Finder Credit Card Awards 2021

Categories

• Best Rewards Credit Cards
• Best Travel Credit Cards
• Best Cash Back Credit Cards
• Best No Annual Fee Credit Cards
• Best Balance Transfer Credit Cards
• Best Low Rate Credit Cards

Welcome to the Finder Credit Card Awards 2021

Our awards are designed to find the credit cards that stand out as excellent choices for Canadians in the most important categories: Travel, Rewards, Cash Back, No Annual Fee, Balance Transfer and Low Rate. When picking the best credit cards in each category, we used a data-driven approach to analyze all relevant features and fees fairly and equally to arrive at our list of winners and finalists.

The winners

We’ve selected a winner for travel, rewards, cash back, no annual fee, balance transfer and low rate. You can read more on our methodology below. We considered all widely available credit card products for the Finder Credit Card Awards, including those from all major banks and challenger banks. Any credit card products that were excluded from consideration were excluded on the basis of very limited availability to the average Canadian (regardless of province of residence) OR if the card could not be used at a wide range of retailers/service providers.

Here are the winners for 2021:

Best Rewards Credit Cards

Winner: Scotiabank Gold American Express Card Earn higher spend rewards on everyday purchases like grocery, gas and dining.

Finalist: MBNA Rewards Platinum Plus Mastercard Earn a high rewards value on everyday purchases like gas, grocery and dining with no annual fee.

Finalist: BMO eclipse Visa Infinite Earn accelerated rewards on everyday purchases and get an annual lifestyle credit.

• Methodology for Best Rewards Credit Card

  Selection Criteria

  Products were selected from the broader market that met these criteria:

  • Must offer rewards points or miles
  • Not a business card

  Presumptions

  Tiebreakers are ranked by the lowest interest rate.

  Weighting

  Scores for each metric were then weighted:

  • Rewards value: 40%
  • Fees: 20% (When applicable, the first year fee makes up 60% of this score while the regular annual fee makes up the other 40%.)
  • Interest rate: 20%
  • Bonus sign-up points: 20%

Best Travel Credit Cards

Winner: Scotiabank Gold American Express Card Redeem accelerated rewards for travel purchases including Best Price Guarantee on airfare, and pay no foreign transaction fee.

Finalist: TD Aeroplan Visa Infinite Card Earn accelerated Aeroplan points to redeem for travel and merchandise, plus get other travel perks, all for a reasonable annual fee.

Finalist: American Express Aeroplan Reserve A premium travel card where you’ll earn Aeroplan points for travel and get a suite of travel perks like lounge access and priority airport access.

• Methodology for Best Travel Credit Card

  Selection Criteria

  Products were selected from the broader market that met these criteria:

  • Must directly earn travel rewards points or miles
  • Offers complimentary travel insurance
  • Offers at least one other travel-related perk such as airport lounge access, discounts, car rental perks
  • Not a business card

  Presumptions

  Tiebreakers are ranked by the lowest interest rate.

  Weighting

  Scores for each metric were then weighted:

  • Rewards value: 30%
  • Fees: 15%
  • Interest rate: 20%
  • Bonus sign-up points: 10%
  • Currency conversion rate: 15%
  • Airport lounge access: 10%

Best Cash Back Credit Cards

Winner: BMO CashBack Mastercard Earn a high cash back rate on everyday purchases like groceries with no annual fee and a solid welcome bonus.

Finalist: Desjardins Cash Back Card Earn a relatively high cash back rate on everyday purchases and pre-authorized payments with no annual fee.

Finalist: Home Trust Equityline Visa Card Earn cash back at a low interest rate with this home equity secured credit card.

• Methodology for Best Cash Back Credit Card

  Selection Criteria

  Products were selected from the broader market that met these criteria:

  • The card must earn cash back
  • Not a business card

  Presumptions

  Tiebreakers are ranked by the lowest interest rate.

