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Credit cards - The best

Canada’s Best Credit Card Offers – September 2024

Canada’s Best Credit Card Offers – September 2024

Here are the best credit card offers in Canada that stand out from the competition this month.

Below is our monthly ranking of Canada’s top 5 credit cards for each major category.

Best offers of the month

Here are the top 5 Best Credit Card offers in Canada of the month.

With this welcome offer for the American Express®* Aeroplan® Reserve Card, you can earn up to 85,000 Aeroplan points. Here’s how:

  • Earn 60,000 Aeroplan points after spending $7,500 in purchases on your Card within the first 3 months
  • Plus, earn an additional 25,000 Aeroplan points when you spend $2,500 in purchases in month 13

With this Amex Aeroplan Card, you earn 3X the points on purchases made directly with Air Canada and Air Canada Vacations. And 2x the points on Dining and Food Delivery purchases in Canada. Everywhere else, you will earn 1.25X the points.

With this Amex Aeroplan Premium Card, you receive many Air Canada travel benefits, such as access to Maple Leaf Lounges in North America for you and one guest, priority check-in, priority boarding and priority baggage handling. It’s the best Amex Aeroplan Card for frequent Air Canada flyers.

With this American Express Aeroplan Card, enjoy your first checked bag free (up to 23kg/50lb) for up to 9 people travelling on the same reservation on Air Canada®* flights.

Like all American Express Canada Cards, there is no minimum income requirement.

Best Travel Credit Cards

Here are the best travel credit card offers of the month.

Best Cash Back Credit Cards

Here are the best cash back credit card offers in Canada this month.

Best Aeroplan Credit Cards

Here are the 5 Best Aeroplan Credit Card Offers in Canada of the month.

Best Scene+ Credit Cards

Here are the top 5 Scene+ credit card offers in Canada this month.

Best AIR MILES Credit Cards

Here are the best Canadian AIR MILES credit card offers of the month.

Best No Annual Fee Credit Cards

Here are the 5 Best No-Fee Credit Card offers in Canada of the month.

Best Marriott Bonvoy Credit Cards

Here are the 5 Best Marriott Bonvoy Credit Card Offers in Canada of the month.

Best Small Business Credit Cards

Here are the best Canadian business credit card offers of the month.

For more information on setting up a business in Canada and choosing your credit card, please read our Canadian business’s credit cards page.

Best Credit Cards for Beginners

Here are the top 5 Best Credit Card Offers For Beginners in Canada of the month.

Best Credit Cards for Insurance

Here are the top 5 Best Insurance Credit Card Offers in Canada of the month.

Best Low-Interest Credit Cards

Here are the top 5 Best Low-Interest Credit Card offers in Canada of the month.

Best Balance Transfer Credit Cards

Here are the top 5 Best Balance Transfer Credit Card offers in Canada of the month.

Best Prepaid Credit Cards

Here are the best prepaid credit card offers in Canada this month.

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?
  • Rewards?
  • Benefits?
  • Insurance?
  • No-fee?
  • Low-interest?

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.

It is a request from networks(American Express, Mastercard, Visa):

  • American Express: no minimum income – $12,000
  • Mastercard: $15,000 – $60,000 – $80,000
  • Visa: $15,000 – $60,000 – $200,000

As you can see, if your income is not high, your best chances to get a credit card is through the American Express network (American Express Canada or Scotiabank).

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!

And travel benefits such as free wi-fi access with some Mastercard credit cards or VIP airport lounge passes!

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
  • Flight Cancellation
  • Trip Interruption Insurance
  • Flight delay
  • 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

We generally advise you to start with a no-fee credit card. And to keep it as long as possible to help improve your credit score.

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.

We update this value regularly: you can find it on each reward program page and the home page of milesopedia.

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!

Frequently asked questions about the best credit cards in Canada

Here are frequently asked questions in the milesopedia community about credit cards in Canada.

What is the best credit card in Canada?

There are more than 200 credit cards in Canada. There is no “one best credit card” in Canada.

