The 12 types of credit cards you should know about

There's a card out there for everyone, no matter your financial situation.

Last updated:

Confused about which credit card to get? It’s time to clear the air with our guide to the different types of cards on the market.

Once you’ve finished reading, you’ll know which type of card is best for you. Then you can compare the best credit cards within categories, finally settling on one. With any luck (and the right credit score), you’ll soon receive a shiny, new card in the mail.

What's in this guide?

Types of credit cards at a glance

Card typeCard purposeExamplesFor…
Standard credit cardGeneral use for everyday spending.Cards with no frills and reasonable rates.The average spender.
Rewards cardsEarn cash back and travel perks.Cards with signup bonuses, miles, cash back and other perks.Travellers and those with higher credit scores.
Credit repair cardsHelp build or rebuild your credit score.Secured credit cards and prepaid cards.People with bad credit or no credit.
Specialty cardsVaries by card.Business credit cards, store credit cards, etc.Specific types of users.

Compare credit cards by category

Name Product Purchase Interest Rate Cash Advance Rate Annual Fee Minimum Income Benefits with this card Description
American Express Cobalt Card
19.99%
22.99%
$120
N/A
Earn 5 Membership Rewards points per $1 spent at eligible grocery stores, restaurants, bars, cafés and food delivery services, and earn 2 Membership Rewards points per $1 spent at eligible gas stations, and on transit and travel purchases, and earn 1 Membership Rewards point per $1 spent elsewhere. Terms apply
Earn up to 40,000 Membership Rewards points. In the first year, earn 2,500 Membership Rewards points for each billing period when you charge at least $500 in eligible purchases to your card (for a total earn of up to 30,000 Membership Rewards). Plus, earn up to 10,000 Membership Rewards points when you spend a total of $3,000 in purchases in your first three months
HSBC +Rewards™ Mastercard®
11.9%
11.9%
$25
N/A
Earn 2 Points for every $1 spent on eligible dining or entertainment purchases.
Earn a Sign Up Bonus of 5,000 Points ($25 in travel rewards) when you keep your account open and active for 90 days.
BMO World Elite Mastercard
19.99%
22.99%
$0 annual fee for the first year ($150 thereafter)
$80,000
Get 3 BMO Rewards points per $1 spent on eligible travel, dining and entertainment purchases (up to $50,000 spend annually), and get 2 BMO Rewards points per $1 spent on all other eligible purchases (and once you reach the $50,000 annual spend).
Earn a bonus of up to 35,000 BMO Rewards points with a minimum spend of $3,000 on eligible purchases in the first three months of card membership ($250 travel value to be used towards a flight booked through bmorewards.com). Plus, get the $150 annual fee waived in the first year.
HSBC World Elite® Mastercard®
19.9%
22.9%
$149
$80,000
Earn 3% in travel rewards on all eligible travel purchases (6 Points per $1 spent) and earn 1.5% in travel rewards on all other eligible purchases (3 Points per $1 spent).
Earn a Welcome Bonus of 20,000 Points ($100 in travel rewards).
Scotiabank Passport  Visa Infinite Card
19.99%
22.99%
$139
$60,000
Earn 2 Scotia Rewards points for every $1 spent on eligible grocery store, dining, entertainment and daily transit purchases, and earn 1 Scotia Rewards point for every $1 spent elsewhere.
Earn up to a total bonus of 40,000 Scotia Rewards points (up to a $400 travel value) in your first year. Earn 30,000 Bonus Scotia Rewards points when you spend at least $1,000 on eligible purchases within the first three months. Apply by July 1, 2020. Plus, earn 10,000 Bonus Scotia Rewards points each year when you spend at least $40,000 annually on eligible purchases (and earn 2,000 Bonus Scotia Rewards points for every additional $10,000 in purchases thereafter).

