We present our ranking of the best credit cards in Canada in 2023.
You can find our methodology here.
For this 2023 edition, we have divided the credit cards into four main categories:
Below is a summary of the awards earned by the different credit cards in Canada. After, you will find the details of the ranking.
2023 Awards Summary
The best credit cards in 2023 for everyday life:
The best credit cards in 2023 for travel:
Best credit cards in 2023 by customer profile:
The best credit cards in 2023 according to the Milesopedia network statistics (Milesopedia.com and partners):
Best credit cards for everyday life
In 2022-2023, the economic context profoundly changed consumer habits. In an inflationary environment, Canadians are looking for products that can help them save money on expenses such as groceries, gas, recurring bills or drugstore purchases.
The credit cards below all stood out in 2022 in their respective categories for offering more to their cardholders than their competitors. That’s why we’ve selected them as the best credit cards in Canada in 2023 for everyday life.
Best Cash Back Credit Card
The CIBC Dividend® Visa Infinite* Card is the best cash back credit card in 2023 in Canada for these reasons:
- High cash back earning rate on everyday purchases: 4% on gas and groceries, 2% on transportation, dining and recurring payments and 1% on everything else
- The minimum cash back redemption amount is $25
- Accepted at almost every retailer
Here are 3 more credit card choices in this category:
Best No-Fee Cash Back Credit Card
The Tangerine Money-Back Credit Card is the best no-fee cash back credit card in 2023 in Canada for these reasons:
- Choice of two to three 2% earning categories from a list of 10 categories
- The minimum cash back redemption amount is $1
- Accepted at almost every retailer
- No annual fee
Here are 3 more credit card choices in this category:
Best credit card for everyday spending
The MBNA Rewards World Elite® Mastercard® is the best credit card for everyday spending in 2023 in Canada for these reasons:
- 5 points per dollar for restaurants, groceries, digital media, subscriptions and household utilities
- Easy redemption of points for a statement credit
- Insurance
- Accepted in all stores
Here are 3 more credit card choices in this category:
Best credit card for groceries
The Scotiabank Gold American Express® Card is the best credit card for groceries in 2023 in Canada for these reasons:
- 6 points per dollar at IGA or Sobeys and 5 points per dollar at other grocery stores
- Flexible rewards
- No Foreign Transaction Fee
- Full travel insurance
Here are 3 more credit card choices in this category:
Best credit card for gas and transit
The BMO® CashBack® World Elite®* Mastercard®* is the best gas and transit credit card in Canada in 2023 for these reasons:
- High cash back earning rate on everyday purchases: 5% on groceries, 4% on transit, 3% on gas and electric vehicle charging, 2% on recurring bills, and 1% on all other purchases.
- The minimum cash back redemption amount is $1
- Roadside assistance
- Accepted at almost every retailer worldwide
Here are 3 more credit card choices in this category:
Best credit card for drugstores
The American Express® Gold Rewards Card is the best credit card for drugstores in 2023 in Canada for these reasons:
- 2 points per dollar on drugstore purchases
- Flexible Rewards
- Travel Partners (American Express Membership Rewards program)
- No minimum income required
Here are 3 more credit card choices in this category:
Best credit card for online purchases
The HSBC Cash Rewards Mastercard® is the best credit card for online purchases in 2023 in Canada for these reasons:
- No annual fee
- 1.5% cash back for online purchases
- Insurance for your purchases
- Accepted at almost every retailer
Here are 3 more credit card choices in this category:
Best credit card for dining
The American Express Cobalt® Card is the best credit card for dining in 2023 in Canada for these reasons:
- 5% cash back on dining and food delivery
- The minimum cash back redemption amount is $10 (1,000 points)
- No minimum income required
Here are 3 more credit card choices in this category:
Best Balance Transfer Credit Card
The CIBC Select Visa* Card is the best balance transfer credit card in Canada in 2023:
- Recurring offer for 0% interest on balance transfers for up to 10 months, subject to a 1% transfer fee.
