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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.
| First year value* | Annual fee | Winner | |
|---|---|---|---|
| $1,874 | $156 ($12.99 per month) | American Express Cobalt™ Credit Card | |
| $1,244 | $120 (First year waived) | Scotiabank®* Gold American Express® Card | |
| $476 | $0 | President’s Choice Financial® World Elite Mastercard® | |
| $1,874 | $156 ($12.99 per month) | American Express Cobalt™ Credit Card |
*The RATESDOTCA Best of Finance methodology assumes the cardholder spends an average of $2,000 a month on their card to determine the first-year value. The calculation includes all welcome bonuses and promotional offers at the time of publishing.
Most credit cards can be rewarding, offering cardholders travel points, cash back or low interest rates for making day-to-day purchases. However, some rewards programs stand out in the crowd with countless redemption options and more ways for cardholders to save money.
Our top picks feature flexible reward programs available to help cardholders maximize the value of their daily spending. Additionally, extra perks and benefits provide users with access to comprehensive travel insurance coverage, exclusive deals and, most importantly, high earn rates for everyday purchases like gas and groceries.
We compared the leading rewards credit cards using our Best of Finance methodology and ranked the cards with the highest first-year value, the most flexible rewards and robust benefits.
| First year value* | Annual fee | Top features | |
|---|---|---|---|
|
1. American Express CobaltTM Credit Card - WINNER |
$1,874 | $156 ($12.99 per month) | Flexible Membership Rewards® program + travel insurance |
|
2. Scotiabank®* Gold American Express® Card - Runner-up |
$1,244 | $120 (First year waived) | Flexible Scotia Rewards program + no foreign transaction fees + travel insurance |
|
3. CIBC Aventura® Visa InfiniteTM Card - Runner-up |
$1,536 | $120 (First year rebated) | Priority Pass Membership with four free lounge passes annually + NEXUS application fee rebate + travel insurance |
|
4. BMO eclipse Visa Infinite Privilege* Card - Runner-up |
$686 | $499 | Earn 25% more rewards with an authorized user + get a $200 annual lifestyle credit + travel insurance |
|
5. TD® Aeroplan® Visa Infinite* Card - Runner-up |
$1,420 | $139 (First year rebated) | Air Canada benefits + mobile device insurance + travel insurance |
The American Express CobaltTM Credit Card is one of the most rewarding cards on the market, and it has a unique feature: a monthly fee. Cardholders pay a budget-friendly $12.99 a month to access top-tier rewards and exclusive offers.
Earn five points for every $1 spent on eligible restaurant, grocery and food delivery purchases in Canada. Get three points for every $1 spent on eligible streaming subscriptions. Earn two points for every $1 spent on eligible travel and transit purchases and get one point for every $1 spent on all other purchases. Cardholders should notice their reward balance growing steadily from their usual everyday purchases.
According to our Best of Finance methodology, the average Canadian would earn a staggering $1,874 in rewards in the first year.
Want to learn more about how the American Express CobaltTM Credit Card stands up against the competition? Read more from our "In the Ring" series:
In the Ring: American Express Cobalt Credit Card vs. Scotiabank Gold American Express Card
The Scotiabank®* Gold American Express® Card offers similar accelerated rewards categories to the American Express CobaltTM Credit Card, with a few rare features of its own. Earn five Scotia Rewards points for every $1 spent on grocery, restaurant, food delivery, food subscription and entertainment purchases. Get three Scotia Rewards points for every $1 spent on gas, daily transit and streaming services, and one Scotia Rewards point for every $1 spent everywhere else.
This card also features excellent travel benefits. Get the Best Price Guarantee on airfare through the Scotia Rewards Travel Service. Access a full line of travel insurance coverage. Plus, pay no foreign transaction fees, usually around 2.5% of foreign currency purchases. Only the exchange rate applies.
According to our Best of Finance methodology, the average Canadian would earn around $1,244 in rewards in the first year.
Annual fee:
$120
Limited time offer/bonus:
Offer expiry date: November 21, 2021
Rewards:
For a limited time, new cardholders of the CIBC Aventura® Visa InfiniteTM Card can earn 35,000 Aventura Points, a travel value of up to $800. Cardholders regularly earn two points for every $1 spent on travel purchased through the CIBC Rewards Centre, 1.5 points for every $1 spent at eligible gas stations, grocery stores and drugstores, and one point for every $1 spent everywhere else.
