Best Rewards Credit Cards in Canada 2023
What You Should Know
- Most credit cards in Canada offer some kind of rewards to the users.
- Rewards can commonly be earned in the form of reward points, cash back, airline miles and gift certificates.
- By picking the card that compliments your lifestyle and spending pattern, you can maximize the rewards you earn.
In Canada, most credit cards offer you some kind of rewards when you use them, to incentivize your purchases. The most common forms of rewards are redeemable reward points, cash back, airline miles and gift certificates. Depending on your lifestyle, you could pick the credit card that earns maximum value for you.
For example, if you travel very often, you could benefit from a credit card that offers travel rewards while also giving you the benefit of travel related insurances. Whether you want to earn rewards on your weekly grocery or pocket a free flight ticket, you are sure to find a credit card to meet your criteria. Below, we have listed some of the best rewards credit cards on offer in Canada.
| Type of Rewards | Credit Card | Annual Fee | Rate of Rewards |
|---|---|---|---|
| Rewards points for Everyday Spending | Amex Cobalt | $155.88 |
|
| Scotiabank Gold American Express Card | $120 (first-year waived) |
| |
| BMO Eclipse Visa Infinite | $120 (first-year waived) |
| |
| Cash Back Rewards for Everyday Spending | CIBC Dividend Visa Infinite Card | $120 (first-year waived) |
|
| Scotia Momentum Visa Infinite Card | $120 (first-year waived) |
| |
| SimplyCash Preferred Card from American Express | $119.88 |
| |
| No Fee Rewards Credit Cards | Tangerine Money Back Credit Card | $0 |
|
| Simplii Financial Cash Back Visa | $0 |
| |
| Travel & Lifestyle Rewards | TD Aeroplan Visa Infinite | $139 (first-year waived) |
|
| TD First Class Travel Visa Infinite | $120 (first-year waived) |
| |
| BMO AIR MILES World Elite Mastercard | $120 (first-year waived) |
| |
| Amex Aeroplan Card (Charge Card) | $120 |
| |
| Amex AIR MILES Reserve Credit Card | $299 |
| |
| WestJet RBC World Elite Mastercard | $119 |
| |
| Scotiabank Platinum Amex Card | $399 |
| |
| Marriott Bonvoy Amex Card | $120 |
| |
| Loyalty Program Rewards | Canadian Tire Triangle World Elite Mastercard | $0 |
|
| PC World Elite Mastercard | $0 |
| |
| Rewards for Bad Credit | Neo Secured Mastercard | $0 |
|
| KOHO Premium Prepaid Mastercard | $84 |
|
Rewards for Everyday Spending
There are some things that we all spend on. Everyday spending comprises gas, groceries, recurring bill payments, transit, eating out, ordering in and subscriptions. Getting rewarded for these purchases means getting rewarded for certain. Following are some of the cards that offer the best rate of rewards on your everyday spending.
American Express Cobalt
21.99% on cash advances
- 5X reward points for eligible food and drinks purchases (including grocery).
- 3X reward points for eligible steaming subscriptions.
- 2X reward points for eligible gas, transit and travel purchases.
- AMEX Experiences - AMEX Offers, AMEX Front of the Line, American Express Invites.
- $100 USD Hotel Credit to spend on hotel amenities.
- Mobile Device Insurance - $1,000
- Travel Accident Insurance - $250,000
- Out-of-Province Emergency Medical Insurance - 15 days for cardholders under the age of 65
- Canadian Resident having reached mature age in the province of residence.
- No minimum income requirement
Scotiabank Gold AMEX Card
22.99% on cash advances
- 6X points at Sobeys
- 5X Scene+ points on eligible grocery, food, food subscription and entertainment purchases (Including Hello Fresh, SkipTheDishes, Chef’s Plate and Cineplex).
- 3X Scene+ points on eligible gas, daily transit and streaming service purchases (Including Uber and Netflix).
- 0% Foreign transaction fee.
- AMEX benefits - AMEX Offers, AMEX Front of the Line, American Express Invites.