Here are 3 more credit card choices in this category:
Best low-interest credit card
The HSBC +Rewards Mastercard is the best low-interest credit card in 2023 in Canada for these reasons:
- Low annual interest rate on purchases, cash advances and balance transfers of 11.9%
- 1 to 2 points per dollar of purchases (= 0.5 to 1% in travel rewards)
- Accepted at almost every retailer worldwide
Here are 3 more credit card choices in this category:
Best Prepaid Credit Card
The KOHO Premium Mastercard Prepaid Card is the best prepaid credit card in 2023 in Canada for these reasons:
- Cash back on everyday purchases: 2% on transit, groceries and dining
- No Foreign Transaction Fee
- No credit check
- No minimum income required
Here are two more credit card choices in this category:
Best credit cards for travel
Since 2022, after two years of the pandemic, Canadians have been looking forward to getting away from it all: travel has resumed in earnest. But here, too, the context has changed: we have noticed that travellers are looking for more comfort, insurance and savings.
Thus, credit cards offering access to airport lounges, travel credits to improve comfort, insurance to cover all contingencies, or the absence of conversion fees for foreign currency transactions stood out in this ranking.
Since 2022, we have witnessed welcome offers never seen before to equip travellers with payment solutions! Here are the top travel rewards credit cards in Canada in 2023.
Best Travel Credit Card
The National Bank’s World Elite Mastercard® is the best travel credit card in 2023 in Canada for these reasons:
- Generous insurance coverage for travel and everyday purchases
- Award-winning customer service
- Up to $150 in annual travel credits
- Accepted at almost every retailer worldwide
Here are 3 more credit card choices in this category:
Best credit card for flexible rewards
The RBC Avion Visa Infinite Card is the best credit card for flexible rewards in 2023 in Canada for these reasons:
- Flexible Rewards
- Travel partners through the RBC Avion Rewards program: American Airlines, British Airways/Qatar Airways, WestJet, Cathay Pacific
- Travel insurance
- Accepted at almost every retailer worldwide
Here are 3 more credit card choices in this category:
Best No-FX Fee Credit Card
The HSBC World Elite® Mastercard® is the best no-fx fee credit card in 2023 in Canada for these reasons:
- Earning rate on travel purchases (6 points per dollar or 3%)
- No Foreign Transaction Fee
- $100 Annual Travel Credit
- Flexible Rewards
- Accepted at almost every retailer worldwide
Here are 3 more credit card choices in this category:
Best credit card for travel insurance
The National Bank’s World Elite Mastercard® is the best credit card for travel insurance in 2023 in Canada for these reasons:
- Generous insurance coverage for travel and everyday purchases
- Award-winning customer service
- Up to $150 in annual travel credits
- Accepted at almost every retailer worldwide
Here are 3 more credit card choices in this category:
Best no-fee travel credit card
The American Express® Green Card is the best no-fee travel credit card in 2023 in Canada for these reasons:
- Ease of points redemption
- Travel Partners (American Express Membership Rewards program)
- Flexible Rewards
- No minimum income required
Here are 3 more credit card choices in this category:
Best Hotel Credit Card
The Marriott Bonvoy® American Express®* Card is the best hotel credit card in 2023 in Canada for these reasons:
- Points can be used at over 8,000 hotels worldwide
- Annual Free Night Award at Card renewal
- Marriott Bonvoy Benefits (Elite status and Earning Rate)
- No minimum income required
Here are 3 more credit card choices in this category:
Best Premium Credit Card
The Platinum Card® from American Express is the best premium credit card in 2023 in Canada for these reasons:
- Complimentary access to over 1,300 airport lounges worldwide
- Elite Status with several hotel loyalty programs
- Cardmembers benefits at renowned hotels and restaurants
- Flexible Rewards
- Travel Partners (American Express Membership Rewards program)
- Full travel insurance
- No minimum income required
Here are 3 more credit card choices in this category:
Best credit card for frequent flyers
The American Express® Aeroplan®* Reserve Card is the best credit card for frequent flyers in 2023 in Canada for these reasons:
- Air Canada benefits such as Maple Leaf Lounge access
- Benefits for Aeroplan Elite Status
- Highest earning rate for Air Canada and Air Canada Vacations purchases
- Travel insurance
Here are 3 more credit card choices in this category:
Best credit cards by customer profile
Every consumer profile is different, and this profile evolves from year to year according to new needs.
