The best rewards credit cards in Canada for 2026
Natasha Macmillan, Business Unit Director - Everyday Banking
April 16, 2026
Rewards credit cards are the most popular type of credit card in Canada, and for good reason: they offer tons of benefits in the way of points, cash back, travel perks, and insurance. Continue reading to discover our top rewards and points credit cards.
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Featured
4.0 Ratehub rated
Best for Travel
First year reward
based on spending $2,200/mo after $139 annual fee
- Earn rewards
2pts – 8pts / dollar spent
- Welcome bonus
Earn up to 165,000 points (a $825 value)
- Annual fee
$139 $0 first year waived
Perks of the TD First Class Travel® Visa Infinite* Card
| Perks | Details | |
|---|---|---|
| Lounge access | Included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange 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 $1,400 in value†, including up to 165,000 TD Rewards Points, and receive an annual fee rebate for the first year† and additional travel benefits. Conditions Apply.
- Earn a welcome Bonus of 20,000 TD Rewards Points when you make your first Purchase with your Card†.
- Earn 145,000 TD Rewards Points when you spend $7,500 within 180 days of Account opening†.
- Earn a Birthday Bonus of up to 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†.
- Enjoy your time at the airport with global airport lounge access and 4 complimentary lounge visits with Visa Airport Companion Program (a value of up to $277)†.
- To receive the first-year annual fee rebate for the Primary Cardholder, you must activate your Card and make your first Purchase on the Account within the first 3 months after Account opening. To receive the Additional Cardholder(s) first-year annual fee rebate, you must add your Additional Cardholder(s) while the offer is in effect.
- Offer may be changed, withdrawn, or extended at any time and cannot be combined with any other offer unless otherwise indicated.
- Reward Points on all the things you normally do, whether you use your Card for groceries, dining, paying bills, public transit, streaming services 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†.
- Take a break at the airport and relax in one of the 1,200+ global lounges before you take off – enjoy your 4 complimentary visits by enrolling now for the Visa Airport Companion Program†.
- TD Rewards Birthday bonus† that helps you celebrate your special day.
- 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.
- 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, Dining, and Public Transit†
- Earn 4 TD Rewards Points† for every $1 you spend on Recurring Bill Payments and Streaming, Digital Gaming & Media†
- 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
- Earn more at Starbucks: Link your eligible Card to earn 50% more TD Rewards Points plus more Starbucks Stars. Redeem points for even more Stars. Conditions apply.
- This offer is not available for residents of Quebec
- †Terms and conditions apply.
- Financial institutions pay us for connecting them with customers, including by paying for advertisements, clicks, or when someone applies for/is approved for a product. Terms and conditions apply between you and the provider of the product – please be sure to review them. Product information and details vary for Quebec. The content provided on our site is for information only; it is not meant to be relied on or used in lieu of advice from a professional. Partners/Advertisers are not responsible for the accuracy of information on our site. However, not all products we list are tied to compensation for us. Our industry-leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.
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
- Complimentary airport lounge access: Enjoy your time at the airport with global airport lounge access and 4 complimentary lounge visits with Visa Airport Companion Program (a value of up to $277)
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 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: 21.99%
Cash advance: 22.99%
Balance transfer: 22.99%
Summary of the best rewards credit cards in Canada
| Credit card | Best for | Point value | First year card value (after annual fee)* |
|---|---|---|---|
| American Express Cobalt Card | Earning everyday rewards | 1 point = 1 cent for travel; transfers to Aeroplan at 1:1 | $373 |
| Scotiabank Passport Visa Infinite Card | Travel and no FX fees | 1 Scene point = 1 cent for travel | $682 |
| Tangerine Money-Back Credit Card | No-fee cash back | 2% cash back (unlimited) | $224 |
| American Express The Platinum Card | Premium travel rewards | 1 point = 1 cent for travel; transfers to Aeroplan at 1:1 | $415 |
| CIBC Dividend Visa Infinite Card | Gas and grocery rewards | 4% cash back (category cap of $20,000) | $685 |
| PC World Elite Mastercard | No-fee store rewards | 1 point = 0.1 cent at partner stores | $421 |
| TD Aeroplan Visa Infinite Card | Aeroplan points rewards | 1 point = 2 cents on average; value varies by flight and destination | $1116 |
| Scotiabank Momentum Visa Infinite Card | Earning rewards on subscriptions | 4% cash back | $587 |
* Based on $2,200 monthly spend (or $3,500 for Amex Platinum)
Best rewards credit card in Canada
Featured
4.5 Ratehub rated
Best for Groceries & dining
First year reward
based on spending $2,200/mo after $192 annual fee
- Earn rewards
1pt – 5pts / dollar spent
- Welcome bonus
Earn up to 15,000 points (a $150 value)
- Annual fee
$192
Perks of the American Express Cobalt® 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. |
| No foreign exchange fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | up to $250,000 | 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 first 15 consecutive 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 $85,000, 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 | up to $500 (combined maximum with Baggage Delay Insurance); delays 4 hours or more | 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 | $500 per trip for all persons | 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 | $500 (combined maximum with Flight Delay Insurance); delays 6 hours or more | 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 | $500 against the loss of most personal items (excluding cash) | 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 for 90 days | 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 | Up to $1,000 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 | up to 1 additional year | 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
- Apply with confidence! See if you’ll be approved before you apply – with no impact to your credit score*.
