If you live for homemade lasagna, your grandma’s signature recipes, the pie from that place around the corner, or know where to get the best eats for any time of day or location, then you are a foodie. But, with the rising cost of produce and other nutrients, you may want to find a way to save some dough this year.
According to Canada’s Food Price Report 2021, the average Canadian family will spend $13,907 on food in 2021 (grocery store and restaurant purchases). That number is nearly $695 more than last year, which could mean compromising on the quality or quantity of your food purchases.
Luckily, several credit cards reward shoppers for buying food and can even earn free groceries, tasty treats, or money-back.
Here are the five best credit cards for grocery shopping or dining:
*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.
Apply for the American Express CobaltTM Credit Card to earn up to 15,000 bonus points in the first year. Use your rewards toward purchases at grocery stores, restaurants, coffee shops, and more.
Not only that, but this card is also a powerful everyday earner. Collect five times the points on eats, drinks, and groceries; two times the points on travel, transit, and gas; earn one point for every dollar spent everywhere else.
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:
$155.88 ($12.99 per month)
Additional cardholders: $0
Limited time offer/bonus:
Offer expiry date: N/A - Ongoing offer.
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 = 80,971 Membership Rewards® points
Monetary value= $1,417
Annual fee = $155.88
Total earned over the first year (rewards minus annual fee) = $1,361
You can redeem your points for:
Insurance:
Other perks:
Whether you dine in or dine out, the Scotiabank®* Gold American Express® Card can net plenty of rewards. Plus, cardholders are eligible for up to 40,000 bonus Scotia Rewards points in the first year. That is a $400 value.
According to our Best of Finance methodology, this card could put an extra $1,024 in your pocket, making it a well-rounded earner.
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 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 my existing credit cards for the past three months.
Annual fee:
$120
Annual fee for additional cards: $29
Limited time offer/bonus:
Offer expiry date: August 31, 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 = 114,400 Scotia Rewards points
Monetary value= $1,144
Annual fee = $120
Total earned over the first year (rewards minus annual fee) = $1,024
You can redeem your points for:
Insurance:
Other perks:
Similar Visa alternative:
The Scotia Momentum® Visa Infinite* Card also has a $120 annual fee. While the rewards potential is lower, you can earn 4% cash back on groceries and subscription purchases, including eligible meal delivery boxes.
The President’s Choice Financial® Mastercard® is a leading grocery credit card on the market. Cardholders can earn rewards through their credit card purchases as well as the associated PC Optimum program.
PC Optimum members have access to exclusive offers through the app tailored to the user’s spending habits. Consumers who routinely shop at Presidents Choice Financial stores and participating retailers can earn extra rewards by loading their offers or shopping online at eligible sites like PC Express.
Related read: 3 Easy-to-Use Apps That Can Save You Money on Groceries in Canada
PC Express allows shoppers to buy their groceries online and either pick them up at their closest location or have them delivered. This means cardmembers can earn rewards by running their basic errands at the supermarket or home — amounting to free groceries!
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 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 my existing credit cards for the past three months.
Annual fee:
$0
Annual fee for additional cards: $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 = 320,000 PC Optimum points
Monetary value= $320
Annual fee = $0
Total earned over the first year (rewards minus annual fee) = $320
*Assuming all groceries are purchased at PC Financial stores, all pharmacy products are purchased at Shoppers Drug Mart, private transportation is through PC Travel, and gas is purchased through Esso Mobil.
You can redeem your points for:
You can cash in your points as soon as you have 10,000 ($10 monetary value) for:
Insurance:
Other perks:
Similar options:
For those looking for a similar, albeit more powerful option, the PC Financial World Mastercard® and the PC Financial World Elite Mastercard® offer two to three times the earning potential. However, they have higher income requirements for approval.
Apply for the Tangerine World Mastercard® to earn 2% cash back in up to three categories of your choice. Earn 0.5% back on everything else.
Food lovers can choose restaurants and grocery as 2% Money-Back Categories, which means getting cash back is as easy as ordering off the menu or buying produce.
Plus, for a limited time, receive a $100 e-Gift Card upon approval when applying through RATESDOTCA.
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 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 my existing credit cards for the past three months.
Annual fee:
$0
Annual fee for additional cards: $0
Limited time offer/bonus:
Offer expiry date:
Rewards:
Earn 2% cash back in up to three Money-Back Categories of your choice. Start with two categories and earn the third when you deposit your rewards into a Tangerine Savings Account. Earn 0.5% cash back on all other purchases.
Change your selected Money-Back Categories to suit your spending habits and maximize your earning potential.
The 10 Tangerine Money-Back Categories include:
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 = $309 Money-Back Rewards
RATESDOTCA bonus e-gift card**= $100
Annual fee = $0
Total earned over the first year (rewards minus annual fee) = $409
*This calculation assumes the cardholder deposits their rewards into a Tangerine Savings Account, earning the third category. The cardholder selects grocery, restaurant, and gas purchases as their 2% Money-Back Categories.
**Earn a $100 e-Gift Card from RATESDOTCA upon approval until April 30, 2021.
You can redeem your points for:
Insurance:
Other perks:
The BMO® Sobeys AIR MILES® MasterCard® is made for loyal customers of Sobeys and Foodland. Much like the President’s Choice Financial® Mastercard®, shoppers can earn extra points using the associated program card at the checkout.
New cardmembers can earn up to 800 AIR MILES bonus Miles by spending at least $1,000 within the first three months. Cardholders can cash in their rewards through the AIR MILES program, which means members can reward themselves with kitchen and dining merchandise, gift cards to Metro, Starbucks, and more.
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 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 my existing credit cards for the past three months.
Annual fee:
$0
Annual fee for additional cards: $0
Limited time offer/bonus:
Offer expiry date: October 31, 2021
Rewards:
*Members can earn additional rewards if they use their AIR MILES Collector 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 = 2,953 AIR MILES
Monetary value= $508
Annual fee = $0
Total earned over the first year (rewards minus annual fee) = $508**
*Assuming all grocery purchases are made at Sobeys and Foodland stores.
**AIR MILES redemption value varies depending on how you choose to spend your Miles.
You can redeem your points for:
AIR MILES are transferred to the AIR MILES Collector number associated with your BMO Sobeys AIR MILES Mastercard once a month and are redeemed through the AIR MILES program.
Insurance:
Other perks:
If you a wiz in the kitchen or a cuisine connoisseur, you may want to consider tailoring your credit card to your food habits. Whether you shop for food online, in-store, or order over the phone, there is a card for that. You may be able to cash in on some free groceries or get the latest kitchen gadget, and you won’t have to change how you spend your money.
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, March 11, 2021. Read our full disclaimer.