Compare up to 4 providers

Name Product Purchase Interest Rate Balance Transfer Rate Annual Fee Minimum Income Reward Description
BMO Preferred Rate Mastercard
12.99%
3.99% for the first 9 months (then 12.99%)
$20
$15,000
Take advantage of an introductory balance transfer offer, annual fee waiver in the first year, and low purchase and cash advance interest rates.
Get a rate of 3.99% on balance transfers for 9 months with a 1% transfer fee. Plus, get the $20 annual fee waived in the first year.
Scotiabank Value Visa Card
12.99%
0.99% for the first 6 months (then 12.99%)
$29
$12,000
Save on interest for 6 months by consolidating your higher-rate balances with the balance transfer offer, and get an on-going 12.99% interest rate on purchases, cash advances and balance transfers.
Get a 0.99% introductory interest rate on balance transfers with a 0% transfer fee for the first 6 months. Apply by July 1, 2020.
No-Fee Scotiabank Value Visa Card
16.99%
3.99% for the first 6 months (then 16.99%)
$0
$12,000
Save with a low interest rate, no annual fee and a balance transfer offer.
Get a 3.99% introductory interest rate on balance transfers with a 0% balance transfer fee for the first 6 months. Apply by July 1, 2020.
Tangerine World Mastercard
19.95%
1.95% for the first 6 months (then 19.95%)
$0
$60,000
Earn 2% cash back in two 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.
Earn a $250 Bonus when you spend at least $5,000 on eligible everyday purchases in your first three months as a new cardholder. Apply online by March 31, 2020. Plus, get a 1.95% interest rate on balance transfers for the first six months (valid within the first 30 days of account opening).
Tangerine Money-Back Credit Card
19.95%
1.95% for the first 6 months (then 19.95%)
$0
$12,000
Earn 2% cash back in two 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.
Earn a $250 Bonus when you spend at least $5,000 on eligible everyday purchases in your first three months as a new cardholder. Apply online by March 31, 2020. Plus, get a 1.95% interest rate on balance transfers for the first six months (valid within the first 30 days of account opening).
BMO AIR MILES Mastercard For Students
19.99%
1.99% for the first 9 months (then 22.99%)
$0
$15,000
Earn 2 AIR MILES for every $20 spent at eligible AIR MILES partners, and earn 1 AIR MILE for every $20 spent elsewhere.
Receive up to 800 AIR MILES Bonus Miles. Plus, get a 1.99% introductory interest rate on balance transfers for 9 months. A 1% fee applies to balance amounts transferred.
BMO CashBack Mastercard For Students
19.99%
1.99% for the first 9 months (then 22.99%)
$0
$15,000
Get 1% cash back on all eligible purchases.
Get up to 5% cash back in the first three months (up to a maximum spend of $2,000). Plus, get a rate of 1.99% on balance transfers for 9 months, with a 1% fee for every transferred balance.
BMO AIR MILES Mastercard
19.99%
1.99% for the first 9 months (then 22.99%)
$0
$15,000
Get 2 AIR MILES for every $20 spent at eligible AIR MILES partners, and get 1 AIR MILE for every $20 spent elsewhere.
Earn up to 800 AIR MILES Bonus Miles. Plus, get a rate of 1.99% on balance transfers for 9 months. A 1% fee applies to transferred balances.
BMO CashBack Mastercard
19.99%
1.99% for the first 9 months (then 22.99%)
$0
$15,000
Get 1% cash back on all eligible purchases.
Get up to 5% cash back on all eligible purchases in the first three months of card membership (up to a maximum spend of $2,000, and earn 1% cash back thereafter). Plus, get a rate of 1.99% on balance transfers with a 1% balance transfer fee for nine months.
Scotia Momentum Visa Card
19.99%
2.99% for the first 6 months (then 22.99%)
$39
$12,000
Earn 2% cash back on all eligible gas station, grocery store and drug store purchases and on recurring bill payments (up to a $25,000 annual spend), and earn 1% cash back on all other eligible purchases (and on all eligible purchases once the $25,000 annual spend is reached).
Get a 2.99% introductory rate on balance transfers and a 0% balance transfer fee for the first 6 months. Apply by July 1, 2020.

