Best Credit Cards in Canada- Advantages and Drawbacks to Recall!

From different financial prospects, the best credit cards in Canada can give you the best rewards, interest rates, perks, insurance packages, and more.

Today, there are many Canadian credit cards to choose from – but only a handful can be called the best credit cards in Canada. It’s essential you know which credit card not only helps you make worthy, but they’re also a great financial tool that can genuinely complement your lifestyle. Not all credit cards are the same, and the key is to choose one that matches your spending habits, financial goals, and lifestyle preferences.

Let's recall some of the best credit cards in Canada to look out for. 

1. American Express Cobalt

Why is it one of the best?

  • It helps you earn 5X points on other purchases, including restaurants, groceries, food deliveries, bars, and cafes. 
  • It helps you earn 2X points on travel like flights, hotel stays, taxis transit, and even different rides. 
  • The card’s $120 annual fee is easy-to-manage as it can be managed as $10 per month. 
  • The card comes with a sign-up bonus, which eventually sums up to $300 in value in your first year.
  • With these credit cards, you can redeem points flexibly for travel rewards in one of three ways.
  • You won’t need to earn a minimum personal annual income of $60,000 or $80,000 to qualify for matching the conditions of this credit card.



Drawbacks

  • There is no denying that American Express isn’t as universally accepted as Visa or Mastercard. 
  • You can’t transfer the points you collect on the American Express Cobalt to airline loyalty programs like other American Express credit cards.

2. CIBC Dividend Visa Infinite

Why is it one of the best?

  • With this credit card, you’ll get a substantial 4% cashback on both groceries and gas purchases.
  • Eventually, the card has a $99 annual fee, which is below the average $120 annual fee charged by most premium rewards credit cards.
  • With CIBC’s credit card, you can pay off larger card purchases in installments at a lower interest rate if you’re not able to pay off your balance in full.

Drawbacks

  • The card’s other bonus categories are nice-to-haves but are niche and may not be taken full advantage of all cardholders. 

3. BMO CashBack Mastercard

Why is it one of the best?

  • Earn an impressive 3% cash back on grocery purchases, which can’t be beaten by any other no-fee cashback card.
  • You’ll also get 1% on recurring bills.
  • As a new cardholder, you’ll earn 5% cash back for your first three months.
  • The BMO CashBack Mastercard has a low-income requirement and is even accessible to students.

Drawbacks

In these cases, bonus categories have a monthly spending cap that's not on a fixed schedule. You’ll earn 3% on groceries and 1% on recurring bills up to a maximum of $500 in spending per month, after which you’ll earn 0.5% cashback. This cap resets every monthly statement period. You’ll earn just 0.5% on all other everyday purchases.



Final Thoughts 

Hence, if you, as a user, are looking for more information on the best credit cards in Canada that's trending today, never hesitate to connect with RateShop.ca! They are one of the leading independent brokerage in 2020, recognized by CMP to collect all guides on mortgage interest rates and other mortgage terms. 

Location: Ontario, Canada

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