While this country typically does not see as many new entrants to the credit card market as the US does, there are occaisonally new credit cards debuting on the Canadian market. Very few of them, however, make the cut to be declared among the top credit cards Canada. The same old providers you already know usually have the best credit cards waiting for you, and it’s rare that newer competitors can measure up.
What New Cards Are Coming?
Those who don’t keep up with credit card news might not be aware that new cards are showing up in Canada all the time. Early in summer 2019, Amazon launched their first credit card for Canadians.This card offers 1% cash back on standard purchases, with 1.5% back when shopping at Amazon Canada or Whole Foods (boosted to 2.5% for Prime members) and 2.5% back on anything bought in foreign currency, effectively cancelling out the foreign exchange fees you would otherwise be paying. All of this is awarded in Amazon credits so it isn’t technically a true cash back card, but it still provides a similar level of value.
Another expected (though not yet confirmed) entrant to the market is the Apple credit card, which offers 3% cash back on purchases from Apple themselves, 2% back on anything that was bought using Apple Pay, and 1% back on anything else that was bought with the credit card alone. This card relies heavily on pushing you to use digital forms of payment and to track all of your activity using your smartphone, which makes sense given its target audience of millennials.
What Makes Top Credit Cards Canada Good
As you can see from these numbers, these new cards are good, but they’re not what we would call great, and ceraintly not worthy of being called some of the top credit cards Canada. There are other cards out there that can meet or exceed those reward rates easily, and that’s not even counting the fact that neither of these cards come with any notable benefits. They are basic cards only, and there is no upgrade option for those looking for more in either case. To be among the top ranks of Canadian credit cards, a card must excel in terms of rewards and benefits both. If a card isn’t great in one or the other capacity, if isn’t good enough to be recognized as one of the best around.
Why New Providers Don’t Measure Up
By now it should be clear that for the most part, you’ll want to stick with providers who have been in the business a long time if you want to get a truly exceptional card. These institutions have the financial backing and customer base needed to be able to offer exclusive high-value perks like emergency travel medical insurance and premium concierge service to their most valued customers. These things are what makes any particular card stand out above the others.
The providers who can offer these things, though, have by and large already created their product line-ups a long time ago. They’ve long since put together the sort of excellent cards that really do make the cut to be called the very best around. These cards are mainstays from big providers like Scotiabank, CIBC, BMO and more, and you can already apply for them anytime you want. Look specifically for the ones that are gathered under the Visa Infinite or World Elite banners, as those tend to be the luxury options that get you as much as possible as a cardholder. They’re hard to get and generally expensive, but they are truly top cards.
We’ll Help You Find the Best of the Best
Getting one of the top credit cards Canada doesn’t have to be hard when Bonsai Finance is here to help. We work with many of the biggest financial institutions in the country to find the products that we know our users will enjoy most. Among them are countless high-tier options with great rewards, great benefits, and the excellent consumer confidence that comes from an established brand. You can apply for any of them on our website now and finally claim the type of card you know you deserve.