Canada’s greatest rewards bank cards 2023

One of the best rewards bank cards for on a regular basis spending

Scotiabank Gold American Specific*

At a look: The Scotiabank Gold American Specific card permits 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 large advantages is that Scene+ rewards are simple to redeem, and the cardboard comes with helpful perks for journey and new cell gadget insurance coverage.

• Annual charge: $120
• Rates of interest: 20.99% on purchases, 22.99% on money advances
• Welcome provide: Earn as much as $850 in worth within the first 12 months, together with as much as 45,000 bonus Scene+ factors, and have the annual charge waived in your first 12 months. Supply ends April 30, 2023.
• Earn price: 5 factors per $1 spent on groceries, eating and leisure; three factors per $5 on gasoline, public transit and eligible streaming providers; and 1 level per $1 on all the things 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 automobile collision or harm protection; low cost on Precedence Move Lounge entry

Professionals

• That is the one bank card from a significant financial institution that waives the two.5% overseas transaction charge, so that you’ll save on cross-border buying (together with on-line) in different currencies.
• It comes with a reasonably complete journey insurance coverage package deal that gives journey emergency medical, journey cancellation and interruption, flight delay, delayed or misplaced baggage, and journey accident insurance coverage. It additionally contains automobile rental loss/harm insurance coverage, lodge/motel housebreaking, and new cell 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 simple.
• Scene+ factors could be redeemed for groceries, eating, leisure, merchandise, journey, retail and extra.
• You’ll be able to apply your Scene+ to journey spends as much as a 12 months after you’ve charged them.

Cons

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

American Specific Cobalt*

At a look: The American Specific Cobalt is a lovely card for on a regular basis spending, because of its robust 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 automobile rental theft and harm protection. Membership Rewards factors could be redeemed for merchandise, journey, buying, assertion credit and extra.

• Annual charge: $156
• Rates of interest: 20.99% on purchases, 21.99% on money advances
• Welcome provide: Earn 2,500 factors for every month you spend $500, as much as a most of 30,000 factors—that’s $300 in the direction of a weekend getaway or live performance tickets.
• Earn price: 5 factors for each $1 spent on eligible meals supply, groceries and eating places; 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 automobile rental theft and harm protection; advance entry to Entrance of the Line by American Specific Invitations, in addition to advance film screenings

Professionals

• Journey bookings, together with flights, prepare or boat tickets, excursions and lodging, all earn at a price of two factors per $1 spent. 
• Contains as much as $1,000 in new cell 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 enhance your incomes with purchases with licensed cardholders, reminiscent of household.

Cons

• The entire 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 out there 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.

Greatest rewards bank card with no charge

Tangerine World Mastercard*

At a look: The Tangerine World Mastercard permits you to earn 2% money again on purchases in as much as three spending classes (and 0.5% again on all the things else), plus it provides 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 steadiness transfers
• Welcome provide: Earn 15% money again whenever you spend as much as $1,000 in on a regular basis purchases inside your first 2 months (as much as a restrict of $150 money again). Should apply by January 31st, 2023.

• Earn price: 2% money again in as much as three spending classes; 0.5% again on all the things else
• Annual earnings requirement: Private earnings of $60,000 or family earnings of $100,000

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

Professionals

• The earn price of two% money again in as much as three classes is aggressive for a no-fee card. 
• Although it is a no-fee card, there are just a few good extras included like as much as $1,000 in new cell gadget protection, entry to free Wi-Fi internationally with Boingo, and airport lounge entry with DragonPass.
• You’ll be able to change your boosted 2% spending classes with 30 days discover, so that you could 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 embrace passes, which you’ll need to buy individually.
• Journey insurance coverage isn’t included.
• The bottom earn price of 0.5% is kind of low.
• You need to have a private annual earnings of $60,000 or a family earnings of $100,000 to qualify. For those who earn much less, you may apply for the Tangerine Cash-Again Credit score Card that has the identical earn charges however fewer perks.

