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Annual fee $0
Rewards rate 1% Cash back on all purchases
Bonus offer 5% Cash back (first 3 months)
Card details
Network
Mastercard
Provider
BMO Bank of Montreal
Credit needed
Good
Fees and interest
Annual fee
$0
Purchase interest rate
19.99%
Cash advance rate
22.99%
Balance transfer rate
1.99%
22.99% after 9 months
Card description
  • Welcome offer: Get 5% cash back in your first 3 months*
  • Get a 1.99% introductory interest rate on balance transfers for 9 months*
    • 1% fee applies to balance amounts transferred*
  • Get 1% cash back on all other card purchases with no restrictions*
  • No annual fee*
  • Minimum 15K individual household income*
  • Get up to 25% off rentals at National Car Rental and Alamo Rent A Car*
  • FREE additional cards
  • Extended Warranty*
  • Purchase Protection*
  • BMO is not responsible for maintaining the content on this site. Please click on the Apply Now link for the most up to date information.
  • *Terms and conditions apply
Features
  • Extended Warranty
  • Free Supplementary Card
  • Purchase Protection
  • Rental Car Discounts
Annual fee $0
Rewards rate 1% Cash back on eligible purchases
Bonus offer 7.99% Interest rate on purchases (first 6 months)
Card details
Network
VISA
Provider
Scotiabank
Credit needed
Good
Fees and interest
Annual fee
$0
Purchase interest rate
7.99%
19.99% after 6 months
Cash advance rate
22.99%
Balance transfer rate
22.99%
Card description
  • 7.99% introductory interest rate on purchases for the first 6 months †. For accounts opened by June 30, 2019.
  • Cash back on everyday spending with no annual fee
  • 1% cash back on eligible gas station, grocery store and drug store purchases and recurring bills
  • 0.5% cash back on all other eligible everyday purchases
  • Rates, fees and other information are effective as of February 1, 2018. Subject to change.
Features
  • Rental Car Discounts
Annual fee $0
Rewards rate 1% Cash back
Bonus offer N/A
Card details
Network
VISA
Provider
Home Trust
Credit needed
Good
Fees and interest
Annual fee
$0
Purchase interest rate
19.99%
Cash advance rate
19.99%
Balance transfer rate
N/A
Card description
  • Earn 1% cash back with every purchase, with no limit to the amount of cash rewards you can earn
  • Roadside Assistance at no extra cost
  • Car Rental Collision Insurance and Purchase Security Insurance included
  • 0% foreign currency conversion charge on purchases abroad
  • No annual fee
Features
  • No Currency Conversion Fee
  • Purchase Protection
  • Rental Car Insurance
  • Roadside Assistance Program

This offer is not available for residents of Quebec. For residents of Quebec, please click here.

