Credit cards make our daily spending something most of us do regularly. So, why not get something back while doing it – like rewards? Getting a Canadian rewards credit card makes you eligible for rewards such as points, cashback, in-store credit, flights and miles, and so much more. We selected some of Canada’s top rewards credit cards and compiled them into this comprehensive list. Hopefully, this list can help you choose the perfect credit card for the perks you’re searching for.
Why Choose a Rewards Credit Card?
As a reminder, various credit card has different types and perks. However, with rewards cards, you can get a little something in return for every purchase at a minimum. The introductory rate is 1% back, but with retailer promotions and special offers from card issuers, you can receive up to 10% in returns and rewards!
Rewards credit cards in Canada offer several benefits, including:
-
Cashback or points: Rewards credit cards offer cashback or points for every dollar spent on eligible purchases. These rewards can be redeemed for travel, merchandise, or cash back.
-
Sign-up bonus: Many rewards credit cards offer sign-up bonuses, such as many bonus points or cashback when you spend a certain amount within a specific time frame.
-
Insurance benefits: Some rewards credit cards offer insurance benefits such as travel insurance, car rental insurance, and purchase protection.
-
Special perks: Many rewards credit cards offer special perks such as lounge access, early check-in, or free checked bags when travelling.
-
No foreign transaction fees: If you travel outside of Canada, some rewards credit cards offer no foreign transaction fees on purchases made in a foreign currency.
-
Build credit score: Regular use and on-time payment of a rewards credit card can help build and improve your credit score.
Overall, rewards credit cards can provide significant benefits for individuals responsible with their credit usage and able to pay off their balance in full each month. It is essential to research and compare different rewards credit cards to find the one that best suits your spending habits and financial goals.
Best Rewards Credit Cards Canada
We have gathered all of Canada’s best rewards credit cards to create this list, including store rewards, gas rewards, points, travel rewards, cash back, and more. Please take your time to read through the list and select a card that is most suitable for your needs.
Best Retailer or Store Rewards Cards
Neo Financial Mastercard (Formerly Hudson’s Bay Mastercard)
Featured Benefits
- Major Style Points – collect double points when you visit Hudson’s Bay stores and thebay.com, with regular point earnings everywhere else you shop.
- Double Points at Hudson’s Bay – with your Hudson’s Bay Mastercard, double your points when you shop in-store and at thebay.com —up to four (4) points on almost every $1 you spend.
- Earn Points Everywhere – earn two (2) points on almost every $1 spent outside Hudson’s Bay stores.
- Redeem Points Anytime – Redeem Hudson’s Bay Rewards points instantly at Hudson’s Bay stores and visit thebay.com.
- No Fees Whatsoever – no annual, over-limit, or even foreign transaction fees while earning much more through offers exclusive to members only, with events and specials throughout the year.
- Free Shipping – enjoy no minimum purchase using the Hudson’s Bay Mastercard.
- Everyday Cashback at Neo Partners – get 2% cashback on average at local and national Neo Financial partners and businesses, including thousands of major gas and eligible grocery stores, coffee shops, gyms, restaurants, etc.
- 24/7 Cash Out – never worry about minimum thresholds; find and cash out your cashback rewards balance in the app in one tap.
- All-Digital Experience – aside from your physical card, add your card to Apple Pay or Google Pay™, making contactless payments possible with your smartphone.
Please read our review of the Neo Money Credit Card and app in Canada.
Rogers World Elite Mastercard
Featured Benefits
- No worries about annual fees
- It gives you equivalent cashback on every purchase or service you make using the card.
- Get connected to mobile wallets such as Apple Pay, Google Pay, and Samsung Pay, making it easier and more convenient for you whenever you pay for your recurring bills and everyday shopping.
Best Hotel and Travel Rewards Cards
MBNA Rewards World Elite Mastercard
Featured Benefits
- 20,000 Bonus Points – get approximately $165 worth of cashback when you make eligible purchases of $2,000 or more within the first three months (90 days) after account opening
- 10,000 Bonus Points – get approximately $80 in cashback value when you enroll your account for paperless e-statements during the first 90 days since you opened your account
- Earn 5 points with every $1 spent on eligible partner establishments such as restaurants, groceries, digital media, memberships, and household utility purchases up until $50,000 worth of annual spending and eligible transactions in applicable categories, with one (1) point for every dollar on all other eligible purchases.
- Birthday Bonus Points – receive an equal 10% of the total points your MBNA Rewards account has earned in the past twelve (12) months before your birthday if you’re the primary cardholder, with a maximum Birthday Bonus of 15,000 Points per year.
