The best family credit cards in Canada for 2024
Natasha Macmillan, Business Unit Director - Everyday Banking
If there’s one universal truth, it’s this: starting a family is expensive. That’s why it’s essential to choose a credit card that fits your needs and will save you money in all the right areas. Whether it’s weekly trips to the grocery store, a family meal at a favourite restaurant, or a much-anticipated vacation, we’ve got you covered with our top picks. Read below to discover our best family credit cards in Canada.
Best everyday credit card for families
Best for Groceries & gas
based on spending $2,200/mo after the annual fee
- Earn rewards
1% – 4% / dollar spent
- Welcome bonus
$250
- Annual fee
see Details
Perks of the CIBC Dividend® Visa Infinite* Card
Perks | Details | |
---|---|---|
Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
Waived foreign transaction fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
Travel accident insurance | $500,000 per person | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
Travel emergency medical | $5,000,000 for 10 days (under 65) | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
Car rental insurance | MSRP of up to $65,000, for 48 days | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
Mobile insurance | Up to $1,000 per occurence | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
Purchase assurance | Replacement/repair within 90 days | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
Extended warranty | Up to one additional year | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
Price protection | Included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
Ratehub.ca’s 2023 Award Winner – Best Cash Back Credit Card
Welcome Offer: Get a first-year annual fee rebate and earn a 10% cash back welcome bonus of up to $250 (first 4 statements)!†
- After that, get 4% cash back on eligible gas, EV charging and grocery purchases.†
- 2% cash back on eligible transportation, dining purchases and recurring payments†
- 1% cash back on all other purchases†
- Get cash back on demand – redeem your cash back at any time when you have a minimum of $25 through CIBC Online and Mobile Banking®†
- Save on gas with CIBC and Journie Rewards
- Link and use your CIBC Dividend® Visa Infinite* Card with Journie Rewards to save up to 10 cents per litre† at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.†
- This is a digital-exclusive offer. To be eligible for this offer: 1) this offer must have been directly communicated to you from CIBC or from a partner/affiliate; and 2) you must apply for the eligible card through the link provided in the CIBC or partner/affiliate communication to you.† This offer is reserved for you. Please do not forward it to anyone else.
- CIBC may approve your application, but you are not eligible to receive this Offer if you have opened, transferred or cancelled another Dividend card within the last 12 months.†
- This offer is not available for the residents of Quebec.
- †Terms and Conditions Apply
Ratehub’s take
The biggest selling point of the CIBC Dividend Visa Infinite is its impressive rewards on everyday essentials. On top of the 1% earn rate for all purchases, this card earns 4% cash back on both groceries and gas purchases – the best on the market, for two of the most common spending categories for Canadian households.
Pros
- High earn rates on specific categories: Significantly higher earn rates on groceries, EV charging, and gas than most other cards (4% cash back)
- Redeem any time: Users can redeem rewards at any time as a statement credit starting in increments of $25
- Convenient payment option for large purchases: Access to CIBC’s Pace It program, allowing you to pay off large purchases in monthly increments
- Exclusive program access: Access to the Visa Infinite Program, entitling you to attend special dining events and hotel perks at participating hotels and restaurants
Cons
- Income requirement: The annual fee ($120) and personal income requirements ($60,000) may be prohibitive
- Limited insurance coverage: Insurance coverage isn’t as comprehensive as other similar rewards cards (if insurance is a priority for you, consider the cards featured on our list of best credit cards for travel insurance)
- Annual cash back is limited: While the points earnings rate is impressive, annual rewards at 4% and 2% are capped at $80,000 total, then you’ll earn at the base rate
Eligibility requirements
Minimum credit score: 725
Minimum income: $60,000/yr
Interest rates
Purchase interest: 20.99%
Cash advance: 22.99%
Balance transfer: 22.99%
Annual fee
$120
Ratehub.ca's take
The biggest selling point of the CIBC Dividend® Visa Infinite* is its impressive rewards on everyday essentials. On top of the 1% earn rate for all purchases, this card earns an industry-leading 4% cash back on both groceries, and gas purchases – two of the most common spending categories for Canadian households. Thanks to CIBC’s new Cash Back on demand feature, cardholders can choose to redeem rewards at any time as a statement credit starting in increments of $25.
