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As the largest credit card company in the world, Visa is a solid choice for any Canadian wanting the assurance of wide acceptance and access to a variety of programs and products. Plus, if you already bank with RBC, CIBC, Scotiabank or another Visa issuer, a Visa card is a way to keep your financial services “in the family.” 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
| Card | Rewards / Features | Annual fee |
|---|---|---|
| BMO eclipse Visa Infinite (get more details)* | • 5 BMO points/$1 on groceries, dining, gas & daily transit • 1 point/$1 on everything else • $50 annual credit |
$120 (waived for the first year) |
| Scotia Momentum Visa Infinite (get more details)* | • 4% cash back on groceries and bills • 2% on gas and daily transit • 1% on everything else |
$120 (waived for the first year) |
| TD First Class Travel Visa Infinite (get more details)* | • 8 TD points/$1 on travel (via Expedia For TD) • 6 points/$1 on groceries & restaurants • 4 points/$1 on recurring bills • 2 points/$1 on everything else |
$120 (waived for the first year) |
| TD Aeroplan Visa Infinite (get more details)* | • 1.5 points/$1 on groceries, gas & Air Canada • 1 point/$1 on everything else • Free first checked bags on Air Canada |
$139 (waived for the first year) |
| Home Trust Preferred (get more details)* | • 1% cash back on all CAD purchases • No FX Fees |
$0 |
| Scotiabank Passport Visa Infinite (get more details)* | • 2 Scotia points/$1 on groceries, dining, and daily transit • 1 pt/$1 on everything else • No FX Fees • Lounge access |
$150 |
Best overall Visa credit card
BMO eclipse Visa Infinite*
At a glance: Maximize the power of your everyday spending with strong earn rates on BMO Rewards points that you can redeem for merchandise or gift cards, travel, statement credits or investments. Good perks—like the juicy annual $50 “lifestyle credit,” earned for simply exceeding that amount on one of your monthly statements, and included mobile device and travel insurance—round out the package.
- Annual fee: $120 (waived for first year)
- Interest rates: 20.99% on purchases, 23.99% on cash advances, 23.99% on balance transfers
- Welcome bonus: Get 60,000 points ($400 in travel rewards) when you sign up. Also receive $50 lifestyle credit on your account that you use for any purchase.
- Earn rate: Five times the BMO Rewards points for every $1 spent on dining in and out, groceries, and gas and transit for the first $50,000 in annual purchases; 1 BMO Rewards point for everything else; earn 10% more points when you add an authorized user
- Our favourite features: $50 lifestyle credit every year
- Additional benefits: Annual lifestyle credit worth $50; mobile device coverage; car rental collision/loss damage protection; out-of-province/country emergency medical; Visa Infinite privileges
- Annual income requirement: personal income of $60,000 or household income of $100,000
Pros
- Offers boosted earn rates in top categories like groceries, gas and dining.
- Includes travel insurance and new mobile device coverage.
- Get 10% more Rewards points when you add an authorized user (for $50 annually).
- Cardholders get an annual $50 statement credit to spend however they wish.
Cons
- There is an annual cap of $50,000 in purchases for boosted spend categories; after that, you’ll earn at a rate of 1 BMO point per $1 spent.
- The minimum income requirements put this card out of reach for some.
Best Visa credit card for cash back
Scotia Momentum Visa Infinite*
At a glance: The Scotiabank Momentum Visa Infinite is our pick for best cash back Visa for its robust purchase and travel protection, as well as 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.
- Annual fee: $120 (waived for the first year)
- Interest rates: 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
- Welcome bonus: Earn 10% cash back on all eligible purchases for the first three months (up to $2,000). Pay no annual fee for the first year. Offer ends April 30, 2023.
- 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
- Annual income requirement: $60,000 or a minimum household income of $100,000
Pros
- This card’s earn rates are some of the highest in the country in key and broadly defined spending categories.
- Included new mobile device, travel and car rental insurance make this an all-around credit card.
- Pay off larger purchases in installments through Scotia SelectPay.
