Best credit cards for Canadians with good credit scores
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 will offer premium perks and benefits.
What are the best credit cards for Canadians with good credit scores? Below are six of our top suggestions.
Best credit cards for good credit in Canada
Best credit cards for good credit | Fast facts | Get started |
---|---|---|
CIBC Dividend Platinum® Visa Card |
Annual fee: $99 (first year free)
Card type: Cash back |
Apply now |
TD® Aeroplan® Visa Infinite* Card |
Annual fee: $139 (first year free)
Card type: Travel/Aeroplan |
Apply now |
American Express Cobalt® Card |
Annual fee: $155.98 ($12.99/month)
Card type: Rewards |
Apply now |
BMO Ascend™ World Elite®* Mastercard®* |
Annual fee: $150 (first year free)
Card type: Travel |
Apply now |
RBC Avion Visa Infinite |
Annual fee: $120
Card type: Travel |
Apply now |
†Terms and conditions apply.
Best credit card for good credit
CIBC Dividend Platinum® Visa* Card
Get a first-year annual fee rebate and earn 10% cash back welcome bonus of up to $200!â€
3%
cash back on eligible gas, electric vehicle charging, and groceries.
2%
cash back on eligible transportation, dining and recurring payments.
1%
cash back on all other eligible purchases.
90 days
purchase security from damage and theft on eligible items purchased with your card.
1 year
on top of the original manufacturer's warranty
$500,000
common carrier accident insurance
$65,000
MSRP for rental cars for up to 48 consecutive days
cash back on eligible gas, electric vehicle charging, and groceries.
3%
cash back on eligible transportation, dining and recurring payments.
2%
cash back on all other eligible purchases.
1%
purchase security from damage and theft on eligible items purchased with your card.
90 days
on top of the original manufacturer's warranty
1 year
common carrier accident insurance
$500,000
MSRP for rental cars for up to 48 consecutive days
$65,000
20.99%
Purchase APR non-Quebec residentsâ€
22.99%
Balance Transfer Rate non-Quebec residentsâ€
22.99%
Cash Advance APR non-Quebec residentsâ€
$99
Annual Fee First year annual fee rebateâ€
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$99
Very Good
Recommended Credit Score
$15,000
Required Annual Personal Income
$15,000
Required Annual Household Income
Recommended Credit Score
Very Good
Required Annual Personal Income
$15,000
Required Annual Household Income
$15,000
Pros
-
Very impressive welcome offer
-
Elevated cash back rates (2-3%) in five everyday spending categoriesâ€
-
No limit in total cash back you can collect
-
The $15,000 minimum annual income requirement†is very low for a cash back card of this calibre
Cons
-
$99 annual fee may not be worthwhile for all consumers
-
The $20K annual spending limit for earning cash back at the accelerated 2-3% rates is lower than the limits offered by some competing cash back credit cards
3%
cash back on eligible gas, electric vehicle charging, and groceries.
2%
cash back on eligible transportation, dining and recurring payments.
1%
cash back on all other eligible purchases.
90 days
purchase security from damage and theft on eligible items purchased with your card.
1 year
on top of the original manufacturer's warranty
$500,000
common carrier accident insurance
$65,000
MSRP for rental cars for up to 48 consecutive days
cash back on eligible gas, electric vehicle charging, and groceries.
3%
cash back on eligible transportation, dining and recurring payments.
2%
cash back on all other eligible purchases.
1%
purchase security from damage and theft on eligible items purchased with your card.
