Best Credit Cards

Best VISA Credit Cards in Canada For 2019

| October 8, 2019
visa cards canada

Visa is a behemoth in the credit card space. It’s the most popular payment network recognized in United States, Canada and in more than 200 countries. Over 95% of the merchants you will encounter as a Canadian will accept Visa card, and some of the best credit cards in the world bear its logo. Visa Credit Cards aren’t just a convenient way to pay for your everyday expenses. They are also loaded with perks and benefits that makes shopping a rewarding experience for your soul and your wallet. Some of these benefits include Zero Liability, Roadside Dispatch and Emergency Card Replacement services.

But not all Visa credit cards are the same. It’s important to know that Visa doesn’t issue any credit cards. It’s merely a payment network. The quality of your Visa Card depends on the issuing bank and the benefits the issuer chooses to load the card with, along with the standard features such as interest rates, fees and reward structure.

In this article, we are going to look at the best Visa Credit Cards available in Canada today.

Summary
Best Overall Canadian Visa Credit Card: TD Cash Back Visa Infinite Card
Best For Travel: TD First Class Travel Visa Infinite
Best For Cash Back: Scotia Momentum Visa Infinite
Best For No Annual Fee: Scotiabank Momentum No-Fee Visa
Best For No Foreign Transaction Fee: Home Trust Preferred Card
Best For Low-Interest: RBC Visa Classic Low Rate Option
Best For Rewards on Foreign Purchases: Meridian Visa Infinite Travel Reward Card

Best Overall Visa Credit Card In Canada

TD Cash Back Visa Infinite Card

TD Cash Back Visa Infinite

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on TD Bank’s website

Annual Fee:
$120

Min. Income Required
$60,000 annual personal income or $100,000 annual household income.

Interest Rates
20.99% (Cash advance 22.99%)

CashBack Rate
1% on all purchases

The TD Cash Back Visa Infinite Credit Card makes the top of our list for several reasons, the biggest of which is convenience. This card successfully meets the demands of the large portion of Canadian consumers who just want a means to bring back a nice chunk of what they spend on everyday purchases back into their wallet. Cashback, as a reward, can be significant is if you have a family with multiple mouths to feed at home, and TD honors this need just right.

If you apply by September 20,2019, you can earn a whopping 10% cash back on all purchases for the first 3 months for a total of $2000. Once the promotional period is over, you will still earn an attractive 3% cash back on eligible Grocery and gas purchases, and on recurring bills like Netflix and Amazon prime. You will also earn 1% cashback on all other purchases made with your TD Cashback Visa Infinite credit card. While the annual fee on this card is $120, it’s waived for your first year.

Your points never expire as long as you keep your account in good standing. You can redeem your accumulated cashback dollars whenever you want as long as you request for a minimum of $25.

It comes with a couple of the most important Insurance coverage just to like the travel medical insurance, delayed and lost baggage insurance, auto rental collision/loss damage insurance. You will also receive a free deluxe TD Auto Club membership and a minimum of 10% discount when renting a vehicle with AVIS rent a car or Budget Rent A Car. And, you will have access to their emergency travel assistance services in case you need help while on the road.

Click here for more details about the TD Cash Back Visa Infinite Credit Card.

Best Visa Credit Card for Travel

TD® First Class Travel® Visa Infinite

TD First Class Travel Visa Infinite

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on TD’s website

Annual Fees
$120 (first year free)

Interest Rate
19.99% (Cash advance 22.99%)

Min. Income Required
$60,000 annual personal income or $100,000 annual household income.

When it comes to travel Visa credit cards, there aren’t many on the same caliber as TD First Class Travel Visa Infinite. This card provides a competitive rewards and points program, along with a comprehensive insurance benefits package to hedge travellers against common risks while on the road.

If you apply by September 3, 2019, as a welcome bonus, you will earn up to 80,000 TD Points (travel value of $400). But the rewards don’t end there– earn 3 TD Points for every $1 you spend on everyday purchases made through your card; earn 9 TD points per $1 when booking travel online through Expedia for TD, or 6 TD per $1 when booking through phone.

