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Updated: Sep 6, 2023, 9:05pm
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If you have a Visa-branded credit card, you’ve chosen a secure payment method accepted in over 200 countries—and one that often offers perks, insurance and ample opportunity to earn cash back and rewards, to boot. Higher tiers can even unlock extra travel benefits, hotel upgrades, entertainment events, dining experiences and other exclusive offers. This Forbes Advisor guide has compiled the best Visa credit cards to help Canadians find the right card for different lifestyles and spending habits.
Feature Partner Offer
1
Scotia Momentum Visa Infinite Card
On Scotiabank’s Secure Website
Welcome Bonus
10% cash back for three months
Annual Fee
$120 (waived for the first year)
Regular APR
20.99%
2
TD Cash Back Visa Infinite* Card
On TD’s Website
Welcome Bonus
Up to $500 in value
Annual Fee
$139 (Get an annual fee rebate in the first year)
Regular APR
20.99%
Up to $200 cash back
$120 (rebated the first year)
20.99%
Up to $200 cash back
$120 (rebated the first year)
20.99%
This card earns the top spot on this list for its high earning potential. Cardholders earn 4% back on groceries and gas, two major spending categories heavily impacted by inflation. This card also offers some other perks, like additional savings on gas and some travel insurance coverage.
45,000 Aeroplan Points
$139 (rebated for the first year)
20.99%
45,000 Aeroplan Points
$139 (rebated for the first year)
20.99%
This takes a top spot on this list thanks in part to its generous sign-up bonus of 45,000 Aeroplan points—enough to cover multiple short-haul flights within North America. Members also receive comprehensive insurance and travel perks.
35,000 Aventura Points
$139 (waived for the first year)
20.99%
35,000 Aventura Points
$139 (waived for the first year)
20.99%
The flexible flight rewards on this card are worth up to 2.3 cents compared to the standard $0.1 on other cards. Points never expire and members get four free lounge visits every year.
10% cash back for three months
$120 (waived for the first year)
20.99%
10% cash back for three months
$120 (waived for the first year)
20.99%
The high earn rates on this card make paying for groceries, gas and bills much more rewarding. Cardholders can also save on annual fees by using Scotiabank banking services.
Up to $500 in value
$139 (Get an annual fee rebate in the first year)
20.99%
Up to $500 in value
$139 (Get an annual fee rebate in the first year)
20.99%
The TD Cash Back Visa Infinite ranks among our picks for the best cash back card in Canada and is on this list. Why? A decent reward rate and perks like travel insurance coverage, mobile device insurance and the very rare perk of roadside assistance, make it one of the best TD cards to have.
Up to 50,000 Aeroplan Points
$149
14.99%
Up to 50,000 Aeroplan Points
$149
14.99%
This card is a must for business owners, especially those who travel. With exclusive perks and benefits starting at the airport, insuring you at take-off and at your destination with a robust travel insurance package and even providing discounts when you rent a car, you’ll feel like someone’s rolling out the red carpet for you on every business trip.
35,000 Aventura Points
$139 (waived for the first year)
20.99%
35,000 Aventura Points
$139 (waived for the first year)
20.99%
Low income requirements of $15,000 make this card more accessible without sacrificing decent returns. Plus, the travel benefits and NEXUS renewal rebate add even more value.
Up to $200 cash back
$99 (rebated for the first year)
20.99%
Up to $200 cash back
$99 (rebated for the first year)
20.99%
While the accelerated earn rates are capped at $20,000, there’s no limit on the 1% base rate. Primary cardholders and up to three authorized users also get an annual fee rebate for the first year.
90,000 BMO Rewards Points
$499
20.99%
90,000 BMO Rewards Points
$499
20.99%
This card offers elevated earn rates and an extra 25% for adding an authorized user when signing up. However, it would rank higher on this list if it didn’t have steep annual fees and income requirements. For average spenders, it may not be worth the $499 annual fee.
12,000 Avion Points
$48
19.99%
12,000 Avion Points
$48
19.99%
New cardholders will receive 12,000 Avion Points upon approval without the need to meet a minimum spend. There aren’t any annual limits on the 3-point earn rate, either.