90 days
on top of the original manufacturer's warranty
1 year
common carrier accident insurance
$500,000
MSRP for rental cars for up to 48 consecutive days
$65,000
20.99%
Purchase APR non-Quebec residentsâ€
22.99%
Balance Transfer Rate non-Quebec residentsâ€
22.99%
Cash Advance APR non-Quebec residentsâ€
$99
Annual Fee First year annual fee rebateâ€
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$99
Very Good
Recommended Credit Score
$15,000
Required Annual Personal Income
$15,000
Required Annual Household Income
Recommended Credit Score
Very Good
Required Annual Personal Income
$15,000
Required Annual Household Income
$15,000
Pros
-
Very impressive welcome offer
-
Elevated cash back rates (2-3%) in five everyday spending categoriesâ€
-
No limit in total cash back you can collect
-
The $15,000 minimum annual income requirement†is very low for a cash back card of this calibre
Cons
-
$99 annual fee may not be worthwhile for all consumers
-
The $20K annual spending limit for earning cash back at the accelerated 2-3% rates is lower than the limits offered by some competing cash back credit cards
TD credit card for good credit
TD® Aeroplan® Visa Infinite* Card
Earn up to $1,200 in value†including up to 50,000 Aeroplan points†. Conditions Apply. Account must be approved by June 3, 2024.
Expires
Jun 4, 2024
1.5 points
for every $1 spent on eligible gas, grocery and direct through Air Canada® purchases (including Air Canada Vacations®)â€
1 point
Earn 1 point for every $1 you spend on all other purchasesâ€
2x
Earn points twice with Aeroplan partner brands and on the Aeroplan eStore.â€
50%
Earn 50% more Aeroplan points at Starbucks when you link your card to your account.â€
1
NEXUS application fee rebate every 48 monthsâ€
1st
checked bag free for you and up to 8 travel companionsâ€
for every $1 spent on eligible gas, grocery and direct through Air Canada® purchases (including Air Canada Vacations®)â€
1.5 points
Earn 1 point for every $1 you spend on all other purchasesâ€
1 point
Earn points twice with Aeroplan partner brands and on the Aeroplan eStore.â€
2x
Earn 50% more Aeroplan points at Starbucks when you link your card to your account.â€
50%
NEXUS application fee rebate every 48 monthsâ€
1
checked bag free for you and up to 8 travel companionsâ€
1st
20.99%
Purchase APR APR for purchases 20.99%â€
22.99%
Balance Transfer Rate APR for balance transfers 22.99%â€
22.99%
Cash Advance APR APR for cash advances 22.99%â€
$139
Annual Fee Additional cardholder is $75.â€
2.50%
Foreign Transaction Fee Foreign transaction fee: 2.50%â€
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$139
Foreign Transaction Fee
2.50%
Excellent
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$60,000
Required Annual Household Income
$100,000
Pros
-
The card has a high earn rate for Aeroplan Points, generating 1.5 points† per $1 spent on eligible purchases.
-
Insurance offered includes coverage in the categories that travellers need, and is generally better than its Aeroplan peers at a similar annual fee level.
Cons
-
No airport lounge membership or free lounge access.
-
Aeroplan points can’t be redeemed for flights outside the Star Alliance network, nor can they be redeemed for cash credit. This makes them less flexible than some competing travel rewards programs.
1.5 points
for every $1 spent on eligible gas, grocery and direct through Air Canada® purchases (including Air Canada Vacations®)â€
1 point
Earn 1 point for every $1 you spend on all other purchasesâ€
2x
Earn points twice with Aeroplan partner brands and on the Aeroplan eStore.â€
50%
Earn 50% more Aeroplan points at Starbucks when you link your card to your account.â€
1
NEXUS application fee rebate every 48 monthsâ€
1st
checked bag free for you and up to 8 travel companionsâ€
for every $1 spent on eligible gas, grocery and direct through Air Canada® purchases (including Air Canada Vacations®)â€
1.5 points
Earn 1 point for every $1 you spend on all other purchasesâ€
1 point
Earn points twice with Aeroplan partner brands and on the Aeroplan eStore.â€
2x
Earn 50% more Aeroplan points at Starbucks when you link your card to your account.â€
50%
NEXUS application fee rebate every 48 monthsâ€
1
checked bag free for you and up to 8 travel companionsâ€
1st
20.99%
Purchase APR APR for purchases 20.99%â€
22.99%
Balance Transfer Rate APR for balance transfers 22.99%â€
22.99%
Cash Advance APR APR for cash advances 22.99%â€
$139
Annual Fee Additional cardholder is $75.â€
2.50%
Foreign Transaction Fee Foreign transaction fee: 2.50%â€
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$139
Foreign Transaction Fee
2.50%
Excellent
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$60,000
Required Annual Household Income
$100,000
Pros
-
The card has a high earn rate for Aeroplan Points, generating 1.5 points† per $1 spent on eligible purchases.
