Rewards bank cards are among the many hottest kinds of bank cards in Canada. They provide both money again or factors that may be redeemed for groceries, journey, merchandise, reward playing cards and extra. Now, let’s discover the most effective one on your objectives and spending habits.
Finest rewards bank cards in Canada
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Finest money again bank card
Rogers Purple World Elite Mastercard
Earn a minimal of 1.5% money again on all purchases, and three% on U.S. greenback purchases. Redeem rewards once you need.
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Curiosity Charges:
25.99% buy, 27.99% money advance, 27.99% stability switch
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Finest journey bank card
Scotiabank Gold American Specific Card
Earn as much as 6 Scene+ factors per $1 spent and entry unbelievable journey perks, together with no overseas transaction charges.
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Curiosity Charges:
20.99% buy, 22.99% money advance, 22.99% stability switch
Welcome provide:
$450 worth
Earn as much as $$780 in worth within the first 12 months, together with as much as 40,000 bonus Scene+ factors. To qualify, apply by July 1, 2025
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Finest airline bank card
TD Aeroplan Visa Infinite Card
Free checked luggage on Air Canada flights, versatile redemptions and a Nexus charge rebate each two years.
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Curiosity Charges:
20.99% buy, 22.99% money advance, 22.99% stability switch
Welcome provide:
$360 worth
Earn a welcome bonus of 10,000 Aeroplan factors once you make your first Buy along with your new Card. Earn a further 15,000 Aeroplan factors within the first 180 days. Plus, earn a one-time anniversary bonus of 15,000 Aeroplan factors once you spend $12,000 inside 12 months of Account opening.
Examine common rewards bank cards
Examine your choices with our interactive instrument and filter bank cards primarily based on rewards worth, annual charges, revenue necessities and extra. Use the instrument beneath to match bank card choices, or keep scrolling for MoneySense editors’ high picks.
MoneySense award winners
We’ve chosen high playing cards throughout the money again and journey rewards classes. Let’s take a look at why they made the rostrum.
Finest money again bank cards
Gold: Rogers Purple World Elite Mastercard
At a look: There’s a number of love concerning the Rogers Purple World Elite Mastercard. With no annual charge, this cashback bank card provides 1.5% money again on all purchases—that’s a significant reward win. And along with a bonus for Rogers, Fido and Shaw clients, this card comes with 3% money again on transactions in U.S. {dollars}, successfully eliminating the usual 2.5% overseas transaction charge (just like what’s charged on most playing cards in Canada).
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Rogers Purple World Elite Mastercard
Annual charge: $0
Welcome provide: None right now.
Card particulars
| Rates of interest | 25.99% on purchases, 27.99% on money advances, 27.99% on stability transfers |
| Earnings required | $80,000 per 12 months |
| Credit score rating | 725 or larger |
Professionals
- Easy rewards construction: With the minimal earn price of 1.5% money again on all purchases, you don’t have to consider maximizing bonus classes or rewards tiers. The bottom earn price is larger than some other no-fee card in Canada.
- No foreign exchange charges on U.S. purchases: Earn 3% money again on purchases made in U.S. {dollars}, each in-person and on-line, which is sufficient to offset the everyday 2.5% overseas transaction charge.
- Buyer bonus: Rogers, Fido and Shaw clients earn a further 0.5% on all purchases (for a complete of two%). Plus, these clients get a 1.5x redemption bonus when making use of their money again rewards to invoice funds with Rogers, Fido and Shaw.
- Versatile redemptions: Money out anytime you’ve got $10 in rewards. Many different money again playing cards disburse money rewards via assertion credit as soon as per 12 months.
- No annual charge: Most comparable playing cards cost an annual charge of $120, which offsets a few of the money again you earn every year.
- Extensively accepted: You should utilize this card at most shops in Canada, together with all the key grocers and even at Costco, which doesn’t settle for Visa or Amex.
Cons
- Flat earn price: Different playing cards provide larger earn charges on choose classes, which might aid you reap extra rewards, relying in your spending habits.
- Excessive revenue necessities: You’ll want a private revenue of a minimum of $80,000 or family revenue of a minimum of $150,000 to qualify.
Silver: CIBC Dividend Visa Infinite
At a look: The CIBC Dividend Visa Infinite card is a stable money again possibility for Canadians, with a few of the highest earn charges on gasoline and groceries, and versatile redemptions besides. This rewards card provides helpful perks, akin to gasoline reductions via the Journie Rewards program and its complete journey insurance coverage, making it a fantastic all-around card for on a regular basis spending.
