By Keph Senett and Jordan Whitehouse on November 20, 2020

Canada’s Best Visa Credit Cards 2020

By Keph Senett and Jordan Whitehouse on November 20, 2020

As the world's largest credit card company, Visa offers a wide array of credit cards and benefits, making it easy to find one that works for you.

When consumers shop for a new credit card, they typically look at the ability to collect points, the insurance coverage offered, fees and interest rates on unpaid balances—not at the credit card company itself. But if you already have an account with RBC, CIBC, Scotiabank or any other Visa issuers, you may be inclined to choose a card that’s “in the family.” Or, maybe you want to take advantage of the benefits offered by the largest credit card company in the world—Visa. Whatever your reasons for considering Visa, this guide will help you find a credit card that fits your lifestyle.

The best Visa credit cards in Canada

^{These are credit cards offered by Ratehub partners. You can find information about additional product options below.}

Card	Rewards / Features	Annual fee
BMO eclipse Visa Infinite (get more details)*	5 BMO pts/$1 on groceries, dining, gas & daily transit 1 pt/$1 on everything else $50 annual credit	$120
TD First Class Travel Visa Infinite (get more details)*	9 TD pts/$1 on travel (via ExpediaForTD) 3 pts/$1 on everything else	$120
TD Aeroplan Visa Infinite (get more details)*	1.5 pts/$1 on groceries, gas & Air Canada 1 pt/$1 on everything else Free first checked bags on Air Canada	$139
Home Trust Preferred (get more details)*	1% cash back on CAD purchases No FX Fees	$0

Best Visa card for everyday spending

BMO eclipse Visa Infinite*

If you’re looking to get rewards for everyday spending, you’ll want to consider the BMO eclipse Visa Infinite. With this card, you’ll earn a lucrative 5 BMO Rewards points (3.5% in travel rewards) per $1 spent on food and transit, including groceries, dining, gas, public transit, taxis and rideshares. These are top spending categories for most Canadians, particularly millennials and young professionals. And this card defines its categories broadly, so you can even get accelerated returns on food delivery and home meal kits. Everything else earns at a rate of 1 point per $1, which works out to a somewhat lukewarm 0.7% in travel rewards. But the annual $50 lifestyle credit, which is basically free money and awarded every January, makes up for it. You can also boost your rewards by 10% when you add an additional cardholder to your account, which costs $50 per card annually.

Rewards are simple to redeem at bmorewards.com, where you can trade points for travel at a rate of 140 points per $1 (or 0.71% per point). Or you can redeem at 200 points per $1 (0.5% per point) as a statement credit towards virtually anything you purchased on your within the past 30 days when you use the Pay With Points program. Talk about flexibility; you can even put your points towards your BMO investment account.

Annual fee: $120 (waived for first year)
Welcome bonus: Up to 40,000 BMO Rewards points (25,000 points after you spend $3,000 in the first 3 months plus 15,000 points on your first anniversary)
Earn rate: 5 BMO Rewards points on groceries, dining in and out, gas and transit, and 1 point per $1 on everything else
Our favourite features: $50 lifestyle credit every year
Additional benefits: Travel insurance including out-of-province and country emergency medical insurance, common carrier and car rental collision/loss and damage insurance coverage; up to $1,000 mobile device insurance; Visa Infinite privileges
Minimum income requirement: $150,000 or $200,000 (household)

Get more details about the BMO eclipse Visa Infinite*

Best Visa credit card for cash back

Scotiabank Momentum Visa Infinite

When it comes to perks, cash is king. You simply can’t find a more flexible reward currency, so it’s no surprise that cash back cards are extremely popular. The Scotiabank Momentum Visa Infinite tops our list for its high earn rate—4% on groceries and recurring bills, 2% on gas and daily transit (including public transit, taxis and rideshares), and 1% on everything else—and its robust purchase and travel protection.

