1.American Express Cobalt® Card
American Express
- 5%Points on eligible eats & drinks
- 3%Points on streaming
- 2%Points on transit/gas
- 1%Points on other purchases
Earn 1,250 points for each of the first 12 monthly billing cycles where you spend at least $750 in net purchases.
Earn 5x points on eats/drinks, 3x on streaming, 2x on transit/gas, and 1x on other purchases.
21.99%
21.99%
The American Express Cobalt Card stands out as the top choice because of its exceptional earning potential on everyday spending categories like groceries and dining. With a robust rewards structure and a generous welcome bonus, it offers significant value for those who frequently spend in these areas.
Pros:
- High earning rates on food and drinks
- Flexible rewards program
Cons:
- Monthly fee can add up
- High spending requirement for welcome bonus
2.Scotiabank Passport Visa Infinite Card
Scotiabank
- 2%Points on groceries, dining, entertainment, and transit
- 1%Points on general purchases
Earn up to 60,000 bonus Scene+ points with minimum spend.
Earn 2x points on groceries, dining, entertainment, and transit, and 1x on general purchases.
20.99%
22.99%
What sets the Scotiabank Passport Visa Infinite Card apart is its comprehensive travel benefits, including no foreign transaction fees and complimentary airport lounge access. This card is particularly appealing for frequent travelers looking to maximize their rewards on everyday spending.
Pros:
- No foreign transaction fees
- Complimentary airport lounge access
Cons:
- Annual fee may be high for some
- Income requirement may limit applicants
3.Scotia Momentum Visa Infinite Card
Scotiabank
- 4%Cash back on groceries and recurring bills
- 2%Cash back on gas and daily transit
- 1%Cash back on other purchases
Earn 10% cash back on all purchases for the first 3 months (up to $2,000).
Earn 4% cash back on groceries and recurring bills, 2% on gas and daily transit, and 1% on other purchases.
20.99%
22.99%
The Scotia Momentum Visa Infinite Card shines for its high cash back rates, particularly on groceries and recurring bills, making it an excellent choice for those with significant spending in these categories. Its introductory cash back offer further enhances its appeal for new cardholders.
Pros:
- High cash back on groceries
- First-year fee waiver available
Cons:
- Annual fee applies after the first year
- Cash back caps may limit earnings
4.TD Aeroplan Visa Infinite Card
TD Canada Trust
- 1.5%Points on gas, groceries, EV charging, and Air Canada purchases
- 1%Points on all other purchases
Earn 10,000 points on first purchase, 15,000 after spending $7,500 in the first 180 days, and 15,000 as an anniversary bonus.
Earn 1.5x points on gas, groceries, EV charging, and Air Canada purchases, and 1x on everything else.
21.99%
22.99%
A key differentiator for the TD Aeroplan Visa Infinite Card is its focus on Air Canada loyalty, offering enhanced points on relevant purchases and valuable travel benefits. This card is particularly beneficial for frequent flyers looking to maximize their Aeroplan rewards.
Pros:
- Great for Air Canada travelers
- Includes travel perks like free checked bags
Cons:
- Annual fee applies
- Income requirement may limit applicants
5.Neo Financial Mastercard
Neo Financial
- 5%Cash back at partner retailers
- 2%Cash back on groceries and recurring bills
Get a $25 sign-up bonus upon approval.
Earn up to 5% cash back at partner retailers and competitive rewards on everyday spending.
19.99%-29.99%
22.99%-31.99%
The standout feature of the Neo Financial Mastercard is its flexibility in cash back rewards, allowing users to earn significant returns at partner retailers. This card is ideal for those looking for a no-fee option with competitive rewards on everyday spending.
Pros:
- No annual fee
- Flexible cash back rewards
Cons:
- Interest rates can be high
- Cash back rates may vary
Final Words
As you consider the best credit cards for your excellent credit this February, remember that the right choice can significantly enhance your financial benefits. Take time to compare the options available, focusing on rewards, fees, and bonuses, to ensure you make an informed decision that aligns with your spending habits and financial goals.
Frequently Asked Questions
Earn 1,250 points for each of the first 12 monthly billing cycles where you spend at least $750 in net purchases.
Earn 2x points on groceries, dining, entertainment, and transit, and 1x on general purchases.
Earn 10% cash back on all purchases for the first 3 months (up to $2,000). After that, earn 4% cash back on groceries and recurring bills, 2% on gas and daily transit, and 1% on other purchases.
Annual fees can vary significantly, with options like the American Express Cobalt® Card at CA$191.88, the Scotiabank Passport Visa Infinite Card at CA$150, and the Scotia Momentum Visa Infinite Card at CA$120. It's important to weigh these fees against the benefits to determine overall value.
Most credit cards for excellent credit require a credit score of 750 or higher. Additionally, lenders may consider your income, existing debt, and overall financial health when evaluating your application.
Consider factors such as annual fees, welcome bonuses, reward rates, and additional benefits like travel insurance or purchase protection. Also, evaluate how your spending habits align with the rewards structures offered by each card.
Credit cards with rewards can provide significant value through cash back, points, or travel perks based on your spending. They can help you save on future purchases or earn rewards for experiences like travel or dining.
