Visa credit cards are a mainstay in the wallets of many Canadians over the age of 18. Credit cards are also essential for carrying out certain transactions, including online purchases, car rentals, etc. Having a credit card allows you to start building your credit score with the goal of getting loans and further credit in the future. This is especially important when seeking to buy a house or a car. If you are new to Canada, our team invites you to refer to our credit score guide.
With so many financial institutions, rewards programs, and different providers, it can be difficult to choose which credit card is right for your financial situation and needs. Fortunately, once again, the Hardbacon team is here to help. In fact, to obtain personalized recommendations, you can use the credit card comparison tool, and it’s completely free to use.
It is impossible to talk about credit cards in Canada without reviewing the many options that Visa credit cards offer. Visa is one of the go-to credit card companies and offers an impressive variety of cards to choose from. To help you make an informed decision, we've listed the top 7 Visa credit cards available in Canada in 2022. In addition to the features of the cards available, several of these options also offer particularly attractive introductory offers. There is something for everyone! Whether your priority is earning cash back rewards or enjoying various travel perks, there are benefits and rewards programs to fit almost any need.
The BMO Eclipse Visa Infinite Card
Fee: $120/year
Rewards: Up to 5 points per dollar spent
Introductory offer: Up to 40,000 points, annual fee waived for the first year, and a $50 credit
Let's start this list with the BMO Eclipse Visa Infinite card, which is on of the most popular visa credit cards among Canadians. Its rewards program allows you to earn BMO Rewards points. The annual fee is $120. The interest rate on purchases is 20.99%, and 23.99% for cash advances. However, for residents of Quebec, the interest rate for cash advances is 21.99%.
The BMO Rewards program is the loyalty program offered by the Bank of Montreal. Cardholders accumulate points by paying with their card, the number of points depending on the category of the purchases. Five points are accumulated per dollar spent on transportation, groceries, gasoline, meals and even on car-pooling costs. Moreover, if the main cardholder also takes out a secondary card to give to, for example, to his or her spouse, they will earn 10% more points.
In addition, by adding another card, the primary cardholder is also entitled to a credit of $50 per year. Once the points have a minimum reward value of $1, you can redeem them for various rewards. You can spend rewards points on travel, credits to the account, gift cards, products, and experiences. To get the most out of your points, exchange them for travel rewards where they go the farthest.
In addition, there is currently an interesting intro offer! To start, by submitting a request before December 6, 2022, new holders can obtain up to 40,000 additional points. To get the first 25,000 points, you must make $ 3,000 in purchases within the first three months of joining. You will receive the additional 15,000 points after 12 months if your account is in good standing. The annual fee is also waived for the first year, and a $50 credit is added to your account. The entire introductory offer is worth around $436!
There are also other very attractive incentives for cardholders! On top of all this, cardholders can take advantage of a concierge service when travelling, and perks at top hotels and some of the best restaurants where they visit. Not only are there perks but the card comes with multiple protections, including a mobile device protection plan of up to $1000. Finally, to qualify for the card, the minimum annual income required is $60,000 per person or $100,000 per household. Otherwise, the currently reported annual expenditures must be at least $15,000.
Scotia Momentum Visa Infinite Card
Fee: $120/year
Cash back: Up to 4%
Introductory offer: Annual fees waived for the first year
The Scotia Momentum Visa Infinite Card offers particularly attractive cash back rewards that vary, again, by category. You will get 4% back on groceries as well as all recurring payments or subscriptions. There is additionally 2% cash back on gas and public transportation, including ride-share apps like Uber, and 1% off all other purchases.
You must act quickly to take advantage of this visa credit card's current introductory offer that waives the fees for the first year for both the main card and any additional cards. This offer ends November January 1, 2022! Cardholders can take advantage of the Visa Infinite program, which includes three main benefits.
First is a concierge service, which has a 24-hour telephone service, seven days a week. The concierge can help you in a variety of ways, from finding the perfect Mother's Day or Father's Day gift to finding tickets for the new show in town. There are also several hotels where Visa Infinite cardholders will receive discounts, in addition to having the option to upgrade their hotel room and access to free Wi-Fi in their room. The card also comes with several types of insurance. Cardholders benefit from protection on new mobile phones or tablets, while under contract with a mobile provider.
It also provides protection against trip delays or cancellations, if at least 75% of the cost of the trip has been charged to the Scotia Momentum Visa Infinite Card. If you are under the age of 65 and the trip is at most 15 days, while travelling you have access to emergency medical coverage up to $1,000,000 if needed because of an accident or illness. In addition, if the plane is late, you can be reimbursed for all expenses incurred while waiting for the next flight, hotel room, food, etc. For all lost luggage or baggage delayed for more than four hours, there is insurance that can reimburse losses of up to $500 or the price of necessities if the luggage is late. You are also covered in the case of an accident on public transport or in a rental car.
