14 Best Credit Cards in Canada for August 2023

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Updated: August 25, 2023

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As much as we love and appreciate the utility, practicality, and perks of the best credit cards here at Money.ca, one thing we're never going to claim is that there's one best credit card for everyone.

The range of credit cards available in Canada is vast, with tons of choices ranging from cards that earn flexible cash back and travel rewards to cards that offer low interest rates and low credit score requirements. But with an abundance of choices like this can come option anxiety. How do you separate the best credit cards from the rest? 

To help you sort through the many credit cards in Canada, we've curated a "best of the best credit cards" list so you can find the right card for your bottom line this year.

Best credit cards in Canada by category

Best for travel: TD® Aeroplan® Visa Infinite* Card

The TD® Aeroplan® Visa Infinite* Card is a versatile credit card with competitive earn rates and a comprehensive travel insurance package. If you like to collect Aeroplan Points or are a frequent traveler, we recommend reading up on this card and to see if you can take advantage of its benefits.

Pros and cons

Best Offer yet for the TD® Aeroplan® Visa Infinite* Card: Earn up to $1,600 in value† including up to 70,000 Aeroplan points†. Conditions Apply. Must apply by September 5, 2023.
1.5 Aeroplan points† per $1 spent on eligible gas, grocery, and direct through Air Canada® purchases (including Air Canada Vacations®) made with your card
1 Aeroplan† point per dollar on all other Purchases made with your Card
Earn double points when you pay with your Card and provide your Aeroplan number at over 150 Aeroplan partner brands and at 170+ online retailers via the Aeroplan eStore (www.aeroplan.com/estore)
Extensive travel insurance† and Emergency Travel Assistance Services†

$139 annual fee
2.5% foreign transaction fee
Standard interest rates of 20.99% on purchases, 22.99% on balance transfers, and 22.99% on cash advances

Overview

The TD® Aeroplan® Visa Infinite* Card is one of the best travel rewards credit cards on the Canadian market. Compared to other Aeroplan credit cards and general travel cards, this option offers better value and versatility. From one free checked bag per reservation for up to eight people when your flight originates on an Air Canada flight† to up to 1.5 points† per dollar on eligible spending, it's easy to keep the savings coming.

$139 is a higher annual fee for a mid-range card and a lot of money to spend, but the value you can get for that price more than cancels it out. And if you take advantage of every discount and credit available to you, you can save hundreds if not thousands each year. 

The TD® Aeroplan® Visa Infinite* Card exceeds insurance expectations as well, with up to $2 million in travel medical coverage for the first 21 days (if you or your spouse is aged 65 or older, you are covered for the first four days of your trip) with additional top-up coverage available†, coverage for trip cancellations† and trip interruptions†, damage to a rental vehicle†, flight/trip delay† and baggage delays†, and common carrier travel accidents†. You'll also get global discounts on vehicles at Avis and Budget locations†, along with Purchase Security and Extended Warranty Protection†.

But this card isn't easy to qualify for. You'll need an income of at least $60,000 on your own or $100,000 with a partner and a credit score in the good to excellent range to be considered.

If you can qualify for this card and travel enough to easily make up that annual fee in just a couple of trips, this could be worth signing up for. And you don't have to wait until your next flight to start earning since it earns points on everyday spending. One of our only gripes about this card is the 2.5% foreign transaction fee. For an otherwise great travel card, this is disappointing.

Read our TD® Aeroplan® Visa Infinite* Card review.

Read more: Your Aeroplan points guide

This offer is not available for residents of Quebec. For Quebec residents, please click here.

†Terms and conditions apply.

Best for cash back: CIBC Dividend® Visa Infinite* Card

The CIBC Dividend® Visa Infinite* Card rewards everyday purchases, providing the best cash back rates available in Canada for eligible groceries and gas. It also comes with a respectable insurance suite; access to luxurious travel, dining and entertainment opportunities; and a flexible cash back redemption policy.

Pros and cons

Get a first-year annual fee rebate for you and up to three Authorized Users† and and earn 15% cash back welcome bonus for the first 4 statements of up to $300†
After the Welcome Offer ends earn 4% cash back on eligible gas, EV charging, and grocery purchases†
2% cash back on eligible transportation, dining purchases, and recurring payments†
1% cash back on all other purchases†
Get up to 25% off auto rentals at participating Avis® and Budget® locations†

$120 annual fee
2.5% foreign transaction fee
High Purchase Annual Interest Rate 20.99%†, Cash Advance Annual Interest Rate 22.99%† (for non-Quebec residents only), Balance Transfer Annual Interest Rate 22.99%† (for non-Quebec residents only)

Overview

If we could build the ideal cash back rewards card, it would pretty much look like this. As far as rewards credit cards go, the CIBC Dividend® Visa Infinite* Card makes earning and redeeming cash back almost effortless. With high flat rates and no rotating categories, this is a general cash back card that deserves a top spot in your wallet.

