Whether it’s rebating you in points, a statement credit, or cash-back in your bank account, a good rewards card maximizes on your everyday purchases and ultimately helps you save.
To determine which card will provide you with the most in savings, you must first evaluate your spending patterns to see which card caters best to your lifestyle. Do you have a big family and find yourself constantly at the grocery store picking up items for dinner? Or are you living your best life at the latest Instagram-worthy brunch spots every weekend? Do you have the travel bug and spend a lot on flights and accommodations? Or maybe your job requires you to do a lot of driving, and you’re stuck filling up the tank multiple times per week.
Rewards cards generally offer different amounts of cash-back for particular spending categories (gas, grocery, pharmacy purchases, etc.), and cash-back usually ranges anywhere from 1% to 5% (if you’re getting less than 1% in cash-back, please do us a favour and throw that card away).
But with so many options available, it may be hard to choose the exact credit card that’s right for you. And with all things considered, from sign-up bonuses to annual fees, we used our Best of Finance methodology to rank the cards that provided the most cash value. These are the best credit cards with an annual fee that offer points or cash-back rewards:
2019 Best of Finance Rewards Credit Card category winner
Scotia Momentum® Visa Infinite* Card
Why it’s an awesome card
This credit card is chock-full of features that can help you save money and make your life easier in a number of ways, making it the winner of Best Rewards Card at our Best of Finance Awards this year.
It offers the opportunity for a lot of cash-back if used to its full potential so there’s no need to worry about point conversions or redemption processes. There is a $99 annual fee, but the fee is waived for the first year of card membership. And you can earn 10% cash-back on all purchases for the first three months (up to $2,000 in total purchases). The Scotia Momentum® Visa Infinite* Card applies cash-back earned to your account as a credit on an annual basis. This way, you truly have the freedom to use your rewards however you please, and you’re not limited to a catalogue of pre-determined rewards.
Earning rate*
- Grocery and gas: 4% cash-back per $1 spent on eligible purchases.
- Pharmacy and recurring bill payments: 2% cash-back per $1 spent on eligible purchases.
- Other: 1% cash-back on all other eligible purchases.
Earning potential**
- Annual fee: $0 for the first year. $99 after the first year.
- Sign-up bonus: 10% cash-back per $1 spent on all eligible purchases in the first three months of card membership (up to a total spend of $2,000).
- Rewards earned over a 24-month period: $866.06.
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Notes:
*Earning rate up to card’s annual spending cap, if applicable.
**Assuming $1,600 is spent on the card monthly at eligible retailers, in the following categories:
- Pharmacy: $55.33
- Food: $710.58
- Gas**: $134.31
- Travel: $151.21
- Other: $548.57
2019 Best of Finance Rewards Credit Card category runners up
President’s Choice Financial® World Elite Mastercard®
Why it’s an awesome card
The President’s Choice Financial® World Elite Mastercard® racks up PC Optimum Points at a great rate of return, and points can be redeemed for merchandise purchased at Loblaw affiliates.
Sure, when most people think of Loblaw, they think of groceries, but the retail conglomerate offers solutions for everyday purchases, making PC Optimum points a competitive currency to earn. Points are earned at a premium rate on purchases from President's Choice-affiliated retailers (Loblaw, Fortinos, Joe Fresh, Shoppers Drug Mart, etc.), in addition to your everyday purchases from other stores.
You also get exclusive access to in-store promos where you can earn even more points than those who just have the PC Optimum points card. PC Optimum Points are automatically applied to your account for quick redemption. And the best part about this card? Useful rewards with no annual fee!
Earning rate*
- Pharmacy: 45 points per $1 spent at Shoppers Drug Mart and PharmaprixMD.
- Grocery: 30 PC points per $1 spent on groceries purchased at participating stores where President’s Choice products are sold.
- Gas: 30 points per litre at Esso locations.
- Travel: 30 points per $1 on travel booked through pctravel.ca.
- Other: 10 points per $1 spent on all other purchases.
