Best Credit Cards in Canada for 2022
Best Credit Cards in Canada for 2022
Do you use credit cards, and you are wondering which type can suit you in Canada in 2022? Choosing the best credit card can help you wade through the financial weeds you face to suit your spending habits and lifestyle.
Like clothing, credit cards are not one size fits for all. Selecting the best card that suits you in Canada may depend on your current financial situation. Further, a suitable one can save you money through a low-interest rate and provide value through rewards points that you can redeem for travel needs and merchandise. You can also get cash back or a balance transfer.
This article will guide you in picking several standout credit cards in Canada for 2022 available in different categories that can greatly benefit your spending habits and lifestyle.
Our recommendations are base on applicants interest and credit scores, while our reviews and opinions are base on users feedback and ratings, and our editors research on the products. They are our opinions, and are provided free of charge. Users of this website are not under any obligation of any kind to accept or use them. FULL DISCLAIMER
Best Cash Back Credit Card in Canada for 2022
Cashback credit cards allow customers to do what their name suggests. You will get a refund in a small percentage of whatever you use during a purchase either as cashback into your bank account or as a credit provided on your statement.
Each cashback credit card you will find in Canada allows you to each certain percentage back for a given type of spending you make. Therefore, the right card you need to settle for should match your given sending profile. For instance, when you find you commute for hundreds of kilometers in a week to work and spend thousands to fuel your car every year, a credit card that will offer a high percentage of cash back for gas consumption would be ideal for optimizing your savings.
When selecting cashback credit, you will find them very lucrative, and they will earn you hundreds in cash at the end of the year. However, you need to choose one that fits your purchasing habits. Consider the following cash back credit cards.
BMO Eclipse Visa Infinite Card
This cashback credit card can help you earn cashback on ride-share, groceries, food delivery, takeout, gas, and transit. It has the following welcome offers:
You can get up to 70,000 points worth $467 for your travel rewards, a $120 annual fee can be waived on the first year's use, and a $50 lifestyle credit. In total, you will spend $637 value within a year.
You can earn 5x BMO reward points on food delivery, groceries, ride-share, takeout, gas, and transit. Additionally, you can earn 1 BMO reward for every $1 spent on other things.
When you add another authorized user to your account, you will be rewarded with 10% extra points.
Features of Canadian BMO cashback card
(I)BMO has cash advances of 22.99%
(II)Balance transfers when the promotion is on are 22.99% and 1.99% when the promotion is over.
(III) Purchase APR of 19.99%
Advantages of BMO cash back credit card
(I)Firstly, the BMO cashback card is very popular in Canada because it comes from a reputable Canadian Bank. Therefore, millions of people use it for their everyday shopping and purchases. It is the best in the market compared to other credit cards on offer.
(II)It is the best card for individuals who spend so much on recurring payments, groceries and would want to earn some decent cash back when they do other purchases.
(II)Supposing you want a card without an annual fee, BMO cashback is quite worthy. However, you will have to pay an annual fee when you want a card that offers better cash back.
(IV) You can use BMO cashback for frequent travel needs and use it to get discounts on car rental needs. You will also get maximum gain for every spending you make using this card.
(V)Another advantage is that BMO does not have annual fee charges. Therefore, you cannot lose anything. When you have a BMO app on your cellphone, you can check the points you have earned and redeem them whenever you feel like it.
(VI)You will be rewarded with decent cashback on your purchases. For instance, when you use it for grocery purchases for about $500, you will be awarded 3.3 % cashback. Recurring bills payment will earn you 1% cashback.
(VII)The welcome offers are awesome. You can earn a 5% cashback within the first 90 days, which is limited to a maximum of $100. Therefore, you can earn a total of $2,000 when you shop within that period.
Disadvantages of BMO cashback card
(I)When your given promotional offer expires, all the other expenses on recurring payments and other payments will be standardized except those on groceries, which will be reduced by 0.5%.