This year, thanks to the numerous feedback from Milesopedia community members, we have decided to refine our ranking to better fit each type of profile.
For example:
- Students will need a card to save money on their day-to-day expenses and offer benefits designed for them;
- Young professionals who do not yet have a high enough income to qualify for certain credit cards but are still looking to benefit more will be offered certain types of attractive products;
- Families will have special needs for groceries, entertainment and travel (such as cards offering points applicable to Airbnb spending, for example);
- Snowbirds will require credit cards with no currency conversion fees;
- etc.
This is also where the best cards for entrepreneurs are listed.
Here are the best credit cards in Canada in 2023 by customer profile.
Best credit card for students
The CIBC Dividend® Visa* Card for Students is the best credit card for students in 2023 in Canada for these reasons:
- Cash back earning categories for everyday purchases
- Free registration to the SPC program offering discounts to students
- Insurance coverage
- Accepted at almost every retailer
- No minimum income required
- No annual fee
Here are 3 more credit card choices in this category:
Best credit card for young professionals
The American Express Cobalt® Card is the best credit card for young professionals in 2023 in Canada for these reasons:
- Earning categories
- Flexible Rewards
- Travel Partners (American Express Membership Rewards program)
- No minimum income required
Here are 3 more credit card choices in this category:
Best credit card for families
The Scotiabank Gold American Express® Card is the best credit card for families in 2023 in Canada for these reasons:
- 6 points per dollar at IGA or Sobeys and 5 points at other grocery stores
- 5 points per dollar for entertainment and restaurants
- 3 points per dollar for streaming services like Netflix or Disney+.
- 3 points per dollar for gas and public transportation
- Flexible rewards
- No Foreign Transaction Fee
- Full travel insurance
Here are 3 more credit card choices in this category:
Best credit card for newcomers
The NBC mycredit Mastercard is the best credit card for newcomers in 2023 in Canada for these reasons:
- Specific approval criteria of the National Bank of Canada for Newcomers and its free 12-month accompaniment service on various subjects: daily life, legal, housing, personal finances and immigration
- 1% cash back on dining and recurring pre-authorized payments and 0.5% on all other purchases
- Accepted at almost every retailer worldwide
- No annual fee
Here are 3 more credit card choices in this category:
Best credit card for Snowbirds
The Scotiabank Passport™ Visa Infinite* Card is the Best Credit Card for Snowbirds in 2023 in Canada for these reasons:
- No Foreign Transaction Fee
- Generous insurance coverage
- 6 annual airport lounge visits
- Acceptance at stores worldwide (including Costco in the US)
Here are 3 more credit card choices in this category:
Best credit card for startups
The American Express Business Edge™ Card is the best credit card for startups in 2023 in Canada for these reasons:
- High cash back earning rate on everyday business purchases: 3% on office supplies, electronics purchases, transit, gas, restaurants and bars, and 1% on everything else
- The minimum cash back redemption amount is $10 (1,000 points)
- Low Annual Fee for a Business Card
Here are 3 more credit card choices in this category:
Best Business Credit Card
The Business Platinum Card® from American Express is the best business credit card in 2023 in Canada for these reasons:
- Complimentary access to over 1,300 airport lounges worldwide
- Travel Partners (American Express Membership Rewards program)
- Cardmember benefits at select hotels and restaurants
- Full travel insurance
Here are 3 more credit card choices in this category:
Best credit cards according to Milesopedia network
Milesopedia has significant monthly traffic on its website (Milesopedia.com), and its sub-domains used by our affiliate partners operating our white-label credit card comparison service. Thanks to this highly qualified traffic – since consumers are looking for a financial product – we can determine which credit cards are the most consulted and, in fine, the most applied for on our “Milesopedia network.”
