Best Visa Credit Cards In Canada For April 2024

When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With cash back, the scoring model used takes into account factors such as, but not limited to, cash back rates and categories, fees, welcome bonus, and other rewards and features. Keep in mind what may be best for some people might not be right for you. Conduct informed research before deciding which cards will best help you achieve your financial goals.

CIBC Dividend Visa Infinite Card

The CIBC Dividend Visa Infinite Card is best suited for families or commuters who spend a lot on gas and groceries.

Rewards: Earn 4% cash back on gas and groceries, 2% on dining, transportation and recurring bills and 1% on all other purchases.

Welcome Offer: Annual fees are waived for the first year for primary cardholders and up to three authorized users ($310 value).

Annual Fee: $120

Other Benefits and Drawbacks: Not many credit cards earn 4% on two categories, especially big expenses like gas and groceries. There is a cap on higher earn rates, but you will never get less than 1% cash back.

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CIBC Aeroplan® Visa Infinite* Card

The CIBC Aeroplan® Visa Infinite* Card is ideal for frequent flyers with Air Canada who benefit from earning travel points over cash-back rewards.

Rewards: Get 1.5 points for every dollar spent at grocery stores, gas stations and Air Canada and 1 point per dollar on everyday purchases.

Welcome Offer: Collect up to 50,000 Aeroplan points (10,000 points with first purchase, 15,000 after four months of spending $4,000 or more and 25,000 as anniversary bonus) Terms apply. This offer is not available to residents of Quebec.

Annual Fee: $139 (rebated in the first year)

Other Benefits and Drawbacks: Air Canada flights booked with Aeroplan Points offer the best value and qualify for priority check-in, priority boarding, and one free checked bag. The value of points is far less for gift cards and merchandise.

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CIBC Aventura® Visa Infinite* Card

The CIBC Aventura® Visa Infinite* Card is particularly useful for those who can maximize the value of points for travel rewards on flights.

Rewards: Collect 2 points per dollar on travel purchases with the CIBC Rewards Centre, 1.5 points per dollar spent at gas stations, grocery stores and drug stores and 1 point per dollar on everything else.

Welcome Offer: Earn up to 60,000 Aventura Points (up to $1,200 in travel value): 15,000 Aventura Points after making your first purchase, 20,000 Aventura Points after spending $3,000 or more in net purchases in the first 4 monthly statement periods and 25,000 Aventura Points after having at least $6,000 in net purchases posted to your account in the first 4 monthly statement periods. Terms and conditions apply. This offer is not available to residents of Quebec.

Annual Fee: $139 (Rebated in the first year)

Other Benefits and Drawbacks: Cardholders also receive 12 types of insurance and four annual airport lounge passes. You will need to earn at least $60,000 annually or $100,000 in household income to qualify for this card.

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Scotia Momentum Visa Infinite Card

The Scotia Momentum Visa Infinite Card offers an easy way to earn cash-back rewards for members who don’t mind a limited redemption policy.

Rewards: Get 4% cash back for every dollar spent on groceries, recurring bills and subscription services, 2% per dollar on gas and daily transit and 1% on all other purchases.

Welcome Offer: 10% cash back for the first three months up to $2,000 in net purchases.

Annual Fee: $120

Other Benefits and Drawbacks: Not many cards offer 10% cash back as a welcome bonus on top of high earn rates for major spending categories. However, rewards can only be redeemed as an annual statement credit or deposit into a Scotiabank account.

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TD Cash Back Visa Infinite* Card

The TD Cash Back Visa Infinite Card is best for smaller households that can make the most of 3% cash back on gas, groceries and bills within the $15,000 limits.

Rewards: Earn 3% in Cash Back Dollars on eligible grocery purchases and gas purchases and on regularly recurring bill payments set up on your account. Plus, earn 1% Cash Back Dollars on dining, entertainment, travel and online purchases made with your card.

Welcome Offer: Earn up to $500 in value†, including 10% in Cash Back Dollars in the first 3 months on Bonus Eligible Purchases up to a total spend of $3,500†. Conditions apply. Account must be approved by June 3, 2024. Not available for residents of Quebec.

Annual Fee: $139 (rebated in the first year, account must approved by June 3, 2024)

Other Benefits and Drawbacks: This card offers a solid 3% on [major] living expenses along with a lucrative welcome bonus. The accelerated earn rates drop to 1% after hitting $15,000 for gas and groceries or recurring bills.

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TD® Aeroplan® Visa* Business Card

The TD Aeroplan Visa Business Card can help small business owners earn travel rewards and benefits on common expenses.

Rewards: Earn 2 points for every dollar spent on eligible purchases made directly with Air Canada® including Air Canada Vacations®, 1.5 points for every dollar you spend on eligible purchases for travel, dining and select business categories such as shipping, internet, cable and phone services made on your card. Plus, earn 1 point for every dollar you spend on all other eligible purchases on your card.