  Weighting

  Scores for each metric were then weighted:

  • Points earned on spending: 50%
  • Fees: 25% (When applicable, the first year fee makes up 60% of this score while the regular annual fee makes up the other 40%.)
  • Interest rate: 10%
  • Rewards points cap: 10%
  • Bonus sign-up points required spend: 5%

Best No Annual Fee Credit Cards

Winner: Capital One Aspire Cash Platinum Mastercard Earn an impressive standard rewards rate on all purchases and get travel insurance coverage.

Finalist: American Express Essential Credit Card Get a low purchase interest rate, a suite of AMEX-exclusive benefits and basic purchase coverage.

Finalist: MBNA True Line Mastercard Get a low purchase interest rate and a competitive balance transfer offer with this no annual fee card.

• Methodology for Best No Annual Fee Credit Card

  Selection Criteria

  Products were selected from the broader market that met these criteria:

  • Cards must charge no annual fee
  • Cards offering no fee for a limited period will not be included
  • Not a business card

  Presumptions

  Tiebreakers are ranked by the lowest interest rate.

  Weighting

  Scores for each metric were then weighted:

  • Interest rate: 80%
  • Interest free period: 10%
  • Rewards: 10%

Best Balance Transfer Credit Cards

Winner: BMO AIR MILES Mastercard Earn AIR MILES at an accelerated rate on every purchase, get a sign-up bonus and save with a low balance transfer rate.

Finalist: President’s Choice Financial Mastercard Earn accelerated PC Optimum points with every purchase and pay a low balance transfer rate during the introductory period.

Finalist: Scotia Momentum No-Fee Visa Card Earn cash back on all purchases, get a sign-up bonus and pay a low balance transfer rate over the introductory period.

• Methodology for Best Balance Transfer Credit Card

  Selection Criteria

  Products were selected from the broader market that met these criteria:

  • Card must offer 3.99% or less APR balance transfer
  • A one-off transfer fee is allowed
  • Not a business card

  Presumptions

  Tiebreakers are ranked by the lowest interest rate.

  Weighting

  Scores for each metric were then weighted:

  • Fees: 20% (When applicable, the first year and second year fees make up 40% and 30% of this score respectively, while the regular annual fee makes up the other 30%. If the card does not have a different fee in the second year, then the split becomes 60% from the first year and 40% from the regular fee.)
  • Interest rate: 5%
  • Balance transfer fee: 20%
  • Intro period: 55%

Best Low Rate Credit Cards

Finalist: BMO Preferred Rate Mastercard Pay a low annual fee for basic purchase coverage and a competitive balance transfer offer.

Finalist: RBC Visa Classic Low Rate Option Get a low interest rate on both purchases and cash advances, plus the opportunity to earn accelerated Petro-Points at Petro-Canada stations.

• Methodology for Best Low Rate Credit Card

  Selection Criteria

  Products were selected from the broader market that met these criteria:

  • The interest rate must be 12.99% or under
  • Temporary low rates not included
  • Not a business card

  Presumptions

  Tiebreakers are ranked by the lowest interest rate.

  Weighting

  Scores for each metric were then weighted:

  • Fees: 20% (When applicable, the first year and second year fees make up 40% and 30% of this score respectively, while the regular annual fee makes up the other 30%. If the card does not have a different fee in the second year, then the split becomes 60% from the first year and 40% from the regular fee.)
  • Interest rate: 70%
  • Interest fee period: 10%

Finder Credit Card Awards winners announcement

Consumer credit card sentiment

Credit Card Features - 2022 Ranking

Demographic Trends

Gender

• Men are more likely to say they plan to switch cards this year (3% vs 2%) for women.
• Women are more likely to say they will use their credit card less (12% vs 9%)
• Men are slightly more likely to care about rewards (25% vs 23% of women) and balance transfer (6% vs 4% of women)

Generation

On average 21% of older Canadians aged 45 - 65+ say they plan to use their credit card less or stop entirely versus an average of just 18% of younger Canadians aged 18 - 44

