The ten finest rewards bank cards in Canada for August 2023

The most effective rewards bank cards for on a regular basis spending

Scotiabank Gold American Specific*

At a look: The Scotiabank Gold American Specific card helps you to earn boosted Scene+ factors whenever you use it to purchase groceries, restaurant meals and supply, gasoline and transit, journey and extra. One of many huge advantages is that Scene+ rewards are straightforward to redeem, and the cardboard comes with helpful perks for journey and new cellular gadget insurance coverage.

• Annual charge: $120
• Rates of interest: 20.99% on purchases, 22.99% on money advances
• Welcome provide: You possibly can earn as much as $650 in worth within the first 12 months, together with as much as 40,000 bonus Scene+ factors. Should apply by October 31, 2023.
• Earn charge: 6 Scene+ factors per $1 spent on groceries at Sobeys banner shops (together with Sobeys, Safeway, FreshCo and Foodland), 5 factors per $1 spent on eating, leisure and purchases in any respect different grocery shops, 3 factors per $1 on gasoline, public transit and eligible streaming providers, and 1 level per $1 on every little thing else
• Annual earnings requirement: $12,000
• Extra perks: No overseas transaction charges; insurance coverage, together with journey emergency medical and journey accident, journey cancellation or interruption, and rental automotive collision or harm protection; low cost on Precedence Cross Lounge entry

Professionals

• One of many few bank cards that waives the two.5% overseas transaction charge, so that you’ll save on cross-border procuring (together with on-line) in different currencies.
• It comes with a reasonably complete journey insurance coverage package deal that provides journey emergency medical, journey cancellation and interruption, flight delay, delayed or misplaced baggage, and journey accident insurance coverage. It additionally contains automotive rental loss/harm insurance coverage, lodge/motel housebreaking, and new cellular gadget protection.
• A simple and versatile Scene+ factors redemption program. With many companions in quite a few classes already on board, this system is quickly increasing, making assortment straightforward.
• Scene+ factors might be redeemed for groceries, eating, leisure, merchandise, journey, retail and extra.
• You possibly can apply your Scene+ to journey spends as much as a yr after you’ve charged them.

Cons

• That is an American Specific card, so it’s not accepted at sure retailers, like Superstore or Costco.
• A number of the shops within the boosted class aren’t accessible in sure components of the nation.
• Precedence Cross lounge entry provide is a reduction solely—no lounge visits are included.

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Finest rewards bank card with no charge

Tangerine World Mastercard*

At a look: The Tangerine World Mastercard helps you to earn 2% money again on purchases in as much as three spending classes (and 0.5% again on every little thing else), plus it offers you entry to a handful of extras, all for no annual charge.

• Annual charge: $0
• Rates of interest: 19.95% on purchases, 19.95% on money advances, 19.95% on stability transfers
• Welcome provide: earn an additional 10% again on as much as $1,000 in on a regular basis purchases throughout the first 2 months. Should apply by October thirty first, 2023.

• Earn charge: 2% money again in as much as three spending classes; 0.5% again on every little thing else
• Annual earnings requirement: Private earnings of $60,000 or family earnings of $100,000

• Extra perks: Boingo Wi-Fi for Mastercard; rental automotive collision/loss harm waiver; new cellular gadget insurance coverage; airport lounge entry with DragonPass; buy assurance and prolonged guarantee

Professionals

• The earn charge of two% money again in as much as three classes is aggressive for a no-fee card. 
• Though it is a no-fee card, there are just a few good extras included like as much as $1,000 in new cellular gadget protection, entry to free Wi-Fi internationally with Boingo, and airport lounge entry with DragonPass.
• You possibly can change your boosted 2% spending classes with 30 days discover, so that you might be strategic about what you earn on (eg. planning for vacation spending or for a visit).

Cons

• The DragonPass will get you entry to airport lounges however doesn’t embody passes, which you’ll must buy individually.
• Journey insurance coverage isn’t included.
• The bottom earn charge of 0.5% is kind of low.
• You will need to have a private annual earnings of $60,000 or a family earnings of $100,000 to qualify. When you earn much less, you may apply for the Tangerine Cash-Again Credit score Card that has the identical earn charges however fewer perks.