- 24/7 Complimentary Concierge.
- Travel Accident Insurance
- Out-of-Province Emergency Medical Insurance - 25 days for cardholders under the age of 65, 3 days for cardholders over the age of 65
- Rental Car Collision/Damage Insurance - up to 48 days
- Canadian Resident having reached mature age in the province of residence.
- Have not declared bankruptcy in the past 7 years.
- Earn a minimum of $1,000 monthly gross income.
BMO Eclipse Visa Infinite
23.99% on cash advances (21.99% for Quebec residents)
- Earn up to 60,000 bonus points in the first year.
- 5X points on eligible gas, transit, grocery, dining out, takeout and food delivery.
- 1X points on everything else.
- $50 annual lifestyle credit.
- Visa Infinite benefits such as access to Visa Infinite Luxury Hotel Collection, Visa Infinite Dining Series and Visa Infinite Concierge.
- Common Carrier Accident Insurance
- Out-of-Province/Country Emergency Medical Insurance
- Rental Car Collision/Damage Insurance
- Canadian Resident having reached mature age in the province of residence.
- Minimum annual income of $60,000 or household income of $100,000.
Cash Back Rewards
If you are someone who wants to keep it simple and get rewarded directly in cash, cash back cards may be a great option for you. Cash back cards offer a certain percentage of cash back to the users, that could vary depending on the expenditure category. Listed below are some cards that offer the highest cash back in Canada.
CIBC Dividend Visa Infinite Card
22.99% on cash advances (21.99% for Quebec residents)
- 4% cash back on eligible gas and groceries.
- 2% cash back on transit, dining and recurring payments.
- 1% cash back on everything else.
- Save up to 10¢ per litre at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations on linking your card with Journie Rewards.
- Visa Infinite benefits such as access to Visa Infinite Luxury Hotel Collection, Visa Infinite Dining Series and Visa Infinite Concierge.
- Up to 25% off on auto rentals at participating Budget and Avis locations.
- Common Carrier Accident Insurance
- Out-of-Province/Country Emergency Medical Insurance
- Rental Car Collision/Damage Insurance
- Canadian Resident having reached mature age in the province of residence.
- Minimum annual income of $60,000 or household income of $100,000.
Scotia Momentum Visa Infinite Card
22.99% on cash advances
- 10% cash back up to $200 for the first 3 months.
- 4% cash back on grocery and recurring payments.
- 2% cash back on gas and transit.
- Visa Infinite benefits such as access to Visa Infinite Luxury Hotel Collection, Visa Infinite Dining Series and Visa Infinite Concierge.
- Up to 25% off on auto rentals at participating Budget and Avis locations.
- Travel Accident Insurance
- Out-of-Province Emergency Medical Insurance
- Rental Car Collision/Damage Insurance
- Canadian Resident having reached mature age in the province of residence.
- Minimum annual income of $60,000 or household income of $100,000.
SimplyCash Preferred Card from American Express
21.99% on cash advances
- Earn up to $400 in the first 10 months.
- 4% cash back on gas.
- 4% cash back grocery (up to $1,200 cash back annually).
- AMEX Experiences - AMEX Offers, AMEX Front of the Line, American Express Invites.
- AMEX Offers.
- Annual referral bonus of up to $1,500
- Travel Accident Insurance
- Out-of-Province Emergency Medical Insurance
- Rental Car Collision/Damage Insurance
- Canadian Resident having reached mature age in the province of residence.
- Have a credit file.
- No minimum income specified.
Check out other Cash Back Credit Cards.
No Fee Rewards Credit Cards
Most credit cards that offer rewards require you to pay an annual fee. If you don’t wish to pay that, there are a few credit cards available in the market that don’t charge an annual fee. The rewards and benefits offered by these credit cards may be a bit lower compared to those that charge a fee.
Tangerine Money Back Credit Card
19.95% on cash advances
- 2% money-back in two categories of your choice.
- 0.5% money-back on all other everyday purchases.