Cons
- You can only access your cash back once per year, and only as a statement credit.
- If you buy your groceries at Walmart, you’ll only get 1% cash back as it isn’t considered a grocery store.
- The minimum income requirement may put this card out of reach for some.
Best Visa credit card for gas and groceries
CIBC Dividend Visa Infinite
At a glance: Take the sting out of rising prices with the CIBC Dividend Visa Infinite’s return of 4% cash back on gas and groceries, and 2% back on daily transit (including rideshares and public transit), dining, and recurring payments. You’ll also get perks like travel medical and rental car collision insurance.
- Annual fee: $120 (waived for the first year)
- Interest rates: 20.99% on purchases, 22.99% on cash advances (21.99% for Quebec residents) and 22.99% on balance transfers
- Earn rate: 4% cash back on gas and groceries, 2% on dining, daily transit and recurring bills, and 1% back on everything else.
- Welcome bonus: Earn 10% cash back on all purchases (up to $250 in value) for the first four statements (up to a maximum of $2,500 in purchases), plus an annual fee rebate for the first year. To be eligible, you must apply online.
- Additional benefits: Emergency travel medical; car rental collision and loss damage insurance; mobile device insurance; plus save up to $0.10 per litre at participating Chevron, Ultramar and Pioneer gas stations when you link your card with Journie Rewards
- Annual income requirement: personal income of $60,000 or household income of $100,000
Pros
- Get your cash back on demand, when you want it.
- Link your card to Journie Rewards to get deeper discounts on gas at participating Pioneer, Fas Gas, Ultramar and Chevron stations.
- Send money internationally with CIBC Global Money Transfer and pay no transfer fees.
- Comes with included travel, car rental and new mobile device insurance.
Cons
- The included emergency travel medical insurance covers the first 15 days of your trip. You’ll have to buy additional insurance for longer journeys.
- The minimum income requirement may put this card out of reach for some.
Best Visa credit card for flexible travel rewards
TD First Class Travel Visa Infinite*
At a glance: The TD First Class Travel Visa Infinite Card allows you to earn TD points which you can redeem for rewards, including travel and travel-related purchases. Travel booked with your TD points has no blackouts or seat restrictions, and TD points don’t expire. This card also has included travel insurance.
- Annual fee: $120 (rebated for the first year, along with $50 fee for first additional cardholder)
- Interest rates: 19.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
- Welcome bonus: Earn up to 145,000 TD Rewards points. You’ll earn 20,000 TD points with your first card purchase, then another 115,000 when you spend $5,000 on purchases within the first 180 days. Earn a birthday bonus of up to 10,000 rewards points. Conditions apply. Must apply before May 28, 2023. For Quebec residents, please click here.
- Earn rate: 8 TD points per $1 spent when you book travel through Expedia For TD; 6 Points per $1 on groceries & restaurants; 4 points per $1 spent on recurring bills; 2 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
- Annual income requirement: personal income of $60,000 or household income of $100,000
Pros
- This card has a strong included insurance package for travel and car rental.
- In addition to travel rewards, you can redeem your points for everyday perks like cash back, gift cards and more.
Cons
- Redeeming TD points for travel not booked through Expedia For TD is not automatic. You’ll have to contact the TD Travel Rewards program to use your points.
- The earn structure is a bit confusing and rewards depend on where and how you book.
- The minimum annual income requirement will put this card out of reach for some.
Best airline Visa credit card
TD Aeroplan Visa Infinite*
At a glance: If Air Canada is your airline of choice, take a look at the TD Aeroplan Visa Infinite. You get numerous Air Canada perks with this card, like preferred pricing and a free first checked bag on Air Canada for you and up to eight travel companions. 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)
- Interest rates: purchases 20.99%, cash advances 22.99%, balance transfers 22.99%
- Welcome bonus: You can earn up to 50,000 Aeroplan points. First, earn 10,000 as a welcome bonus when you make your first purchase and another 20,000 when you spend $1,500 in the first 90 days. After that earn another 20,000 Aeroplan points when you spend $7,500 within the first 12 months of opening an account. Must apply by January 3, 2023. Quebec residents, 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.