- *Instant decisions are only available for Consumer (also known as Personal) Card applications.
- 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
- 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 ExperiencesTM
- $15.99/month (Equals $191.88 annually) for non-Quebec residents. $191.88/year for Quebec residents.
- 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 $15.99 (totalling an annual fee of $191.88, 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
Eligibility requirements
Minimum credit score: 725
Minimum income: N/A
Interest rates
Purchase interest: 21.99%
Cash advance: 21.99%
Balance transfer: N/A
The American Express Cobalt Card is one of the best rewards credit cards in Canada, particularly for earning points on everyday spending in high-frequency categories like groceries and dining. It stands out for its industry-leading earn rate of 5 points per $1 on eligible eats and drinks in Canada, including groceries and food delivery, along with 3 points on streaming subscriptions and 2 points on gas, transit, and ride shares.
Membership Rewards points are highly flexible, with the option to redeem for travel, statement credits, or transfer 1:1 to programs like Aeroplan, which can significantly increase their value. While it doesn’t offer airline-specific perks, it often outperforms co-branded cards when it comes to earning potential on everyday purchases. With strong insurance coverage and one of the highest earn rates available in Canada, the Cobalt is a standout choice for maximizing rewards on daily spending.
Best travel rewards credit card and best no foreign transaction fees credit card
Featured
4.0 Ratehub rated
Best for Travel perks
First year reward
based on spending $2,200/mo after $150 annual fee
- Earn rewards
1pt – 3pts / dollar spent
- Welcome bonus
Earn up to 60,000 points (a $600 value)
- Annual fee
$150
Perks of the Scotiabank Passport™ Visa Infinite* Card
| Perks | Details | |
|---|---|---|
| Lounge access | Includes 6 lounge passes per year | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange 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 ($1 million total) | 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 | $2,000,000 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 insured person / $10,000 per trip | 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 $2,500 per insured person / $10,000 per trip | 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 | Combined maximum $1,000 | 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 | Up to a maximum of $1,000 | 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 | $60,000 lifetime limit | 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 $1,500 in first year welcome offers, rewards and savings, including up to 60,000 bonus Scene+ points¹
- 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
- Earn additional benefits + up to 3X Scene+ points for every dollar you spend on hotel bookings, car rentals, and things to do with Scene+ Travel, Powered by Expedia
- 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 Jan 2, 2026. 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
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%
The Scotiabank Passport Visa Infinite is one of the best travel rewards credit cards in Canada, especially for those looking to avoid foreign transaction fees. While it owes much of its appeal to being one of the few cards that doesn’t charge the typical 2.5% fee on purchases made in foreign currencies, it also delivers strong value as an everyday rewards card. Cardholders earn up to 3 Scene+ points per $1 at select Sobeys-banner grocery stores and on travel booked through Scene+ Travel, along with 2 points per $1 on groceries, dining, entertainment, and transit, and 1 point per $1 on all other purchases.
Scene+ points are easy to redeem across a range of categories, including travel, statement credits, groceries, and more. This card also includes a complimentary Priority Pass membership with six free airport lounge visits per year, along with a comprehensive suite of travel insurance coverage.
Best rewards credit card with no annual fee
Featured
4.5 Ratehub rated
Best for Flexible spending
First year reward
based on spending $2,200/mo after $0 annual fee
- Earn rewards
0.5% – 10% / dollar spent
- Welcome bonus
Earn up to $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. |
| No foreign exchange 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 | up to 31 consecutive 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 | 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 | combined $60,000 lifetime limit with extended warranty | 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. Combined maximum of $60,000 with purchase assurance | 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
- Get the Tangerine Money-Back Credit Card and make it rain with Rewards. Apply by April 30, 2026 and earn an extra 10% cash back (up to $100) when you spend $1,000 within your first 2 months.* That’s on top of earning 2% Money-Back Rewards in up to 3 Categories* of your choice, like gas, groceries and home improvement. *Conditions apply.
