What is the ideal credit card for me?

Let us help you find the ideal credit card for your spending habits and financial needs.

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There’s no one-size-fits-all credit card. The ideal card for you is going to be one that meets your financial needs, spending habits and reward goals. Whether you prioritize cash back, travel miles, a signup bonus or saving money on fees and interest, you can start comparing credit cards and narrowing down your options to the right one.

American Express Cobalt Card

American Express Cobalt Card

19.99 % APR

Purchase interest rate

Eligibility criteria, terms and conditions, fees and charges apply

American Express Cobalt Card

Apply today and earn up to 5 points for every dollar you spend on eligible purchases.

  • Purchase interest rate: 19.99%
  • Cash advance rate: 22.99%
  • Annual fee: $120
  • Credit rating: Fair, Good, Excellent
  • Minimum age: Age of majority in province/territory of residence
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Factors to consider when choosing the ideal credit card for you

Choosing the right credit card is often a compromise — you get one set of perks, but you give up others. To help you decide what the ideal credit card is for you, consider the following:

Do you want to earn rewards?

  • You can earn cash back on everyday purchases, travel miles or points from a specific rewards program. With most cards, your redemption options will include a variety of rewards or the ability to transfer points between partner programs, such as hotels and airlines.
  • Rewards cards typically come with a high APR. Try to pay your balance in full by the due date to avoid paying interest.

Rewards credit cards

Do you want to save money on interest?

  • This type of card often comes with a long 0% intro APR period on balance transfers and purchases, and a low APR after that.
  • Often you’ll have to give up on rewards to save money on interest. But some rewards cards, such as the cashback cards, come with a 0% APR intro period.

Balance transfer credit cards

Do you want to pay an annual fee?

  • This can get you the highest rewards rates and benefits. Depending on your card, these benefits could include companion flights, free checked bags, free hotel stays, dedicated concierge, complimentary airport lounge access and more.
  • If you don’t use the additional perks as often as you would like, a no-annual-fee card may be a better option.

No annual fee credit cards

Do you want to save money on fees?

  • Depending on the card you choose, you can save money on foreign transactions, balance transfers and cash advances.
  • Most travel cards waive only the foreign transaction fees. Cards issued by credit unions often avoid many of these fees, but you may not be eligible to join the credit union and apply for such a card.

How to avoid credit card fees

Understand credit card rates and fees

Read all the fine print a few times to be sure you understand everything the the card offers. Read up on what all the terms mean, such as APR and grace period. Sometimes they are explained on your credit card agreement, but you can also contact the credit card provider to learn more.

Annual fee

The ideal card for you may not be one without an annual fee. But if you are going to be carrying over a balance for a month or 2, consider a card with a lower ongoing APR.

Interest rates

If you often carry a balance, a low-APR card may be the way to go. But know that unless you’re getting a card issued by a credit union— which often has fewer fees and lower APR — you’ll be giving up the option to earn generous rewards on your purchases.

Cash advances

Cash advances can be draining on a credit card since the fees and interest rates are high. Don’t count on using your credit card to get money out of the ATM every time you need it. Have a debit card at your disposal to withdraw cash at these times. Alternatively, you could get a credit card with no cash advance fees, but you will still incur an APR from the moment you make the transaction.

Balance transfers

Balance transfer credit cards are designed to lure you in by offering an attractive introductory interest rate on amounts transferred from another credit card. This can be a great opportunity to enjoy perks and pay down debt at the same time.

But be careful – balance transfer fees may eat up a lot of the savings offered by a low intro APR. And once the intro period is over, you could be slapped with a high long-term APR. Furthermore, balance transfer promotions only apply if you’re transferring from a card offered by a different provider.

