Canada’s Best Credit Cards 2016

Find which ones offer you more rewards and more cash back, based on the way you spend



From the September/October 2016 issue of the magazine.


We take pride in being your money coach and we regularly preach about the dangers of running up a high-interest balance on your credit cards. But use your card wisely, with disciplined payments and the right rewards program and you are sure to come out ahead. Besides, it’s hard to function without a credit card; when was the last time you tried to book a hotel room, rent a car or book a flight online without one? In responsible hands, credit cards can be a powerful tool to help you monitor and manage your purchases, with some rewards as gravy on top. Each year, we put together this package with fresh updates to our online Credit Card Selector Tool to help Canadians match their spending habits with the most appropriate card. The right one for you might be cash back, retail rewards or travel cards that will help you see the world. To see the winning cards and runners-up in each category, see the links below.

Read more:

Expert hacks to boost loyalty points »

Canadians are most satisfied with these cards »

Knock 10% off your credit card balance »

Two cash-back cards are better than one »

Best cash-back cards »
Best low rate cards »
Best retail rewards cards »
Best student cards »
Best travel rewards cards »
Best business cards »

Published by MoneySense™ magazine, the Canada’s Best Credit Cards 2016 ranking evaluated certain credit cards on category-specific criteria, based on publicly available data as of July 2016. Usage assumptions made to calculate the value of the rewards may not reflect your own use. The Canadian credit cards available and the specific credit card terms may have changed since the data was compiled. Canada’s Best Credit Cards 2016 ranking is created for information purposes only and is not intended as financial advice. The information provided is not guaranteed and no representations or warranties can be made as to the accuracy or completeness of such information. Visit for full CCBC16 methodology.

Publié par le magazine MoneySenseMC, le classement Canada’s Best Credit Cards 2016 a évalué certaines cartes de crédit canadiennes selon des critères liés à une catégorie en fonction de données accessibles au public en date de août 2016. Les hypothèses sur l’utilisation qui ont servi à calculer la valeur des récompenses peuvent ne pas refléter votre propre utilisation. Les cartes de crédit canadiennes offertes et les modalités propres aux cartes de crédit peuvent avoir été modifiées depuis la compilation des données. Le classement Canada’s Best Credit Cards 2016 est créé aux fins d’information seulement et n’a pas pour but de donner des conseils financiers. L’information fournie n’est pas garantie et il n’y a aucune représentation ni garantie à l’égard de l’exactitude et de l’exhaustivité de l’information. Méthodologie du palmarès Canada’s Best Credit Cards 2016:

6 comments on “Canada’s Best Credit Cards 2016

  1. For the second year in a row you omitted a mention of Capitol One cards. I signed up for one three years ago, when it was Money Sense’s top recommendation. I am very happy with the way it allows me to rack up points for travel, which are very easy to redeem.
    Btw – Your calculator to select the best card does not work.


    • Hi Martin, could you elaborate on the issues you’re encountering with our credit card selector tool? We’d like to help! Thanks


  2. You never mentioned VIsa


    • As a new “owner” of Tangerine’s new cash back card, I was surprised that it wasn’t higher on your list. When our regular grocery store stopped accepting Visa, we were forced to ditch our Momentum’s and switch cards as food and gas are 2 of our highest costs. I cannot say enough good things about the Tangerine MC. Not only do you get 2 x 2% categories and an addition one if you get the cash back deposited into savings (plus 1% on everything else), it comes with a whole host of other perks that I feel highlight it the best.
      1. No annual fee
      2. No more waiting an entire year for your cash back to be deposited. You get it monthly which as far as I know, no other card offers.
      3. You can change your categories at ANY time and there’s about 6 to choose from. Most other cards dictate what you get your cash back on.
      4. You get double the cash back for the first 3 months.

      I also find the fact that you listed it as a “if you spend under $500/mth” as a bit misplaced. Because of this card, my husband and I use it for every purchase we make, big or small, and pay it off at the end of the month. We managed to rack up a whopping $300 in as little as 5 months. (Mostly due to the 3 month double cash back promo and a planned cross-country road trip) While I don’t expect to get that kind of reward now that our 3 months have expired and our trip is over, I am still confident that it will outlast my Momentum Visa’s at any rate. With them, we were barely making enough cash back to pay off his Infinite fee of $99/yr and my Momentum fee of $39/yr.
      We have been banking with Tangerine for a few years now and they definitely do not get the credit that they deserve. Nothing feels better than keeping more of your money in your pocket and not having to pay a bank to access what you (presumably) worked very hard for.


  3. You should explain that even with a credit score of 700 many Credit Cards will not accept your application
    The banks like making money so why would they give you a lower interest card To help mankind lower its debt


  4. Do you recommend a US$ Credit Card? Is there one for Canadians for no fee?


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