Welcome Offer: Earn a welcome bonus of 10,000 Aeroplan points when you make your first purchase with your new card, an additional 20,000 Aeroplan points after spending $5,000 in the first three months of account opening and earn up to 10,000 Aeroplan points by setting up new recurring bill payments (maximum two).

Annual Fee: $149

Other Benefits and Drawbacks: Cardholders can collect bonus points with participating Aeroplan partners and Starbucks locations. The sign-up offer is attractive, but some small business owners might not be able to spend $35,000 to get the full 60,000 points.

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CIBC Aventura Gold Visa Card

The CIBC Aventura Gold Visa Card has lower income requirements while still offering flexible rewards and comprehensive travel benefits.

Rewards: Earn 2 points per dollar on travel purchases through the CIBC Travel Rewards Centre, 1.5 points per dollar spent on gas, groceries and drugstores and 1 point per dollar spent on everything else.

Welcome Offer: Receive up to 35,000 Aventura Points in the first year.

Annual Fee: $139

Other Benefits and Drawbacks: Every dollar you spend earns decent returns on Aventura Points to use on travel, merchandise and gift cards. The card doesn’t cover trip cancellations or interruptions, so you will have to purchase this insurance separately.

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CIBC Dividend Platinum Visa Card

The CIBC Dividend Platinum Visa Card offers reasonable cash-back returns on daily essentials for anyone who meets the $60,000 ($100,000 household) income requirements.

Rewards: Collect 3% cash back on gas and groceries, 2% on dining, transportation and recurring bills or subscriptions and 1% on all other purchases.

Welcome Offer: Get 10% cash back on a total spend of $2,000 in the first four months.

Annual Fee: $99

Other Benefits and Drawbacks: The annual fee is relatively low than other comparable cards. However, the travel insurance is quite limited, and there is a $20,000 cap on the 3% and 2% bonus categories.

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BMO eclipse Visa Infinite Privilege Card

The BMO eclipse Visa Infinite Card is tailored for high-income earners who regularly travel in order to get the full value of rewards.

Rewards: Earn 5 points per dollar on gas, groceries, travel, dining and drugstore purchases and 1 point per dollar on everything else.

Welcome Offer: Receive up to 90,000 BMO Rewards Points in the first year.

Annual Fee: $499

Other Benefits and Drawbacks: The impressive earn rate comes with travel perks and 25% more points for adding another cardholder. You will have to earn $150,000 in annual income ($200,000 per household) to qualify for this card.

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RBC ION+ Visa Card

The RBC ION+ Visa Card is a solid starter card with low annual fees and bonus categories that earn points on more than just everyday purchases.

Rewards: Get 3 points for every dollar spent on groceries, restaurants, gas, rideshares, transit, electric vehicle charging, streaming services, subscriptions and digital gaming and 1 point per dollar on all other purchases.

Welcome Offer: Collect 3,500 Avion Points when you spend at least $500 within the first three months of card membership.

Annual Fee: $48 (charged as $4 per month)

Other Benefits and Drawbacks: Cardholders will also save at Petro-Canada pumps and on DashPass delivery fees. The value of points is lower than comparable cards, and there is no built-in travel insurance.

Data analysis and research by Debra Toews, Tia Duncombe and Jack Choros.

When it comes to Visas, there are many different types of cards on the market. Visa has cards tailored to consumers, travellers, every day spending, business owners and even prepaid cards and gift cards.

Visa Business Credit Card

Visa business credit cards are cards that typically offer the features businesses would need. These can include high spending limits, rewards earned on business-related purchases, travel insurance, travel upgrades and a higher number of authorized users.

 Visa Debit Card

Visa debit cards function exactly like a regular debit card, withdrawing money directly from your checking or savings account when you make a purchase. A Visa debit card, however, also allows users to purchase items online, as you would with a credit card.

Prepaid Visa Cards

Prepaid Visa cards function similarly to credit cards, but the credit limit is determined by the money loaded onto the card. Often, these cards can also come with rewards like cash back earned on spending.

Related: Best Prepaid Credit Cards In Canada

 Visa Gift Card

Visa gift cards functions like a gift card, but can be used anywhere Visa is accepted rather than at a specific retailer.

Virtual Visa Card

A Virtual Visa card is a prepaid Visa card that is delivered instantly through email. This can be used to make online purchases instantly.

Often, Visas come with different tiers, regardless of the issuing institution. This is why you’ll notice multiple banks offering cards that end with simply “Visa” or another variation like “Visa Infinite”. Here is a breakdown of what the tiers mean.

