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The Best Credit Cards in Canada for Rebuilding Credit [2023]
Finding the right secured or unsecured credit card that can help you rebuild credit can be a frustrating task! If you have a poor or bad credit score, we’ve found some deals for you that might help you get your finances back on track…
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Credit cards are best used by the disciplined, who can keep track of their capacity to pay their monthly charge on or before the due date (ideally in full). If you already know how to appropriately use a credit card, switch as many of your purchases to your credit card as feasible, and just use your debit card for ATM access. If you do, you’ll be ahead of those who pay with a debit card, cheque, or cash because of the mix of incentives, buyer protection, and the value of cash-in-hand.
Here are my top 5 credit cards for you to consider, they are all picked on merit of the bonuses and benefits they offer. A few them are only for a limited period, so act fast!
American Express Cobalt Card – Make huge savings while you spend!
Its card and this offer are unlike any other. Instead of spending a certain amount during the first three months, you must spend $500 every month for the next 12 months to get the total welcome bonus. Those are two entirely different benefits, in fact 13 in total (each month is considered individually).
Those who spend a lot of money each month might make the most of it. However, with a 5X gain rate on many transactions, this is by far the most profitable card for daily expenditures, especially because the points can now be transferred to Aeroplan for an effective earn rate of 7.5 percent, which is incredible, making the welcome bonus worth in the region of $1157.
American Express Platinum Card – Travel in Luxury with Amex Platinum!
For $791, you’ll get a year of unrestricted lounge access for two people. Amazing.
This is a card that we both have and like. If you are a true regular flyer the charge will not hurt you and the welcome bonus, which runs for a whole 2 years makes this a little gem in your wallet. Some of the amenities that make your travel experience more comfortable include unlimited access to airport lounges (for two people) and Gold Elite Status at the Marriott and the Hilton. The card itself screams high end customer with its sleek, metal design.
The HSBC World Elite Mastercard – Superb welcome bonus worth an amazing $699!
The World Elite Mastercard is a must for busy travellers, in addition to being incredibly versatile you may use the points acrued as a convenient travel credit if you like. The welcome bonus is still a great $591 in terms of fixed-value rewards, and you may use it towards any trip spend. The bonus’s minimum expenditure is a little greater, but you have six months to meet it, so it’s just $231 each week. In comparison to other cards, the card is one of the few that does not charge a foreign transaction fee, saving you 2.5 percent on all transactions made in other currencies (only the exchange rate applies). Finally, the card has one of the strongest base earn rates in Canada (a minimum of 3X the points, or 1.8 percent).
The BMO eclipse Visa Infinite – A flexible option with 30,000 points!
This is a new card with a great offer, particularly for individuals who desire more flexible and easy-to-use points that may be used for nearly any trip spend. On specific categories, the BMO eclipse Visa Infinite* provides one of the top earn rates in Canada. The 30,000 points welcome incentive and the 9,000 points you’ll need to access it are worth $260 in travel when booked via bmorewards.com.
You also receive a yearly $50 lifestyle credit, which you may use on any purchase over $50. The credit is applied once a year, so you’d earn two the first year you had the card.
The $120 card cost is waived for the first year, so you’ll receive everything for free.
Finally, some limited insurance coverage is included, such as medical travel insurance, automobile rental insurance, and mobile device protection. There’s also a monthly spend incentive. Spend $2,000 every month in the 12 months after the first welcome incentive (months 4 to 15), and you’ll get a monthly bonus of 2,500 BMO reward points.
Marriott Bonvoy American Express Card – Save over $1500 with 8 free stays at amazing hotels!
With only one welcome incentive but an eye watering one at that, you may enjoy 8 entirely free nights in some of the world’s most fantastic hotels. This card is a winner, boasting the most profitable benefits as you maximize your Marriott points. The card’s basic earn rate is also good, plus it comes with free additional cards. For most dates, the welcome bonus entitles you to 8 free nights in a variety of great places such as in Bali, Malaysia, South Africa, Spain, India to name just a few of the exotic destinations world-wide that you can use this hoteliers dream .
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