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Credit card loyalty programs are a great way to stretch your hard-earned dollars even further by offering rewards for everyday purchases, and retailers are jumping on board.

RBC Rewards recently announced a partnership with Saks Fifth Avenue, and will offer two times the points when shopping in-store with an eligible RBC Rewards credit card, and allow customers to redeem points for store gift cards. The move is sure to bring added excitement to the RBC Rewards customer experience for those that plan to shop at Saks, which recently opened its doors in Toronto at both Eaton Centre and Sherway Gardens.

When it comes to credit cards, Canadians love free stuff and there is no shortage of cards to reward the avid shopper. From an issuer and retailer perspective, it’s no surprise that partnerships continue to crop up, as they help to build and maintain customer loyalty for the retailer and increase revenues for the issuer.

The top retail rewards credit cards in Canada

Over the years, credit card issuers in Canada have partnered with retailers to create loyalty programs to reward customers. If you’re looking for a credit card that offers retail rewards, look no further. We’ve compiled a list of the best credit cards for shopping in Canada:

  • Canadian Tire Options Mastercard: This one has been a mainstay on the credit scene for quite some time, and is a favourite among customers eager to rack up points within the most quintessentially Canadian loyalty program – Canadian Tire ‘Money’TM. Cardholders enjoy the benefit of 10 times the points or ‘Money’ at any Canadian Tire store, Sport Chek, Mark’s, or PartSource plus two times the points anywhere else they shop.
  • RBC Shoppers Optimum Mastercard: Since its inception several years ago, Shoppers Optimum points have become a wildly popular way to accumulate retail rewards. With this card, customers may earn 25 Shoppers for every dollar spent inside Shoppers Drug Mart in conjunction with the Shoppers Optimum Card, and five points for every dollar spent elsewhere. Scotiabank SCENE Visa: Moviegoers rejoice! In partnership with Cineplex Entertainment, cardholders earn five SCENE points for every dollar spent at participating Cineplex theatres, and one point on everyday purchases elsewhere.
  • Hudson’s Bay Mastercard: Before there was Saks, there was Hudson’s Bay. With the Hudson’s Bay Mastercard, customers enjoy two times the points in-store and two points for every dollar spent anywhere else. Accumulate 2,000 points and enjoy a $10 Hudson’s Bay gift card!
  • President’s Choice Financial Mastercard: Last but not least, The PC Mastercard offers PC points to be used toward groceries, Joe Fresh, and other PC offerings. Purchases – within PC retailers and elsewhere - are rewarded at a rate of 10 points per dollar, with a bonus two points per litre at Esso stations. This one is a popular choice, and even landed on our list of Best Canadian Credit Cards of 2015.

Pick rewards to suit your shopping style

Loyalty rewards are a great way to save money when shopping at your favourite retailer, and it’s important to choose one that best suits your existing shopping habits – not one that encourages you to pick up new ones.

Those that want to avoid retail therapy altogether might be better suited for something different like travel rewards or cash-back cards. Whatever the case may be, always do thorough research and pick the best card to complement your lifestyle.

Pira Kumarasamy
Pira is a freelance writer and communications consultant specializing in financial services. She has a strong interest in personal finance topics including areas like the financial markets, student loans and real estate. Pira holds a bachelor’s degree in economics from Wilfrid Laurier University and a postgraduate certificate in corporate communications from Seneca College.

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