 Visa Classic

This most basic iteration of the Visa, these cards usually carry $0 annual fee, and a low income requirement ($12,000 personal income per year) but you still get the perks of this large network. This tier of Visa includes a zero liability policy. Typically, this tier of Visa may come with some insurance coverages, like consumer and travel accident insurance, but they’re typically on the more basic side. It depends on the issuer. 

 Visa Gold

The next level up, Visa Gold cards included all the features of the Visa Classic and then some. The fees typically range from $0 to $110 per year and a higher personal income may be required ($35,000 personal). These cards come with more features and perks, like emergency medical travel coverage or rental car insurance, but again, this depends on the issuer.

 Visa Platinum

The Visa Platinum includes all the features of both the Classic and Gold cards, but has a higher income requirement ($35,000 personal) and usually an annual fee of $120. With that, you’ll get a more comprehensive insurance package, including more consumer protections and travel insurances. You’ll also get a $5,000 minimum credit limit.

 Visa Infinite

The Visa Platinum includes all the features of the Visa Gold and Platinum cards, and has fees ranging around $120 a year as well. The income requirements are also higher, usually $60,000 personal income or $100,000 as a household. However, you’ll get all the more travel and consumer insurance, plus a plethora of luxury perks. These include 24/7 concierge service, hotel privileges through the Visa Infinite Luxury Hotel Collection, exclusive food and wine offers/events and more.

 Visa Infinite Privilege 

The top-tier in the Visa card hierarchy, the Visa Infinite Privilege includes all the perks of the cards below it, including travel and insurance coverage and luxury customer services. It has a higher income requirement, typically $200,000 personal income, and higher fees, ranging from $399 to $599 per year. However, for big spenders and world travellers, it may be worth it. The card gives you Global Airport Lounge Access, with a set number of complimentary visits per year. You also get VIP treatment at select Canadian airports, like fast-track security, parking and valet discounts.

Canadian Banks that Offer Visa Cards

All of Canada’s big five banks offer Visa credit cards. In addition, many smaller banks and credit unions function have cards on the Visa network, as well.

Eligibility

In order to qualify for a Visa credit card, one must qualify in the following ways:

• Reach the age of majority in the province or territory where you live.
• Be a resident of Canada.
• Have the qualifying credit score and a credit history showing no recent bankruptcies within the last seven years. However, realize there are Visa cards on the market specifically for people with bad credit or no credit at all, like students.
• Meet annual income requirements either personally or as a combined household for Visa cards that require them.

How to Apply for a Visa Card

1. Double check the credit card’s eligibility requirements and be sure that you actually meet them.
2. Click “Apply.”
3. Fill out the required information.
4. Click “Submit” and wait for confirmation of approval or a message of denial.

Every credit card issuer has a slightly different way to activate a credit card but there are a few commonalities and one of two options for activation.

Credit cards come in the mail in an unmarked envelope that don’t indicate a credit card is in there. They come attached to a letter than contain precise instructions for activation. Usually you can activate a Visa card one of three ways:

• By calling the phone number on the sticker attached to the card.
• Making a first transaction using the included PIN
• Logging into the credit card issuer’s app.

In all cases, when you get the credit card in the mail, the accompanying letter and sticker attached to the credit card will tell you exactly what to do with that card specifically.

The reason people love Visa is typically because of the built-in perks the credit cards on its network provides. Visa Infinite and Visa Infinite Privilege cards typically include the perks of the cards below, such as: extended warranty, travel insurance and zero fraud liability and auto rental car collision insurance. However, these top-tier cards also include the following:

Visa Infinite and Visa Infinite Privilege Perks

• Travel and hotels: When you stay at a Visa Infinite Luxury Hotel Collection, you’ll automatically get the best rate guarantee, a free room upgrade (if possible), daily continental breakfast, free internet access, VIP guest status, a $25 USD food or beverage voucher and late checkout.
• Entertainment: Receive exclusive benefits and offers from select retailers and service providers.
• Sports: You receive exclusive access to  popular sporting events and discounts when you buy tickets.
• Food and wine: You get access to the Visa Infinite Dining Series, giving you access to chef-curated events at some of Canada’s top restaurants.
• Good average rate of return: Many Visas have rewards in the form of cash back or points, with high rates of return. You can earn hundreds of dollars per year just by spending as you normally would.
• Generally valuable welcome bonuses: When you sign up for a new Visa, you usually get a welcome bonus that can be worth hundreds.
• High value insurance packages: Get travel insurance coverage for everything from travel accident insurance to baggage delay. You can also get other insurance coverages like consumer protections, mobile device insurance and car rental insurance.

Related: What is the best Canadian credit card

Though Visa cards can be a boon to your wallet when used properly, there are a few drawbacks to the credit cards on this payment network.