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Finest rewards bank card for money again

Scotiabank Momentum Visa Infinite*

At a look: When you’re seeking to earn as a lot money again as attainable, the Scotiabank Momentum Visa Infinite must be in your radar. Cardholders get 4% again on groceries, recurring payments and subscription providers, 2% again on public transit and gasoline, and 1% again on all different purchases—with no money again restrict. The cardboard additionally comes with a strong insurance coverage package deal and different extras.

• Annual charge: $120
• Rates of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers
• Welcome provide: You possibly can earn 10% money again on all purchases for the primary 3 months (as much as $2,000 in whole purchases). No annual charge within the first yr, together with on extra playing cards. Provide ends October 31, 2023.
• Earn charge: 4% again on groceries and recurring payments; 2% again on public transit and gasoline; 1% money again on all different purchases
• Annual earnings requirement: Private earnings of $60,000 or family earnings of $100,000
• Extra perks: Complete journey insurance coverage together with emergency medical, journey accident, journey cancellation or delay, delayed or misplaced baggage and rental automotive loss or harm; new cellular gadget insurance coverage; Visa Infinite Providers together with concierge and Visa Infinite Eating and Wine Nation program

Professionals

• The 4% earn charge on groceries is likely one of the strongest within the nation.
• What you get in journey insurance coverage protection alone is value greater than the annual charge.
• Rise up to $1,000 in new cellular gadget insurance coverage to guard in opposition to loss, theft and harm.

Cons

• Though there is no such thing as a restrict to the amount of money again you may earn, there may be an annual cap of $25,000 for the 4% and a couple of% classes. Purchases past the restrict will earn on the 1% base charge.
• The minimal earnings requirement will put this card out of attain for some.

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Finest for journey rewards

American Specific Cobalt*

At a look: The American Specific Cobalt is a lovely card for on a regular basis spending, because of its sturdy rewards charges in a broad vary of classes and vital journey perks like insurance coverage. The final one contains emergency medical, misplaced or stolen baggage, flight or baggage delay and automotive rental theft and harm protection. Membership Rewards factors might be redeemed for merchandise, journey, procuring, assertion credit and extra.

• Annual charge: $156
• Rates of interest: 20.99% on purchases, 21.99% on money advances
• Welcome provide: You possibly can earn 2,500 factors for every month you spend $500, as much as a most of 30,000 factors.
• Earn charge: 5 factors for each $1 spent on eligible meals supply, groceries and eating places; 3 factors per $1 spend on streaming providers; 2 factors per $1 spent on gasoline and transit buys—together with taxis, public transit and eligible flight tickets; 1 level per $1 on all different purchases
• Annual earnings requirement: None
• Extra perks: A strong insurance coverage package deal that features emergency medical, misplaced or stolen baggage, flight or baggage delay, lodge or motel housebreaking and automotive rental theft and harm protection; advance entry to Entrance of the Line by American Specific Invitations, in addition to advance film screenings
• Be aware: The earn charge on meals, groceries and eating places will apply as much as a most of $2,500 month-to-month beginning August 15, 2023

Professionals

• Journey bookings, together with flights, practice or boat tickets, excursions and lodging, all earn at a charge of two factors per $1 spent. 
• Contains as much as $1,000 in new cellular gadget insurance coverage, which protects in opposition to loss, theft and harm.
• Switch your factors at a ratio of 1:1 to a number of frequent flyer and loyalty packages.
• Extra playing cards are free, so you may increase your incomes with purchases with licensed cardholders, corresponding to household.

Cons

• The whole annual charge of $155.88 ($12.99 per thirty days) is barely greater than different playing cards on this class. 
• Boosted earn charges are solely accessible on the primary $30,000 spent throughout classes yearly. After that, you’ll earn 1 level per $1 spent. 
• As an American Specific card, the Cobalt isn’t accepted at some shops like Costco or Loblaw banner shops.

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Finest Visa bank card for journey

TD First Class Journey Visa Infinite*

At a look: The TD First Class Journey Visa Infinite stands out resulting from its distinctive partnership with Expedia For TD, which lets you simply guide on the portal and to earn factors in your journey purchases at accelerated charges. Included journey insurance coverage and perks, just like the annual $100 journey credit score and birthday bonus, make this a card to contemplate.

