Unlocking Credit Card Rewards in 2024

Natasha Macmillan, Business Unit Director - Everyday Banking

October 8, 2024

Credit cards are more than just a convenient way to make purchases—they are powerful tools for earning rewards and maximizing benefits. However, many consumers don't fully understand how to unlock their credit card's full potential.

To help users maximize their rewards, We’ve compared three of the best credit cards in Canada to show where Canadians can earn the most.

Our top picks at a glance

Ratehub’s pick for the best reward credit card

Featured

4.5 Ratehub rated

Best for Groceries & dining

First year reward

$643/yr

based on spending $2,200/mo after $156 annual fee

Earn rewards: 1pt – 5pts / dollar spent
Welcome bonus: 15,000 points (a $150 value)
Annual fee: $156

Perks of the American Express Cobalt® Card

Perks	Details
Lounge access	Not included
Waived foreign transaction fees	Not included
Travel accident insurance	$250,000
Travel emergency medical	$5,000,000 for first 15 days (under 65)
Car rental insurance	MSRP of up to $85,000, for 48 days
Trip cancellation	Not included
Trip interruption	Not included
Flight delay insurance	$500; delays 4 hours or more
Baggage loss insurance	$500 per trip for all persons
Baggage delay insurance	$500; delays 6 hours or more
Hotel/motel burglary	Included
Mobile insurance	Up to $1,000 for 90 days
Purchase assurance	Up to $1,000 for 90 days
Extended warranty	Up to one additional year
Price protection	Included

Other perks

In your first year as a new Cobalt Cardmember, you can earn 1,250 Membership Rewards^® points for each monthly billing period in which you spend $750 in net purchases on your Card. This could add up to 15,000 points in a year. That’s up to $150 towards a weekend getaway or concert tickets
Earn 5x the points on eligible eats and drinks in Canada, including groceries and food delivery. Spend cap applies.
Earn 3X the points on eligible streaming subscriptions in Canada
Earn 2X the points on eligible ride shares, transit & gas in Canada
Earn 1 additional point on eligible hotel and car rental bookings via American Express Travel Online
Earn 1X point for every $1 in Card purchases everywhere else
Enjoy access to hotel bookings, a room upgrade (when available), 12pm check-in and late check-out (when available), and up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel
Transfer points 1:1 to several frequent flyer and other loyalty programs
Cobalt Cardmembers receive regular Perks such as bonus reward offers and access to great events
Access Front Of The Line^® Amex Presale & Reserved Tickets to some of your favourite concerts and theatre performances and special offers and events curated for Cardmembers with Amex Experiences^TM
American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.

Ratehub’s take

The American Express Cobalt is one of Canada’s best travel credit cards. If you’re looking for a versatile credit card that rewards both everyday spending and travel, the American Express Cobalt is an ideal choice. Cardholders can enjoy strong travel insurance, a generous welcome offer, and flexible point redemption options.

Pros

Exceptional point earning: 5x the points on eligible restaurant and food delivery, 3x the points on eligible streaming services, 2x the points on ride shares, transit and gas. The earning potential for restaurants and takeout is significantly higher than most other cards
Flexible point redemption: Travelers can choose from three ways to use their points: points 1:1 to several valuable loyalty programs including Aeroplan, use the Fixed Points Program to simplify redemptions regardless of travel dates, or use points for statement credits at a rate of 1 point = 1 cent. Or, redeem Membership Rewards for travel, gift cards, merchandise, or purchases
Exclusive access: Enjoy privileges such as Front of the Line Presale and Reserved tickets to concerts, theatre performances, movie screenings, culinary events, and other special offers
Comprehensive travel insurance: Benefit from a strong travel insurance package, including up to $5,000,000 in travel emergency medical
No additional fee for authorized users: Add authorized users for no extra cost (an average fee of $30-50 on other comparable cards)

Cons

Monthly fee: A monthly fee of $12.99 (totalling an annual fee of $156, which is higher than most other rewards cards)
Limited acceptance: American Express isn’t as widely accepted in Canada compared to Visa and Mastercard
Travel insurance age limitations: The travel insurance package does not cover trip cancellation or medical coverage for cardholders over the age of 65
Lack of airport lounge access: Frequent travellers may be disappointed as this card does not offer access to airport lounges

This card is ideal for the “influencer” and frequent diners due to its generous rewards on food and drink purchases, as well as its comprehensive travel insurance coverage. The card offers 5x points on eligible dining and food delivery expenses, making it particularly valuable for those who often eat out or order in. Additionally, its travel benefits and insurance protections cater to influencers who travel regularly for work or leisure.

