The very best rewards bank cards in Canada
If you happen to’re not leveraging your on a regular basis spending to earn rewards, you’re lacking out. Rewards bank cards make it easier to earn factors or Miles in direction of issues like merchandise, present playing cards or journey, and even money again to pay for no matter you need—all for utilizing a bank card for on a regular basis purchases. Sounds good, proper? It’s, however to determine the very best rewards bank card for you, you’ll must reply just a few questions. As an illustration, do you favor to gather factors or get money again in your pocket? Is it price paying an annual payment for premium perks, or would you moderately a no-fee card? What sort of journey rewards would you like? Irrespective of your standards, you’re sure to search out an incredible match with one (or extra!) of the rewards bank cards under.
Our greatest rewards bank card picks
How we decide the very best playing cards
The MoneySense editorial staff selects the very best bank cards by assessing the worth they supply to Canadians throughout varied classes. Our greatest rewards bank cards rating is predicated on an intensive record of card particulars and options—with a concentrate on people who matter to rewards collectors—together with annual charges, rates of interest, welcome gives, rewards earn charges and redemption choices, annual earnings necessities, and perks equivalent to insurance coverage protection, buy safety, reductions and airport lounge entry. We now have additionally thought of the professionals and cons of every card that can assist you decide which of them finest fit your monetary wants. Our rankings are an unbiased supply of data for Canadians. The addition of hyperlinks from affiliate companions has no bearing on the outcomes. Learn extra about how MoneySense makes cash.
The very best rewards bank cards for on a regular basis spending
Scotiabank Gold American Categorical*
At a look: The Scotiabank Gold American Categorical card permits you to earn boosted Scene+ factors whenever you use it to purchase groceries, restaurant meals and supply, gasoline and transit, journey and extra. One of many large advantages is that Scene+ rewards are simple to redeem, and the cardboard comes with helpful perks for journey and new cell machine insurance coverage.
- Annual payment: $120
- Rates of interest: 20.99% on purchases, 22.99% on money advances
- Welcome provide: You’ll be able to earn as much as $850 in worth within the first 12 months, together with as much as 45,000 bonus Scene+ factors. Should apply by April 30, 2023.
- Earn charge: 5 factors per $1 spent on groceries, eating and leisure; 3 factors per $5 on gasoline, public transit and eligible streaming providers; and 1 level per $1 on every little thing else
- Annual earnings requirement: $12,000
- Extra perks: No overseas transaction charges; insurance coverage, together with journey emergency medical and journey accident, journey cancellation or interruption, and rental automotive collision or injury protection; low cost on Precedence Cross Lounge entry
- That is the one bank card from a serious financial institution that waives the two.5% overseas transaction payment, so that you’ll save on cross-border buying (together with on-line) in different currencies.
- It comes with a reasonably complete journey insurance coverage bundle that provides journey emergency medical, journey cancellation and interruption, flight delay, delayed or misplaced baggage, and journey accident insurance coverage. It additionally contains automotive rental loss/injury insurance coverage, lodge/motel housebreaking, and new cell machine protection.
- A simple and versatile Scene+ factors redemption program. With many companions in quite a few classes already on board, this system is quickly increasing, making assortment simple.
- Scene+ factors might be redeemed for groceries, eating, leisure, merchandise, journey, retail and extra.
- You’ll be able to apply your Scene+ to journey spends as much as a 12 months after you’ve charged them.
Additionally take into account:
American Categorical Cobalt*
At a look: The American Categorical Cobalt is a lovely card for on a regular basis spending, due to its robust rewards charges in a broad vary of classes and vital journey perks like insurance coverage. The final one contains emergency medical, misplaced or stolen baggage, flight or baggage delay and automotive rental theft and injury protection. Membership Rewards factors might be redeemed for merchandise, journey, buying, assertion credit and extra.
- Annual payment: $156
- Rates of interest: 20.99% on purchases, 21.99% on money advances
- Welcome provide: You’ll be able to earn 2,500 factors for every month you spend $500, as much as a most of 30,000 factors.
- Earn charge: 5 factors for each $1 spent on eligible meals supply, groceries and eating places; 2 factors per $1 spent on gasoline and transit buys—together with taxis, public transit and eligible flight tickets; 1 level per $1 on all different purchases
- Annual earnings requirement: None
- Extra perks: A strong insurance coverage bundle that features emergency medical, misplaced or stolen baggage, flight or baggage delay, lodge or motel housebreaking and automotive rental theft and injury protection; advance entry to Entrance of the Line by American Categorical Invitations, in addition to advance film screenings
Greatest rewards bank card with no payment
Tangerine World Mastercard*
At a look: The Tangerine World Mastercard permits you to earn 2% money again on purchases in as much as three spending classes (and 0.5% again on every little thing else), plus it provides you entry to a handful of extras, all for no annual payment.