- 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 $125 every 48 months
- Annual income requirement: Personal income of $60,000 or household income of $100,000.
Pros
- Earn double the points when you provide your card and Aeroplan number at more than 150 Aeroplan partner brands and at 170+ online retailers via the Aeroplan eStore.
- Earn 50% more Aeroplan points when you shop at Starbucks by linking your Starbucks Rewards account to your TD card.
- Use your Aeroplan points for every Air Canada seat without restrictions or blackout periods.
- Redeem your points for other travel expenses like hotel rooms and car rentals.
- Get an application fee rebate once every 48 months for the quick-customs travel program NEXUS.
- Includes a comprehensive suite of travel insurance.
Cons
- The included travel insurance is only for trips of up to 21 days, or only four days if you are over 65 years old.
- You’re restricted to Air Canada and select Star Alliance airlines.
- The accelerated earnings rate is only available in three spending categories.
Best no fee Visa credit card for rewards
Simplii Financial Cash Back Visa
At a glance: The no-fee Simplii Financial Cash Back Visa comes with 4% cash back (up to $5,000 annually) on spends at restaurants, bars and coffee shops, making this a winner for those who like to dine out. The 1.5% return on gas, groceries and drugstore purchases (up to $15,000 annually) is also respectable, and everything else earns 0.5% back, with no limit.
- Annual fee: $0
- Interest rates: 19.99% on purchases, 22.99% on cash advances
- Welcome bonus: 10% cash back at restaurants and bars during the first 4 months up to a $500 spend and 9.99% interest rate on purchases for three months
- 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
- Annual income requirement: personal or household income of $15,000
Pros
- There’s no limit on how much cash back you can earn.
- Get $50 for every referral who opens an account using your unique link.
- The low minimum annual income requirement makes this a super-accessible card.
Cons
- There are annual caps on earnings in boosted categories.
- You have to have a Simplii Financial bank account to get the card.
- This card doesn’t offer much in the way of extras or perks.
Best Visa credit card for no foreign transaction fees
Home Trust Preferred Visa*
At a glance: The Home Trust Preferred Visa card is one of the few credit cards in Canada that doesn’t charge foreign transaction fees on purchases made in a foreign currency. This makes it highly suitable for travellers and cross-border shoppers looking to save the 2.5% to 3% surcharge they’d get with most credit cards. Additionally, you’ll earn 1% cash back on all purchases made in Canada. And, the card has no annual fee, so you keep more of your money in your wallet.
- Annual fee: $0
- Interest rates: 19.99% on purchases, 19.99% on cash advances
- Earn rate: 1% on all purchases in Canada
- Additional benefits: Car rental theft and collision insurance; purchase security
- Annual income requirement: None
Pros
- There’s no limit to the amount of cash back you can earn.
- Save the foreign transaction fees on purchases made in a foreign currency.
- Includes car rental theft and collision insurance.
- There’s no minimum annual income requirement so this card is very accessible.
Cons
- Doesn’t include perks or extras.
- The earn rate of 1% isn’t competitive with other cards.
- The cash back rewards are paid out annually in January as a statement credit.
Best Visa credit card for low interest
RBC Visa Classic Low Rate Option
At a glance: For those who are carrying debt, a lower interest credit card is an excellent tool. The RBC Visa Classic Low Rate Option is a fairly no-frills card with a flat 12.99% interest rate on purchases, cash advances and balance transfers. It comes with some partner perks, such as discounts at Petro-Canada gas and free delivery from DoorDash.
- Annual fee: $20
- Interest rates: 12.99% on purchases, 12.99% on cash advances and 12.99% on balance transfers
- Earn rate: N/A
- Additional benefits: Free additional card; save $0.03 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
- Annual income requirement: None
Pros
- The low annual fee and no minimum income requirement means this card is accessible to most Canadians.
- Additional cards are free.
- Gain access to RBC Offers, which save you money.