We decided to break this part of the ranking down into the top 3 rewards programs in Canada and the top 3 credit card networks.
Here is the ranking of the best credit cards in Canada in 2023 according to Milesopedia (Milesopedia.com and affiliated partners).
Best Aeroplan Credit Card
The TD® Aeroplan® Visa Infinite* Card is the best Aeroplan credit card in 2023 in Canada for these reasons:
- Air Canada Benefits for Cardmembers
- Rewards earned with everyday purchases
- Travel Insurance when redeeming Aeroplan Points
- Accepted at almost every retailer
Here are 3 more credit card choices in this category:
Best AIR MILES Credit Card
The BMO® AIR MILES® World Elite®* Mastercard®* is the best AIR MILES credit card in 2023 in Canada for these reasons:
- AIR MILES benefits for Cardmembers when booking flight rewards
- Rewards earned with everyday purchases (AIR MILES partners)
- Full travel insurance
- Accepted at almost every retailer
Here are 3 more credit card choices in this category:
Best Scene+ Credit Card
The Scotiabank Gold American Express® Card is the best Scene+ credit card in 2023 in Canada for these reasons:
- 6 points per dollar at IGA or Sobeys
- Flexible rewards
- No Foreign Transaction Fee
- Full travel insurance
Here are 3 more credit card choices in this category:
Best American Express Credit Card
The American Express Cobalt® Card is the best American Express credit card in 2023 in Canada for these reasons:
- Earning categories
- 5 points per dollar on dining and food delivery (= 5% in travel rewards)
- Flexible Rewards
- Travel Partners (American Express Membership Rewards program)
- No minimum income required
Here are 3 more credit card choices in this category:
Best Mastercard credit card
The National Bank’s World Elite Mastercard® is the best Mastercard credit card in 2023 in Canada for these reasons:
- Generous insurance coverage for travel and everyday purchases
- Up to 5 points per dollar for your purchases
- Up to $150 in annual travel credits
- Accepted at almost every retailer worldwide
Here are 3 more credit card choices in this category:
Best Visa Credit Card
The CIBC Aventura® Visa Infinite* Card is the Best Visa Credit Card in 2023 in Canada for these reasons:
- 4 Complimentary airport lounge access
- NEXUS Membership credit
- Up to 2 Aventura points per dollar
- Generous insurance coverage
- Accepted at almost every retailer worldwide
Here are 3 more credit card choices in this category:
Methodology
Since 2015, on Milesopedia, we have analyzed nearly 200 credit cards offered to Canadians. You can find them in our credit card comparison tool. This comparison tool has been taken over by Protégez-Vous, confirming the credibility of our data.
In addition to our studies, we are also credit card users: we have – or have had – most of these credit cards in our wallets. This allows us to confirm or deny theoretical information through practice. Finally, we analyze the various feedbacks of tens of thousands of credit cardholders who share their experiences within the Milesopedia community about each of these products.
Each month, we update our rankings of the best credit card offers so that Canadians can find the best credit card offer today that fits their needs.
A credit card offer may be excellent at certain times of the year but not at others. That’s why it’s essential to keep up to date on current offers – primarily via our weekly newsletter.
On this page, we will not talk about offers but rather an evaluation based on the overall characteristics of each credit card. Several factors are thus considered to choose the best credit card in 2023 in Canada by category as:
- Rewards earned on purchases (points, miles or cash back)
- Benefits offered (VIP lounge access, concierge, annual credit, etc.)
- Insurance coverage (travel, purchases, etc.)
- Fees (annual fee, currency conversion fee, balance transfer fee, additional card fee, etc.)
- Travel Partners
- Card acceptance in Canada and worldwide
- Income requirements
- Usage statistics of our sub-affiliated partners’ credit card comparison tools (over 1 million cumulative monthly visits)
- the feedbacks of thousands of readers and cardholders who share their experiences with us in the milesopedia community