- Redeem money-back rewards in the savings account or apply to credit card balance.
- 1.95% interest for six months on balance transfer within the first 30 days.
- Purchase Protection for 90 days after purchase.
- Extended Warranty doubles for up to 1 year.
- Canadian Resident having reached mature age in the province of residence.
- Minimum annual Income of $12,000.
Simplii Financial Cash Back Visa
22.99% on cash advances
- 4% cash back (up to $5,000 a year) on eligible restaurant, bar and cafe purchases.
- 10% bonus cash back at eligible restaurants and bars for first 4 months (up to $500 spend)
- 1.5% cash back (up to $15,000 a year) on eligible gas, grocery and drugstore purchases, and on pre-authorized payments.
- Earn $50 on referrals.
- Get cash back on sending money abroad.
- 9.99% introductory interest for the first 6 months.
- CIBC Travel Medical Insurance.
- Purchase security.
- Extended warranty - up to 1 year.
- Canadian Resident having reached mature age in the province of residence.
- Minimum annual Income of $15,000.
Travel and Lifestyle Rewards
If you are a frequent traveler who books flights very often, you could greatly benefit from getting credit cards that offer travel rewards. You could either get an airline miles card offered by a particular airline and earn miles quicker, or you could get a travel card that caters to all your travel needs. These cards often come with additional benefits such as comprehensive travel insurance so that you don’t need to buy one separately. You could also get a hotel rewards card to get additional perks on your hotel bookings.
TD Aeroplan Visa Infinite
22.99% on cash advances
- 1.5 Aeroplan points per $1 spent on eligible gas and grocery, and direct through Air Canada.
- 1 Aeroplan point per $1 spent on all other purchases.
- Earn points twice when you provide your Aeroplan number at over 150 Aeroplan partner brands and 170 online retailers.
- Get up to $1,400 worth benefits in the first year.
- Primary cardholder, additional cardholder and up to 8 companions traveling on the same ticket get first checked bag free (up to 23 kg) when travel originates on an Air Canada flight.
- Enroll for Nexus and get an application fee rebate once every 48 months.
- Travel Accident Insurance
- Out-of-Province Emergency Medical Insurance
- Rental Car Collision/Damage Insurance
- Canadian Resident having reached mature age in the province of residence.
- Minimum annual income of $60,000 or household income of $100,000.
TD First Class Travel Visa Infinite
22.99% on cash advances
- Earn 3 TD points for every $1 spent on purchases.
- Earn 9 TD points for every $1 spent on booking travel through Expedia for TD.
- Earn 50% more TD points at Starbucks.
- 10% off the base rate of car rentals at participating Avis and Budget locations in the U.S. and Canada.
- Annual discount on Priority Pass membership.
- Travel Accident Insurance
- Out-of-Province Emergency Medical Insurance
- Rental Car Collision/Damage Insurance
- Canadian Resident having reached mature age in the province of residence.
- Minimum annual income of $60,000 or household income of $100,000.
BMO AIR MILES World Elite Mastercard
23.99% on cash advances
- 3 Miles per every $12 spent on everyday needs at participating AIR MILES partners.
- 2 Miles per every $12 spent on everyday needs.
- 1 Miles per every $12 spent everywhere else.
- Complimentary membership of Mastercard Travel Pass provided by DragonPass. No complimentary lounge visits.
- Up to 25% off on auto rentals at participating National and Alamo locations.
- Free global wi-fi by Boingo.
- Travel Accident Insurance
- Out-of-Province Emergency Medical Insurance
- Rental Car Collision/Damage Insurance
- Canadian Resident having reached mature age in the province of residence.
- Minimum annual income of $80,000 or household income of $150,000.
Amex Aeroplan Card (Charge Card)
- 2X Aeroplan points on Air Canada purchases.
- 1.5X Aeroplan points on eligible dining and food delivery purchases.
- 1X Aeroplan points on everything else.
- Earn up to $1100 or more in value within the first year.