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CIBC Dividend Visa Infinite
Annual charge: $120 (rebated first 12 months)
Welcome provide: Rise up to $400 in worth, together with a first-year annual-fee rebate. Supply not out there to Quebec residents.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Earnings required | Private revenue of $60,000 or family revenue of $100,000 |
| Credit score rating | 725 or larger |
Finest journey bank cards in Canada
Gold: Scotiabank Gold American Specific
At a look: The Scotiabank Gold American Specific card is our choose for the best travel credit card in Canada—due to its aggressive earn charges, complete journey insurance coverage bundle and different helpful perks, like no foreign transaction fees. It’s probably the greatest factors bank cards in Canada.
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Scotiabank Gold American Specific
Annual charge: $120
Welcome provide: Earn as much as $780 in worth within the first 12 months, together with as much as 40,000 bonus Scene+ factors. Supply ends July 1, 2025.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Earnings required | $12,000 per 12 months |
| Credit score rating | 725 or larger |
| Level worth | 1 Scene+ level = $0.01 when redeemed for journey, retailer purchases and foods and drinks at Cineplex and Scene companions |
Professionals
- Among the best playing cards for factors on spending: Earn as much as 6 factors per $1 on groceries and 5 factors per $1 on eating, meals supply and leisure spending. That is among the many greatest reward charges for these classes in Canada. You’ll additionally earn 3 factors per $1 on gasoline and transit purchases.
- Redemption window: By the apply factors to journey possibility, you possibly can redeem your factors retroactively for as much as 12 months after you make a journey buy.
- Complete insurance coverage advantages: The cardboard provides strong journey insurance coverage protection, together with $1 million in medical journey insurance coverage, which is legitimate for as much as 25 days – one of many longest protection intervals out there.
- No overseas transaction charges: Take pleasure in financial savings on overseas foreign money transactions whereas travelling or procuring on-line, as this card waives the same old 2.5% overseas transaction charge.
Cons
- Mounted level redemption worth: Whereas the earn charges are excessive with this card, its factors are at all times valued at $0.01 and can’t be transferred to airline frequent flyer applications, not like another journey playing cards.
- No free lounge entry passes: This bank card doesn’t embrace free airport lounge entry or visits, however as an alternative a reduction on Precedence Go memberships for airport lounge entry (35% at press time).
- Restricted acceptance: American Specific is just not as extensively accepted in Canada in comparison with Visa and Mastercard, which can restrict its use in some locations. For instance, Loblaw-banner grocery shops don’t settle for Amex. And relying on the place you journey, Amex acceptance could also be much more restricted.
Silver: American Specific Cobalt
At a look: This rewards bank card provides a few of the highest earn charges on regularly used spending classes, which the corporate defines broadly. Redeeming your rewards is straightforward, and you may enhance the worth of your factors by utilizing them for journey and transferring them to different loyalty applications, like Aeroplan or Marriott Bonvoy.
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American Specific Cobalt
Annual charge: $156
Welcome provide: Earn 1,250 factors for every month you spend $750, as much as a most of 15,000 factors.
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Earnings required | None specified |
| Credit score rating | 725 or larger |
| Level worth | 1 Amex Membership Rewards level = $0.01 when redeemed with the Versatile Factors Journey Program, $0.015 on common with the Mounted Factors Journey Program, and as much as $0.02 with airline factors transfers |
Professionals
- Excessive factors earn charges: Among the highest rewards charges of any journey card in Canada, with 5 factors per greenback on groceries and eating.
- Versatile redemptions and level transfers: Redeem factors for any journey expense charged to your card at a flat price of 1 level for $0.01 in journey financial savings; switch them to a collaborating airline and/or lodge loyalty program (together with Aeroplan) at a 1:1 ratio, which may double the factors’ worth; or use the Mounted Factors Journey chart to discover a beneficial price with out worrying concerning the service or blackout dates.
- Complete insurance coverage: This card comes with a powerful listing of 10 kinds of insurance coverage, together with journey medical, automotive rental, lodge housebreaking, baggage and cellular machine protection and others.
- Unique entry: By the American Specific Entrance of the Line program, you get entry to presale and reserved tickets to concert events, theatre performances, film screenings, culinary occasions and extra.
Cons
- Restricted acceptance: American Specific playing cards should not as extensively accepted as Visa or Mastercard playing cards, particularly abroad. So, it might be price having one other card in your pockets devoted for worldwide journey.
- Reasonably excessive annual charge: The $156 annual charge (charged at $12.99 monthly) is larger than comparable premium bank cards. Many comparable playing cards have an annual charge of $120.
Finest airline bank card
Gold: TD Aeroplan Visa Infinite
At a look: If you happen to’re on the lookout for a high-earning price Aeroplan card with easy redemptions, be aware of our choose for greatest airline bank card. The TD Aeroplan Visa Infinite card comes with perks just like the $100 Nexus charge rebate and free checked luggage.
