Go straight to the credit card tool here.

Looking for a better credit card? You’re in luck. MoneySense is proud to present the results of the most sophisticated credit card ranking system in the country. We know the Canadian credit card marketplace can be overwhelming, with dozens of issuers offering hundreds of cards, each promising cash back rewards, free flights or low rates so you can pay off your debts faster. But which ones are the best? Comparing the different rewards systems takes a PhD in physics. As a result, many of us stick with the same old credit cards year and year out, wondering if there might be a better one for us out there somewhere.

To help you make a more informed decision, we’ve spent the last few months building a giant database of the 100 most popular credit cards in Canada. Then we designed a system to compare the features of each and every one of them. It wasn’t easy. We spent hundreds of hours reading the fine print of cardholder agreements, crunching numbers and researching consumer spending patterns.

To make our ranking as useful as possible, we started by dividing the credit card marketplace into five different card types: cash back cards, travel rewards cards, retail rewards cards, low rate cards and small business cards. Then, for each category, we came up with several different scenarios to capture how you actually use them.

For instance, the best cash back card for you depends on how much you spend each month. If you spend $500 a month, the MBNA card comes out on top. But if you spend $4,000, the Capital One card wins.

Factoring in the juicy sign-up bonus that many cards offer was another challenge. Those bonus points can completely overwhelm the points you get for your regular monthly spending. But we didn’t want to give top place to a card that doesn’t keep giving you a great return year after year. Our solution? We assumed that you’ll hang on to your new card for at least five years, and amortized the bonus points over that five-year period.

Travel rewards cards were even more complicated. Believe it or not, the best travel card for you depends not only on how much you spend, how often you travel and where you go — it actually depends on where you live. Some cards have better travel deals out of Vancouver, for instance, while others fare better out of Toronto.

But yes, we took that into account too. To find the cards that would take you farther, we looked at scenarios for nine different flights on various days from three different urban centres (just pick the one that’s closest to you). For all our scenarios, we were able to break down the nebulous value of the points or miles you earn into a tangible estimated cash value.

To get started, just answer the questions in the credit card tool. It will help you quickly narrow the field and make sure you don’t choose the wrong card category to begin with. For instance, if you carry a balance on your card, you shouldn’t even consider getting a rewards card. Thanks to the 19% interest rates on such cards, you’ll pay much more in interest every year than you get in rewards.
Once you find the category that’s best for you, you’ll find an overall list of the top cards in that category. If you want a perfectly tailored fit, look at the smaller tables that follow, which order the top cards based on specific spending patterns.

Whatever card you get, remember that credit cards are just a tool. If you use them wisely and never carry a balance, you can get valuable rewards to help your dollars go farther. But if you don’t pay them off, you’ll be the guy who’s helping to pay for someone else’s free flight.

See our methodology here.