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Looking to get more out of your credit card? Rewards credit cards help you earn back valuable cash rewards, point rewards, travel rewards, or a combination on every purchase you make through your credit card. Find out which of these credit card rewards match your lifestyle and compare the best Canadian rewards credit cards on RATESDOTCA.
See the best Canadian rewards credit cards and find the perfect fit for your lifestyle.
|
Card |
Annual fee |
First year value |
|
$120 |
$1,822 |
|
|
$110 |
$1,024 |
|
|
$139 |
$389 |
|
|
$139 |
$850 |
|
|
$0 |
$510 |
|
|
$25 |
$269 |
|
|
$0 |
$476 |
Apply for the American Express Cobalt Card and earn 2,500 Membership Rewards® points each billing period you spend at least $500 in the first 12 months. Plus, when you apply by May 5, 2021, you can earn 15,000 Membership Rewards® points when you spend at least $3,000 in the first three months of opening the account. At the end of the year, you could have 45,000 extra points to spend on nearly anything you like.
Redeem points for travel, merchandise or your card purchases for endless options and flexibility. This card treats members for each aspect of an on-the-go lifestyle, from hailing a taxi to grabbing a drink with friends.
According to our Best of Finance methodology, the average Canadian will see $1,822 in Membership Rewards® points within the first year.
Credit score requirement for approval:
Fair: You have had a credit card or loan for one or more years. For the last two years or more, you’ve paid back debts to creditors with no defaults. You haven’t missed more than two payments on your credit in the last three months.
Monthly fee:
$10
($120 per year)
Limited time offer/bonus:
Offer expiry date: May 5, 2021
Rewards:
Earning potential:
How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.
Rewards earned over a 12-month period = 111,000 Membership Rewards® points
Monetary value= $1,942.50
Annual fee = $120
Total earned over the first year (rewards minus annual fee) = $1,822.50
*The annual fee, in this case, is the total of 12 monthly fees at a rate of $10 per month.
You can redeem your points for:
Insurance:
Other perks:
Apply for the Scotiabank Gold American Express® Card and earn 30,000 bonus Scotia Rewards points when you spend at least $1,000 within the first three months. Get an additional 10,000 Scotia Rewards point when you spend at least $7,500 in everyday eligible purchases in your first year. Enjoy no foreign transaction fees on purchases made abroad or online at foreign merchants and various travel insurance coverages.
According to our Best of Finance methodology, the average Canadian will see $1024 in Scotia Rewards points in the first year.
Credit score requirement for approval:
Good: You’ve had a credit card or loan for at least six years. You’ve had good credit for the last seven years (no bankruptcies or defaults on credit as a result of failing to pay debts back to creditors). You haven’t opened a new credit card account, loan, or line of credit in the last nine months. You’ve made the minimum payments on any existing credit cards for the past three months.
Annual fee:
$120
Each supplementary card has an annual fee of $29.
Limited time offer/bonus:
Offer expiry date: August 31, 2021
Rewards:
You can redeem your points for:
Insurance:
Other perks:
For a limited time, the Scotiabank Passport Visa Infinite* Card is offering new cardmembers 30,000 bonus Scotia Rewards points when they spend at least $1,000 in the first three months. Plus, earn 10,000 bonus Scotia Rewards points when you spend $40,000 annually.
Enjoy six free lounge visits per year with the complimentary Priority PassTM membership. Cardholders can also enjoy no foreign transaction fees and a wide selection of travel insurance coverage.
According to our Best of Finance methodology, the average Canadian will see $389 in Scotia Rewards points in the first year.
Credit score requirement for approval:
Excellent: You’ve had a credit card or loan for at least 10 years. You’ve had good credit for the last seven years (no bankruptcies or no defaults on credit as a result of failing to pay debts back to creditors). You haven’t opened a new credit card account, loan, or line of credit in the last nine months. You’ve made the minimum payments on your existing credit cards for the past six months.
Annual fee:
$139
The first supplementary card is free. Each additional card has a $50 annual fee.
Limited time offer/bonus:
Offer expiry date: August 31, 2021
Rewards:
You can redeem your points for:
Insurance:
Other perks:
Apply for the TD® Aeroplan® Visa Infinite* Credit Card and earn 20,000 bonus Aeroplan Points and a Bonus Buddy Pass. Get 10,000 Aeroplan points when you make your first purchase within the first three months of opening the account. Receive an Air Canada Buddy Pass when you spend at least $1,000 in the first 90 days. Plus, TD will rebate the annual fee for both the primary cardholder and one authorized user for the first year.