• Annual charge: $139 (rebated for the primary yr). 
• Rates of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers
• Welcome provide: You possibly can earn as much as 100,000 TD Rewards factors. Circumstances apply. Should apply by September 5, 2023. Plus, get an annual birthday bonus of 10% of your earlier yr’s factors (as much as 10,000 factors).
• Earn charge: 8 factors per $1 on journey booked via Expedia For TD; 6 factors per $1 for groceries and eating places; 4 factors per $1 spent on recurring invoice funds; 2 factors per $1 for every little thing else 
• Annual earnings requirement: Private earnings of $60,000 or family earnings of $100,000
• Extra perks: Insurance coverage together with journey medical, journey cancellation or interruption, journey accident and automotive rental loss or collision; Precedence Cross membership low cost; financial savings with Avis and Finances automotive leases

Professionals

• There are not any journey blackouts and no seat restrictions, and your TD factors don’t expire.
• You get an annual birthday bonus of 10% of your earlier yr’s factors (as much as 10,000 factors).
• Yearly, you’re eligible for a $100 journey credit score whenever you spend $500 or extra at Expedia For TD.
• Comes with a robust insurance coverage package deal.

Cons

• This card may not be appropriate for individuals who don’t want to guide their journey via Expedia For TD.
• This card doesn’t provide airport lounge entry, however reasonably a reduction on Precedence Cross membership.

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Finest rewards bank card for gasoline and groceries

CIBC Dividend Visa Infinite

At a look: Fuel and groceries are two of the preferred spending classes for Canadians so it is smart to make use of a bank card with accelerated rewards for these purchases. At 4% money again, the CIBC Dividend Visa Infinite suits the invoice. Robust earn charges on eating, transit, and recurring payments, plus useful perks like journey insurance coverage, make this card a strong throughout selection.

• Annual charge: $120 (waived for the primary yr). 
• Rates of interest: 20.99% on purchases, 22.99% on money advances (21.99% for Quebec residents), 22.99% on stability transfers
• Earn charge: 4% money again on groceries, gasoline and EV charging, 2% on eating, each day transit and recurring payments, and 1% again on every little thing else
• Welcome bonus: Earn 10% money again welcome bonus of as much as $200 (first 4 statements). Provide not accessible to QC residents. Circumstances apply.
• Annual earnings requirement: Private earnings of $60,000 or family earnings of $100,000
• Extra advantages: Emergency journey medical; automotive rental collision and loss harm insurance coverage; cellular gadget insurance coverage; plus save as much as $0.10 per litre at taking part Chevron, Ultramar and Pioneer gasoline stations whenever you hyperlink your card with Journie Rewards

Professionals

• This card’s earn charges are among the many highest within the nation, notably for groceries and gasoline.
• It can save you as much as $0.10 per litre on gasoline at Chevron, Ultramar and Pioneer gasoline stations whenever you hyperlink your card with Journie Rewards.
• You possibly can redeem your money again everytime you need (minimal $25) reasonably than having to attend for an annual payout, and there’s no restrict to the quantity you may earn.

Cons

• The minimal annual earnings requirement could have this card out of attain for some Canadians.
• Whereas there is no such thing as a cap to how a lot money again you may earn, there are limits within the boosted spending classes. As an example, you’ll earn 4% again on gasoline and groceries as much as the primary $20,000 spent in these classes, or the primary $80,000 spent in every single place, yearly. After that, purchases in these classes earn you 1% money again.

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Finest rewards bank card for PC Optimum factors:

PC Monetary Mastercard*

At a look: A broad retail associate base and useful redemptions on on a regular basis objects like groceries and pharmacy purchases make the PC Optimum rewards program one of the standard in Canada. The no-fee PC Monetary Mastercard helps you speed up your earnings with no minimal annual earnings requirement, and people with greater incomes can apply for the PC World Mastercard or the PC World Elite Mastercard which include greater earn charges.

• Annual charge: $0
• Rates of interest: 21.99% on purchases, 22.97% on money advances, 22.97% on stability transfers
• Welcome provide: Get 20,000 PC Optimum factors (a $20 worth).
• Earn charge: Primarily based charge of 10 factors per $1 spent; 30 factors per $1 at Esso and Mobil; 25 factors per $1 at Customers Drug Mart; 20 factors per $1 at PC Journey; 10 factors per $1 at Loblaw banner shops
• Annual earnings requirement: None
• Extra perks: Buy assurance

Professionals

• Stack your factors by procuring together with your PC Mastercard and displaying your PC Optimum card at checkout. Personalised presents and in-store bonus occasions allow you to earn much more factors. 
• Redeem PC optimum factors in increments of 10,000 (a $10 worth) on the money register at Loblaw banner tales.
• PC Optimum factors by no means expire.