Annual fee $39
Rewards rate 1% Cash back on all other eligible purchases
Bonus offer 5% Cash back on gas and grocery purchases (first 6 months)
Card details
Network
Mastercard
Provider
MBNA
Credit needed
Good
Fees and interest
Annual fee
$39
Purchase interest rate
19.99%
Cash advance rate
24.99%
Balance transfer rate
22.99%
Card description
  • Accelerate cash back on common purchases!
  • Get 5% Cash Back†† on eligible gas and grocery purchases for the first 6 months (until the total gas and grocery purchases in the applicable month reaches $500) 
  • Get 2% Cash Back‡ on eligible gas and grocery purchases thereafter (until the total gas and grocery purchases in the applicable month reaches $500)
  • Get 1% Cash Back‡ for all other eligible purchases
  • $39 annual fee
  • Standard Annual Interest Rates of 19.99% on eligible purchases, 22.99% on balance transfers✪ and access cheques, and 24.99% on cash advances
  • A suite of comprehensive insurance**
  • Your personal annual income must be greater than $60,000, or your household annual income must be $100,000 or greater††††
  • Take advantage of a card that provides Cash Back on eligible purchases. Apply now for the Smart Cash® World credit card.
Annual fee $0
Rewards rate 1% Cash back on eligible purchases
Bonus offer 7.99% Interest rate on purchases (first 6 months)
Card details
Network
Mastercard
Provider
Scotiabank
Credit needed
No Credit History
Fees and interest
Annual fee
$0
Purchase interest rate
7.99%
19.99% after 6 months
Cash advance rate
22.99%
Balance transfer rate
22.99%
Card description
  • 7.99% introductory interest rate on purchases for the first 6 months (19.99% after that) ◊. For accounts opened by June 30, 2019.
  • Cash back on everyday spending with no annual fee.
  • 1% cash back on eligible gas station, grocery store and drug store purchases and recurring bills.
  • 0.5% cash back on all other eligible everyday purchases.
  • Rates, fees and other information are effective as of February 1, 2018. Subject to change.
Annual fee $0
Rewards rate 1% Cash back
Bonus offer N/A
Card details
Network
VISA
Provider
Home Trust
Credit needed
Good
Fees and interest
Annual fee
$0
Purchase interest rate
5.99%
Cash advance rate
5.99%
Balance transfer rate
N/A
Card description
  • Use your home equity to secure up to $100,000 in revolving credit
  • Rates between 5.99% and 11.99% depending on real estate collateral and borrower's credit
  • Earn 1% cash back with every purchase
  • Enjoy shopping abroad with no foreign currency conversion fees
  • Purchase protection and card rental insurance included
  • No annual fee
Features
  • No Currency Conversion Fee
  • Purchase Protection
  • Rental Car Insurance
Annual fee $0 $120 after the first year
Rewards rate 1.5% Cash back on all purchases
Bonus offer 5% Cash back (first 3 months)
Card details
Network
Mastercard
Provider
BMO Bank of Montreal
Credit needed
Excellent
Fees and interest
Annual fee
$0
$120 after the first year
Purchase interest rate
19.99%
Cash advance rate
22.99%
Balance transfer rate
22.99%
Card description
  • Welcome offer: Get 5% cash back  in your first 3 months and the $120 annual fee waived in the first year*
  • Earn 1.5% CashBack on ALL purchases* without restrictions*!
  • Complimentary membership in Mastercard Airport Experiences provided by LoungeKey*
  • Minimum 80K individual or 150K household income*
  • Get up to 25% off rentals at National Car Rental and Alamo Rent A Car
  • BMO CashBack World Elite Travel and Medical Protection*
  • Complimentary Roadside Assistance Program*
  • Extended Warranty Plus*
  • Purchase Protection Plus*
  • BMO Concierge Service*
  • BMO is not responsible for maintaining the content on this site. Please click on the Apply Now link for the most up to date information.
  • *Terms and conditions apply
Features
  • 24/7 Customer Service
  • Airport Lounge Access
  • Extended Warranty
  • Purchase Protection
  • Rental Car Discounts
  • Roadside Assistance Program
  • Travel Benefits
Annual fee $150
Rewards rate 2 Points per $1 spent
Bonus offer 25,000 Membership Rewards points
Card details
Network
American Express
Provider
American Express
Credit needed
Good
Fees and interest
Annual fee
$150
Purchase interest rate
N/A
Cash advance rate
N/A
Balance transfer rate
N/A
Card description
  • New American Express® Gold Rewards Cardmembers can earn a Welcome Bonus of 25,000 Membership Rewards® points when you charge $1,500 in purchases to your Card in your first 3 months of Cardmembership 
  • That's enough to redeem for a round-trip Fixed Mileage Flight Reward™ to almost anywhere in North America 
  • Earn 2 points for every $1 in Card purchases at eligible gas stations, grocery stores and drugstores in Canada 
  • Earn 2 points for every $1 in Card purchases for eligible travel purchases, including flights, hotels, car rentals, cruises, and more 
  • Earn 1 point for every $1 in Card purchases everywhere else 
  • Charge any eligible purchase to your Card then log in to redeem your points for a statement credit 
  • Book flights within Canada or to destinations around the world for a fixed amount of points, with the Fixed Points Travel Program. You can book any airline, fly any day, and even book right up to a day before departure 
  • 1 Free Additional Gold Rewards Card (a $50 value) to help you earn points faster 
  • As a Charge Card, the balance must always be paid in full each month. 30% annual interest rate applies to balances not paid in full. Payments must be received and processed by the date of the next monthly statement to avoid interest charges 
  • American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply
Features
  • 24/7 Customer Service
  • American Express Hotel Collection
  • Entertainment Benefits
  • Extended Warranty
  • Purchase Protection
  • Rental Car Discounts
  • Rental Car Insurance
  • Travel Insurance
Annual fee $139
Rewards rate 2 Scotia Rewards points per $1 spent on eligible purchases
Bonus offer 40,000 Bonus Scotia Rewards points
Card details
Network
VISA
Provider
Scotiabank
Credit needed
Excellent
Fees and interest
Annual fee
$139
Purchase interest rate
19.99%
Cash advance rate
22.99%
Balance transfer rate
22.99%
Card description
  • Earn up to 40,000 bonus Scotia Rewards points in your first year (that’s up to $400 towards travel )†. For accounts opened by June 30, 2019.
  • Earn 2x Scotia Rewards® points on every $1 you spend on eligible grocery stores, dining, entertainment purchases and daily transit purchase (including buses, subways, taxis and more).
  • Enjoy no FX Mark-up.
  • Enjoy Complimentary Airport Lounge Access, plus 6 free lounge visits per year
  • Rates, fees, and other information are effective as of April 1, 2018.  Subject to change.
Features
  • Airport Lounge Access
  • No Currency Conversion Fee
  • Rental Car Discounts
  • Rental Car Insurance
  • Travel Cancellation
  • Travel Insurance
  • Visa Infinite Benefits

