Credit Cards, Investing, Save Your MoneyAugust 9, 2021September 20, 2021

5 More Amazing Canadian Credit Cards

Last week, we published an article that illustrated the top 5 Canadian credit cards you should have. There, we had quite a variety. However, since there are many different financial institutions, there are likely to be even more credit cards that people are not aware of. Therefore, in this article, we will look to extend the topic and take a look at 5 more credit cards that every Canadian should have. These credit cards focus on everything from cashback to what would be a good card for students. With all that being said, let’s take a look into 5 more amazing credit cards that every Canadian should have.

BMO SPC Cashback Mastercard

A lot of people get their first credit card when they’re students, this was especially true for me. If you are a student and looking to get your first credit card, the BMO SPC Cashback Mastercard is a good place to start. Since it’s catered to those who are still in school, the card does not come with any annual fees! This means the card is essentially free!

Furthermore, the card allows you to gain 1% cashback on all purchases you make. This is better than many other cards as they typically offer 0.50%. However, there is a welcome offer that’ll give you a 5% cashback on all purchases for the first three months! What an incredible amount, especially for students who’re trying to save money and build their credit! Another notable quality about this card is the crazy amount of discounts! For those who don’t know, the SPC card gives you discounts to tons of stores. This discount can range between 10% – 15%. That’s a pretty good amount if you’re spending a lot of money. Some stores that you’ll have a discount on are Aldo and The Banana Republic. However, there are hundreds of stores to choose from!

American Express Essentials Credit Card

Many people carry a large balance on their credit cards. This typically leads to larger interest payments and further accumulation of debt. Therefore, it would be wise for those people to find a credit card that carries a lower interest rate. This is where the American Express Essentials Credit Card shines. While other cards boast cashback and rewards at the cost of an annual fee, this card is different.

The Amex Essentials Credit Card is simple in nature. There is no annual fee or reward. However, the interest rate is significantly less. Cards like the BMO World Elite Mastercard have a purchase interest rate of 19.99%. However, this card only has a rate of 8.99%. That’s right, 11% less than the average credit card.

Let’s work out the numbers. You have a credit card with a $10,000 debt and a 19.99% interest rate. If you keep that debt for the whole year, you’ll pay out $1,999. However, with an interest rate of 8.99%, that total interest payment goes down to $899. That’ll save you over $1,000 on interest payments. Lastly, the card has an optional balance transfer interest rate of 1.99% on the first 6 months. Therefore, if you have a large balance on another card, you can transfer that balance over to this card and pay a significantly less interest payment. If you already have an Amex card with a large balance, consider changing to this card!

Scotia Momentum Visa Infinite Card

Next is a cashback card with a bit of an annual fee. However, this annual fee comes with a few notable benefits! The card we’re talking about is the Scotia Momentum Visa Infinite Card. The annual fee on this card is lower than many other premium cards at $99. However, if used correctly, you can gain copious amounts of the cashback onto your card, offsetting any fees you may incur.

On all of your purchases, you can gain a 1% cashback. However, Scotia realizes that they need to stay competitive. Therefore, they are offering 4% cash back on the things that people spend the most money on. Gas and groceries. The cashback does not stop here! You can also earn 2% on all drug store and recurring bill payments. Set your phone payment to be taken out of your credit card every month and save 2%. This example is extremely practical since we, as Canadians, pay the highest phone bills.

Lastly, they offer various VIP treatments such as access to premier events and concerts. Did we also mention that the first-year annual fee is rebated?

Triangle World Elite Mastercard

The Triangle World Elite Mastercard is the most niche card on this list as it caters to people who shop at Canadian Tire. Therefore, if you frequent Canadian Tire a lot, this card is for you! The card has no annual fee and the typical 19.99% purchase interest rate that you get from other cards.

Since this is a cashback card you will be receiving a rebate on your purchases. However, all the cashback you will accumulate will be in the form of Canadian Tire Money. Using this card at Canadian Tire and their affiliates (Sport Chek, Atmosphere, Sports Rousseau, Hockey Experts, L’Entrepôt du Hockey, and participating Mark’s/L’Équipeur and Sports Experts stores) will earn you 4% cashback.

Shopping at grocery stores (excluding Costco and Walmart) will earn you 3% cashback. Furthermore, if you fill up your gas at Gas+ and participating Husky stations, you will earn 5 – 7 cents per 1 liter. Therefore, there is a lot of earning potential within this card.

Fortunately, there are many more perks to this card that were not listed here.

Scotia Platinum American Express Card

For the final credit card, I thought it would be advantageous to list one of the most premium cards that you can get. With an average interest rate, the Scotiabank Platinum American Express Card has an exceptionally high annual fee of $399. As you can expect, this card has a lot of advantages that you could only find in a card of this magnitude.

First, you earn 30,000 bonus points 60 days after your first purchase which means that there is no minimum spending limit. The card gives you the ability to earn 4 points per dollar (on the first $100,000 spent every year) on eligible gas, grocery, dining, and entertainment purchases. All other purchases are 1 point per dollar. Also, you can convert your accumulated Scotia Rewards points to scene points!

Second, you’re able to book travel to anywhere without any travel restrictions. It is very common for travel cards to have restrictions when redeeming points for travel, making this a valuable asset. While traveling, you’ll have access to exclusive benefits like a concierge service, airport lounges, Hertz #1 Club Gold membership, and various merchandise. Furthermore, you’ll be able to receive discounts/special offers on hotels, vacation packages, car rentals, and many more! Lastly, you’ll have access to extensive travel insurance coverage. This is the factor that usually makes cards like these so expensive as they carry a lot of value in such a little card. These insurances can cover things like lost luggage, delayed/canceled trips, and even extensive medical insurance!

Shameed Chris Khan

Shameed is just a man on a mission to help those around him gain financial success. Obsessed with writing about all things finance, this GTA native is constantly learning and sharing his experiences with others.