When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With cash back, the scoring model used takes into account factors such as, but not limited to, cash back rates and categories, fees, welcome bonus, and other rewards and features. Keep in mind what may be best for some people might not be right for you. Conduct informed research before deciding which cards will best help you achieve your financial goals.
The CIBC Dividend Visa Infinite Card is best suited for families or commuters who spend a lot on gas and groceries.
Rewards: Earn 4% cash back on gas and groceries, 2% on dining, transportation and recurring bills and 1% on all other purchases.
Welcome Offer: Annual fees are waived for the first year for primary cardholders and up to three authorized users ($310 value).
Annual Fee: $120
Other Benefits and Drawbacks: Not many credit cards earn 4% on two categories, especially big expenses like gas and groceries. There is a cap on higher earn rates, but you will never get less than 1% cash back.
The CIBC Aeroplan Visa Infinite Card is ideal for frequent flyers with Air Canada who benefit from earning travel points over cash-back rewards.
Rewards: Get 1.5 points for every dollar spent at grocery stores, gas stations and Air Canada and 1 point per dollar on everyday purchases.
Welcome Offer: Collect up to 45,000 Aeroplan Points during the first year.
Annual Fee: $139
Other Benefits and Drawbacks: Air Canada flights booked with Aeroplan Points offer the best value and qualify for priority check-in, priority boarding, and one free checked bag. The value of points is far less for gift cards and merchandise.
The CIBC Aventura Visa Infinite Card is particularly useful for those who can maximize the value of points for travel rewards on flights.
Rewards: Collect 2 points per dollar on travel purchases with the CIBC Rewards Centre, 1.5 points per dollar spent at gas stations, grocery stores and drug stores and 1 point per dollar on everything else.
Welcome Offer: Receive up to 35,000 Aventura Points in the first year.
Annual Fee: $139
Other Benefits and Drawbacks: Cardholders also receive 12 types of insurance and four annual airport lounge passes. You will need to earn at least $60,000 annually or $100,000 in household income to qualify for this card.
The Scotia Momentum Visa Infinite Card offers an easy way to earn cash-back rewards for members who don’t mind a limited redemption policy.
Rewards: Get 4% cash back for every dollar spent on groceries, recurring bills and subscription services, 2% per dollar on gas and daily transit and 1% on all other purchases.
Welcome Offer: 10% cash back for the first three months up to $2,000 in net purchases.
Annual Fee: $120
Other Benefits and Drawbacks: Not many cards offer 10% cash back as a welcome bonus on top of high earn rates for major spending categories. However, rewards can only be redeemed as an annual statement credit or deposit into a Scotiabank account.
The TD Cash Back Visa Infinite Card is best for smaller households that can make the most of 3% cash back on gas, groceries and bills within the $15,000 limits.
Rewards: Earn 3% in Cash Back Dollars on eligible grocery purchases and gas purchases and on regularly recurring bill payments set up on your account. Plus, earn 1% Cash Back Dollars on dining, entertainment, travel and online purchases made with your card.
Welcome Offer: Earn up to $500 in value, including 10% in Cash Back Dollars on Bonus Eligible Purchases for the first three months (up to $3,500 in spending). Conditions Apply. Account must be approved by March 4, 2024.
Annual Fee: $139 (Get an annual fee rebated in the first year).
Other Benefits and Drawbacks: This card offers a solid 3% on [major] living expenses along with a lucrative welcome bonus. The accelerated earn rates drop to 1% after hitting $15,000 for gas and groceries or recurring bills.
The TD Aeroplan Visa Business Card can help small business owners earn travel rewards and benefits on common expenses.
Rewards: Earn 2 points for every dollar spent on eligible purchases made directly with Air Canada® including Air Canada Vacations®, 1.5 points for every dollar you spend on eligible purchases for travel, dining and select business categories such as shipping, internet, cable and phone services made on your card. Plus, earn 1 point for every dollar you spend on all other eligible purchases on your card.
Welcome Offer: Earn a welcome bonus of 10,000 Aeroplan points when you make your first purchase with your new card, an additional 20,000 Aeroplan points after spending $5,000 in the first three months of account opening and earn up to 10,000 Aeroplan points by setting up new recurring bill payments (maximum two).
