The Best Visa Credit Cards in Canada for 2020

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When it comes to credit card processors in Canada, Visa is a top player. Everyone recognizes the name, and for the most part, Visa is widely accepted across Canada and abroad, making it a smart choice for consumers. With everything from no annual fee cards to cash back cards to student cards, Visa has a credit card option to meet your needs. We’re sharing our top picks for the best Visa credit cards in Canada for 2020. The Best Visa Credit Cards in Canada in 2020 Best Low-Interest Visa Credit Card: TD Emerald Flex Rate Visa* Apply Now

Hands down, the TD Emerald Flex Rate Visa* is our top choice for the best low-interest rate credit card in Canada. It’s pretty innovative: instead of a flat fee interest rate, the card’s purchase interest rate is variable. That means it is tied to the TD Prime Rate and varies depending on your credit assessment. TD’s Prime Rate is currently 3.95%, so here’s how it works:

Customers with a good credit score will qualify for a purchase interest rate as low as TD Prime + 4.50%. The lowest possible interest rate is 8.45%. Less credit-worthy applicants could qualify for an interest rate of 16.70% (TD Prime + 12.75%).

It’s important to if TD Bank raises its prime rate, your interest rate on your outstanding debt also increases. But since prime interest rates have been low in Canada, you could end up saving money over the long-term. If you have a good credit rating, this card is a great option for getting an ultra-low interest rate. The annual fee is very affordable at $25, but if you apply online by March 2, 2020, you’ll get a full annual fee rebate for the first year.

The Details:

Annual Fee: $25 Income Eligibility: None Credit Score Requirement: Good to Excellent Welcome Bonus: Get a full Annual Fee rebate for the Primary Cardholder for the first year. Conditions apply. Must apply online by March 2, 2020. Additional Perks: Low interest rate Purchase APR: TD Prime + 4.50% up to TD Prime + 12.75%| Cash Advance APR: TD Prime + 4.50% up to TD Prime + 12.75% Learn more about the TD Emerald Flex Rate Visa* Card.

This offer is not available for residents of Quebec. For Quebec residents, please click here.

Best Travel Visa Credit Card: TD® Aeroplan® Visa Infinite* Card Apply Now

If you are a frequent traveller, then consider adding the TD® Aeroplan® Visa Infinite* Card to your wallet. If you apply before March 2, 2020, you can earn up to up to 30,000 Aeroplan Miles (the equivalent of 2 economy short-haul roundtrip flight rewards!). How it works: you’ll get 15,000 Miles after you make your first purchase with your card. Then, get up to another 15,000 Miles by earning 5 additional Aeroplan Miles on all purchases for the first 3 months (up to a total spend of $1000 per month). You’ll also get the annual fee ($120) rebated for the first year of card membership.

After the promotional period ends, you earn Aeroplan miles at a rate of 1.5 Miles per every $1 spent on eligible gas, grocery, drugstore, and AirCanada.com purchases or 1 Mile for all other purchases. You can also earn Miles twice when shopping at the Aeroplan store or participating retailers when you shop with your TD® Aeroplan® Visa Infinite* card and present your Aeroplan membership card.

Additional perks with the TD® Aeroplan® Visa Infinite* card include comprehensive travel insurance, preferred rates at participating Avis Rent-A-Car and Budget Rent-A-Car locations, one free guest pass to the Air Canada Maple Leaf lounge annually (when travelling on an Aeroplan redemption), and purchase security and extended warranty protection.

The Details:

Annual Fee: $120 (waived for first year if you apply online by March 2, 2020) Income Eligibility: 60,000 personal or 100,000 household Credit Score Required: Good to Excellent Welcome Bonus: First year annual fee rebate + earn up to 30,000 Aeroplan Miles (Conditions apply. Must apply online by March 2, 2020) Additional Perks: Comprehensive travel insurance Purchase APR: 19.99%| Cash Advance APR: 22.99% Learn more about the TD® Aeroplan® Visa Infinite* Card.

*This offer is not available for residents of Quebec. For Quebec residents, please click here.

Best Cash Back Visa Credit Card: Scotia Momentum® Visa Infinite* Card Apply Now

When it comes to the best Visa card in Canada for cash back, our top pick is the Scotia Momentum® Visa Infinite* Card.  Not only is it one of the best Visa credit cards, but it’s also one of the best cash back credit cards in Canada. For starters, cardholders earn 4% cash back for every $1 spent on grocery store purchases, recurring bill payments, and subscription purchases (like Chefs Plate or Netflix).  You’ll also get 2% cash back for every $1 spent on gas and daily transit, as well as 1% cash back on everything else with no cash back limit.