Compare up to 4 providers

Name Product Purchase Interest Rate Cash Advance Rate Annual Fee Minimum Income Benefits with this card Description
American Express Cobalt Card
19.99%
22.99%
$120
N/A
Earn 5 Membership Rewards points per $1 spent at eligible grocery stores, restaurants, bars, cafés and food delivery services, and earn 2 Membership Rewards points per $1 spent at eligible gas stations, and on transit and travel purchases, and earn 1 Membership Rewards point per $1 spent elsewhere. Terms apply
Earn up to 40,000 Membership Rewards points. In the first year, earn 2,500 Membership Rewards points for each billing period when you charge at least $500 in eligible purchases to your card (for a total earn of up to 30,000 Membership Rewards). Plus, earn up to 10,000 Membership Rewards points when you spend a total of $3,000 in purchases in your first three months
Scotiabank Gold American Express Card
19.99%
22.99%
$120
$12,000
Earn 5 Scotia Rewards points per $1 spent on eligible grocery, dining and entertainment purchases, 3 points per $1 spent on eligible gas, transportation and select streaming services, and 1 point per $1 spent on eligible purchases elsewhere.
Earn 20,000 bonus Scotia Rewards points when you spend at least $1,000 on eligible purchases in the first 3 months. Apply by July 1, 2020.
The Platinum Card from American Express
N/A
N/A
$699
N/A
Earn 3 Membership Rewards points for every $1 spent on eligible dining in Canada, 2 Membership Rewards points for every $1 spent on eligible travel purchases as well as hotel and car rental bookings made with American Express Travel, and earn 1 Membership Reward point for every $1 spent on all other eligible purchases
As a new Platinum Cardmember, earn up to 60,000 Membership Rewards points in the fist six months. Earn a Welcome Bonus of 50,000 Membership Rewards points when you spend at least $3,000 on eligible purchases within the first three months. Receive an additional 10,000 Membership Rewards points after six months of cardmembership
Scotiabank Passport  Visa Infinite Card
19.99%
22.99%
$139
$60,000
Earn 2 Scotia Rewards points for every $1 spent on eligible grocery store, dining, entertainment and daily transit purchases, and earn 1 Scotia Rewards point for every $1 spent elsewhere.
Earn up to a total bonus of 40,000 Scotia Rewards points (up to a $400 travel value) in your first year. Earn 30,000 Bonus Scotia Rewards points when you spend at least $1,000 on eligible purchases within the first three months. Apply by July 1, 2020. Plus, earn 10,000 Bonus Scotia Rewards points each year when you spend at least $40,000 annually on eligible purchases (and earn 2,000 Bonus Scotia Rewards points for every additional $10,000 in purchases thereafter).
HSBC +Rewards™ Mastercard®
11.9%
11.9%
$25
N/A
Earn 2 Points for every $1 spent on eligible dining or entertainment purchases.
Earn a Sign Up Bonus of 5,000 Points ($25 in travel rewards) when you keep your account open and active for 90 days.
BMO AIR MILES World Elite Mastercard
19.99%
22.99%
$0 annual fee for the first year ($120 thereafter)
$80,000
Get 1 AIR MILE for every $10 spent on eligible purchases.
Earn a bonus of up to 3,000 AIR MILES. Terms apply. Plus, get the annual fee of $120 waived in the first year.
American Express AIR MILES Platinum Credit Card
20.99%
22.99%
$120
N/A
Earn 1 AIR MILE for every $5 spent on eligible food, drink, gas and transit purchases (up to an annual spend of $30,000), and earn 1 AIR MILE for every $10 spent on all other eligible purchases (and after the $30,000 annual spend)
Earn a Welcome Bonus of 2,000 AIR MILES when you spend at least $1,500 in eligible purchases within the first three months.
American Express AeroplanPlus Platinum Card
N/A
N/A
$499
N/A
Earn 1.25 Aeroplan Miles for every $1 spent up to the first $25,000 annual spend, and earn 1.5 Aeroplan Miles for every $1 spent over $25,000
Receive 40,000 bonus Aeroplan Miles after spending $3,000 in the first three months of card membership
BMO World Elite Mastercard
19.99%
22.99%
$0 annual fee for the first year ($150 thereafter)
$80,000
Get 3 BMO Rewards points per $1 spent on eligible travel, dining and entertainment purchases (up to $50,000 spend annually), and get 2 BMO Rewards points per $1 spent on all other eligible purchases (and once you reach the $50,000 annual spend).
Earn a bonus of up to 35,000 BMO Rewards points with a minimum spend of $3,000 on eligible purchases in the first three months of card membership ($250 travel value to be used towards a flight booked through bmorewards.com). Plus, get the $150 annual fee waived in the first year.
Scotiabank American Express Card
19.99%
22.99%
$0
$12,000
Earn 1 Scotia Rewards point for every $1 spent on eligible purchases.
Earn 5,000 bonus Scotia Rewards points when you spend $500 on eligible purchases within the first 3 months. Apply by July 1, 2020.