You'll earn between 1%† and 4%† cash back no limit on the total cash back you can earn†. After the Welcome Offer ends, you'll earn 4% on some categories that probably take up a good portion of your spending, eligible gas, EV charging, and groceries†; 2% on eligible transportation, dining purchases, and recurring payments such as bills†; and 1% on all other purchases†. CIBC sets you up for success with cash back categories that should naturally cover your spending on needs, wants, and fun and keeps it simple by locking these categories in rather than switching them up.

This isn't a bad card for travelling either with benefits like insurance and discounted car rentals† along with global perks like 1% cash back for every $1.00 spent on a CIBC Global Money Transfer™.

Although a $120 annual fee might seem steep for a credit card outside of the premium category, we feel that it's worth paying for these high base earning rates. Plus, you can actually have this fee waived every year you also have a CIBC Smart Plus™ Account†. This is a chequing account with unlimited transactions and few fees.

To qualify for the CIBC Dividend® Visa Infinite* Card, you'll need an individual income of $60,000 or more or a household income of $100,000†. Interest rates for this card are high at 20.99%† for its Purchase Annual Interest Rate and 22.99%† (for non-Quebec residents only) for its Cash Advance Annual Interest Rate along with a Balance Transfer Annual Interest Rate of 22.99%† (for non-Quebec residents only), so we don't recommend this card if there's any chance you won't be able to pay off your balance in full from month to month. But otherwise, consider it if you need a card for the bulk of your purchases.

Read our CIBC Dividend® Visa Infinite* Card review

This is a digital-exclusive offer.† To be eligible for this offer, you must apply for a new eligible card using the "Apply Now" link available on this webpage.†

†Conditions apply

Quebec Residents – Learn More about this CIBC product here

Résidents du Québec : Pour en savoir plus sur ce produit CIBC, suivez ce lien

CIBC Dividend® Visa* Card

If the CIBC Dividend® Visa Infinite* Card seems like a good fit for you, but you don't meet its annual income requirements or you don't want to pay an annual fee, you should instead consider the CIBC Dividend® Visa* Card. 

After the Welcome Offer ends, this card earns between 0.5%† and 2%† cash back on everything. The earning categories are similar to but slightly different from the ones for the CIBC Dividend® Visa Infinite* Card. You'll earn 2% cash back on eligible grocery purchases† only and 1% cash back on eligible gas, EV charging, transportation, dining purchases, and recurring payments†. For all other purchases, you'll earn 0.5% cash back†. 

The tradeoff for lower cash back rates and a less robust insurance package is that this card is easier to get and won't cost you anything. It requires a minimum annual household income requirement of only $15,000† versus $100,000†, a credit score of 670 or higher, and doesn't charge an annual fee. Overall, this is a respectable cash back card that won't break the bank.

Read our full CIBC Dividend® Visa Infinite* Card review.

This is a digital-exclusive offer.† To be eligible for this offer, you must apply for a new eligible card using the "Apply Now" link available on this webpage.†

† Conditions apply

Quebec Residents – Learn More about this CIBC product here

Résidents du Québec : Pour en savoir plus sur ce produit CIBC, suivez ce lien

Best for no fees: Tangerine Money-Back Credit Card

With its max 2% cash back rate and an unlimited, choose-your-own cash back policy, the Tangerine Money-Back Credit Card has become one of the most popular no annual fee credit cards in Canada.

Pros and cons

No annual fee
2% cash back on two spending categories of your choice
0.5% cash back on everything else
Apply by October 31st, 2023. If you're approved, you'll earn an extra 10% back on up to $1,000 in everyday purchases made within your first 2 months.*
1.95% intro APR for first 6 months on balance transfers (1% transfer fee applies)* within the first 30 days of account opening

2.5% foreign transaction fee
High regular purchase, cash advance, and balance transfer APR

Overview

What's not to like about the Tangerine Money-Back Credit Card? This no-fee credit card earns between 0.5% and 2% cash back on all spending and doesn't cost anything to use, plus it comes with a decent balance transfer intro offer for anyone looking to do something about their high-interest credit card debt. For any balances you transfer within 30 days of opening your account, you'll pay just 1.95% interest for 6 months (1% transfer fee applies)*.

