In a recent report the Canadian Bankers Association states that more than 70% of Canadians own a credit card. Ease of use in a credit card isn't the only focus to Canadians. Rewards offered by major credit cards are a huge incentive in the selection process. Rewards help pay for groceries, gas, travel, dinner, household items, and more.
Whether you're a stay-at-home mom looking for help paying for everyday items, or a student trying to build credit, there's a credit card rewards program built for you.
We've selected the best Canadian credit cards for rewards. Read on to see the best options to suit your needs.
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For the wanderlust, the American Express Cobalt is designed for travel. The AmEx Cobalt is noted as a top rewards yielding credit card for at least three years now. The monthly fee for the dining and travel card is $12.99 - that comes out to $158.88 a year.
Earn: Points can add up with the American Express Cobalt credit card. Points are accumulated on food delivery, groceries, taxis, public transit, and flight tickets. On eligible purchases, you’ll earn 5 points for every $1 spent on food delivery services, or dining experiences. Earn 3 points for every $1 spent on eligible streaming services. For gas and transit, you get two points for every $1 spent. And for all other purchases, it’s 1 point earned for every $1 spent. And of course, the 1 extra point earned for every $1 on eligible hotel bookings, or car rental bookings.
Redeem: You can use those points you generated so quickly towards booking flights on any airline, at any time. There are no blackout periods and those points can cover taxes as well. Alternatively, redeem your points for eligible gift cards, merchandise, streaming services, movie tickets and for purchases made at Amazon.
Features: American Express Cobalt cardholders will also feel like a VIP guest with exclusive access to experiences and events. Such experiences include access to presale tickets for concerts and theatre, and access to advanced movie screenings. You’ll also get to bypass wait lines and enjoy the American Express lounge at the Budweiser Stage. Enjoy express concessions at the Royal Alexandra Theatre, and priority bar service at the Princess of Wales and Ed Mirvish theatres, not to mention access to great seating at some of the participating venues.
Perks and offers such as extra points on gas and purchases at Amazon
Like many of the big credit cards today, you’ll also have access to concierge services, and protection against identity theft.
Extension on manufacturer’s warranty on eligible items
As if fast culminating points isn’t enough, you also get a host of travel benefits with the American Express Cobalt that include:
The MBNA Rewards Platinum Plus holds a spot as one of the best rewards credit cards and offers a versatile rewards bank and it's also worth mentioning their no annual fee.
Earn: For the first 90 days you’ll earn 4 points for every $1 spent, after that, it’s 2 points for every $1 spent. Points add up via purchases on restaurants, grocery, digital media, memberships and household utility. But, you’re only allotted $10,000 per category if you want to earn those points.
Redeem: Once you do get the rewards points, they never expire and can be redeemed on merchandise, gift cards or travel. If you’re not the spendthrift, you can opt to donate, redeem for cash back, or use your points towards your credit card balance owed. For travel, you can redeem 100 points for every $1 spent, or redeem 200 points for every $1 in cash, or a contribution for a charity donation.
Welcome offer: The MBNA Rewards Platinum Plus has an enticing welcome offer. You can receive 5000 bonus points after $500 is spent on eligible purchases within the first 90 days. You will also get an additional 5000 points if you opt for paperless billing. You’ll also be gifted on your birthday with rewards points equivalent to 10% of the points you earned in the last year.
Features:
Make large purchases easily with the MBNA Payment Plan. Choose to pay over the course of 6, 12 or 18 months for eligible purchases over $100.
Save 10% off of the best available rates on car rentals via Avis and Budget car rental services.
Get $1000 in coverage for eligible mobile devices
Emergency services available to you
Identity theft protection plan
Eligibility:
Open to all Canadian residents
Must have a good credit score
Must be age of majority in respective province
No minimum income required
Pros
Cons
No annual fee
Not a good cash-back incentive
Payment plan offered for large purchases
Rewards points earned capped at $10,000 per category
The PC Financial World Elite Mastercard is keen on groceries and other purchases made in-store or online.
Earn: Earn points at participating retailers such as No Frills, Joe Fresh and Shoppers Drug Mart. Earn 30 points for every dollar spent on groceries, 45 points for every dollar spent at Shoppers Drug Mart, 30 points for every litre of gas spent at Esso and Mobil, and 30 points per every dollar spent via PC Travel - earn 10 points per every dollar spent everywhere else.
Redeem: Purchase your entire grocery bill or pharmacy bill with your points, or redeem them for a car wash.
Features:
Up to $1,000,000 in emergency travel medical insurance for the first 10 days of your vacation
31 days of coverage for damage or stolen car rentals
24/7 concierge services
Eligibility:
Open to all Canadian residents
Must have a good credit score
Must be age of majority in respective province
Minimum income: $80,000
Pros
Cons
Exclusive offers to accrue more points based off spending habits
Points can never be redeemed for gasoline
No annual fee
Points can never be redeemed for cash
Tangerine Money Back Credit Card
Interest: 19.95% Annual Fee: $0 Focus of Rewards: Cashback
Earn money back for your spending with the Tangerine Money Back Credit Card.
