Canada's Best Credit Cards
After questionably selecting the WestJet World Elite MasterCard as Canada’s best travel credit card for a few years in a row, this year personal finance magazine MoneySense came up with better rankings that are more aligned with reality. We will never know what kind of compensations took place behind the scenes, if any, or what else made MoneySense pick the WestJet World Elite MasterCard year after year as the best travel credit card that has a low return (1.5% on everyday purchases) and does not provide trip cancellation insurance and concierge service.
Another mega website, Rewards Canada, also uses a questionable practise of selecting the American Express Rewards Gold credit card as the best travel credit card in Canada. Worse yet, this site is even pumping up 1 to 2 articles per month talking about all the good things Amex Rewards Gold has to offer, without mentioning what it does not offer. And why should it? The more good things these affiliated sites can say to promote credit cards, the more money they will make; each time someone clicks on these affiliated links to get credit cards, they make money from the credit card provider. So you will definitely not hear anywhere that Amex Gold is not suitable to stand as the best travel credit card because although it charges a hefty $150 annual fee, it’s lacking very important travel insurance trip cancellation and does not provide any concierge service.
This year, MoneySense picked top credit cards for several categories such as rewards, no-fee, travel rewards, and students rewards. Here are the top 3 credit cards for cash back and travel rewards:
2017 Canada's Best Travel Credit Cards by MoneySense
1. BMO World Elite MasterCard
2. Scotiabank Gold American Express
3. American Express Gold Rewards
2017 Canada's Best Cash Back Credit Cards by MoneySense
1. Scotiabank Momentum Visa Infinite Card
2. MBNA Rewards World Elite
3. SimplyCash Preferred Card from American Express