Enjoy Air Canada benefits, including your first checked bag for free, a NEXUS application fee rebate and access to enhanced travel insurance coverage.
According to our Best of Finance methodology, the average Canadian will see $962 in Aeroplan points in the first year.
Credit score requirement for approval:
Good: You’ve had a credit card or loan for at least six years. You’ve had good credit for the last seven years (no bankruptcies or defaults on credit as a result of failing to pay debts back to creditors). You haven’t opened a new credit card account, loan, or line of credit in the last nine months. You’ve made the minimum payments on any existing credit cards for the past three months.
Annual fee:
$139
Supplementary cards have a $75 annual fee.
Limited time offer/bonus:
Offer expiry date: May 30, 2021
Rewards:
Double-dip on rewards when you present your Aeroplan Membership Card at participating retailers.
Earning potential:
How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.
Rewards earned over a 12-month period = 38,500 Aeroplan points
Monetary value= $962
Annual fee = $0
Total earned over the first year (rewards minus annual fee) = $962
*The $139 annual fee is rebated for the first year.
You can redeem your points for:
Insurance:
Other perks:
The HSBC +Rewards™ Mastercard® offers cardholders an annual interest rate of 11.9% on purchases, balances transfers and cash advances for a low annual fee of $25 per year. Not only that, but this card also offers HSBC Rewards points and price protection. For a limited time, cardholders can earn 30,000 bonus points make their first purchase within the first three months of opening the account.
According to our Best of Finance methodology, the average Canadian will see $269 in HSBC Rewards points within the first year.
Credit score requirement for approval:
Fair: You’ve had a credit card or loan for one or more years. For the last two years, you’ve paid back debts to creditors (with no defaults). You haven’t missed more than two payments on your credit in the last three months.
Annual fee:
$25
Supplementary cards have an annual fee of $10.
Offer expiry date: March 29, 2021
Rewards:
Earning potential:
How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.
Rewards earned over a 12-month period = 30,000
Monetary value= $269
Annual fee = $0
Total earned over the first year (rewards minus annual fee) = $269
*The primary cardholder receives a rebate for the $25 annual fee for the first year.
First-year savings:
We compared a credit card with a $2,000 balance and a standard interest rate of 19.99% to the HSBC +Rewards Mastercard with an interest rate of 11.90%. The average Canadian could save roughly $161.80 in interest charges with this low-interest credit card.
Credit card balance = $2,000
19.99% interest rate = $399.80
11.90% interest rate = $238.00
First-year savings (what you would be paying on a standard credit card – what you would be paying on a low-interest credit card) = $161.80
*The annual fee is accounted for in the rewards calculation.
You can redeem your points for:
Insurance:
Other perks:
Apply for the MBNA Rewards Platinum Plus® Mastercard® and get four times the MBNA Rewards points per dollar you spend on gas, groceries and restaurant purchases for the first 90 days, up to the $5,000 annual spending cap in each of in these categories.
Plus, earn 5,000 bonus points when you make at least $500 in eligible purchases within the first 90 days. Get another 5,000 bonus points when you sign up for paperless e-statements within the same period. Redeem your rewards through the MBNA Rewards Catalogue for travel, merchandise and more.
According to our Best of Finance methodology, the average Canadian will see $510 in MBNA Rewards points within the first year.
Credit score requirement for approval:
Good: You’ve had a credit card or loan for at least six years. You’ve had good credit for the last seven years (no bankruptcies or defaults on credit as a result of failing to pay debts back to creditors). You haven’t opened a new credit card account, loan, or line of credit in the last nine months. You’ve made the minimum payments on any existing credit cards for the past three months.
Annual fee:
$0
Limited time offer/bonus:
Offer expiry date: N/A subject to change without notice
Rewards:
Earning potential:
How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.
Rewards earned over a 12-month period = 51,000 MBNA Rewards points
Monetary value= $510
Annual fee = $0
Total earned over the first year (rewards minus annual fee) = $510
You can redeem your points for:
Insurance:
Other perks:
The President’s Choice Financial® World Elite Mastercard® is offering new cardholders 20,000 bonus PC Optimum points when they make their first purchase using the card. Not only will this card earn free groceries, but you can also earn rewards faster as a household. PC Optimum points are easy to redeem, and you only need a $10 value before you can cash in on free products and groceries. Plus, you can double-dip on points when you use your loyalty program card at the check-out.