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TD Aeroplan Visa Infinite Card
Annual charge: $139 (waived first 12 months)
Welcome provide: Earn as much as $1,300 in worth, together with as much as 40,000 Aeroplan factors and no annual charge for the primary 12 months. Circumstances apply.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Earnings required | Private revenue of $60,000 or family revenue of $100,000 |
| Credit score rating | 680 or larger (beneficial) |
| Level worth | Aeroplan factors are price $0.02 on common |
Professionals
- Versatile redemptions: Use Aeroplan factors when reserving any Air Canada seats with out restrictions or blackout intervals. Plus, not like most airline loyalty applications, you possibly can redeem factors for flights with quite a few airways within the Star Alliance program, together with United Airways and Lufthansa.
- Nexus charge rebate: Get a rebate in your Nexus customs journey utility each 48 months ($100 worth).
- Aggressive insurance coverage bundle: Consists of emergency medical journey protection for longer than different bank cards; 21 days, or 4 days for these 65 and older.
- Double Aeroplan factors: Get double the Aeroplan factors when utilizing this card alongside along with your Aeroplan card at collaborating retailers, akin to Finest Purchase, Starbucks, LCBO and lots of, many extra.
Cons
- Complicated loyalty program: Aeroplan is a dynamic chart-based program, that means level values fluctuate primarily based on the place and once you’re flying, so it might not be the fitting program for these wanting a easy solution to redeem factors.
- Comparatively excessive annual charge: This card has barely larger annual charge in comparison with another playing cards on this class.
Finest lodge bank card in Canada
Gold: Marriott Bonvoy American Specific
At a look: With the flexibility to redeem for the whole lot from room upgrades to spa remedies, Marriott Bonvoy factors are helpful for frequent Canadian travellers. Plus, they’re transferrable to many airline applications. Extras, like free lodge stays and Amex advantages, make this a must-pack journey bank card on your subsequent journey.
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Marriott Bonvoy American Specific
Annual charge: $120
Welcome provide: earn 50,000 Marriott Bonvoy factors
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Earnings required | None specified |
| Credit score rating | 725 or larger |
| Level worth |
Steadily requested questions
Prime factors bank cards: How a lot a rewards factors is price
With constant rewards applications, the factors are price a set quantity and this doesn’t change. Listed below are the values of factors with constant rewards applications in Canada.
| Bank card supplier | Level worth |
|---|---|
| MBNA Rewards | 1 MBNA Rewards level is price $0.01 in eligible journey purchases, whereas brand-name merchandise, reward playing cards, money again and charitable donations are price $0.005 in redemption worth. Some purchases should be made via the MBNA web site. |
| Scene+ Points | 1 Scene+ level is price $0.01 in redemption worth for journey, purchases at affiliated grocery, liquor and drug shops, and foods and drinks at Cineplex and Scene companions. Factors are price barely much less when redeeming for film tickets, reward playing cards, assertion credit and a few merchandise. |
| American Express Membership Rewards factors | With the American Specific Versatile Factors Program, 1 level is price $0.01 in journey rewards. You can even switch your Amex factors to different journey rewards applications like Aeroplan at a 1:1 factors worth ratio, the place your factors may very well be price much more utilizing dynamic redemption applications. Membership rewards factors are price $0.04 to $0.07 in reward playing cards and merchandise via MembershipRewards.com, and $0.07 when used towards an announcement credit score. |
| TD Rewards | 1 TD Rewards level is price $0.005 in journey rewards booked by way of Expedia For TD, or $0.004 when booked via different journey suppliers and web sites. TD Factors are price barely much less on merchandise, assertion credit, purchases on Amazon.ca and reward playing cards. |
| BMO Rewards | 1 level is price $0.007 in journey rewards, whereas the redemption worth is barely decrease for merchandise and reward playing cards. The journey redemption worth is barely decrease for BMO Rewards, however with BMO, you’re not restricted to reserving via its web site or with sure airways. Some playing cards, just like the BMO Air Miles World Elite Mastercard, assist you to earn Air Miles as an alternative of factors, which might be redeemed for flights, merchandise, and extra, via the Air Miles portal. |
| PC Optimum | 1 level is price $0.001 at Loblaw-banner grocery shops, Buyers Drug Mart and Esso and Mobil gasoline stations. You may stack your earned Optimum factors to earn at larger charges with a PC Monetary bank card just like the PC Financial Mastercard. |
Are rewards bank cards price it in Canada?
Rewards bank cards could be a nice selection for Canadians seeking to earn factors or money again on on a regular basis purchases. For frequent travellers, a card with journey rewards can considerably scale back out-of-pocket journey prices, whereas a money again card can present a less complicated solution to get a proportion of spending again as money. Nevertheless, many rewards playing cards include annual charges and rates of interest that should be factored in to your rewards card determination.
