Money & Career

Credit cards with the most rewards: Is yours on this list?

If you know how to pick the right one, credit cards do have their benefits — getting points and rewards can earn you free stuff (and even free money!).

credit cards in hand

Masterfile

It’s not often that I sing praises to credit cards. Quite the opposite in fact, since I usually warn about the high interest rates and the dangers of not paying cards off in full every month. But if you know how to pick the right one, credit cards do have their benefits — getting points and rewards can earn you free stuff (and even free money!). The latest issue of MoneySense crunches the numbers and comes up with a list of Canada’s best credit cards. Is your card on this list?

1. Best travel reward cards
I’ll admit, I’m a sucker for free air travel. So which ones offer the best rewards? Capital One’s Aspire Travel World MasterCard tops the list with a $120 annual fee, an interest rate of 19.8%. The catch: it requires an annual income of $60,000 or a household income of $100,000 but it does include travel medical insurance. Other cards on the list are:

American Express – Gold Rewards
RBC – WestJet World MasterCard
BMO – World Elite MasterCard
CIBC – Aerogold Visa
TD – First Class Travel Visa Infinite
American Express – Blue Sky
American Express – AeroplanPlus Gold

2. Best cash-back cards
Some cards will give you a cash rebate based on how much you spend  — who wouldn’t want to get dollars back from their card provider? At the top of MoneySense’s list is Scotiabank’s Scotia Momentum Visa Infinite, with an annual fee of $99 and an interest rate of 19.99%. It does however require you to have a personal income of $60,000 or a household income of $100,000 and it also includes car rental insurance and extended warranty. Other cards on the list are:

Capital One – Aspire Cash World MasterCard
MBNA – SmartCash Platinum Plus MasterCard
Capital One – Aspire Travel World MasterCard
Capital One – Aspire Cash Platinum MasterCard
Scotiabank – Scotia Momentum Visa
Canadian Tire – Cash Advantage MasterCard
RBC – Cash Back MasterCard

3. Best merchandise cards
Wouldn’t it be nice if your credit card company gave you money to do your Christmas shopping? Merchandise rewards aim to do just that — you can use your points to shop from a credit card merchandise catalogue. The top card on the list is the Capital One Aspire Travel World MasterCard, with an annual fee of $120. You have to have annual personal income of $60,000 or $100,000 but it does include travel medical insurance. Other top cards are:

President’s Choice Financial – President’s Choice Financial MasterCard
Scotiabank – ScotiaGold Passport Visa
Canadian Tire – Options MasterCard
MBNA Rewards MasterCard
Capital One – Aspire Travel Platinum MasterCard
CIBC – Petro-Points MasterCard
Scotiabank – Scene Visa