- Transfer and save
During your first 30 days, transfer balances up to your credit limit and pay an interest rate of only 1.95% on the transferred balance for 6 months (22.95% after that). A Balance Transfer fee of 1% on the amount transferred will apply.11 - Spend confidently with the Tangerine Money-Back Credit Card. Have peace of mind knowing you’re covered with Purchase Assurance and Extended Warranty** of up to $60,000 (lifetime maximum).
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 13 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: 1.95% for the first 6 months. 22.95% after promo.
The Tangerine Money-Back Credit Card is one of the best no annual fee rewards credit cards in Canada, especially for those who want control over how they earn rewards. While most cards lock you into fixed bonus categories, this card lets you choose up to three categories that earn 2% cash back, with 0.5% back on all other purchases.
That flexibility is what sets it apart: you can tailor your rewards to match your actual spending habits, whether that’s groceries, gas, dining, or recurring bills, and even update your categories over time. Cash back is paid out monthly rather than annually, which adds to its practicality for everyday use.
Best premium rewards credit card and best rewards credit card for travel perks
Featured
5.0 Ratehub rated
Best for Premium perks
First year reward
based on spending $3,500/mo after $799 annual fee
- Earn rewards
1pt – 2pts / dollar spent
- Welcome bonus
Earn up to 70,000 points (a $700 value)
- Anniversary bonus
Earn up to 30,000 points (a $300 value)
- Annual fee
$799
Perks of the American Express® The Platinum Card®
| Perks | Details | |
|---|---|---|
| Lounge access | Complimentary access; 1,400 lounges | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange 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 first 15 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 $85,000, 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 | $2,500 per person, $5,000 per trip | 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 | $2,500 per person, $6,000 per trip | 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 $1,000; delays over 4 hours | 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 | Combined maximum $1,000 | 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 of 6 hours or more | 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 | 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 | Up to $1,000 within 120 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
- Apply with confidence! See if you’ll be approved before you apply – with no impact to your credit score*.
- *Instant decisions are only available for Consumer (also known as Personal) Card applications.
- Ratehub.ca’s 2023 Award Winner – Best Perks Credit Card
- Unlock special experiences with the Platinum Card®
- Earn up to 100,000 Membership Rewards® points – that’s up to $1,000 towards a weekend away
- New Platinum® Cardmembers, earn 70,000 Welcome Bonus points after you charge $10,000 in net purchases to your Card in your first 3 months of Cardmembership
- Plus, earn 30,000 points when you make a purchase between 15 and 17 months of Cardmembership
- Earn 2 points for every $1 in Card purchases on eligible dining and food delivery in Canada, 2 points for every $1 in Card purchases on eligible travel, and 1 point for every $1 in all other Card purchases
- Access a $200 Annual Travel Credit through American Express Travel Online or Platinum® Card Travel Service
- Enjoy a $200 Annual Dining Credit at some of Canada’s best restaurants
- Unlock $200 or more in additional value with Member extras. You can earn statement credits for qualifying purchases with participating brands
- Take full advantage of The American Express Global Lounge CollectionTM which unlocks access to over 1,400 airport lounges worldwide. This includes The Centurion® Lounge network, Plaza Premium Lounges, and hundreds of other domestic and international lounges designed to enhance your travel experience. Terms and Conditions apply
- Enjoy flexible ways to use your points such as statement credits for any eligible purchase charged to your Card, new travel purchases booked on American Express Travel Online through the Flexible Points Travel Program, and eligible flights through the Fixed Points Travel Program
- Transfer points 1:1 to several frequent flyer and other loyalty programs
- Enjoy complimentary benefits that offer an average value of $550 USD at over 1,600 extraordinary properties worldwide when you book Fine Hotels + Resorts
- Platinum Cardmembers can enjoy access to special events and unique opportunities
- Enjoy premium benefits at the Toronto Pearson Airport
- You will also have access to many leading hotel and car rental companies’ loyalty programs. Our partners include Marriott International, Hilton Hotels and Resorts, Hertz and Avis
- Interest applies in accordance with your Cardmember Agreement, Information Box, and Disclosure statement if the total New Balance is not paid by the Payment Due Date each month. All payments must be received by the Payment Due Date shown on the monthly statement
- 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
While the American Express Platinum card’s annual fee is steep, the premium travel perks arguably outweigh the cost to use it. You’ll enjoy free, unlimited airport lounge access (while most other cards only offer a free membership or a few passes per year), hotel upgrades, a valuable annual travel and dining credit, and more.