Compare up to 4 providers

Name Product Purchase Interest Rate Cash Advance Rate Cash Back Rate Annual Fee Minimum Income Reward
SimplyCash Preferred Card from American Express
19.99%
22.99%
2%
$99
N/A
Earn 2% cash back on all eligible purchases
Earn 5% cash back on all eligible purchases in your first six months (up to a maximum spend of $6,000, or $300 in cash back).
Scotia Momentum Visa Infinite Card
20.99%
22.99%
4%
$120
$60,000
Earn 4% cash back for every $1 spent on eligible grocery purchases & recurring bill payments, 2% per $1 spent on eligible gas purchases & public transit, and 1% per $1 spent on all other eligible purchases.
Get 10% cash back on all eligible purchases for the first 3 months (up to $2,000 in total purchases). Plus, pay no annual fee in the first year, including on supplementary cards. (A total Welcome Offer value of $350). Apply online by April 30, 2020.
SimplyCash Card from American Express
19.99%
22.99%
1.25%
$0
N/A
1.25% cash back rate on all purchases when your welcome offer ends. No cap
Earn 2.5% cash back on all eligible purchases in your first three months (up to a maximum spend of $6,000, or $150 in cash back).
Scotia Momentum  Mastercard Credit Card
7.99% intro APR for the first 6 months, 19.99% thereafter
22.99%
1%
$0
$12,000
Get 1% cash back on all eligible gas station, grocery store and drug store purchases and recurring bill payments, and get 0.5% cash back on all other eligible purchases.
Get a 7.99% introductory interest rate on all eligible purchases for the first 6 months. Apply by July 1, 2020.
Scotia Momentum No-Fee Visa Card
7.99% intro APR for the first 6 months, 19.99% thereafter
22.99%
1%
$0
$12,000
Get 1% cash back on all eligible gas station, grocery store and drug store purchases and recurring bill payments, and get 0.5% cash back on all other eligible purchases.
Get a 7.99% introductory interest rate on all eligible purchases for the first 6 months. Apply by July 1, 2020.
Scotia Momentum Visa Card
19.99%
22.99%
2%
$39
$12,000
Earn 2% cash back on all eligible gas station, grocery store and drug store purchases and on recurring bill payments (up to a $25,000 annual spend), and earn 1% cash back on all other eligible purchases (and on all eligible purchases once the $25,000 annual spend is reached).
Get a 2.99% introductory rate on balance transfers and a 0% balance transfer fee for the first 6 months. Apply by July 1, 2020.
Shell CashBack Mastercard from BMO
19.99%
22.99%
1.5%
$0
$15,000
Get 1.5% cash back at participating Shell locations in Canada (up to a maximum spend of $2,500 in any monthly billing period), and get 0.5% cash back everywhere else.
Get $50 in cash back bonuses once you charge your first eligible purchase to your card. Plus, earn 1% cash back for the first 6 months on all eligible purchases.
BMO CashBack Mastercard For Students
19.99%
22.99%
1%
$0
$15,000
Get 1% cash back on all eligible purchases.
Get up to 5% cash back in the first three months (up to a maximum spend of $2,000). Plus, get a rate of 1.99% on balance transfers for 9 months, with a 1% fee for every transferred balance.
Scotiabank GM Visa Infinite Card
19.99%
22.99%
5%
$0 annual fee for the first year ($79 thereafter)
$60,000
Earn 5% in GM Earnings on the first $10,000 annual spend, and earn 2% in GM Earnings thereafter.
Get the annual fee waived in the first year on the primary card as well as any supplementary cards. Apply by July 1, 2020.
BMO CashBack World Elite Mastercard
19.99%
22.99%
1.5%
$0 annual fee for the first year ($120 thereafter)
$80,000
Earn 1.5% cash back on all eligible purchases.
Get up to 5% cash back on all eligible purchases made within the first 3 months (up to a maximum spend of $4,000). Plus, get the first year annual fee of $120 waived.