- Annual payment: $0
- Rates of interest: 19.95% on purchases, 19.95% on money advances, 19.95% on stability transfers
- Welcome provide: earn an additional 10% again on as much as $1,000 in on a regular basis purchases throughout the first 2 months. Should apply by Could 2, 2023.
- Earn charge: 2% money again in as much as three spending classes; 0.5% again on every little thing else
- Annual earnings requirement: Private earnings of $60,000 or family earnings of $100,000
- Extra perks: Boingo Wi-Fi for Mastercard; rental automotive collision/loss injury waiver; new cell machine insurance coverage; airport lounge entry with DragonPass; buy assurance and prolonged guarantee
Greatest rewards bank card for money again
Scotiabank Momentum Visa Infinite*
At a look: If you happen to’re trying to earn as a lot money again as attainable, the Scotiabank Momentum Visa Infinite must be in your radar. Cardholders get 4% again on groceries, recurring payments and subscription providers, 2% again on public transit and gasoline, and 1% again on all different purchases—with no money again restrict. The cardboard additionally comes with a strong insurance coverage bundle and different extras.
- Annual payment: $120
- Rates of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers
- Welcome provide: Earn 10% money again on all purchases for the primary 3 months (as much as $2,000 in whole purchases).
- Earn charge: 4% again on groceries and recurring payments; 2% again on public transit and gasoline; 1% money again on all different purchases
- Annual earnings requirement: Private earnings of $60,000 or family earnings of $100,000
- Extra perks: Complete journey insurance coverage together with emergency medical, journey accident, journey cancellation or delay, delayed or misplaced baggage and rental automotive loss or injury; new cell machine insurance coverage; Visa Infinite Providers together with concierge and Visa Infinite Eating and Wine Nation program
Greatest rewards bank card for journey
TD First Class Journey Visa Infinite*
At a look: The TD First Class Journey Visa Infinite stands out attributable to its distinctive partnership with Expedia For TD, which lets you simply ebook on the portal and to earn factors in your journey purchases at accelerated charges. Included journey insurance coverage and perks, just like the annual $100 journey credit score and birthday bonus, make this a card to contemplate.
- Annual payment: $139 (waived for the primary 12 months).
- Rates of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers
- Welcome provide: Not accessible to show in the mean time.
- Earn charge: 8 factors per $1 on journey booked by means of Expedia For TD; 6 factors per $1 for groceries and eating places; 4 factors per $1 spent on recurring invoice funds; 2 factors per $1 for every little thing else
- Annual earnings requirement: Private earnings of $60,000 or family earnings of $100,000
- Extra perks: Insurance coverage together with journey medical, journey cancellation or interruption, journey accident and automotive rental loss or collision; Precedence Cross membership low cost; financial savings with Avis and Funds automotive leases
Greatest rewards bank card for gasoline and groceries
CIBC Dividend Visa Infinite
At a look: Gasoline and groceries are two of the most well-liked spending classes for Canadians so it is smart to make use of a bank card with accelerated rewards for these purchases. At 4% money again, the CIBC Dividend Visa Infinite matches the invoice. Robust earn charges on eating, transit, and recurring payments, plus beneficial perks like journey insurance coverage, make this card a strong throughout selection.
- Annual payment: $120 (waived for the primary 12 months).
- Rates of interest: 20.99% on purchases, 22.99% on money advances (21.99% for Quebec residents), 22.99% on stability transfers
- Earn charge: 4% money again on groceries and gasoline, 2% on eating, each day transit and recurring payments, and 1% again on every little thing else
- Welcome bonus: earn 15% money again welcome bonus of as much as $300 (first 4 statements).
- Annual earnings requirement: Private earnings of $60,000 or family earnings of $100,000
- Extra advantages: Emergency journey medical; automotive rental collision and loss injury insurance coverage; cell machine insurance coverage; plus save as much as $0.10 per litre at taking part Chevron, Ultramar and Pioneer gasoline stations whenever you hyperlink your card with Journie Rewards
Greatest rewards bank card for Optimum factors:
PC Monetary Mastercard*
At a look: A broad retail companion base and beneficial redemptions on on a regular basis gadgets like groceries and pharmacy purchases make the PC Optimum rewards program one of the common in Canada. The no-fee PC Monetary Mastercard helps you speed up your earnings with no minimal annual earnings requirement, and people with larger incomes can apply for the PC World Mastercard or the PC World Elite Mastercard which include larger earn charges.