Points can be redeemed for travel and travel-related purchases. There are no travel blackouts and no seat restrictions for your TD points. Your points will never expire as long as your account is kept open and in good standing.

The collected points can be redeemed on giftcards or other travel related purchases like car rentals, vacation packages. Or opt to redeem it as a cash credit to your account.

TD First Class Travel Visa Infinite comes with a remarkable suite of travel insurances that includes travel medical, trip cancellation/interruption insurance, common carrier travel accident insurance, delayed and lost baggage insurance, along with rental car benefits.

Click here for more details about the TD® First Class Travel® Visa Infinite Card

Best Visa Credit Card for Cash Back

Scotia Momentum Visa Infinite

Scotia Momentum Visa Infinite

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on Scotia Bank’s website

Annual fee
$120

Eligibility
Minimum annual income of $60,000/household income $100,000. Or $250,000 in assets under management

Minimum credit limit
$5,000

Interest rate
20.99% on purchases (22.99% on balance transfers and cash advances)

Reward points are nice, but cash-back is the ultimate incentive a Canadian consumer can get, because it adds an element of savings to shopping which is otherwise a largely expensive activity. And, it gives you the freedom to use the amount you’ve been reimbursed however you want.

Scotia Momentum Visa infinite is the best option for those whose primary household expenses revolve around groceries, recurring payments including subscription purchases, like insurance premiums, utilities, gym memberships, meal kit delivery, popular video or music streaming services. You can earn 4% cashback on every dollar spent on these two categories. Along with that, you will also earn 2% cashback on gas and daily transit such as buses, taxis, trains, rideshare. All the other purchases will yield you 1% cashback with no limit.

Do note that, you will have access to your rewards only once a year, which can be a good thing since it encourages saving instead of instantly exhausting the rewards. This card comes packed with a suite of all the important insurance policies such as the travel emergency medical insurance, flight delayed insurance, delayed and lost baggage insurance, trip cancellation and interruption insurance, new mobile device insurance, travel accident insurance, rental car collision loss/damage insurance, and purchase security and extended warranty protection.

Click here for more details about the Scotia Momentum Visa Infinite card

Best Visa Credit Card with No Annual Fee

Scotiabank Momentum No-Fee Visa

Scotia Momentum  No-Fee Visa Card

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on Scotia Bank’s website

Annual fee
$0

Interest Rates
Purchases- 19.99%, Cash Advances- 22.99%

Minimum Income Required
$12,000 personal

Annual fee can be worth the price if the credit card offers significant rewards. But, if it doesn’t, or if you’re someone who doesn’t plan to frequently use your Visa card to cover expenses, then a no-annual fee card may be more suited for you. A nice side effect of a free credit card is that you will be able to hold onto your credit card for years to come without paying any fee, which is important since loyalty to a credit card can give your credit score a healthy boost.

The Scotiabank Momentum No-Fee Visa is a great option for those looking for a no-fee credit card that offers cashback on everyday purchases. Gas, groceries, drugstore purchases and recurring payments will bring you a 1% cash back; earn 0.5% cash back on all other purchases. As added perks, this card gives users the ability to save 20% on AVIS car rentals, and get supplementary cards for free.

Here’s something cool for new cardholders- you can take advantage of 7.99% introductory interest rate on everyday purchases for the first 6 months, after which it will jump up to 19.99%. If you are planning to make a huge purchase that you can’t afford to pay in full, its better to do it during the first 6 months when the interest-rate is low.

Click here for more details about the Scotiabank Momentum No-Fee Visa

Best Visa Credit Card with No Foreign Transaction Fee

Home Trust Preferred Visa Card

home trust visa preferred

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on Home Trust’s website

Annual Fee
$0

Interest Rates
19.99%

Minimum Income Required
$15,000

Majority of credit cards charge you an extra fee on all purchases made outside Canada. In numbers we are looking at an extra 2%- 3% per purchase. This can add up. A foreign transaction fee can be a significant hassle especially if you frequently travel abroad, or shop online through U.S. vendors often.

