Best Credit Card Welcome Offers for January 2021

A woman sits on the floor holding her credit card as she types the numbers into her computer

It’s a new year, and resolutions have just begun. It’s time to get smart about money and how you spend it! Using one of the best credit cards in Canada can ensure you earn the most rewards, enjoy the best perks, and access the finest shopping and travel insurance coverage.

An excellent welcome offer is a bonus. Earn additional points or cash back and boost your rewards balance. But you had better hurry! These promotions only run for a limited time, so before it’s too late, check out the best credit card welcome offers for this month.

Our top picks

Credit card

Welcome offer

Annual fee

American Express CobaltTM Card
  • Earn up to 45,000 bonus Membership Rewards® points

$10 per month

($120 per year)

BMO eclipse Visa Infinite* Card
  • Earn up to 40,000 bonus BMO Rewards points

$120 (Waived year 1)

SimplyCashTM Preferred Card from American Express

  • Earn 10% cash back in your first four months, up to $400 cash back

$99

MBNA Rewards Platinum Plus® Mastercard®
  • Earn up to 10,000 bonus MBNA Rewards Points

$0

BMO Rewards™ Mastercard®*
  • Earn 15,000 points and take advantage of the 1.99% interest rate on balance transfers

$0

TD Cash Back Visa Infinite* Card
  • Earn 6% cash back on purchases (up to $2,000 in purchases) for the first three months

  • Offer ends May 30, 2021

$120 (Rebated year 1)

American Express CobaltTM Card

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$300
+ Annual rewards
$1113
- Annual fee (First Year Rebated)
$156
Total first year value
$1257
American Express Cobalt® Credit Card

card image
Welcome bonus
$300
AMEX Rewards points
Annual rewards
$1113
AMEX Rewards points
Annual fees:
$156 ($12.99/month (Equals $155.88 annually) for non-Quebec residents. $150/year for Quebec residents.)
Interest rates:
21.99% on purchases • 21.99% on cash advances
2025 Winner – Best Overall Rewards Credit Card, Best Credit Card for Earning Travel Points and Best American Express Credit Card.
Particularly great for individuals who live in the city, eat out often or order in.
Details at a glance Collapse details
Welcome bonus
$300
Annual rewards
$1113
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$300
+ Annual rewards
$1113
- Annual fee (First Year Rebated)
$156
Total first year value
$1257
Annual fees:
$156 ($12.99/month (Equals $155.88 annually) for non-Quebec residents. $150/year for Quebec residents.)
Interest rates:
21.99% on purchases
21.99 on cash advances
2025 Winner – Best Overall Rewards Credit Card, Best Credit Card for Earning Travel Points and Best American Express Credit Card.
Particularly great for individuals who live in the city, eat out often or order in.
Details at a glance Collapse details

*Best of Finance Winner: Best Rewards Credit Card in Canada for 2020
*Best of Finance Winner: Best Credit Card for Young Professionals in Canada for 2020

Apply for the American Express CobaltTM Card and earn up to 45,000 bonus Membership Rewards® points in the first year. Get 2,500 Membership Rewards® points each month you make at least $500 in purchases on the card. Plus, for a limited time, earn 15,000 Membership Rewards® points when you spend at least $3,000 in purchases in the first three months of opening the account.

Regular features and benefits of this card include:

  • Monthly fee: $10 ($120 per year)
  • Annual fee for additional cards: $0
  • Earn five points per dollar you spend at eligible restaurants, bars, cafés, food delivery services and grocery stores.
  • Get two points per dollar you spend on eligible transit, gas, and travel purchases, including buses, taxis and rideshare services.
  • Receive one point per dollar you spend on all other everyday purchases.
  • Redeem the flexible Membership Rewards® for travel or statement credits.

This card also provides a full suite of travel and shopping coverage, as well as all that American Express Invites® has to offer. Access advanced ticket sales, exclusive experiences and special offers.

