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Ranking the Credit Card Portfolios of Each Canadian Financial Institutions (updated December 26, 2023)

ByMatt

Since the start of the decade (2022, 2021, 2020), we managed to update this list every December, mine as well keep going.

There were quite a few major changes in the industry, so there was some shift in the rankings. They are now divided in the 3 groups: top 5, from 6 to 10, and the rest.

Note that these are my personal rankings of each financial institution, along with a commentary which will reflect what happened in the past year. Last time’s ranking are in brackets, along with a select few of our top credit card picks for each company.

Let’s start with listing out the top 5 companies in our rankings before continuing with the rest. These 5 companies have a significant gap for the rest, which is why I set them apart.

1) American Express (AMEX) (no change)

AMEX continues to stand strong in the first place. It is going to take a lot to move them off this position. The wide variety of choices, with its strong Membership Rewards program, along with competitive statement credits keeps them at the top by a large margin.

2) Scotiabank / Tangerine (no change)

Scotiabank is holding steady in second place due to the full integration of Scene+ program, as well as the strong cash back options between Scotiabank and Tangerine.

3) Royal Bank of Canada (RBC) (no change)

The purchase of HSBC is almost done and looks to close in early 2024. One major blow to RBC is the discontinuation of the Cathay Pacific co-branded card. It does mean that the gap has narrowed with CIBC below, especially since CIBC saw some minor upgrades this year.

4) Canadian Imperial Bank of Commerce / Simplii Financial (CIBC) (last time tied for 4)

I was torn last year between who had the edge between CIBC and TD and I left them at a time. This time around, I am giving the edge to CIBC, namely because of its partnerships with Costco and Journie Rewards. Furthermore, Journie Rewards had a major upgrade teaming up with Aeroplan this year, which makes CIBC even more valuable and closing the gap with RBC above.

5) Toronto Dominion (TD) / MBNA (last time tied for 4)

TD may have a fairly competitive credit card portfolio, but it’s been difficult to qualify for their cards, especially if you are not already a client of their other products. Furthermore, they really trimmed down on the MBNA portfolio, which decreased their competitive edge, dropping them down to sole position in fifth place. Granted they still have a significant gap from sixth place below.

As mentioned earlier, the top 5 are much further ahead of the rest of the companies below. The next 6 companies (ranks 6 to 11) also set themselves apart from the rest.

6) Bank of Montreal (BMO) (last time 7)

BMO moved up a spot only because HSBC dropped. That being said, the biggest change that BMO did this year was fully buying out Air Miles. They now have an opportunity to completely revamp its program to make it more valuable. Even if they manage to do that, they are still ways away from the top 5.

7) Brim Financial (last time 12)

In last year’s ranking, Brim did not have the Air France co-branded card yet. But now that it does, it launched up the rankings. I am really happy to see some of the smaller companies (another one below) launch up the rankings in a big way. Shows that the competition is heating up.

8) Neo Financial (last time 15)

Just like Brim Financial above, Neo Financial really spiked up the rankings due to their new Cathay Pacific co-branded card. The major difference between these two companies is that Brim offers other more competitive cards in their portfolio too. Looking forward to see what more both companies have in store, since they are trending upwards!

9) Rogers Bank (last time 11)

Rogers Bank definitely makes a jump this time around. They did consolidated into only 2 credit card options now. One of them is in my wallet. The features and benefits that come with both their cards makes them desirable for existing Rogers services customers. In other words, if you already have a Rogers services, I strongly recommend also adding one of the two cards in your credit card portfolio. Neither card has an annual fee, which makes them a no brainer.

10) President’s Choice Financial (PC Financial) (last time 8)

PC Optimum continues to be a highly valuable loyalty program in Canada. With PC Financial under the same ownership of its rewards program, it cuts out the middle person so that they can offer a more competitive product.

11) National Bank (last time 10)

A couple of companies above leapfrogged National Bank, which is why they dropped one slot. Furthermore, there has not been much changes to their credit card portfolio. But as mentioned earlier, there is a fairly large gap from 12th place onward.

From 11th place onwards, it will feel like slim pickings. Furthermore, there is very little movement in the rest of them, so most of my remaining commentary will be fairly brief. Most of the action occurred in the top 10 above.

12) Canadian Tire Bank (last time 10)

Canadian Tire Bank dropped mostly because a few companies above leapfrogged them while they did not have any real changes to its program. Hopefully Canadian Tire can add more partners to increase the value of their rewards program. Though there is very little upgrade that can be done when they basically offer a cash back program.

13) Desjardins (no change)

No real changes to its credit cards or rewards program. So they hold fairly steady at this position.

14) Walmart Financial (no change)

Similar to the Canadian Tire Triangle Rewards program, Walmart offers a cash back program, so there is very little room for possible improvements. That being said, Walmart used to rank much lower until they added their World Mastercard.

=15) Alterna Savings (last time tied for 16)

Very similar year after year. They are in a 3 way tied with Manulife Bank and Meridian as they offer very similar credit card portfolio.

=15) Manulife Bank (last time tied for 16)

Very similar year after year. They are in a 3 way tied with Alterna Savings and Meridian as they offer very similar credit card portfolio.

=15) Meridian (last time tied for 16)

Very similar year after year. They are in a 3 way tied with Alterna Savings and Manulife Bank as they offer very similar credit card portfolio.

18) Laurentian Bank (last time 19)

No real changes to its credit cards or rewards program. So they hold fairly steady at this position. They moved up a rank due to HSBC’s collapse.

19) Home Trust (last time 20)

No real changes to its credit cards or rewards program. So they hold fairly steady at this position. They moved up a rank due to HSBC’s collapse.

20) Capital One (last time 21)

No real changes to its credit cards or rewards program. So they hold fairly steady at this position. They moved up a rank due to HSBC’s collapse.

21) HSBC (last time 6)

HSBC closed its doors to new credit card applications and look to finalize its merger with RBC in early January. However, the deal has not been finalized yet, so that is why they remain on this list. But if the merger goes through with RBC, HSBC will fall off this list next time around.

  • Only grandfathered existing cardholders

22) ICICI Bank (last time 23)

ICICI Bank closed its doors to new credit card applications. Existing cardholders are still grandfathered. But more than likely, I will be taking them off future lists. Also, the reason they are listed lower than HSBC is because their credit card portfolio is much worse. Also, one company got taken off my list (see below, which is why ICICI moved up one rank.

  • Only grandfathered existing cardholders

Delisted) Plastk (last time 22)

Plastk had a disastrous year and closed up shop. So they will no longer show up on our future lists.

So there you have it, our rankings for 2023. Do you agree with the rankings above? Did we miss anything? Please share your thoughts in the comment section below.

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