The thing we like most about this credit card is that you get to choose your own adventure with the cash back. Everything will earn at least 0.5% but you'll pick two spending categories that will earn 2% cash back from a list of ten different options. These are:

Grocery
Furniture
Restaurants
Hotel-Motel
Gas
Recurring Bill Payments
Drug Store
Home Improvement
Entertainment
Public Transportation and Parking

Other cards will choose bonus categories for you or switch them up each month or quarter, which can get a little dizzying. With this card, you get exactly what you need. Another thing we like about this is that you can change your categories every 90 days to make this card fit your needs as they change. Planning a trip in the next few months? Switch your categories to Hotel-Motel and Gas. Moving into a new house or apartment soon? Pick Furniture and Home Improvement to pay yourself back on some of your spending. You can also get a third 2% category if have your rewards deposited directly into your Tangerine Savings Account.

To qualify for this card, you'll need an annual income of at least $12,000 and a credit score in the range of fair to good. These requirements make this one of the easiest credit cards to get on our list.

If you're looking for a low-maintenance credit card with everyday benefits you won't have to budget for, you won't do a lot better than the Tangerine Money-Back Credit Card. But if you're looking for a rewards credit card with more complimentary services and freebies or higher cash back earning rates, you'll probably need to look at more fee-full options.

Read our Tangerine Money-Back Credit Card review.

*Terms and Conditions apply

Best for excellent credit: The Platinum Card® by American Express

Despite its $699 annual price tag (one of the heftiest among Canadian cards), The Platinum Card® card has an outstanding bonus offer and some enticing travel reward perks and partnerships that make it worth serious consideration if you're a frequent flyer.

Pros and cons

3 points for every $1 in Card purchases on eligible dining and food delivery in Canada
2 points for every $1 on eligible travel including flights, hotel bookings, tours, etc.
1 point for every $1 in all other Card purchases
1 point for every $1 extra on eligible hotels and rental cars booked through American Express Travel Online
$200 CAD Annual Travel Credit
Unlimited complimentary lounge access via The American Express Global Lounge Collection™ which unlocks access to over 1,300 airport lounges worldwide
Access to many leading hotel loyalty programs, including Marriott International, Hilton Hotels and Resorts, and Radisson Hotel Group Americas
Earn 80,000 Membership Rewards® points – that's $800 towards a weekend away. New Platinum® Cardmembers, earn 80,000 Welcome Bonus points after you charge $7,500 in net purchases to your Card in your first 3 months of Cardmembership. Conditions apply.

$699 annual fee (plus an additional $175 for each Platinum Card you add to your account and an additional $50 for each Gold Card you add to your account)
High minimum credit score requirements
High regular purchase, cash advance, and balance transfer APR

Overview

If you have excellent credit or a score of 760 or more, you're in good shape to apply for just about any card you want. Credit card issuers want you to choose them, so they'll be competing for your attention with flashy benefits and premium perks.

With an excellent credit score, you can probably qualify for the more luxe cards out there. And The Platinum Card® by American Express, a metal card with a reputation, is one of our favourite premium picks no matter how you use it.

The card has an earn rate of three points per dollar on eligible dining and food delivery in Canada, two points per dollar on eligible travel, and one point per dollar in all other Card purchases. To qualify for travel points, you can book through your favourite travel website or directly with airline carriers and hotels. The choice is yours. But if you book through American Express's Travel Online portal, you'll earn an additional point per dollar. You'll also get to visit American Express airport lounges as much as you want when flying.

Now let's move on to some of this card's credits and upgrades. Every year, you'll receive $200 CAD in statement credits for travel towards any single travel booking of $200 or more charged to your card made through American Express Travel Online or Platinum Card® Travel Service along with status upgrades with three hotel brands: Hilton, Marriott, and Radisson. For each of these, you'll be automatically bumped to a higher status tier within the program – Hilton Honors Gold Status, Marriott BonvoyTM Gold Elite status, and Radisson Rewards Americas Gold Status – without having to meet booking requirements. 

The Platinum Card® also boasts advantages like priority access at the Toronto Pearson International Airport, complimentary late check-out on Fine Hotels + Resorts stays, and millions of dollars in insurance for everything from cancellations and interruptions to accidents and burglaries.

If you're looking for a card with exclusivity and elegance, this is it. But you'll pay for it at a staggering price of $699 a year. If this fee is outside of your budget, consider the next card.

Read our review of The Platinum Card® by American Express.

Best for good credit: MBNA Rewards Platinum Plus® Mastercard®

The MBNA Rewards Platinum Plus® Mastercard® is a straightforward card tha...

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