Compare up to 4 providers

Name Product Purchase Interest Rate Cash Advance Rate Annual Fee Minimum Income Benefits with this card Description
Scotiabank SCENE Visa Card
19.99%
22.99%
$0
$12,000
Earn 5 SCENE points per $1 spent at participating Cineplex theatres or cineplex.com, and earn 1 SCENE point per $1 spent on eligible purchases elsewhere.
Earn 2,500 bonus SCENE points when you spend a minimum of $500 on eligible purchases in the first three months. Apply by July 1, 2020.
Scotia Momentum No-Fee Visa Card
7.99% intro APR for the first 6 months, 19.99% thereafter
22.99%
$0
$12,000
Get 1% cash back on all eligible gas station, grocery store and drug store purchases and recurring bill payments, and get 0.5% cash back on all other eligible purchases.
Get a 7.99% introductory interest rate on all eligible purchases for the first 6 months. Apply by July 1, 2020.
BMO AIR MILES Mastercard
19.99%
22.99%
$0
$15,000
Get 2 AIR MILES for every $20 spent at eligible AIR MILES partners, and get 1 AIR MILE for every $20 spent elsewhere.
Earn up to 800 AIR MILES Bonus Miles. Plus, get a rate of 1.99% on balance transfers for 9 months. A 1% fee applies to transferred balances.
BMO Rewards Mastercard
19.99%
22.99%
$0
$15,000
Get 1 BMO Reward point for every $1 spent on eligible purchases, and get 2 BMO Rewards points for every $1 spent at participating National Car Rental and Alamo Rent A Car locations.
Earn a bonus of up to 20,000 BMO Rewards points. Plus, get a rate of 1.99% on balance transfers for 9 months. A 1% fee applies to transferred balances.
Tangerine Money-Back Credit Card
19.95%
19.95%
$0
$12,000
Earn 2% cash back in two 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.
Earn a $250 Bonus when you spend at least $5,000 on eligible everyday purchases in your first three months as a new cardholder. Apply online by March 31, 2020. Plus, get a 1.95% interest rate on balance transfers for the first six months (valid within the first 30 days of account opening).
BMO IGA AIR MILES Mastercard
19.99%
22.99%
$0
$15,000
Get 2 AIR MILES for every $20 spent on eligible purchases at IGA stores and at participating AIR MILES partners, and get 1 AIR MILE for every $20 spent elsewhere.
Get up to 800 AIR MILES Bonus Miles.
Tangerine World Mastercard
19.95%
19.95%
$0
$60,000
Earn 2% cash back in two 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.
Earn a $250 Bonus when you spend at least $5,000 on eligible everyday purchases in your first three months as a new cardholder. Apply online by March 31, 2020. Plus, get a 1.95% interest rate on balance transfers for the first six months (valid within the first 30 days of account opening).
Scotiabank GM Visa Card
19.99%
22.99%
$0
$12,000
Earn 5% in GM Earnings on all eligible purchases on the first $5,000 annual spend, and 2% in GM Earnings on all eligible purchases thereafter.
Earn 5% in GM Earnings on all eligible purchases on the first $5,000 annual spend, and 2% in GM Earnings on all eligible purchases thereafter. For every $1 in GM Earnings, you’ll get $1 off the purchase price or lease of a new GM, Chevrolet, Buick, GMC or Cadillac.
Scotia Momentum  Mastercard Credit Card
7.99% intro APR for the first 6 months, 19.99% thereafter
22.99%
$0
$12,000
Get 1% cash back on all eligible gas station, grocery store and drug store purchases and recurring bill payments, and get 0.5% cash back on all other eligible purchases.
Get a 7.99% introductory interest rate on all eligible purchases for the first 6 months. Apply by July 1, 2020.
BMO CashBack Mastercard
19.99%
22.99%
$0
$15,000
Get 1% cash back on all eligible purchases.
Get up to 5% cash back on all eligible purchases in the first three months of card membership (up to a maximum spend of $2,000, and earn 1% cash back thereafter). Plus, get a rate of 1.99% on balance transfers with a 1% balance transfer fee for nine months.

