How To Pick The Best Credit Card for You
Updated: Mar. 20, 2019
With so many credit card options, it can be hard to know which is best for you. Here’s a guide to help you pick your plastic.
Scotia Momentum Visa Infinite
Interest rate: 19.99 per cent
Annual fee: $99
Requirements: Personal income of $60,000 or a household income of $100,000
Perks: Canada’s best plan for cashback, a cash rebate on purchases made, with four per cent earned on gas and groceries, two per cent on drugstore purchases and bill payments and one per cent on everything else; Visa Infinite advantages, including a 24-7 concierge service phone line to help you book hotels and restaurants.
Your pick if: You spend over $500 a month on groceries and gas.
MBNA Smart Cash Platinum Plus MasterCard
Interest rate: 19.99 per cent
Annual fee: $0
Requirements: Personal income of $35,000; not available to students
Perks: Two per cent cash back on gas and groceries (five per cent for the first six months) and one per cent on everything else.
Your pick if: You want good cashback but don’t make enough to qualify for the Scotia Momentum.
Capital One Aspire Cash World MasterCard
Interest rate: Prime + 16.98 per cent (currently 19.98 per cent)
Annual fee: $0
Requirements: Personal income of $60,000 or a household income of $100,000
Perks: One per cent cash back on all purchases, with a 50 per cent bonus on each year’s cashback earnings, for an effective 1.5 per cent; World MasterCard advantages, like price protection and trip cancellation insurance.
Your pick if: You want cash back but don’t spend enough to justify an annual fee.
Capital One Aspire Travel World MasterCard
Interest rate: Prime + 16.98 per cent (currently 19.98 per cent)
Annual fee: $120
Requirements: Personal income of $60,000 or a household income of $100,000
Perks: Two reward miles for every dollar spent; each mile is worth $0.01 in travel spending on flights and hotels; 35,000-mile sign-up bonus; 10,000-mile anniversary bonus that nearly cancels out the annual fee.
Your pick if: You travel a lot. If you only use your rewards on flights, you end up with the equivalent of two per cent cash back.
Scotiabank Scene Visa
Interest rate: 19.99 per cent
Annual fee: $0
Requirements: None
Perks: One Cineplex Scene point for every dollar spent and five Scene points for every dollar spent at Cineplex; every 1,000 points is a free movie; 4,000 bonus points for sign-up and first transaction.
Your pick if: You love going to the movies. With no annual fee or income requirements, this is a great first card.
