[ad_1]
When consumers shop for a new credit card, they typically look at the ability to collect points, the insurance coverage offered, fees and interest rates on unpaid balances—not at the credit card company itself. But if you already have an account with RBC, CIBC, Scotiabank or any other Visa issuers, you may be inclined to choose a card that’s “in the family.” Or, maybe you want to take advantage of the benefits offered by the largest credit card company in the world—Visa. Whatever your reasons for considering Visa, this guide will help you find a credit card that fits your lifestyle.
The best Visa credit cards in Canada
These are credit cards offered by Ratehub partners. You can find information about additional product options below.| Card | Rewards / Features | Annual fee |
|---|---|---|
| BMO eclipse Visa Infinite (get more details)* |
|
$120 |
| Scotia Momentum Visa Infinite* (get more details)* |
|
$120 |
| TD First Class Travel Visa Infinite (get more details)* |
|
$120 |
| TD Aeroplan Visa Infinite (get more details)* |
|
$139 |
| Home Trust Preferred (get more details)* |
|
$0 |
| Scotiabank Passport Visa Infinite (get more details)* |
|
$139 |
Best Visa card for everyday spending
BMO eclipse Visa Infinite*
If you’re looking to get rewards for everyday spending, you’ll want to consider the BMO eclipse Visa Infinite. With this card, you’ll earn a lucrative 5 BMO Rewards points (3.5% in travel rewards) per $1 spent on food and transit, including groceries, dining, gas, public transit, taxis and rideshares. These are top spending categories for most Canadians, particularly millennials and young professionals. And this card defines its categories broadly, so you can even get accelerated returns on food delivery and home meal kits. Everything else earns at a rate of 1 point per $1, which works out to a somewhat lukewarm 0.7% in travel rewards. But the annual $50 lifestyle credit, which is basically free money and awarded every January, makes up for it. You can also boost your rewards by 10% when you add an additional cardholder to your account, which costs $50 per card annually.
Rewards are simple to redeem at bmorewards.com, where you can trade points for travel at a rate of 140 points per $1 (or 0.71% per point). Or you can redeem at 200 points per $1 (0.5% per point) as a statement credit towards virtually anything you purchased on your within the past 30 days when you use the Pay With Points program. Talk about flexibility; you can even put your points towards your BMO investment account.
- Annual fee: $120 (waived for first year)
- Welcome bonus: Up to 40,000 BMO Rewards points (25,000 points after you spend $3,000 in the first 3 months plus 15,000 points on your first anniversary)
- Earn rate: 5 BMO Rewards points on groceries, dining in and out, gas and transit, and 1 point per $1 on everything else
- Our favourite features: $50 lifestyle credit every year
- Additional benefits: Travel insurance including out-of-province and country emergency medical insurance, common carrier and car rental collision/loss and damage insurance coverage; up to $1,000 mobile device insurance; Visa Infinite privileges
- Minimum income requirement: $150,000 or $200,000 (household)
Get more details about the BMO eclipse Visa Infinite*
Best Visa credit 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 currency, so it’s no surprise that cash back cards are extremely popular. The Scotiabank Momentum Visa Infinite tops our list for its high earn rate—4% on groceries and recurring bills, 2% on gas and daily transit (including public transit, taxis and rideshares), and 1% on everything else—and its robust purchase and travel protection.
- Annual fee: $120 (waived for first year)
- Welcome bonus: 10% cash back for all purchases up to $2,000 within the first 3 months
- Earn rate: 4% on gas and recurring bills; 2% on gas and daily transit; 1% on everything else
- Additional benefits: Mobile device insurance, travel emergency medical and travel accident coverage, car rental damage/loss waiver, flight interruption and delayed and lost baggage insurance; and access to Visa Infinite experiences
- Minimum income requirement: $60,000 or a minimum household income of $100,000
Get more details about the Scotia Momentum Visa Infinite*
Best Visa card for flexible 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 which you can redeem for rewards, including travel.
For new cardholders there’s a bonus of up to 60,000 points, which is a travel value of up to $300 when redeemed online at ExpediaforTD.com. 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.
This offer is not available for residents of Quebec. For Quebec residents, please click here.
- Annual fee: $120 (rebated for the first year, along with $50 fee for first additional cardholder)
- Welcome bonus:Receive 20,000 TD Points when you make your first purchase and 40,000 points when you spend at least $1,500 within the first 90 days (total $300 travel value), plus get a first-year annual fee waiver for the primary and additional cardholders. Welcome offer available until August 16, 2021. Not available for residents of Quebec; for more info, click here.