If you want a card that doesn’t eat up your rewards when you shop or travel internationally, then look into the Home Trust Preferred Visa Credit Card. It doesn’t have an annual fee, and it offers a flat-rate cash back of 1% on all purchases made through the credit card. You will earn a cash back reward on both domestic and international purchases. Your earnings will automatically be credited to your Visa account every January.

There are more benefits of course. This card comes with a free Roadside Assistance membership (4 service calls per year covering all of North America), Purchase Protection, and Auto Rental Collision Insurance.

All in all, this card is mostly aimed towards travellers and shoppers who don’t want to constantly dig up a hole in their budget by paying foreign transaction fees on international purchases. The cash back rewards and insurance are a nice added bonus.

Click here for more details about the Home Trust Preferred Visa Card

Best Low-Interest Visa Credit Card

RBC Visa Classic Low Rate Card

rbc visa classic low rate

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on RBC’s website

Annual Fee
$20

Interest Rate
Purchasez: 11.99%
Cash Advances: 11.99%

Minimum Income Required
$0

When it comes to credit cards, every borrower is different. If you are someone who has a habit of carrying a balance month-to-month, you definitely don’t want to add on to your credit card debt with a high interest fee.

RBC Visa Classic Low Rate Option is perfect for users who don’t want to pay the usual 19.99% interest rate for failure to pay their balance in full. This card currently has a low-interest rate of 11.99% on purchases and cash advances, which will be increasing to 12.99% starting November 1, 2019– an amount that is still significantly lower than its competitors.

This card has no annual fee, and gives cardowners Purchase Security and Extended Warranty insurance that protects the items you recently bought using your card against loss, theft and damage. And, if you pump gas at Petro-Canada, you can save 3 cents/Litre on fuel just by linking your card.

To make your RBC Credit card more thorough, add balance protector insurance, identity protection, RBC Road Assist, and Optional Travel Insurance.

Click here for more details about the RBC Visa Classic Low Rate Card

Best Visa Credit Card with Rewards on Foreign Purchases

Meridian Visa Infinite Travel Rewards Card

meridian infinite travel rewards visa

Apply Now

on Meridian’s website

Annual Fee
$99

Interest Rates
Purchase – 19.50%
Cash Advance – 21.99%

Minimum Income Required
$60,000 personal or $100,000 Household

The Meridian Visa Infinite Travel Credit Card rewards globetrotters with more than just flight tickets or access to private airport lounges. Sure, privileges are relative, but there are a few things all travellers love to have (insurance), and hate to have to do (pay foreign transaction fee). This card provides comprehensive insurance package to the cardholders while rewarding foreign and domestic purchases with points that can be later redeemed for travel purchases, merchandise, event tickets and gift cards.

Specifically, the Meridian Visa Infinite Travel Credit Cards lets you earn 1.5 points for every $1 of net purchases; on purchases made using foreign currencies, you will earn 3 points for every $1 spent. This high point reward on foreign purchases ensures to offset the amount you pay for foreign transaction fee. While the annual fee is $99 for this card, you can use it for free for your first year.

A compelling selling feature of this card is its insurance coverage for travellers, like Emergency Health Care Coverage, Trip Cancellation & Interruption Insurance, Baggage Insurance, Common Carrier Accident Protection, Auto Rental Collision/Loss Insurance Price Protection Service, Extended Warranty and Purchase Protection, and Mobile Device Insurance. It also comes with Intergenerational Insurance Coverage which is quite a rare find in credit cards in general. This policy extends the insurances to grandchildren when travelling with grandparents.

Methodology: How We Choose The Cards In This List

The credit cards in this list were evaluated based on features such as interest rates, annual fee, eligibility requirements, rewards structure and other factors that are imperative to an outstanding Canadian Visa Card.

Click here for more details about the Meridian Visa Infinite Travel Rewards Card