There is insurance on purchases made with the card, which covers damage or loss of items within 90 days of the date of purchase. Finally, there is an extended warranty that doubles the manufacturer's warranty on products purchased with the card for up to one additional year.
To be eligible, you must have an annual income of $60,000 per person or $100,000 per household. In addition, the minimum credit limit is $5000.
Scotiabank Passport Visa Infinite Card
Fee: $139/year
Rewards: Up to 5 Scotia Bonus Points per dollar spent
Introductory offer: Up to 30,000 Scene+ Points, waiving of annual fees in the first year
Once again with Scotiabank visa credit cards, the Scotiabank Passport Visa Infinite Card offers a number of great benefits. The card has an annual fee of $139 and the interest rate for purchases is 19.99% and 22.99% for cash advances. Like the previous Visa card from Scotiabank, this one also lets you earn Scotia Bonus Points. To qualify for this card, you must have a minimum personal income of 60 per year, or an annual family income of at least $100,000.
Earning points is done quite quickly. The cardholder earns two points for every dollar spent on groceries, restaurants, entertainment, or public transportation. They also earn one point per dollar on all other eligible purchases. The estimated value of rewards points could amount to as much as $497 in the first year. All Scotia Bonus Points can be redeemed for account credit, travel, rewards on the latest technology, gifts and much more.
In addition, there is currently an introductory offer that provides up to 30,000 Scene+ points. To earn 20,000 points, you must make $1000 in purchases in the first three months after you sign up. For the additional 10,000 points, you must spend at least $40,000 in the first year. This also includes waiving the annual fee for the first year. However, we must act quickly since this offer ends on February 28, 2022.
The Scotiabank Passport Visa Infinite Card offers several exclusive benefits, such as no currency conversion fees and free access to airport lounges, and makes it easy to purchase travel through its Scotia Bonus Points Travel Service and concierge service. Members can also take advantage of automatic upgrades at a wide selection of hotels. This card also offers several other benefits including insurance in case of cancellation or interruption of travel, insurance for travel medical care, insurance in case of a flight delay, delay, or loss of luggage, in case of a public transport accident, collision or loss and damage for rental vehicles, purchase insurance and extended warranty, insurance against theft in a hotel or motel and a price protection service.
CIBC Visa Infinite Dividend Credit Card
Fee: $120/year
Cash back: Up to 4%
Let's continue with the CIBC Visa Infinite Dividend Card, which is considered one of the best cash back Visa credit cards in Canada. CIBC's rewards program lets you earns up to 4% cash back. The card involves an annual fee of $120 for the first card and $30 per additional card. The interest rate is 20.99% for purchases. For cash advances, the interest rate is 22.99%, but 21.99% for Quebec residents.
Cash back rates vary by purchase category, but the most generous reward is 4% cash back on gas and groceries. It offers 2% back on many other common purchases like transportation, restaurants, and recurring payments, with 1% cash back on all other purchases. The introductory offer currently waives the $120 fee for the first year, for the primary cardholder and three additional users. This promotion's end date hasn't been announced so it's best to take advantage of it quickly.
Other benefits of the CIBC Visa Infinite Dividend Card also include a discount of up to 10¢ back per litre of gasoline at Chevron, Ultramar, and Pioneer stations, regardless of the type of gasoline. This gas reward applies to all CIBC visa credit cards. Finally, it also offers a wide variety of travel insurance.
It provides coverage for emergency medical expenses outside the country or province of residence for the cardholder, their spouse, and children. This travel medical insurance covers a maximum of $5,000,000 per person. The trip must be at least 15 days long and the cardholder must be under the age of 64 to be eligible. In addition, if you must cancel a flight due to injury or illness, there is insurance with this card of up to $2,000 per person. This also covers lost bags or bags delayed more than six hours up to $500 per person.
Expenses for food, accommodation, public transportation and even entertainment are reimbursed if the flight is delayed by more than four hours, for a maximum of $700 in total. CIBC Visa Infinite Dividend cardholders are also protected for rental cars during a trip if the value of the vehicle is less than $65,000. Additionally, coverage of up to $500,000 is available in the event of an accident on public transit. Finally, there is purchase insurance and extended warranties available, which covers all accidental damage, theft, and loss within 90 days of purchase and doubles the retailer's warranty for up to one year.
One last note, to be eligible for this credit card, the primary cardholder must have a minimum annual salary of $60,000 individually or $100,000 per household.
CIBC Dividend Platinum Visa Credit Card
Fee: $99/year
Cash back: Up to 3%
Introductory Offer: 10% discount for the first four months and cancellation of annual fees in the first year
The CIBC Platinum Visa Dividend Card gives you 3% back all gas and grocery purchases, 2% on restaurants, transportation and recurring payments or bills, and 1% on all other purchases. Currently, there is an introductory offer that gives you 10% cash back over the first 4 statements on all purchases up to a total of $2500. The fees for this visa credit card are waived for the first year upon sign up.