Compare credit cards

Name Product Reward Purchase Interest Rate Cash Advance Rate Annual Fee Minimum Income Minimum Credit Limit
Earn 5x points on eligible eats and drinks, including groceries and food delivery, 2x points on transit, gas, travel purchases, and 1 point on all other spend.
19.99%
22.99%
$120
N/A
Earn 2,500 points with minimum spend of $500 for each billing period. Up to 30,000 bonus points in your first year.
Earn 1.5 miles for every $1 spent on eligible grocery, gas, drugstore and aircanada.com purchases and 1 mile for every $1 spent elsewhere. T&C's apply.
19.99%
22.99%
$120
$60,000
$5,000
Earn up to 30,000 Aeroplan Miles (equivalent to 2 economy short-haul roundtrip flight rewards) and first year no Annual Fee for the Primary Cardholder. Apply online by March 2, 2020.
Earn 3 BMO Rewards points per $1 spent on dining, travel and entertainment purchases.
19.99%
22.99%
$150
$80,000
Offers 35,000 BMO Rewards bonus points with a minimum spend of $3,000 in the first three months of card membership. Ends January 15, 2020.
Earn 2 Scotia Rewards points per $1 spent on eligible grocery stores, dining, entertainment purchases, and daily transit. Earn 1 Scotia Rewards points per $1 spent on all other eligible purchases.
19.99%
22.99%
$139
$60,000
$5,000
Earn up to 25,000 bonus Scotia Rewards points in your first year of card membership. Plus, earn an extra 10,000 points with a min. annual spend of $40,000 on your card.
Earn 9 TD Points per $1 in travel booked online through Expedia for TD, and 3 points/$1 spent elsewhere.
19.99%
22.99%
$120
$60,000
$5,000
Earn up to 80,000 TD Rewards Points, including a 20,000 welcome bonus when you make your first purchase with your card. Earn 5X the TD Rewards Points on all purchases up to a maximum of 20,000 TD Rewards Points per month, for each of the first three months. Plus, first year no annual fee for the primary cardholder. Apply online by March 2, 2020.
Get 2% cashback after the Welcome Rate on all purchases. No cap and no limit.
19.99%
22.99%
$99
N/A
Receive 5% cash back (up to $300 cash back) and a 1.99% balance transfer rate in the first 6 months to new cardmembers. No balance transfer fee upon application.
Earn 4% Money-Back Rewards in up to 3 categories of your choice. Offer ends January 31, 2020.
19.95%
19.95%
$0
$60,000
Get a 1.95% interest rate on balance transfers for the first six months. Valid within the first 30 days of account opening.
Earn 1.5% cash back on all purchases. No cap and no limit.
19.99%
22.99%
$120
$80,000
Get 5% cash back in the first three months of card membership with a first year annual fee waiver. Ends March 31, 2020.
Receive 1% cash back on payments made at gas stations, supermarkets, pharmacies and recurring bill payments.
7.99% intro APR for the first 6 months, 19.99% thereafter
22.99%
$0
$12,000
$500
Offers a 7.99% introductory interest rate on all spend for the first 6 months. Ends March 1, 2020.
Earn 3x the points on daily business spend including office supplies & electronics, rides & gas, and eats & drinks and 1x the points on all other purchases.
19.99%
22.99%
$99
N/A
Earn up to 42,000 Membership Rewards® points in the first year of card approval. Offers 30,000 Welcome Bonus points when you spend $5,000 in purchases within the first 3 months of membership.