Welcome: Earn 10% in cash-back, up to $100, within the first two months of opening your account with the Tangerine Money Back Credit Card by May 2, 2023 on up to $1000 in eligible purchases.
Earn: Earn 2% money back for everyday purchases; you’ll get to choose two categories in which you wish to earn those points. Should you choose to deposit your money back rewards to your savings account, a third category of your choosing for earning those points becomes available to you. Earn 0.50% money-back rewards for all other purchases.
Redeem: The money back rewards can be applied to your credit card balance, or be redeemed in your savings account.
Features:
Extend manufacturer’s warranty on eligible purchases or insured items
If you transfer your credit card balance owing from a previous credit card, Tangerine will set the interest rate on that credit card to 1.95% for the first 6 months, if it takes you longer than 6 months to pay, the interest rate will be set at 19.95%
Eligibility:
Open to all Canadian residents
Must have a good credit score
Must be age of majority in respective province
Minimum income: $12,000
Pros
Cons
Choose rewards category of your liking
Points cannot be redeemed for goods and services
No annual fee
Limited benefits offered by card
Transfer credit card balance from another credit card for a lower interest rate
The TD Aeroplan Visa Infinite is renowned as another notable travel credit card.
Welcome: The TD Aeroplan Visa Infinite this card offers 10,000 Aeroplan miles as a welcome bonus after your first purchase - but, if you apply for the card by May 28, 2023, you can earn 55,000 rewards miles instead of 10,000 rewards miles. If you spend $5000 within the first 180 days, you’ll earn 30,000 Aeroplan points. Spend $7,500 within your first year of being a cardholder and earn an additional 15,000 points. Receive an annual rebate in your first year of being a cardholder, if you make a purchase in the first 3 months of opening your account.
Earn:
Earn 1.5 points for every $1 spent on gas, grocery or via Air Canada
Earn 1 point for every $1 spent on all other purchases
Earn 50% more points at Starbucks
Redeem:
For the $120 annual fee, gain access to Air Canada travel benefits and extensive travel insurance options.
Book your Air Canada flight with your points
Use your points balance towards hotel bookings and car rentals with Avis and Budget car rentals
Redeem for merchandise, giftcards, and experiences
Features:
Pay with your TD Aeroplan Visa Infinite credit card and provide your Aeroplan number during transactions to receive twice as many points
Points can be shared with family members
Points never expire
Receive a rebate of up to $100 CAD on your NEXUS application fee
Get free checked bags for up to 8 travel companions on your Air Canada flight
Eligibility:
Open to all Canadian residents
Must have a good credit score
Must be age of majority in respective province
Minimum income: $60,000 in personal income, or a combined household income of $100,000
Pros
Cons
Annual fee waived in first year
Points accrued are generally limited to Aeroplan redemption
For the food aficionado, the BMO Eclipse Visa Infinite credit card has an appetite for being the best dining rewards credit cards available.
Earn: Earn 5 times the rewards for every $1 spent on groceries, gas, dining and transit. Earn 1 point for every $1 spent everywhere else.
Redeem: The points can then be redeemed for gift cards, travel, retail shopping - or choose to make a contribution to your BMO investment account. Eclipse cardholders also get to enjoy exclusive dining experiences such as dining events with top chefs, or tastings at a slew of wineries in the Niagara and Sonoma country regions.
Features:
Also gain access to ticket presales at the Toronto International Film Festival.
Members are also guaranteed the best hotel rates available and room upgrades, when they are available.
Check your credit score for free with no impact on your rating
Extended warranty on eligible items
Mobile device insurance
Emergency travel medical insurance
10% off of green fees with Troon Golf
Eligibility:
Open to all Canadian residents
Must have a good credit score
Must be age of majority in respective province
Minimum income: $60,000 in personal income, or a combined household income of $100,000
Pros
Cons
Annual fee waived in first year
Has an annual fee
Competitive features and access to experiences
High interest rates
More Canadian Credit Cards
There are a wide variety of Canadian credit cards with reward programs. But some rewards programs are better than others.
Still, others are geared towards different needs and desires. Where one person wants cash back, others want travel insurance. Regardless of what you're looking for, one of these six best rewards cards is bound to fit the bill.
Our in-depth reviews of Canada's best credit card provides people across the nation with the quick, on the fly (or in-depth) details of perks, rewards, rates and so much more. More to credit cards, Insurdinary has been providing Canadians with the best insurance and financial offers in the country. Whether you are looking to save money on insurance, your mortgage, your insurance policies or an array of other products, we've got you covered. Visit us today, and explore the thousands of ways we can help you achieve financial wellness.
References: American Express, Bank of Montreal, Canadian Bankers Association, Credit Card Genius, Fool.ca, Greedy Rates, MBNA, Money Sense, Nerd Wallet, President’s Choice Financial, Tangerine, TD Bank
