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Best Credit Cards for Canadians with Good Credit Scores

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Last updated on November 29, 2019 Views: 547 Comments: 0

Having a good credit score is critically important in Canada, because it indicates your creditworthiness to lenders if you’re ever looking to secure additional credit. Not only does a good credit score make you more likely to be approved when you apply for a credit card, but it may also mean that the credit cards that you’re qualified to apply for have will have premium perks and benefits.

What are the best credit cards for Canadians with good credit scores? These are six of our top suggestions.

#1 The American Express Cobalt

American Express CobaltThe American Express Cobalt card has become one of the most popular cards in Canada recently, particularly among millennials. New applicants can earn up to 30,000 bonus points (2,500 points for each billing period in which you make at least $500 in purchases on the card). The fee to have the card is $10 a month, which is more of a subscription model and appeals to those who don’t like paying their annual fee in one lump sum. What really makes the card shine though is the 5 points cardholders earn per $1 spent on food and drinks, which covers restaurants, grocery stores, food delivery and more. The travel category earns 2 points per $1 spent, which is also notable since public transportation and rideshare charges count as part of the category. All other purchases nab 1 point per dollar spent. American Express Membership Rewards Points can be redeemed toward the card’s statement balance, on gift cards, and for merchandise, but cardholders will get maximum value when redeeming points on travel.

#2 TD® Aeroplan® Visa Infinite

Eligibility Criteria:
– Credit score required: Good-Excellent
– Min personal income required: $60000
– Annual fees: $120 

TD Aeroplan Infinite VisaIf you’re looking for a credit card with a generous sign-up bonus, then the TD Aeroplan Visa Infinite Card is the first option you should consider. Applying entitles you to earn up to 30000 Aeroplan Miles.

The card has an annual fee of $120, but the first year’s fee is rebated. Cardholders will earn 1.5 Aeroplan Miles per $1 spent at participating gas, grocery, drugstore, and aircanada.com purchases and 1 Aeroplan Mile per $1 spent elsewhere. Additional perks include one annual pass to any Air Canada Maple Leaf Lounge (when travelling on an Aeroplan redemption), travel insurance, and discounts at participating Avis and Budget Rent a Car locations.

#3 Scotia Momentum Visa Infinite Card

Scotia Momentum Visa InfiniteEligibility Criteria:
– Credit score required: Good-Excellent
– Min personal income required: $60000
– Annual fees: $120 (First year free)

Cashback credit cards are a favourite among Canadians, as their benefits are relatively easy to understand and redeem. Scotia Momentum Visa Infinite cardholders get 4% cash back on gas and groceries, with a cap of $25,000 in annual spending for each category before the rate is reduced to 1% for the remainder of the year. Purchases at drug stores and on recurring bills earn 2% (again, the $25,000/year cap applies for each category), and all other purchases earn 1% cash back (no caps or limits). The annual fee for this card is $99, but the first year’s fee is waived.

#4 BMO® World Elite™ Mastercard®

bmo world elite mastercardEligibility Criteria:
– Credit score required: Good-Excellent
– Min personal income required: $80000
– Annual fees: $150

Those looking for a solid all-around travel credit card should consider the BMO World Elite Mastercard. New cardholders will receive a 35,000 BMO point sign-up bonus after spending $3,000 on the card within the first 3 months. The card’s annual fee of $150 is waived for the first year.

Additionally, cardholders will be covered with comprehensive travel insurance and 4 free airport lounge passes annually. As for the earn rate, you’ll get 3 BMO points for every $1 spent on dining, entertainment, and travel-related purchases and 2 BMO points for every $1 spent elsewhere. Points can be redeemed toward travel through the BMO Rewards website, with one of the major benefits being that there are no blackout periods.

#5 The PC World Elite Mastercard

President's Choice Financial World MasterCardEligibility Criteria:
– Credit score required: Fair-Good
– Min personal income required: $80000
– Annual fees: $0

A favourite on the market right now is the PC World Elite Mastercard, a great no annual fee card for Canadians who shop at Loblaws and Shoppers Drug Mart, since it rapidly earns PC Optimum points. Cardholders earn 45 PC Optimum points for every dollar spent at Shoppers Drug Mart or Pharmaprix. Purchases made at PC Travel and anywhere else President’s Choice products are sold earn 30 points per $1 spent. Additionally, the PC World Elite Mastercard comes with 10 days of free travel insurance. Points are easy to redeem, as cardholders need 10,000 points to claim $10 in groceries or merchandise—just present your card to the cashier when you are making a purchase and ask to redeem them.

#6 Scotiabank Passport Visa Infinite Business Card

Eligibility Criteria:
– Credit score required: Good-Excellent
– Min personal income required: $60000
– Annual fee: $199

The Scotiabank Passport Visa Infinite Business Card is a great option for those who need a business credit card. Why? It waives foreign transaction fees, a huge benefit for those who have suppliers outside of Canada or travel often for work. New cardholders will receive a welcome bonus of 35,000 points after spending $5,000 on the card within the first three months of card membership. You can also earn an additional 15,000 points when you spend at least $60,000 on the card within the first year. Although there are no multipliers for different merchant categories, cardholders do get a good general earn rate of 1.5 Scotiabank Rewards points per $1 spent on all purchases. Additional benefits include 6 free visits to a Priority Pass airport lounge each year and comprehensive travel insurance coverage. Business reporting and payment control tools also come included with the card to help you keep your business on track. The annual fee is $199.

*This article is intended for Canadian consumers with credit scores 700; 710; 720; 730; 740; 750; 760; 770; 780; and 790. If your credit score is below this range, please read our articles about the best credit cards for average/fair credit scores and the best credit cards for poor credit scores. This post was not sponsored. The views and opinions expressed in this review are purely my own.

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