Pros
- Unlimited lounge access: Enjoy free, unlimited lounge visits at over 1,400 lounges across the world with the
- American Express Global lounge collection
- Strong travel insurance offering: Includes everything from out-of-province emergency medical to $500,000 travel accident insurance
- Stretch your points values further: Transfer points to other travel loyalty programs at a 1:1 ratio for increased value and flexibility
- Upgraded gold hotel status with Marriott Bonvoy and Hilton Honors and deals on car rentals through American Express Online
Cons
- Very high annual fee
- Doesn’t waive foreign transaction fees, which can really add up when you’re traveling
- This is a charge card, so you’ll have to pay off whatever you spend in full each month or face a high interest rate
- American Express isn’t as widely accepted in Canada compared to Visa and Mastercard
Eligibility requirements
Minimum credit score: 725
Minimum income: N/A
Interest rates
Purchase interest: N/A
Cash advance: N/A
Balance transfer: N/A
The American Express Platinum Card is one of the best premium rewards credit cards in Canada, particularly for travellers who want built-in perks that meaningfully upgrade their experience. It earns 2 Membership Rewards points per $1 on eligible dining and travel purchases and 1 point per $1 on everything else, with flexible redemption options including travel, statement credits, and 1:1 transfers to airline and hotel partners.
What really sets this card apart are the perks it comes with. Cardholders get unlimited entry to a global network of airport lounges, while most other cards offer only a handful of passes per year. It also includes annual travel and dining credits, hotel upgrades through programs like Fine Hotels + Resorts, and elite status with select hotel and car rental partners. For frequent travellers, these perks can easily outweigh the annual fee and deliver ongoing value well beyond points alone.
Best cash back rewards credit card for gas and groceries
Featured
4.5 Ratehub rated
Best for Groceries & gas
First year reward
based on spending $2,200/mo after the annual fee
- Earn rewards
1% – 4% / dollar spent
- Welcome bonus
Earn up to $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. |
| No foreign exchange 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
Join and earn up to $400 in value including a first year annual fee rebate.†
Here’s how you can earn up to $400 in value
- Earn a 10% cash back welcome bonus of up to $250 (first 4 statements†)
- A $50 cash back bonus for setting up one pre-authorized payment within the first 4 monthly statements.†
- First year annual fee rebate valued at $120.†
- 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 $10 through CIBC Online and Mobile Banking®†
- Save over $600 with CIBC and Skip
Get a 12-month Skip+ free trial and other exclusive benefits when you link your CIBC Dividend Visa Infinite Card with Skip.† - 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. Select Apply Now to learn more.
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 $10
- 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: 21.99%
Cash advance: 22.99%
Balance transfer: 22.99%
Annual fee
$120
The CIBC Dividend Visa Infinite Card is one of the best cash back rewards credit cards in Canada for gas and groceries, offering an industry-leading 4% cash back on eligible gas, EV charging, and grocery purchases, a rate that few competing cards match for these everyday spending categories. Cardholders also earn 2% on transportation, dining, and recurring payments, and 1% on all other spending.
Cash back can be redeemed at any time starting at $10, giving cardholders more control compared to cards with annual payout structures. It also includes access to Visa Infinite benefits and a solid suite of insurance coverage, rounding out its value for everyday use.
Best store rewards credit card
Featured
First year reward
based on spending $2,200/mo after $0 annual fee
- Earn rewards
10% – 45% / dollar spent
- Welcome bonus
Earn up to $20
- Annual fee
$0
Perks of the PC® World Elite Mastercard®
| 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. |
| No foreign exchange 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 | Covers up to $1,000,000 for trips up to 10 days from date of departure, for those under age 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 | Collision damage and theft protection for your car rental needs. | 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 | In the event of theft, loss or damage in the first 90 days when you pay in full with your PC Financial Mastercard credit card. | 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 | Doubles the manufacturer's regular warranty for up to an additional year on items purchased with your PC Financial Mastercard credit card. | 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 20,000 PC Optimum™ welcome points when you spend $50 or more at participating stores within 60 days of account approval.**
- Award-winning, no annual fee rewards credit card
- Get up to $750 in PC Optimum™ points every year (for illustrative purposes only; results may vary.)
- Earn at least 3 cents per litre in PC Optimum™ points on gas at Esso™ and Mobil™ stations
- Earn 45 PC Optimum™ points per $1 spent at Shoppers Drug Mart® stores
- Earn 30 PC Optimum™ points for every $1 spent at Loblaw affiliated grocery stores
- Earn 30 PC Optimum™ points for every $1 spent at Joe Fresh® stores
- Earn 10 PC Optimum™ points for every $1 spent everywhere else you shop
- No limits on points earning and points don’t expire
Ratehub’s take
If you are looking for a credit card that will help you save money on groceries, the PC World Elite Mastercard is a great choice, especially for those who frequently shop at Loblaws-owned stores and Shoppers Drug Mart.