- Primary cardholder, additional cardholder and up to 8 companions traveling on the same ticket get first checked bag free (up to 23 kg) when travel originates on an Air Canada flight.
- Free global wi-fi by Boingo.
- Travel Accident Insurance
- Travel Emergency Assistance (no medical insurance)
- Rental Car Collision/Damage Insurance
- Canadian Resident having reached mature age in the province of residence.
- No minimum income requirement specified.
Amex AIR MILES Reserve Credit Card
21.99% on cash advances
- 1 Miles per every $10 spent on everyday needs at participating AIR MILES partners.
- 1 Miles per every $10 spent on eligible gas, grocery and drugstores.
- 1 Miles per every $15 spent everywhere else.
- Annual Companion flight benefit.
- Complimentary Priority Pass membership with 4 complimentary lounge visits annually.
- Receive automatic AIR MILES Onyx status.
- Travel Accident Insurance
- Out-of-Province Emergency Medical Insurance
- Rental Car Collision/Damage Insurance
- Canadian Resident having reached mature age in the province of residence.
- No minimum income requirement specified.
WestJet RBC World Elite Mastercard
22.99% on cash advances
- 2% back in WestJet Dollars on WestJet purchases.
- 1.5% back in WestJet Dollars on everyday purchases.
- Save 3¢/L on fuel by linking the card with your Petro-Points card.
- Receive an annual round trip companion voucher for any WestJet destination or exchange voucher for 4 complimentary WestJet Lounge vouchers.
- First checked bag free for the primary cardholder and up to 8 additional travelers traveling on the same reservation.
- Member exclusive fares and benefits.
- Travel Accident Insurance
- Out-of-Province Emergency Medical Insurance
- Rental Car Collision/Damage Insurance
- Canadian Resident having reached mature age in the province of residence.
- Minimum annual income of $80,000 or household income of $150,000.
Scotiabank Platinum Amex Card
9.99% on cash advances
- 3X Scene+ points per $1 spent on hotel and car rentals booked through Scene+ Travel.
- 2X Scene+ points for every $1 spent everywhere else.
- Redeem points for travel, shopping, dining, credit and more.
- Earn up to $2,100 in value in the first 14 months.
- No Foreign Transaction fees.
- Complimentary Priority Pass membership with 10 complimentary lounge visits annually.
- Travel Accident Insurance
- Travel Emergency Medical Insurance
- Rental Car Collision/Damage Insurance
- Canadian Resident having reached mature age in the province of residence.
- Minimum income of $1,000 every month.
Marriott Bonvoy Amex Card
21.99% on cash advances
- 5X Marriott Bonvoy points on Marriott purchases.
- 2X Marriott Bonvoy points for all other purchases.
- Redeem points for free nights or transfer to airline miles.
- One free night every year.
- Complimentary Marriott Bonvoy Silver Elite Status.
- Amex Experiences and special offers.
- Travel accident insurance.
- Flight delay insurance.
- Lost/Delayed baggage insurance.
- Canadian Resident having reached mature age in the province of residence.
- Have a credit file.
Check out other travel reward credit cards.
Loyalty Rewards
If you are a loyal customer of a particular brand or store, you could benefit from a credit card offered by your favorite store. You could earn rewards at an accelerated rate when shopping at these stores and redeem the reward points against your purchases.
PC World Elite Mastercard
22.97% on cash advances (21.97% for Quebec Residents)
- 45 reward points per $1 at Shoppers Drug Mart.
- 30 reward points per 1 litre fuel at Esso and Mobil.
- 30 reward points per $1 at Loblaws, No Frills and Real Canadian Superstore.
- Mastercard Global Service.
- 24/7 Concierge Service over phone.
- Rental car collision/damage insurance.
- Travel Emergency Medical Insurance.
- Purchase Protection for 90 days after purchase.
- Canadian Resident having reached mature age in the province of residence.
- Minimum personal income of $80,000 or annual household income of $150,000.
Canadian Tire Triangle World Elite Mastercard
22.99% on cash advances (21.99% for Quebec Residents)
- 4% back in CT Money at Canadian Tire and other participating stores.