Cardholders also get a complimentary Priority Pass Membership with four free lounge passes annually, a NEXUS application fee rebate every four years and a comprehensive list of travel insurance.
According to our Best of Finance methodology, the average Canadian would earn around $1,536 in rewards in the first year.
Annual fee:
$139
Limited time offer/bonus:
Offer expiry date: N/A subject to change without notice
Rewards:
The BMO eclipse Visa Infinite Privilege* Card is a relatively new card with a release date of late 2020. However, it came on the scene with fresh features, unlike any other card currently on the market. Cardholders get a $200 annual lifestyle credit to spend however they want.
Plus, they can earn 25% more rewards with an authorized user. Cardholders regularly earn five points for every $1 spent on groceries, dining, drugstore, gas, and travel purchases and one point for every $1 spent everywhere else — or 6.25 points for every $1 in the accelerated categories and 1.25 points for every $1 spent on all other purchases with an additional cardholder.
This card also features travel insurance, mobile device insurance, shopping coverage and exclusive Visa Infinite benefits.
According to our Best of Finance methodology, the average Canadian would earn around $686 in the first year, despite the $499 annual fee.
Annual fee:
$499
Limited time offer/bonus:
Offer expiry date: October 31, 2021
Rewards:
The TD® Aeroplan® Visa Infinite* Card is part of the revamped Aeroplan program launched in November 2020. This card has the best of Aeroplan, Air Canada Benefits, and Visa Infinite, exclusive upgrades and offers. Cardholders and their travelling companions can save on baggage fees when flying with Air Canada. But that isn’t the only shared benefit. Additional cardholders can also get a NEXUS application fee rebate when they enroll in the service.
This card also features travel insurance, mobile device insurance and shopping coverage.
According to our Best of Finance methodology, the average Canadian would earn roughly $1,420 in rewards in the first year.
Annual fee:
$139
Limited time offer/bonus:
Terms and Conditions:
This offer is not available for residents of Quebec. For Quebec residents, please click here.
Offer expiry date: December 5, 2021
Rewards:
Life has certainly changed a lot since March 2020, and most likely, your spending habits have as well. You may be adding items to your cart from the comfort of your couch instead of in-store and ordering more food straight to your doorstep. But what you may not realize is that it can take a toll on your reward balance.
These small lifestyle changes may decrease the number of rewards or cash back you would otherwise see in your wallet. Luckily, our top picks reward cardholders for their takeout and delivery purchases and offer some great perks for staying at home.
We compared the best credit cards for delivery and takeout purchases using our Best of Finance methodology and ranked the cards that provided the highest first-year value.
| First year value* | Annual fee | Top features | |
|---|---|---|---|
|
1. Scotiabank®* Gold American Express® Card - WINNER |
$1,244 | $120 (First year waived) | Earn five Scotia Rewards points for every $1 spent on fast food, food delivery and food subscriptions + earn three Scotia Rewards points for every $1 spent on eligible subscription purchases like Netflix |
|
2. BMO eclipse Visa Infinite* Card - Runner-up |
$862 | $120 (First year waived) | Earn five points for every $1 spent on dining in or dining out |
|
3. The Platinum Card® - Runner-up |
$783 | $699 | Earn three points for every $1 spent on eligible dining and takeout purchases |
The Scotiabank®* Gold American Express® Card rewards cardholders for their everyday purchases, from takeout and delivery to streaming services. Get five Scotia Rewards points for every $1 spent on eligible grocery, fast food, food subscription and entertainment purchases. Earn three Scotia Rewards points for every $1 spent on gas, transit and select streaming services, like Netflix. Get one Scotia Rewards point for every $1 spent on all other purchases.
Rack up rewards quickly and redeem them for thousands of options, including travel, merchandise, gift cards and statement credits. Plus, pay no foreign transaction fees on purchases made abroad or online in foreign currency. Only the exchange rate applies.
According to our Best of Finance methodology, the average Canadian would earn around $1,244 in rewards in the first year.