Pros
- No annual fee: For a rewards card, charging no annual fee is a major perk and can help you ramp up your earnings even more
- High return on spending: Your points are valuable at Loblaws-affiliated stores and for gas purchases because of high earn rates on everyday spending
- Points stacking: Stack your points by showing your PC Optimum card at Loblaw-affiliated stores and paying with your PC Financial World Elite Mastercard
- Competitive earn rates: Earn rates are high compared to other no-fee credit cards
- Added travel insurance: Offers travel insurance benefits adding value to cardholders
Cons
- Limited rewards outside of Loblaws: While PC Financial Mastercards offer excellent rewards at Loblaw stores, they do not provide great benefits when shopping anywhere else
- Restrictive redemption rules: Points can only be redeemed in increments of 10,000 (10,000 = $10). Points cannot be used to pay for purchases at non-Loblaws retailers or redeemed against a statement balance. Plenty of other rewards cards on the market offering more flexibility
Eligibility requirements
Minimum credit score: 560
Minimum income: $80,000/yr
Interest rates
Purchase interest: 21.99%
Cash advance: 22.97%
Balance transfer: N/A
The PC World Elite Mastercard is one of the best store rewards credit cards in Canada, especially for shoppers who regularly buy groceries or gas within the PC Optimum network. It earns up to 45 points per $1 at Shoppers Drug Mart, 30 points per $1 at Loblaw-banner grocery stores, and 30 points per litre at Esso and Mobil stations, with a base earn rate on all other purchases.
While the rewards are tied to a single program, that’s also where this card stands out. Points can be stacked by combining PC Optimum in-store offers with credit card spending, which can significantly boost your overall return. Plus, with no annual fee, the card also includes travel emergency medical insurance, car rental collision coverage, purchase assurance, and extended warranty protection.
Best Aeroplan rewards credit card
Featured
4.0 Ratehub rated
Best for Aeroplan Points
First year reward
based on spending $2,200/mo after $139 annual fee
- Earn rewards
1pt – 1.5pts / dollar spent
- Welcome bonus
Earn up to 25,000 points (a $500 value)
- Anniversary bonus
Earn up to 20,000 points (a $400 value)
- Annual fee
$139 $0 first year waived
Perks of the TD® Aeroplan® 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. |
| No foreign exchange 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
- Up to $1,450 in value† including up to 45,000 Aeroplan points† could be yours and receive an annual fee rebate for the first year†. Conditions Apply.
- Earn a welcome bonus of 10,000 Aeroplan points when you make your first Purchase with your new Card†
- Earn 15,000 Aeroplan points when you spend $3,000 within 90 days of Account opening†
- Plus, earn a one-time anniversary bonus of 20,000 Aeroplan points when you spend $12,000 within 12 months of Account opening†
- Apply for the NEXUS program and once every 48 months get an application fee rebate (up to $100 CAD)†.
- Plus, share free first checked bags with up to 8 travel companions†
- 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 while this offer is in effect.
- Offer may be changed, withdrawn or extended at any time and cannot be combined with any other offer unless otherwise indicated.
- Earn Aeroplan Points on your everyday purchases
- Complimentary Visa Infinite* Concierge service† available 24/7
- Earn 1.5 points† for every $1 spent on eligible gas, electric vehicle charging, grocery and direct through Air Canada® purchases (including Air Canada Vacations®) made with your Card.
- Earn 1 point† for every $1 spent on all other Purchases made with your Card
- Earn points twice when you pay with your Card and provide your Aeroplan number at over 150 Aeroplan partner brands and at 200+ online retailers via the Aeroplan eStore (www.aeroplan.com/estore).
- Your Aeroplan Points do not expire as long as you are a TD® Aeroplan® Visa Infinite* Cardholder in good standing.
- Earn more at Starbucks: Link your eligible Card to earn more Starbucks Stars at participating Starbucks stores. Conditions apply.
- This offer is not available for residents of Quebec
- †Terms and conditions apply.
- Financial institutions pay us for connecting them with customers, including by paying for advertisements, clicks, or when someone applies for/is approved for a product. Terms and conditions apply between you and the provider of the product – please be sure to review them. Product information and details vary for Quebec. The content provided on our site is for information only; it is not meant to be relied on or used in lieu of advice from a professional. Partners/Advertisers are not responsible for the accuracy of information on our site. However, not all products we list are tied to compensation for us. Our industry-leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.
Ratehub’s take
For Aeroplan clients and frequent Air Canada fliers, the TD Aeroplan Visa Infinite card offers exceptional benefits for earning more points to redeem on airline travel.
