As the largest credit card company in the world, Visa offers a wide array of benefits and types of credit cards, 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 Royal Bank of Canada, CIBC, Scotiabank or other Visa issuers, you may be inclined to choose a card that’s “in the family.” Or, you may want to take advantage of the benefits offered by the largest credit card company in the world. Whatever your reasons for considering Visa, this guide will help you find a credit card that fits your lifestyle.
When it comes to perks, cash is king. You simply can’t find a more flexible reward, so it’s no surprise that cash back cards are extremely popular. The Scotia 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. The welcome offer is pretty hard to beat: 10% cash back on everything you spend up to $2,000 in the first three months, which works out to up to $200.
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 20,000 points, which is a travel value of up to $100 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.
Click here for more details about the TD First Class Travel Visa Infinite*
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 one 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.
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 and 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.
Click here for more details about the Home Trust Preferred Visa card*
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 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 that if someone hacks your card, you won’t be on the hook.
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 almost any credit card 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, wi-fi, 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.
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 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 accidentally damaged.
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, but 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.
While perks and rewards are great, you often have to pay an annual fee in order to get them. With the Scotia Momentum No-Fee Visa card, not only do members forgo an annual fee, they’re 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.
| Visa card | Best for | Best feature explained |
|---|---|---|
| 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 |
| 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 |
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.
If a link has an asterisk (*) at the end of it, that means it's an affiliate link and can sometimes result in a payment to MoneySense which helps our website stay free to our users. It's important to note that our editorial content will never be impacted by these links. We try our best to look at all available products in the market and where a product ranks in our article or whether or not it's included in the first place is never driven by compensation. For more details read our MoneySense Monetization policy.
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