- Earn Petro Points and save on fuel at Petro-Canada.
- Get 3 months of free delivery plus free delivery on orders of over $15 when you add this card to your DoorDash account.
Cons
- This card doesn’t come with travel insurance or roadside assistance.
- There’s no balance transfer promotion to move debt from a higher-interest card.
Best Visa credit card for lounge access
Scotiabank Passport Visa Infinite Card*
At a glance: The Scotiabank Passport Visa Infinite is a premium credit card with a focus on perks. With this card you’ll not only have excellent included travel insurance, but also Priority Pass membership with six free annual lounge passes and free Avis Preferred Plus membership. And you won’t pay foreign transaction fees on purchases made in a foreign currency.
- Annual fee: $150
- Interest rates: 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
- Welcome bonus: Earn up to 40,000 Scene+ points. First, earn 30,000 points when you spend $1,000 in eligible everyday purchases in the first three months. Get another 10,000 points when you spend $40,000 on everyday purchases annually. Plus, pay no annual fee for the first year. Offer ends April 30, 2023.
- Earn rate: Three times the Scene+ points on every $1 spent at Sobeys banner stores; two times the points per $1 on groceries at other stores, dining, entertainment, and transit charges; and Scene+ point per $1 on other purchases
- Additional benefits: No foreign transaction fees; travel insurance including travel emergency medical, trip cancellation and interruption, travel accident; flight and baggage delay, lost baggage, car rental theft and damage, hotel/motel burglary coverage; Priority Pass membership and 6 complimentary airport lounge visits; savings and upgrades on Avis car rentals; Visa Infinite privileges
- Annual income requirement: personal income of $60,000 or household income of $100,000
Pros
- Comes with a comprehensive travel insurance package.
- You won’t pay foreign exchange fees with this card.
- Includes six complimentary airport lounge passes.
- Earn boosted Scene+ points when you shop at Sobeys banner stores.
- You have access to Scene+ Travel and you can redeem Scene+ points for travel no matter where you book.
- Get special access and extras to hotel, dining and entertainment experiences through the Visa Infinite program.
Cons
- The earn rate could be better for such a premium card.
- There’s no new mobile device insurance.
- The annual fee of $150 is on the high end for similar cards.
- The minimum annual requirement will put this card out of reach for some.
Best Visa credit card for travel insurance
Meridian Visa Infinite Travel Rewards
At a glance: The Meridian Visa Infinite Travel Rewards card has the best travel insurance around, especially for Canadians between 65 and 75 years old, who will receive up to 15 days coverage. Whereas most cards offer around $1 million in travel emergency medical, this card comes with $5 million per person for trips of up to 48 days for those 59 and younger, and 23 days for those 60 to 64 years old.
- Annual fee: $99 (waived for first year)
- Interest rates: purchases 19.50%, cash advances 21.99%, balance transfer 21.99%
- Welcome bonus: None
- Earn rate: 3 points per $2 spent on all Canadian-dollar purchases and 6 points per $2 on foreign purchases
- Additional benefits: Travel insurance including up to $5 million in travel emergency medical, up to $2,000 trip cancellation/interruption/delay, baggage delay, lost or damaged baggage, up to $1 million in common carrier travel accident, up to 48 consecutive days of car rental collision/loss damage coverage; up to $1,000 in new mobile device insurance; access to Visa Infinite benefits including 24/7 concierge services and hotel stay upgrades at eligible locations
- Annual income requirement: personal income of $60,000 or household income of $100,000
Pros
- This card offers more coverage with higher limits than other credit cards in Canada and it provides coverage for those up to 75 years old.
- Includes $1,000 in new mobile device insurance in cose your phone is lost or damaged.
- This card has a lower than usual annual fee of $99.
Cons
- You have to log into the third-party site ScoreCard to redeem your points.
- There aren’t ways to accelerate your rewards points earnings.