Annual Fee: $149
Other Benefits and Drawbacks: Cardholders can collect bonus points with participating Aeroplan partners and Starbucks locations. The sign-up offer is attractive, but some small business owners might not be able to spend $35,000 to get the full 60,000 points.
The CIBC Aventura Gold Visa Card has lower income requirements while still offering flexible rewards and comprehensive travel benefits.
Rewards: Earn 2 points per dollar on travel purchases through the CIBC Travel Rewards Centre, 1.5 points per dollar spent on gas, groceries and drugstores and 1 point per dollar spent on everything else.
Welcome Offer: Receive up to 35,000 Aventura Points in the first year.
Annual Fee: $139
Other Benefits and Drawbacks: Every dollar you spend earns decent returns on Aventura Points to use on travel, merchandise and gift cards. The card doesn’t cover trip cancellations or interruptions, so you will have to purchase this insurance separately.
The CIBC Dividend Platinum Visa Card offers reasonable cash-back returns on daily essentials for anyone who meets the $60,000 ($100,000 household) income requirements.
Rewards: Collect 3% cash back on gas and groceries, 2% on dining, transportation and recurring bills or subscriptions and 1% on all other purchases.
Welcome Offer: Get 10% cash back on a total spend of $2,000 in the first four months.
Annual Fee: $99
Other Benefits and Drawbacks: The annual fee is relatively low than other comparable cards. However, the travel insurance is quite limited, and there is a $20,000 cap on the 3% and 2% bonus categories.
The BMO eclipse Visa Infinite Card is tailored for high-income earners who regularly travel in order to get the full value of rewards.
Rewards: Earn 5 points per dollar on gas, groceries, travel, dining and drugstore purchases and 1 point per dollar on everything else.
Welcome Offer: Receive up to 90,000 BMO Rewards Points in the first year.
Annual Fee: $499
Other Benefits and Drawbacks: The impressive earn rate comes with travel perks and 25% more points for adding another cardholder. You will have to earn $150,000 in annual income ($200,000 per household) to qualify for this card.
The RBC ION+ Visa Card is a solid starter card with low annual fees and bonus categories that earn points on more than just everyday purchases.
Rewards: Get 3 points for every dollar spent on groceries, restaurants, gas, rideshares, transit, electric vehicle charging, streaming services, subscriptions and digital gaming and 1 point per dollar on all other purchases.
Welcome Offer: Collect 12,000 Avion Points upon approval.
Annual Fee: $48
Other Benefits and Drawbacks: Cardholders will also save at Petro-Canada pumps and on DashPass delivery fees. The value of points is lower than comparable cards, and there is no built-in travel insurance.
Data analysis and research by Debra Toews, Tia Duncombe and Jack Choros.
When it comes to Visas, there are many different types of cards on the market. Visa has cards tailored to consumers, travellers, every day spending, business owners and even prepaid cards and gift cards.
Visa business credit cards are cards that typically offer the features businesses would need. These can include high spending limits, rewards earned on business-related purchases, travel insurance, travel upgrades and a higher number of authorized users.
Visa debit cards function exactly like a regular debit card, withdrawing money directly from your checking or savings account when you make a purchase. A Visa debit card, however, also allows users to purchase items online, as you would with a credit card.
Prepaid Visa cards function similarly to a credit card, but the credit limit is determined by the money loaded onto the card. Often, these cards can also come with rewards like cash back earned on spending.
Visa gift cards functions like a gift card, but can be used anywhere Visa is accepted rather than at a specific retailer.
A Virtual Visa card is a prepaid Visa card that is delivered instantly through email. This can be used to make online purchases instantly.
Often, Visas come with different tiers, regardless of the issuing institution. This is why you’ll notice multiple banks offering cards that end with simply “Visa” or another variation like “Visa Infinite”. Here is a breakdown of what the tiers mean.
This most basic iteration of the Visa, these cards usually carry $0 annual fee, and a low income requirement ($12,000 personal income per year) but you still get the perks of this large network. This tier of Visa includes a zero liability policy. Typically, this tier of Visa may come with some insurance coverages, like consumer and travel accident insurance, but they’re typically on the more basic side. It depends on the issuer.