(II)BMO cashback does not offer so much cashback for the money you spent on groceries. Therefore, when you plan to use the card to make a purchase that exceeds $1,200 per month. This card may not be an ideal card to get.
(III)When you compare BMO to other credit cards with no-fee, BMO will not offer you the best cashback rates in the market.
Best Travel Card in Canada for 2022
The best Canadian travel card should be impressive in many ways apart from the reward on offer. They should offer massive sign-up bonuses, insurance packages, and premium perks for your travel needs. The best travel card to choose in Canada is American Express Cobalt Card for 2022.
American Express Cobalt Card
With your American Express Cobalt Card, when you use it during purchases, you will earn points with every spending you make. Such as subscription services, eating, and drinks, entertainment.
Features
(I)Annual interest rates of 20.99% on your purchases and 21.99% applied to your funds advance.
(II)Monthly fee application is $12.99
(III)All the supplementary cards provided don't have annual fee charges.
Pros
(I) American Express Cobalt Card has a high earn rate. You will earn up to a 5% return on your spending.
(II) When you redeem your earn points, they have a high value as a credit against the card statement.
(III)It has a provision of a flexible month-by-month fee structure.
(IV)You can transfer your earned points at a ratio of 1:1 to Avios and Aeroplan.
(V) American Express Cobalt Card can earn you free supplementary cards.
Cons
(I)This travel card charges foreign transaction fees of 2.5%
(II)Acceleration of point earned only applies when you make purchases within Canada, not those outside the country.
(III)Amex provision on merchant acceptance rate is more limited than MasterCard and Visa.
Best Business Card in Canada for 2022
When you consider the best Canadian business credit card, find something that can complement your spending habits and offer you help in managing your business's finances.
Whether you want valuable travel points or a straight-up cash bank, find a business credit card that offers the best bang for your money during your business operation needs. RBC Avion Visa Infinite Business is Canada's best business credit card in 2022.
RBC Avion Visa Infinite Business Card
We recommend RBC Avion Visa Infinite Business to anyone for 2022 business needs who value flexibility. This card has it all. You can redeem your points on it, get insurance coverage when you travel outside your business territory or Canada. You will earn a big bonus with it.
Features
(I)Powerful card control and reporting tools: It helps you streamline your business expenses and keep them on track. You can also access customized business reports, your card transactions, and data.
(II)Premium Travel Benefits: You can enjoy access to over 1200 airport lounges with this card worldwide when you subscribe to become a member. Additionally, enjoy comprehensive insurance coverage that includes mobile device protection and other valuables to give you peace of mind when traveling.
(III)Earn valuable RCB reward points: For every $1you send in net purchases, you will earn 1.25 RBC reward points with this card, which equals $75,000 points per year.
Advantages
(I)Welcome Bonus: When you sign for RBC Avion Visa Infinite Business, you will earn 15,000 welcome points, which you can use in different ways whenever you travel.
(II)Travel Benefits: This card can earn you additional security, trip, and cancellation covers. You will also get hotel burglary, baggage insurance, and flight delay protection.
(III)Fuel Discounts: Helps you save 3 cents per liter on fuel consumption and earn 20% petrol points and RBC reward points when you use this card at various Canadian petrol stations.
(III)Travel Medical Insurance: This card can help you avoid paying third-party travel medical insurance cover. You will get full coverage on your card to use for the first 15 days when you commence your journey.
(IV)High Return: Earn points with every dollar you will spend on your business needs.
(V)Purchase Assurance: Helps you relax easily with purchase protection and extended warranty coverage on authorized products that you are allowed to buy using this card.
Cons
(I) High-interest rates: When you want to avoid the annual fee or low-interest rates, settle for a different credit card. It charges a high annual fee of $175.
(II)RBC Avion Visa Infinite Business is not the greatest rewarding card to use outside transfer partners and airline charts. You will only earn 1.25% if you are not redeeming the earned points.