Pros
- Aeroplan redemption: Redeem Aeroplan points for flights on Air Canada or over 27 Star Alliance member airlines, including United Airlines and Lufthansa, to name a few
- Air Canada perks: Access Air Canada perks, including the first bag checked free for the primary cardholder and up to eight travel companions, potentially saving up to $30 per traveller on flights across Canada and the US. Plus, earn credits towards achieving elite airline status
- Nexus Membership reimbursement: Receive up to $100 in Nexus Membership reimbursements every 48 months, making for smoother cross-border travel within Canada or to the US
- Comprehensive travel insurance: Enjoy a strong travel insurance package, including up to 21 days of out-of-province/country medical emergency coverage, flight delay insurance, lost/delayed baggage insurance, and even hotel/motel burglary insurance for stays within the US and Canada
- Double Aeroplan points: Get double the Aeroplan points when using this card along with your Aeroplan card at participating retailers
Cons
- Annual fee: The card’s annual fee is $139, which is slightly higher than the $120 typically found on comparable rewards cards
- Complex points program: The Aeroplan points program isn’t the most straightforward, and it can take some effort to understand how to best maximize points. Note that Aeroplan points can only be redeemed on Air Canada and Star Alliance Members
Eligibility requirements
Minimum credit score: 660
Minimum income: $60,000/yr
Interest rates
Purchase interest: 21.99%
Cash advance: 22.99%
Balance transfer: 22.99%
The TD Aeroplan Visa Infinite Card is one of the best Aeroplan rewards credit cards in Canada, delivering value both in the air and on everyday spending. Cardholders earn 1.5 Aeroplan points per $1 on eligible gas, EV charging, groceries, and direct Air Canada purchases, and 1 point per $1 on all other spending.
Although the earn rates are lower than some flexible rewards cards, it’s a strong fit for frequent Air Canada travellers. Points can be redeemed for flights on Air Canada and across the Star Alliance network, and Aeroplan credit card holders can also get preferred pricing, meaning you may need fewer points or dollars to book the same Air Canada flights. It also includes Air Canada perks like a free first checked bag for the primary cardholder and up to eight travel companions, a $100 Nexus application fee rebate, and a comprehensive suite of travel insurance coverage.
Best rewards credit card for recurring payments
Featured
Best for Groceries & bills
First year reward
based on spending $2,200/mo after $120 annual fee
- Earn rewards
1% – 4% / dollar spent
- Annual fee
$120 $0 first year waived
Perks of the Scotiabank Momentum® 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. |
| No foreign exchange fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Up to $1,000,000 per occurrence | 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 | Up to $1,000,000 for 15 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 | up to 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 $10,000 per trip | 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 $10,000 per trip | 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 per Insured 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 $500 per occurrence | 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 $500 per occurrence | 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 | 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 | Up to 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 | 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 | 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 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases)¹
- No annual fee in the first year, including on additional cards.¹
- 4% for every $1 you spend on grocery store purchases, recurring bill payments and subscription purchases
- 2% for every $1 you spend on gas, daily transit purchases and food delivery
- 1% cash back on all other purchases with no cashback limit
- Redeem your Cash Back anytime ($25.00 minimum required) instead of having to wait for an annual payout in November.
- Visa Infinite* Concierge Services
- Visa Infinite* Hotel Collection
- Visa Infinite* Dining and Wine Country program
- Comprehensive Travel Insurance & New Mobile Device Insurance coverage
- Rates, fees and other information are effective as of Oct 31, 2025. Subject to change.
Ratehub’s take
The Scotiabank Momentum Visa Infinite Card offers impressive rewards on everyday purchases. This card earns great cash back on many categories – however, its stand-out feature is 4% cash back on groceries. This card can help offset rising household expenses and is considered to be one of the best cash back credit cards.
Pros:
- High cash back rate on essentials: Enjoy significantly higher earn rates on groceries, bills, and subscriptions (4% cash back)
- Comprehensive insurance coverage: Benefit from strong insurance coverage typically is reserved for travel credit cards
- Lucrative welcome offer
Cons:
- Spending cap on bonus categories: Annual total spend limit of $25,000 on the 4% and 2% spending categories; thereafter, the earn rate drops to 1%
- Limited redemption flexibility: Cash back reward is only offered as a statement credit once per year in November and cannot be redeemed in smaller amounts or any other time of year
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%
The Scotiabank Momentum Visa Infinite Card is one of the best rewards credit cards in Canada for recurring payments, offering a standout 4% cash back on eligible bill payments and subscription purchases. Cardholders also earn 4% on groceries, 2% on gas, transit, and food delivery, and 1% on all other purchases.
