Compare credit cards

Comparison of credit cards for travel rewards, cashback, balance transfers, rebuilding credit, and more.

By   |   Verified by Yvonne Taylor   |   Updated 11th May 2022

Comparing credit cards

Neo Credit Card

On Neo Financial's website

Featured

Neo Credit Card

Balance transfer

N/A

Purchase rate

From 19.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Earn enormous bonuses — like 15% cashback — on your first purchase at most partners. Plus an average 5% cashback at Neo partners.
  • Boost your cashback by choosing a flexible, monthly rewards plan (Standard, Plus or Ultra).
  • No annual fee.

Pros

  • Earn an average of 4% cashback at thousands of local and national gas, grocery stores, and more.
  • You can cash out anytime with just one tap.
  • $0 p.a. annual fee.

Cons

  • There is a 2.5% Foreign Exchange Fee.
National Bank World Elite Mastercard

On National Bank of Canada's website

Apply by 31 May 2022

National Bank World Elite Mastercard

Balance transfer

N/A

Purchase rate

20.99% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Earn 20,000 rewards points when you apply by 31 May 2022, get approved, and spend $3,000 on eligible transactions within the first 3 months of account opening.
  • Up to $250 each year in "savvy traveler" fee rebates on airport parking, seat selection, and check-in fees.
  • $0 annual fee on the first year ($150 thereafter).
  • Earn up to 2 points on all card purchases. Terms and Conditions apply.

Pros

  • Take advantage of the 20,000 points and first-year no annual fee welcome offer.
  • The $250 refund for travel expenses.
  • Comes with comprehensive insurance coverage, trip cancellation/interruption, flight delay, baggage insurance, and rental vehicle insurance.
  • Enjoy concierge service that offers a wide range of services.

Cons

  • The annual fee reverts to $150 p.a. after the introductory period.
Plastk Secured Credit Card

On Plastk's website

Plastk Secured Credit Card

Balance transfer

N/A

Purchase rate

3 months at 0% p.a.

Annual fee

$48.00 p.a. ongoing

Highlights

  • Upon sign-up, new customers get 5,000 Reward Points ≈ $20.00 redeemable after 3 months. Terms & Conditions apply.
  • Enjoy 0% on purchases for the first 3 months (17.99% p.a. thereafter).
  • Get a 25-day interest-free grace period on purchases.

Pros

  • The 5,000 Reward Points.
  • Get 3 days grace period on cash advances.
  • Earn more points with Plastk's referral program.
  • Instant Balance Payments via Interac e-transfer

Cons

  • There is a $6 monthly maintenance fee.
  • If you miss 2 consecutive payments, the interest rate will increase to 29.99% p.a.
Refresh Secured Card

On Refresh Financial's website

Refresh Secured Card

Balance transfer

N/A

Purchase rate

17.99% p.a. ongoing

Annual fee

$12.95 p.a. ongoing

Highlights

  • Low annual fee of $12.95 p.a. (with $3 monthly maintenance fee).
  • Get a credit limit starting at $200 up to $10,000. Secure your credit limit with a required deposit then build your credit by making the same everyday purchase you already make.
  • No credit check is required.

Pros

  • No credit check is required.
  • The minimum deposit starts at $200.
  • Comes with an interest-free period of 21 days.

Cons

  • There is no rewards program on this card.
National Bank World Mastercard

On National Bank of Canada's website

Apply by 31 May 2022

National Bank World Mastercard

Balance transfer

N/A

Purchase rate

20.99% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Earn 20,000 rewards points when you apply by 31 May 2022, get approved, and spend $3,000 on eligible transactions within the first 3 months of account opening.
  • $0 annual fee on the first year ($115 thereafter).
  • Earn up to 2 points on all card purchases. Terms and Conditions apply.

Pros

  • Take advantage of the 20,000 points and first-year no annual fee welcome offer.
  • Comes with comprehensive insurance coverage, trip cancellation/interruption, flight delay, baggage insurance, and rental vehicle insurance.
  • Use accumulated points to get new electronics, vacation packages, travel tickets, and more.

Cons

  • The annual fee reverts to $115 p.a. after the introductory period.
National Bank Mycredit Mastercard

On National Bank of Canada's website

National Bank Mycredit Mastercard

Balance transfer

N/A

Purchase rate

20.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • $0 annual fee.
  • Earn 1% cashback on restaurant transactions and recurring automatic transfers. Terms and Conditions apply.
  • Get 0.5% cashback on all other purchases.

Pros

  • $0 annual fee.
  • Earn up to 1% cashback.
  • Get insured against theft or damage for up to 2 years following the purchase of your mobile device using your Mycredit Mastercard.