This offer is not available for residents of Quebec. For residents of Quebec, please click here.

Annual fee $0
Rewards rate 2 Points per $1 spent on gas, groceries, and restaurant purchases
Bonus offer 10,000 Bonus points
Card details
Network
Mastercard
Provider
MBNA
Credit needed
Good
Fees and interest
Annual fee
$0
Purchase interest rate
19.99%
Cash advance rate
24.99%
Balance transfer rate
22.99%
Card description
  • Accelerate rewards points on common purchases!
  • No annual fee
  • 1 point‡ for every $1 in eligible purchases
  • 2 points‡ for every $1 spent on eligible gas, groceries and restaurant purchases ($5,000 annual cap on each category) 
  • Receive 5,000 bonus points†† after your first eligible purchase within the first 90 days of account opening
  • Receive 5,000 bonus points†† once enrolled for e-statements within the first 90 days of account opening 
  • Redeem points‡ for travel, brand-name merchandise, gift cards from participating retailers, cash back, and charitable donations
  • Standard Annual Interest Rates of 19.99% on eligible purchases, 22.99% on balance transfers✪ and access cheques, and 24.99% on cash advances
  • A suite of comprehensive insurance**
  • Take advantage of an everyday rewards card with no annual fee. Apply now for the MBNA Rewards® credit card.
Features
  • Extended Warranty
  • Purchase Protection
  • Rental Car Insurance
  • Travel Benefits
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How it works
  1. Magnifying lens
    Search for cards

    Sort by type to find the card you're looking for.

  2. An assortment of information boxes
    Compare results

    Explore features, rewards and rates, then select your card.

  3. A form being filled in
    Apply online

    Continue to your chosen card's website and submit your application.

  4. An envelope next to a letter and a credit card
    Receive your card

    Once you're approved, your card will arrive in the mail.

Types of credit cards

Hugely popular among affluent and regular consumers alike, these cards allow you to earn points, air miles, cash back, or other types of rewards as you spend.

Annual Fee
$0–$699
Interest Rate
19.95%–30%
Credit Score
Good to Excellent
Compare

With low APRs, these cards are perfect for people who carry a balance from month to month. Many offer extra perks and some even have rewards programs!

Annual Fee
$0–$59
Interest Rate
7.99%–16.99%
Credit Score
Good
Compare

Struggling with credit card debt? These cards allow you to transfer balances over from other credit cards so that you can save money on interest.

Annual Fee
$0–$99
Interest Rate
8.99%–19.99%
Credit Score
Good
Compare

Designed with students in mind, these cards offer low fees, easy approval, and rewards that students love. For many Canadians, this will be their first credit card!

