Credit Cards You Can Get and Use in Canada

Here are some of the major banks in Canada and examples of credit cards they issue:

1. Royal Bank of Canada (RBC): RBC offers a wide range of credit cards, including the RBC Rewards Visa, RBC Cash Back Mastercard, and RBC Avion Visa Infinite, which provides travel rewards and benefits.
2. Toronto-Dominion Bank (TD Bank): TD Bank offers various credit cards such as the TD Cash Back Visa Infinite, TD Aeroplan Visa Infinite, and TD Platinum Travel Visa, providing cashback rewards and travel benefits.
3. Scotiabank: Scotiabank offers credit cards like the Scotiabank Gold American Express, Scotiabank Momentum Visa Infinite, and Scotiabank Passport Visa Infinite, providing travel rewards, cashback, and additional travel benefits.
4. Bank of Montreal (BMO): BMO offers credit cards such as the BMO World Elite Mastercard, BMO CashBack Mastercard, and BMO AIR MILES Mastercard, offering travel rewards, cashback, and AIR MILES loyalty program benefits.
5. Canadian Imperial Bank of Commerce (CIBC): CIBC offers credit cards like the CIBC Dividend Visa Infinite, CIBC Aventura Visa Infinite, and CIBC Aeroplan Visa Infinite, providing cashback rewards, travel rewards, and benefits tied to the Aeroplan loyalty program.
6. National Bank of Canada: National Bank offers credit cards such as the World Elite Mastercard, Platinum Mastercard, and Edition Mastercard, with benefits ranging from travel rewards to cashback and purchase protection.

These are just a few examples, and other financial institutions, including credit unions, also offer credit cards in Canada. Each bank may have different card options with varying rewards programs, interest rates, and additional benefits.

 

Tips

If you’re visiting Canada as a tourist and plan to use a credit card during your stay, here are some helpful tips:

1. Accepted Credit Cards: Major international credit card brands like Visa, Mastercard, and American Express are widely accepted in Canada. Make sure to check with your credit card issuer to confirm that your card can be used internationally and inquire about any foreign transaction fees that may apply.
2. Notify Your Credit Card Company: Before traveling to Canada, inform your credit card company about your trip. This helps them monitor your account for any suspicious activity and prevents them from blocking your card due to unfamiliar transactions.
3. Carry Multiple Payment Options: While credit cards are widely accepted, it’s a good idea to carry multiple payment options, such as cash or a debit card, as a backup. Some smaller establishments or vendors in remote areas may prefer cash or have limited card acceptance.
4. Currency Conversion: When making credit card transactions in Canada, you’ll typically have the option to pay in either Canadian dollars (CAD) or your home currency (if offered). Opting to pay in CAD is usually more favorable as it ensures you receive competitive exchange rates and reduces the risk of hidden fees.
5. PIN vs. Signature: In Canada, chip-and-PIN technology is widely used for credit card transactions. You may be required to enter a Personal Identification Number (PIN) instead of signing for your purchase. Make sure you remember your PIN or inquire with your credit card issuer if you need to set up or verify your PIN before your trip.
6. Contactless Payments: Contactless payment options, such as tapping your credit card on a payment terminal, are widely available in Canada. Ensure your credit card is equipped with contactless technology, and check if your card has any transaction limits for contactless payments.
7. Security and Precautions: While Canada is generally safe for credit card usage, it’s important to practice basic security measures. Keep your credit card in sight during transactions, protect your PIN, and be cautious when sharing card details. Be aware of your surroundings and be vigilant against potential skimming devices or fraudulent activities.
8. ATMs and Cash Advances: If you need cash, ATMs are widely available in Canada. However, keep in mind that cash advances from your credit card may attract higher interest rates and transaction fees. It’s advisable to withdraw cash from ATMs using your debit card instead.

 

Canadian CC use

The spending habits and credit customs of Canadians.

1. Buckle Up, Credit Cards Are Popular: Our first stop on this journey is the fact that Canadians adore their credit cards! With around 75% of adult Canadians packing at least one in their wallets, according to the Canadian Bankers Association, it’s clear that these shiny rectangles of purchasing power have become a staple in Canadian life.
2. Everyday Companions: Credit cards aren’t just for big buys or online shopping. Like a loyal friend, they accompany Canadians on most of their everyday purchase adventures. In fact, credit cards were the vehicle of choice for 56% of all payment transactions. That’s a lot of swipe, tap, or insert action happening!
3. Full Speed Ahead on Payments: Now, here’s a nugget of gold that might surprise you – about 70% of Canadians go full throttle each month and pay off their entire credit card balance! They’re totally dodging those pesky interest charges, and it’s a financial habit worth celebrating.
4. Pit Stops of Debt: But it’s not all open roads and smooth driving. Despite many paying their balances in full, a substantial number of Canadians carry a balance from month to month, accruing interest and racking up debt. As of a 2019 report, the average Canadian had a credit card debt load of $4,240. That’s a sizable detour on the road to financial freedom.
5. A Variety of Rides: Just as there are many types of vehicles for a road trip, there’s a wide selection of credit cards available to Canadians. From rewards cards that offer points on purchases to cash back cards that return a percentage of spending, the options are as diverse as the Canadian landscape. Big banks like the Royal Bank of Canada, Toronto-Dominion Bank, and Canadian Imperial Bank of Commerce have a significant presence in the market, along with global brands like Visa, Mastercard, and American Express.

 

FAQ

1. Can I use my U.S. or other foreign credit card in Canada? Absolutely! Most Canadian businesses accept major credit cards like Visa, Mastercard, and American Express. Just remember to inform your bank about your travel plans to prevent any fraud alerts or blocks on your card.

2. Are there any fees for using a foreign card in Canada? Often, yes. Many credit cards charge a foreign transaction fee, which is typically a percentage of the purchase price. Check with your card issuer to learn about any potential fees. Some cards, particularly travel-focused ones, don’t charge foreign transaction fees.

3. Is it better to pay in Canadian dollars or my home currency when using my card in Canada? It’s usually better to choose to pay in Canadian dollars. This is because the dynamic currency conversion rates offered by merchants or ATMs are often less favorable than the rates your own bank will use to convert the transaction.

4. Can I get a Canadian credit card as a non-resident? It can be challenging to get a Canadian credit card as a non-resident without a Canadian credit history. Some banks might offer credit cards to non-residents who have a different form of relationship with the bank, but policies vary by institution.

5. What is the acceptance rate of credit cards in Canada? Credit cards are widely accepted across Canada, at everything from large retail stores to small businesses. However, some small shops, particularly in rural areas, might only accept cash or have a minimum purchase amount for card payments.

6. Do Canadian credit cards have chip and PIN technology? Yes, most Canadian credit cards use chip and PIN technology for added security. When you make a purchase, you’ll insert your card into the terminal and enter your PIN to complete the transaction.

7. What should I do if my credit card is lost or stolen in Canada? Contact your bank or credit card issuer immediately to report a lost or stolen card. They can cancel the card, preventing unauthorized use, and arrange for a replacement. It’s a good idea to have a copy of your card’s emergency contact number separate from your wallet.

8. Can I withdraw cash from an ATM in Canada using my credit card? Yes, but it’s typically not recommended as cash advances come with fees and interest often starts accruing immediately.