New algorithm ranks best Canadian credit cards
Published January 6, 2021 at 12:38 am
Have you found yourself using cash less frequently during the pandemic?
Many Canadians, in an effort to curb the spread of the virus, have made a concerted effort to use plastic—credit or debit cards—more frequently due to the perceived risk associated with handling cash.
However, when it comes to your credit card, are you using the best one?
Recent analysis from creditcardGenius ranked 171 Canadian credit cards based on 26 categories, and over 126 features using a math-based comparison engine.
Built by Atlantic Canadians, creditcardGenius is a free resource intended to objectively rank credit cards based on rewards, fees, interest rates, insurance coverage, real-time user preferences, and more.
According to the findings, the best overall card was the American Express Cobalt Card, the best card for students was the BMO CashBack Mastercard for students, the best no-fee card was the Brim Mastercard, and the best low-interest card was the HSBC +Rewards Mastercard.
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Additionally, the best Visa card was the TD Aeroplan Visa Infinite Card, the best Mastercard was the BMO Air Miles World Elite Mastercard, the best American Express card was the American Express Cobalt Card, and the best card to use for cashback was the Scotia Momentum Visa Infinite.
“When I started developing the card comparison algorithm a decade ago, there was nothing on the market that could take into account all the different factors you need to consider,” Stephen Weyman, Co-Founder of creditcardGenius, said in a news release.
“We’ve been consistently improving it, and now we analyze over 126 data points per credit card to compute that one single score—our Genius Rating,” he continued.
The full list of credit card rankings is available here.
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