Annual fee: $120 (waived for first year)
Welcome bonus: 10% cash back for all purchases up to $2,000 within the first 3 months
Earn rate: 4% on gas and recurring bills; 2% on gas and daily transit; 1% on everything else
Additional benefits: Mobile device insurance, travel emergency medical and travel accident coverage, car rental damage/loss waiver, flight interruption and delayed and lost baggage insurance; and access to Visa Infinite experiences
Minimum income requirement: $60,000 or a minimum household income of $100,000

Best Visa card for flexible travel rewards

TD First Class Travel Visa Infinite*

From providing purchase protection and insurance coverage to offering opportunities to earn travel rewards, credit cards have revolutionized travel. Our top pick in this category, the TD First Class Travel Visa Infinite Card, allows you to earn TD Points which you can redeem for rewards, including travel.

For new cardholders there’s a bonus of up to 60,000 points, which is a travel value of up to $300 when redeemed online at ExpediaforTD.com. In addition to the sign-up incentive, this card gets first pick for its flexibility. Rewards can be applied to any travel expense—not just flights.

Annual fee: $120 (rebated for the first year, along with $50 fee for first additional cardholder)
Welcome bonus: Up to 60,000 TD Points when you make your first purchase
Earn rate: 9 TD Points per $1 on travel booked online through Expedia; 6 TD Points per $1 for travel booked on the phone through Expedia; and 3 TD Points per $1 spent on everything else
Additional benefits: Travel emergency medical, travel accident, car rental, trip interruption, flight interruption and delayed and lost baggage insurance; access to Visa Infinite experiences; car rental savings with Avis and Budget
Minimum income requirement: $60,000 or a minimum household income of $100,000

Get more details on the TD First Class Travel Visa Infinite*

Best airline Visa card

TD Aeroplan Visa Infinite*

Aeroplan is one of the largest travel rewards programs in Canada—and with a recent refresh, launched in November 2020, now is a great time to reconsider the card in your wallet. Travel rewards are hugely popular and finding the best program can be confusing. However, if Air Canada is your airline of choice, things just got a whole lot easier. That’s because with the TD Aeroplan Visa Infinite, you’ll get a bunch of Air Canada perks like preferred pricing that can get you a better deal on Air Canada when booking travel with points, and a free first checked bag on Air Canada for you and up to eight travel companions. New cardholders can take advantage of a massive welcome bonus that includes the ability to score a Buddy Pass so a friend can travel with you, for free, 10,000 Aeroplan points when you make your first purchase, plus an annual fee rebate for the first year. The all-new Aeroplan rewards chart and generous stopover policy means you can get great value on your points when redeeming for travel on Air Canada as well as over two dozen Star Alliance partner airlines.

Annual fee: $139 (rebated first year)
Welcome bonus: 10,000 Aeroplan points when you make your first purchase, and a Buddy Pass when you spend $1,000 within the first 90 days. Plus, for a limited time, earn 1.5 bonus Aeroplan points for each $1 spent on eligible purchases at participating Starbucks locations
Earn rate: 1.5 Aeroplan points for every $1 spent on eligible gas, grocery and Air Canada purchases, and 1 point per $1 spent on everything else
Our favourite features: Comprehensive travel insurance, free checked bags on Air Canada, and ability to earn a Buddy Pass make this a very attractive card
Additional benefits: Hotel-motel burglary insurance; auto rental collision/loss damage insurance; new mobile device insurance up to $1,000; Nexus application rebate of up to $100 every 48 months
Minimum income requirement: $60,000

Get more details on the TD Aeroplan Visa Infinite*

Best no fee Visa card for rewards

Simplii Financial Cash Back Visa

For a no fee card, this Visa comes with some great rewards. You’ll earn 4% on the first $5,000 you spend at restaurants, bars and coffee shops; 1.5% on the first $15,000 spent on gas, groceries and at drugstores; and 0.5% on everything else, with no limit. The welcome offer is very generous, with 10% cash back at restaurants and bars for the first four months (on spends up to $500). However, each of the bonus categories has a cap, meaning that earns exceeding the cap amount drop down to the base 0.5% rate. Note that you must currently hold a Simplii financial bank account to qualify for the card.