-
Insurance offered includes coverage in the categories that travellers need, and is generally better than its Aeroplan peers at a similar annual fee level.
Cons
-
No airport lounge membership or free lounge access.
-
Aeroplan points can’t be redeemed for flights outside the Star Alliance network, nor can they be redeemed for cash credit. This makes them less flexible than some competing travel rewards programs.
Best Amex card for good credit
American Express Cobalt® Card
Earn up to 15,000 Membership Rewards points
5x
Earn 5 times he points on eligible eats and drinks in Canada, including groceries and food delivery. Spend cap applies.
3x
Earn 3 times the points on eligible streaming subscriptions in Canada.
2x
Get 2 times the points on eligible ride shares, transit & gas in Canada.
1x
Earn 1 additional point on eligible hotel and car rental bookings via American Express Travel Online
1x
Earn 1 point for every $1 in Card purchases everywhere else
$100 USD
Get up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel.
Earn 5 times he points on eligible eats and drinks in Canada, including groceries and food delivery. Spend cap applies.
5x
Earn 3 times the points on eligible streaming subscriptions in Canada.
3x
Get 2 times the points on eligible ride shares, transit & gas in Canada.
2x
Earn 1 additional point on eligible hotel and car rental bookings via American Express Travel Online
1x
Earn 1 point for every $1 in Card purchases everywhere else
1x
Get up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel.
$100 USD
21.99%
Purchase APR on purchases
21.99%
Cash Advance APR
$155.88
Annual Fee 12.99/mo
2.50%
Foreign Transaction Fee
Purchase APR
21.99%
Cash Advance APR
21.99%
Annual Fee
$155.88
Foreign Transaction Fee
2.50%
Fair
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Fair
Required Annual Personal Income
$0
Required Annual Household Income
$0
Pros
-
High earn rates (up to 5% return on spending!)
-
Flexible month-by-month fee structure
-
Free supplementary cards
-
1:1 points transfer with selected hotels, airlines and frequent flyer programs
Cons
-
Accelerated earn rates only apply to purchases in Canada (not to purchases made abroad)
-
Amex has a more limited merchant acceptance rate than Visa and Mastercard
-
Slightly higher than average annual fee
5x
Earn 5 times he points on eligible eats and drinks in Canada, including groceries and food delivery. Spend cap applies.
3x
Earn 3 times the points on eligible streaming subscriptions in Canada.
2x
Get 2 times the points on eligible ride shares, transit & gas in Canada.
1x
Earn 1 additional point on eligible hotel and car rental bookings via American Express Travel Online
1x
Earn 1 point for every $1 in Card purchases everywhere else
$100 USD
Get up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel.
Earn 5 times he points on eligible eats and drinks in Canada, including groceries and food delivery. Spend cap applies.
5x
Earn 3 times the points on eligible streaming subscriptions in Canada.
3x
Get 2 times the points on eligible ride shares, transit & gas in Canada.
2x
Earn 1 additional point on eligible hotel and car rental bookings via American Express Travel Online
1x
Earn 1 point for every $1 in Card purchases everywhere else
1x
Get up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel.
$100 USD
21.99%
Purchase APR on purchases
21.99%
Cash Advance APR
$155.88
Annual Fee 12.99/mo
2.50%
Foreign Transaction Fee
Purchase APR
21.99%
Cash Advance APR
21.99%
Annual Fee
$155.88
Foreign Transaction Fee
2.50%
Fair
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Fair
Required Annual Personal Income
$0
Required Annual Household Income
$0
Pros
-
High earn rates (up to 5% return on spending!)
