Ranking of the best credit cards in 2023
It’s an exercise we repeat yearly: ranking the best credit cards in Canada.
As you know, there is no ONE best credit card for everyone – everyone’s needs and abilities differ. That is why we have decided to divide our 2023 ranking into 32 prizes divided into four main categories:
- Daily life
- Customer profile
- Milesopedia Network
On this page, you can browse the 2023 ranking of the best credit cards in Canada. Below is a summary.
Note that this ranking differs from our ranking of the best credit card OFFERS, updated monthly. The latter lets our readers know the best credit card offers available when they wish to apply for a product. The ranking of the offers of the month is available here:
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.
The best credit cards in 2023 for everyday life:
|Best Cash Back Credit Card||CIBC Dividend® Visa Infinite* Card|
|Best No-Fee Cash Back Credit Card||Tangerine Money-Back Credit Card|
|Best credit card for everyday spending||MBNA Rewards World Elite® Mastercard®|
|Best credit card for groceries||Scotiabank Gold American Express® Card|
|Best credit card for gas and transit||BMO eclipse Visa Infinite* Card|
|Best credit card for drugstores||American Express® Gold Rewards Card|
|Best credit card for online purchases||HSBC Cash Rewards Mastercard®|
|Best credit card for dining||American Express Cobalt® Card|
|Best balance transfer credit card||CIBC Select Visa* Card|
|Best low-interest credit card||HSBC +Rewards Mastercard|
|Best prepaid credit card||KOHO Premium Mastercard Prepaid Card|
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.
The best credit cards in 2023 for travel:
|Best Travel Credit Card||National Bank’s World Elite Mastercard®|
|Best credit card for flexible rewards||RBC Avion Visa Infinite Card|
|Best No-FX Fee Credit Card||HSBC World Elite® Mastercard®|
|Best credit card for travel insurance||National Bank’s World Elite Mastercard®|
|Best no-fee travel credit card||American Express® Green Card|
|Best Hotel Credit Card||Marriott Bonvoy® American Express®* Card|
|Best Premium Credit Card||Platinum Card®|
|Best credit card for frequent flyers||American Express®* Aeroplan® Reserve Card|
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.
- 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;
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 cards in 2023 by customer profile:
|Best credit card for students||CIBC Dividend® Visa* Card for Students|
|Best credit card for young professionals||American Express Cobalt® Card|
|Best credit card for families||Scotiabank Gold American Express® Card|
|Best credit card for snowbirds||Scotiabank Passport™ Visa Infinite* Card|
|Best credit card for newcomers||NBC mycredit Mastercard|
|Best credit card for startups||American Express Business Edge™ Card|
|Best Business Credit Card||Business Platinum Card® from American Express|
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 it is made up of consumers looking for a financial product – we can determine which credit cards are the most consulted and, in fine, the most applied for within our“Milesopedia network”:
We decided to break down this part of the ranking according to the top 3 rewards programs in Canada and the top 3 credit card networks (American Express, Mastercard, Visa).
Here is the ranking of the best credit cards in Canada in 2023 according to Milesopedia (Milesopedia.com and affiliated partners).
The best credit cards in 2023 according to the Milesopedia network statistics (Milesopedia.com and partners):
|Best Aeroplan Credit Card||TD® Aeroplan® Visa Infinite* Card|
|Best Scene+ Credit Card||Scotiabank Gold American Express® Card|
|Best AIR MILES Credit Card||BMO® AIR MILES® World Elite®* Mastercard®*|
|Best American Express Credit Card||American Express Cobalt® Card|
|Best Mastercard credit card||National Bank’s World Elite Mastercard®|
|Best Visa Credit Card||CIBC Aventura® Visa Infinite* Card|
Are you looking for a credit card? Use our credit card comparison tool! You can enter your monthly expenses and filter credit cards according to your needs!
Otherwise, check out our various monthly updated rankings like:
- Best Credit Card Offers in Canada this month
- Best Cash Back Credit Card Offers
- Best Travel Credit Card Offers
- Best No Annual Fee Credit Card Offers
Finally, consider subscribing to our free newsletter: every week, we offer tips on how to travel better and save money and alert you to the best promotions not to be missed! All this, for free!
And if you’re on Facebook, join our private group to chat with passionate members of the Milesopedia Community and find answers to your points, credit card and travel questions.