The right card depends on your spending habits, income, and financial goals. Use this framework to narrow your choice.
Step 1: Calculate Your Top Spending Category
Track 3 months of spending across groceries, dining, gas, travel, and bills. Your single biggest category should dictate your primary card. Canadians spend an average of $800/month on groceries — if that matches you, the Scotia Momentum earns you $32/month in cash back (4%) vs. $8/month on a 1% flat card.
Step 2: Decide: Cash Back vs. Points
Cash back cards are simpler — your rewards have a fixed dollar value. Points cards (Amex MR, Aeroplan, BMO Rewards) can deliver 1.5–2× more value when redeemed strategically for travel, but require more management. If you're not willing to learn point redemption strategies, stick to cash back.
Step 3: Factor in the Annual Fee
A $120 annual fee card needs to earn you at least $120 extra in rewards vs. a no-fee card to be worth it. Run the math: the Scotia Momentum earns 4% on groceries vs. 2% on the Tangerine — on $10,000/year in groceries, that's $200 extra, well above the $120 fee. Use our fee-break-even calculator to verify.
Step 4: Check the Income Requirement
Visa Infinite cards require $60,000 personal or $100,000 household income. Mastercard World Elite requires $80,000 personal. If you don't meet the threshold, you'll be declined even with perfect credit. The Tangerine and BMO CashBack have no income minimum.