Cons

  • There is no introductory balance transfer offer on this card.
Tangerine Money-Back Credit Card

Tangerine Money-Back Credit Card

Balance transfer

6 months at 1.95% p.a.

Purchase rate

19.95% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • 1.95% p.a. for 6 months on balance transfers (3% balance transfer fee applies). Reverts to cash advance rate of 19.95% p.a.
  • Earn 2% Money-Back Rewards on your everyday purchases in two 2% Money-Back Categories of your choice, and 0.50% Money-Back Rewards on all your other everyday purchases.
  • Get your Rewards deposited into your Tangerine Savings Account and get a 3rd 2% Money-Back Category.
  • No limit on the amount of Money-Back Rewards you can earn on your everyday purchases. Conditions apply.

Pros

  • Get up to 2% cashback on 2 categories (up to 3 categories if you open a Tangerine Savings Account).
  • $0 annual fee.
  • Up to 21 interest-free days.

Cons

  • There is a 3% balance transfer fee.
Scotia Momentum Visa Infinite Card

Apply by 1 May 2022

Scotia Momentum Visa Infinite Card

Balance transfer

6 months at 2.99% p.a.

Purchase rate

6 months at 2.99% p.a.

Annual fee

$0.00 for 1st year

Highlights

  • Earn 10% cashback on all purchases for the first 3 months (up to $2,000 in total purchases). Terms and Conditions apply.
  • No annual fee for the first year, including supplementary cards ($120 and $50 p.a. respectively thereafter).
  • Earn cashback on groceries, recurring payments, gas and everything else.

Pros

  • Earn 10% cashback on all purchases for the first 3 months.
  • No annual fee in the first year.
  • Includes travel, flight delay, lost baggage, and other insurances.

Cons

  • The $120 p.a. annual fee after the initial year.
HSBC + Rewards Mastercard

Apply by 4 April 2022

HSBC + Rewards Mastercard

Balance transfer

N/A

Purchase rate

11.9% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Earn 30,000 Points ($150 travel value) PLUS a full annual fee rebate for the Primary Cardholder for the first year ($25 value). Must apply by April 4, 2022. Conditions Apply
  • Earn 2 points for every $1 on eligible dining or entertainment purchases, earn 1 point for every $1 on all other everyday purchases.
  • Low interest rate of 11.90% p.a. on purchases, cash advances and balance transfers.

Pros

  • Earn 30,000 points when you meet the criteria.
  • $0 annual fee on the first year.
  • Get 2 points for every $1 on eligible dining or entertainment purchases.

Cons

  • Additional cards cost $10.
Tangerine World Mastercard

Appy by 31 March 2022

Tangerine World Mastercard

Balance transfer

6 months at 1.95% p.a.

Purchase rate

19.95% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Apply for a Tangerine World Mastercard by 31 March 2022. If you’re approved, you’ll earn 10% back (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months
  • 1.95% p.a. for 6 months on balance transfers (3% balance transfer fee applies). Reverts to cash advance rate of 19.95% p.a.
  • 2% Money-Back Rewards on purchases in two categories of your choice or deposit your Rewards into a Tangerine Savings Account and get a third 2% Money-Back Category.

Pros

  • The special offer lets you earn 10% cashback when you meet the criteria.
  • Comes with Mobile Device Insurance.
  • Get connected with access to over 1 million Wi-Fi hotspots around the world with Boingo Wi-Fi.

Cons

  • There is a $100 earn cap on the special offer.
Scotiabank SCENE Visa Card

Apply by 1 May 2022

Scotiabank SCENE Visa Card

Balance transfer

N/A

Purchase rate

19.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Earn 5,000 bonus SCENE points with your first $750 in everyday purchases in first 3 months.
  • No annual fee.
  • Earn 1 SCENE point for every $1 you spend on your everyday credit card purchases.

Pros

  • Earn 5,000 bonus SCENE points when you meet the criteria.
  • Save on car rentals.
  • $0 p.a. annual fee.

Cons

  • There is no special balance transfer rate for this card.
HSBC World Elite Mastercard

Apply by 4 April 2022

HSBC World Elite Mastercard

Balance transfer

N/A

Purchase rate

19.9% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Earn up to 100,000 Points PLUS a full annual fee rebate for the Primary Cardholder for the first year. Must apply by 4 April 2022. Conditions Apply.
  • No foreign transaction fees.
  • Earn 3% in travel rewards on all eligible travel purchases (6 points per $1) and 1.5% in travel rewards on all other eligible purchases (3 points per $1).

Pros

  • Earn 100,000 points when you meet the criteria.
  • $0 annual fee on the first year.
  • Includes 31-day insurance coverage.

Cons

  • The annual fee reverts to $149 p.a. after the initial year.
Scotiabank Gold American Express Card

Scotiabank Gold American Express Card

Balance transfer

6 months at 0% p.a.