• Premium credit cards such as Visa Infinite or Visa Infinite Privilege have high annual fees.
• Visa Infinite and Visa Infinite Privilege cards have income requirements needed to qualify that not everyone who applies can meet.
• Visa isn’t accepted everywhere, including at Costco.

The most popular Visa cards have rewards and benefits in the form of cash back, rewards and insurance coverage, but some of the included benefits and features of Visa cards get overlooked. Therefore, to maximize the benefits and features of your Visa card and get the most out of it, you might want to explore these additional features.

Installment Plans

Many financial institutions that issue Visa cards allow you to divide purchases of your choice into installments and pay for them over time under a different and lower interest rate than the regular purchase interest rate that exists on the card. Some of these installment programs are called the following:

• CIBC Pace It
• Scotia SelectPay
• PayPlan by RBC
• TD Payment Plans

Customer Service

Visa customer service operates 24/7 and they can help freeze your card if it is lost or stolen. They can also shut it down if there is suspected fraudulent activity or irregular purchasing patterns outside of your normal purchasing habits so that the damage done by fraudulent use of your card is limited. They can also send out a replacement credit card immediately if that’s necessary. If your card comes with travel insurance, the customer service representatives on the insurance side can arrange for transportation during an emergency or immediate aid and evacuation.

Visa Click to Pay

Through your online Visa account you can prepopulate your credit card details and mark certain devices safe so that when you are making a purchase online with your Visa card from those approved devices and an icon appears during checkout at participating retailers, you can literally pay for your purchase with nothing more than one click from your mouse.

Security and Protection Features

There are several security features built in to every Visa card meant to protect you and keep your account safe as a cardholder.

• Visa Zero Liability. You as the cardholder are not responsible for unauthorized purchases.
• Fraud Prevention. Features built into your Visa like the CVV three-digit code, address verification and Chip and PIN technology help make it difficult for someone to make an unauthorized purchase with your card.
• Visa Purchase Protection. Visa cards protect your purchases from loss, theft or damage for up to 90 days.
• Visa Extended Warranty. Visa cards extend the warranty that exists on your purchases made with the card for up to an additional year.

• TD Visa cards. The TD Cash Back Visa Infinite is on the list above because of its great 10% earn rate on cash back in the first three months of card membership and its rare and coveted insurance coverage, like mobile device insurance. There are TD Visa cards available for those that prefer other benefits though.
• BMO Visa cards. With 5 points per dollar on gas, grocery and drugstore purchases, the BMO eclipse Visa Infinite Privilege Card, has a very high earn rate on a visa card for some of the most common purchases, which means you can earn BMO Rewards points in no time that you can exchange for free travel, merchandise, gift cards and more. Still, BMO offers other Visa cards as well that might be a better fit for you.
• RBC Visa cards. The RBC ION+ Visa Card has no spending limit on its 3 Avion per dollar earn rate for so many common purchases like groceries, gas, dining, food delivery, rides, streaming, subscriptions, digital gaming and more. Even then, you can find other Visa cards from RBC that can give you different benefits.
• CIBC Visa cards. One of our top choices on this list is the CIBC Dividend Visa infinite card which has high earn rates in a variety of purchase categories with 4% cash back on gas and groceries combined with 2% cash back on dining, transportation and recurring bills. The spending limit on these categories is high at either $80,000 in net annual purchases or $20,000 on gas, groceries, transportation, dining or recurring payments (whichever comes first). Meanwhile, you can select the other CIBC Visa cards out there if you’re not interested in cash back.
• Scotiabank Visa cards. The Scotia Momentum Visa Infinite Card gives you 10% cash back in the first three months up to $2,000 in total purchases, 4% cash back for every dollar spent on groceries, recurring bills and subscriptions and 2% cash back for every dollar spent on gas and daily transit (up to $25,000 for each respective earn rate).

Of course, Visa isn’t the only payment network available when it comes to credit cards.

• Mastercard. Mastercard has its own network benefits equivalent to Visa’s Infinite and Infinite Privilege designated credit cards in the form of its World and World Elite series of cards. These cards come with extra perks and privileges like free Wi-Fi, access to certain luxury hotels and airport lounges, extra travel and rental car insurance coverage and more. Though there are usually annual income requirements with these cards.
• American Express. Though not accepted as many places as Visa and Mastercard in Canada, American Express’s reach is growing. Both a credit card network and issuer, its Membership Rewards points are some of the most flexible, and therefore valuable, reward points in Canada. Also in its network is the only co-branded credit card in Canada tied to a hotel in the Marriott Bonvoy American Express Card and its business variant, the Marriott Bonvoy Business American Express Card. American Express also has the distinction of having the Amex Cobalt in its network–widely considered to be the best credit card in Canada.

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