A card that gives glorious journey rewards is perhaps much less interesting to a homebody. Rewards playing cards can also have complicated phrases and restrictions, akin to redemption limitations and class caps on rewards. For individuals who pay their stability in full every month and strategically use their card for frequent purchases, rewards playing cards are sometimes worthwhile. However for many who have a tendency to hold a stability, the price of curiosity can rapidly outweigh any rewards earned.
In the long run, rewards playing cards provide sturdy advantages for disciplined card holders who align the cardboard’s rewards with their life-style.
Professionals and cons of rewards bank cards
Earlier than making use of for a bank card with excessive rewards, contemplate the next execs and cons of utilizing rewards applications:
Professionals
- Earn rewards on on a regular basis purchases: Earn money again or loyalty factors that may be redeemed for journey, merchandise and reward playing cards. Many playing cards provide accelerated incomes on particular classes, akin to groceries, eating or journey, permitting you to strategically maximize your earnings.
- Helpful sign-up bonuses: Many rewards playing cards provide profitable bonuses and earn charges for assembly preliminary spending thresholds. These rewards might be price lots of of {dollars}.
- Extra perks: Premium rewards playing cards typically embrace perks, like travel insurance, airport lounge access, concierge providers and unique offers.
Cons
- Annual charges: Many rewards playing cards cost modest to important annual charges, lowering the general worth for low spenders.
- Greater rates of interest: Rewards playing cards typically have larger annual percentage rates (APRs), making them much less helpful for many who carry a stability.
- Complicated redemption guidelines: When redeeming for journey buy, you may encounter blackout dates, restrictions or fluctuating level values, making it tougher to redeem your factors at full worth.
- Temptation to overspend: The concept of incomes rewards may encourage you to spend past your means.
How to decide on the most effective rewards card
If you happen to’re procuring round for a brand new rewards bank card, chances are you’ll discover most boil down to 2 varieties: factors or money again. It is perhaps tempting to select the cardboard that offers you the most effective return, however it’s not at all times that easy to search out the most effective bank card for the most effective rewards in Canada. The place you store, how a lot you spend every month and the kind of rewards you like, these ought to all be a part of your determination for the most effective rewards bank card for you.
The case for money again rewards
If you happen to choose simplicity, cash-back playing cards are the way in which to go. The best cash back credit cards provide the highest return primarily based in your on a regular basis spending habits. They might even rank as the best rewards bank cards in Canada. Right here’s what to contemplate:
- Payouts: Relying on the bank card, money again could also be paid out month-to-month, quarterly or yearly and refunded within the type of an announcement credit score, direct deposit to your checking account or a cheque within the mail.
- Proportion earned: Money again bank cards provide mounted proportion on rewards primarily based how a lot you spend on the cardboard. Usually talking, money again playing cards with an annual charge will earn you a better base proportion, so it’s worthwhile to issue that in if you happen to’re evaluating it to a no-fee bank card.
- Multipliers: Some money again playing cards provide multipliers, that means you get a better proportion of money again in sure spending classes, akin to grocery shops, gasoline stations, drugstores and automatic funds for recurring payments.
The case for factors
As a substitute of incomes money, travel rewards credit cards internet factors that can be utilized to assert journey (flights, motels), reward playing cards, or merchandise. Rewards playing cards might be fairly profitable when you know the way to earn and redeem factors successfully, however there are a number of options to contemplate.
- Sort of rewards earned: Rewards bank cards are both linked to a selected model (like a journey airline or lodge), or offer you flexibility to journey on any service. If you happen to’re loyal to a selected retailer, it is sensible to select a co-branded card. If you happen to choose flexibility, then choose a card that offers you essentially the most choices.
- Signup bonus: Most rewards playing cards provide an enormous signup bonus to entice Canadians to use. Assuming you possibly can meet the minimal spending necessities, that bonus may very well be price a number of hundred {dollars}.
- Ease of redemption: Rewards are ineffective if you happen to don’t use them. Search for loyalty applications with out blackout dates. One other no-deal? Too many restrictions. Make certain you possibly can redeem your factors each time it’s handy for you.
- Worth of your factors: Know what your rewards (particularly factors or branded {dollars}) are literally price. For instance, if you happen to earn 1 level for each $1 spent, and it takes 100 factors so that you can declare $1 in rewards, your factors are price 1%. You probably have a co-branded flight or lodge bank card, decide what number of factors it takes to get your free seats or stays.
- Extra advantages: Apart from rewards, you’ll need to take a look at the extra perks. Many rewards playing cards provide the next customary advantages: complete journey insurance coverage bundle, auto rental insurance coverage and value safety.