Purchase rate

19.99% p.a. ongoing

Annual fee

$120.00 p.a. ongoing

Highlights

  • Earn up to 45,000 bonus Scene+ points in your first year (that’s up to $450 towards travel). Conditions apply.
  • No foreign transaction fees.
  • Earn 5 Scene+ points on every $1 CAD you spend on eligible purchases.

Pros

  • Earn 45,000 points when you meet the criteria.
  • Includes complimentary concierge service and airport lounge access.
  • Earn 1 Scene+ point for every $1 spent on every other purchase.

Cons

  • The $120 annual fee.
American Express Cobalt Card

American Express Cobalt Card

Balance transfer

N/A

Purchase rate

20.99% p.a. ongoing

Annual fee

$155.88 p.a. ongoing

Highlights

  • Earn up to 30,000 Membership Rewards points. In your first year as a new Cobalt Cardmember, you can earn 2,500 Membership Rewards® points for each monthly billing period in which you spend $500 in purchases on your Card.
  • Earn 5X the points on eligible eats & drinks, 2X the points on eligible travel & transit, 1 point per $1 spent on everything else.
  • Enjoy perks, bonus rewards, and access to great events as an American Express Cobalt Cardmember.

Pros

  • Earn up to 30,000 points when you meet the criteria.
  • Earn 2X the points on eligible transit & gas purchases in Canada.
  • Enjoy benefits at over 600 participating hotels and resorts in over 30 countries.

Cons

  • $155.88 is slightly higher than the average annual fee.
American Express Gold Rewards Card

Apply by 11 May 2022

American Express Gold Rewards Card

Balance transfer

N/A

Purchase rate

20.99% p.a. ongoing

Annual fee

$250.00 p.a. ongoing

Highlights

  • Get 50,000 Membership Rewards points when you charge $3,000 in purchases to your Card in the first three months of Cardmembership. Plus earn up to 20,000 points on eligible travel purchases for the first six months of Cardmembership.
  • 1 free additional Gold Rewards Card ($50 annual fee for Additional Gold Rewards Cards).
  • Earn 2 points for every $1 in Card purchases for eligible travel purchases, gas stations, grocery stores and drugstores. Earn 1 point for every $1 in Card purchases everywhere else.

Pros

  • Earn up to 70,000 points when you meet the criteria.
  • Earn bonus points while you spend.
  • Includes 9 complimentary insurances.

Cons

  • The $250 p.a. annual fee.
American Express Platinum Card

Apply by 11 May 2022

American Express Platinum Card

Balance transfer

N/A

Purchase rate

N/A

Annual fee

$699.00 p.a. ongoing

Highlights

  • Earn 90,000 Welcome Bonus points after you charge $6,000 in net purchases to your Card in your first 3 months of Cardmembership. Plus earn up to 20,000 points on eligible travel purchases for the first six months of Cardmembership.
  • Earn 3 points for every $1 in Card purchases on eligible dining in Canada, 2 points for every $1 in Card purchases on eligible travel, and 1 point for every $1 in all other Card purchases.
  • Enjoy a $200 annual Travel Credit. Terms and conditions apply.

Pros

  • Earn up to 110,000 points when you meet the criteria.
  • Receive up to $100 in statement credits when NEXUS application or renewal fees are charged to your Platinum Card.
  • Enjoy Hotel Status Benefit.

Cons

  • The $699 p.a. annual fee.
Marriott Bonvoy American Express Card

Apply by 10 May 2022

Marriott Bonvoy American Express Card

Balance transfer

N/A

Purchase rate

19.99% p.a. ongoing

Annual fee

$120.00 p.a. ongoing

Highlights

  • Earn 65,000 Marriott Bonvoy points and a $100 Statement Credit after you charge $1,500 in purchases to your Card in your first three months of Cardmembership. Terns and Conditions apply.
  • Earn 5 Marriott Bonvoy points for every $1 of eligible Marriott Bonvoy purchases and 2 points on other eligible purchases.
  • Enjoy an Annual Free Night Award after your Card anniversary each year.

Pros

  • Earn 65,000 Welcome Bonus points + $100 statement credit when you meet the criteria.
  • Earn 2 points for every $1 in all other eligible card purchases.
  • Receive 15 Elite Night Credits each calendar year.

Cons

  • The $120 p.a. annual fee.
HSBC Premier World Elite Mastercard

Apply by 4 April 2022

HSBC Premier World Elite Mastercard

Balance transfer

N/A

Purchase rate

19.9% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Earn up to 100,000 Points plus a full annual fee rebate for the Primary Cardholder for the first year if you meet the criteria. Must apply by 4 April 2022. Conditions apply.
  • No foreign transaction fees.
  • Earn 3% in travel rewards on all eligible travel purchases (6 points per $1) and 1.5% in travel rewards on all other eligible purchases (3 points per $1).

