A new report has revealed the best credit cards in Canada in 2023 and there are so many great rewards and cashback offers.
The experts behind Credit Card Genius have reviewed more than 175 credit cards and considered the 126 features they have. They then used an algorithm to crunch the numbers and get the details.
From there, they’ve had winners in 31 different categories. Keep in mind that there is no one-size-fits-all credit card, but rather a list of credit cards based on individual needs.
Best 10 Credit Cards for New Immigrants to Canada 2023
| 1 | Scotia Momentum No-Fee Visa |
| 2 | Scotiabank SCENE Visa |
| 3 | Scotia Momentum Visa Infinite |
| 4 | Scotiabank Gold American Express Card |
| 5 | American Express Cobalt Card |
| 6 | BMO CashBack Mastercard |
| 7 | BMO Air Miles World Elite Mastercard |
| 8 | PC Financial Mastercard |
| 9 | Tangerine Money-Back Credit Card |
| 10 | RBC Cash Back Mastercard |
What is the best overall credit card in Canada in 2023?
According to Credit Card Genius, the best overall credit card in Canada in 2023 is the American Express Cobalt card. There are many reasons this took the top spot, including no minimum deposit requirement, an impressive welcome bonus, and great win rates in supermarkets and restaurants.
Additional benefits of this card include 10 types of travel and purchase insurance and many ways to redeem points worth up to 2 cents each. This also ranked #1 in other categories such as Best Ride, Best Gas & Transit, Best Grocery, Best Restaurant, Best Rewards, and Best Aeroplan Credit Cards, making it a clear favorite.
Additionally, the report listed the BMO CashBack World Elite Mastercard as the best Mastercard on the market right now. That’s because it allows people to earn 5% cash on purchases and get a 10% cash signup bonus for the first three months, plus spending up to $2,600.
It also comes with 13 types of insurance coverage and free roadside assistance. If you prefer Visa, RBC Avion Visa Infinite might be one to consider, as you’ll earn one point for every $1 spent (with 1.25 points on the trip).
The RBC Avion point is worth up to 2.33 cents, which translates into a return of up to 2.91% on purchases.
What is the best credit card for cashback?
If getting reimbursed is a priority, the report recommends checking out American Express’s preferred SimplyCash card. This gives users 4% cash back on grocery and gas purchases and 2% on all other purchases.
Sure, it comes with an annual fee of $119.88, but there are some pretty big perks, and there are other perks too like Front Of The Line and Amex deals.
What is the best credit card with no annual fees?
Don’t feel like spending an annual fee on a credit card? Credit Card Genius lists the American Express Green Card as the best because it offers a high earning rate without the annual fee.
It gives you a point for $1, which seems like less, but each point is worth 2 cents, which adds up quickly. You could have a return of up to 2%, which is great for a card that doesn’t have an annual fee.
Plus, get a welcome bonus of 10,000 points and transfer points to six airlines.
What is the best credit card for rewards?
If you love extra rewards, it might be worth considering the Scotiabank Gold American Express Card, which earns you rewards on a whole range of things, from travel to investing to giving. For the best value, Scene+ rewards can be redeemed for travel, Cineplex movie tickets, groceries at Sobeys and Safeway restaurants, and Recipe Unlimited!
What are the best credit cards for travelers?
As mentioned earlier, the American Express Cobalt Card took first place in the travel category due to its welcome bonus and insurance. Plus, if you transfer points to Aeroplan, you get a 4.5% return!
However, frequent travelers can also keep an eye out for the Scotiabank Gold American Express Card, which has been named the “Best Credit Card for Foreign Currency Travel.”
This is because it allows you to skip the 2.5% foreign transaction fee and even get a 2.45% return on average expenses. It also comes with 12 types of insurance, which we all know are essential when abroad. Plus, if you’ve been looking for a card to maximize your Air Miles rewards, the BMO Air Miles World Elite Mastercard has been given a nod in this list.
It gives you a signup bonus that’s enough for a medium-haul flight, and then on every purchase you make, you earn one mile for every $12 spent. Travelers can also look forward to concierge service, lounge access, and 25% off an Air Miles award flight each year. Last but not least, you can try this card for free for one year.
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