-
Flexible month-by-month fee structure
-
Free supplementary cards
-
1:1 points transfer with selected hotels, airlines and frequent flyer programs
Cons
-
Accelerated earn rates only apply to purchases in Canada (not to purchases made abroad)
-
Amex has a more limited merchant acceptance rate than Visa and Mastercard
-
Slightly higher than average annual fee
Best BMO credit card for good credit
BMO Ascend™ World Elite®* Mastercard®
Get up to 90,000 points and the annual fee waived in your first anniversary for both the primary cardholder and authorized users.*
Expires
May 31, 2024
5x
5x the points for every $1 spent on eligible travel purchases*
3x
3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments*
1x
1 point for every $1 spent everywhere else*
5x the points for every $1 spent on eligible travel purchases*
5x
3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments*
3x
1 point for every $1 spent everywhere else*
1x
20.99%
Purchase APR
23.99%
Balance Transfer Rate 21.99% for Quebec residents
23.99%
Cash Advance APR
$150
Annual Fee
2.50%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
23.99%
Cash Advance APR
23.99%
Annual Fee
$150
Foreign Transaction Fee
2.50%
Excellent
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$80,000
Required Annual Household Income
$150,000
Pros
-
High-value welcome offer
-
Flexible airport lounge access
-
BMO Rewards points can be used to cover flight taxes and fees
-
Great for those who frequently rent cars
-
Good for Costco and No Frills shoppers
Cons
-
So-so earn rates relative to its annual fee
-
Points have low redemption value compared to other travel rewards programs
-
Charges foreign transaction fees
-
Relatively high minimum income requirements
5x
5x the points for every $1 spent on eligible travel purchases*
3x
3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments*
1x
1 point for every $1 spent everywhere else*
5x the points for every $1 spent on eligible travel purchases*
5x
3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments*
3x
1 point for every $1 spent everywhere else*
1x
20.99%
Purchase APR
23.99%
Balance Transfer Rate 21.99% for Quebec residents
23.99%
Cash Advance APR
$150
Annual Fee
2.50%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
23.99%
Cash Advance APR
23.99%
Annual Fee
$150
Foreign Transaction Fee
2.50%
Excellent
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$80,000
Required Annual Household Income
$150,000
Pros
-
High-value welcome offer
-
Flexible airport lounge access
-
BMO Rewards points can be used to cover flight taxes and fees
-
Great for those who frequently rent cars
-
Good for Costco and No Frills shoppers
Cons
-
So-so earn rates relative to its annual fee
-
Points have low redemption value compared to other travel rewards programs
-
Charges foreign transaction fees
-
Relatively high minimum income requirements
Best RBC credit card for good credit
RBC Avion Visa Infinite
about new welcome offers by email
1
Earn 1 Avion point for every dollar you spend*.
25%
extra Avion points on eligible travel purchases
$1,500
mobile device insurance
3¢/L
savings on fuel at Petro-Canada and always earn 20% more Avion points
50
Be Well points for every $1 spent on eligible products at Rexall
20%
off at Hertz and earn 3x the Avion points
$0
delivery fees for 12 months from DoorDash
Earn 1 Avion point for every dollar you spend*.
1
extra Avion points on eligible travel purchases
25%
mobile device insurance
$1,500
savings on fuel at Petro-Canada and always earn 20% more Avion points
3¢/L
Be Well points for every $1 spent on eligible products at Rexall
50
off at Hertz and earn 3x the Avion points
20%
delivery fees for 12 months from DoorDash
$0
20.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR
$120
Annual Fee $50 for each additional card
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$120
Very Good
Recommended Credit Score
$60,000
Required Annual Personal Income
Recommended Credit Score
Very Good
Required Annual Personal Income
$60,000
Pros
-
Rewards program is highly flexible, transferable, and includes a slew of non-travel-related reward options
-
Partnerships with other retailers like HBC and Petro-Canada
-
Provides excellent travel insurance
-
New cardholders earn 35,000 welcome Avion points on approval*
-
Solid option for looking for a travel-centric points program
Cons
-
The points-to-dollars ratio is only average and there are few opportunities for accelerated earning.
-
The $120 annual fee isn’t cheap
-
High annual income requirement: Personal: $60,000 or Household: $100,000
1
Earn 1 Avion point for every dollar you spend*.