Pros

  • Earn up to 100,000 points when you meet the criteria.
  • $0 annual fee on the first year.
  • Get unlimited Wi-Fi through Boingo at over 1 million hotspots worldwide.

Cons

  • The annual fee reverts to $149 p.a. after the initial year.
Brim World Mastercard

Brim World Mastercard

Balance transfer

N/A

Purchase rate

19.99% p.a. ongoing

Annual fee

$99.00 p.a. ongoing

Highlights

  • $99 p.a. annual fee.
  • Earn 1.5 points for every dollar spent.
  • Includes all features of Brim Mastercard plus lounge key access, flight delay insurance and travel assistance.

Bank promo

  • Earn up to $300 in bonus rewards after your first purchases with partner stores. Terms and Conditions apply.

Pros

  • 0% Foreign Transaction Fee.
  • Access over 1 million Boingo Wi-Fi hotspots all over the world.
  • Option to pay on your own terms with Installment Pay.

Cons

  • The $99 p.a. annual fee.
SimplyCash Card from American Express

SimplyCash Card from American Express

Balance transfer

N/A

Purchase rate

19.99% p.a. ongoing

Annual fee

$99.00 p.a. ongoing

Highlights

  • New SimplyCash Card from American Express Cardmembers can earn 10% cashback on purchases (up to $400 cashback) for the first 4 months of Cardmembership.
  • Earn a $100 statement credit when you charge $4,000 in net purchases to your Card in your first 4 months of Cardmembership.
  • Earn 2% cashback on purchases when your welcome offer ends.

Pros

  • Earn up to $500 cashback in the first 4 months when you meet the criteria.
  • Earn 2% cashback on purchases when your welcome offer ends.
  • Enjoy Travel-Related and Shopping Insurance Coverage.
  • No annual fee on additional cards.

Cons

  • There is no balance transfer offer on this card.
Walmart Rewards Mastercard

Walmart Rewards Mastercard

Balance transfer

N/A

Purchase rate

19.89% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • No annual fee.
  • Earn 1.25% cashback when you shop at Walmart.
  • Earn 1% cashback on gas and all other purchases.

Bank promo

  • Get up to $25 in bonus Walmart Reward Dollars. Terms and Conditions apply.

Pros

  • Earn Walmart Reward Dollars on all your purchases.
  • $0 p.a. annual fee.
  • Addional cards at no extra cost.

Cons

  • You can only spend your reward dollars at Walmart Canada.
Brim Mastercard

Brim Mastercard

Balance transfer

N/A

Purchase rate

19.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • $0 p.a. annual fee.
  • Earn 1 point for every dollar spent.
  • Get access to over a million Boingo Wi-Fi hotspots in planes, airports and hotels around the world.

Bank promo

  • Earn up to $200 in bonus rewards after your first purchases with partner stores. Terms and Conditions apply.

Pros

  • $0 annual fee.
  • 0% Foreign Transaction Fee.
  • Access over 1 million Boingo Wi-Fi hotspots all over the world.

Cons

  • Other cards offer a better earn rate.
Canadian Tire Triangle Mastercard

Canadian Tire Triangle Mastercard

Balance transfer

N/A

Purchase rate

19.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Collect 4% in Canadian Tire Money at Canadian Tire stores. Plus, collect 5¢ per liter in Canadian Tire Money at Gas+ and participating Husky Stations.
  • No annual fee.
  • No fee, no interest financing on qualifying purchases of $150 or more at participating stores.

Pros

  • Earn up to 4% cashback.
  • $0 p.a. annual fee.
  • Get access to exclusive events and extra savings.

Cons

  • Canadian Tire Money cannot be redeemed everywhere.
Simplii Financial Cash Back Visa Card

Simplii Financial Cash Back Visa Card

Balance transfer

N/A

Purchase rate

6 months at 9.99% p.a.

Annual fee

$0.00 p.a. ongoing

Highlights

  • Earn 4% cashback on restaurants, 1.50 % on gas, groceries, drugstore and .50% on all other purchases (cashback cap applies except for other purchases).
  • No annual fee.
  • Enjoy 9.99% introductory annual interest on purchases for the first 6 months (19.99% p.a. thereafter).
  • Add up to 3 additional cardholders and earn cashback faster.

Pros

  • Enjoy the 9.99% introductory annual interest on purchases for the first 6 months.
  • No annual fee.
  • Includes Purchase Security and Extended Protection Insurance.

