May 23, 2024

Canada’s Best Credit Cards For 2023 Have Been Ranked & There Are Loads Of Cool Perks

Canada’s Best Credit Cards For 2023 Have Been Ranked & There Are Loads Of Cool Perks

If your New Year’s resolutions for 2023 involve getting your finances on track, then having the right credit card can make a significant difference.

A new report has revealed the best credit cards in Canada in 2023, and there are so many cool rewards and cash-back offers.

The experts behind Credit Card Genius have analyzed over 175 credit cards and considered the 126 features they have. They then used an algorithm to crunch the numbers and get the details.

From there, they got the award winners in 31 different categories. Point to note, there’s no one-size-fits-all credit card, but a list of credit cards according to individual needs.

What’s the best overall credit card in
Canada in 2023?

According to Credit Card Genius, the best overall credit card in Canada in 2023 is the American Express Cobalt Card.

There are many reasons this one got the top spot, including having no minimum income requirement, an impressive welcome bonus, and great earning rates at grocery stores and restaurants.

Added benefits of this card include 10 types of travel and purchase insurance and many ways to redeem points that have a value of up to 2 cents each.

This one also nabbed the top spot in other categories, such as best travel, best gas and transit, best grocery, best restaurant, best rewards and best Aeroplan credit cards, making it a very clear favourite.

Also, the report listed the BMO CashBack World Elite Mastercard as the best Mastercard on the market right now.

That’s because it allows people to earn 5% cash back on purchases, and get a signup bonus of 10% cash back for the first three months, plus up to $2,600 in spend value.

It also comes with 13 types of insurance coverage and free roadside assistance.

If you prefer Visa, the RBC Avion Visa Infinite might be one to look into as you’ll earn one point for every $1 spent (with 1.25 points on travel).

The RBC Avion point is worth up to 2.33 cents, which translates to a return of up to 2.91% on purchases.

What’s the best credit card for cash-back?

If getting cash back is a priority, the report recommends you check out the SimplyCash Preferred Card from American Express.

This one gives users 4% back on grocery and gas purchases, and 2% on all other purchases.

Sure, it has an annual fee of $119.88 but there are some pretty great perks, and there are other benefits like Front Of The Line and Amex offers too.

What’s the best credit card without annual fees?

Don’t fancy spending an annual fee for a credit card?

Credit Card Genius lists the American Express Green card as the best one then as it offers a high-earn rate without the annual fee.

It gives you one point per $1, which seems like less but with each point worth 2 cents, that adds up quickly.

You might be looking at a return of up to 2% which is great for a card that doesn’t have an annual fee.

Also, you get a welcome bonus of 10,000 points and transfer points to six airlines.

What’s the best credit card for rewards?

If you love extra rewards, it might be worth considering the Scotiabank Gold American Express card which gives you rewards on a bunch of things from travel to investments to donations.

For the best value, the Scene+ rewards can be redeemed for travel, Cineplex movie tickets, groceries at Sobeys and Safeway and Recipe Unlimited restaurants!

What’s the best credit cards for travellers?

As mentioned above, the American Express Cobalt Card took the top stop in the travel category thanks to its welcome bonus and insurance. Also, if you transfer points to Aeroplan, you get a 4.5% return!

However, frequent flyers can also keep an eye out for the Scotiabank Gold American Express Card which was named the “best foreign exchange travel credit card.”

That’s because it allows you to skip the 2.5% foreign transaction fee and even get an average of 2.45% return on spending. It also comes with 12 types of insurance, which we all know is a must when abroad.

Also, if you were looking for a card to maximize Air Miles rewards, the BMO Air Miles World Elite Mastercard got a shoutout on this list.

It gives you a sign-up bonus that’s enough for a medium-haul flight and then on every purchase made you get one mile for every $12 spent.

Travellers can also expect concierge service, lounge access and a 25% discount on one Air Miles reward flight every year. Last but not least, you can try this card out for free for a year.

This article’s cover image was used for illustrative purposes only.