- 7¢ per litre back in CT Money on fuel at Gas+ and Essence+.
- 3% back in CT Money at participating groceries.
- No fee and no interest financing for qualifying purchases of $150 and above.
- This Canadian Tire credit card offers no receipt returns.
- Pay bills using the card and earn cash back through CT Money.
- Purchase protection - up to 90 days.
- Extended warranty.
- Rental car collision/damage insurance.
- Canadian Resident having reached mature age in the province of residence.
- Minimum personal income of $80,000 or annual household income of $150,000.
Check out other credit cards from Canadian Tire.
Rewards for Bad Credit
If you don’t have a credit file in Canada or have Bad Credit, there is a high chance you would not qualify for most rewards credit cards. However, there are some credit cards that you could qualify for and start earning rewards. These credit cards are usually either secured cards or prepaid cards that may also help you build your credit. The rate of rewards of such cards may be a bit lower, but you can still earn some rewards instead of not earning rewards at all.
Neo Secured Mastercard
21.99% on cash advances
- 5% average cash back on purchases at partner stores.
- 0.5% guaranteed cash back.
- Customize perks with bundles.
- Spending insights.
- Virtual card.
- Zero liability fraud protection.
- Canadian Resident having reached mature age in the province of residence.
- No minimum income requirement specified.
KOHO Premium Prepaid Mastercard
- 2% instant cash back on grocery, food, drinks and transit.
- 0.5% cash back on everything else.
- No Foreign Transaction Fee.
- One free international ATM withdrawal per month.
- Price match.
- Zero liability fraud protection.
- Canadian Resident having reached mature age in the province of residence.
- No minimum income requirement specified.
Check out other credit cards for bad credit.
Types of Rewards and How They Work
There are different types of rewards that you may have seen in the market. The one that’s best for you depends on your spending pattern and your lifestyle. The most common types of rewards are listed below.
- Flexible Points
Most financial institutions in Canada offer this kind of point based rewards program where you can earn points when you spend using the card. Once you have enough points to redeem, you may be able to redeem them towards certain purchases, movie tickets, merchandise, travel and more. Some rewards can also be used to pay off a part of your credit.
The redemption varies depending on the card and you should always check that before applying for a card. The value of points is usually flexible, not fixed. It depends on where you choose to redeem them. For example, 1000 reward points redeemed for travel bookings could be of $10 value but the same redeemed for a purchase could be of $8 in value. The value of points may vary across financial institutions as well. For example, 1000 reward points could equate to $10 in value at one financial institution and $8 at another.
- Cash Back Rewards
Cash back is the easiest and most hassle-free form of rewards. The amount of cash back you earn often depends on the category you are spending on. For example, a cash back credit card may offer 4% cash back on gas and grocery, but 2% on dining. The cash back is usually accumulated in your account and you may be able to redeem it, once it reaches the minimum redemption amount, to pay off a part of your credit. Some cards pay out your cash back after a certain period of time, for example once every year on your card’s anniversary date.
- Airline Miles
Most airlines across the globe have a loyalty program of their own. By getting an airline miles card, you could earn airline miles for the specific airline. The miles can be redeemed for your future bookings with the airline or their partner airlines.
Most airline miles credit cards also offer comprehensive travel insurance benefits such as travel accident insurance, out-of-province emergency medical insurance, lost baggage insurance, flight delay insurance, rental car collision insurance and more. These cards may also offer perks such as free checked baggage, companion pass and lounge access.
In Canada, the popular airline loyalty programs available are Aeroplan by national carrier Air Canada, and WestJet Rewards by WestJet. If you are a frequent flyer on a particular airline, you could be sure to benefit from getting an airline miles credit card.
- Travel Rewards
Travel rewards are similar to airline miles, with the difference being that they are not linked to a particular airline’s loyalty program. The rewards earned can often be redeemed not just towards booking flights, but also hotels, car rental and other travel related services.