Best Visa credit card for roadside assistance
TD Cash Back Visa Infinite Card*
At a glance: If you carry the TD Cash Back Visa Infinite, you’re a Deluxe member of the TD Auto Club, so help is only a call away. With this package, you’re entitled to towing, winching, lock-out help, fuel delivery and emergency service calls of up to 200 kilometres. Even better, you’re covered 24/7, no matter which vehicle you’re driving, anywhere in Canada or the U.S.
- Annual fee: $139 (waived for first year)
- Interest rates: 20.99% on purchases, 22.99% on cash advances
- Welcome bonus: Earn 10% cash back on all purchases for the first 3 months (up to a total spend of $2,000) when you apply for the card online. After that, continue to earn 6% cash back on gas, groceries, and pre-authorized payments for the first three months (up to a total spend of $3,500). Must apply before May 28, 2023.
- Earn rate: 3% cash back on gas, grocery and recurring bill payments; 1% on all other purchases
- Additional benefits: Deluxe TD Auto Club membership; car rental collision loss damage waiver; some medical insurance; mobile device insurance; savings with Avis and Budget car rentals; Visa Infinite benefits
- Annual income requirement: personal income of $60,000 or household income of $100,000
Pros
- Redeem your cash back any time and your cash back dollars never expire.
- Includes mobile device insurance.
- Earn 50% more Stars at participating Starbucks stores by linking your card.
Cons
- The included travel insurance package is incomplete. For example, there is no trip delay, cancellation or interruption protection.
- The boosted earn rates on groceries and gas aren’t as strong as some other cards in this category.
- The annual fee of $139 is on the high end for cards in this category.
Best Visa credit card for students
Scotiabank Scene+ Visa card*
At a glance: The no-annual-fee Scotiabank Scene+ Visa is a great way for low income earners to access the Scene+ program where they can redeem points for groceries, entertainment, dining, and more. The modest $12,000 annual income requirement keeps this card extremely accessible.
- Annual fee: $0
- Interest rates: purchases 19.99%, cash advances 22.99%, balance transfers 22.99%
- Welcome bonus: Earn up to 10,000 Scene+ points. Earn 5,000 Scene+ points when you spend $750 on eligible purchases within your first three months of having the card. Earn an additional 5,000 points when you spend at least $5,000 on eligible purchases within your first year. Offer ends April 30, 2023.
- Earn rate: 2 Scene+ points for every $1 spent at Sobeys banner stores and Cineplex; 1 Scene+ point for every $1 spent everywhere else
- 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
Pros
- You can earn and redeem points on groceries, entertainment, dining, travel and more.
- Pay off purchases of $100 or more in interest-free installments with Scotia SelectPay.
- There’s a low redemption threshold of only 1,000 points.
- Points never expire.
Cons
- There’s no included insurance at all.
- With these earn rates, higher-ticket rewards like travel will be difficult to reach.
Honourable mention
Scotiabank Momentum No-Fee Visa
At a glance: With the Scotiabank Momentum No-Fee Visa card, not only do members pay no annual fee, but they’re also given the opportunity to earn 0.5% to 1% cash back on their purchases.
- Annual fee: $0
- Interest rates: 19.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
- Welcome bonus: Earn 5% cash back on all eligible purchases for the first three months (up to $2,000 total in purchases). Also, get a 0% introductory interest rate on balance transfers for the first six months. After that, the rate returns to 22.99%. Offer ends April 30, 2023.
- 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
- Annual income requirement: None
Pros
- You can earn cash back without paying an annual fee.
- With no annual fee and no minimum income requirement, this is a highly accessible card.
Cons
- The earn rates of 0.5% to 1% are lower than many other cards in this category.
- This card doesn’t come with any insurance.
More of Canada’s best credit cards:
- Canada’s best credit cards
- Canada’s best instant approval credit cards
- Canada’s best no fee credit cards
- Canada’s best no foreign transaction fee credit cards
- Canada’s best credit cards for people with bad credit
- Canada’s best travel credit cards
Our methodology
For the best Visa credit cards 2022 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.
This article was originally published on June 25, 2019, and has since been updated.
The post Canada’s best Visa credit cards 2022 appeared first on MoneySense.
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