Best Student Card in Canada for 2022
Students in Canada who are looking for the best student cards in Canada, 2022 to start building their credit score and cushion their future finances even when they have limited income or no income at all. They can choose from cards that offer perks such as cashback and student discounts.
When you are a student who buys your course books, public transit pass, spend money on groceries. You need a student card that can earn you points with every purchase. The best card to settle for in Canada, 2022 is BMO CashBack MasterCard for Students.
BMO CashBack MasterCard for Students
The great catch about this card is that it is great for broke students all over Canada. Also, it has generous welcome bonus points to start earning points as a student. You will have fun and enjoy practical discounts when making purchases with it.
Features
(I)$0 annual fee.
(II)Interest rates include purchasing 19.99%, cash advance 22.99%, and balance transfer of 22.99%.
(III)Income requirement is zero.
Pros
(I)Welcome Bonuses: BMO CashBack MasterCard for Students has a great welcome bonus worth $125.You can earn 5% cashback on every purchase you carry out within the first three months.
(II)Cash Back Earning: Cashback on this card is low at 0.5% for every purchase, which is a great bonus for a card with no fee charges.
(III)Boost a Student Credit Score: This can help students build their credit score. Most banks recognize this card, and when you apply for loans in the future when you pay it in time.
(IV)No Annual Fee: Unlike other credits, which have better welcome bonuses and other rewards and this equates to a steep annual fee in the end. The BMO CashBack MasterCard for Students does not have an annual fee. Therefore, you can build your credit score without the need to spend a penny to hold this card in your wallet.
(V)Prolonged warranty and Purchase Protection: This card has guarantees you an extended warranty and purchase protection when you use to purchase the recommended products. Therefore, you can save a lot over time when you take advantage of the grace period.
Drawbacks
(I)High Interest when you have a balance: When you carry a balance of this card, you will be charged 20%, which is very high, which one needs to avoid at all costs.
(II)Does not offer other Perks and Benefits: This is a normal phenomenon regarding cards with no fee charges. Usually, they don't offer extra perks and benefits, which are reserved for more expensive premium cards with high annual fees.
Best Low-Interest Card in Canada for 2022
A low-interest card can help you save a lot when it comes to monthly interest charges if you are someone who is likely going to carry over your debts from month to month. Therefore, you don't need to lock yourself in a 19.99% credit card interest rate. The best interest rate credit card in Canada, 2022 to settle for is MBNA True Line Gold.
MBNA True Line Gold
MBNA True Line Gold offers an 8.99% interest rate, almost half compared to other typical card rate charges. It is a no-fee card, but it reasonably charges a low $39 annual fee rate. This is worth considering if you want to save your bucks in the long run.
Features
(I)Around the clock protection to dodge fraudulent charges.
(II)Standard application annual interest rate charges of 12.99% on purchases.
(III)Interest rate of 24.99% over cash advances.
Pros
(I)Offers Competitive annual interest rates:
(I)It has No annual Fee: MBNA True Line Gold has no annual fee. Therefore, you can keep most of your money back in your pocket. Additionally, you can carry your card as a no-cost backup to use whenever you need to get a low-interest option.
(II)Additional Perks: Besides having a low-interest rate, MBNA True Line Gold has other perks such as saving a minimum of 5% when you participate within your local locations and saving 10% off that applies to rental rates within Canada and the United States.
Cons
(I)High advance interest rate: MBNA True Line Gold has a low standard interest rate of 12.99%. When you use the cash advance option, it will accumulate high-interest rates of 24.99%. Therefore, if you can avoid the cash advance option, you will be doing yourself a favor.
Best Balance Transfer Card in Canada for 2022
If you have debt that you carried over to the New Year, becoming debt-free should be your goal, especially if you pay a lot of interest on some of those debts. The best way to achieve that is to look for a balance transfer credit card that can allow you to move the funds you have from high-interest cards to low-interest charging cards. It would be best to find a card with as low as 0% transfer charges.
The majority of the available balance transfer card options are time-limited. Therefore, when their period elapses, which maybe six months. The rates on offer will go back. The good news is that these cards standard rates are appealing and significantly lower than the standard 19.99%.
