Published by Leonardo Calcagno
When it comes to credit cards these days, loyalty is a misplaced virtue. After all, you’re deciding who gets control of your debt, possibly the most cynical way to make money. So, if our list of the best credit cards to use in Canada in 2017 gets you excited, be sure to make the switch. There are benefits galore if only you can find the right card for you.
1. Scotiabank Gold American Express Card
This is probably the best card to get right this moment since they’re running a fantastic offer till the end of July. Any new card holders have their first-year fee waived and get $300 in travel credit. In other words, there’s no cost to trying it out and a lot of benefits.
But it’s not just in the short term that this card provides great benefits. In the long term, you can earn 4% on money spent on gas, grocery, dining, and entertainment. You get 1% back on money spent on anything else.
Furthermore, that travel credit we mentioned? That can be spent on any travel expenses, including your hotel charge.
2. MBNA Rewards World Elite
This is the option for anyone who loves rewards programs and knows how to make them work. It is not only the best cashback credit card in Canada but also the best rewards card. You get 2% in points on whatever you spend, with no conditions attached.
Furthermore, you can choose exactly what you want to use your rewards for, including crediting the cash right back into your account or depositing it into another Canadian account.
And the first year fee? When you sign up, you get a $100 bonus, which more than makes up for the $89 you spend on fees in the first year.
3. American Express Gold Rewards Card
This card comes with a 25,000 point bonus, which can be used on 25,000 miles of travel. If you want to travel, this is an excellent option. Since the first year is free, this basically gives you the opportunity to travel to anywhere in North America at no cost, just by signing up.
Furthermore, you get 2 points per dollar on gas, groceries, pharmaceuticals, and travel purchases, which amounts to 2 miles for every dollar spent. Before long, you’ll be going on your next trip across the country or continent.
4. MBNA Platinum Plus Mastercard
While the MBNA Rewards Card is great for those who love rewards programs, the MBNA Platinum Plus is perfect for those with credit card debt. With this card, you pay 0% interest on the first 12 months, with only a 1% balance transfer fee.
There is no annual fee, which means you can save a lot of money simply transferring your debt to this account!
5. WestJet RBC World Elite MasterCard
While the American Express Gold Rewards Card is perfect for solo travelers, the WestJet RBC World Elite MasterCard allows you to take your family with you. You get $250 in travel credit just by signing up, and your partner will pay just $99 for a trip to anywhere in North America.
It also offers Travel Medical Insurance, even if you’re only driving to another part of the country or to the U.S.
6. BMO SPC Student MasterCard
Students should not have trouble getting their first credit card. It should come with no requirements for proof of income, etc. and straightforward approval process.
However, some student credit cards simply ask way too much, including that you hold a part-time job.
The BMO SPC MasterCard, however, requires no income and comes with no annual fee. You’re automatically entered into an SPC Card student program for free, and you get 10-15% discounts at hundreds of stores around Canada. You also get a welcome bonus of $60 and 1% cash back on all purchases.