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 Balance Transfer Card

MBNA True Line® Mastercard® credit card

Card Details

Main Feature

You could get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening

Annual Fee

$0

Interest Rates

Purchase APR: 12.99%

Balance Transfer APR: 0% for 12 months

Cash Advance APR: 24.99%

†, ✪, Terms and Conditions apply.

This offer is not available for residents of Quebec. For residents of Quebec, please click here.

Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.

The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.

Why we like it

Transferring a balance from a high rate card to a low rate card can save hundreds (or thousands) of dollars in interest payments. And you can’t beat a 0% interest rate. That’s why our top pick for best balance transfer card goes to the MBNA True Line® Mastercard®. This card works well if you are serious about paying down debt. However, if you are simply looking to make minimum payments on your transferred balance there may be better options. The go-to interest rate is pretty good compared with other cards, but you will want to pay down as much as possible within the intro period for the best results.

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 three 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: MBNA Smart Cash Platinum Plus® Mastercard®

Best Travel Rewards Card

The Marriott Bonvoy® American Express®* Card

Card Details

Main Feature

New Marriott Bonvoy® American Express®* Cardmembers earn 50,000 Marriott Bonvoy® points after you charge $1,500 in purchases to your Card in your first three months of Cardmembership. Subject to change at any time

Annual Fee

$120

Additional Cardholders: No Annual Fee

Interest Rates

Purchase APR: 19.99%

Balance Transfer APR: N/A

Cash Advance APR: 21.99%

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 travel insurance coverages are a nice benefit at this price point ($120 annual fee). Enjoy an Annual Free Night Award after your Card anniversary each year. 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

MBNA Rewards World Elite® Mastercard®

MBNA World Elite Rewards
Card Details

Main Feature

20,000 bonus points†† (approximately $165 in cash back value) after you make $2,000 or more in eligible purchases within the first 90 days of your account opening.

Annual Fee

$120

Interest Rates

Purchase APR: 19.99%

Balance Transfer APR: 22.99%

Cash Advance APR: 24.99%

††, ‡, ✪, ***, ††††, Terms and Conditions apply.

This offer is not available for residents of Quebec. For residents of Quebec, please click here.

Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.

The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.

Why we like it

Mastercard World Elite cardholders expect – and receive – VIP treatment. With the MBNA Rewards World Elite card you’ll have plenty of opportunities to earn piles of bonus points. Get bonus points with an intro spend, bonus points for enrolling in e-statements, and even bonus points on your birthday. You can also earn up to 5 points per dollar spent in select categories. Redeem rewards your way, with cash back, gift cards, merch, or travel. With a $120 annual fee this card might not be for everyone, but its premium benefits are perfect for the “VIP”.

Runner Up: BMO CashBack® World Elite®* Mastercard®*