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Best Credit Cards in Canada?

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Currently I have two main cards. PC Financial to get cheaper gas, and decent cashback (albeit in points rather than true cash). Amazon Visa for online purchasing and because they do not charge an additional fee for currency trading (though I'm a bit weary of this, since they could easily just build it into their "exchange rate" they use...)

 

I've heard good things about Capital One, and the chc will probably chime in to say something about applying for cards to get gift cards and instant rewards.

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Yep, the Amazon Visa (Really a Chase card) is great for no foreign currency conversion charges.

 

What kind of rewards do you want? Personally, I only use cashback cards, because companies always devalue points at some point if you're using it for travel rewards. I find that kind of annoying. For normal purchases, I use my American Express SimplyCash, which gives me flat 1.25% on everything. No annual fee makes it a winner, and you still get stuff like warranty extension. I usually split the $100 referral bonus with people. The 5% gas/groceries bonus in the first 6 months is also pretty good. I already have over $160 in cashback from that card.

 

For everything else, I use my Scotiabank Momentum Visa Infinite. 4% gas/groceries, 2% recurring subscriptions/drug stores, and 1% everything else. Worth it if you spend more than $4800 per year on gas and groceries, since there's a $99 annual fee. I use it for gas/groceries (obviously), as well as my cable and cell phone bills, plus any places that don't accept Amex. Got a bit over $200 from May-November last year, and I'm at almost $200 again since November.2015 right now. You get concierge service, great travel insurance, etc etc. First year free and when they were doing that $100 Amazon gift card promo was what that brought me in.

 

I recently applied for an MBNA Rewards Mastercard. Equivalent to 1% cashback with no annual fee. RateSupermarket is giving $100 Amazon gift cards for sign up bonus, and you get another $50 from MBNA after your first purchase. $150 isn't bad for a sign up bonus for a peasant Mastercard.

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I'm not from Canada but the general advice is it you're looking for a points card try to calculate the rewards in cash equivalence.

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I have a 4% cash back Visa from CIBC. $99 annual fee, free first year. I try and use it for everything. I'm in my first year still and I am finding the annual fee to be insignificant. It would be great if I could pay my rent on it somehow...

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Welcome to APH :)

 

Those pair of CIBC cards seem pretty similar to the Scotiabank card, except in the 2% tier, you only get Timmy's and Telus purchases instead of drug store and recurring payments. I put my cell phone and cable bills on my Scotiabank card. Granted I do use Koodo as my cell phone carrier, but I definitely don't spend $130 a month at Timmy's.

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I'm not from Canada but the general advice is it you're looking for a points card try to calculate the rewards in cash equivalence.

Good advice - also don't forget Perks like Airport lounge access etc. and travel Insurance. Amex is usually the Best.

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thanks everybody. not a lot of places accept amex so I guess Scotiabank visa infinite is probably the best. any good mastercards if Walmart stops accepting and since Costco only accepts mastercard?

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Probably MBNA SmartCash Platinum if you want 2% on gas/grocieries, Tangerine Money Back for 2 categories of your choice for 2%, or MBNA Rewards if you want the bonus $100 right now through RateSupermarket (+$50 from MBNA after the first purchase). Other than that, President's Choice MasterCard World Elite is pretty good if you spend money at Superstore, Shopper's Drug Mart, and Esso a lot.

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Back to credit card churning again :)

 

I'm ditching my MBNA Rewards for the PC Financial MasterCard World Elite. RateSupermarket is giving a $150 gift card for new applicants, but no Amazon. I went with the Starbucks card and sold it for $125. Add the $20 point bonus from PC Financial and the deal isn't too bad.

 

On the Amex side, the Scotiabank Gold American Express is a great deal. $300 sign up bonus and 4% on gas, groceries, restaurants, and entertainment. First year free.

 

The MBNA Rewards World Elite is probably still the best card with flat 2% cash back, but I have to be a new customer to qualify for the $100 bonus from MBNA and $60 from Great Canadian Rebates. This means I'll have to wait a few months, so I'll have to do with the PC Financial card for now. The $89 annual fee is not waived for the first year, but 2% is really good. I'll need to spend at least $11410.25 per year on the card ($951 per month on average) to justify the fee over my Amex SimplyCash, but this is pretty easy for me, considering I probably put $30-40K/year on all my cards combined.

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i ended up with mbna rewards, the points is pretty good and waiting $50 claim isn't bad

 

pc mastercard on ratesupermarket is back to $100 and no amazon

 

the Scotiabank amex had a promo on ratehub sometime back, I got the card :)

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