There is no indication of how long these promotional offers will last so anyone who wants to take advantage of these benefits should join soon. Cardholders also save up to 10 cents per litre of gasoline at Pioneer, Fas Gas, Ultramar, and Chevron stations if they link their Journie Rewards card with their CIBC credit card. There is also collision and damage insurance for rental vehicles plus insurance and an extended warranty on purchases made with the card. Finally, there is also $500,000 in accident insurance for public transportation.
It should be noted that the minimum annual income to sign up for this card is $15,000. As a result, a large part of the population is eligible for this card with its great benefits.
TD® Aeroplan® Visa Infinite* Privilege Credit Card
Fee: $599 per year
Rewards: Up to 2 Aeroplan points per dollar on Air Canada purchases
Interest rate: 19.99% on purchases, 22.99% on cash advances. Quebec residents may be subject to different rates.
Introductory offer: Up to 105,000 Aeroplan points until Sept. 5, 2022. †Conditions apply.
Frequent travellers and all lovers of adventure will be especially interested in the TD® Aeroplan® Visa® Infinite* Privilege Card which includes the Aeroplan rewards program. This visa credit card has quite a high annual fee of $599 for the primary cardholder and $199 per additional card. The interest rate is 19.99% on purchases, and 22.99% on cash advances. For residents of Quebec, both the purchase rate and cash advance rate are 20.99%.
With this card, you earn 2 Aeroplan points for every eligible dollar spent with Air Canada. You get 1.5 points per dollar on eligible purchases of gasoline, groceries, and restaurants as well as 1.25 points per dollar on all other purchases made with the card. You can earn up to 105,000 Aeroplan bonus points. To qualify for the bonus offer, †conditions apply and you must submit your application by September 5th, 2022.
There are several advantages that come with the TD® Aeroplan® Visa® Infinite* Privilege Card including a free concierge service, access to Maple Leaf Lounges and access to exclusive events. You can take advantage of priority check-in, boarding and priority upgrades. Like many of the cards described above, there are several insurances that are included: travel medical insurance, insurance for trip cancellations or interruptions, insurance in case of flight delay, insurance on mobile devices and even extended warranties on purchases. However, this card is rather exclusive as it requires a minimum annual household income of $200,000. Finally, the minimum credit limit is $10,000.
TD Cash Back Visa Infinite* Card
Fee: $120/year, waived for the first year
Rewards: Up to 3% cash back on eligible purchases. 1% cash back on all other purchases.
Interest rate: 20.99% on purchases, 22.99% on cash advances.
Quebec residents may be subject to different rates.
Introductory offer: 10% Cash Back on all purchases for the first 3 months, up to a total spend of $2,000.
Offer valid until Sept. 5, 2022. †Conditions apply.
Last but not least, we have to talk about the TD Cash Back Visa Infinite* Card. Owners of this visa credit card can receive their rewards at any time of the year, if their accounts are open, in good standing and the minimum amount of the reward is $25 or more. The annual fee for the primary cardholder is $120. For the first additional card, the fee is $50, but for additional cards after this, there is no fee. The interest rate is 20.99 % on purchases and 22.99% on cash advances. For residents of Quebec, the rate is 20.99% for both purchases and cash advances. To qualify for the welcome offer, †conditions apply and you must submit your application by September 5th, 2022.
The TD Cash Back Visa Infinite Card offers 3% cash back on gas and groceries, up to $15,000 each and 1% after that, as well as 3% on recurring bill payments. It also gives you 1% on all other purchases. If you sign up before September 5th, 2022, there is an introductory offer with which you will earn 10% cash back on all purchases during the first three months, up to $2000 total. To qualify for this offer, you simply need to activate your card and make a purchase with it within three months of signing up.
Holders of this card receive the same benefits as detailed above with the Scotia Momentum Visa Infinite Card. Additionally, this card comes with a free Deluxe TD Auto Club Membership, which provides roadside assistance day or night. On top of this, if you use your TD Cash Back Visa Infinite* card to rent a car at Avis or Budget, you'll save 10% in Canada or the US and 5% internationally and receive collision/damage protection at no additional charge.
This card also provides travel medical insurance up to $2 million for the first 10 days of your trip for those under 65 and the first 4 days for those over 65. Cardholders also receive coverage of $1000 per person for any lost or delayed luggage.
You can qualify for this card with an annual income of $60,000 per person or $100,000 per household. Lastly, the minimum credit limit for the TD Cash Back Visa Infinite* Card is $5000.
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About The Author: Katherine Parent
A veteran of traditional media, Katherine has many years of experience in the field of communications and marketing. Her passion for words led her to take a more content-oriented path. She is the co-founder of AKCENT Agency, which specializes in digital marketing and advertising campaigns.
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