Pros
- Significantly higher earn rates on groceries, EV charging, and gas than most other cards (4% cash back)
- Flexible cash back redemption option allowing users to redeem their cash back at any time in increments of $25
- Access to CIBC’s Pace It program, allowing you to pay off large purchases in monthly increments
- Features a digital-only welcome bonus, where new users who apply online can earn a 10% cash back welcome bonus of up to $250 (first 4 statements). Offer not available to QC residents. Terms and conditions apply.
- Access to the Visa Infinite Program, entitling you to attend special dining events and hotel perks at participating hotels and restaurants
Cons
- Annual fee ($120) and personal income requirements ($60,000) may be prohibitive
- Insurance coverage isn’t as comprehensive as other similar rewards cards (if insurance is a priority for you, consider the cards featured on our list of Best credit cards for travel insurance)
Best travel card for families
Best for Travel
based on spending $2,200/mo after $139 annual fee
- Earn rewards
2pts – 8pts / dollar spent
- Welcome bonus
135,000 points (a $675 value)
- Annual fee
$139 $0 first year waived
Perks of the TD First Class Travel® Visa Infinite* Card
Perks | Details | |
---|---|---|
Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
Waived foreign transaction fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
Travel accident insurance | Included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
Travel emergency medical | Included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
Car rental insurance | Included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
Trip cancellation | Included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
Trip interruption | Included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
Flight delay insurance | Included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
Baggage loss insurance | Included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
Baggage delay insurance | Included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
Hotel/motel burglary | Included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
Mobile insurance | Included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
Purchase assurance | Included | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
Extended warranty | Included | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Earn up to $1,000 in value†, including up to 135,000 TD Rewards Points, no Annual Fee for the first year† and additional travel benefits. Conditions Apply. Account must be approved by January 6, 2025.
- Earn a welcome Bonus of 20,000 TD Rewards Points when you make your first Purchase with your Card†.
- Earn 115,000 TD Rewards Points when you spend $5,000 within 180 days of Account opening†.
- Earn a Birthday Bonus of 10% of the TD Rewards Points you have earned over the past year, up to a maximum of 10,000 TD Rewards points†.
- Get an annual TD Travel Credit† of $100 when you book at Expedia® For TD.
- Get an Annual Fee Rebate for the first year†.
- To receive the first-year annual fee rebate, you must activate your Card and make your first Purchase on the Account within the first 3 months after Account opening and you must add your Additional Cardholders by January 6, 2025.
- Earn TD Reward Points on all the things you normally do, whether you use your card for groceries, dining, paying bills or booking travel. The rewards will add up quickly so you can enhance your travel experience or enjoy a wide variety of rewards.
- Your Card also allows you to enjoy:
- An annual TD Travel Credit† of $100 when you book at Expedia® For TD.
- TD Rewards Birthday bonus† that helps you celebrate in style.
- An extensive suite of travel insurance coverages which helps you travel prepared
- No travel blackouts†, no seat restrictions† and no expiry† for your TD Rewards Points as long as your account is open and in good standing.
- Redeem your TD Rewards Points towards making purchases at Amazon.ca with Amazon Shop with Points. Conditions apply.
- Earn 8 TD Rewards Points† for every $1 you spend when you book travel through Expedia® For TD†
- Earn 6 TD Rewards Points† for every $1 you spend on Groceries and Restaurants†.
- Earn 4 TD Rewards Points† for every $1 you spend on regularly recurring bill payments set up on your Account†
- Earn 2 TD Rewards Points For every $1 you spend on other Purchases made using your Card† plus earn an annual Birthday Bonus† of up to 10,000 TD Rewards Points
- †Terms and conditions apply.
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Ratehub’s take
The TD First Class Travel Visa Infinite is your passport to travel rewards, offering flexible redemption options and value for frequent travellers looking for a Visa credit card with travel points.