Greatest rewards bank card for money again

Scotiabank Momentum Visa Infinite*

At a look: For those who’re seeking to earn as a lot money again as attainable, the Scotiabank Momentum Visa Infinite ought to 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 steadiness transfers
• Welcome provide: Earn 10% money again on all purchases for the primary three months (as much as $2,000 in whole purchases).
• Earn price: 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 automobile loss or harm; new cell gadget insurance coverage; Visa Infinite Providers together with concierge and Visa Infinite Eating and Wine Nation program

Professionals

• What you get in journey insurance coverage protection alone is price greater than the annual charge.
• The 4% earn price on groceries is among the strongest within the nation.
• Rise up to $1,000 in new cell 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 price.
• The minimal earnings requirement will put this card out of attain for some.

Greatest rewards bank card for journey

TD First Class Journey Visa Infinite*

At a look: The TD First Class Journey Visa Infinite stands out attributable to its distinctive partnership with Expedia For TD, which lets you simply e book 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
• Rates of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers
• Welcome provide: Earn as much as 145,000 TD factors. Apply by Might 28, 2023. Should apply earlier than Might 28, 2023. For Quebec residents, please click on right here.
• Earn price: eight factors per $1 on journey booked via Expedia For TD; 6 factors per $1 for groceries and eating places; Four factors per $1 spent on recurring invoice funds; 2 factors per $1 for all the things 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 automobile rental loss or collision; Precedence Move membership low cost; financial savings with Avis and Price range automobile 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 12 months’s factors.
• Yearly, you’re eligible for a $100 journey credit score whenever you spend $500 or extra at Expedia For TD.
• Comes with a powerful insurance coverage package deal.

Cons

• This card won’t be appropriate for many who don’t want to e book their journey via Expedia For TD.
• This card doesn’t provide airport lounge entry, however somewhat a reduction on Precedence Move membership.

Greatest rewards bank card for gasoline and groceries

CIBC Dividend Visa Infinite

At a look: Gasoline and groceries are two of the most well-liked spending classes for Canadians so it is sensible 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. Sturdy earn charges on eating, transit, and recurring payments, plus beneficial perks like journey insurance coverage, make this card a strong throughout selection.

• Annual charge: $120
• Rates of interest: 20.99% on purchases, 22.99% on money advances (21.99% for Quebec residents), 22.99% on steadiness transfers
• Earn price: 4% money again on groceries and gasoline, 2% on eating, each day transit and recurring payments, and 1% again on all the things else
• Welcome bonus: Get a first-year annual-fee rebate for you and as much as three licensed customers, and 10% money again for the primary 4 statements on internet purchases of as much as $2,500.
• Annual earnings requirement: Private earnings of $60,000 or family earnings of $100,000
• Extra advantages: Emergency journey medical; automobile rental collision and loss harm insurance coverage; cell 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, significantly 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’ll be able to redeem your money again everytime you need (minimal $25) somewhat 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 might 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 illustration, 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 all over the place, yearly. After that, purchases in these classes earn you 1% money again.

Greatest rewards bank card for Optimum factors:

PC Monetary Mastercard*

At a look: A broad retail companion base and beneficial redemptions on on a regular basis gadgets like groceries and pharmacy purchases make the PC Optimum rewards program some of the widespread 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: 20.97% on purchases, 22.97% on money advances, 22.97% on steadiness transfers
• Welcome provide: Get 20,000 PC Optimum factors (a $20 worth).
• Earn price: Based mostly price of 10 factors per $1 spent; 30 factors per $1 at Esso and Mobil; 25 factors per $1 at Consumers 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 buying together with your PC Mastercard and displaying your PC Optimum card at checkout. Customized affords 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 among the largest spending classes, the earn price of 10 PC factors per $1 spent at Loblaw shops isn’t as robust because it could possibly be.
• You’ll be able to solely redeem PC factors on purchases from retailers affiliated with PC. 
• There are not any perks or extras included with this card.

Greatest 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 affords among the finest earn charges round for Aeroplan factors.