The Top 7 Best Credit Cards in Canada

Choosing the right credit card can feel overwhelming, especially with there being so many options offering different reward categories, earning rates, and perks.

That said, with the right card, you can unlock dream trips and travel experiences that you didn’t think were possible…

So, what’s the best credit card to choose?

In this article, we’ll explore the top 7 best credit cards in Canada, so whether you’re looking to rack up points quickly or just enjoy some nice perks, one of these cards should have you covered.

American Express Cobalt Card – The Workhorse Card for Day-to-Day Spending

First on the list is the American Express Cobalt Card, which has rightly earned a reputation as one of the best cards in Canada, especially for everyday spending.

This card comes out on top with its ability to earn 5 Membership Rewards (MR) points for every dollar (all figures in CAD) spent at restaurants, bars, cafés, food delivery services, and grocery stores.

The Cobalt Card offers an outstanding 5x multiplier at restaurants

MR points are especially valuable since they can be redeemed a number of different ways, and most importantly for those looking to book flights and hotels, they can be transferred to a handful of popular airline and hotel loyalty programs like Aeroplan and Marriott Bonvoy.

Whether you’re buying groceries or dining out, this card has you covered, plus knowing that no other Canadian credit card has earning rates this high will leave you with a satisfied feeling every time you use it.

Also, while this card doesn’t stand out for its travel benefits, its excellent point-earning potential and the transferability of its points currency make it a go-to for anyone looking to maximize points on everyday spending.

American Express Aeroplan Reserve Card – Best Card for Aeroplan Points and Air Canada Benefits

For frequent Air Canada travellers, the American Express Aeroplan Reserve Card is a must. It’s perfect for anyone looking to boost their Aeroplan points balance while enjoying a host of premium Air Canada perks.

This card earns 3 Aeroplan points per dollar spent on eligible purchases made directly with Air Canada flights and Air Canada Vacations, which is the highest earning rate on the market in this category. The card also earns 2 Aeroplan points per dollar spent on dining and food delivery, and 1.25 Aeroplan points per dollar spent on all other eligible purchases.

In terms of benefits, with this card, you’ll get a free first checked bag for you and up to eight people on the same reservation, and you’ll get unlimited complimentary visits to Air Canada Maple Leaf Lounges within North America for the primary and supplementary cardholders.

The American Express Aeroplan Reserve Card comes with access to Maple Leaf Lounges

This card also offers an Annual Worldwide Companion Pass when you spend $25,000 annually, letting you bring a guest on Air Canada flights at a discounted rate.

Plus, the card features excellent rollover benefits for cardholders with Aeroplan Elite Status, and the ability to earn Status Qualifying Miles (SQM) and Status Qualifying Segments (SQS) through credit card spending.

These perks, along with the additional benefits that come with the card, make the $599 annual fee easily justifiable for an Air Canada frequent flyer.

TD® Aeroplan® Visa Infinite Privilege* Card – A Non-Amex Alternative for Aeroplan Benefits

For those who prefer a Visa card with great Aeroplan benefits, the TD® Aeroplan® Visa Infinite Privilege* Card is a top-tier option. While it shares many of the same perks as the Amex Aeroplan Reserve Card, it comes with wider merchant acceptance given that it’s a Visa card.

The TD® Aeroplan® Visa Infinite Privilege* Card comes with priority check-in when flying Air Canada

However, this card does earn Aeroplan points at slightly lower rates compared to the American Express Aeroplan Reserve Card.

With the TD® Aeroplan® Visa Infinite Privilege* Card, you earn 2 Aeroplan points per dollar spent on eligible Air Canada and Air Canada Vacations purchases,† 1.5 Aeroplan points per dollar spent on gas, groceries, travel, and dining,† and 1.25 Aeroplan points per dollar spent on all other eligible purchases.†

Among the many perks that come with this card, you’ll receive a complimentary DragonPass Membership with six annual visits thanks to the card’s Visa Infinite Privilege designation,† plus you’ll still have unlimited access to the Air Canada Maple Leaf Lounges.†

The card also offers an Annual Worldwide Companion Pass,† with the same $25,000 annual minimum spending requirement on the card in a year to receive it.

As with the American Express Aeroplan Reserve Card, this card has an annual fee of $599,† but we think this fee can be reasonably offset given the card’s high acceptance rate, decent earning rates, and solid perks and benefits.