Compare up to 4 providers

Name Product Reward Purchase Interest Rate Balance Transfer Rate Annual Fee Minimum Income Credit Rating
Earn 4% Money-Back Rewards in up to 3 categories of your choice. Offer ends January 31, 2020.
19.95%
1.95% for the first 6 months (then 19.95%)
$0
$60,000
650+ recommended credit score
Get a 1.95% interest rate on balance transfers for the first six months. Valid within the first 30 days of account opening.
Save on interest by consolidating your higher-rate balances and get a low 12.99% purchase interest rate.
12.99%
0.99% for the first 6 months (then 12.99%)
$29
$12,000
650+ recommended credit score
Offers a 0.99% introductory interest rate on balance transfers with 0% transfer fee for the first 6 months. Ends March 1, 2020.
Get 2% cashback after the Welcome Rate on all purchases. No cap and no limit.
19.99%
1.99% for the first 6 months (then 22.99%)
$99
N/A
Good, Excellent
Receive 5% cash back (up to $300 cash back) and a 1.99% balance transfer rate in the first 6 months to new cardmembers. No balance transfer fee upon application.
1.25% cash back rate on all purchases when your welcome offer ends. No cap.
19.99%
1.99% for the first 6 months (then 22.99%)
$0
N/A
Good, Excellent
Earn 2.5% cash back (up to $150 cash back) in the first three months. Offers 1.99% balance transfer rate in the first 6 months and no balance transfer fee upon application.
Earn 4% Money-Back Rewards in three categories of your choice such as groceries, dining, petrol and more. Ends January 31, 2020.
19.95%
1.95% for the first 6 months (then 19.95%)
$0
$12,000
650+ recommended credit score
Get 1.95% interest rate on balance transfers for the first six months. Valid within the first 30 days of account opening.
Low interest rates of 12.99% on purchases and cash advances.
12.99%
3.99% for the first 9 months (then 12.99%)
$20
$15,000
Good
Offers a 3.99% balance transfer intro rate for nine months to new cardmembers.
Save with a low interest rate and no annual fee
16.99%
3.99% for the first 6 months (then 16.99%)
$0
$12,000
650+ recommended credit score
Offers a 3.99% introductory interest rate on balance transfers with 0% transfer fee for the first 6 months. Ends March 1, 2020.
Earn 1 AIR MILES® for every $5 you spend at eligible sponsors, stores, drugstores and gas stations (up to $30,000 annually) and 1 Mile for every $10 you spend anywhere else.
19.99%
1.99% for the first 6 months (then 22.99%)
$120
N/A
Good, Excellent
Receive up to 3,500 bonus AIR MILES®. Conditions apply (Ends January 20, 2020). Offers 1.99% balance transfer rate in the first 6 months. No balance transfer fee upon application.
Earn 2x AIR MILES reward miles per $20 spend at eligible AIR MILES partners and and 1 miles per $20 spend in credit card purchases.
19.99%
1.99% for the first 9 months (then 22.99%)
$0
$15,000
Good
Enjoy AIR MILES on your every dollar spent and build a healthy credit history. Earn up to 800 AIR MILES bonus miles with minimum spend of $1,000 in the first three months. Ends January 15, 2020.
Earn 1% cash back on all other purchases. No caps, no limit.
19.99%
1.99% for the first 9 months (then 22.99%)
$0
$15,000
Good
Enjoy cash back on your every dollar spent and build a healthy credit history. Get up to 5% cash back with minimum spend of $2,000 in the first three months of card membership (Ends March 31, 2020).

Compare up to 4 providers

Name Product Reward Purchase Interest Rate Cash Advance Rate Annual Fee Minimum Income Minimum Credit Limit
Earn 5 Scotia Rewards points per $1 spent on groceries, dining and entertainment, 3 points on gas, transportation and streaming services, and 1 point on every other purchase.
19.99%
22.99%
$120
$12,000
$5,000
Get up to 30,000 bonus Scotia Rewards points in your first year of card membership (up to $300 in rewards). Ends December 30, 2019.
Earn 5x points on eligible eats and drinks, including groceries and food delivery, 2x points on transit, gas, travel purchases, and 1 point on all other spend.
19.99%
22.99%
$120
N/A
Earn 2,500 points with minimum spend of $500 for each billing period. Up to 30,000 bonus points in your first year.
Earn 2 Scotia Rewards points per $1 spent on eligible grocery stores, dining, entertainment purchases, and daily transit. Earn 1 Scotia Rewards points per $1 spent on all other eligible purchases.
19.99%
22.99%
$139
$60,000
$5,000
Earn up to 25,000 bonus Scotia Rewards points in your first year of card membership. Plus, earn an extra 10,000 points with a min. annual spend of $40,000 on your card.
Earn 1 mile per $10 spend in purchases.
19.99%
22.99%
$120
$80,000
Get up to 3,000 AIR MILES Bonus Miles with minimum spend of $3,000 in the first three months, plus a first year annual fee waiver. Ends January 15, 2020.
Earn 1 AIR MILES® for every $5 you spend at eligible sponsors, stores, drugstores and gas stations (up to $30,000 annually) and 1 Mile for every $10 you spend anywhere else.
19.99%
22.99%
$120
N/A
Receive up to 3,500 bonus AIR MILES®. Conditions apply (Ends January 20, 2020). Offers 1.99% balance transfer rate in the first 6 months. No balance transfer fee upon application.
Get free annual partner ticket and unlimited access to Air Canada Maple Leaf Lounges as well as Air Canada priority check-in.
N/A
N/A
$499
N/A
Get free annual partner ticket and unlimited access to Air Canada Maple Leaf Lounges as well as Air Canada priority check-in. Receive 40,000 bonus Aeroplan Miles after spending $3,000 in the first three months of card membership. You can also earn an additional $150 Air Canada eGift Card after spending a total of $6,000 in purchases within the first six months of card membership.
Earn 1 Aeroplan Mile for every dollar spent. Double your miles on purchases at over 150 Aeroplan partner brands.
N/A
N/A
$60
N/A
New cardmembers receive 5,000 Bonus Aeroplan Miles when spending $500 in the first three months of membership.
Earn 3 BMO Rewards points per $1 spent on dining, travel and entertainment purchases.
19.99%
22.99%
$150
$80,000
Offers 35,000 BMO Rewards bonus points with a minimum spend of $3,000 in the first three months of card membership. Ends January 15, 2020.
Earn 1 Scotia Rewards point per $1 spent on eligible purchases.
19.99%
22.99%
$0
$12,000
$1,000
Get 5,000 bonus Scotia Rewards points upon min. spend of $500 on eligible purchases within the first 3 months. Ends March 1, 2020.
Earn 1 Aeroplan Mile for every $1 spent on eligible grocery, gas and drugstore purchases and 1 mile for every $1.50 spent on other purchases.
19.99%
22.99%
$89
N/A
$1,500
Earn up to 25,000 TD Rewards Points, including a 10,000 welcome bonus when you make your first purchase with your card. Earn 5 additional Aeroplan Miles on all purchases, for the first 3 months up to a total spend of $1000 per month, up to a total of 15,000 Aeroplan Miles. Plus, first year no annual fee for the primary cardholder. Apply online by March 2, 2020.