Annual fee: $0
Welcome bonus: 10% cash back at restaurants and bars during the first 4 months up to a $500 spend
Earn rate: 4% cash back at restaurants, bars and coffee shops (up to $5,000 spend); 1.5% back on gas, groceries, drugstore purchases and pre-authorized payments (up to $15,000 spend); 0.5% on all other purchases
Additional benefits: Purchase security and extended protection insurance
Minimum income requirement: $15,000

Best Visa card for no foreign transaction fees

Home Trust Preferred Visa*

For travellers and cross-border shoppers, a card that doesn’t charge foreign transaction fees is a revelation. Most credit cards apply a surcharge of 2.5% to 3% in foreign transaction fees on top of the currency exchange, bumping up your cost for products and services purchased in different currencies. With that surcharge out of the way, you’re already saving—but the Home Trust Preferred Visa goes one better. It lets you earn 1% cash back on all purchases in Canada. And the card has no annual fee, so you keep more of your money in your wallet.

Annual fee: $0
Earn rate: 1% on all purchases in Canada
Additional benefits: Roadside Assist membership; car rental collision insurance; purchase security
Minimum income requirement: $15,000

Get more details on the Home Trust Preferred Visa*

Best Visa card for low interest

RBC Visa Classic Low Rate Option

For students or those carrying debt, rewards and perks may be less important than having a credit card with low interest. RBC offers the Visa Classic Low Rate Option credit card. For the very affordable annual fee of $20, cardholders receive an interest rate of 11.99% on purchases and cash advances. Though basic, this card provides purchase protection and extended warranty protection, as well as zero liability protection against fraud, meaning if someone hacks your card, you’re not on the hook.

Annual fee: $20
Earn rate: N/A
Interest rate: 11.99%
Additional benefits: Free additional card; save 3¢ per litre on fuel at Petro-Canada gas stations when you link your credit card to your Petro-Points account; option to save at select retailers, such as Roots, Indigo and The Keg restaurants, through RBC Offers
Minimum income requirement: None specified

Best Visa card for lounge access

Scotiabank Passport Visa Infinite Card

Travel rewards cards aren’t just about collecting points and getting insurance coverage; many give you access to airport lounges all over the world. And while some get you a few free lounge visits, the Scotiabank Passport Visa Infinite card gets you a Priority Pass membership and six free visits per year to your choice of more than 1,300 lounges, no matter your airline or class of service. That’s more free visits than most credit cards with an annual fee of $150 or less. Plus, you can use those free visits for your travel companions we well. Instead of waiting at the gate, you can enjoy comfy chairs, WiFi, bar beverages and soft drinks; some lounges offer spa services at extra charge, as well as shower facilities and nap rooms. Travellers will also appreciate that there are no transaction fees on foreign currency purchases they make with this card.

Annual fee: $139
Welcome bonus: New cardholders get 35,000 bonus points ($350 towards travel) by spending $1,000 in eligible purchases within the first three months
Earn rate: 2 Scotia Rewards Points per $1 on the first $50,000 in eligible purchases; 1 Scotia Rewards Point on every $1 spent over $50,000 limit and on all other purchases
Additional benefits: No foreign transaction fees; 6 complimentary airport lounge visits
Minimum income requirement: $60,000 or a minimum household income of $100,000

Best Visa card for travel insurance

Meridian Visa Infinite Travel Rewards

Most credit cards come with some type of travel insurance, but our pick for the most comprehensive coverage is the Meridian Visa Infinite Travel Rewards Card. Typically, cards come with $1 million in medical emergency coverage for a few weeks of travel, with little to no coverage for seniors; however, this card comes with up to $5 million per person for trips of up to 48 days if you’re 59 and under (23 days for ages 60 to 64). Even seniors up to the age of 75 will receive complimentary coverage for up to 15 days. It also includes solid trip cancellation and trip interruption insurance, flight delay insurance, baggage insurance and vehicle rental insurance. To top it all off: The card comes with up to $1,000 in mobile device insurance that’ll cover your cell phone if it’s lost, stolen or damaged.