Cons

  • You can only spend your reward dollars at Walmart Canada.
Walmart Rewards World Mastercard

Walmart Rewards World Mastercard

Balance transfer

N/A

Purchase rate

19.89% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • No annual fee.
  • Earn 3% cashback when you shop at Walmart.ca
  • Earn 1.25% cashback at gas stations and any Walmart store in Canada.
  • Earn 1% cashback on all other purchases.

Bank promo

  • Get up to $25 in bonus Walmart Reward Dollars. Terms and Conditions apply.

Pros

  • Earn 3% cashback when you shop at Walmart.ca
  • Includes Fraud Protection, Free Extended Warranty Plan and Free Purchase Assurance.
  • $0 p.a. annual fee.

Cons

  • You can only spend your reward dollars at Walmart Canada.
BMO eclipse Visa Infinite Card

Apply by 6 December 2022

BMO eclipse Visa Infinite Card

Balance transfer

N/A

Purchase rate

20.99% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Get up to 60,000 BMO Rewards bonus points. 30,000 BMO Rewards welcome bonus points will be applied to your account after you spend a minimum of $3,000 within the first 3 months. The other 30,000 BMO Rewards welcome bonus points will be credited within 60 business days following the qualifying $3,000 spend.
  • $0 annual fee on the first year ($120 thereafter).
  • Earn 5x times the points for every $1 spent on groceries, dining in and out, gas and transit up to $50,000 in annual purchases on the Account, then continue earning points at the regular earn rate of 1 point per $1 in purchases.

Pros

  • Earn up to 60,000 bonus points when you meet the criteria.
  • Be eligible to receive a $50 statement credit each year. Conditions apply.
  • Enjoy access to the Visa Infinite Luxury Hotel Collection.

Cons

  • The annual fee reverts to $120 p.a. after the initial year.
BMO eclipse Visa Infinite Privilege Card

Apply by 6 December 2022

BMO eclipse Visa Infinite Privilege Card

Balance transfer

N/A

Purchase rate

20.99% p.a. ongoing

Annual fee

$499.00 p.a. ongoing

Highlights

  • Get up to 90,000 BMO Rewards bonus points. 50,000 BMO Rewards welcome bonus points will be applied to your account after you spend a minimum of $6,000 within the first 3 months. The other 40,000 BMO Rewards welcome bonus points will be credited on your first anniversary after you spend a minimum of $100,000.
  • Earn 5x the points for every $1 spent on groceries, dining in and out, drugstore purchases, gas, and travel, 1 point for every $1 spent on everything else
  • Complimentary Priority Pass membership, plus six annual lounge visits.

Pros

  • Earn up to 90,000 bonus points when you meet the criteria.
  • Be eligible to receive a $200 annual travel credit. Conditions apply.
  • Get Priority Security Lane, airport parking and valet service discounts at select Canadian airports.

Cons

  • The $499 p.a. annual fee.
BMO CashBack Mastercard

Apply by 6 December 2022

BMO CashBack Mastercard

Balance transfer

9 months at 1.99% p.a.

Purchase rate

19.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Get up to 5% cashback on eligible purchases in the first 3 months. Terms and Conditions apply.
  • 1.99% p.a. for 9 months on balance transfers (1% balance transfer fee applies). Reverts to cash advance rate of 22.99% p.a.
  • Earn 3% cashback on grocery purchases, 1% cashback on recurring bill payments such as mobile phones, and 0.5% cashback on all other purchases, so every time you spend, you earn.

Pros

  • Get up to 5% cashback on eligible purchases in the first 3 months. Terms and Conditions apply.
  • No annual fee.
  • Earn 3% cashback on grocery purchases, 1% recurring bill payments and 0.5% cashback on all other purchases.

Cons

  • Any remaining balance transfer amounts will be charged 22.99% p.a.after 9 months.
MBNA True Line Mastercard

MBNA True Line Mastercard

Balance transfer

12 months at 0% p.a.

Purchase rate

12.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Transfer balances from other credit cards at 0% for 12 months (3% balance transfer fee applies). Reverts to purchase rate of 12.99% p.a. thereafter. Terms and Conditions apply.
  • No annual fee.
  • Enjoy a low standard interest rate of 12.99% on eligible purchases.

Pros

  • 0% for 12 months of Balance Transfer.
  • $0 p.a. annual fee.
  • A low standard interest rate of 12.99% on purchases.

Cons

  • There is a 3% Balance Transfer fee.
BMO AIR MILES Mastercard

Apply by 6 December 2022

BMO AIR MILES Mastercard

Balance transfer

9 months at 1.99% p.a.

Purchase rate

19.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Earn 800 Bonus Miles when you spend $1,000 on eligible purchases in the first 3 months from the Credit Card open date. Terms and Conditions apply.
  • 1.99% p.a. for 9 months on balance transfers (1% balance transfer fee applies). Reverts to cash advance rate of 22.99% p.a.
  • Earn 3 AIR MILES Reward Miles for every $25 in purchases at participating AIR MILES Partners and 1 Reward Mile for every other $25 you spend on eligible credit card purchases.

