Best credit cards for military veterans

The BMO CashBack Mastercard makes switching credit cards convenient with a low interest rate on balance transfers as well as a promotional cash back rate. Get 5% cash back on all eligible purchases in the first three months (up to a maximum spend of $2,500).
Earn cash back at a standard rate of 3% on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases.

• The perks

  • Signup bonus. Get 5% cash back on all eligible purchases in the first three months (up to a maximum spend of $2,500).
    
  • No annual fee. This card has no annual fee.
  • Flat-rate cash back. Earn cash back at a standard rate of 3% on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases.
  • Balance transfer offer. For the first 9 months, new customers can get a 0.99% introductory interest rate with a 2% fee on balance transfers from non-BMO credit cards. After that, balance transfers are subject to a 22.99% cash advance interest rate.

• Watch out for

  • Balance transfer fee. This card has a balance transfer fee of 2%.

  • Limit on accelerated cash back rewards. Each statement cycle period, you can only redeem up to $ cash back on grocery purchases and up to $ cash back on recurring bill payments, after which the base cash back rate of 0.5% applies.
  • Foreign transaction fee. This card has a foreign transaction fee of 2.5%. This will apply on any overseas purchases or any purchases made online with an international retailer.

For a card with a $0 annual fee, the Scotiabank American Express Card offers great value like the opportunity to earn points that can be redeemed for thousands of rewards through the Scene+ points rogram. Earn 3 Scene+ points on every $1 you spend at Sobeys, Safeway, FreshCo, Foodland and more, 2 Scene+ points for every $1 you spend on eligible grocery, dining, entertainment, gas, daily transit and select streaming services purchases Plus, earn 1 Scene+ point for every $1 spent on on all other eligible everyday purchases.

Most items purchased with this card are eligible for Price Protection as well as Purchase Security and Extended Warranty Protection.

Cardholders also get travel perks.

• The perks

  • Signup bonus. Earn up to 7,000 bonus Scene+ points. Earn 5,000 Scene+ points when you make $750 in purchases in your first 3 months. Plus, earn 2,000 Scene+ points when you spend at least $5,000 in your first year. Apply by October 31, 2023.
  • No annual fee. This card comes with a $0 annual fee.
  • Rewards points. Earn 3 Scene+ points on every $1 you spend at Sobeys, Safeway, FreshCo, Foodland and more, 2 Scene+ points for every $1 you spend on eligible grocery, dining, entertainment, gas, daily transit and select streaming services purchases Plus, earn 1 Scene+ point for every $1 spent on on all other eligible everyday purchases.
  • Travel insurance coverage. Get up to $1,000,000 Travel Emergency Medical coverage for up to 8 consecutive days if you're under 65 years old or up to 3 consecutive days if you're 65+. Pus, enjoy coverage for Travel Accidents, Trip Interruptions and Rental Car Collision Loss/Damage.
  • Car rental perks. Get up to 25% discount at participating Budget and AVIS car rental locations in Canada and the US.

• Watch out for

  • Foreign transaction fee. This card has a foreign transaction fee of 2.5%. This will apply on any overseas purchases or any purchases made online with an international retailer.
  • Minimum credit limit. The credit limit for this card starts at $1,000, so it may not be suitable if you want a card with very restrictive spending.
  • Minimum income requirement. You’ll need to earn an income of at least $12,000 to be eligible for this card.

• The perks

  • Cash back in 2 categories (with an optional third category). Earn 2% cash back in two Tangerine credit card categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and 0.5% cash back on everything else.
  • No annual fee. This card comes with no annual fee.
  • Welcome bonus. Earn 10% cash back (up to $100) when you spend $1,000 in the first 2 months. Valid until October 31, 2023.
  • Balance transfer offer. Get a 1.95% interest rate on balance transfers for the first six months. To take advantage of this offer, you must complete the Balance Transfer request within 30 days of account approval and activate your card within 45 days of approval. A balance transfer fee equaling the greater of 3% or $5 will be charged on each transferred amount (fee is waived by Tangerine if you're a resident of Quebec).

• What to watch out for

  • Less cash back on other categories. Receive 0.5% cash back on all other categories of spending.
  • Foreign transaction fee. You’ll pay a foreign transaction fee of 2.5% on all overseas purchases.
  • Balance transfer fee. You’ll pay a balance transfer fee of 3% of the total transferred amount or $5, whichever is greater.

Approval for the Capital One Low Rate Guaranteed Mastercard is guaranteed if you meet basic qualification requirements such as being the age of majority, in good standing with Capital One and not having an existing Capital One credit card. This card comes with complimentary travel insurance, car rental benefits, protection on your purchases and a low 14.9% purchase interest rate.

• The perks

  • Competitive interest rate. Enjoy an interest rate of 14.9% on your everyday purchases.
  • Complimentary travel insurance. Enjoy peace of mind with a suite of complimentary travel insurance. Common carrier travel coverage protects you, your spouse and dependent children against accidental loss of life or dismemberment for up to $250,000. You'll also get baggage insurance and 24/7 travel assistance if you need recommendations or answers to travel-related questions (additional fees may apply).
  • Car rental insurance. Get complimentary car rental insurance when you charge the full cost of your rental car to your card and decline the rental agency's collision damage waiver insurance. Conditions apply.
  • Purchase Assurance, Purchase Protection and Extended Warranty Coverage. Find a better price on a new item you already bought? Get paid the difference (limits apply). Most items fully charged to your card are automatically insured against theft, loss or damage for a limited time from the date of purchase. Plus, double the original manufacturer’s warranty for up to 2 years with extended warranty coverage.
  • Zero Liability coverage. Enjoy protection from unauthorized use of your card with Mastercard Zero Liability protection.

• Watch out for

  • Annual fee. This card comes with an annual fee of $79.
  • Cash advanced interest rate. The interest rate on cash advances is higher than the purchase interest rate at 21.9%.
  • Limited perks and rewards. The Capital One Low Rate Guaranteed Mastercard doesn’t offer complimentary hotel upgrades, flight perks, rewards points or cash back.