Which Credit Cards Give The Best Perks?

Consumers all over Canada are well aware of the many perks they enjoy simply by using their credit cards to pay for purchases. Unlike cash, credit cards provide their users with additional benefits upon use. The most highly-rated perks seem to be cash back options, travel rewards points and balance transfer capabilities.

But which perks are the best? Last month, CreditCardGenius.ca published their findings from a study that determined “2020’s Best Credit Cards In Canada”.

“We started by poring over every detail of 191 Canadian credit cards, tracking and comparing over 50 different features for each one,” explains the site, “We then enter those details into our math-based comparison engine, which gives each card a rating out of 5 – our Genius Rating. Using this rating as our guide, we determine the winning credit cards across 24 different categories.”

Best Cash Back Credit Card: Scotia Momentum Visa Infinite

Rated the best cash back card in Canada, the Scotia Momentum Visa Infinite Card allows users to earn 10% cash back on all of their purchases for the first three months, up to $2,000 in total purchases. The annual fee of $120 is waived for the first year, including all supplementary cards. This is welcome offer value of $350.

After the special offer period, users can keep earning cash back on their everyday purchases. They get 4% cash back on grocery store purchases, recurring bill payments and subscription purchases. They also receive 2% cash back on gas purchases and daily transit purchases and 1% cash back on all other purchases with no cash back limit.

Best Travel Rewards Credit Card: American Express Cobalt Card

Rated the best travel rewards credit card in Canada, the American Express Cobalt Card offers cardholders the ability to earn up to 30,000 bonus points in their first years of use. They can do so by earning 2,500 Membership Rewards points for each monthly billing period in which $500 is spent in purchases on their cards. This could add up to 30,000 points in a year.

Users of this card also earn five times the points when they spend money grocery shopping or dining out. Cardholders get 5 points for every $1 in card purchases at eligible restaurants, bars, cafés and even food delivery in Canada. They also earn twice as many points on travel and transit. “It can be a cab across town, the morning bus, or a weekend hotel stay,” says American Express. One point is earned for every $1 spent on everything else.

Best Balance Transfer Credit Card: MBNA True Line Mastercard

Rated the best balance transfer credit card in Canada, the MBNA True Line Mastercard has no annual fee. It has a standard annual interest rate of 12.99% on eligible purchases, 12.99% on balance transfers and access cheques and 24.99% on cash advances. However, cardholders get a 0% promotional annual interest rate for 12 months on balance transfers that are completed within 90 days of opening an account. The card also boasts around-the-clock fraud protection.

With all of these great perks, Canadians have a multitude of reasons to pay for their purchases using a wide variety of credit cards. At Canadian POS, we strongly believe there’s no better way to accept credit card payments than with the revolutionary Poynt Smart Terminal. Please don’t hesitate to call us at 1-877-748-2884 or email us at info@cdnpos.com to learn more!