Pros

  • Earn 800 Bonus Miles when you meet the criteria.
  • Transfer balances of other credit cards at 1.99% for 9 months.
  • Includes Purchase Protection and Extended Warranty.

Cons

  • Any remaining balance transfer amounts will be charged 22.99% p.a.after 9 months.
MBNA Rewards Platinum Plus Mastercard

MBNA Rewards Platinum Plus Mastercard

Balance transfer

N/A

Purchase rate

19.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Earn up to 10,000 points when you spend $500 on eligible transactions and sign up for paperless e-statements within the first 90 days of account opening. Terms and Conditions apply.
  • No annual fee.
  • Earn 4 points for every $1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases during the first 90 days, and 2 points for every $1 spent thereafter ($10,000 spend cap applies).

Pros

  • Earn up to 10,000 points when you meet the criteria.
  • Receive Birthday Bonus Points equal to 10% of the total number of points earned in 12 months. Conditions apply.
  • Make it more convenient to pay for large purchases with MBNA Payment Plan.

Cons

  • The high-interest rates.

Overview

Credit cards in Canada are far more than plastic rectangles that sit in your wallet. Each one can increase your buying power, earn cash back, let you pay off a big purchase over time, or help you get closer to your next vacation. It is all determined by your credit, your everyday spending habits, and your overall goals for your spending.

By definition, credit cards offer an open loan from a bank or lender, which you can use to pay for goods or services. But they can also offer a lot of opportunity for responsible senders, or potential problems for those with less discipline. Here's everything you need to know when you compare credit cards in Canada.

What are the main credit card types?

There are six main credit card types everyone should be aware of. It's important to compare credit cards based on their differences within each of these categories:

  • Promotional interest credit cards: Also known as "0% purchase credit cards," promotional interest credit cards offer a promotional rate for a purchase, over a period of time - usually 24 to 36 months. If you don't pay off the balance before the promotional period is over, you may be charged interest on the whole purchase.
  • Balance transfer credit cards: Balance transfer credit cards offer a promotional low interest rate to move a balance from one card to another. The balance transfer rate is only for a limited time - after which, the remaining balance left over will accrue interest at the card's regular rate.
  • Rewards credit cards: Rewards credit cards offer points or cash back for your everyday spending, but often come with an annual fee. While you will get rewards every time you use it, these cards usually offer bonus categories, giving you even more returns at certain types of retailers.
  • Airline and hotel credit cards: As their name suggests, these cards offer travel rewards in the form of airline frequent flyer miles, or hotel points. While these cards often come with an annual fee and higher interest rate, it's possible to earn back the fees by using your points for travel rewards aboard airlines or free hotel rooms. This type of card often have a sign up bonus.
  • Low interest credit cards: For those who are looking to pay off a big purchase over time, low interest credit cards offer a reduced rate over time. These cards may come with an annual fee, but can be negated in the payment for your savings.
  • No annual fee credit cards: No annual fee credit cards have $0 in yearly fees, but often do not come with a high credit limit, or any rewards. No annual fee credit cards are great for those who are building their credit, or rebuilding their file after a bankruptcy or period of bad credit.
  • Credit builder credit cards: If you have damaged your credit score or if you haven't got a credit history at all, then you can use a credit card to build your credit rating over time. Also available for people with bad credit.
  • Secured credit cards: A secured credit card works just like any other credit card except you will have to make a cash deposit before you can use the card. The amount deposited is typically the same as your maximum credit limit. Secured cards are an alternative to a credit building credit cards in that they can also help establish a positive credit history.

There are also credit cards aimed at different types of people.

  • Immigrants: Unfortunately your credit report does not migrate with you, so recent immigrants to Canada have a more limited range of credit cards available to them.
  • Pensioners: Income is an important part of the eligibility criteria for most banks. Since pensioners may have income from disparate sources other than employment, they may not be automatically eligible for some offers.
  • Self-employed: These cards are tailored to smaller businesses and typically offer an attractive combination of interest-free days and rewards. However, as ever, be aware that the value of any rewards earned by funnelling capital expenses through a card are quickly negated by interest incurred if the balance rolls over.
  • Students: Even though they may not have an established credit history or income, students can still get a credit card. These are typically entry level cards with a low credit limit that offer very little by way of rewards, but they are useful in that you can start building a credit history.

How do I compare credit card offers?

Based on your overall goals, it's easy to compare credit cards and get the perfect option for your needs. It all depends on what you want to achieve, and what types of credit card rewards you value the most.