Want to learn more about how the Scotiabank®* Gold American Express® Card stands up against the competition? Read more from our "In the Ring" series:
In the Ring: American Express Cobalt Credit Card vs. Scotiabank Gold American Express Card
The BMO eclipse Visa Infinite* Card offers cardholders five points for every $1 spent on groceries, gas, dining in or out and transit. Earn one point for every $1 spent on all other purchases. Plus, get a $50 annual lifestyle credit to use however you want.
Cardholders can earn 10% more with an authorized user. That is 5.5 points for every $1 spent in the accelerated categories and 1.1 points for every $1 spent elsewhere.
This card also features basic shopping coverage and mobile device insurance.
According to our Best of Finance methodology, the average Canadian would earn around $862 in rewards in the first year.
Annual fee:
$120
Limited time offer/bonus:
Offer expiry date: October 31, 2021
Rewards:
The Platinum Card® offers three points for every $1 spent on eligible dining and takeout purchases in Canada. Get two points for every $1 spent on eligible travel and one point for every $1 spent elsewhere.
While this card has a steep annual fee, it offers some of the best luxury travel perks. Get a $200 annual travel credit to use toward any single travel booking of $200 or more through American Express Travel Online or Platinum® Card Travel Service. Also, access several luxury perks like the Pearson Priority Security Lane during peak times, courtesy valet services and complimentary daily breakfast for two at over 1,100 properties worldwide.
This card is a charge card. While there is no pre-set spending limit, the balance must be paid in full each month, or a 30% annual interest rate applies.
According to our Best of Finance methodology, the average Canadian would earn around $783 in rewards in the first year.
Annual fee:
$699
Limited time offer/bonus:
Offer expiry date: N/A subject to change without notice
Rewards:
The right credit card can benefit the entire family. Whether it’s earning groceries at your favourite store or redeeming rewards for streaming services, top credit cards can save you money where you least expect it.
We compared the leading credit cards for grocery and gas purchases using our Best of Finance methodology and ranked the cards that provided the highest first-year value.
However, we felt that the President’s Choice Financial® World Elite Mastercard® was the best credit card for families — despite not having the top value. Sometimes, there are other, more important, characteristics that make a credit card great.
This card has no annual fee, free supplementary cards and offers families the ability to combine their PC Optimum points into a household pool through the loyalty program. Families can earn and spend their rewards together.
| First year value* | Annual fee | Top features | |
|---|---|---|---|
| $476 | $0 | Free additional cards + combine points with family | |
|
2. Scotiabank®* Gold American Express® Card - Runner-up |
$1,244 | $120 (First year waived) | Flexible Scotia Rewards program + pay no foreign transaction fees |
|
3. BMO CashBack World Elite* Mastercard* - Runner-up |
$745 | $120 | Cash back + roadside assistance |
Cardholders of the President’s Choice Financial® World Elite Mastercard® can earn points on their grocery purchases at President’s Choice banner brands including, Loblaws, No Frills, Real Canadian Superstore and Zehrs, as well as their drugstore purchases at Shoppers Drug Mart. Earn at least 30 points per litre at Esso and Mobil gas stations.
Cardholders also have two ways to earn rewards faster. The first is to present their PC Optimum card at the checkout and double dip on points. The second is by creating a “household” within the PC Optimum app and pooling points to earn and redeem rewards as a family.
According to our Best of Finance methodology, the average Canadian would earn around $476 in rewards in the first year.
The Scotiabank®* Gold American Express® Card offers plenty of rewards and benefits, perfect for any family. Get rewarded for meal kits like HelloFresh and Chefs Plate or streaming services like Netflix.
Earn five Scotia Rewards points for every $1 spent on grocery, fast food, food delivery, food subscription and entertainment purchases. Earn three Scotia Rewards points for every $1 spent on gas, transit purchases and select streaming services. Get one Scotia Rewards point for all other purchases.
This card also features travel insurance and no foreign transaction fees — fantastic perks for a family vacation.
According to our Best of Finance methodology, the average Canadian would earn around $1,244 in rewards in the first year.
