Rewards bank cards are among the many hottest sorts of bank cards in Canada. They provide both money again or factors that may be redeemed for groceries, journey, merchandise, present playing cards and extra. Now, let’s discover the most effective one to your targets and spending habits.
Greatest rewards bank cards in Canada
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Greatest money again bank card
Rogers Purple World Elite Mastercard
Earn a minimal of 1.5% money again on all purchases, and three% on U.S. greenback purchases. Redeem rewards while you need.
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Curiosity Charges:
25.99% buy, 27.99% money advance, 27.99% stability switch
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Greatest journey bank card
Scotiabank Gold American Specific Card
Earn as much as 6 Scene+ factors per $1 spent and entry unimaginable journey perks, together with no overseas transaction charges.
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Curiosity Charges:
20.99% buy, 22.99% money advance, 22.99% stability switch
Welcome supply:
$450 worth
Earn as much as $$780 in worth within the first 12 months, together with as much as 40,000 bonus Scene+ factors. To qualify, apply by July 1, 2025
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Greatest airline bank card
TD Aeroplan Visa Infinite Card
Free checked luggage on Air Canada flights, versatile redemptions and a Nexus charge rebate each two years.
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Curiosity Charges:
20.99% buy, 22.99% money advance, 22.99% stability switch
Welcome supply:
$360 worth
Earn a welcome bonus of 10,000 Aeroplan factors while you make your first Buy along with your new Card. Earn an extra 15,000 Aeroplan factors within the first 180 days. Plus, earn a one-time anniversary bonus of 15,000 Aeroplan factors while you spend $12,000 inside 12 months of Account opening.
Evaluate common rewards bank cards
Evaluate your choices with our interactive software and filter bank cards primarily based on rewards worth, annual charges, earnings necessities and extra. Use the software under to check bank card choices, or preserve scrolling for MoneySense editors’ high picks.
MoneySense award winners
We’ve chosen high playing cards throughout the money again and journey rewards classes. Let’s have a look at why they made the rostrum.
Greatest money again bank cards
Gold: Rogers Purple World Elite Mastercard
At a look: There’s quite a lot of love in regards to the Rogers Purple World Elite Mastercard. With no annual charge, this cashback bank card provides 1.5% money again on all purchases—that’s a serious reward win. And along with a bonus for Rogers, Fido and Shaw clients, this card comes with 3% money again on transactions in U.S. {dollars}, successfully eliminating the usual 2.5% overseas transaction charge (much like what’s charged on most playing cards in Canada).
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Rogers Purple World Elite Mastercard
Annual charge: $0
Welcome supply: None at the moment.
Card particulars
| Rates of interest | 25.99% on purchases, 27.99% on money advances, 27.99% on stability transfers |
| Revenue required | $80,000 per yr |
| Credit score rating | 725 or larger |
Professionals
- Easy rewards construction: With the minimal earn price of 1.5% money again on all purchases, you don’t have to consider maximizing bonus classes or rewards tiers. The bottom earn price is larger than another no-fee card in Canada.
- No foreign exchange charges on U.S. purchases: Earn 3% money again on purchases made in U.S. {dollars}, each in-person and on-line, which is sufficient to offset the standard 2.5% overseas transaction charge.
- Buyer bonus: Rogers, Fido and Shaw clients earn an extra 0.5% on all purchases (for a complete of two%). Plus, these clients get a 1.5x redemption bonus when making use of their money again rewards to invoice funds with Rogers, Fido and Shaw.
- Versatile redemptions: Money out anytime you’ve got $10 in rewards. Many different money again playing cards disburse money rewards by assertion credit as soon as per yr.
- No annual charge: Most comparable playing cards cost an annual charge of $120, which offsets a few of the money again you earn every year.
- Extensively accepted: You should utilize this card at most shops in Canada, together with all the most important grocers and even at Costco, which doesn’t settle for Visa or Amex.
Cons
- Flat earn price: Different playing cards supply larger earn charges on choose classes, which may assist you reap extra rewards, relying in your spending habits.
- Excessive earnings necessities: You’ll want a private earnings of at the least $80,000 or family earnings of at the least $150,000 to qualify.
Silver: CIBC Dividend Visa Infinite
At a look: The CIBC Dividend Visa Infinite card is a strong money again choice for Canadians, with a few of the highest earn charges on fuel and groceries, and versatile redemptions besides. This rewards card provides precious perks, reminiscent of gasoline reductions by the Journie Rewards program and its complete journey insurance coverage, making it an incredible all-around card for on a regular basis spending.
