Maple Leaf Lounge and a free first checked bag for you, your employees and up to eight traveling companions. You also get a one-time Air Canada Buddy Pass in the first year, which gives your travelling companion a base flight fare of $0 anywhere Air Canada flies in North America. This is over and above the travel and consumer insurance you get, including flight delay, baggage insurance, travel accident insurance, rental car auto collision damage or loss insurance, trip cancellation and trip interruption insurance and purchase protection and extended warranty insurance.

BMO CashBack Mastercard for Students

Rewards: Earn 5% cash back on up to $2,500 worth of purchases made in your first three months (up to a maximum of $125 in cash back). You can also get 3% cash back on groceries (up to $500 per month). Plus, you'll receive 1% cash back on recurring bill payments (up to $500 per month). If that weren't enough, 0.5% cash back will come to you on all other spending with no purchase limit.

Welcome Offer: Earn 5% cash back on your first $2,500 in purchases for the first three months (up to $125 maximum in cash back). Must apply by July 23, 2023.

Annual Fee: $0

Other Benefits and Drawbacks: In addition to the cash-back rewards you can earn and the generous welcome offer, you can apply your cash back to a BMO chequing, savings or InvestorLine account with no limit to how much you can deposit at any amount. You will also be able to track your spending with BMO Financial Insights so you can stay on budget.

American Express Green Card

Rewards: Earn 1 Membership Rewards point per dollar on all eligible purchases and 1 additional Membership Rewards point when you book hotel stays and car rentals through the Amex Travel online portal.

Welcome Offer: Earn 10,000 bonus American Express Membership Rewards when you make $1,000 in net purchases in your first 3 months of card membership.

Annual Fee: $0

Other Benefits and Drawbacks: Though one point on all purchases doesn't sound like much, it all quickly adds up. Add to that, some pretty decent additional benefits for no annual fee, like Amex's patented Front Of The Line access to exclusive events and concerts or 90 days of purchase protection. The real benefit of the American Express Green Card though is the ability to transfer the Amex Membership Rewards Points you earn to pretty much any of the most popular travel loyalty programs at a ratio of 1:1.

MBNA True Line Mastercard

Rewards: None

Welcome Offer: 0% interest on balance transfers for 12 months when the transfer is made within 90 days of account opening.

Annual Fee: $0

Other Benefits and Drawbacks: Though devoid of rewards and insurance benefits, the MBNA True Line Mastercard has the lowest promotional interest rate and the longest promotional benefit period on balance transfers in the country. It also carries a lower than average 12.99% standard interest rate on purchases and balance transfers when the 0% balance transfer promotional rate ends. Remember though, to qualify for the promotional rate on balance transfers, the actual transfer must take place within the first 90 days you have the credit card. There is also a 3% fee that goes along with all balance transfers regardless of when they happen.

MBNA Rewards Platinum Plus

Rewards: Earn 4 points per dollar on restaurant, grocery, digital media, membership and utility purchases for the first 90 days (2 points per dollar in those categories thereafter). Plus, 1 point per dollar on all other purchases.

Welcome Offer: 10,000 MBNA Rewards (5,000 once $500 is spent on purchases and another 5,000 when you switch to e-statements).

Annual Fee: $0

Other Benefits and Drawbacks: Along with being able to redeem for cash back, travel, charitable donations, gift cards and merchandise, you'll also receive a birthday bonus of 10% of the number of points you earned over the last 12 months before your birthday. You'll also get mobile device insurance, which is rare when it comes to insurance benefits on credit cards. As for customer protection insurance, you'll  get 90-day purchase protection and an extended warranty that's one additional year past what the manufacturer offers.

KOHO Prepaid Mastercard

Rewards: 0.5% in cash-back rewards on all purchases, and 2% cash back on three major purchase categories of your choosing when you sign up for a premium account and even more cash back when you shop at KOHO partners.

Welcome Offer: None

Annual Fee: $0

Other Benefits and Drawbacks: KOHO is on the Mastercard network. So even though it's a prepaid credit card, it's still widely accepted. That said, unless you use the credit building features, this card won't help repair your credit score the way a traditional credit card or secured credit card would. You also have to pay to play in some cases, as credit building features cost $10 per month and a premium account membership that gives you a higher earn rate on cash back costs $9 a month or $84 per year.

Credit card data researched and collected by Debra Toews, Tia Duncombe and Jack Choros.