Annual fee:
$120
Limited time offer/bonus:
Offer expiry date: November 21, 2021
Rewards:
The recently revamped BMO CashBack World Elite* Mastercard* offers a fantastic cash back rate for some of life’s most essential purchases. Earn 5% cash back on groceries; 4% back on ground transportation, including rideshare services; 3% back on gas, including electric vehicle charging; 2% back on recurring bill payments, and 1% back on all other purchases.
This card also features roadside assistance, shopping coverage and travel perks.
According to our Best of Finance methodology, the average Canadian would earn around $745 in rewards in the first year.
Annual fee:
$120
Limited time offer/bonus:
Offer expiry date: October 31, 2021
Rewards:
Often, young professionals are tech-savvy, ambitious individuals looking to make their mark on the world — working hard during the day and spending as much time as they can with friends in the evenings (albeit virtually these days).
Our top picks reward cardholders who are trying to do it all. Earn cash back or rewards for everyday purchases like trips to the store, rideshares to meetings and interviews, takeout and even binge-watching movies or TV shows on Netflix.
We compared the best credit cards for dining, entertainment and transportation using our Best of Finance methodology and ranked the cards that provided the highest first-year value.
| First year value* | Annual fee | Top features | |
|---|---|---|---|
|
1. American Express CobaltTM Credit Card - WINNER |
$1,874 | $156 ($12.99 per month) | Flexible Membership Rewards® program + travel insurance + exclusive perks |
|
2. BMO eclipse Visa Infinite* Card - Runner-up |
$862 | $120 (First year waived) | BMO Rewards + mobile device insurance + $50 annual lifestyle credit |
|
3. Scotia Momentum® Visa Infinite* Card - Runner-up |
$717 | $120 (First year waived) | Cash back + travel insurance + mobile device insurance |
The American Express CobaltTM Credit Card rewards cardholders for their busy lifestyles. Get five points for every $1 spent on restaurant and food delivery purchases in Canada. Earn three points for every $1 spent on eligible streaming subscriptions. Get two points for every $1 spent on eligible travel and transit, including rideshare services. Earn one point for every $1 spent on all other purchases.
Members can access Cobalt Perks and American Express® Experiences for exclusive offers, presale tickets and curated events.
According to our Best of Finance methodology, the average Canadian would earn around $1,874 in rewards in the first year.
Want to learn more about how the American Express CobaltTM Credit Card stands up against the competition? Read more from our "In the Ring" series:
In the Ring: American Express Cobalt Credit Card vs. Scotiabank Gold American Express Card
Cardholders of the BMO eclipse Visa Infinite* Card earn five points for every $1 spent on groceries, gas, transit and dining purchases. Get one point for every $1 spent everywhere else. Plus, earn 10% more rewards with an authorized user — that’s 5.5 points for purchases like gas and groceries and 1.1 points on all other purchases.
Cardholders also get a $50 annual lifestyle credit to use however they like.
According to our Best of Finance methodology, the average Canadian would earn around $862 in rewards in the first year.
Annual fee:
$120
Limited time offer/bonus:
Offer expiry date: October 31, 2021
Rewards:
The Scotia Momentum® Visa Infinite* Card rewards cardholders for their everyday purchases, like groceries, streaming services and Uber rides. Get 4% cash back for every $1 spent on grocery purchases, recurring bill payments and subscriptions; earn 2% cash back for gas and daily transit purchases, including buses and taxis; get 1% back on all other purchases.
According to our Best of Finance methodology, the average Canadian would earn around $717 cash back in the first year.
Annual fee:
$120
Limited time offer/bonus:
Offer expiry date: November 21, 2021
Rewards:
*Rates, product information, and reward estimates are subject to change at any time and do not constitute financial advice. This post was not sponsored. The views and opinions expressed in this review are purely those of RATESDOTCA. Information in this article is accurate as of the date of this posting, May 18, 2021. Read our full disclaimer.
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 |
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| Cons |
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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.
RATESDOTCA may receive compensation when you click on links to those products or services. however, our content and calculations are objective and free from bias. The opinions expressed are purely those of RATESDOTCA; thus, partners are not responsible for any editorials or reviews that may appear. For current term and conditions on any advertiser or partner’s product, please visit their website.