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CIBC Dividend Visa Infinite
Annual charge: $120 (rebated first yr)
Welcome supply: Rise up to $400 in worth, together with a first-year annual-fee rebate. Supply not out there to Quebec residents.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Revenue required | Private earnings of $60,000 or family earnings of $100,000 |
| Credit score rating | 725 or larger |
Greatest journey bank cards in Canada
Gold: Scotiabank Gold American Specific
At a look: The Scotiabank Gold American Specific card is our decide for the most effective journey bank card in Canada—due to its aggressive earn charges, complete journey insurance coverage package deal and different precious perks, like no overseas transaction charges. It’s among the best factors bank cards in Canada.
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Scotiabank Gold American Specific
Annual charge: $120
Welcome supply: Earn as much as $780 in worth within the first 12 months, together with as much as 40,000 bonus Scene+ factors. Supply ends July 1, 2025.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Revenue required | $12,000 per yr |
| Credit score rating | 725 or larger |
| Level worth | 1 Scene+ level = $0.01 when redeemed for journey, retailer purchases and foods and drinks at Cineplex and Scene companions |
Professionals
- The most effective playing cards for factors on spending: Earn as much as 6 factors per $1 on groceries and 5 factors per $1 on eating, meals supply and leisure spending. That is among the many finest reward charges for these classes in Canada. You’ll additionally earn 3 factors per $1 on fuel and transit purchases.
- Redemption window: Via the apply factors to journey choice, you may redeem your factors retroactively for as much as 12 months after you make a journey buy.
- Complete insurance coverage advantages: The cardboard provides strong journey insurance coverage protection, together with $1 million in medical journey insurance coverage, which is legitimate for as much as 25 days – one of many longest protection intervals out there.
- No overseas transaction charges: Get pleasure from financial savings on overseas foreign money transactions whereas travelling or procuring on-line, as this card waives the same old 2.5% overseas transaction charge.
Cons
- Mounted level redemption worth: Whereas the earn charges are excessive with this card, its factors are all the time valued at $0.01 and can’t be transferred to airline frequent flyer applications, not like another journey playing cards.
- No free lounge entry passes: This bank card doesn’t embrace free airport lounge entry or visits, however as an alternative a reduction on Precedence Go memberships for airport lounge entry (35% at press time).
- Restricted acceptance: American Specific isn’t as broadly accepted in Canada in comparison with Visa and Mastercard, which can restrict its use in some locations. For instance, Loblaw-banner grocery shops don’t settle for Amex. And relying on the place you journey, Amex acceptance could also be much more restricted.
Silver: American Specific Cobalt
At a look: This rewards bank card provides a few of the highest earn charges on regularly used spending classes, which the corporate defines broadly. Redeeming your rewards is easy, and you’ll enhance the worth of your factors through the use of them for journey and transferring them to different loyalty applications, like Aeroplan or Marriott Bonvoy.
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American Specific Cobalt
Annual charge: $156
Welcome supply: Earn 1,250 factors for every month you spend $750, as much as a most of 15,000 factors.
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Revenue required | None specified |
| Credit score rating | 725 or larger |
| Level worth | 1 Amex Membership Rewards level = $0.01 when redeemed with the Versatile Factors Journey Program, $0.015 on common with the Mounted Factors Journey Program, and as much as $0.02 with airline factors transfers |
Professionals
- Excessive factors earn charges: Among the highest rewards charges of any journey card in Canada, with 5 factors per greenback on groceries and eating.
- Versatile redemptions and level transfers: Redeem factors for any journey expense charged to your card at a flat price of 1 level for $0.01 in journey financial savings; switch them to a collaborating airline and/or resort loyalty program (together with Aeroplan) at a 1:1 ratio, which may double the factors’ worth; or use the Mounted Factors Journey chart to discover a beneficial price with out worrying in regards to the provider or blackout dates.
- Complete insurance coverage: This card comes with a formidable record of 10 sorts of insurance coverage, together with journey medical, automobile rental, resort housebreaking, baggage and cellular gadget protection and others.
- Unique entry: Via the American Specific Entrance of the Line program, you get entry to presale and reserved tickets to concert events, theatre performances, film screenings, culinary occasions and extra.
Cons
- Restricted acceptance: American Specific playing cards should not as broadly accepted as Visa or Mastercard playing cards, particularly abroad. So, it might be value having one other card in your pockets devoted for worldwide journey.
- Reasonably excessive annual charge: The $156 annual charge (charged at $12.99 per thirty days) is larger than related premium bank cards. Many comparable playing cards have an annual charge of $120.
Greatest airline bank card
Gold: TD Aeroplan Visa Infinite
At a look: In the event you’re searching for a high-earning price Aeroplan card with easy redemptions, be aware of our decide for finest airline bank card. The TD Aeroplan Visa Infinite card comes with perks just like the $100 Nexus charge rebate and free checked luggage.
