The best Visa credit cards in Canada
Best overall Visa credit card
BMO eclipse Visa Infinite*
At a glance: Maximize the power of your everyday spending with strong earn rates on BMO Rewards points that you can redeem for merchandise or gift cards, travel, statement credits or investments. Good perks—like the juicy annual $50 “lifestyle credit,” earned for simply exceeding that amount on one of your monthly statements, and included mobile device and travel insurance—round out the package.
- Annual fee: $120 (waived for first year)
- Interest rates: 20.99% on purchases, 23.99% on cash advances, 23.99% on balance transfers
- Welcome bonus: Get 60,000 points ($400 in travel rewards) when you sign up. Also receive $50 lifestyle credit on your account that you use for any purchase.
- Earn rate: Five times the BMO Rewards points for every $1 spent on dining in and out, groceries, and gas and transit for the first $50,000 in annual purchases; 1 BMO Rewards point for everything else; earn 10% more points when you add an authorized user
- Our favourite features: $50 lifestyle credit every year
- Additional benefits: Annual lifestyle credit worth $50; mobile device coverage; car rental collision/loss damage protection; out-of-province/country emergency medical; Visa Infinite privileges
- Annual income requirement: personal income of $60,000 or household income of $100,000
Pros
- Offers boosted earn rates in top categories like groceries, gas and dining.
- Includes travel insurance and new mobile device coverage.
- Get 10% more Rewards points when you add an authorized user (for $50 annually).
- Cardholders get an annual $50 statement credit to spend however they wish.
Cons
- There is an annual cap of $50,000 in purchases for boosted spend categories; after that, you’ll earn at a rate of 1 BMO point per $1 spent.
- The minimum income requirements put this card out of reach for some.
Best Visa credit card for cash back
Scotia Momentum Visa Infinite*
At a glance: The Scotiabank Momentum Visa Infinite is our pick for best cash back Visa for its robust purchase and travel protection, as well as its high earn rate—4% on groceries and recurring bills, 2% on gas and daily transit (including public transit, taxis and rideshares) and 1% on everything else.
- Annual fee: $120 (waived for the first year)
- Interest rates: 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
- Welcome bonus: Earn 10% cash back on all eligible purchases for the first three months (up to $2,000). Pay no annual fee for the first year. Offer ends April 30, 2023.
- Earn rate: 4% on gas and recurring bills; 2% on gas and daily transit; 1% on everything else
- Additional benefits: Mobile device insurance, travel emergency medical and travel accident coverage, car rental damage/loss waiver, flight interruption and delayed and lost baggage insurance; and access to Visa Infinite experiences
- Annual income requirement: $60,000 or a minimum household income of $100,000
Pros
- This card’s earn rates are some of the highest in the country in key and broadly defined spending categories.
- Included new mobile device, travel and car rental insurance make this an all-around credit card.
- Pay off larger purchases in installments through Scotia SelectPay.
Cons
- You can only access your cash back once per year, and only as a statement credit.
- If you buy your groceries at Walmart, you’ll only get 1% cash back as it isn’t considered a grocery store.
- The minimum income requirement may put this card out of reach for some.
Best Visa credit card for gas and groceries
CIBC Dividend Visa Infinite
At a glance: Take the sting out of rising prices with the CIBC Dividend Visa Infinite’s return of 4% cash back on gas and groceries, and 2% back on daily transit (including rideshares and public transit), dining, and recurring payments. You’ll also get perks like travel medical and rental car collision insurance.
- Annual fee: $120 (waived for the first year)
- Interest rates: 20.99% on purchases, 22.99% on cash advances (21.99% for Quebec residents) and 22.99% on balance transfers
- Earn rate: 4% cash back on gas and groceries, 2% on dining, daily transit and recurring bills, and 1% back on everything else.
- Welcome bonus: Earn 10% cash back on all purchases (up to $250 in value) for the first four statements (up to a maximum of $2,500 in purchases), plus an annual fee rebate for the first year. To be eligible, you must apply online.
- Additional benefits: Emergency travel medical; car rental collision and loss damage insurance; mobile device insurance; plus save up to $0.10 per litre at participating Chevron, Ultramar and Pioneer gas stations when you link your card with Journie Rewards
- Annual income requirement: personal income of $60,000 or household income of $100,000
Pros
- Get your cash back on demand, when you want it.
- Link your card to Journie Rewards to get deeper discounts on gas at participating Pioneer, Fas Gas, Ultramar and Chevron stations.
- Send money internationally with CIBC Global Money Transfer and pay no transfer fees.
- Comes with included travel, car rental and new mobile device insurance.
Cons
- The included emergency travel medical insurance covers the first 15 days of your trip. You’ll have to buy additional insurance for longer journeys.
- The minimum income requirement may put this card out of reach for some.
Best Visa credit card for flexible travel rewards
TD First Class Travel Visa Infinite*
At a glance: The TD First Class Travel Visa Infinite Card allows you to earn TD points which you can redeem for rewards, including travel and travel-related purchases. Travel booked with your TD points has no blackouts or seat restrictions, and TD points don’t expire. This card also has included travel insurance.
- Annual fee: $120 (rebated for the first year, along with $50 fee for first additional cardholder)
- Interest rates: 19.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
- Welcome bonus: Earn up to 145,000 TD Rewards points. You’ll earn 20,000 TD points with your first card purchase, then another 115,000 when you spend $5,000 on purchases within the first 180 days. Earn a birthday bonus of up to 10,000 rewards points. Conditions apply. Must apply before May 28, 2023. For Quebec residents, please click here.