The generous welcome bonus is also enticing. New cardholders earn 10% cash back on all purchases for the first three months of card membership (up to $2000 in total purchases). Plus, there’s no annual fee in the first year, including on supplementary cards. Additional perks with the Scotia Momentum® Visa Infinite* Card include Visa Infinite* privileges, a comprehensive travel insurance package, and new mobile device insurance.

The Details:

Annual Fee: $120 (first year waived) Income Eligibility: $60,000 personal income or $100,000 household Credit Score Required: Good to Excellent Welcome Bonus: 10% cash back for the first 3 months (up to $2000 in total purchases) and the annual fee waived for first year Additional Perks: New mobile device and travel insurance Purchase APR: 20.99% | Cash Advance APR: 22.99% Learn more about the Scotia Momentum® Visa Infinite* Card. Best Student Visa Credit Card: Scotiabank SCENE®* Visa* Card Apply Now

Students looking for a no annual fee credit card with some great perks should consider the Scotiabank SCENE®* Visa* Card.  This credit card is considered to be one of the best student credit cards in Canada, thanks to how easy it is to collect and redeem points for free movies or discounts at participating restaurants.

Cardholders earn 1 SCENE point for every $1 spent on your card purchases. That rate will be accelerated to 5 SCENE points for every $1 spent at Cineplex theatres of Cineplex.com. Points can be redeemed at several movie theatres (1,250 SCENE points is equal to 1 free movie) or at partner restaurants (1,000 SCENE points is $10 off your bill).  Right now, new cardholders can earn an extra 2,500 bonus SCENE points (equal to 2 free movies) with after spending $500 in card purchases in the first 3 months. Cardholders also receive preferred rates on car rentals with participating AVIS and Budget rent-a-car locations.

The Details:

Annual Fee: $0 Income Eligibility: $12,000 Credit Score Required: Fair to Good Welcome Bonus: Earn 2,500 bonus SCENE points with your first $500 in everyday purchases in the first 3 months. Additional Perks: Car rental discounts at participating AVIS and Budget rent-a-car locations. Purchase APR: 19.99%| Cash Advance APR: 22.99% Learn more about the Scotiabank SCENE®* Visa* Card. Best No Annual Fee Visa Credit Card: Scotia Momentum® No-Fee Visa* Card Apply Now

Don’t feel like paying for the privilege of using a credit card? Don’t worry, we’ve got you covered with the Scotia Momentum® No-Fee Visa* Card. Most no annual fee credit cards offer very limited (if any, perks and benefits) but the Scotia Momentum® No-Fee Visa* Card allows cardholders to earn cash back on eligible purchases and comes with a few additional perks.

Cardholders earn 1% cash back at eligible gas stations, grocery stores, drug stores, and recurring bill payments. For all other eligible purchases, you will earn 0.5% cash back. Plus, for the first 6 months, new cardholders get a low 7.99% introductory interest rate on everyday purchases for the first 6 months (19.99% after that). Another benefit with the Visa card is that cardholders will receive a discount on car rentals at participating AVIS or Budget rent-a-car locations.

The Details:

Annual Fee: $0 Income Eligibility: $12,000 Credit Score Required: Fair to Good Welcome Bonus: 7.99% introductory interest rate on everyday purchases for the first 6 months (19.99% after that) Additional Perks: Cash back; discounts on car rentals at participating AVIS and Budget rent-a-car locations Purchase APR: 19.99% | Cash Advance APR: 22.99% Learn more about the Scotia Momentum® No-Fee Visa* Card. Summary of the Best Visa Credit Cards in Canada in 2020 Closing Words: How to Choose?

When it comes to choosing a credit card, Visa has plenty of options. Whether you’re looking for a low interest rate, cash back rewards, or no annual fee, each of these best Visa credit cards in Canada has something to offer. However, if you’re a frequent traveller looking to maximize your travel rewards, then you may want to check out the best travel credit cards in Canada. Or if you want to compare the competition, check out the best Canadian credit cards before making a decision. If you’re chasing a low interest rate, consider one of the best low interest rate credit cards in Canada. You’re bound to find something that suits your needs.

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