Today we are going to review some of the most popular credit cards being offered by various banks and various institutions and provide you the information on the best credit cards in Canada for the year 2018.
Choosing the Right Credit Card:
Credit Card is a great financial asset if used wisely but can be a monster if you do not have a control over your spending habits. Think rationally why you need a credit card and what would be your primary focus when applying for a credit card. This could be to buy things online or on holiday, to pay your bills or to spread the cost of a purchase. However you choose to use your card, the key thing is whether you will be paying off what you owe every month or spreading repayments over a period.
Here are some factors to look at when you choose a credit card.
- Rewards credit cards
- Looking for Best credit cards for cash back
- You travel a lot and looking for a good credit card for travel
- You are a Student and need a good credit cards
- Credit cards for low-interest rates
Best rewards credit cards Canada:
Who doesn’t like rewards especially when you shop everything on your credit card just for the sake of getting amazing rewards? Although credit cards in Canada do not offer the same incentives as in the USA, there are still a number of cards which can be really enticing in terms of rewards and initial offers.
Topping the list for Rewards card is Scotia Bank Gold American Express card.
Scotia Bank has always known to be a generous rewarding bank when it comes to the rewards credit card.
Their Scene Card is already one of the most popular Visa rewards cards widely used by move lovers and students. However, Scotia Bank Gold American Express card leads the race for the top rewards cards. As per the existing offer, the new application will earn 15,000 bonus points with your first $1000 in everyday purchases in the first three months. Here are some of the highlights for this card:
- Earn 4 Scotia Reward points on every $1 you spend at eligible gas stations, grocery stores, on dining and entertainment.
- Earn 1 point for every $1 you spend on everything else.
- Access to concierge services, airport lounges, special offers, merchandise, rewards and more. With this offer, you get Priority Pass offer: Receive a special yearly membership price of only $65 USD9 (a 35% discount off the regular price) and access each lounge visit for just $27 USD9. Once you enrol, you will have access to lounges in more than 100 countries and 300 cities worldwide.
The card has an annual fee of $99 with an interest rate of 19.99%, (19.99% on purchases. 22.99% on cash advances, balance transfers and Scotia Credit Card Cheques)
The next in line is the Bank of Montréal’s BMO® World Elite®* Mastercard®
Arguably one of the most sought-after Credit Card in Canada, this card offer tons of amazing reward features including VIP access to airport lounges worldwide with priority past membership, and amazing travel and medical protection. Here are some of the features available for this card.
As per the latest welcome offer for new user, you get 35,000 welcome points after you spend $3,000 in first 3 months and you also get $150 annual fee waived in the first year. Other rewards include:
- BMO World Elite Total Travel and Medical Protection providing car rental collision damage coverage, out-of-province / out-of-country emergency medical protection up to $2 million, and more for unlimited-trips-per-year up to 21 days in length.
- BMO Rewards points faster when you add additional cardholders for $50/year each
- purchase protection and extended warranty on most items bought with your card
- Get 3 BMO Rewards points for every $1 spent on eligible travel, dining and entertainment purchases.Get 2 points for every $1 spent everywhere else
Income requirement: Minimum $80,000 (individual) or $150,000 (household) annual income required
Our next card is SimplyCash™ Preferred Card from American Express
This is a new card from American Express and you can Earn 5% cashback in your first 6 months (up to $300)
- The amazing benefits include:
- Car Rental Theft and Damage Insurance
- $100,000 Travel Accident Insurance
- Emergency Medical Insurance(Out of Province/Country)
- Lost or Stolen Baggage Insurance7
- Flight and Baggage Delay Insurance
- Hotel / Motel Burglary Insurance
- Buyer’s Assurance® Protection Plan
- Purchase Protection® Plan
- Cardmembers can purchase Front Of The Line presale tickets or make Front Of The Line reservations to some of the most in-demand concerts, theatre productions, restaurants and special events, often before the general public.Annual fee: $99Annual Interest Rate: 19.99% on purchases and 22.99% on funds advances
Best Cashback Credit Cards Canada:
Who doesn’t you like cashback especially when you’re getting it on your credit card. Here is the list of some of the most generous( not really) cash back credit cards available for the Canadian customers.
TD Cash Back Daily cash back Visa Infinite Card:
If you are looking for a rewarding cash back, you can go with the TD cash back infinite credit card where you can on 9% on eligible purchases for the first three months. There is a limit of $3500 for your purchases to be eligible for 9% cash back.
Eligibility Requirements: $60,000 personal or $100,000 household annual income. Plus you get great benefits including:
- Free Deluxe TD Auto Club Membership
- Use your TD Credit Card to save a minimum of 10% off the lowest available base rates11,12 in Canada and the U.S., and a minimum of 5% off the lowest available base rates11,12 internationally, on qualifying car rentals at participating Avis and Budget locations.
- Auto Rental Collision/Loss Damage Insurance
Scotia Momentum® Visa Infinite Card
This is another great cash back credit card from Scotia Bank. You get 4% cash back on gas and groceries and 2% cash back on drugstores and recommendable payments.
Plus you are 1% cash back on everything else that is being charged on your credit card there is an annual fee of dollar 99 while each complimentary card costs $30. The interest rate is 19.99% on all purchases while there is 22.99% interest on cash advances, balance transfers and Scotia credit card checks.
The new credit limit is $5000. To qualify for this credit card you need to have a minimum annual income of $60,000 or a minimum household income of $100,000. Apart from the above-mentioned you get several exclusive benefits for beside finite such as complementary concealed services, luxury order privileges and more. This cards also come in several benefits including travel emergency medical insurance, trip interruption insurance, flight delay insurance, delayed and lost baggage insurance, rental car collision loss, travel accident insurance and more