Some credit cards offer travel rewards, others offer cash back or low interest. There’s a lot to choose from and picking the right card can you save you a lot of money.
Online interest rate comparison site, RateSupermarket.ca, recently released its rankings of the best credit cards in Canada.
"It compared cards by looking at 24 months worth of interest rates, annual fees, cash back offers, promotion rates and bonuses," said company spokesperson Penelope Graham.
Top cash back rewards
The Scotia Momentum Visa Infinite takes top spot. The card earns four per cent on the dollar on gas and grocery purchases, the highest non-promotional rate in Canada. It also lets you earn two percent on pharmaceutical purchases and recurring bill payments.
Top travel rewards
If you want your credit card purchases to help make that beach vacation a reality, the top travel rewards card according to ratesupermarket.ca is the BMO World Elite.
“What's really fantastic about this card is right off the bat you're getting a $300 sign up bonus," said Graham.
For every dollar spent, you earn two BMO rewards points on all purchases with no restrictions. Those points can then be redeemed on any airline, and any flight, with no blackout periods.
Top ultra low interest card
The MBNA Trueline MasterCard is ranked number one. The card tailors its interest rate based on your credit score. Rates offered are as low as 5.99 per cent on all your purchases.
Top low balance transfer card
The MBNA Platinum Plus MasterCardtakes top spot. It offers a zero per cent interest rate for a full 12 months.
A warning though, all new purchases will be charged at the regular interest rate with no grace period.
"So transfer it over, pay it down, put it in a safe, lock it up, don't use it and give yourself an interest break," said Graham.
Click here for a full list of the top three credit cards in each category.
