In December 2021, several credit card offers in Canada stand out from the competition.
Below you will find the top 5 credit card offers per category for this month:
Best Credit Cards of the Month By Category
Here are the top 5 Best Credit Card offers in Canada of the month.
What you need to know about credit cards
How to choose a credit card in Canada
To choose a credit card in Canada, you need to know what you are looking for (and what you can get depending on your situation):
- What is your income?
You will then be able to choose the right credit card for you. To help you go through this, we compare more than 200 credit cards in Canada and rank them into nearly 30 categories.
Income required by credit cards in Canada
In Canada, credit card issuers generally require a minimum income to apply for a credit card.
- American Express: no minimum income – $12,000
- Mastercard: $15,000 – $60,000 – $80,000
- Visa: $15,000 – $60,000 – $200,000
And if you are a student, there are student credit cards adapted to your situation.
This information can be found on every credit card page on milesopedia.
Also, if you are not an employee, you may qualify for one of the many credit card offers for self-employed, professionals or small business owners!
Credit cards rewards in Canada
There are three types of credit card rewards in Canada:
- Cash back: the simplest way to go with a monthly/yearly credit to your credit card bill
- Travel: all issuers offer travel reward cards. Also included in this category are some airline programs such as Aeroplan or hotels like Marriott Bonvoy. And some credit cards even allow you to use your points for Airbnb rentals.
- Flexible: with some credit cards, you can redeem your points for cash back, travel rewards, or you can transfer them to other airline or hotel programs.
Credit card benefits in Canada
Credit cards in Canada often come with many benefits such as:
- Zero liability guarantee in case of fraud
- Pending transactions for car rentals, hotel bookings, etc.
- Access to funds anywhere in the around the world
- Contactless transactions
- And more!
Credit cards insurance in Canada
Most credit cards offer insurance for your purchases or travel. Generally, the higher the annual fee, the better the insurance.
For example, here are the insurances offered by National Bank’s World Elite Mastercard®, one of the best credit cards in Canada for insurance:
- Out-of-province hospital insurance
- Trip Cancellation Insurance
- Trip Interruption Insurance
- Departure flight delay insurance
- Baggage insurance in case of delay
- Lost or Stolen Baggage Insurance
- Vehicle rental insurance
- Theft of Personal Effects
- Insurance against theft or breakage
- Possibility of tripling the manufacturer’s warranty
Credit card annual fees in Canada
But you’ll soon realize that for rewards and benefits, it’s worth paying a credit card fee. You’ll earn more points as a welcome bonus, and for every purchase you charge to your card.
Take advantage of some credit card welcome offers waiving the first-year annual fee!
Credit card interest rates in Canada
Before earning rewards, it’s best to pay no interest on your credit card. For your information, here are the three types of credit card interest rates to be aware of:
- Purchase interest rate: to pay your credit card balance, you have a grace period of 21 to 55 days, depending on the credit cards. If you pay only the minimum amount required, the interest rate shown will be calculated from the date of your purchases. Some issuers offer low-interest credit cards.
- Cash Advance Interest Rate: This is the interest rate applied to ATM withdrawals made with your credit card.
- Balance Transfer Interest Rate: This is the interest rate applied if you choose to transfer your credit balance from another institution to your credit card . Some credit cards have promotional balance transfer interest rates.
How we choose the credit card offers in our rankings
Each day, we analyze more than 200 credit card offers in Canada. We calculate the value you can get the first year with:
- the welcome offer in points or cash rewards
- the benefits coming with the credit card (statement credit, VIP airport lounge passes, etc)
Each rewards program offers points having a different value than the others. So, to simplify your search for a credit card in Canada, we evaluate each program to indicate a fair value, in Canadian dollars, for each type of point.
On this page, you’ll find the best credit card offers in Canada at the moment, by category, ranked according to the value of the offer.
For more suggestions, you can browse through each category or compare credit card offers with our search engine. This credit card search engine has many filters (network, issuer, reward type, loyalty program, annual fee, income, value, audience) to help you find the best credit card for your needs!