If you’re wondering how your credit card measures up, Money.ca has just unveiled its rankings of the best credit cards in Canada. Using a sophisticated system developed by industry experts, the financial comparison platform analyzed over 125 credit cards across more than 70 data points, focusing on rewards value, travel benefits, lifestyle perks, and insurance coverage.
The top honor for the best overall credit card went to the American Express Cobalt card, which was praised for its versatility in earning points. Cardholders can earn five times the points on dining and groceries, three times on streaming subscriptions, and two times on rideshares, transit, and gas, all for an annual fee of $155.88.
For travel enthusiasts, the CIBC Aeroplan Visa Infinite was recognized as the best travel credit card, offering a generous welcome bonus of 30,000 Aeroplan points in the first year and various travel perks, including a free checked bag for two travelers.
Money.ca named the CIBC Dividend Visa Infinite card as the best cash-back card, featuring a high earn rate of 4% cash back on eligible purchases. The MBNA True Line Mastercard was highlighted for its low rates and balance transfer options, boasting a 0% APR for 12 months on transfers.
For everyday expenses, the BMO CashBack World Elite Mastercard emerged as the best card for gas and groceries, offering 3% cash back on grocery purchases. Students can benefit from the RBC ION+ Visa, which provides high point earnings and discounts on fuel. Lastly, the TD Aeroplan Visa Infinite Privilege stands out for its welcome bonus, allowing new users to earn up to $2,900 in value, including up to 80,000 Aeroplan points, along with additional travel perks.