Compare up to 4 providers

Name Product Reward Purchase Interest Rate Cash Advance Rate Cash Back Rate Annual Fee
Get 2% cashback after the Welcome Rate on all purchases. No cap and no limit.
19.99%
22.99%
2%
$99
Receive 5% cash back (up to $300 cash back) and a 1.99% balance transfer rate in the first 6 months to new cardmembers. No balance transfer fee upon application.
1.25% cash back rate on all purchases when your welcome offer ends. No cap.
19.99%
22.99%
1.25%
$0
Earn 2.5% cash back (up to $150 cash back) in the first three months. Offers 1.99% balance transfer rate in the first 6 months and no balance transfer fee upon application.
Earn 4% cash back per $1 spent on groceries & recurring bill payments, 2% per $1 spent on gas & public transit and 1% per $1 spent on all other spend.
20.99%
22.99%
4%
$0 annual fee for the first year ($120 thereafter)
New cardholders save with no annual fee for the first year. Ends December 30, 2019.
Get 1% cash back on purchases made at gas stations, grocery stores and drug stores, and on recurring bill payments, plus an additional 0.5% cash back on all other spend.
7.99% intro APR for the first 6 months, 19.99% thereafter
22.99%
1%
$0
Get 1% cash back on payments made at gas stations, grocery stores and pharmacies, including recurring payments. Receive a 7.99% introductory interest rate on all spend for the first six months (Ends March 1, 2020).
Receive 1% cash back on payments made at gas stations, supermarkets, pharmacies and recurring bill payments.
7.99% intro APR for the first 6 months, 19.99% thereafter
22.99%
1%
$0
Offers a 7.99% introductory interest rate on all spend for the first 6 months. Ends March 1, 2020.
2% cash back on eligible gas stations, grocery and drug store purchases including recurring payments. T&C's apply.
19.99%
22.99%
2%
$39
Offers a 2.99% introductory balance transfer rate for the first 6 months. Ends March 1, 2020.
Earn 4% Money-Back Rewards in three categories of your choice such as groceries, dining, petrol and more. Ends January 31, 2020.
19.95%
19.95%
2%
$0
Get 1.95% interest rate on balance transfers for the first six months. Valid within the first 30 days of account opening.
Get 3% cash back on eligible groceries, gas and bill payments and 1% cash back on all other purchases.
20.99%
22.99%
3%
$0 annual fee for the first year ($120 thereafter)
Earn 10% cash back on all purchases for the first 3 months (up to a total spend of $2,000). Apply online by March 2, 2020. .
Earn 1% in cash back on eligible groceries, gas, and bill payments and 0.5% in cash back on all other purchases.
19.99%
22.99%
1%
$0
Earn 1% in cash back on eligible groceries, gas, and bill payments and 0.5% in cash back on all other purchases.
Earn 1.5% cash back per $1 spent at Shell stations in Canada and 0.5% on everything else.
19.99%
22.99%
1.5%
$0
Get $50 limited bonus cash back upon first spend. Ends January 15, 2020.