The next level up, Visa Gold cards included all the features of the Visa Classic and then some. The fees typically range from $0 to $110 per year and a higher personal income may be required ($35,000 personal). These cards come with more features and perks, like emergency medical travel coverage or rental car insurance, but again, this depends on the issuer.
The Visa Platinum includes all the features of both the Classic and Gold cards, but has a higher income requirement ($35,000 personal) and usually an annual fee of $120. With that, you’ll get a more comprehensive insurance package, including more consumer protections and travel insurances. You’ll also get a $5,000 minimum credit limit.
The Visa Platinum includes all the features of the Visa Gold and Platinum cards, and has fees ranging around $120 a year as well. The income requirements are also higher, usually $60,000 personal income or $100,000 as a household. However, you’ll get all the more travel and consumer insurance, plus a plethora of luxury perks. These include 24/7 concierge service, hotel privileges through the Visa Infinite Luxury Hotel Collection, exclusive food and wine offers/events and more.
The top-tier in the Visa card hierarchy, the Visa Infinite Privilege includes all the perks of the cards below it, including travel and insurance coverage and luxury customer services. It has a higher income requirement, typically $200,000 personal income, and higher fees, ranging from $399 to $599 per year. However, for big spenders and world travellers, it may be worth it. The card gives you Global Airport Lounge Access, with a set number of complimentary visits per year. You also get VIP treatment at select Canadian airports, like fast-track security, parking and valet discounts.
All of Canada’s big five banks offer Visa credit cards. In addition, many smaller banks and credit unions function have cards on the Visa network, as well.
In order to qualify for a Visa credit card, one must reach the age of majority in the province or territory where they live and be a resident of Canada.
In order to apply for a Visa card, you may need to meet specific requirements, such as:
You must be the age of majority in your province or territory to get a Visa credit card. Otherwise, you may be able to become an authorized user on your parent or legal guardian’s account.
Most Visa cards require a decent credit score in order to ensure you can pay back your debt. However, there are cards on the market specifically for people with bad credit or no credit at all, like students.
Some Visa cards require you to meet certain income requirements for individuals or as a household. Many cards do not have income requirements.
The reason people love Visa is typically because of the built-in perks the credit cards on its network provides. Visa Infinite and Visa Infinite Privilege cards typically include the perks of the cards below, such as: extended warranty, travel insurance and zero fraud liability and auto rental car collision insurance. However, these top-tier cards also include the following:
The CIBC Dividend Visa Infinite tops Forbes Advisors rankings in Canada for both Best Credit Card, Best Cash Back Card and Best Visa Card.
The reason this card tops out all of these categories is because it earns the most cash back annually in Canada, earning $537.50 even when you factor in the $120 annual fee. It offers 4% back on groceries and gas, two categories Canadians spend a lot of money on. You also get a generous welcome bonus of up to 10% cash back on your first four statements (a $200 value) and a fee waiver the first year. Besides all that, this card offers a host of other perks, like travel and consumer insurance protections.
Whether the Visa Infinite is better than the Visa Platinum is a matter of personal taste. Both cards come with extensive benefits, but the Visa Infinite Platinum has steep income requirements and annual fees. In order to calculate whether you’ll get the full value of the card, you’d need to look at your spending habits.
Whether the Visa Infinite is better than the Visa Platinum is a matter of personal taste. Both cards come with extensive benefits, but the Visa Infinite Platinum has steep income requirements and annual fees. In order to calculate whether you’ll get the full value of the card, you’d need to look at your spending habits.
The CIBC Dividend Visa Infinite card earns the most cash back annually in Canada, earning $537.50 even when you factor in the $120 annual fee. It also offers a discount of $0.10 per litre at select gas stations, built-in mobile device insurance, purchase protection and travel insurance coverages.
Both Visa and Mastercard are widely accepted in Canada and around the world. However, the most basic Visa cards come with more features and benefits than comparable Mastercards.
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Candice Reeves is a financial writer based out of Nova Scotia. She specializes in personal finance, investing, and cryptocurrency. Her work is featured in leading publications across various industries, including Wealth Rocket, CryptoVantage, and StackCompare.