Cons

• On condition that groceries is likely one of the greatest spending classes, the earn charge of 10 PC factors per $1 spent at Loblaw shops isn’t as sturdy because it could possibly be.
• You possibly can solely redeem PC factors on purchases from retailers affiliated with PC. 
• There are not any perks or extras included with this card.

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Finest rewards bank card for Aeroplan factors

TD Aeroplan Visa Infinite*

At a look: A strong all-round journey bank card that features a well-prepared suite of insurance coverage, a number of engaging perks, and presents the most effective earn charges round for Aeroplan factors.

• Annual charge: $139
• Rates of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers
• Welcome provide: You possibly can earn as much as 50,000 Aeroplan factors. Circumstances apply. Should apply by September 5, 2023. Plus, as an anniversary bonus, earn 20,000 Aeroplan factors whenever you spend not less than $7,500 inside 12 months of opening the account.
• Earn charge: 1.5 factors per $1 on eligible gasoline, grocery, and Air Canada purchases; 1 level per $1 on all different eligible purchases
• Annual earnings requirement: Private earnings of $60,000 or family earnings of $100,000
• Extra perks: Journey medical, journey cancellation/interruption, and flight/journey delay insurance coverage; free first checked bag; NEXUS software charge; emergency journey help

Professionals

• The first cardholder and as much as eight journey companions get their first checked bag without cost on eligible Air Canada flights in North America. 
• Use your Aeroplan factors to guide on Air Canada with out restrictions or blackout durations.
• You possibly can stack your factors whenever you pay together with your TD Aeroplan Visa Infinite and supply your Aeroplan quantity at associate manufacturers. 
• This card comes with a robust journey insurance coverage package deal.

Cons

• This card doesn’t embody airport lounge membership or free lounge entry.
• Aeroplan factors can’t be redeemed for money or for flights outdoors the Star Alliance community.
• The $139 annual charge is a bit greater than different playing cards on this class.

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Finest rewards bank card for Air Miles

BMO Air Miles World Elite Mastercard*

At a look: With its engaging welcome bonus and engaging earn charges, the BMO World Elite Mastercard works properly for avid Air Miles collectors. The cardboard features a sturdy insurance coverage package deal and some extras, like Boingo Wi-Fi entry.

• Annual charge: $120 (waived for the primary yr). 
• Rates of interest: 20.99% on purchases, 23.99% on money advances, 22.99% on stability transfers
• Welcome provide: You possibly can earn 3,000 AIR MILES Bonus Miles and have the $120 annual charge waived for the primary yr. Save 25¢ per litre off gas purchases at Shell. Should apply by August twelfth, 2023.
• Earn charge: 1 Mile per $12 spent; thrice the Miles for purchases at companions
• Annual earnings requirement: Private earnings of $80,000 or family earnings of $150,000
• Extra perks: Journey insurance coverage together with emergency medical, journey cancellation/interruption, and flight delay protection; automotive rental insurance coverage; 15% low cost on North American Air Miles flights; free membership in Mastercard Airport Experiences offered by LoungeKey; different particular presents and reductions

Professionals

• The earn charge on Air Miles is aggressive, permitting you to succeed in your objectives sooner. 
• Cardholders get one annual low cost of 25% of the quantity of Air Miles to guide a flight.

Cons

• The DragonPass lounge membership doesn’t embody free lounge passes; these have to be bought individually.
• Doesn’t embody lodge/motel housebreaking insurance coverage.
• This card has a excessive minimal annual earnings eligibility requirement.

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Finest rewards bank card for versatile rewards

MBNA Rewards World Elite Mastercard*

At a look: The MBNA Rewards World Elite Mastercard is a versatile rewards card that allows you to earn MBNA factors which you’ll redeem for merchandise, present playing cards, journey, money and even charitable donations. The benefit of a money again rewards card that additionally helps you to redeem on journey, merchandise and different spending classes is that you’re not restricted to overlaying your purchases with a press release credit score—you may flip your factors into chilly onerous money or use your factors on the checkout. Plus, you get a number of the advantages of a journey rewards card with the power to make use of your factors on flights, resorts and extra. Distinctive perks—just like the birthday bonus factors and included advantages like journey insurance coverage—make this card stand out.