Pros
- Flexible redemption: Redeem points on flights, hotels, car rentals and more through Expedia for TD, with points redeemable in increments as low as one dollar
- Exclusive offers: Enjoy 10% off car rentals from select Avis and Budget locations, an annual discount to Priority Pass Memberships
- Extensive travel package: Enjoy comprehensive travel insurance, including emergency travel medical (up to $2 million), trip cancellation/interruption, and more
- TD Travel Credit: Receive an annual TD Travel Credit of $100 when you book at Expedia for TD
Cons
- Income requirement: A minimum personal income of $60,000 and $139 annual fee may limit eligibility for some users
- Low point value: The average dollar value of one TD Reward point is $0.005, which is low compared to other travel credit cards
- Low earn rate for specific categories: Other cards offer high point values for specific spending categories like dining and entertainment
- No complimentary airport lounge access: While there’s no complimentary airport lounge access, users can benefit from a 20% discount on Priority Pass membership
- No waived foreign transaction fees: Foreign transaction fees are not waived, so consider this if you plan to use the card for shopping abroad
Eligibility requirements
Minimum credit score: 725
Minimum income: $60,000/yr
Interest rates
Purchase interest: 20.99%
Cash advance: 22.99%
Balance transfer: 22.99%
Ratehub.ca take
The TD First Class Travel Visa Infinite is the go to credit card for frequent travellers looking for a Visa travel credit card thanks in no small part to its flexible airline options and high return on travel spending.
Through TD’s and Expedia’s co-branded website (Expedia for TD), cardholders can earn and redeem points for flights from hundreds of airlines as well as hotels and other travel-related expenses, such as car rentals and all-inclusive vacations.
Pros
- Welcome bonus: earn a welcome Bonus of 20,000 TD Rewards Points when you make your first Purchase with your Card. Earn 115,000 TD Rewards Points when you spend $5,000 within 180 days of Account opening. Conditions Apply. Account must be approved by January 6, 2025.
- Earn 8 TD Rewards Points per $1 on travel through Expedia for TD, 6 TD Rewards Points per $1 on groceries and restaurants, 4 TD Rewards Points per $1 on recurring bill payments, and 2 TD Rewards Points per $1 on everything else
- Points can be redeemed on virtually any airline or hotel of your choice through Expedia for TD
- Redeem points in increments as low as 200 (one dollar)
- 10% off car rentals from select Avis and Budget locations and an annual discount to Priority Pass Memberships
- Extensive travel package including emergency travel medical (up to $2 million), trip cancellation/interruption, plus more
Cons
- Minimum personal income of $60,000 and annual fee may be prohibitive to some users
- Other cards of this level offer higher point value for categories like dining, entertainment, etc.
- No complimentary airport lounge access (but there is a 20% discount off Priority Pass membership)
- No waived foreign transaction fees - users who intend to use the card for shopping abroad may want to consider this
Best no-fee card for families
Best for Flexible spending
based on spending $2,200/mo after $0 annual fee
- Earn rewards
0.5% – 10% / dollar spent
- Welcome bonus
$100
- Annual fee
$0
Perks of the Tangerine Money-Back Credit Card
Perks | Details | |
---|---|---|
Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
Waived foreign transaction fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
Travel emergency medical | Not included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
Car rental insurance | Not included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
Purchase assurance | Not included | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
Extended warranty | Not included | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Ratehub.ca’s 2023 Award Winner – Best No Fee Cash Back Credit Card
- Life’s back in session. Enjoy it with an extra 10% back.*
- Apply for a Tangerine Money-Back Credit Card by October 31, 2024 and earn an extra 10% back (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.*
- Earn 2% Money-Back Rewards on purchases in two 2% Money-Back Categories of your choice, and 0.50% Money-Back Rewards on all other purchases.
- Earn extra rewards – have your Money-Back Rewards deposited into a Tangerine Savings Account, and get a 3rd 2% Money-Back Category.
- No limit on the amount of Money-Back Rewards you can earn.
- Change your 2% Money-Back Categories to suit your spending.
Ratehub’s take
While the Tangerine Money-Back Credit Card is a no annual fee card, what really sets it apart is the ability to customize your rewards. With this card, you can choose your own bonus categories (which will earn you a strong cash back rate of 2% per dollar spent). This is rare in the credit card market and means you can avoid being locked into a bonus category that you can’t take full advantage of, or that doesn’t align with your spending habits.