The first step is to understand and evaluate your credit score. Higher credit scores are needed to qualify for the best credit cards in Canada. If you don't have a good credit history, you mat not necessarily get approved for the best options.

Next, determine what kind of rewards best for you. Benefits range from points that can be exchanged for travel or merchandise, to cash back that let you erase portions of your balance. Instead of applying for the biggest rewards credit cards, determine which ones will help you get closer to what you want most.

Finally, it's important to read all the fine print, and make credit card comparisons based on the interest rate and annual fee. If you won't use the rewards, or get the value from the annual fee through using rewards, it doesn't make sense to apply for that credit card.

Credit card repayment

Every month you spend on your credit card, your bank will require you to make a payment on your balance. You can choose to make the minimum payment (between 2% and 2.5% of your current balance, or a fixed amount per month), up to the entire balance. Although you have options, it's important to know that you are responsible for paying interest on any remaining balance.

Credit card interest charges

Interest charges are what the bank adds to your credit balances. Depending on the credit card you have, your interest rate can be as low as 8%, all the way up to 25% and beyond. This additional charge is added to your balance every month, until your credit card balance is paid off entirely.

The best way to use a credit card is to make purchases on it, and pay off the credit card balance in full every month. This strategy helps you maximize your credit card rewards, without paying additional fees to the bank — effectively giving you free points, miles, or cash back.

Credit card cash advances

Depending on which credit cards you have, you may be able to borrow cash against your balance. Credit card cash advances are limited by your card, and often come with a high interest rate.

While withdrawing cash from your card can be an easy way to get money to cover an emergency, a cash advance can be costly if not paid off immediately. Interest on cash advances are charged until the money is paid back, even if you don't have a balance on your card.

Credit card limit

Every credit card has a balance limit. Your limit is determine by your credit score, credit history, and the bank. Credit limits can range between $500 and $100,000, depending on the type of card and the bank.

Once you reach your credit card limit through spending and not paying it down, you will not be allowed to spend any more money until some of the balance is paid.

With years of responsible use, you can request your bank extend your credit limit. If you have a good credit report, you may be able to extend your credit card limit with a simple request.

Credit card annual fees

Depending on the credit card you apply for, it may come with an annual fee. Rewards credit cards, travel rewards cards and cash back cards often come with an annual fee: a sum charged yearly to your card for keeping the account open. Fees can range anywhere from $30 to $500 or more.

If your rewards credit cards come with an annual fee, it's important to make sure your rewards balance out every year. When your rewards credit card doesn't pay for the annual fee, you are paying the bank money to keep your card open.

Learn more about credit cards

Expert insight into how credit cards work and how you can maximize their benefits.

  • FAQs

  • Pros & cons

  • Tips

Are there risks of adding an authorized user?

The biggest risk of adding an authorized user is that they are not responsible for paying off the balance. As a result, you may be required to pay for the authorized user, even if they can't pay it off themselves.

Can I get a credit card if I have a low or no credit score?

It's possible to get a credit card if you have a low credit score or no credit score, but your options will be limited. If you are building or rebuilding your credit report, you may be offered credit cards with no annual fee, or cards with a low credit limit and high interest rate. But as you use these cards responsibly by keeping a low balance and paying off as much of the balance as you can every month, you can build your credit and ultimately qualify for the best cards.

How does my credit score affect my odds of approval?

Your credit score plays a major part in your odds of approval. A high credit score is required to get the best credit cards which offer rewards and bonuses. If you don't have a high credit score, you may only qualify for cards with low credit limits, with annual fees, or with no rewards.

How do I add an authorized user to my account?

To add an authorized user, call your credit card bank and ask to add the person to your account. The bank may check their credit, and you may be asked to acknowledge an authorized user agreement.

How do I apply for a credit card?

Most credit card applications start online. After you compare credit card benefits and options, you can be taken to the bank's website to apply. You can also apply at your local bank branch. While most credit card application decisions can be made in minutes, the bank may take up to five business days to make a decision.

How do I compare credit card offers?

Based on your overall goals, it's easy to compare credit cards and get the perfect option for your needs. It all depends on what you want to achieve, and what types of credit card rewards you value the most.

The first step is to understand and evaluate your credit score. Higher credit scores are needed to qualify for the best credit cards in Canada. If you don't have a good credit history, you mat not necessarily get approved for the best options.

Next, determine what kind of rewards are best for you. Benefits range from points that can be exchanged for travel or merchandise, to cash back that lets you erase portions of your balance. Instead of applying for the biggest rewards credit cards, determine which ones will help you get closer to what you want most. If you are trying to pay off debt or are building your credit history, you may want a credit card with no annual fee, or a balance transfer credit card. The best credit card will offer you plenty of benefit over time.

