Let’s be real: financial advice aimed at the “Baby Boomers” generation isn’t always helpful for finding the best credit card to fit your lifestyle. As a millennial, money may be tight: you may still be a student, paying off students loans, or not earning the highest salary you ever will in your career. Even though you’re sticking to a budget, you may still like to travel and live it up a little — as long as your rent and groceries are paid first, of course.
With these considerations in mind, we set out to find the best Canadian credit cards for millennials and narrowed the list down to our top five best credit cards. These cards are well-suited to millennial lifestyles, as well as deliver many perks and bonuses that you’ll actually use.
Top 4 Best Credit Cards for Millennials in Canada 2021
Credit Card Best For Credit Card
Tangerine Money-Back Credit Card Cash Back Rewards Read More
Scotiabank®* Gold American Express® card Travel Rewards Read More
BMO eclipse Visa Infinite* Card Lifestyle Rewards Read More
SCENE® Visa* Card Entertainment Perks Read More
Tangerine Money-Back Credit Card: Best For Cash Back Rewards
Nothing is as flexible as cash in your hand. Until recently, cash-back credit cards weren’t offering the right mix of good reimbursement rates, eligible spend categories, and low (or no) annual fees. It seems that the Tangerine Money-Back Credit Card has finally hit the sweet spot with these perks:
- No annual fee
- Earn 2% cash back on two eligible Tangerine spending categories (groceries, gas, drug store, restaurants, recurring bill payments, furniture, home improvements, hotels, entertainment, public transportation/parking)
- 0.5% cash back on everything else
This program is a winner based on its simplicity. Upon sign-up, choose two of money-back categories plus get a third when you have your Money-Back Rewards deposited into your Tangerine Savings Account. It’s that easy!
The fact is, you can use cash for anything you need and this flexibility along with decent reimbursement rates is why it tops this list. There are no restrictions or complicated rules to follow. It’s just money back in your pocket—and it doesn’t cost you a thing.
Scotiabank®* Gold American Express® card: Best For Travel Rewards
The Scotiabank®* Gold American Express® card has some serious points-earning potential that can be put towards your next trip. For every $1 you spend on eligible grocery stores, restaurants, fast food, drinking establishments, and entertainment, you’ll earn a crazy-good 5X Scotia Rewards points; 3X points per $1 spent on eligible gas, daily transit, and select streaming services; and any other purchases come in at 1X Scotia Rewards point per $1 spent.
The annual fee of $120 is a bit steep, which is a bit of a bummer. But this card is still a winner in our books, as it provides amazing benefits, such as no foreign transaction fees, comprehensive travel insurance, and Amex Front Of the Line® access. Plus, for a limited-time, this card has an incredible welcome bonus: new cardholders will receive 30,000 bonus Scotia Rewards points when they spent $1,000 within the first 3 months†.
What’s also exceptional about this credit card is the flexibility in rewards redemption. All you have to do is login to the system and select the “Apply Points to Travel” option. Then just use your accumulated points to offset any travel cost (flights, rental cars, hotels, etc.) charged on your credit card. It’s that easy – no black-out periods or annoying restrictions. It’s no wonder the Scotiabank®* Gold American Express® card is often ranked as the best travel credit card in Canada.
- Annual Fee: $120
- Income Eligibility: Minimum of $12,000 annual income
- Credit Score Required: Good to Excellent
- Welcome Bonus: 30,000 Scotia Rewards points when you spend $1,000 in the first 3 months†
- Other Perks: No foreign transaction fees, comprehensive travel insurance, Amex Front of the Line® access
- Purchase APR: 19.99% | Cash Advance APR: 22.99%
BMO eclipse Visa Infinite* Card: Best For Lifestyle Rewards
If you’re looking for a credit card that gets you valuable and flexible rewards that fit your urbanite lifestyle, consider the BMO eclipse Visa Infinite* Card. With this card, you’ll earn 5 BMO Rewards points for every $1 you spend on groceries, dining out, gas and transit purchases, and 1 point per $1 on everything else. BMO Rewards points are simple to redeem—just visit BmoRewards.com—and can be applied towards travel at a rate of 150 points per dollar. Alternatively, you can redeem your BMO Rewards for merchandise or gift cards, or use the Pay with Points program to apply your points to purchases made on your card. You can even deposit their value into a BMO investment account. That said, the value per point is lower than travel redemptions.