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TD Aeroplan Visa Infinite Card
Annual charge: $139 (waived first yr)
Welcome supply: Earn as much as $1,300 in worth, together with as much as 40,000 Aeroplan factors and no annual charge for the primary yr. Circumstances apply.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Revenue required | Private earnings of $60,000 or family earnings of $100,000 |
| Credit score rating | 680 or larger (advisable) |
| Level worth | Aeroplan factors are value $0.02 on common |
Professionals
- Versatile redemptions: Use Aeroplan factors when reserving any Air Canada seats with out restrictions or blackout intervals. Plus, not like most airline loyalty applications, you may redeem factors for flights with quite a few airways within the Star Alliance program, together with United Airways and Lufthansa.
- Nexus charge rebate: Get a rebate in your Nexus customs journey software each 48 months ($100 worth).
- Aggressive insurance coverage package deal: Contains emergency medical journey protection for longer than different bank cards; 21 days, or 4 days for these 65 and older.
- Double Aeroplan factors: Get double the Aeroplan factors when utilizing this card alongside along with your Aeroplan card at collaborating retailers, reminiscent of Greatest Purchase, Starbucks, LCBO and lots of, many extra.
Cons
- Advanced loyalty program: Aeroplan is a dynamic chart-based program, that means level values fluctuate primarily based on the place and while you’re flying, so it will not be the appropriate program for these wanting a easy option to redeem factors.
- Comparatively excessive annual charge: This card has barely larger annual charge in comparison with another playing cards on this class.
Greatest resort bank card in Canada
Gold: Marriott Bonvoy American Specific
At a look: With the power to redeem for all the pieces from room upgrades to spa remedies, Marriott Bonvoy factors are precious for frequent Canadian travellers. Plus, they’re transferrable to many airline applications. Extras, like free resort stays and Amex advantages, make this a must-pack journey bank card to your subsequent journey.
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Marriott Bonvoy American Specific
Annual charge: $120
Welcome supply: earn 50,000 Marriott Bonvoy factors
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Revenue required | None specified |
| Credit score rating | 725 or larger |
| Level worth |
Regularly requested questions
Prime factors bank cards: How a lot a rewards factors is value
With constant rewards applications, the factors are value a set quantity and this doesn’t change. Listed below are the values of factors with constant rewards applications in Canada.
| Bank card supplier | Level worth |
|---|---|
| MBNA Rewards | 1 MBNA Rewards level is value $0.01 in eligible journey purchases, whereas brand-name merchandise, present playing cards, money again and charitable donations are value $0.005 in redemption worth. Some purchases have to be made by the MBNA web site. |
| Scene+ Factors | 1 Scene+ level is value $0.01 in redemption worth for journey, purchases at affiliated grocery, liquor and drug shops, and foods and drinks at Cineplex and Scene companions. Factors are value barely much less when redeeming for film tickets, present playing cards, assertion credit and a few merchandise. |
| American Specific Membership Rewards factors | With the American Specific Versatile Factors Program, 1 level is value $0.01 in journey rewards. You may as well switch your Amex factors to different journey rewards applications like Aeroplan at a 1:1 factors worth ratio, the place your factors could possibly be value much more utilizing dynamic redemption applications. Membership rewards factors are value $0.04 to $0.07 in present playing cards and merchandise by MembershipRewards.com, and $0.07 when used towards a press release credit score. |
| TD Rewards | 1 TD Rewards level is value $0.005 in journey rewards booked by way of Expedia For TD, or $0.004 when booked by different journey suppliers and web sites. TD Factors are value barely much less on merchandise, assertion credit, purchases on Amazon.ca and present playing cards. |
| BMO Rewards | 1 level is value $0.007 in journey rewards, whereas the redemption worth is barely decrease for merchandise and present playing cards. The journey redemption worth is barely decrease for BMO Rewards, however with BMO, you’re not restricted to reserving by its web site or with sure airways. Some playing cards, just like the BMO Air Miles World Elite Mastercard, permit you to earn Air Miles as an alternative of factors, which could be redeemed for flights, merchandise, and extra, by the Air Miles portal. |
| PC Optimum | 1 level is value $0.001 at Loblaw-banner grocery shops, Consumers Drug Mart and Esso and Mobil fuel stations. You possibly can stack your earned Optimum factors to earn at larger charges with a PC Monetary bank card just like the PC Monetary Mastercard. |
Are rewards bank cards value it in Canada?
Rewards bank cards could be a nice selection for Canadians seeking to earn factors or money again on on a regular basis purchases. For frequent travellers, a card with journey rewards can considerably cut back out-of-pocket journey prices, whereas a money again card can present a less complicated option to get a proportion of spending again as money. Nonetheless, many rewards playing cards include annual charges and rates of interest that must be factored in to your rewards card determination.