The earn rate on both groceries and recurring bills is what gives this card its edge, since few cash back cards combine high returns across both fixed monthly expenses and everyday essentials. Cash back can be redeemed at any time starting at $25, and the card also includes Visa Infinite benefits along with a comprehensive suite of insurance coverage, including mobile device protection.
Best rewards credit card for earning on payments
Featured
Best for Rewards
Purchase interest rate
- Pay $9/mo
Based on a credit balance of $500
- Annual fee
$0
Perks of the Capital One Smart Rewards™ Mastercard®
| Perks | Details | |
|---|---|---|
| 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. |
| 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. |
| 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. |
| 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 | 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
- 5 points per $1 paid towards your balance with a Capital One Smart Rewards Mastercard
- Points will never expire and they’re easy to redeem
- Protection against unauthorized use of your card
- Add an authorized user for $0
- Valuable Mastercard benefits, plus Everyday and Travel benefits like Purchase Assurance and Extended Warranty
- 24/7 customer service
Eligibility requirements
Minimum credit score: 660
Minimum income: N/A
Interest rates
Purchase interest: 21.90% – 29.90%
Cash advance: 21.90% – 29.90%
Balance transfer: 21.90% – 29.90%
The Capital One Smart Rewards Mastercard is one of the best rewards credit cards in Canada for earning on payments, taking a different approach by rewarding you for paying down your balance rather than for spending. Cardholders earn 5 points for every $1 they put toward their balance, so a $150 payment would earn 750 points.
Points can be redeemed for statement credits or gift cards and do not expire, giving cardholders flexibility in how they use their rewards. The card also has no annual fee and includes a solid set of benefits like travel accident insurance, baggage delay coverage, rental car collision insurance, and purchase protection.
FAQ
What is the best rewards credit card in Canada?
What is a rewards credit card?
How do you choose a rewards credit card?
Which credit card rewards program is the best?
How much are credit card rewards points worth?
Can I get a rewards credit card with bad credit?
Are rewards credit cards worth the annual fee?
Can I have more than one rewards credit card?
Canada’s best rewards credit cards at a glance
Our methodology: how we choose the best credit cards
Ratehub.ca evaluates the best credit card rewards credit cards by considering overall consumer value and suitability for various types of consumers. Our evaluation methodology incorporates factors such as the card’s annual fee, rewards earning rates, ease-of-use, welcome or promotional offers, approval rates, eligibility criteria, and redemption choices. We have also considered the pros and cons of each card to help you determine which case best suits your financial needs and spending habits.
How rewards credit cards work in Canada
What is a rewards credit card?
Rewards credit cards offer “rewards” in the form of cash back, points or miles for every dollar you spend. You can use these rewards to offset your statement balance or for purposes like travel, purchasing merchandise and gift cards, and more (depending on the issuer).
The ideal user for a rewards card is someone who consistently pays off their monthly statement in full. This is because carrying a credit card balance generates interest charges, which can erode any potential savings gained from accumulating rewards.
It's important to note that popular credit cards offer additional rewards for specific types of purchases. Merchant category codes play a critical role in helping cards distinguish between money spent at a grocery store versus a restaurant.
How are credit card rewards earned and redeemed?
As you spend, credit card rewards accumulate in your account. How you can redeem them depends on the card and issuer. Cash back is typically redeemed as a statement credit, direct deposit, or automatic payout once you reach a minimum balance.
Points and miles usually offer multiple redemption options, including travel, statement credits, merchandise, or gift cards. Travel redemptions often provide the highest value per point, while merchandise and gift cards typically offer lower value. Some issuers require redemptions to be made through their own travel portal, while others allow you to book anywhere and apply points as a statement credit.
Do credit card rewards expire?
Whether rewards expire depends on the issuer and program. Many major Canadian credit card rewards programs do not expire as long as your account remains open and in good standing. However, some cards may expire rewards after a period of inactivity, or immediately when an account is closed. Co-branded loyalty programs may also have their own expiry rules that operate independently of the credit card.
Understanding how rewards are earned, redeemed, and maintained helps you avoid losing value and makes it easier to choose a card that fits your spending habits.
Types of credit card rewards
Cash back rewards
Cash back rewards give you a percentage of cash back you’ll get for each purchase made with your card. You can apply this cash back to reduce your statement balance or save on upcoming purchases. Most cash back rewards credit cards offer higher percentages for select spending categories such as groceries, restaurants, or travel. This means you can earn more if your card aligns with your spending habits. One of the key advantages of cash back is its simplicity - unlike points, your cash back balance is straightforward and expressed in dollars and cents.
Points-based rewards
Points-based rewards work similarly to cash back but require a bit more calculation to determine their true value. Like cash back, points-based rewards credit cards allow you to earn points based on your spending. You typically earn more points for specific types of purchases. Once you’ve collected enough points to redeem, you can usually do so through the provider’s online portal or app. Redemption options may vary, ranging from merchandise and gift cards to travel and statement credits, depending on the issuer.