Compare up to 4 providers

Name Product Reward Purchase Interest Rate Cash Advance Rate Annual Fee Minimum Income Minimum Credit Limit
Earn 1 SCENE point per $1 spent on all eligible purchases, plus 5 SCENE points for every $1 spent at Cineplex Entertainment theatres or cineplex.com.
19.99%
22.99%
$0
$12,000
$500
Save with no annual fee and earn 1 SCENE point for every $1 spent on eligible purchases. Get 2,500 bonus SCENE points with min. spend of $500 in the first three months (Ends March 1, 2020).
Receive 1% cash back on payments made at gas stations, supermarkets, pharmacies and recurring bill payments.
7.99% intro APR for the first 6 months, 19.99% thereafter
22.99%
$0
$12,000
$500
Offers a 7.99% introductory interest rate on all spend for the first 6 months. Ends March 1, 2020.
Earn 1% in cash back on eligible groceries, gas, and bill payments and 0.5% in cash back on all other purchases.
19.99%
22.99%
$0
N/A
$500
Earn 1% in cash back on eligible groceries, gas, and bill payments and 0.5% in cash back on all other purchases.
Earn 3 TD Rewards Points per $1 spent on travel booking via ExpediaForTD.com, 2 points when you book via phone, 2 points on grocery dining and bill payments and 1 point on all other spend.
19.99%
22.99%
$0
N/A
$500
Earn up to 10,000 TD Rewards Points. This includes up to 5,000 TD Reward Points when you spend $1,000 within the first 3 months, another 2,500 TD Rewards Points when you add an authorized user, and 2,500 TD Reward Points when you sign up for paperless statements by March 2, 2020. Apply online by March 2, 2020.
Earn 1 BMO Rewards point for every $1 spent.
19.99%
22.99%
$0
$15,000
Offers a 1.99% balance transfer intro rate for the first nine months to new cardmembers and up to 20,000 BMO Rewards welcome points upon minimum spend of $1,000 in the first three months (Ends January 15, 2020).
Earn 2x AIR MILES reward miles per $20 spent at eligible partners and 1 mile per $20 spent for all other purchases.
19.99%
22.99%
$0
$15,000
Get up to 800 bonus AIR MILES reward miles with minimum spend of $1,000 in the first three months. Ends January 15, 2020.
Earn 4% Money-Back Rewards in three categories of your choice such as groceries, dining, petrol and more. Ends January 31, 2020.
19.95%
19.95%
$0
$12,000
Get 1.95% interest rate on balance transfers for the first six months. Valid within the first 30 days of account opening.
Earn 2x AIR MILES reward miles per $20 spent at eligible partners and IGA stores and 1 mile per $20 spent for all other purchases.
19.99%
22.99%
$0
$15,000
Get up to 800 bonus AIR MILES reward miles with minimum spend of $1,000 in the first three months. Ends January 15, 2020.
Earn 4% Money-Back Rewards in up to 3 categories of your choice. Offer ends January 31, 2020.
19.95%
19.95%
$0
$60,000
Get a 1.95% interest rate on balance transfers for the first six months. Valid within the first 30 days of account opening.
Get up to 5% in GM Earnings on your initial spend of $5,000 in the first year, and 2% thereafter.
19.99%
22.99%
$0
$12,000
$500
Get up to 5% in GM Earnings on your initial spend of $5,000 in the first year, and 2% thereafter.

Compare up to 4 providers

Name Product Required Deposit Purchase Interest Rate Cash Advance Rate Annual Fee
$200 - $10,000
17.99%
N/A
$12.95
Take advantage of a low annual fee, with guaranteed approval and no credit check.

Compare up to 4 providers