Finally, it's important to read all the fine print, and make credit card comparisons based on the interest rate and annual fee. If you won't use the rewards, or get the value from the annual fee through using rewards, it doesn't make sense to apply for that credit card.

How is my credit affected if I miss a payment or pay late?

If you miss a payment or pay your bill late, your credit may be affected negatively. Credit card companies will report missed payments after 30 days, which hurts your report and lowers your credit score. If you miss more than one payment, you risk your credit card going into default, which is a major derogatory mark on your credit report.

What are the benefits of adding an authorized user?

Adding an authorized user can help you earn credit card rewards faster by combining your collective spending. Authorized users may also get some of the benefits of using the card, including travel insurance.

What is a credit card authorized user?

A credit card authorized user is one of more people you authorize to use your account. They will get their own credit card, but may share the same number as yours.

What is a joint credit card account?

Like a joint bank account, a joint credit card is a credit account offered to two holders. Both people are equally responsible for paying off the balance, and can share the rewards together. However, joint credit card accounts have become less and less popular, as banks move to add authorized users instead.

What is Annual Percentage Rate (APR)?

The annual percentage rate (APR) is the interest rate you will pay on your credit card. APR is determined by the bank, and is determined by your credit score and credit history.

Credit cards can have multiple APRs, depending on the type. For instance: a balance transfer credit card may offer a promotional APR for the balance you roll over, while having a separate APR for new purchases.

Will my APR change over time?

Your APR may change over time, based on the type of card you have. Variable rate credit cards will change your APR over time, based on multiple factors. On the other hand, a fixed-rate credit card won't change interest rates.

Accepted almost everywhere

Second only to cash, credit cards are almost universally accepted – even when you travel. When you are abroad, your credit cards are often more welcome than traveller's cheques, and come with fewer expenses than getting local cash from an ATM.

Build your credit score

As you use credit cards in Canada responsibly, your credit score will grow and provide positive reports on your credit history. In turn, this can help you qualify for the best credit cards, or even bigger credit limits over time.

Earn rewards with every purchase

Rewards credit cards help you earn points, miles, or hotel credits with every spend. The best credit card for your goals and lifestyle can help you save money, or get closer to your next flight at a cheap price.

Easy way to borrow money

Credit cards are effectively easy loans that let you borrow the bank's money at any time, without worrying about re-applying every time you want to make a purchase. If you pay back the balance every month, it can quickly turn into free travel rewards, or a very low-cost loan.

Easy way to get into debt

Although credit cards can earn rewards and bonuses, they are also an easy way to get into debt. If you can't pay the balance every month, you could be forced to pay high monthly bills and interest rates on what you hold over every month.

Safer than carrying cash

While cash can be stolen and gone forever, credit cards can be cancelled and replaced if they are lost or stolen. Even if you are abroad, your bank may be able to issue you a new card within days.

Spending money you may not have

If you don't budget wisely, spending on your credit card may result in overextending your paycheque every month. This results in credit card bills you may not be able to afford over time, or even bankruptcy.

Track your spending across categories

Many of the best credit cards offer you the opportunity to see how you are using your money, and even let you track your credit score. In turn, your credit card can help you make better decisions about using and saving cash.

Be aware of foreign transaction fees

Although credit cards are often accepted around the world, you may be paying foreign transaction fees when you spend outside of your home country. Foreign transaction fees can add between 1% and 2.5% to your purchases, which is ultimately added to your purchase price.

Be careful of how many cards you apply for

While having multiple credit cards can help build your credit history, applying for too many can create problems over time. Applying for many different cards over a period of two years can hurt your credit score, ultimately reducing your chances of getting the best credit card benefits.

Make the most out of your card

No matter what type of card you have – rewards credit card, low interest credit card, or balance transfer credit card – be sure to know all the terms and conditions. Rewards cards can earn extra points or bonuses when you spend in the right category, while balance transfer cards help you pay off debt at low interest rates over a period of time. The best credit card may also offer fringe benefits, including hotel status or travel insurance.

Maximize rewards for your lifestyle

The best credit card for your lifestyle will give you usable rewards everywhere you go. As you compare, be sure that you can spend enough every year to earn substantial rewards, along with value that exceeds the cost of the annual fee.

Protect yourself against credit card fraud

Holding multiple credit cards can open you up to credit card fraud. When somebody uses your card without your knowledge or approval, you could be forced to pay the bill if you don't notice it in time. Be sure to check your credit card statement monthly, and be sure to report any fraudulent charges immediately.

Use all the benefits from your premium card

Top-tier credit cards often offer a number of ancillary benefits you may not be aware of. From rental car bonuses, hotel chain elite status, and faster boarding aboard airlines, be sure you use all the benefits to get back the cost of your annual fee.