According to our Best of Finance methodology, the average Canadian will see $476 in PC Optimum points within the first year.
Credit score requirement for approval:
Fair: You have had a credit card or loan for one or more years. For the last two years or more, you’ve paid back debts to creditors with no defaults. You haven’t missed more than two payments on your credit in the last three months.
Annual fee:
$0
Limited time offer/bonus:
Offer expiry date: December 31, 2020
Rewards:
Earning potential:
How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.
Rewards earned over a 12-month period = 476,000 PC Optimum points
Monetary value= $476
Annual fee = $0
Total earned over the first year (rewards minus annual fee) = $476
You can redeem your points for:
Start to redeem your rewards as soon as you collect 10,000 PC Optimum points, which is a $10 value.
Redeem points at Loblaw banner stores, including Loblaws, No Frills, Real Canadian Superstore, Valu-Mart, Zehrs, Independent, Fortinos, and Wholesale Club, as well as Shoppers Drug Mart locations.
Redeem points online through:
Insurance:
Other perks:
*Rates, product information, and rewards estimates are subject to change at any time and do not constitute financial advice.
Both cashback and rewards/travel points have benefits. This table breaks down some of the pros and cons for both types of cards.
| Rewards Type | Cashback | Rewards/ Travel points |
|---|---|---|
| Pros |
|
|
| Cons |
|
|
Each rewards credit card comes with a unique rewards program. Depending on the card, the rewards points can be redeemed for travel rewards, instant cashback, gift cards and much more. The type of rewards credit card you choose greatly depends on the kind of rewards you want to ultimately redeem for.
Here are the most popular credit card rewards and perks:
In addition to rewards, you can also enjoy a variety of perks from most rewards credit cards.
Tip: You can also use a combination of rewards credit cards to take advantage of multiple rewards programs. For example, you can use a bonus cashback card and a travel rewards card to save money and at the same time earn travel rewards for your trips. This strategy will help you maximize your annual credit card rewards and perks.
Trying to figure out which rewards will work for you? These common questions about rewards credit cards can help you decide.
When choosing a rewards credit card, remember to look for rewards and perks that complement your lifestyle. There are many different types of rewards cards. Some offer travel rewards, while others cater to cashback, retail discounts, gift cards and much more. Look for cards that have rewards and ways to earn that better suit your financial and lifestyle goals.
Two things to consider when choosing a rewards card
1) How will I earn points/cash back (Or what / where do I spend money): Cards have different earn rates on different spend categories – get a card with a high rate on the thing you buy the most (if you are a big family, maybe this is groceries – if you are a young urbanite, maybe this is entertainment)
2) What do I want to spend (redeem) my points on: Some credit card users want cash back or statement credits because it’s the most flexible. However, cards that offer only cashback usually have lower reward rates than say their travel point counterparts. Even if the card has a flexible points rewards option (you can redeem earned points for cashback or travel) it is common for the redemption value of cash reward to be less than if the points were redeemed on travel.
To be eligible for most rewards credit cards, you must have good to excellent credit. If you need to work on your credit score, opting for a low interest credit card or a no-fee credit card can help you get there.
Rewards credit cards typically come with an annual fee ranging anywhere from $100-$200. Some credit card companies waive the first year fee. Choose your rewards card strategically so the advantages outweigh the annual fee.
Most rewards credit cards come with an annual fee due to the high-value benefits that come with the card. When choosing a rewards program, pick one that will help you get the most out of your credit card. For example, say you choose a cashback rewards credit card that has an annual fee of $100, comes with a 2% instant cashback on groceries and gas purchases, and 0.5% on other purchases. If you spend an average of $900 a month on groceries and gas alone, you’ll earn at least $216 in cashback by the end of the year, which offsets the annual credit card fee.
Similarly, most travel rewards credit cards come with bonuses. For example, say you choose a travel rewards card that comes with a welcome bonus of 2,000 Air Miles and a promise of an additional 4,000 Air Miles when you spend more than $10,000 in the next six months. You also can earn one Air Mile for every $10 spent. This offers you the potential to earn more than 6,000 Air Miles within six months of holding the card. These Air Miles are worth a few or more domestic trips, helping you save up on travel costs.
Looking for great offers on rewards credit cards? Check out the latest offers on credit cards.