This is a good card for people who like to treat themselves. When you sign up you’ll get a first-year annual fee waiver plus up to 40,000 BMO Rewards points—a welcome bonus worth up to $386. Plus, every cardholder gets a $50 “lifestyle credit” each and every year that they can spend however they wish. With Visa Infinite perks that gain you access to special dining and wine events, we bet you can find something to splash out on. You’ll also automatically receive perks at luxury hotels and have access to the Visa Infinite complimentary concierge. Take note of the included comprehensive travel insurance and the new mobile device coverage of up to $1,000.
- Annual Fee:$120 (first-year annual fee waived)
- Minimum Income Eligibility Requirement: $60,000 individual or $100,000 per household
- Credit Score Required: Very Good
- Welcome Bonus: Up to 40,000 BMO Rewards points plus a first-year annual fee waiver
- Other Perks: Travel insurance, new mobile device insurance, annual $50 “lifestyle credit”, Visa Infinite perks
- Purchase APR: 20.99% | Cash Advance APR: 23.99%
SCENE® Visa* card: Best For Entertainment Perks
There are a lot of credit cards aimed at students, but what they all typically offer is a quick way to get into debt. Even if you’re at the beginning of your credit history, it’s possible to make your spending work for you—and that’s what the SCENE® Visa* card excels at the most.
- No annual fee
- Earn SCENE points that can be redeemed towards free movies
- Earn 2,500 bonus SCENE points with your first $500 in everyday purchases in the first 3 months
- Get $10 off at participating restaurants when you redeem just 1,000 points
- Low income requirement ($12,000/year)
A high earn rate and redemption ease make this a really attractive option for those who enjoy movies, shopping, and restaurants. SCENE® Visa* card cardholders earn 5 SCENE points for every $1 spent on credit card purchases at Cineplex theatres (Cineplex, Scotiabank theatres, Famous Players, SilverCity, Galaxy, Cinema City, etc) or at cineplex.com. You can also earn 1 SCENE point for every $1 spent on your everyday credit card purchases.
The redemption rate is super-low (starting at 1,000 points), which means you can basically use this card for everyday purchases and skim the points for things that make you happy—like movies and meals. Best yet? The points never expire.
Summary of the Best Credit Cards for Millennials
Credit Card Annual Fee Purchase Interest Rate Points or Rewards Program Sign up Bonus Minimum Income More Info
Tangerine Money-Back Credit Card $0 19.95% Cash back
None $0 Visit Site
Scotiabank®* Gold American Express® card $120 19.99% Scotia Rewards points Earn 20,000 bonus Scotia Rewards points with your first $1,000 in everyday purchases in the first 3 months $12,000 Visit Site
BMO eclipse Visa Infinite Card $120 (first year annual fee waived) 20.99% BMO Rewards points Get up to 40,000 bonus BMO Rewards points plus a first-year annual fee waiver $60,000 Visit Site
SCENE® Visa* card $0 19.99% SCENE Points 2,500 bonus SCENE points with your first $500 in everyday purchases in first 3 months $12,000 Visit Site
Despite what the media might have you believe, millennials aren’t a monolith. There’s a wide age spread included in this group, from folks just applying to university to those learning how to how to save money for retirement. Some of you may be saving to travel the world, while others might be buying your first home. Whatever your millennial money goals are, it’s much easier to achieve them when you’ve got the right plastic in your wallet.
The Best Credit Cards by Category:
- The Best Travel Rewards Credit Cards in Canada
- The Best Credit Cards in Canada
- Best Credit Cards to Use for Car Rental Insurance
- The Best Low Interest Rate Credit Cards in Canada
- Best No Foreign Transaction Fee Credit Cards in Canada
- The Best Cash Back Credit Cards in Canada
- The Best Balance Transfer Credit Cards in Canada
- The Best AIR MILES Rewards Credit Cards in Canada
- The Best Aeroplan Credit Cards in Canada