The American Express Cobalt Card has emerged as the top overall credit card in Canada for 2025, according to a new report released this week by Money.ca. The rankings, which evaluated more than 200 Canadian credit cards across 135 unique criteria, highlight the best-in-class options for consumers in a challenging financial landscape.
Money.ca’s Best Credit Cards in Canada 2025 report named the American Express Cobalt Card the Gold Winner, recognizing its unmatched rewards program, generous welcome bonus, and strong travel insurance coverage. The card earns 5x points on eats and drinks, 3x on streaming, 2x on transit and travel, and 1x on all other purchases. It also offers up to 15,000 Membership Rewards points in the first year.
“Canadians are navigating higher prices and tighter budgets, so the value offered by a credit card matters more than ever,” said Cory Santos, Money.ca’s credit card editor. “The Cobalt stood out for delivering exceptional rewards in the areas where Canadians spend most — food, travel, and entertainment.”
Silver and bronze winners offer strong value
In second place, the BMO CashBack World Elite Mastercard earned Silver, standing out in the cash back category. Cardholders earn up to 5% cash back on groceries, 4% on transit, and 3% on gas. The card’s 10% welcome cash back offer and premium travel perks make it a strong contender for high-earning households looking to maximize daily spending.
Rounding out the podium, the Scotiabank Gold American Express Card took bronze, winning praise for its travel-friendly features, including no foreign transaction fees — a rarity in Canadian credit cards. The card offers up to 40,000 Scene+ points in the first year, along with 5x rewards on dining and entertainment and a wide suite of insurance protections.
Data-driven methodology
The 2025 rankings are based on Money.ca’s proprietary scoring system, which considers factors including reward value, annual fees, travel perks, balance transfer offers, insurance, and redemption flexibility. The full methodology involved over 27,000 data points — offering one of the most in-depth reviews of the Canadian credit card market.
Full rankings available
The complete list of winners — including best travel, cash back, no-fee, and low-interest cards — is available now at Money.ca/credit-cards, as is Money.ca’s new user-friendly credit card comparison tool, which puts the power of this extensive research into the hands of readers.
About Money.ca
Money.ca is a leading financial platform committed to providing individuals with comprehensive financial education and resources. As part of Wise Publishing, Money.ca is a trusted source of reliable financial news, expert advice, comparison tools and practical tips.
Disclaimers
American Express Cobalt Card: Contact American Express for the most up-to-date referral bonus figures. American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.
BMO Cashback World Elite Mastercard: BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
Scotiabank Gold American Express: Conditions Apply. Visit here for the Scotiabank Gold American Express Card to learn more. See Card Provider’s website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
