The best credit card in Canada is named

Choosing a bank to open an account and a card is a very important step once you move to Canada. We already told you why a credit history is very important in Canada. But newcomers don't have any relationship with a bank and feel at a loss when choosing a credit card.

Each card has its own specifics depending on the bank and purpose. When applying, it's important to consider credit ratings and interest rates, cashback, and other features.

The Credit Card Genius team has compiled a list of the best credit cards in Canada for 2023. More than 126 credit card features were analyzed for the rankings, and the scores were based on 7 categories, such as speed and ease of approval, required annual and monthly payments, insurance and cashback, and perks were taken into account.

According to Credit Card Genius, one of the best credit cards is the Tangerine Money-Back. Users can get a 2% cashback on amounts spent on groceries and gasoline. If you have a savings account at the bank and have funds in there, you can add another spending category to choose from. All other purchases made with this card are subject to a 0.5% cashback. There is no annual fee to the bank for using the card, and the credit rating is quite low: $600 CAD.

The Neo Card is also included in the ranking of the best cards. If you make a lot of purchases, especially at stores like Canadian Tire, Zara, and lululemon, you can get a nice 4% cashback. At other stores, the refund is calculated as 1% on the first $5,000 CAD.

For those who frequently travel abroad, the company advises opening a Home Trust card. Most credit cards in Canada charge 2.5% for a foreign transaction. This card has no foreign transaction fee. Plus, there is 1% cashback on all purchases and no annual fee. If there are credit rating issues, experts recommend opening a Home Trust Secured Visa card. But the customer must provide collateral, which is then used as your personal credit limit.