Several credit cards can match your needs:

What is the best American Express credit card in Canada?

There are more than 30 American Express credit cards in Canada. Check out our best American Express Credit Cards page.

What is the best Mastercard credit card in Canada?

There are more than 90 Mastercard credit cards in Canada. Check out our Best Mastercard Credit Cards page.

What is the best Visa credit card in Canada?

There are more than 80 Visa credit cards in Canada. Check out our Best Visa Credit Cards page.

What are the interest rates for credit cards in Canada?

Credit card interest rates in Canada generally range from 19% to 25%. However, some credit cards offer lower interest rates for purchases and balance transfers. It is important to compare the different offers and choose a credit card that suits your needs and your customer profile. Read the terms and conditions and fees associated with each credit card before committing.

What is the credit card conversion fee in Canada?

The credit card conversion fee is an additional charge that may be imposed when you use your credit card abroad or make a purchase in foreign currency. This charge is in addition to the exchange rate applied by your credit card and is usually expressed as a percentage of the purchase amount.

The credit card conversion fee is usually between 1% and 3% of the purchase amount. Some credit cards do not charge a conversion fee, while others may have a higher conversion fee. If you are using your credit card abroad or making purchases in foreign currencies, checking the conversion fees imposed by your card before making the purchase is essential.

There are several ways to reduce or avoid credit card conversion fees. You can use a credit card that does not charge a conversion fee or a debit or travel card to make purchases abroad. You may also want to use a credit card that offers favourable exchange rates, rather than one that charges high conversion fees.

Check out the best credit cards with no conversion fees.

How can I avoid paying a credit card interest rate?

Here are some ways to avoid paying a credit card interest rate:

  1. Pay off your balance in full each month: If you pay off your balance in full each month, you won’t have to pay interest on your credit card debt.
  2. Use a zero-interest credit card: Some credit cards offer zero-interest rates for a limited time. If you are able to pay off your debt before the end of this period, you will not have to pay any interest rate.
  3. Transfer your debt to a zero-interest credit card: If you have high-interest debt on another credit card, you can transfer it to a zero-interest credit card to avoid paying interest. However, there is usually a balance transfer fee associated with this option.
  4. Negotiate a lower interest rate with your credit card issuer: If you have a good credit history and are a good customer for your credit card issuer, you can try to negotiate a lower interest rate.

How can I avoid paying credit card cash advance fees?

Here are some ways to avoid paying credit card cash advance fees:

  1. Avoid using the cash advance option: If you need cash quickly, it may be tempting to use the cash advance option on your credit card. However, this option usually comes with high fees and interest rates, so it’s best to avoid it if possible.
  2. Use a personal loan or line of credit: If you need cash, you may want to consider taking out a personal loan or opening a line of credit. These options can often offer better interest rates and fees than a cash advance on a credit card.
  3. Use a credit card that does not charge a cash advance fee: Some credit cards do not charge a cash advance fee. If you use such a card, you will not have to pay any additional fees when you use the cash advance option.
  4. Ask a friend or family member for financial help: If you need emergency cash, you can try asking a friend or family member for financial help. This option may be less expensive than advancing funds on a credit card.
  5. Use a savings account: If you have a savings account, you can try to withdraw money from it instead of using the cash advance option on your credit card. This option may be less expensive in the long run, although it may require some planning in the short term.

What is credit card cash back?

Credit card cash back is a reward offered by some credit cards that consists of a percentage of each purchase made with the card that is credited to the cardholder’s account. Cash back can be used to reduce the balance on the credit card or paid into a bank account.

Credit card cash back is typically offered on rewards credit cards, which are cards that offer rewards in the form of points or cash back for each purchase made with the card. Cash back rates generally range from 1% to 5% depending on the card and the type of purchase.

There are several ways to maximize credit card cash back. You can use your credit card to make purchases that offer higher cash back rates, or you can use your credit card to make purchases on which you already have a good price to get an additional reward. You can also try consolidating your purchases on one credit card to maximize the cash back you receive.