Pros
- Customizable bonus categories: Flexibility to pick up to three bonus categories to earn 2% cash back on (out of a total of 10 options), which is in sharp contrast to most other cards where you have fixed bonus categories that you have no control over. Users are also given the freedom to change the bonus categories at any time (changes will take up to 90 days to come into effect)
- High cash back earning rate: 2% cash back per dollar on bonus categories is one of the richest earn rates for a no-fee card, plus your rewards are unlimited and don’t have monthly or annual maximums
- Wide acceptance: Widely accepted almost everywhere including No Frills and Costco
- Additional cards at no cost: Free supplementary cards for authorized users
- Frequent cash back reimbursement: Cash back is refunded on a monthly basis, instead of the standard annual reimbursement
Cons
- Limited cash back for non-bonus categories: For all purchases that aren’t categorized under one of your chosen bonus categories, you’ll earn just 0.5% cash back
- Limited travel insurance and perks: No travel medical insurance or any substantial side perks
Eligibility requirements
Minimum credit score: 660
Minimum income: $12,000/yr
Interest rates
Purchase interest: 20.95%
Cash advance: 22.95%
Balance transfer: 22.95%
Ratehub.ca's take
While the fact that the Tangerine Money-Back Credit Card is a no annual fee card is a big reason behind its popularity, what really sets this card apart is the customizability. With this card, you can choose your own bonus categories (which will earn you a strong cash back rate of 2% per dollar spent). This is rare in the credit card market and means you can avoid being locked into a bonus category that you can’t take full advantage of or that doesn’t align with your spending habits. On top of that, your cash back is refunded on a monthly basis (instead of the standard annual reimbursement).
Pros
- Flexibility to pick up to three bonus categories to earn 2% cash back on (out of a total of 10 options), which is in sharp contrast to most other cards where you have fixed bonus categories that you have no control over
- 2% cash back per dollar on bonus categories is one of the richest earn rates for a no-fee card
- Freedom to change up your bonus categories at any time (changes will take up to 90 days to come into effect)
- Widely accepted almost everywhere including No Frills and Costco as it is a Mastercard credit card
- Extended warranty and purchase protection
- Free supplementary cards for authorized users
Cons
- For all purchases that aren’t categorized under one of your chosen bonus categories, you’ll earn just 0.5% cash back
- No travel medical insurance or any substantial side perks
Best family credit card for entertainment
Best for Groceries & dining
based on spending $2,200/mo after $120 annual fee
- Earn rewards
1pt – 6pts / dollar spent
- Welcome bonus
45,000 points (a $450 value)
- Annual fee
$120 $0 first year waived
Perks of the Scotiabank®* Gold American Express® Card
Perks | Details | |
---|---|---|
Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
Waived foreign transaction fees | Included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
Travel accident insurance | $500,000 per person | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
Travel emergency medical | $1,000,000 for 25 days (under 65) | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
Car rental insurance | MSRP of up to $65,000, for 48 days | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
Trip cancellation | Up to $1,500 per person | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
Trip interruption | Up to $1,500 per person | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
Flight delay insurance | Up to $500 coverage per person | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
Baggage loss insurance | Up to $1,000; delays over 4 hours | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
Baggage delay insurance | Up to $1,000; delays over 4 hours | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
Hotel/motel burglary | Included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
Mobile insurance | Up to $1,000 per occurence | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
Purchase assurance | Covered for 90 days | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
Extended warranty | Up to one additional year | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
Price protection | Included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Earn up to $950* in value in the first 12 months, including up to 45,000 bonus Scene+ points¹. To qualify for these offers make sure to open a new Scotiabank Gold American Express credit card account(“Account”) by October 31, 2024.
- Earn 6x Scene+ points¹ on every $1 you spend at Sobeys, Safeway, Freshco, Foodland and more.
- Earn 5x Scene+ points¹ for every $1 you spend on dining, food delivery and other eligible grocery stores. Includes popular food delivery and food subscriptions.
