CreditCardsCanada.ca presents

The Best Credit Cards of 2022

Sign-up bonuses and rewards are only good if you get a credit card that matches your needs and spending patterns. This list of cards, compiled by our experts, breaks down the best Canadian credit cards of 2022.

Best Premium Cash Back Card

SimplyCash® Preferred Card from American Express

Card Details

Main Feature

In your first 10 months as a new SimplyCash® Preferred Card from American Express Cardmember, you can earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months

Annual Fee

$9.99/month (Equals a total fee of $119.88 annually)

Interest Rates

Purchase APR: 20.99%

Balance Transfer APR: N/A

Cash Advance APR: 21.99%

Why we like it

Cash back is great. What’s even better? Not having to deal with special categories to earn the full cash back rate. That’s where the SimplyCash Preferred Card from American Express really shines. You’ll get 2% cash back on all your purchases without having to jump through hoops. Be sure to take advantage of the introductory rate of 10% on purchases for the first 4 months of Cardmembership (up to $400 cash back.) The annual fee is competitive with other premium cash back cards, but make sure the cash back you earn outweighs the costs based on your spending habits. Other factors to consider: American Express offers some of the best customer service in the industry. Plus, it’s easier than ever to manage your account with the Amex App.

Best Cash Back Card

Tangerine Money-Back Credit Card 

Card Details

Main Feature

Earn 2% Money-Back Rewards on your everyday purchases in two 2% Money-Back Categories of your choice, and 0.50% Money-Back Rewards on all your other everyday purchases.

Annual Fee

$0

Interest Rates

Purchase APR: 19.95%

Balance Transfer APR: 1.95% for 6 statement periods

Cash Advance APR: 19.95%

Why we like it

If you believe “cash is king”, the best choice is obvious – a cash rewards credit card. Our top pick for best cash back card goes to the Tangerine Money-Back Credit Card. This unique card allows you to earn 2% cash back in two categories of your choosing, and 0.5% everywhere else. Since everyone has different spending habits, this feature allows you to customize your rewards program and ultimately earn more cash back than competing cards. With no annual fee, this card can add to your bottom line – when paid off every month. If you’re looking for a great cash back rewards card, add the Tangerine Money-Back Card to your wallet.

Runner Up: Scotia Momentum® VISA* Infinite Card

Best Travel Rewards Card

Scotiabank®* Gold American Express® Card

Card Details

Main Feature

Earn up to $850* in value in the first 12 months, including up to 45,000 bonus Scene+ points and first year annual fee waived.1. Offer ends 30 April 2023.

Annual Fee

First year annual fee waived, then $120

Additional Cardholders: $29

Interest Rates

Purchase APR: 20.99%

Balance Transfer APR: 22.99%

Cash Advance APR: 22.99%

Why we like it

This card has it all: bonus points for signing up, increased rewards in select categories, and extraordinary travel benefits. We think this card works best for the frequent traveler or business professional making the most of an expense budget. The complimentary concierge services are a nice benefit at this price point ($120 annual fee). You also get access to Priority Pass Lounges worldwide. While the American Express brand might not have the same merchant acceptance as other issuers, this shouldn’t be a problem for most people. You will need to have good to excellent credit to be approved for this card.

Best Business Credit Card

American Express Business Edge™ Card

Card Details

Main Feature

Earn up to 67,000 welcome bonus Membership Rewards® points

Annual Fee

$99

Interest Rates

Purchase APR: 19.99%

Balance Transfer APR: N/A

Cash Advance APR: 21.99%

Why we like it

Whether you’re a solo entrepreneur or a small business with 20 employees, choosing the right credit can have a significant impact on your bottom line. So it’s easy to see why the American Express Business Edge™ Card tops our list for best business credit cards. Costs are minimal. There’s a $99 annual fee and free supplemental cards for up to 99 employees. Unlike other AMEX Business cards you do have the option of paying over time, but the interest rate is not considered low. Rewards are generous. Earn 45,000 Welcome Bonus points when you charge $5,000 in purchases to your Card in your first three months of Cardmembership. In our opinion, this is one of the best bonus points offer of any business credit card in Canada. Additional business specific benefits round out the offer including employee card misuse protection, car rental theft & damage insurance, and expense management tools and resources. The Business Edge Card also comes with excellent point redemption options including travel, dining, entertainment, and gift card options. Use points to pay for your Amazon.ca purchases at checkout or simply redeem points for statement credits.

Best Premium Rewards Card

Scotia Momentum® VISA Infinite* Card

Scotia Momentum VISA Infinite Card
Card Details

Main Feature

SPECIAL OFFER: Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). No annual fee in the first year, including on supplementary cards. Offer ends April 30,2023

Annual Fee

First year free, then $120

Additional Cardholders: $50/year (First-year annual fee waived)

Interest Rates

Purchase APR: 20.99%

Balance Transfer APR: 22.99%

Cash Advance APR: 22.99%

Why we like it

Visa Infinite cardholders expect – and receive – VIP treatment. With the Scotia Momentum® card you’ll get complimentary 24/7 concierge for any request, big or small. With exclusive entertainment access you can take advantage of advance ticket purchases, and exclusive VIP and backstage access to some of the biggest shows. Through the Visa Infinite Dining Series you have access to exclusive culinary experiences and private wine tastings. For the world traveler, the Visa Infinite Luxury Hotel Collection gives you access to over 900 luxury hotels around the world with automatic room upgrades and more. This card isn’t for everyone, but its premium benefits are perfect for the “VIP”.

Runner Up: CIBC Aerogold® Visa Infinite* Card