- Earn rate: 9 TD Points per $1 on travel booked online through Expedia; 6 TD Points per $1 for travel booked on the phone through Expedia; and 3 TD Points per $1 spent 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; car rental savings with Avis and Budget
- Minimum income requirement: $60,000 or a minimum household income of $100,000
Get more details on the TD First Class Travel Visa Infinite*
Best airline Visa card
TD Aeroplan Visa Infinite*
Aeroplan is one of the largest travel rewards programs in Canada—and with a recent refresh, launched in November 2020, now is a great time to reconsider the card in your wallet. Travel rewards are hugely popular and finding the best program can be confusing. However, if Air Canada is your airline of choice, things just got a whole lot easier. That’s because with the TD Aeroplan Visa Infinite, you’ll get a bunch of Air Canada perks like preferred pricing that can get you a better deal on Air Canada when booking travel with points, and a free first checked bag on Air Canada for you and up to eight travel companions. New cardholders can take advantage of a massive welcome bonus that includes the ability to score a bonus Buddy Pass. The all-new Aeroplan rewards chart and generous stopover policy means you can get great value on your points when redeeming for travel on Air Canada as well as over two dozen Star Alliance partner airlines.
- Annual fee: $139 (rebated first year)
- Welcome bonus: If you apply by August 16, 2021, you’ll earn up to 20,000 Aeroplan points and a bonus Buddy Pass, too. Plus, there’s no annual fee for the first year. Not available for Quebec residents; for more info, click here.
- Earn rate: 1.5 Aeroplan points for every $1 spent on eligible gas, grocery and Air Canada purchases, and 1 point per $1 spent on everything else
- Our favourite features: Comprehensive travel insurance, free checked bags on Air Canada, and ability to earn a Buddy Pass make this a very attractive card
- Additional benefits: Hotel-motel burglary insurance; auto rental collision/loss damage insurance; new mobile device insurance up to $1,000; Nexus application rebate of up to $100 every 48 months
- Minimum income requirement: $60,000
Get more details on the TD Aeroplan Visa Infinite*
Best no fee Visa card for rewards
Simplii Financial Cash Back Visa
For a no fee card, this Visa comes with some great rewards. You’ll earn 4% on the first $5,000 you spend at restaurants, bars and coffee shops; 1.5% on the first $15,000 spent on gas, groceries and at drugstores; and 0.5% on everything else, with no limit. The welcome offer is very generous, with 10% cash back at restaurants and bars for the first four months (on spends up to $500). However, each of the bonus categories has a cap, meaning that earns exceeding the cap amount drop down to the base 0.5% rate. Note that you must currently hold a Simplii financial bank account to qualify for the card.
- Annual fee: $0
- Welcome bonus: 10% cash back at restaurants and bars during the first 4 months up to a $500 spend
- Earn rate: 4% cash back at restaurants, bars and coffee shops (up to $5,000 spend); 1.5% back on gas, groceries, drugstore purchases and pre-authorized payments (up to $15,000 spend); 0.5% on all other purchases
- Additional benefits: Purchase security and extended protection insurance
- Minimum income requirement: $15,000
Best Visa card for no foreign transaction fees
Home Trust Preferred Visa*
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. It lets you earn 1% cash back on all purchases in Canada. And the card has no annual fee, so you keep more of your money in your wallet.
- Annual fee: $0
- Earn rate: 1% on all purchases in Canada
- Additional benefits: Car rental collision insurance; purchase security
- Minimum income requirement: $15,000
Get more details on the Home Trust Preferred Visa*
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 credit 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 if someone hacks your card, you’re not on the hook.
- Annual fee: $20
- Earn rate: N/A
- Interest rate: 11.99%
- 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
- Minimum income requirement: None specified
Best Visa card for lounge access
Scotiabank Passport Visa Infinite Card*
Travel rewards cards aren’t just about collecting points and getting insurance coverage; many give you access to airport lounges all over the world. And while some get you a few free lounge visits, the Scotiabank Passport Visa Infinite card gets you a Priority Pass membership and six free visits per year to your choice of more than 1,300 lounges, no matter your airline or class of service. That’s more free visits than most credit cards with an annual fee of $150 or less. Plus, you can use those free visits for your travel companions we well. Instead of waiting at the gate, you can enjoy comfy chairs, WiFi, bar beverages and soft drinks; some lounges offer spa services at extra charge, as well as shower facilities and nap rooms. Travellers will also appreciate that there are no transaction fees on foreign currency purchases they make with this card.
- Annual fee: $139
- Welcome bonus: New cardholders can earn 30,000 bonus points ($400 towards travel) by spending $1,000 in eligible purchases within the first three months
- Earn rate: 2 Scotia Rewards points per $1 on groceries, dining, entertainment and transit charges; 1 Scotia Rewards point on other purchases
- Additional benefits: No foreign transaction fees; 6 complimentary airport lounge visits
- Minimum income requirement: $60,000 or a minimum household income of $100,000
Get more details about the Scotiabank Passport Visa Infinite*
Best Visa card for travel insurance
Meridian Visa Infinite Travel Rewards
Most credit cards come with some type of travel insurance, but our pick for the most comprehensive coverage is the Meridian Visa Infinite Travel Rewards Card. Typically, cards come with $1 million in medical emergency coverage for a few weeks of travel, with little to no coverage for seniors; however, this card comes with up to $5 million per person for trips of up to 48 days if you’re 59 and under (23 days for ages 60 to 64). Even seniors up to the age of 75 will receive complimentary coverage for up to 15 days. It also includes solid trip cancellation and trip interruption insurance, flight delay insurance, baggage insurance and vehicle rental insurance. To top it all off: The card comes with up to $1,000 in mobile device insurance that’ll cover your cell phone if it’s lost, stolen or damaged.
