When consumers shop for a new credit card, they typically look at the ability to collect points, insurance coverage, fees, and interest rates on unpaid balances—not at the credit card processor. 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, you’re sure to find a credit card that fits your lifestyle. Here are five of our top picks.
The best Visa credit cards in Canada
- Scotia Momentum Visa Infinite — Best Visa credit card for cash back
- TD First Class Travel Visa Infinite — Best Visa credit card for travel
- Scotia Momentum No-Fee Visa — Best no-fee Visa credit card
- Home Trust Preferred Visa — Best no foreign transaction fee Visa credit card
- RBC Visa Classic Low Rate Option — Best low-interest Visa credit card
Best Visa card for cash back
Scotia Momentum Visa Infinite*
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 gas and groceries, 2% on recurring bills and drugstore purchases, and 1% on everything else—and its robust purchase and travel protection. (Note there is a minimum annual income of $60,000 or a minimum household income of $100,000 requirement to be approved for the card.)
- Annual fee: $99 (waived for first year)
- Earn rate: 4% on gas and groceries, 2% on recurring bills and drugstore purchases, and 1% 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; purchase protection and extended warranty
Click here for more details about the Scotia Momentum Visa Infinite*
Best Visa card for 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 you can redeem for rewards, including travel. For new cardholders signing up before December 1, 2019, there’s an outstanding bonus of up to 90,000 points, which is a travel value of $450. 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)
- Welcome bonus: Up to 90,000 TD Points (20,000 when you make your first purchase; earn 2X points on purchases for the first 3 months, to a maximum of 60,000 points; and 10,000 points if you add an authorized card user by December 1, 2019)
- Earn rate: 9 TD Points per dollar for flights booked online through Expedia; 6 TD Points per dollar for flights booked on the phone through Expedia; and 3 TD Points per dollar spent on everything else
- Additional benefits: Travel emergency medical, travel accident, car rental, trip interruption, flight interruption, and delayed and lost baggage insurance; discounted Priority Pass airport lounge access membership; access to Visa Infinite experiences; purchase protection and extended warranty; savings with Avis and Budget car rentals
Click here for more details about the TD First Class Travel Visa Infinite*
Best Visa card for no-fee rewards
Scotia Momentum No-Fee Visa Card*
While perks and rewards are great, it can chafe 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.
- Annual fee: $0
- Welcome bonus: 7.99% introductory interest rate for six months
- Earn rate: 1% cash back at gas stations, grocery stores, drug stores and for recurring bills, and 0.5% on everything else
- Additional benefits: Free additional cards; up to 25% off on car rentals at Avis
Click here for more details about the Scotia Momentum No-Fee Visa Card*
Best Visa card for no foreign transaction fees
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 with no limits. And the card has no annual fee, so you keep more of your money in your wallet.
- Annual fee: $0
- Welcome bonus: None
- Earn rate: 1% on all purchases with no limits
- Additional benefits: Roadside Assist membership, car rental collision insurance, purchase security
Click here for more details about the Home Trust Preferred Visa card*
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 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.
- Annual fee: $20
- Welcome bonus: N/A
- Earn rate: N/A
- 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
MORE ON CANADA’S BEST CREDIT CARDS:
- Overall Best Credit Cards in Canada
- Best Travel Credit Cards
- Best Travel Insurance Credit Cards
- Best Cash Back Credit Cards
- Best No Foreign Transaction Fee Cards