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These are the best credit cards for Canadians, who are looking to get a new card, but are unsure of which one to choose. This list should give you some good options to pick from all with some great perks.
The Scotiabank Gold American Express card has the best earning rate in the marketplace for many people who put most of their everyday spending on their credit card.
It has great earning rates, especially in restaurants category, and a host of travel insurance coverage. Redeeming rewards is very simple.
It is an American Express card, so before you apply, you should make sure that the merchants you frequent accept American Express.
When this card first came out, I noticed it gave by far the best benefits of any card in its class. The main strength of this card is its high earning ability at restaurants (which very few other cards give bonuses to), gas and groceries and its ease of point redemption.
The MBNA World Elite card is one of a few cards you want to keep in your wallet for non-category spend. I recommend it strongly, and I personally use it as my go to card. It is a MasterCard so there acceptance is not an issue.
This card gives a full 2% return, in restriction free, cold, hard cash.
This is likely the best of the lot of World Elite cards and stacks up nicely against pretty much any card it should naturally be compared against.
The Bank of Montreal World Elite Credit Card is quickly becoming a top card in the Canadian marketplace. As of this writing, this card is a strong competitor for the best card in your wallet, which I would use for my non-category spending.
This card offers a great rewards earning potential of exactly 2% on all spending (redeemed towards the cost of travel). This card also has some great benefits, including a best in class travel insurance offering and a few airport lounge passes included in the annual fee.
This card is great for people in one of the following categories:
The fee is a hefty $150. If you value the lounge access or the travel medical insurance, then this could be a great card for you.
The Scotiabank Momentum Visa Infinite card is one of my favorite cards in the Canadian market.
This is the ideal card for people who spend a significant amount each month on gas and grocery stores, such as Loblaws, No Frills or FreshCo, that don’t accept American Express cards.
This card offers 4% unrestricted cash back on gas and grocery, 2% on drugstores and bills and 1% cash back on everything else. Ocassionally they have a promotion to earn 10% cash back on everyday purchases for the first 3 months (up to $200) Plus, your first year annual fee waived. A value of up to $299 in the first year.
The Scotiabank SCENE Visa is a good choice for students and young people who want a no fee card that is easy to get approved for. It’s also a great choice for a first credit card as you may be approved more easily for this card than other cards with high income requirements.
This card is great for you if you:
This is a no-fee card that rewards your spending with movie tickets. $1000 spent gets you a ticket to see any movie at a Cineplex theater. That includes IMAX movies, 3D movies and even works on Saturday nights. If those movie tickets that you buy using your SCENE points would have normally cost you $12.00, for example, then this turns into a 1.2% rewards card. The higher the ticket price you offset, the better the return.
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