Annual fee: $99 (waived for first year)
Welcome bonus: None
Earn rate: 1.5 points per $1 spent on all Canadian purchases and 3 points per $1 on foreign purchases
Additional benefits: Access to Visa Infinite benefits including 24/7 concierge services and hotel stay upgrades at eligible locations
Minimum income requirement: $60,000 or a minimum household income of $100,000

Best Visa card for students

Scotiabank Scene Visa card

If you’re a student who wants to build up your credit history, earn rewards and not pay an annual fee, then consider the Scotiabank Scene Card. The big perk is that you can earn points on everyday purchases towards free movies, which require 1,250 Scene Points each. Plus you’ll get discounts at restaurants, and up to 25% off car rentals at participating Avis and Budget locations as well. It’s also an easy card to qualify for, as it requires a modest annual income of $12,000.

Annual fee: $0
Welcome bonus: 2,500 Scene Points with your first $500 in purchases made in the first 3 months
Earn rate: 1 Scene Point for every $1 spent; 5 Scene Points for every $1 spent at Cineplex theatres or cineplex.com
Additional benefits: $10 off participating restaurants when you redeem 1,000 points; 25% off base rates at participating Avis and Budget car rental locations
Minimum income requirement: $12,000

Honourable mention

Scotiabank Momentum No-Fee Visa

While perks and rewards are great, you often have to pay an annual fee in order to get them. With the Scotiabank Momentum No-Fee Visa card, not only do members not pay an annual fee, they’re also given the opportunity to earn cash back. And with an introductory interest rate of 7.99% for the first six months, you can take advantage of transferring balances from higher-interest cards.

Annual fee: $0
Welcome bonus: 7.99% interest rate on everyday purchases for the first 6 months (19.99% after)
Earn rate: 1% cash back at gas stations, grocery stores, drug stores and for recurring bills; 0.5% on everything else
Additional benefits: Free additional cards; up to 25% off on car rentals at Avis
Minimum income requirement: None specified

Overview: Canada’s best Visa credit cards

Visa card	Best for	Best feature explained
BMO eclipse Visa Infinite	Everyday spending	Huge points bonus on all food and transit spending
Scotia Momentum Visa Infinite	Cash back	Earn 10% for 3 months. Afterwards, get 4% cash back on groceries and bills
TD First Class Travel Visa Infinite	Travel	Up to 9 TD points per $1 on travel purchases. Redeem points for flights any airline through ExpediaforTD.com
TD Aeroplan Visa Infinite Visa	Airline credit card	Lucrative rewards chart and free first checked bags
Simplii Financial Cash Back Visa	No fee	4% on dining (up to $5,000 annual spend)
Home Trust Preferred Visa	No foreign transaction fees	2.5% savings on all foreign purchases
RBC Visa Classic Low Rate Option	Low interest	12.99% annual interest rate on purchases
Scotiabank Passport Visa Infinite	Airport lounge access	6 free annual passes to Priority Pass lounges
Meridian Visa Infinite Travel Rewards	Travel insurance	Up to $5 million in travel medical emergency coverage for 48 days. Up to 15 days coverage for seniors
Scotiabank Scene Visa card*	Students	Earn Scene points on every purchase
Scotia Momentum No-Fee Visa	Honourable mention	No annual fee and up to 1% cash back

Our methodology

For the best Visa credit cards 2020 ranking, we categorized credit cards based on the best feature of each. Our rankings also took into account the annual fee; rewards earn rate, if applicable; and additional benefits, such as purchase protection, automobile roadside assistance and bonus opportunities to earn rewards.

‡MoneySense.ca and Ratehub.ca are both owned by parent company Ratehub Inc. We may be partnered with some financial institutions, but this does not influence the “Canada’s Best Credit Card” rankings. You can read more about this in our Editorial Code of Conduct.

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