- Flexible Rewards – you can redeem points for the reward you want; cashback, brand-name merchandise, gift cards from participating retailers, charitable donations, and travel.
- No Points Expiration – enjoy your points as long as your account remains open and is always in good standing.
- The MBNA Payment Plan – pay more conveniently for large purchases while managing your budget. Pay eligible credit card purchases worth $100 or over through regular monthly payments. Choose Payment Plan terms of either 6, 12, or 18 months, with conditions and fees.
- The MBNA Rewards Catalogue – Redeem your points and shop online for gift cards, brand-name merchandise, and travel.
- Points Usage for Your MBNA Rewards Credit Card Balance – use redeemed points and pay using Statement Credits applied directly to the balance on your MBNA Rewards World Elite Mastercard. Your other options include redemptions through cash by cheque, chequing, savings account deposit, or donations that go straight to participating charitable organizations, whichever you select.
Best Visa Rewards
BMO Eclipse Visa Infinite
Featured Benefits
- BMO Rewards – Earn 10% more points on all your purchases by simply adding an authorized user to your Visa Infinite account
- Get a $50 annual lifestyle credit and use it, however you want. Then, go on and celebrate yourself with BMO Rewards!
- Have a 5xfive Times Points Day every day by earning more, so much more on all your daily needs and wants.
- Earn 5xfive Times Points on takeout and food delivery, groceries, dining out, gas, and transit, plus one (1) point earned for every $1 spent on everything else. There are so much more potential points out there.
- Connect to the Visa Infinite Concierge with your Visa Infinite Card, and feel like you have a personal assistant on call!
- The Visa Infinite Troon Golf Benefit lets you enjoy discounts when you use your card at 95 resorts and courses worldwide.
While airline credit cards are best suited for travellers loyal to an airline, they can also be used as valuable secondary cards. The rewards will allow users to save more overall on daily spending.
Best Mastercard Rewards
HSBC +Rewards Mastercard
Featured Benefits
- Earn 30,000 points for $2,000 worth of spending and eligible transactions within six (6) months from account opening – that’s a $150 travel value.
- Earn 5,000 points when you process your application online, a $25 travel value yours after
- A $25 value of the first year’s annual fee rebates for the primary cardholder
- Receive 35,000 Points, equivalent to a $175 travel value, when you keep your account open and active for 180 days.
- Earn two (2) points for every $1 on eligible entertainment or dining purchases and one (1) point for every $1 on all other everyday purchases.
- Lowest Interest Rate – reduces the interest you get on purchases, cash advances, and balance transfers.
- Additional benefits include Insurance Coverage like rental insurance, baggage insurance, travel accident insurance, and Price Protection.
- With Apple Pay, Tap & go™ and Zero Liability protection for unauthorized use of the card
- The Chip & PIN technology helps lessen the possibility of someone else’s use of your HSBC Mastercard, especially when you’ve lost it.
Read our full review of the HSBC Rewards Mastercard
MBNA Rewards Platinum Plus® Mastercard®
Featured Benefits
- Earn four (4) points for every $1 spent on eligible grocery stores, restaurants, digital media, membership, and household utility purchases within the first 90 days and two (2) points for every $1 spent in such categories. These earning rates will apply only to $10,000 spent annually in the appropriate category for both cases. In addition, earn one (1) point for every $1 spent on other eligible purchases.
- Get 5,000 bonus points, a $25 in cashback value, after making $500 or more worth of eligible purchases during the first 90 days of your account opening, and 5,000 bonus points, a $25 in cashback value, once you enroll for paperless e-statements within the first three (3) months (90 days) from account opening.
- Birthday Bonus Points – receive an equal 10% of the total points your account has earned in the past twelve (12) months before your birthday if you’re the primary cardholder, with a maximum Birthday Bonus of 10,000 Points per year.
- Flexible Rewards – you can redeem points for the reward you want; cashback, brand-name merchandise, gift cards from participating retailers, charitable donations, and travel.
- No Points Expiration – enjoy your points as long as your account remains open and is always in good standing.
- The MBNA Payment Plan – pay more conveniently for large purchases while managing your budget. Pay eligible credit card purchases worth $100 or over through regular monthly payments. Choose Payment Plan terms of either 6, 12, or 18 months, with conditions and fees.
- The MBNA Rewards Catalogue – Redeem your points and shop online for gift cards, brand-name merchandise, and travel.
- Points Usage for Your MBNA Rewards Credit Card Balance – use redeemed points and pay using Statement Credits applied directly to the balance on your credit card. Your other options include redemptions through cash by cheque, chequing, savings account deposit, or donations that go straight to participating charitable organizations, whichever you select.
