Here are the credit cards just named the best in Canada right now

The right credit card can unlock some great perks and rewards based on your spending habits, and a new ranking can help you choose one that’s right for you.

Canadian company creditcardGenius has just released its pick of the best credit cards in Canada.

The website is an online tool that compares the features of over 200 Canadian credit cards based on ratings and rankings.

Choosing a credit card can be overwhelming, but the latest ranking simplifies the process by dividing it into several categories, including travel and cash back. Are you looking for a new credit card or want to know if your current one is best for you

According to creditcardGenius, these are the top credit cards in the country right now.

Best overall

Named the best credit card in Canada for the eighth year, the American Express Cobalt Card doesn’t have a minimum income requirement and offers a $300 welcome bonus.

The best part is that it has some of the highest earning rates in the country, allowing you to earn up to five times the points for every dollar spent on food and drinks and points are worth up to 2 cents each. It has a $12.99 monthly fee and includes perks like Front Of The Line and Amex Offers.

Best cash back

If you’re looking for a credit card that offers cash back, you can’t go wrong with the MBNA Rewards World Elite Mastercard, which allows you to earn up to five points per $1 spent — points that you can immediately redeem for cash.

On your birthday, you’ll receive an additional 10 per cent bonus (up to 15,000 points) of the points you earned. It also has 12 types of insurance. The downside is that it requires $80,000 personal or $150,000 household income to qualify.

Best no annual fee cash back

The Rogers Red World Elite Mastercard is a no-fee credit card offering 1.5 per cent cash back on everything. You can earn 2 per cent cash back if you have a qualifying service with Rogers, Fido, or Shaw, and you’ll even receive a 59 per cent bonus cash back when you redeem rewards towards Rogers services.

And it’s a great card if you frequently travel to the U.S. – you’ll earn 3 per cent cash back for all eligible purchases made in U.S. dollars. The card comes with six types of insurance.

Best flexible rewards credit card

The MBNA Rewards World Elite Mastercard appears on the list for the second time because it’s rated the best flexible rewards credit card. That’s because you can redeem points on travel, online gift cards, physical gift cards, merchandise, and even cash back.

It has a maximum 5 per cent return and offers five points for every $1 spent on groceries and restaurants, select recurring bills (up to $50,000 annually) and one point per $1 spent on other purchases. The card also gives you 12 types of insurance.

Best credit card for travel

The best credit card in Canada is also the best travel companion. In addition to the perks that make it the number one credit card right now, the American Express Cobalt Card gives you high returns when transferring points to Aeroplan (up to 10 per cent), 15,000 welcome points, and 10 types of travel and purchase insurance.

Best no-annual-fee travel credit card

Hate paying an annual fee? The American Express Green Card is a solid choice, allowing you to earn one point for every $1 spent. There’s also a welcome bonus of 10,000 points ($200), and you can transfer points to six different airline partners. It provides two types of insurance, and there are no annual fees for supplementary cards.

Best credit card for balance transfers

If you want to switch to a new card, the MBNA True Line Mastercard is Canada’s best balance transfer card. You won’t have to pay interest charges for 12 months. Make the most of this benefit by paying off your balance in full before the end of the promo period. The credit card also has no annual fee and a low permanent interest rate of 12.99 per cent.

Best foreign exchange travel credit card

The Scotiabank Gold American Express Card is an excellent choice for frequent travellers because there are no foreign exchange fees compared to the 2.5 per cent rate on other credit cards. You’ll also receive 45,000 ($450) points when you sign up. It offers 12 types of travel and purchase insurance and gives you up to 6 per cent back on purchases.

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