Most travel rewards programs have their own travel booking portal where the points can be redeemed for maximum value. Some credit cards also offer benefits such as no FX Fee that can be beneficial for individuals traveling abroad frequently.
- Hotel Rewards
Some chains of hotels that have thousands of properties across the globe offer their own rewards programs. By getting a hotel rewards credit card, you can collect points that can be redeemed for booking your stay at these hotels or against different services offered at these hotels.
As a member of the loyalty program, you could also get additional benefits such as contactless check-in, free Wi-Fi, complimentary breakfast, early check-in or late check-out, and more.
- Gas Rewards
Gas is one of the most common expenditures in a Canadian’s life. By getting a card that offers savings on fuel, you could end up saving a considerable amount every year. Some credit cards offer extra savings of a couple of cents per litre when you use the card to pay for your fuel at their partner gas stations.
- Store or Brand Loyalty Rewards
In Canada, if you are a loyal customer of a particular store such as Loblaws, Walmart or Costco, you could benefit from getting a credit card offered by these stores. Store credit cards earn you more reward points for your loyalty by offering a higher rate of rewards when shopping at their stores.
You could redeem the points earned while shopping at the store. Apart from the reward points, most stores also have special offers and benefits for their cardholders.
Popular Rewards Programs in Canada
- Cineplex - Scene+
- Air Canada - Aeroplan
- RBC - Avion Rewards
- AIR MILES
- Loblaws - PC Optimum Rewards
- Canadian Tire - Triangle Rewards
- Petro-Canada - Petro-Points
Factors to Consider
Before picking a rewards credit card to apply for, you should consider the following factors.
- Annual Fee
Most of the rewards credit cards in Canada require you to pay an annual fee. Thus, you must assess if the credit card you are applying for would earn you enough rewards to offset the annual fee.
- Welcome Bonus
Most credit cards offer a welcome bonus to the users in the first year. But these usually have a catch. For example, a card may require you to spend $3,000 in the first 3 months to get the bonus. If you are not planning on spending that much in those 3 months, you would lose out on the welcome bonus. Thus you should carefully read the terms of the Welcome Bonus and not just the value.
- Rate of Rewards
A credit card may be offering a different rate of rewards on expenditures in different categories. For example, a card may be offering 5X points on groceries and 2X points on gas, while another may be offering 5X points on gas and 2X points on groceries. In such a case, you may benefit more by getting the first card if you spend more on groceries every month, but the second card if you spend more on gas every month.
- Conversion of Points
You should also consider the value of points when converted to cash. For example, the 1000 points of one rewards program might be equivalent to $10, while 1000 points of another rewards program may be equivalent to $8.
- Additional Benefits
Many cards offer additional benefits in the form of perks and insurances. These may be a deciding factor in picking a card for yourself. For example, if you are looking for a card for travel, you could benefit from one offering complimentary lounge access, free checked baggage and no FX fees, along with a comprehensive travel insurance.
- Interest Rate
Interest rates vary across different credit cards, however, the interest rates across most rewards credit cards is nearly the same. You don’t need to worry about the interest rates if you are paying off your credit cards during the interest free grace period. However, if you are carrying some balance forward, it is ideal to get a credit card with a lower interest rate.
- Expiry of Points
There is no point in collecting points if they are going to expire before you can use them. Although most credit cards now offer points that never expire, some cards might still be offering points that are due to expire in a set time period. Some reward programs may require you to have frequent activity on your card to ensure that your points do not expire.
- Eligibility Requirements
Many credit cards require you to have a good credit score and also have a minimum income requirement. This is especially true for the more premium credit cards. You should always study the requirements carefully and check your credit score before applying. Doing so can save you from a rejection. As a general practice, you should always try to maintain a good credit score so that you can qualify for the more rewarding credit cards.
Bottom Line
A rewards credit card can be beneficial if you pick the right one for yourself. Many people choose to have multiple credit cards for spending on different categories to maximize the benefits. You should always study the reward structure offered by a card along with the benefits, and compare multiple cards before picking the right one for you.