- Annual fee: $99 (waived for first year)
- Welcome bonus: None
- Earn rate: 1.5 points per $1 spent on all Canadian purchases and 3 points per $1 on foreign purchases
- Additional benefits: Access to Visa Infinite benefits including 24/7 concierge services and hotel stay upgrades at eligible locations
- Minimum income requirement: $60,000 or a minimum household income of $100,000
Best Visa card for students
Scotiabank Scene Visa card
If you’re a student who wants to build up your credit history, earn rewards and not pay an annual fee, then consider the Scotiabank Scene Card. The big perk is that you can earn points on everyday purchases towards free movies, which require 1,250 Scene Points each. Plus you’ll get discounts at restaurants, and up to 25% off car rentals at participating Avis and Budget locations as well. It’s also an easy card to qualify for, as it requires a modest annual income of $12,000.
- Annual fee: $0
- Welcome bonus: 2,500 Scene Points with your first $500 in purchases made in the first 3 months
- Earn rate: 1 Scene Point for every $1 spent; 5 Scene Points for every $1 spent at Cineplex theatres or cineplex.com
- Additional benefits: $10 off participating restaurants when you redeem 1,000 points; 25% off base rates at participating Avis and Budget car rental locations
- Minimum income requirement: $12,000
Honourable mention
Scotiabank Momentum No-Fee Visa
While perks and rewards are great, you often have to pay an annual fee in order to get them. With the Scotiabank Momentum No-Fee Visa card, not only do members not pay an annual fee, they’re also 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: Earn 5% cash back on all purchases in first three months (up to $2,000 in total purchases), 7.99% interest rate on everyday purchases for the first 6 months (19.99% after)
- Earn rate: 1% cash back at gas stations, grocery stores, drug stores and for recurring bills; 0.5% on everything else
- Additional benefits: Free additional cards; up to 25% off on car rentals at Avis
- Minimum income requirement: None specified
Overview: Canada’s best Visa credit cards
| Visa card | Best for | Best feature explained |
|---|---|---|
| BMO eclipse Visa Infinite | Everyday spending | Huge points bonus on all food and transit spending |
| Scotia Momentum Visa Infinite | Cash back | Earn 10% for 3 months. Afterwards, get 4% cash back on groceries and bills |
| TD First Class Travel Visa Infinite | Travel | Up to 9 TD points per $1 on travel purchases. Redeem points for flights any airline through ExpediaforTD.com |
| TD Aeroplan Visa Infinite Visa | Airline credit card | Lucrative rewards chart and free first checked bags |
| Simplii Financial Cash Back Visa | No fee | 4% on dining (up to $5,000 annual spend) |
| Home Trust Preferred Visa | No foreign transaction fees | 2.5% savings on all foreign purchases |
| RBC Visa Classic Low Rate Option | Low interest | 12.99% annual interest rate on purchases |
| Scotiabank Passport Visa Infinite | Airport lounge access | 6 free annual passes to Priority Pass lounges |
| Meridian Visa Infinite Travel Rewards | Travel insurance | Up to $5 million in travel medical emergency coverage for 48 days. Up to 15 days coverage for seniors |
| Scotiabank Scene Visa card* | Students | Earn Scene points on every purchase |
| Scotia Momentum No-Fee Visa | Honourable mention | No annual fee and up to 1% cash back |
MORE ON CANADA’S BEST CREDIT CARDS:
- Best Mastercard credit cards in Canada
- Visa vs Mastercard: What are the differences?
- Best American Express Cards in Canada
- Best credit cards in Canada
- Best travel credit cards
- Best cash back credit cards
- Best no foreign transaction fee cards
Our methodology
For the best Visa credit cards 2021 ranking, we categorized credit cards based on the best feature of each. Our rankings also took into account the annual fee; rewards earn rate, if applicable; and additional benefits, such as purchase protection, automobile roadside assistance and bonus opportunities to earn rewards.
‡MoneySense.ca and Ratehub.ca are both owned by parent company Ratehub Inc. We may be partnered with some financial institutions, but this does not influence the “Canada’s Best Credit Card” rankings. You can read more about this in our Editorial Code of Conduct.
What does the * mean?
If a link has an asterisk (*) at the end of it, that means it’s an affiliate link and can sometimes result in a payment to MoneySense (owned by Ratehub Inc.) which helps our website stay free to our users. It’s important to note that our editorial content will never be impacted by these links. We are committed to looking at all available products in the market, and where a product ranks in our article or whether or not it’s included in the first place is never driven by compensation. For more details read our MoneySense Monetization policy.
The post Canada’s Best Visa Credit Cards 2021 appeared first on MoneySense.
[ad_2]
Source link