Earning potential**
- Rewards earned over a 24-month period: 876,914 PC Optimum points
- Monetary worth: $876.91 in PC Optimum points
Scotiabank®* Gold American Express® Card
Why it’s an awesome card
The Scotiabank®* Gold American Express® Card earns travel rewards faster than almost any other card on the market and can quickly get you to the destination of your dreams. It even won Best Card with Travel Perks at our Best of Finance awards multiple years in a row.
Note that there is a $99 annual fee though. Scotia Rewards points earned are automatically applied to your account and detailed on your statement each month. You can redeem your points for gift cards, merchandise from Apple, Best Buy or other brand names, a donation to charity, or even a credit towards your account so your balance is reduced. However, you get the best bang for your buck by putting your points towards travel. At its earning rate, you could essentially purchase a round-trip ticket for a medium-haul flight after two years (or even a long-haul if you happen to stumble across a sale!).
Earning rate*
- Grocery, gas, dining and entertainment: 4 Scotia Rewards points per $1 spent on eligible purchases.
- Other: 1 Scotia Rewards point for every $1 spent on all other eligible purchases.
Earning potential**
- Annual fee: $99
- Sign-up bonus: 15,000 Scotia Rewards points (if you charge $1,000 to the account within the first three months of card membership).
- Rewards earned over a 24-month period: 109,980 Scotia Rewards points
- Monetary worth: $1,099.80
CIBC Aventura® Visa InfiniteTM
Why it’s an awesome card
The CIBC Aventura® Visa InfiniteTM comes with a copious amount of perks ideally for those with the travel bug, though Aventura Points can also be used to redeem merchandise, gift cards and charitable donations. If you want to use the points towards flights, the CIBC Rewards program essentially has no restrictions – all airlines, flights and seats are up-for-grabs, and Aventura Points don’t expire.
To start, you get 15,000 points when you make your first purchase and can get an additional 5,000 when you spend $1,000 or more within the first four months of card membership. Moreover, you get a $120 travel credit upon approval, access to over 1,200 airport lounges with four complimentary visits, and a NEXUS application fee rebate.
Earning rate*
- Grocery, gas and pharmacy: 1.5 Aventura Points for every $1 spent on eligible purchases.
- Travel: 2 Aventura Points for every $1 spent when you book a trip through the CIBC Rewards Centre.
- Other: 1 Aventura Point for every $1 spent on all other eligible purchases.
Earning potential**
- Annual fee: $120
- Sign-up bonus: 20,000 Aventura Points (15,000 upon your first purchase and 5,000 if you charge $1,000 to the account within the first four months of card membership).
- Rewards earned over a 24-month period: 72,831.68 Aventura Points.
- Monetary worth: $1,216.63 (after annual fee).
TD Cash Back Visa Infinite* Card
Why it’s an awesome card
The TD Cash Back Visa Infinite* Card is a well-rounded contender for your wallet, earning you cold-hard cash-back up to 6% on essentially all your purchases. And though it has a $120 annual fee, the earning rate makes it one of the best rewards cards on the Canadian market.
The welcome rate already starts you off on the right track – 6% in Cash Back Dollars on all gas purchases, grocery purchases, and recurring bill payments up to $3,500 spent in the first three months of card membership. Cash Back Dollars also never expire as long as your account is open and in good standing, and you can choose to use them to pay off your balance whenever you please. However, you are required to use at least 25 Cash Back Dollars at a time.
Earning rate*
- Grocery, gas and recurring bill payments: 3% in Cash Back Dollars per $1 spent on eligible purchases.
- Other: 1% in Cash Back Dollars per $1 spent on all other eligible purchases.
Earning potential**
- Annual fee: $120
- Sign-up bonus: 6% in Cash Back Dollars per $1 spent on gas, groceries and recurring bill payments in the first three months of cardmembership (up to a total spend of $3,500).
- Rewards earned over a 24-month period: $625.59 (after annual fee)