• Annual charge: $120
• Rates of interest: 19.99% on purchases, 24.99% on money advances, 22.99% on stability transfers
• Welcome provide: You possibly can earn 20,000 bonus factors (roughly $165 in money again worth) after you make $2,000 or extra in eligible purchases throughout the first 90 days. This provide isn’t accessible for residents of Quebec.
• Earn charge: 5 factors per $1 spent on groceries, eating places, digital media, memberships, and family utilities as much as $50,000 per class yearly; 1 level per $1 is the bottom charge
• Annual earnings requirement: Private earnings of $80,000 or family earnings of $150,000
• Extra perks: Journey and automotive rental insurance coverage; MBNA fee plan; 10% factors again in annual birthday bonus

Professionals

• This card contains $2 million in journey medical insurance coverage. It additionally has included flight/journey delay and delayed/misplaced baggage protection.
• You possibly can shield your new cellular gadget in opposition to loss, harm and theft with as much as $1,000 included protection.
• The annual birthday bonus factors perk is a present of a further 10% on the variety of factors you earned within the earlier yr.
• Your MBNA factors by no means expire.

Cons

• The included journey insurance coverage providing is incomplete, so that you’ll have to purchase additional protection to be totally protected.
• There may be an annual cap of $50,000 per class within the accelerated spending classes. Purchases past that may earn on the base charge of 1 level per $1 spent.
• The annual minimal earnings requirement places this card out of attain for some candidates.

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Continuously requested questions

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Video: Promotional charges: What to search for within the effective print

How a lot are bank card rewards factors value 

With constant rewards packages, the factors are value a set quantity and this doesn’t change. Listed below are the values of factors with constant rewards packages.  

How to decide on the most effective rewards card

When you’re procuring round for a brand new bank card, you might discover most boil down to 2 forms of rewards: factors or money again. It is likely to be tempting to choose the cardboard that provides you the most effective return, however it’s not that easy. The place you store, how a lot you spend, and the kind of rewards you like are all a part of the decision-making course of.

The case for money again

When you choose simplicity, cash-back playing cards are the way in which to go. The finest money again bank cards provide the highest return based mostly in your on a regular basis spending habits. Right here’s what you must think about.

Payouts: Relying on the cardboard, money again is 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 earn you a set share based mostly how a lot you spend. Typically talking, money again playing cards with an annual charge will earn you a better base share, so you might want to issue that in if you happen to’re evaluating it to a no-fee card.

Multipliers: Some money again playing cards provide multipliers, which offer you a better share of money again in standard spending classes corresponding to grocery shops, gasoline stations, drugstores, and recurring payments.

The case for rewards

As an alternative of incomes money, journey rewards bank cards web factors that can be utilized to assert journey (flights, resorts), present playing cards, or merchandise. Rewards playing cards might be fairly profitable when you know the way to earn and redeem factors successfully, however there are a number of options to contemplate.

Sort of rewards earned: Rewards playing cards are both linked to a particular journey model (airline or lodge), or offer you flexibility to journey on any provider. When you’re loyal to a particular model, it is smart to choose a co-branded card. When you choose flexibility, then decide a card that provides you essentially the most choices.

Signup bonus: Most rewards playing cards provide an enormous signup bonus to entice you to use. Assuming you may meet the minimal spend requirement, that bonus could possibly be value just a few hundred {dollars}.

Ease of redemption: Rewards are ineffective if you happen to can’t use them. Search for packages that don’t have blackout dates or many restrictions so you may declare your factors whenever you wish to.

Worth of your factors: Know what your factors 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%. In case you have a co-branded bank card for flights or resorts, you might want to decide what number of factors it takes to get a free flight or lodge room.

Extra advantages: Moreover rewards, you’ll wish to have a look at the extra advantages supplied. Many rewards card provide a complete journey insurance coverage package deal, auto rental insurance coverage, and worth safety as normal advantages.

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Extra of Canada’s finest bank cards: