If you’re looking for a new credit card, you’ve got to be careful. Many cards are very difficult to get approved for, and others seem to have new fees and unexpected costs everywhere you turn. Fortunately, Canada has a number of excellent credit and bank cards available which offer relatively easy approval, attractive terms, no annual fee, and outstanding rewards programs.
Here are some of the best credit cards in Canada for saving money, earning rewards, and making the most of what a card can offer.
The Triangle™ Mastercard® by Canadian tire is an excellent option with a number of attractive features. The card has no annual fee and for every purchase you’ll earn Canadian Tire Money, which can be redeemed for free products at Canadian Tire as well as Atmosphere, Hockey Experts, Sport Chek, Sports Rousseau, L’Entrepôt du Hockey, and some Mark’s, L’Équipeur, and Sports Experts retailers. The Triangle™ Mastercard® also features an easy online application process with 24/7 customer service to handle any questions you may have. Once you’ve been approved, you’ll be able to see your card spend and make payments using both their online platform and a convenient mobile app.¹
CIBC Aventura® Visa Card
The CIBC Aventura Visa card is another credit card with no annual fee and an excellent rewards program. For every $2 spent on this card, users will receive 1 Aventura point. Aventura points can be redeemed for flights, hotel stays, gift cards, and more. CIBC is currently offering a bonus of up to 2,500 Aventura points for new cardholders who meet fairly basic criteria outlined on their website. Furthermore, the Aventura®card includes 90-day purchase protection to cover you if a new purchase is stolen or breaks. Their application process is fully online and simple to get started with, however there is a minimum annual household income requirement of $15,000 to apply.²
Tangerine Money-Back Credit Card
The Tangerine Money-Back Credit Card offers up to 2% money back in two purchase categories of your choice, and 0.50% money back on all other purchases. The cash back you earn can either be applied against your credit card balance or deposited directly into your savings account. There’s also no annual fee to use this card and if you transfer an existing balance to the card you can pay just 1.95% interest on the transferred balance for 6 months (19.95% thereafter). In order to qualify to apply you must have an annual income of at least $12,000, be a permanent resident of Canada and have no bankruptcies over the last 7 years.³
National Bank mycredit Mastercard
The mycredit Mastercard by National Bank is a great card also offering no annual fee. The card pays 1% cash back on all restaurant purchases as well as purchases that are recurring and pre-authorized. All other purchases will earn 0.5% cash back. The company is currently offering a $100 cash back promotion for new approved clients who spend at least $2,500 on the card within 4 months. It’s easy to apply online and in order to be eligible you simply need to be the age of majority and a Canadian resident.⁴
MBNA True Line® Mastercard®
The MBNA True Line® Mastercard® is a fantastic no-annual fee credit card. It’s perfect for those looking to make balance transfers, as they have a promotional 0% balance transfer rate for the initial 10 months (a 3% fee to transfer the balance does apply). Interest rates are also quite low and it’s easy to apply online. To be eligible to apply you should be a resident of Canada above the age of majority in your province. It’s worth noting that this card does not have a cash back or loyalty program, however it’s still a quality card worth considering.⁵
Finding The Right Card
All of the above options are excellent choices, but sometimes it can be hard to know exactly what to apply for. An online search can help to take a more in-depth look at the pros and cons of these cards and others. A little bit of research can go a long way, and by evaluating a few different options carefully you’ll be able to make sure that you ultimately choose the best banking card for your individual situation.