Offer expiry date: May 5, 2021

BMO eclipse Visa Infinite* Card

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$450
+ Annual rewards
$546
- Annual fee (First Year Waived)
$0
Total first year value
$996
BMO eclipse Visa Infinite* Card

card image
Welcome bonus
$450
BMO Rewards points
Annual rewards
$546
BMO Rewards points
Annual fees:
$120 (First Year Waived)
Interest rates:
21.99% on purchases • 23.99% on cash advances
2025 Winner – Best Card for Young Professionals
Designed for the lifestyle of the urban digital millennial
Details at a glance Collapse details
Welcome bonus
$450
Annual rewards
$546
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$450
+ Annual rewards
$546
- Annual fee (First Year Waived)
$0
Total first year value
$996
Annual fees:
$120 (First Year Waived)
Interest rates:
21.99% on purchases
23.99 on cash advances
2025 Winner – Best Card for Young Professionals
Designed for the lifestyle of the urban digital millennial
Details at a glance Collapse details

The BMO eclipse Visa Infinite* Card may be topping this list for some time yet. Cardholders can earn up to 40,000 bonus BMO Rewards points in the first year. Receive 25,000 BMO Rewards points when you make at least $3,000 in purchases in the first three months. Get an additional 15,000 points at your 12-month account anniversary. Also, BMO will waive the $120 annual fee for the first year.

Regular features and benefits of this card include:

  • Annual fee: $120
  • Annual fee for additional cards: $50
  • Earn five BMO Rewards points per dollar you spend on groceries, dining, gas, and transportation, up to $50,000 in purchases annually. After, earn one point per dollar you spend.
  • Earn one BMO Rewards point per dollar on all other everyday purchases.
  • Pay with points for as little as $1, or save up your balance for travel, merchandise and more.

The new BMO eclipse Visa Infinite* Card offers basic travel insurance, mobile device insurance, and it features a $50 lifestyle credit every year. Plus, earn 10% more rewards by adding an authorized user to the account.

Offer expiry date: October 31, 2021

SimplyCashTM Preferred Card from American Express

New cardholders of the SimplyCashTM Preferred Card from American Express can earn 10% cash back for the first four months, up to $4,000 in total purchases. That is $400 cash back.

Regular features and benefits of this card include:

  • Annual fee: $99
  • Annual fee for additional cards: $0
  • Get 2% cash back on everything you buy, with no limit to how much cash back you can earn.

Enjoy all that American Express Invites® provides, from advanced access, presale tickets, exclusive experiences and special offers only for cardholders. Plus, you can rely on this card for travel and shopping coverage.

Offer expiry date: N/A subject to change without notice

MBNA Rewards Platinum Plus® Mastercard®

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$205
+ Annual rewards
$340
- Annual fee
$0
Total first year value
$545
MBNA Rewards Platinum Plus® Mastercard®

card image
Welcome bonus
$205
MBNA Rewards points
Annual rewards
$340
MBNA Rewards points
Annual fees:
$0
Interest rates:
19.99% on purchases • 24.99% on cash advances
A top annual fee travel card
Details at a glance Collapse details
Welcome bonus
$205
Annual rewards
$340
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$205
+ Annual rewards
$340
- Annual fee
$0
Total first year value
$545
Annual fees:
$0
Interest rates:
19.99% on purchases
24.99 on cash advances
A top annual fee travel card
Details at a glance Collapse details

*Best of Finance Winner: Best No-Fee Credit Card in Canada for 2020

Apply for the MBNA Rewards Platinum Plus® Mastercard® to get double the points. Earn four points per dollar you spend on eligible gas, grocery, and restaurant purchases for the first 90 days of opening the account, up to the $5,000 annual spending cap in each category. Plus, earn up to 10,000 bonus points. Get 5,000 points when you spend at least $500 in eligible purchases in the first 90 days, and another 5,000 points when you sign up for paperless e-statements.

