Compare the best credit cards in Canada - Ratehub.ca (2024)

FAQs

What is the best card to use in Canada? ›

You can use your Canadian credit card to cover your expenses, but it'll cost you. A U.S. currency credit card may save you money. Since your purchases and payments are made entirely in U.S. dollars, you don't have to worry about currency exchange fees.

What Is a Typical Interest Rate for a Credit Card? Interest rates vary by credit card. Canadian cards typically run between 19.99% and 25.99%, although there are low-interest rate cards like the MBNA True Line Mastercard that charges a standard APR rate as low as 12.99%.

Consider factors like your spending habits, annual fees, rewards, interest rates, and additional benefits when choosing a credit card. Compare options to find one that aligns with your financial goals and lifestyle.

If you're using a US-issued credit card for a trip or vacation to Canada, just make sure it has no foreign transaction fees. Visa, Mastercard and Amex are all widely accepted in Canada. Sources used for this article: BMO - BMO Ascent World Elite Mastercard.

The fee is about 2.5% in addition to the foreign exchange rate. Any thrifty Canadian who makes frequent purchases in US dollars should want to minimize these fees.

Yes, cards issued by U.S. Bank can be used in most foreign countries.

Canadian credit cards are available to non-residents and newcomers alike. Even without a credit history in the country, you can sign up for a variety of different cards, including store cards, prepaid cards, and secured credit cards.

One of the best low interest credit cards is the MBNA True Line Gold Mastercard offers the lowest interest rate on the market currently at 8.99%. With this card, you'll enjoy a low, fixed interest rate on purchases balance transfers, and cash advances.

What is a good credit rate in Canada? ›

In Canada, according to Equifax, a good credit score is usually between 660 to 724. If your credit score is between 725 to 759 it's likely to be considered very good. A credit score of 760 and above is generally considered to be an excellent credit score. The credit score range is anywhere between 300 to 900.

The best credit card overall is the Wells Fargo Active Cash® Card because it gives 2% cash rewards on all purchases and has a $0 annual fee. For comparison purposes, the average cash rewards card in 2024 gives about 1% back.

Credit cards

Credit card issuers typically charge fees for international transactions and you may get the best exchange rate and fees lower than those associated with exchanging cash. However, you should not use your credit card to withdraw money from an ATM, because the fees and interest charges are usually very high.

If you're travelling internationally, it's best to bring a no-foreign-transaction-fee credit card so you don't waste funds just because you're shopping in another currency.

Most casual visitors to Canada should use their credit cards for purchases and make larger ATM local currency withdrawals at Canadian banks, but frequent travelers should talk to their banks about the best debit and credit cards for these purposes.

Visa and Mastercard are the most widely accepted credit card networks, and you should be able to use their cards at any merchants that take credit cards in Canada. American Express cards aren't accepted everywhere in Canada but they work at “thousands” of places, according to Amex.