Suppose you are looking for the best balance transfer credit card in Canada, 2022 that suits your need. The best card to settle for is CIBC Select Visa Card.
CIBC Select Visa Card
CIBC Select Visa Card was awarded the best balance transfer card in Canada because it had an unbeatable promotional offer. This card offer offered a 0% interest rate for a balance transfer to new cardholders for ten months.
This interest-free rate can help you consolidate and clear your debts without paying interest when the promotional period is over. The card's regular interest starts at about 13.9%, lower than the standard rate of 19% applicable in the market.
Features
(I) CIBC Select Visa Card charges a $29 annual fee for new users and other three authorized users
(II)There is a 1% balance transfer fee which is a flat rate that is charged once.
Pros
(I)Affordable Annual Fees: First-year annual fee rebate is $29 per year.
(II)Excellent welcome Offer: Whenever you use this card to transfer your credit balance, you will enjoy a 0% interest rate within ten months' duration and a 1% transfer fee. Additionally, a first-year annual fee rebate applies.
(III)Fabulous Low-Interest Rate: You will be rewarded with an everyday interest rate of 13.99% for all your purchases.
Cons
(I)Only a few distinguishing benefits apply, which don't go beyond the interest rates.
(II) Other low-interest cards you will find in the market with no annual fee apply.
Best Rewards Card in Canada for 2022
Supposing you are an individual who uses credit cards wisely to settle bills monthly, you need to hold a car that offers the best reward program. If you are looking for the best reward card that can fit your spending habit and has features that you truly appreciate. The best can we recommend for your need is Scotia Momentum Visa Infinite.
Scotia Momentum Visa Infinite
Scotia Momentum Visa Infinite comes with a lot of features and benefits. Some of which are discussed below;
Features of Scotia Momentum Visa Infinite
(I)Offers 4%cash back on recurring bills and groceries.
(II) 2% on gas and transit and 1% of other purchases.
(III) 1point for every 1% of every purchase up to 1.75% in travel rewards.
Pros
(I) Great Cashback Rewards: You will earn 4% cashback when you reach a $25,000 spending spree at a gas station and grocery store. You spend a further 2% cash back annually on drug stores and recurring payments at merchant's shops.
(II)Insurance Package: This card has attractive insurance perks that are comprehensive and competitive and can enjoy and take full advantage of.
(III)Easy to Redeem: The points earned are easy to redeem and automatically apply to your account.
(IV)All your transport expenses fall within the 4% category, not only the gas part.
Cons
(I)Premium Grade Annual Fee: The annual fee applicable in this card is high ($120).it is waived in the first year to entice you.
(II)Cashback applies at the year-end: The other downer is that you will not earn your cashback immediately or as cash. You will earn them monthly, but they will be awarded to you at the end of the year.
Best No Annual Fees Card in Canada for 2022
If you are looking for the best Canadian top rewarding credit card without an annual fee, plenty is available in the market. These cards have good perks whenever you use them for your spending needs. You will find card options that offer cashback that suits you, no foreign transaction fees, and amazing travel points.
Tangerine Money-Back Credit Card
The best option to choose that fits your needs in Canada, 2022, is Tangerine Money-Back Credit Card. This card has great competitive cashback in the market and flexible spending categories to enjoy.
Features
(I)Cardholders get 2% back when they use it in two spending shopping, and a further third option whenever you set it to automatic rewards deposit into your saving account.
(II)When you meet the $60,000 annual income requirement, you earn a Tangerine World MasterCard.
Pros
(I)Welcome Offer: You will earn 15% cashback when you spend up to $150.
(II)Earn Rate: 2% cash back applies to three spending categories you choose from 10 different options and 0.5% to other purchases.
(III)Income Requirement: $12,000
(IV)Additional Benefits: Other benefits of the Tangerine Money-Back Credit Card apply to purchase protection and extended warranties.