Regular features and benefits of this card include:

  • Annual fee: $0
  • Annual fee for additional cards: $0
  • This card has standard annual interest rates of 19.99% on purchases, 22.99% on balance transfers✪ and access cheques, and 24.99% on cash advances.
  • Earn two points per dollar you spend on eligible gas, grocery, and restaurant purchases, up to the $5,000 spending cap per category annually.
  • Earn one point per dollar you spend on all other eligible purchases.

This card offers basic shopping coverage, and cardholders can save with Avis Rent A Car and Budget Rent A Car across the U.S. and Canada.

This offer is not available for residents of Quebec. For residents of Quebec, please click here.

Offer expiry date: N/A subject to change without notice

BMO®* Rewards Mastercard®*

With the BMO®* Rewards Mastercard®*, you can earn 15,000 bonus points when you spend at least $1,000 in purchases in the first three months of opening the account. Plus, you can take advantage of the 1.99% introductory interest rate on balance transfers for the first nine months. A 1% balance transfer fee does apply.

Regular features and benefits of this card include:

  • Annual fee: $0
  • Annual fee for additional cards: $0
  • Earn one point per dollar everywhere you shop.

The BMO®* Rewards Mastercard®* offers flexible rewards redemption options. Cardholders can choose to Pay with Points for as little as $1 or redeem rewards for flights, hotels, merchandise, investment options and more. Plus, this card provides basic shopping coverage and optional add-ons like BMO Roadside Assistance.

Offer expiry date: October 31, 2021

TD Cash Back Visa Infinite* Card

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$284
+ Annual rewards
$504
- Annual fee (First Year Rebated)
$0
Total first year value
$788
TD Cash Back Visa Infinite* Card

card image
Welcome bonus
$284
TD Cash Back Dollars
Annual rewards
$504
TD Cash Back Dollars
Annual fees:
$139 (First Year Rebate)
Interest rates:
21.99% on purchases • 22.99% on cash advances
Cash back rewards will never expire
Includes complimentary travel perks and benefits
Details at a glance Collapse details
Welcome bonus
$284
Annual rewards
$504
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$284
+ Annual rewards
$504
- Annual fee (First Year Rebated)
$0
Total first year value
$788
Annual fees:
$139 (First Year Rebate)
Interest rates:
21.99% on purchases
22.99 on cash advances
Cash back rewards will never expire
Includes complimentary travel perks and benefits
Details at a glance Collapse details

*Best of Finance Winner: Best Cash Back Credit Card in Canada for 2020

Sign up for the TD Cash Back Visa Infinite* Card to earn 6% cash back everywhere you shop for the first three months, up to $2,000 in total purchases. Plus, TD will rebate the annual fee for the primary and additional cardholders for the first year.

Regular features and benefits of this card include:

  • Annual fee: $120
  • Annual fee for additional cards: $50
  • Earn 3% cash back on eligible grocery and gas purchases, as well as recurring bill payments.
  • Earn 1% cash back on all other purchases.

This card’s other great benefits include a Deluxe TD Auto Club Membership, travel insurance, and complimentary Visa Infinite Concierge services.

This offer is not available for residents of Quebec. For Quebec residents, please click here.

Offer expiry date: May 30, 2021

Rates, product information, and rewards 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, January 8, 2021.

Hayley Osmond

Hayley Osmond, Freelance writer

Hayley Osmond is an editor and writer in the personal finance space, where she uses her eight years of media and marketing experience to bring content to life. She specializes in money products, including mortgages, home and auto insurance, and credit cards. Hayley holds a Broadcast Journalism diploma from Sheridan College and was awarded the Shaw Media Journalism and Media Award for graduating at the top of her class. Her work has appeared in Global News and diverse digital corporate training materials behind the scenes.

Hayley is passionate about making complex subjects, such as home buying and financial literacy, concise and intriguing. Her work has garnered media coverage from The Globe and Mail, blogTO, Yahoo! News, and CityNews 680 and has been syndicated across other publications.

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