This page was updated on May 17, 2022 by John
Here is our complete list of all of the top credit cards that are available for Canadians. Please feel free to browse through the key facts and then to read our in depth credit card reviews for all of the complete details. Each of the featured cards below have been reviewed and approved by Premium Suppliers and will be a great addition to your wallet.
These cards will help to get you organized, get you saving money and also get you earning money. They are an important tool for you to use along your journey to financial independence.
2022 Best Credit Cards for Canadians
- Best Cash Back Credit Card: TD Cash Back Visa Infinite Card – bonus – 10% Cash Back for 3 months
- Best Rewards Credit Card: TD 1st Class Travel Visa Infinite Card – bonus – Earn up to 100,000 TD Points
- Best No Fee Credit Cards: TD Rewards Visa Credit Card – bonus – Earn a $50 value in TD Rewards Points
- Best Low Rate Credit Cards: TD Emerald Flex Rate Visa Card – bonus – 6.49% interest rate on purchases for 6 months
- Best Prepaid Cards: BMO Prepaid Travel Mastercard – bonus – $6.95 Annual Fee
Credit Cards by Bank
What are Credit Cards and How do they Work?
A credit card is most often used to make purchases in person or online, to pay bills or it can also be used to withdraw cash. This is basically a short term loan that is offered by the credit card company. When you apply and are accepted for a new credit card, the credit card company will set a spending limit, which is the amount of credit that you can use to make purchases or pay bills.
When you make charges to your card it will be deducted from your credit limit. You will receive a statement monthly and when you pay money towards your balance this will be added back to your credit limit. It is recommended to pay your full balance every month to avoid high interest charges.
Transactions Explained in Detail
- Make a purchase with your card – This started with inserting and moved to swiping and now all that you need to do is tap. Unless, of course, you are buying online, where you need to manually enter all details including your password and CCV number.
- Patiently wait for confirmation – It may take anywhere from a few seconds to a few minutes for your purchase to be authorized. Once confirmed with your credit card company you are all set.
- Credit card provider pays the vendor – Typically, a payment can take anywhere from 24 hours up to three days to process. The card provider will first deduct the service fees before paying the merchant.
- Receive your statement, check it and pay – Every month your statement will arrive on about the same date. It will detail your transactions, minimum payment amount and payment due date. If you pay the minimum amount, there will be interest charges on your next statement. The interest can be high so do your best to pay the full balance, if possible.
Top 5 Pros and Cons of Having a Credit Card
As with everything there are reasons to have a credit card and reasons against having one. Check our list below to make sure the advantages outweigh the disadvantages for your personal situation.
There are a lot of options when it comes to choosing a new credit card in Canada in 2022. For most of us, having a card is a necessity. If you spend the time to do your due diligence, your new card will be financially beneficial to you. We hope that we can give you the answers to make the right choice of you next Canadian Credit Card.