Compare up to 4 providers

Name Product Required Deposit Purchase Interest Rate Cash Advance Rate Annual Fee Reward
Refresh Financial Secured Credit Card
$200 - $10,000
17.99%
N/A
$12.95
Take advantage of a low annual fee, with no credit check and guaranteed approval once you secure your credit card with some funds.
Take advantage of a low annual fee, with guaranteed approval and no credit check.

Compare up to 4 providers

*The products compared on this page are chosen from a range of offers available to us and are not representative of all the products available in the market. There is no perfect order or perfect ranking system for the products we list on our Site, so we provide you with the functionality to self-select, re-order and compare products. The initial display order is influenced by a range of factors including conversion rates, product costs and commercial arrangements, so please don't interpret the listing order as an endorsement or recommendation from us. We're happy to provide you with the tools you need to make better decisions, but we'd like you to make your own decisions and compare and assess products based on your own preferences, circumstances and needs.

Standard credit cards

Standard credit cards are what you might imagine when you think of “normal” or “regular” cards. They don’t come with the bells and whistles of rewards cards, but they tend to offer solid benefits like a competitive APR and zero or low annual fees.

Two popular kinds of standard credit cards

Low interest cards

A low-interest card may mean one of two things:

  1. You’ll get a low interest rate forever, like an 8% fixed-rate APR. The typical credit card APR hovers around 19.99%.
  2. You’ll get a long intro APR period. For example, you could get a 5% purchase APR for 6 months. After 6 months, the APR might go up to 19.99% — at which point your card isn’t really a low-interest card anymore.

A low-interest card is useful if you like to pay off your balances over long periods of time. It’s also a good choice if you’re making an expensive purchase soon and need time to pay it off.

Low interest credit cards guide

Balance transfer cards

A balance transfer card gives you a sweet incentive to move your debt to another card provider. Namely, it offers a low interest rate on balance transfers — often 0% — for a specified period of time. If you’re looking to dodge high interest rates for a while, a balance transfer card could help you get on top of your debt.

Compare the best balance transfer cards

Rewards credit cards

For most people, rewards cards bring all the fun. You don’t just get the convenience of a credit card — you also get perks for spending money.

For all rewards cards, you’ll typically need a good to excellent credit score of 650 or higher.

Two popular kinds of rewards cards

Cash back cards

Cash back cards return a percentage of your spending back to you. For example, if you spend $10,000 on your card and get 1% cash back, you’ll receive $100.

Typically, you’ll receive a cheque in the mail or a deposit directly into your account at the end of the year, however you may be able to use your cash back as statement credit.

Cash back credit cards guide

Travel cards

As you spend with a travel card, you’ll receive points or miles that you can later redeem for flights, travel experiences and merchandise.

You’ll usually find three types of travel cards: general, hotel and airline cards.

General travel cards offer rewards that you can spend on a variety of travel expenses. You can often redeem rewards for flights, hotels, cruises, merchandise and even rental cars. Because these cards are flexible, they’re very popular among travellers.