- Earn rate: 8 TD points per $1 spent when you book travel through Expedia For TD; 6 Points per $1 on groceries & restaurants; 4 points per $1 spent on recurring bills; 2 points per $1 spent on everything else
- Additional benefits: Travel emergency medical, travel accident, car rental, trip interruption, flight interruption and delayed and lost baggage insurance; access to Visa Infinite experiences; car rental savings with Avis and Budget
- Annual income requirement: personal income of $60,000 or household income of $100,000
Pros
- This card has a strong included insurance package for travel and car rental.
- In addition to travel rewards, you can redeem your points for everyday perks like cash back, gift cards and more.
Cons
- Redeeming TD points for travel not booked through Expedia For TD is not automatic. You’ll have to contact the TD Travel Rewards program to use your points.
- The earn structure is a bit confusing and rewards depend on where and how you book.
- The minimum annual income requirement will put this card out of reach for some.
Best airline Visa credit card
TD Aeroplan Visa Infinite*
At a glance: If Air Canada is your airline of choice, take a look at the TD Aeroplan Visa Infinite. You get numerous Air Canada perks with this card, like preferred pricing and a free first checked bag on Air Canada for you and up to eight travel companions. The all-new Aeroplan rewards chart and generous stopover policy means you can get great value on your points when redeeming for travel on Air Canada as well as over two dozen Star Alliance partner airlines.
- Annual fee: $139 (rebated first year)
- Interest rates: purchases 20.99%, cash advances 22.99%, balance transfers 22.99%
- Welcome bonus: You can earn up to 50,000 Aeroplan points. First, earn 10,000 as a welcome bonus when you make your first purchase and another 20,000 when you spend $1,500 in the first 90 days. After that earn another 20,000 Aeroplan points when you spend $7,500 within the first 12 months of opening an account. Must apply by January 3, 2023. Quebec residents, click here.
- Earn rate: 1.5 Aeroplan points for every $1 spent on eligible gas, grocery and Air Canada purchases, and 1 point per $1 spent on everything else
- Our favourite features: Comprehensive travel insurance, free checked bags on Air Canada.
- Additional benefits: Hotel-motel burglary insurance; auto rental collision/loss damage insurance; new mobile device insurance up to $1,000; Nexus application rebate of up to $125 every 48 months
- Annual income requirement: Personal income of $60,000 or household income of $100,000.
Pros
- Earn double the points when you provide your card and Aeroplan number at more than 150 Aeroplan partner brands and at 170+ online retailers via the Aeroplan eStore.
- Earn 50% more Aeroplan points when you shop at Starbucks by linking your Starbucks Rewards account to your TD card.
- Use your Aeroplan points for every Air Canada seat without restrictions or blackout periods.
- Redeem your points for other travel expenses like hotel rooms and car rentals.
- Get an application fee rebate once every 48 months for the quick-customs travel program NEXUS.
- Includes a comprehensive suite of travel insurance.
Cons
- The included travel insurance is only for trips of up to 21 days, or only four days if you are over 65 years old.
- You’re restricted to Air Canada and select Star Alliance airlines.
- The accelerated earnings rate is only available in three spending categories.
Best no fee Visa credit card for rewards
Simplii Financial Cash Back Visa
At a glance: The no-fee Simplii Financial Cash Back Visa comes with 4% cash back (up to $5,000 annually) on spends at restaurants, bars and coffee shops, making this a winner for those who like to dine out. The 1.5% return on gas, groceries and drugstore purchases (up to $15,000 annually) is also respectable, and everything else earns 0.5% back, with no limit.
- Annual fee: $0
- Interest rates: 19.99% on purchases, 22.99% on cash advances
- Welcome bonus: 10% cash back at restaurants and bars during the first 4 months up to a $500 spend and 9.99% interest rate on purchases for three months
- Earn rate: 4% cash back at restaurants, bars and coffee shops (up to $5,000 spend); 1.5% back on gas, groceries, drugstore purchases and pre-authorized payments (up to $15,000 spend); 0.5% on all other purchases
- Additional benefits: Purchase security and extended protection insurance
- Annual income requirement: personal or household income of $15,000
Pros
- There’s no limit on how much cash back you can earn.
- Get $50 for every referral who opens an account using your unique link.
- The low minimum annual income requirement makes this a super-accessible card.
Cons
- There are annual caps on earnings in boosted categories.
- You have to have a Simplii Financial bank account to get the card.
- This card doesn’t offer much in the way of extras or perks.
Best Visa credit card for no foreign transaction fees
Home Trust Preferred Visa*
At a glance: The Home Trust Preferred Visa card is one of the few credit cards in Canada that doesn’t charge foreign transaction fees on purchases made in a foreign currency. This makes it highly suitable for travellers and cross-border shoppers looking to save the 2.5% to 3% surcharge they’d get with most credit cards. Additionally, you’ll earn 1% cash back on all purchases made in Canada. And, the card has no annual fee, so you keep more of your money in your wallet.
- Annual fee: $0
- Interest rates: 19.99% on purchases, 19.99% on cash advances
- Earn rate: 1% on all purchases in Canada
- Additional benefits: Car rental theft and collision insurance; purchase security
- Annual income requirement: None
Pros
- There’s no limit to the amount of cash back you can earn.
- Save the foreign transaction fees on purchases made in a foreign currency.
- Includes car rental theft and collision insurance.
- There’s no minimum annual income requirement so this card is very accessible.
Cons
- Doesn’t include perks or extras.
- The earn rate of 1% isn’t competitive with other cards.
- The cash back rewards are paid out annually in January as a statement credit.
Best Visa credit card for low interest
RBC Visa Classic Low Rate Option
At a glance: For those who are carrying debt, a lower interest credit card is an excellent tool. The RBC Visa Classic Low Rate Option is a fairly no-frills card with a flat 12.99% interest rate on purchases, cash advances and balance transfers. It comes with some partner perks, such as discounts at Petro-Canada gas and free delivery from DoorDash.
Keph Senett
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