A card that gives wonderful journey rewards could be much less interesting to a homebody. Rewards playing cards can also have advanced phrases and restrictions, reminiscent of redemption limitations and class caps on rewards. For individuals who pay their stability in full every month and strategically use their card for frequent purchases, rewards playing cards are sometimes worthwhile. However for individuals who have a tendency to hold a stability, the price of curiosity can shortly outweigh any rewards earned.
Ultimately, rewards playing cards supply robust advantages for disciplined card holders who align the cardboard’s rewards with their life-style.
Professionals and cons of rewards bank cards
Earlier than making use of for a bank card with excessive rewards, take into account the next execs and cons of utilizing rewards applications:
Professionals
- Earn rewards on on a regular basis purchases: Earn money again or loyalty factors that may be redeemed for journey, merchandise and present playing cards. Many playing cards supply accelerated incomes on particular classes, reminiscent of groceries, eating or journey, permitting you to strategically maximize your earnings.
- Beneficial sign-up bonuses: Many rewards playing cards supply profitable bonuses and earn charges for assembly preliminary spending thresholds. These rewards could be value a whole lot of {dollars}.
- Further perks: Premium rewards playing cards typically embrace perks, like journey insurance coverage, airport lounge entry, concierge providers and unique offers.
Cons
- Annual charges: Many rewards playing cards cost modest to important annual charges, lowering the general worth for low spenders.
- Greater rates of interest: Rewards playing cards typically have larger annual proportion charges (APRs), making them much less precious for individuals who carry a stability.
- Advanced redemption guidelines: When redeeming for journey buy, you may encounter blackout dates, restrictions or fluctuating level values, making it more durable to redeem your factors at full worth.
- Temptation to overspend: The concept of incomes rewards may encourage you to spend past your means.
How to decide on the most effective rewards card
In the event you’re procuring round for a brand new rewards bank card, it’s possible you’ll discover most boil down to 2 varieties: factors or money again. It could be tempting to choose the cardboard that provides you the most effective return, however it’s not all the time that straightforward to seek out the most effective bank card for the most effective rewards in Canada. The place you store, how a lot you spend every month and the kind of rewards you favor, these ought to all be a part of your determination for the most effective rewards bank card for you.
The case for money again rewards
In the event you choose simplicity, cash-back playing cards are the best way to go. The finest money again bank cards provide the highest return primarily based in your on a regular basis spending habits. They could even rank as the best rewards bank cards in Canada. Right here’s what to contemplate:
- Payouts: Relying on the bank card, money again could also be paid out month-to-month, quarterly or yearly and refunded within the type of a press release credit score, direct deposit to your checking account or a cheque within the mail.
- Proportion earned: Money again bank cards supply fastened proportion on rewards primarily based how a lot you spend on the cardboard. Typically talking, money again playing cards with an annual charge will earn you the next base proportion, so you have to issue that in if you happen to’re evaluating it to a no-fee bank card.
- Multipliers: Some money again playing cards supply multipliers, that means you get the next proportion of money again in sure spending classes, reminiscent of grocery shops, fuel stations, drugstores and automatic funds for recurring payments.
The case for factors
As a substitute of incomes money, journey rewards bank cards web factors that can be utilized to assert journey (flights, lodges), present playing cards, or merchandise. Rewards playing cards could be fairly profitable when you know the way to earn and redeem factors successfully, however there are a number of options to contemplate.
- Kind of rewards earned: Rewards bank cards are both linked to a selected model (like a journey airline or resort), or provide you with flexibility to journey on any provider. In the event you’re loyal to a selected retailer, it is sensible to choose a co-branded card. In the event you choose flexibility, then decide a card that provides you probably the most choices.
- Signup bonus: Most rewards playing cards supply an enormous signup bonus to entice Canadians to use. Assuming you may meet the minimal spending necessities, that bonus could possibly be value just a few hundred {dollars}.
- Ease of redemption: Rewards are ineffective if you happen to don’t use them. Search for loyalty applications with out blackout dates. One other no-deal? Too many restrictions. Make certain you may redeem your factors at any time when it’s handy for you.
- Worth of your factors: Know what your rewards (particularly factors or branded {dollars}) are literally value. For instance, if you happen to earn 1 level for each $1 spent, and it takes 100 factors so that you can declare $1 in rewards, your factors are value 1%. If in case you have a co-branded flight or resort bank card, decide what number of factors it takes to get your free seats or stays.
- Further advantages: Except for rewards, you’ll need to have a look at the extra perks. Many rewards playing cards supply the next commonplace advantages: complete journey insurance coverage package deal, auto rental insurance coverage and value safety.