Travel rewards credit cards guide

Credit repair cards

If your credit score is too low to qualify for a rewards card, look for a credit repair card. This type of card is relatively easy to get. It won’t offer eye-popping rewards, but it’ll allow you to rebuild your credit score.

Three popular kinds of credit repair cards

Secured cards

A secured card is an excellent option if you have poor credit. You’ll need to put down a security deposit to open the card. However, you have a good chance of being approved for it, even if you’ve had a bankruptcy. Best of all, you can use it to build your credit as long as your card provider reports your payments to the credit bureaus.

Compare secured credit cards

Subprime cards

Subprime cards are aimed at customers who can’t get credit anywhere else. Unfortunately, they often come with expensive activation fees, high APRs and shady terms.

Consider getting a secured card instead, or apply for a personal loan if you need funds quickly.

Compare subprime cards

Prepaid cards

The easiest way to understand a prepaid card is to think of it like a gift card. Before you can use one, you have to load it with funds. Then just swipe it like a normal credit card.

However, unlike a normal card, you don’t use a prepaid card to borrow money – you’re only allowed to spend the funds you’ve preloaded. Once you spend the money, you have to reload your card before you can use it again.

Compare prepaid credit cards

Specialty credit cards

Five popular kinds of specialty credit cards

Business credit cards

A business credit card typically gives more points or miles on business-related expenses, such as office supplies, phone bills and dining. It may also offer additional business perks like free employee cards, higher credit limits and expense reports. This type of card is a good choice if you want to separate your business and personal expenses.

Compare business credit cards

Student credit cards

As a university or college student, it’s an excellent idea to get a credit card. You can start building your credit well before you need it, and you can learn how to manage your money responsibly.

You might not have a credit history yet, which means it could be tough to get approved for most credit cards. That’s where a student credit card can help — it’s designed for someone new to credit.

You won’t find amazing rewards with this type of card, but you can use it to build your credit.

Compare student credit cards

Store credit cards

You can typically only use a store credit card at specified stores.

Beyond that restriction, you can use the card like a normal credit card, charging purchases to it and carrying a balance if you’d like. This type of card typically offers store-specific perks to keep you coming back, such as free gifts or big discounts.

Compare shopping credit cards

Gas credit cards

If you spend a lot on gas, consider a gas credit card. You’ll usually find two different types of gas cards.

One type are brand-specific cards that reward you for pumping at specific gas stations. A brand-specific card will likely give you fuel credits or a discount on fuel — say, $0.03 off each litre of gas.

The other type you can find includes many rewards cards that offer cash back or more points when you use your credit card at gas stations. You can usually pump your gas at any station in order to reap these rewards.

Compare gas credit cards

Charity credit cards

There are typically two types of charity credit cards: cards that donate a portion of your spending to a specific charity and cards that allow you to donate your points or miles to charity (instead of making cash donations). Aside from donating some of your spending or points, you are not required to further donate to the charity.

What is a charge card?

When you think about credit cards, you’re probably thinking of cards that you can carry balances on. But there’s another lesser-known type of credit card: the charge card.

With a charge card, you can’t carry a balance each billing cycle — you have to pay your card bill in full each month. Because of this, a charge card isn’t a good choice if you typically need more time to pay off your balance.

One reason you may be surprised to see charge cards is because they’re rarely offered anymore. The only major card provider that offers them is American Express.

What’s the difference between credit cards and debit cards?

With a credit card, you can pay for things by borrowing money from your card provider. With a debit card, you first deposit funds with your provider and then use the card to spend the money you’ve deposited.

Each card comes with advantages and disadvantages:

  • You can’t get into debt with a debit card, because you’re only spending money you actually have. On the downside, you don’t get the protections offered by a credit card, and you can’t borrow money.
  • A credit card lets you pay off balances over time, earn rewards, build your credit and offers great protection against fraud. But if you’re a compulsive spender, a credit card can be a dangerous friend.

Bottom line: Pick up a credit card if you spend responsibly and can pay your bills on time. Otherwise, stick to a debit card or pick a secured card with a low credit limit.
How debit cards work

Frequently asked questions about credit cards

Read more on this topic