Annual Fee
$0
Interest Rate
19.99%
Credit Score
Fair to Good
Compare

You guessed it – these credit cards don’t charge any annual fee, so if you are able to pay off your balance every month, they are effectively free to use!

Annual Fee
$0
Interest Rate
5.99%–19.99%
Credit Score
Good
Compare

For consumers who wish to rebuild or establish their credit history. Depending on your credit score, you may be required to post a security deposit.

Annual Fee
$0–$59
Interest Rate
14.90%–19.99%
Credit Score
None to Needs Improvement
Compare Secured Cards
Compare Guaranteed Cards

Business credit cards have features appealing to small business owners, including expense management tools, extra insurance and the ability to support multiple cardholders.

Annual Fee
$150–$250
Interest Rate
19.99%-30%
Credit Score
Excellent
Compare

From hockey to baseball to football, and everything in between, Canadians love their sports, and now they can own a credit card that reflects their passion.

Annual Fee
$0–$29
Interest Rate
16.99–19.99%
Credit Score
Excellent
Compare

These cards bill in U.S. dollars. It’s time to say goodbye to currency conversion fees and unpredictable exchange rates when you’re making purchases in the U.S.

Annual Fee
$0-$139
Interest Rate
19.99%
Credit Score
Good
Compare

Compare credit cards at LowestRates.ca

Whether you're looking for travel rewards, balance transfers, cash back, or another credit card perk, you can find the perfect piece of plastic in just seconds at LowestRates.ca. Use our comparison tools above to dial in on the features that matter to you most and check out the exclusive credit card offers only available here.

How do credit cards work?

When you open up a credit card account, your credit card provider extends a line of credit to you so you can make purchases with your new card. Every time you buy something with your card, you spend money borrowed from your credit card provider.

As a cardholder, you agree to repay those funds within a set amount of time and to abide by the terms and conditions set out in your card’s contract. Your contract will describe the interest rates, late fees, surcharges, cash-advance limits, and other conditions that you're held to by using your card.

Once a month, your credit card company will send you a bill outlining all the purchases you made with your credit card, the minimum amount you owe, and the due date for your payment. You can opt to pay a portion of the bill or the full amount — it’s up to you.

If you don't pay your bill in full by the due date, any balance that you carry over into the next billing period will be subject to interest charges. The activity on your account will also be reported to the credit bureaus in Canada, which can boost your credit score over time if you use your card responsibly.

Who should get a credit card?

As more commerce moves online or goes high tech, credit cards are becoming a necessity rather than a convenience. Whether it’s booking an airline ticket, paying for parking, or shopping on your favourite store’s website, credit cards are often the only way to complete a transaction.

That means most working adults should have at least one credit card — provided they can use it responsibly. But if you have trouble controlling your spending or tracking your bills, a credit card might be a bad idea. Too many Canadians are already struggling to pay down their high interest rate debt.

Where can I find the right credit card?

When it comes to credit cards, online comparison websites like LowestRates.ca serve consumers best. We have powerful comparison tools that let you search for cards by category or criteria. So whether you're shopping by rewards, annual fees, interest rates, or credit score, you'll always find the right card. And unlike bank websites, comparison sites let you compare offers from all the major credit card providers in Canada rather than in just one company.

You'll be able to see how the best cards from retail banking giants like Scotiabank compare to the best cards from specialized providers like American Express. You'll also be able to view the best offerings in whichever credit card category you’re interested — you can compare your options side by side. Once you find the right card, just click the “Get Card” or “Apply Now” button, and we'll direct you to a secure application page for that credit card.

What type of credit card should I get?

 

Before you can find the perfect credit card, you need to know how you're going to use it and what kind of consumer you are. Do you pay off your card on time every month? How much do you spend? Do you make use of credit card rewards or is a low interest rate or another credit card feature more important to you? We offer a complete range of credit cards:

How can I benefit by getting a credit card?

 

Let us count the ways.

Convenience

Why carry wads of cash when you can just swipe your credit card and go? Millions of vendors worldwide accept credit cards and using a card is often the only way you can make online transactions.

