1.American Express Cobalt® Card
American Express
- 5%Cash back on eligible eats and drinks
- 3%Cash back on eligible streaming subscriptions
- 1%Cash back on all other purchases
Earn 1,250 Membership Rewards points for each monthly billing period in which you spend $750 on your Card.
Earn 5x points on eligible eats and drinks, 3x on eligible streaming subscriptions, and 1x on everything else.
21.99%
21.99%
The American Express Cobalt Card stands out as the top choice because it offers exceptional rewards on everyday spending, particularly in food and entertainment categories, making it ideal for those who frequently dine out or order in.
Pros:
- High rewards on everyday spending
- Flexible rewards redemption options
Cons:
- Monthly fee applies
- Requires understanding of point redemption
2.Scotiabank Passport Visa Infinite Card
Scotiabank
- 3%Cash back on travel purchases
- 2%Cash back on dining and entertainment
- 1%Cash back on all other purchases
Earn 40,000 points for spending $2,000 in 3 months, plus 10,000 points for spending $10,000 in 6 months.
Earn 3x Scene+ points on travel, 2x on dining/entertainment, and 1x on everything else.
20.99%
22.99%
What sets the Scotiabank Passport Visa Infinite Card apart is its no foreign transaction fees and airport lounge access, making it a premium choice for frequent travelers who want to earn rewards on their everyday spending.
Pros:
- No foreign transaction fees
- Airport lounge access
Cons:
- Higher income requirement for approval
- Annual fee applies
3.Scotia Momentum Visa Infinite Card
Scotiabank
- 4%Cash back on groceries and recurring bills
- 2%Cash back on gas and transit
- 1%Cash back on all other purchases
Earn 10% cash back on the first $2,000 in purchases within the first 3 months.
Earn 4% on groceries and recurring bills, 2% on gas and transit, and 1% on everything else.
20.99%
22.99%
The Scotia Momentum Visa Infinite Card shines for its high cash back rates on essential spending categories, making it an excellent choice for those looking to maximize their rewards on everyday purchases.
Pros:
- High cash back on essential spending
- First-year annual fee waiver
Cons:
- Spending caps on higher rewards
- Limited to specific categories
4.TD Aeroplan Visa Infinite Card
TD Canada Trust
- 1.5%Cash back on eligible gas, groceries, and Air Canada purchases
- 1%Cash back on all other purchases
Earn 10,000 points for your first purchase, 15,000 for spending $7,500 in 180 days, and 20,000 for spending $12,000 in the first year.
Earn 1.5x points on eligible gas, groceries, and Air Canada purchases, and 1x on everything else.
21.99%
22.99%
The TD Aeroplan Visa Infinite Card is the best option for frequent flyers, offering substantial Aeroplan point earning on everyday purchases and valuable travel benefits, making it ideal for those who travel often.
Pros:
- High Aeroplan point earning potential
- Free checked bag on Air Canada flights
Cons:
- Higher income requirement for approval
- Annual fee applies
5.Neo Financial Mastercard
Neo Financial
- 7%Cash back on purchases with a Neo Everyday Account
- 5%Cash back at partner retailers
- 4%Cash back on recurring payments
- 3%Cash back on gas
- 0.5%Cash back on all other purchases
Earn a $25 welcome bonus upon approval.
Earn up to 7% cash back on purchases with a Neo Everyday Account.
19.99%-29.99%
22.99%-31.99%
The Neo Financial Mastercard stands out for its high cash back potential, especially for those who frequently shop at partner retailers, making it a great choice for maximizing rewards on everyday spending.
Pros:
- No annual fee
- High cash back on partner purchases
Cons:
- Limited to specific retailers for higher cash back
- Variable interest rates
6.Tangerine Money-Back Credit Card
Tangerine
- 4%Cash back in chosen categories
- 0.5%Cash back on all other purchases
Earn 10% cash back on everyday purchases made within the first two months.
Earn 4% cash back in up to three customizable categories and 0.5% on everything else.