- At $8.99, MBNA True Line Gold has a flat 2% return and fixed rates, but you can beat the flat $2.00 return.
Best Free Cash Back Rewards Card
Dividend VISA
Featured Benefits
- Everyday Savings on Card Purchases – You can earn as much as 2% cash back on groceries and up to 1% on everything else. In addition, enjoy the perks of having extra protection on your new everyday purchases.
- Cash Back Earnings – Get up to 2% cash back on groceries and 1% on utilities like gas and transportation services, dining, and other recurring payments. Enjoy no limits on the total cash back you can earn. Earn maximum rewards as you go!
- Journie Rewards – Save more on gas and have up to 10 cents less on every litre from participating gas stations with this rewards program. In addition, you can have 0.5% cashback on everything else.
- CIBC Global Money Transfer™ – Send money abroad and get 0.125% cashback with every $1.00 you spend. In addition, you don’t need to worry about transaction fees and being charged interest if you pay your balance by the due date.
- Fuel Up for Less – Fill your gas tanks with 10 cents less per litre from our partner gas stations, such as Chevron, Fas Gas, Pioneer, and Ultramar, when you connect your card with the Journie Rewards program.
- CIBC Online and Mobile Banking® – Redeem whenever you want and get cash back anytime.
- Double the manufacturer’s original warranty, up to one year, on eligible card purchases.
The Scotia Momentum Visa Infinite is one of Canada’s best cashback credit cards, offering great rewards and extending to your bank account and all your credit card accounts.
Best Annual Fee Cash Back Card
Premium Dividend VISA
Featured Benefits
- Membership Rewards Programs – these are rewards you genuinely need. You can get so much more out of your daily lives while earning rewards along the way with the unique program for customers called.
- Cobalt Perks – is the perks program that’s perfect for you. Do and have more from what you truly love using the Cobalt Perks program.
- The Hotel Collection – book better vacation stays and enjoy benefits with over 600 participating resorts and hotels in more than 30 countries.
- Mobile Coverage – enjoy a new mobile experience with any device more confidently.
- Travel Coverage – may it be a sudden road trip or a frequent flight, be protected when booking all your travel needs using your Card with comprehensive travel insurance.
American Express Cobalt Card
Featured Benefits
- Shopping Coverage – whether online or inside a physical store, know the coverage of your Amex Cobalt Card and what comes with it, helping you protect all eligible everyday purchases made using your Card. So enjoy all your American Express experiences!
- World-Class Service – experience customer service that always got your back – wherever you are, whenever you need it with your Amex Cobalt Card.
- Exclusive Offers – your Amex Cobalt Card helps you explore exclusive special offers for shopping, dining, travel, and more, especially from brands you love. Also, enjoy the American Express Membership Rewards!
- Pay with Points – from gas and groceries to streaming and travel services, and redeem points from your Membership Rewards through Use Points for Purchases, covering eligible purchases made using your Amex Cobalt Card. Get 1,000 points for every $10 worth of those eligible purchases.
Become eligible for an American Express Cobalt Card today if:
– You are a resident of Canada and have a Canadian credit file
– You are the “age of majority” in the province or territory where you live
How do I determine the right rewards credit card for me?
Considering your monthly spending and current debt situation can be crucial in choosing the right rewards card. Ensure you have enough money to cover all purchases made using the card to earn rewards, especially financial rewards. If this is impossible and paying off the balance in full each month can become a hassle, you’re better off with a much lower-interest-rate credit card.
Others prefer using their credit cards for everyday spending, while some use them only when shopping. Either way, you should always ensure that you don’t exceed 30% of your income in terms of expenses. Therefore, when looking for a rewards credit card, you should look for these two (2) main things:
First, when is it worth it to have a rewards credit card?
- Using a credit card often for spending
- Shopping at a particular retailer often
- Booking hotel stays or flights often
- Wanting additional perks such as access to exclusive products and events
When is it not worth it to have a rewards credit card?
- Virtually no period of time not worth it in some way
- Even for small bills, 1-4% cashback will be worth it with a free card
- Even with a poor credit score, you can use free cashback cards to build your credit
- PAID additional cards may not be worthwhile when you spend very little
- Travel Expense cards, especially when you’re not a frequent flyer
- Rewards on hotel stays if you never leave your house for vacations that often
Questions to Ponder
“What sort of rewards do I want to earn?”
The reward types you want to earn are based on your plan to use or not to use the card for everyday spending or only for special occasions.
“Is there an annual fee?”
Most, if not all, cards have annual fees. Therefore, the rewards you’ll receive for these cards must offset this cost, or it will never be worth it.
“How flexible are these rewards?”