- Earn 5x Scene+ points¹ for every $1 you spend in Canada eligible entertainment purposes. Includes movies, theatre and ticket agencies stores.
- Earn 3x Scene+ points¹ for every $1 CAD you spend in Canada on eligible gas and daily transit options. Includes rideshares, buses, subway, taxis and more.
- Earn 3x Scene+ points¹ for every $1 CAD you spend in Canada on eligible select streaming services.
- Plus earn 1 Scene+ point for every $1 spent on all other eligible everyday purchases.
- No Foreign Transaction Fee
- Comprehensive Travel Insurance coverage
- AMEX Offers®
- AMEX Front of the Line®
- American Express Invites®
- Complimentary Concierge Services
- Rates, fees and other information are effective as of July 02,2024. Subject to change.
Ratehub’s take
The Scotiabank Gold American Express Card earns an honourable mention as one of the best overall travel credit cards for the outstanding benefits it offers to cardholders. This card stands out as a top choice, thanks to its exceptional return on spending and a variety of travel-related perks. This card is particularly useful for those who dine out often, travel, and enjoy entertainment.
Pros
- No foreign exchange fee: Save on foreign currency purchases while travelling abroad or shopping online, as this card doesn’t charge the typical 2.5% foreign transaction fee
- Extensive insurance coverage: Enjoy comprehensive travel insurance, including the $1 million travel medical insurance, which lasts for 25 days and is one of the longer coverage periods available on the market
- High return on spending: Earn five points per $1 spent on groceries, restaurants, food delivery, and entertainment – one of the best in class multipliers in the market. Earn three points per $1 spent on gas and transit expenses
Cons
- Limited acceptance: American Express isn’t as widely accepted in Canada compared to Visa and Mastercard
- Annual Fee: This card carries an annual fee of $120
- Fixed point values: Although earn rates are high, travel points are always worth one cent per point and you can’t transfer your points to other airline rewards programs like you can with other cards
- Airport lounge access is not free: Although you’ll get a discount on a Priority Pass membership for airport lounge access, lounge visits aren’t included with the card
Eligibility requirements
Minimum credit score: 725
Minimum income: $12,000/yr
Interest rates
Purchase interest: 20.99%
Cash advance: 22.99%
Balance transfer: 22.99%
Ratehub.ca's take
The Scotiabank Gold American Express Card has a best in class return on spending due to the 5 times multiplier for every $1 spent on groceries, restaurants, food delivery and entertainment and 3 times multiplier on gas and transit. This adds up to a ton of points on your everyday purchases. On top of that, cardholders will not have to pay a foreign transaction fee on foreign currency purchases and have access to a cohesive travel insurance package. The Scotiabank Gold American Express card is a great travel companion offering significant savings.
Pros
- No foreign exchange fee on any foreign currency purchases while traveling abroad or shopping online (typically a 2.5% fee)
- Extensive insurance coverage - The $1 million travel medical insurance lasts for 25 days, which is one of the longer coverage periods you’ll get.
- High average % return on spending (5 points per $1 on purchases) - best in class multipliers across groceries, restaurants, entertainment, gas and transit
- Great welcome bonus with the opportunity to earn up to $950 in value in the first 12 months, including up to 45,000 bonus Scene+ points. To qualify, apply by October 31, 2024.
- Access to VIP airport lounges and around the clock concierge services
Cons
- Points will expire if they are not used with 12 months of the purchase date
- American Express isn’t as widely accepted in Canada compared to Visa and Mastercard
- Annual Fee $120
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How to add additional cardholders
For many families, it makes a lot of sense to add additional cardholders to a credit account. This is especially true in the case of high-earning rewards cards as it creates the ability to collect points or cash back much faster than one person could alone. While most cards will allow you to add multiple secondary cardholders, some charge an annual fee per extra card. That being said, it’s usually much smaller than that of the primary user.
Even though putting family members on your card’s account may be a great way to earn more rewards quickly, keep in mind that the primary cardholder is still responsible for the monthly statement, so make sure anyone you add is trustworthy and responsible.
Also read:
The best credit cards in Canada
The best travel cards in Canada
The best credit cards for dining and restaurant deliveries in Canada