American Express Green Card – Best No-Fee Card

For anyone wanting to get into the world of travel rewards without any of those annual fees, the American Express Green Card is a top choice. It’s the only fee-free card in Canada that lets you earn American Express Membership Rewards points, which are some of the most valuable points given their flexibility.

The no-fee Amex Green Card earns flexible Membership Rewards points

This is a no-frills card for those looking for flexibility with no annual fee, and it’s a great way to start earning rewards while supporting your credit history in the long run as this could be a great “keeper card.”

With its earning potential of 1 Membership Rewards point per dollar spent on all purchases, it’s a straightforward card with no fancy bells and whistles.

Marriott Bonvoy American Express Card – Best for Hotel Stays

If you’re looking to stay at some of the world’s most luxurious hotels, then the Marriott Bonvoy American Express Card is worth considering.

It offers great value for those who frequently stay at Marriott properties, earning 5 Bonvoy points per dollar spent on hotel stays and other eligible Marriott purchases, and 1 Bonvoy point per dollar spent on all other purchases.

You’ll get an annual Free Night Award with the Marriott Bonvoy American Express Card

Plus, simply by holding the card, you’re rewarded with 15 elite qualifying nights, which instantly gives you Marriott Bonvoy Silver Elite status and makes it easier to qualify for higher status tiers.

However, the card’s most valuable perk is that it comes with a Free Night Award worth 35,000 points every year after your first year of card membership.

This benefit alone can easily justify the $120 annual fee on an ongoing basis, especially since you can top off the award with up to 15,000 Bonvoy points, getting you a stay worth 50,000 points, and making this card a prime contender for Marriott loyalists.

National Bank® World Elite® Mastercard® – Best for Travel Insurance

Travel insurance is often an afterthought for most card issuers, but surprisingly, the National Bank® World Elite® Mastercard® excels in this category. Not only does it offer robust coverage, but it also comes with unique features that make it a standout option, rightly earning it a spot as one of Canada’s best credit cards.

One of the card’s key strengths is that its comprehensive travel insurance is available for travellers up to 74 years old, and it even applies to award bookings.

The National Bank® World Elite® Mastercard® offers outstanding travel insurance coverage

This means that if you redeem points for a flight and charge the taxes and fees to your National Bank® World Elite® Mastercard®, you’ll be covered for critical situations like flight cancellations, trip interruptions, and stolen or lost luggage, a benefit that is not always offered by other cards.

Additionally, this card provides up to $1,000 in mobile device insurance, offering peace of mind if your phone is damaged, lost, or stolen.

This combination of extensive travel coverage and mobile device protection makes this card a strong choice for those who want reliable insurance without needing to purchase it separately.

American Express Platinum Card – Best for Luxury Travel Perks

The last card on the list is definitely one you shouldn’t overlook.

The American Express Platinum Card is a must if you’re seeking luxury experiences. While it does come with a hefty $799 annual fee, the wide range of perks and transfer partners make it well worth it.

For anyone who travels frequently, the unlimited lounge access through the American Express Global Lounge Collection gives you access to over 1,400 lounges worldwide, making your travels notably more comfortable.

The Amex Platinum Card comes with access to Delta SkyClubs

This benefit paired with the $200 annual travel credit, the $200 annual dining credit, the $100 credit for your NEXUS application, and access to the American Express Fine Hotels + Resorts program makes this card a must-have for anyone looking to level up their travel experience.

Additionally, the card earns valuable and flexible Membership Rewards points which can be transferred to a number of popular airline and hotel loyalty programs, helping you earn your way to free luxury flights and hotels stays.

Conclusion

Finding the best credit card can be tricky, and it ultimately depends on your specific financial and travel goals. When choosing a card consider your travel habits and what best complements your lifestyle, so that you can start racking up rewards and making your trips that much better.

Whether you’re looking to maximize your points-earning potential with the American Express Cobalt Card or unlock unlimited global airport lounge access with the American Express Platinum Card, there’s a card on this list for every type of traveler.

Hopefully this list has given you some great ideas for your next card, and if you’d like some additional personalized support on your Miles & Points journey, you can always reach out to one of our incredible Points Consultants.

† Terms and conditions apply. Please refer to the card issuer’s website for up-to-date information.