Cash flow management

Credit cards let you to borrow money, which means you can use them to pay bills or make purchases even if you don’t have the cash immediately on hand. For many Canadians, particularly those just starting out, this is a huge benefit.

Fraud protection

Credit card providers act as an intermediary between you and the merchant. That means credit card charges can be reversed or put on hold if someone tries to defraud you or give you faulty goods.

Features, perks, and rewards

Many credit cards offer perks and rewards just for using them. Depending on the card you choose, you might get fraud protection, travel points, cash back, or special access to concerts and sporting events.

Credit building

It’s a fact — using your credit card responsibly can help you establish and improve your credit score over time. For Canadians looking to boost their credit, nothing works better than using a credit card and promptly paying your bill every month.

Expense monitoring

Credit cards offer a convenient way to track your monthly expenses and monitor your spending. Many cards also itemize your purchases by category so you can see exactly where your money goes each month and how your spending habits change over time.

Cheap to use (in the right hands)

Credit cards don’t cost a lot of money if you use them responsibly. As long as you pay your credit card bills on time and in full, you won’t be charged interest or late fees, making them very inexpensive to use.

Practicality

Nobody wants to be stuck without a way to book a hotel room, buy something online, or pay for parking. Credit cards aren't just a convenience, they’re a necessity. All you have to do is find the right card.

How many credit cards should I have?

While there's no perfect number, most consumers should avoid having more than two or three credit cards at a time. The more credit cards you have, the harder it is to track your bills and make your payments. Many middle to upper income credit card users use a premium, or “cadillac”, credit card that offers lots of perks and rewards and a regular card that serves as a backup.

What do I need to know about my credit card’s terms and conditions?

First, you should understand that once you sign your credit card agreement, the terms are legally binding. And your credit card issuer can change these terms at any time, as long as they provide written notice. So it’s a good idea to carefully read mail from your credit card company and check for changes or updates to your account.

Key terms that all credit card users should know

 
Credit limit

This is the maximum credit balance that can be outstanding on your card. And remember: your credit limit also includes interest and fees.

Annual percentage rate

The APR is the interest rate your card charges on balances, balance transfers, and cash advances carried over from one month to the next.

Fixed or variable APRs

The interest rate on your credit card can either be fixed (it stays the same) or variable (it increases or decreases based on whatever index it follows).

Grace period

This is the amount of time you have to pay for the charges on your credit card before interest begins accruing. Your grace period may be different for each card, but a typical grace period can be as long as 10, 15, or even 30 days.

Minimum payment

The minimum amount of money you're required to pay towards your credit card bill each month. If you can't meet the minimum payment, you'll be charged a late fee and the delinquency might be reported to your credit bureau.

Available credit

The amount of unused credit still available on your credit card. Wondering how your available credit is calculated? Just subtract your outstanding credit card balance from your total credit line.

For a full rundown of the credit card terms you might encounter, you can browse our glossary here.

What are the drawbacks of a credit card?

 

The main drawback of any credit card is that you can use it to spend money you may not have. And if you don't have good financial judgment, you can quickly rack up lots of high interest debt that you can't pay back. Studies show that credit card debt is a major factor in consumer bankruptcies in both Canada and the United States.

We recommend that credit card users never take on more debt than they can reasonably pay back within a few months.

What should I watch out for with a credit card?

You should always keep an eye on the interest rate (known as APR) terms on your card. Credit card APRs are subject to change and many cards offer low introductory rates that reset much higher after a few months.

It's also a good idea to be mindful of how your APR is calculated. Most credit cards take your average daily account balance for the month and charge interest on that figure; others subtract the previous month’s balance from the current month’s balance and charge interest on the remaining amount.

Some credit cards calculate APR using a “two-cycle” method: the average of the last two months’ worth of balances is used. The two-cycle method often results in higher interest charges, so you should think twice before taking a card that uses it.

Credit card users should also pay attention to ATM fees. Most cards charge anywhere from $2 to $5 on ATM withdrawals. Thankfully, you can easily avoid these fees — skip the ATM altogether and just take out cash from your debit card or at your local bank.

More ways to find a great rate