Reward Tips

Maximize Reward Redemption

Additional Benefits

Ratehub’s pick for the best travel credit card

Featured

4.0 Ratehub rated

Best for Travel perks

First year reward

$515/yr

based on spending $2,200/mo after $150 annual fee

Earn rewards: 1pt – 3pts / dollar spent
Welcome bonus: 25,000 points (a $250 value)
Annual fee: $150

Perks of the Scotiabank Passport™ Visa Infinite* Card

Perks	Details
Lounge access	Includes 6 visits per year
Waived foreign transaction fees	Included
Travel accident insurance	$500,000 per person ($1 million total)
Travel emergency medical	$2,000,000 for 25 days (under 65)
Car rental insurance	MSRP of up to $65,000, for 48 days
Trip cancellation	Up to $1,500 per person
Trip interruption	Up to $2,500 per person
Flight delay insurance	Up to $500 coverage per person
Baggage loss insurance	Combined maximum $1,000
Baggage delay insurance	Up to $1,000; delays over 4 hours
Hotel/motel burglary	Included
Mobile insurance	Not included
Purchase assurance	$60,000 lifetime limit
Extended warranty	Up to one additional year
Price protection	Included

Other perks

Ratehub.ca’s 2024 Credit Card Award Winner

Earn up to $1,100* in value in the first 12 months, including up to 35,000 bonus Scene+ points
Earn 3x Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating
Co-ops and more
Earn 2x Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including rideshares, buses, subways taxis and more)
Plus earn 1 Scene+ point for every $1 spent on all other eligible everyday purchases
No Foreign Transaction Fee
6 Complimentary Airport Lounge Access
Comprehensive Travel Insurance coverage
Visa Infinite* Concierge Services
Visa Infinite* Hotel Collection
Visa Infinite* Dining and Wine Country program
Rates, fees and other information are effective as of July 02, 2024. Subject to change.

Ratehub’s take

The Scotiabank Passport Visa Infinite card makes a great vacation companion, designed for Canadians who travel abroad and explore the world. It is one of the few cards that covers foreign transaction fees, and also includes valuable travel benefits like airport lounge access.

Pros

No foreign transaction fee: Save 2.5% on all non-Canadian currency purchases
Scene+ points: Earn three Scene+ points per $1 spent at participating grocery stores (e.g., Sobey’s, IGA, and FreshCo) and two Scene+ points per $1 spent on eligible grocery, dining, entertainment, and daily transit purchases
Flexible redemption: Enjoy flexible point redemption options including for travel, groceries, statement credits, gift cards, and movie tickets
Airport lounge access: Access airport lounges with six free visits per year to over 1,200 lounges worldwide
Visa Infinite benefits: Benefit from the Visa Infinite Luxury Hotel Collection, Visa Infinite Dining series, and complimentary Avis Preferred Plus membership
Comprehensive travel insurance: Enjoy coverage for emergency medical, trip cancellation/interruption, flight delays, and more

Cons

Annual fee: The annual fee of $150 is higher than some comparable cards
Low point return: The earn rate for certain spending categories like dining and entertainment is lower compared to other cards
Consistent point values: 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 some Amex cards

The Scotiabank Passport® Visa Infinite* Card is our pick for frequent travellers because of its valuable perks such as no foreign transaction fees, comprehensive travel insurance, and airport lounge access. These benefits and its rewards program make it a powerful tool for maximizing value and convenience while travelling abroad.

Reward Tips

Maximize Reward Redemption

Additional Benefits

Ratehub.ca’s pick for best no-fee cash-back credit card

Featured

4.5 Ratehub rated

Best for Flexible spending

First year reward

$756/yr

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
Waived foreign transaction fees	Not included
Travel accident insurance	Not included
Travel emergency medical	Not included
Car rental insurance	Not included
Trip cancellation	Not included
Trip interruption	Not included
Flight delay insurance	Not included
Baggage loss insurance	Not included
Baggage delay insurance	Not included
Hotel/motel burglary	Not included
Mobile insurance	Not included
Purchase assurance	Not included
Extended warranty	Not included
Price protection	Not included

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 January 31, 2025 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

This credit card is ideal for savvy savers due to its cashback rewards and unique feature that allows cardholders to earn 2% cashback in a third spending category when they opt to deposit their rewards into a Tangerine Savings Account.

Reward Tips

Maximize Reward Redemption

Additional Benefits

The bottom line

While we have highlighted our top 3 rewards credit cards, finding the one that fits your needs is essential. It’s important to assess your financial habits and goals honestly before deciding if a credit card is right for you.

Categories	Credit Cards
Tags	credit cards Personal Finance

Unlocking Credit Card Rewards in 2024

Our top picks at a glance

Ratehub’s pick for the best reward credit card

Best for Groceries & dining

Perks of the American Express Cobalt® Card

Other perks

Ratehub’s take

Pros

Cons

Eligibility requirements

Interest rates

Reward Tips

Maximize Reward Redemption

Additional Benefits

Ratehub’s pick for the best travel credit card

Best for Travel perks

Perks of the Scotiabank Passport™ Visa Infinite* Card

Other perks

Ratehub’s take

Pros

Cons

Eligibility requirements

Interest rates

Reward Tips

Maximize Reward Redemption

Additional Benefits

Ratehub.ca’s pick for best no-fee cash-back credit card

Best for Flexible spending

Perks of the Tangerine Money-Back Credit Card

Other perks

Ratehub’s take

Pros

Cons

Eligibility requirements

Interest rates

Reward Tips

Maximize Reward Redemption

Additional Benefits

The bottom line

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