25%
extra Avion points on eligible travel purchases
$1,500
mobile device insurance
3¢/L
savings on fuel at Petro-Canada and always earn 20% more Avion points
50
Be Well points for every $1 spent on eligible products at Rexall
20%
off at Hertz and earn 3x the Avion points
$0
delivery fees for 12 months from DoorDash
Earn 1 Avion point for every dollar you spend*.
1
extra Avion points on eligible travel purchases
25%
mobile device insurance
$1,500
savings on fuel at Petro-Canada and always earn 20% more Avion points
3¢/L
Be Well points for every $1 spent on eligible products at Rexall
50
off at Hertz and earn 3x the Avion points
20%
delivery fees for 12 months from DoorDash
$0
20.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR
$120
Annual Fee $50 for each additional card
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$120
Very Good
Recommended Credit Score
$60,000
Required Annual Personal Income
Recommended Credit Score
Very Good
Required Annual Personal Income
$60,000
Pros
-
Rewards program is highly flexible, transferable, and includes a slew of non-travel-related reward options
-
Partnerships with other retailers like HBC and Petro-Canada
-
Provides excellent travel insurance
-
New cardholders earn 35,000 welcome Avion points on approval*
-
Solid option for looking for a travel-centric points program
Cons
-
The points-to-dollars ratio is only average and there are few opportunities for accelerated earning.
-
The $120 annual fee isn’t cheap
-
High annual income requirement: Personal: $60,000 or Household: $100,000
What is a good credit score?
In Canada, a good credit score typically falls within the range of 660 to 724. This range is considered fair to good and suggests that lenders will view you as a dependable borrower. If your score is between 725 and 759, it's considered very good, while scores from 760 and up are viewed as excellent. Higher scores can help you secure loans with more favourable terms, such as lower interest rates.
Is it good to increase your credit limit?
Increasing your credit limit can be beneficial, but it also requires careful consideration. Here are some pros and cons
Pros
-
Improves Credit Utilization Ratio: A higher credit limit can lower your credit utilization ratio, which is the percentage of your credit limit you use. Lower utilization can positively affect your credit score, as long as you don't increase your spending.
-
More Financial Flexibility: A higher limit provides more cushion in case of emergencies or unexpected expenses.
-
Potential for Better Credit Offers: Demonstrating that you can handle a higher credit limit responsibly might lead to better offers from lenders, like higher limits or lower interest rates.
Cons
-
Temptation to Spend More: With a higher limit, there might be a temptation to spend more, which can lead to higher debt and potentially financial strain if not managed properly.
-
Potential Impact on Credit Score: When you request a higher limit, lenders may perform a hard inquiry on your credit report, which can temporarily lower your credit score.
-
Risk of Higher Debt: If not managed wisely, a higher credit limit can lead to accumulating more debt, which might become difficult to repay.
Is it good to have multiple credit cards?
Having multiple credit cards offers several benefits, including a better credit utilization ratio, which can enhance your credit score if you maintain low balances across the cards. Additionally, having more than one card provides backup options in case of loss or fraud and allows you to maximize different rewards and benefits that various cards offer, such as travel points and cash back.
However, there are challenges to consider. Managing multiple credit cards requires keeping track of different billing cycles, payment due dates, and staying on top of your spending to avoid accruing high debt. Furthermore, applying for several cards in a short period can lead to multiple hard inquiries on your credit report, which might temporarily reduce your credit score. The decision to have multiple cards should depend on your ability to manage them responsibly to avoid financial strain.
Recommended read: Visa Infinite vs. World Elite Mastercard.
This article is intended for Canadian consumers with credit scores 700; 710; 720; 730; 740; 750; 760; 770; 780; and 790.
This post was not sponsored. The views and opinions expressed in this review are purely my own.
BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.
FAQ about credit cards with good credit
Hannah Logan is a Canadian freelancer writer and blogger who specializes in personal finance and travel. You can follow her adventures on her travel blog EatSleepBreatheTravel.com or find her on Instagram @hannahlogan21.
Other credit score credit cards
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