20.95%
22.95%
The Tangerine Money-Back Credit Card is a flexible option for those who want to maximize their cash back in specific spending categories, making it ideal for individuals who can strategically choose their categories.
Pros:
- No annual fee
- Customizable cash back categories
Cons:
- Limited to three categories
- Lower cash back on non-category purchases
- 5%Cash back on dining, groceries, and utilities
- 1%Cash back on all other purchases
Earn 30,000 points by spending $2,000 in the first 90 days and enrolling for paperless statements.
Earn 5x points on dining, groceries, digital media, memberships, and utilities, and 1x on everything else.
21.99%
22.99%
The MBNA Rewards World Elite Mastercard offers exceptional rewards on everyday purchases, making it a top choice for those who want to earn points quickly and redeem them flexibly.
Pros:
- High rewards on everyday spending
- Flexible redemption options
Cons:
- Annual fee applies
- Higher income requirement for approval
8.Rogers World Elite Mastercard
Rogers Bank
- 3%Cash back on USD purchases
- 2%Cash back on all other eligible purchases
N/A
Earn 3% on USD purchases and 2% on other eligible purchases.
20.99%-25.99%
22.99%-27.99%
The Rogers World Elite Mastercard shines for its high cash back rates on US dollar purchases, making it an excellent choice for Rogers customers who frequently travel or shop in the US.
Pros:
- No annual fee
- High cash back on US spending
Cons:
- Limited to Rogers customers for higher rewards
- Variable interest rates
9.Simplii Financial Cash Back Visa Card
Simplii Financial
- 4%Cash back on restaurants, bars, and coffee shops
- 1.5%Cash back on groceries, gas, and drugstores
- 0.5%Cash back on all other purchases
Earn 8% cash back on restaurants, bars, and coffee shops for the first 3 months.
Earn 4% on restaurants/bars/coffee and 1.5% on groceries/gas/drugstores/pre-authorized payments.
20.99%-21.99%
22.99%
The Simplii Financial Cash Back Visa Card is a strong contender for those who want to maximize their cash back on dining and essential purchases, making it a practical choice for everyday spending.
Pros:
- No annual fee
- High cash back on dining
Cons:
- Limited to specific categories
- Lower cash back on non-category purchases
Final Words
As you explore the best credit cards for good credit this January, remember that the right card can enhance your financial flexibility and rewards. Take time to compare your options, assess fees and benefits, and make informed decisions that align with your spending habits.
Frequently Asked Questions
The American Express Cobalt® Card offers a welcome bonus of Earn 1,250 Membership Rewards points for each monthly billing period in which you spend $750 on your Card. You can earn 5x points on eligible eats and drinks, 3x on eligible streaming subscriptions, and 1x on everything else.
With the Scotiabank Passport Visa Infinite Card, you can earn a welcome bonus of Earn 40,000 points for spending $2,000 in 3 months, plus 10,000 points for spending $10,000 in 6 months. The card provides 3x Scene+ points on travel, 2x on dining/entertainment, and 1x on everything else.
The Scotia Momentum Visa Infinite Card offers a welcome bonus of Earn 10% cash back on the first $2,000 in purchases within the first 3 months. You can earn 4% on groceries and recurring bills, 2% on gas and transit, and 1% on everything else.
To choose the best credit card, consider your spending habits, such as where you spend the most money. Look for cards that offer rewards or cashback in those categories, and compare annual fees, interest rates, and welcome bonuses to find the best overall value.
Yes, most premium credit cards, including those mentioned, require good to excellent credit for approval. It's essential to review your credit score and ensure it meets the issuer's criteria before applying.
Annual fees for good credit cards in Canada can range from zero to several hundred dollars, depending on the card's benefits and rewards structure. It's important to weigh the benefits against the fees to determine if the card is worth it for you.
To maximize rewards, use your credit card for purchases in categories that earn higher points or cashback. Additionally, pay off your balance in full each month to avoid interest charges that can negate the value of your rewards.
