The best credits cards in Canada for 2024

RWRDS Canada is pleased to reveal our annual top travel rewards and cash back credit card rankings for 2024!

Canada’s longest running credit card ranking has entered its 16th year with some slight positional changes in the travel categories due to RBC’s takeover of HSBC while the cash back rankings see the addition of a highly requested no annual fee category. Whether a person favours travel rewards or cash back rewards, Rewards Canada’s 23 years of industry research allow us to provide detailed and authoritative rankings of the five best cards across ten categories (8 travel, 2 cash back).

For a seventh straight year, the American Express Cobalt Card takes the top prize in Reward Canada’s Top Travel Rewards Credit Cards Ranking as it is the best card to use to build up a flexible travel rewards balance that provides big redemption value. On the cash back side, the SimplyCash Preferred Card from American Express is the top fee based card for the third year in a row while the Rogers World Elite Mastercard is crowned the best no annual fee cash back credit card.

In addition to the Cobalt Card taking home “Best Overall Travel Reward Card’ honours, the remaining seven categories that travel cards are ranked in are: Travel Points with annual fee, No Fee Travel Rewards, Airline, Hybrid (flexible currency), No Foreign Transaction Fee, Ultra Premium and Small Business Travel Rewards. The credit cards are evaluated by key factors including cost, flexibility, partnerships, rate-of-return, benefits and redemption options.