I Ranked EVERY Credit Card in Canada...

Introduction

In this tutorial, we will explore the rankings of various credit cards available in Canada for 2024. The rankings are organized from the best options to the least favorable, based on factors such as cash back, fees, and specific benefits. This guide will help you make informed decisions when selecting a credit card that fits your financial needs.

Step 1: Understand the Tier Ranking System

• Tier S: Best credit cards with high value and benefits.
• Tier A: Very good cards with strong cash back or rewards.
• Tier B: Average cards that offer decent benefits but may not stand out.
• Tier C: Below average cards with limited features.
• Tier D and E: Poor options with minimal benefits or high fees.

Step 2: Evaluate Key Credit Cards

Amazon Credit Card

• Rank: B
• Benefits: 2.5% cash back on Amazon purchases.
• Advice: Consider alternatives that offer higher cash back rates on general purchases.

CIBC Aventura Visa Card

• Rank: D
• Benefits: Minimal points and features.
• Advice: Avoid this card unless you have no alternatives.

CIBC Aeroplan Visa Card

• Rank: C
• Benefits: 10,000 Aeroplan points upon sign-up; free to own.
• Advice: Reasonable option for students or those starting their credit journey.

Simply Financial Visa Card

• Rank: S
• Benefits: 4% cash back on restaurants, bars, and coffee shops; no annual fee.
• Advice: Highly recommended for everyday spending in food categories.

American Express Cobalt Card

• Rank: S
• Benefits: 5 points for every dollar spent on groceries, restaurants, and bars.
• Advice: Excellent for those who travel and dine out frequently.

Scotia Bank Passport Visa Card

• Rank: A
• Benefits: No foreign transaction fees, lounge access.
• Advice: Great for international travelers.

Rogers Mastercard

• Rank: S
• Benefits: 2% cash back on all purchases for Rogers customers.
• Advice: Best no-fee credit card for everyday use.

American Express Platinum Card

• Rank: S
• Benefits: Extensive travel benefits, $200 travel credit.
• Advice: Ideal for frequent travelers who can take advantage of the perks.

Step 3: Identify Your Needs

• Determine what features are most important to you: cash back, travel rewards, or specific spending categories.
• Consider your spending habits to choose a card that maximizes your benefits.

Step 4: Apply for the Right Card

• Choose a card based on the rankings and your personal needs.
• Use referral links or official websites to apply, ensuring you understand the terms and conditions.

Conclusion

Selecting the right credit card can significantly impact your finances. By understanding the tier ranking system and evaluating the benefits of each card, you can choose one that aligns with your lifestyle and spending habits. Take the time to review your options and apply for the best card that meets your needs for 2024. Remember to keep track of your spending and rewards to maximize the benefits of your chosen credit card.