It would be best if you could choose what you do with your rewards as much as possible. Choose a card that aligns with your financial goals, to begin with.
“What is the earn rate?”
The dollar value percentage you get for every dollar spent is the earn rate. Figure out how much your earn rate is by converting your total points to dollar value or check the conditions of the card.
“Is there a welcome bonus or perk?”
Most of today’s credit cards offer a welcome bonus like annual fee rebates or free travel and airfare.
However, this benefit usually expires after one year, so you must renew your membership before taking advantage of it.
“What additional benefits do I want from my card?”
When thinking about the other reward benefits you would want from your card, try finding a rewards credit card that offers something in the way of those rewards.
Know More About Rewards Cards
How Do Rewards Cards Work?
By design, rewards credit cards make life easier, especially for those who love to travel; on additional perks, you can redeem for related services such as partner airlines, hotels, car rental companies, etc. In addition, you’ll be given more points every time you purchase using your card. You can convert these points into travel rewards, including hotel stays, airline mileage, gift cards, and cashback. Of course, you can use these points for anything else, like groceries, free phone calls, online shopping, etc.
The Credit Score Needed for Rewards Cards
Credit scores determine the likelihood of you repaying your debt. The credit score affects many things – from getting loans approved to getting insurance. In addition, a fair credit score also helps determine the interest you’ll need to pay as a balance on your credit card. Looking for a rewards credit card most likely requires a good or at least fair credit score.
Having More Than One Rewards Credit Card
When you have numerous different reward card types, it only means you can maximize your potential for earning. This factor lets you spend money on anything you want without worrying whether or not you’ve made enough points to redeem them. This strategy also ensures no opportunities are missed in earning rewards. As long as you meet the minimum monthly spending requirements for each of your cards, you’ll always earn rewards no matter what. For example, you can have one credit card for gas points and another for cashback.
Additional Rewards with Credit Cards
Rewards offered by credit cards are divided into two (2) main categories: bonus rewards and cashback rewards. Typically, bonus rewards are automatically given when making purchases. On the other hand, cashback rewards depend on actual spending habits.
Bonus rewards are often called “points” since they’re similar to airline mile programs. Earn points for specific transaction types like gas, dining, and entertainment. Then, you can use these points to book flights, hotel stays, shop online, etc.
Rewards Redemption
“What can I do with my credit card reward points?”
You can redeem and enjoy these points for perks like merchandise, free tickets, and other goods and services when you’ve accumulated enough points already. In addition, other cards offer special deals that allow you to combine points with additional perks, such as cashback rewards, which are incredibly helpful when deciding between two offers.
“How much are credit card reward points worth?”
Reward point values are based on how and where you want to redeem them. For example, some major airlines reward you 1 point per $1 spent on airfare. That’s why knowing the cost of an award ticket before deciding whether or not to buy points is essential.
“Are these credit card rewards taxable?”
Credit card rewards are non-taxable until you finally take possession of your purchased items using your points. These items include gift cards but not airline tickets. However, when your points are spent on something subjected to sales tax, those earnings are reported on your taxes.
Although most credit card companies don’t charge sales tax to their customer and the purchase they make using points, some retailers add sales tax to the products they manufacture, even if you use points to purchase them. So it is still to search for items that don’t have sales tax.
“Do my rewards points ever expire?”
Most rewards programs let you redeem your points after the expiration date. But some credit card issuing companies, such as Chase Freedom, charge annual fees when you fail to use all your points for 12 months. So when planning to redeem points soon, signing up for the program as quickly as possible can be best. Otherwise, the credit card company might subject you to paying extra fees in the future.
Final Thoughts on Best Rewards Credit Card In Canada
The rewards credit card you have should allow you to redeem points and perks as much as you’re spending. However, doing additional research before deciding what type of card works best for your spending categories, habits, and paying capacity is always best. We hope that this article helped make you have that vital decision.
Most award cards offer additional points, miles and cash for certain purchases, known as bonus categories. Simple Rate has selected Canada’s best rewards credit cards based on their points revenue, travel, and hotel rewards. Several different bonus cards are available on the Canadian credit card market, but they are priced at a simple rate based solely on the points you earn.
The best credit card rewards allow you to earn points for every dollar you spend and cash back on your purchases. Credit card rewards will enable you to make up to 1,000 points per dollar spent, or 1.5% of your total spending.
Rewards credit cards are one of the easiest ways to derive practical monetary value from your daily spending. By offering a variety of rewards such as cash, cashback and other forms of credit, you can earn money with this credit card for the time you spend on it. With the Scotia Momentum Visa Infinite, you can earn rewards for everyday spending with just a few clicks of the mouse.