- Annual payment: $0
- Rates of interest: 20.97% on purchases, 22.97% on money advances, 22.97% on stability transfers
- Welcome provide: Get 20,000 PC Optimum factors (a $20 worth).
- Earn charge: Primarily based charge of 10 factors per $1 spent; 30 factors per $1 at Esso and Mobil; 25 factors per $1 at Buyers Drug Mart; 20 factors per $1 at PC Journey; 10 factors per $1 at Loblaw banner shops
- Annual earnings requirement: None
- Extra perks: Buy assurance
Greatest rewards bank card for Aeroplan factors
TD Aeroplan Visa Infinite*
At a look: A strong all-round journey bank card that features a well-prepared suite of insurance coverage, a number of enticing perks, and gives among the best earn charges round for Aeroplan factors.
- Annual payment: $139 (waived for the primary 12 months).
- Rates of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers
- Welcome provide: Not accessible to show in the mean time.
- Earn charge: 1.5 factors per $1 on eligible gasoline, grocery, and Air Canada purchases; 1 level per $1 on all different eligible purchases
- Annual earnings requirement: Private earnings of $60,000 or family earnings of $100,000
- Extra perks: Journey medical, journey cancellation/interruption, and flight/journey delay insurance coverage; free first checked bag; NEXUS software payment; emergency journey help
Greatest rewards bank card for Air Miles
BMO Air Miles World Elite Mastercard*
At a look: With its attractive welcome bonus and enticing earn charges, the BMO World Elite Mastercard works effectively for avid Air Miles collectors. The cardboard features a robust insurance coverage bundle and some extras, like Boingo Wi-Fi entry.
- Annual payment: $120 (waived for the primary 12 months).
- Rates of interest: 20.99% on purchases, 23.99% on money advances, 22.99% on stability transfers
- Welcome provide: You’ll be able to earn 3,000 AIR MILES Bonus Miles and save 25¢ per litre off gas purchases at Shell. We’ll additionally waive the $120 annual payment for the primary 12 months. Should apply by March 3, 2023.
- Earn charge: 1 Mile per $12 spent; thrice the Miles for purchases at companions
- Annual earnings requirement: Private earnings of $80,000 or family earnings of $150,000
- Extra perks: Journey insurance coverage together with emergency medical, journey cancellation/interruption, and flight delay protection; automotive rental insurance coverage; 15% low cost on North American Air Miles flights; free membership in Mastercard Airport Experiences supplied by LoungeKey; different particular gives and reductions
Greatest rewards bank card for versatile rewards
MBNA Rewards World Elite Mastercard*
At a look: The MBNA Rewards World Elite Mastercard is a versatile rewards card that allows you to earn MBNA factors which you’ll redeem for merchandise, present playing cards, journey, money and even charitable donations. Distinctive perks—just like the birthday bonus factors and included advantages like journey insurance coverage—make this a card stand out.
- Annual payment: $120
- Rates of interest: 19.99% on purchases, 24.99% on money advances, 22.99% on stability transfers
- Welcome provide: as much as 30,000 bonus factors ($300 journey worth) of their first 12 months alone: 20,000 factors after $2,000 spent within the first 90 days and one other 10,000 factors for enrolling for e-statements additionally throughout the first 90 days.
- Earn charge: 5 factors per $1 spent on groceries, eating places, digital media, memberships, and family utilities as much as $50,000 per class yearly; 1 level per $1 is the bottom charge
- Annual earnings requirement: Private earnings of $80,000 or family earnings of $150,000
- Extra perks: Journey and automotive rental insurance coverage; MBNA fee plan; 10% factors again in annual birthday bonus
Professionals
- This card contains $2 million in journey medical insurance coverage. It additionally has included flight/journey delay and delayed/misplaced baggage protection.
- You’ll be able to defend your new cell machine towards loss, injury and theft with as much as $1,000 included protection.
- The annual birthday bonus factors perk is a present of a further 10% on the variety of factors you earned within the earlier 12 months.
- Your MBNA factors by no means expire.
Cons
- The included journey insurance coverage providing is incomplete, so that you’ll have to purchase additional protection to be totally protected.
- There may be an annual cap of $50,000 per class within the accelerated spending classes. Purchases past that can earn on the base charge of 1 level per $1 spent.
- The annual minimal earnings requirement places this card out of attain for some candidates.
Video: Promotional charges: What to search for within the positive print
Extra of Canada’s finest bank cards:
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