• Canadians aged 25 - 34 (5%) are most likely to have a card that doesn't meet their current needs or that brings them stress (5%)
• Canadians aged 18 - 24 (6%) are more likely than any other generation to say they plan to use their card more
• Younger Canadians aged 18 - 34 more likely to say they prefer rewards credit cards
• Seniors also most likely to say they care about low interest rate cards (20%)

Region

Overall Western Canadians seem to be more satisfied with their credit cards, as just 3% of Western Canadians (BC, SK, MB, AB) say they have a credit card that doesn't meet their needs or plan to switch cards vs more than 7% of Eastern Canadians (ON, QC, Atlantic)

Providers we compared

Lender	Review
	American Express	American Express offers a range of credit cards to cater to all types of customers, as well as the exclusive Experiences rewards program.	See the range
	BMO	BMO has some of the most competitive balance transfer and low rate credit card options, as well as a range of travel, cash back and rewards cards. BMO is a Big Five bank.	See the range
	Brim	New to the credit card market, Brim is an innovative company with cards offering cash back in points that can be used to pay off your credit card balance.	See the range
	Capital One	Capital One offers credit-builder cards for those looking to improve their credit score, as well as competitive rewards cards.	See the range
	CIBC	One of the Big Five banks, CIBC has a wide variety of credit card products, with rewards, cash back, student and business cards.	See the range
	Desjardins	The Desjardins Group is a financial services cooperative and the largest federation of credit unions in North America. It offers a range of cards including cash back, rewards, student cards and no annual fee.	See the range
	Home Trust	Home Trust has a small offering of credit cards which cater to those looking to rebuild credit, access home equity or earn cash back.	See the range
	MBNA	A subsidiary of TD, MBNA offers a wide range of credit cards including co-branded cards, rewards, travel, balance transfer and cash back.	See the range
	National Bank	The sixth largest bank in Canada, National Bank offers a suite of credit cards alongside the À la carte Rewards Plan.	See the range
	Neo	Neo Financial is a Canadian tech company that offers a Mastercard branded cash back card. The company also offers the Hudson's Bay Mastercard.	See the range
	PC Financial	President's Choice Bank powers the President's Choice Financial Mastercard. Earn and redeem PC Optimum points at 4,500 locations across Canada including Shoppers Drug Mart and Loblaws.	See the range
	RBC	One of the Big Five banks, RBC is the biggest bank in Canada by market capitalization. RBC offers a range of credit cards including rewards, travel, cash back, balance transfer, no annual fee, business and low rate cards.	See the range
	Rogers Bank	Rogers Bank is a Canadian financial services company owned by Rogers Communications. The company offers both secured and unsecured Mastercard credit cards.	See the range
	Scotiabank	Scotiabank is a Big Five bank that operates nationwide and has a big presence in the Americas too. A suite of credit cards are offered including travel, rewards, cash back, balance transfer and low rate cards.	See the range
	Simplii Financial	Simplii Financial is the direct banking brand of CIBC. Founded in 2017, the bank offers a cash back credit card.	See the range
	Tangerine	Tangerine Bank is a subsidiary of Scotiabank. It offers cash back credit cards that typically come with sign-up bonuses and insurance coverage.	See the range
	TD	TD Canada Trust is a Big Five bank offering a range of credit cards including travel, rewards, cash back, low rate and balance transfer cards.	See the range
	Triangle	Triangle offers a range of Mastercard credit cards issued by Canadian Tire Bank. Earn CT Money and use it at a range of stores including Canadian Tire, Sport Chek and more.	See the range

Credit card ratings methodology

Finder considered all widely available credit card products for the Finder Credit Card Awards, including those from all major banks and challenger banks. Any credit card products that were excluded from consideration were excluded on the basis of very limited availability to the average Canadian (regardless of province of residence) OR if the card could not be used at a wide range of retailers/service providers.

To get a full breakdown of the methodology used to select the best travel, rewards, cash back, no annual fee, balance transfer and low rate cards, see above.

Evaluation took place in September and October 2021 with awards consideration closing October 31, 2021. Any new card features or details announced after October 31, 2021 would not have been factored into evaluation for the 2021 Finder Credit Card Awards.