New study determines best credit card in Canada
According to a recent study, the best credit card for Canada in 2020 is the American Express Cobalt Card.
The study, conducted by creditcardGenius, is based on a math-based algorithm that analyzed 50 features of 191 Canadian cards in 24 categories.
“There are so many factors that go into finding the best credit cards for you, it can feel near impossible to consider everything. That’s exactly the gap we wanted to fill for Canadians,” Stephen Weyman, co-founder of creditcardGenius, said in a news release.
“Our comparison engine is the bridge between consumers and their credit card options. We do all the work and analysis, giving you a simple Rating out of 5 - along with independent user ratings and reviews,” he continued.
The results were as follows:
- Best Overall: American Express Cobalt Card
- Best Mastercard: BMO AIR MILES World Elite Mastercard
- Best Visa: TD Aeroplan Visa Infinite Card
- Best American Express: American Express Cobalt Card
- Best Cash Back: Scotia Momentum Visa Infinite
- Best Travel: American Express Cobalt Card
- Best Foreign Exchange Travel: Scotiabank Gold American Express
- Best AIR MILES: BMO AIR MILES World Elite Mastercard
- Best Student: BMO CashBack Mastercard for students
- People’s Choice: Scotiabank SCENE Visa Card
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