For example, Aeroplan points earned on cards like the TD Aeroplan Visa Infinite can be redeemed for flights with Air Canada and partner airlines. Depending on the route and redemption, Aeroplan points are often worth around 2 cents per point or more when used for flights, making them especially valuable for frequent travellers.
Travel rewards
Travel rewards credit cards offer an opportunity to earn miles, which are rewards associated with co-branded credit cards like the TD Aeroplan Visa Infinite. With every dollar you spend on cards like these, you collect “miles” that can be redeemed for discounts on air travel or even a free flight, depending on the number of miles you've earned. It is important to note that the number of miles you collect doesn’t represent how far you can travel for free. Instead, it simply signifies how many points you’ve earned.
Gas rewards
Gas rewards credit cards offer a unique advantage for those who frequently find themselves at the pump. These cards allow you to earn rewards, typically in the form of points or cash back, every time you fill up your car’s tank. You can accumulate rewards with each purchase which can then be redeemed for discounts on future gas purchases. Over time this can lead to significant savings, making gas rewards cards an excellent option for commuters and drivers looking to offset their gas costs. One important thing to note with gas rewards cards, is they may also provide additional benefits such as discounts on roadside assistance, vehicle maintenance or other vehicle related purchases.
Hotel rewards
Hotel rewards credit cards cater to avid and frequent travellers who often stay at hotels. These cards allow you to earn points for every dollar spent on eligible hotel stays. The accumulated rewards can be used for complimentary hotel nights, room upgrades, and even free stays at participating hotels within the card’s network. Additionally, many hotel rewards credit cards offer perks such as early check-in, late check-out, complimentary breakfast, access to exclusive hotel amenities, and more.
Store / brand loyalty rewards
Store or brand reward credit cards can help shoppers save and improve your shopping experience with a specific retailer. These cards allow you to earn rewards, such as loyalty points or discounts, with each purchase from the specified retailer. These cards are a great choice for frequent shoppers at a retailer who wish to take advantage of exclusive deals and savings.
Popular credit card reward programs in Canada
Credit card reward programs hold strong appeal. Given that there are a multitude of options available, it is important to understand how each reward program works before selecting your card of choice. A high level understanding of your card can help you better use your points. Here is a brief overview of some of the most popular rewards and loyalty programs in Canada:
Blue Rewards (formerly Air Miles)
Blue Rewards is a new loyalty program from BMO launching in summer 2026, replacing Air Miles. Existing Air Miles balances will automatically convert to Blue Points at the same value, with no action required, and current BMO Air Miles credit cards will continue to work during the transition.
The program is designed to be simpler and more flexible, with a single points currency replacing the previous Cash Miles and Dream Miles system. Blue Points can be redeemed for everyday rewards like in-store purchases and e-gift cards, with an early reference value of 1,500 points = $10. Members will still be able to redeem points for travel, but through a new platform powered by Expedia, offering access to flights, hotels, and car rentals.
Blue Rewards will continue to include hundreds of partner brands, while adding new partners across travel, dining, and daily spending categories. Additional details, including new BMO Blue Rewards credit cards and earn rates, are expected closer to launch.
Aeroplan Rewards
Aeroplan is a travel rewards loyalty rewards program operated by Air Canada, Canada’s largest airline. The value of an Aeroplan point varies, but on average one point is worth 2 cents. Points are most valuable for long-haul flights within North America, based on our analysis. Aeroplan points are earned by using an Aeroplan credit card for everyday purchases, flying with Air Canada or one of its partner airlines (United, Lufthansa, etc.), or making qualifying bookings or in-store purchases through Aeroplan’s brand of partners, such as Avis car rentals, LCBO, and Uber Eats. Aeroplan points can be redeemed for flights, hotel accommodations, gift cards, and much more.
Aeroplan point values for flights, example using a flight from Toronto to Vancouver:
17,000 points required + $329 cash for taxes/ fees = $0.025 value per point (2.5 cents)
TD Aeroplan Visa offers 1.5 points per $1 on groceries = 1.5 x $0.025 = 3.75% return on spending (values vary depending on flights selected)
American Express Membership Rewards
American Express Membership Rewards are exclusively for American Express cardholders. This reward program grants points each time you use your card for purchases. AMEX Membership Reward points can be redeemed for a wide range of rewards, including flights, travel experiences, gift cards, and merchandise, including Amazon purchases.
The average value of 1 American Express Membership Rewards point is around 1 cent per point when redeemed for travel or statement credits. However, points can often be worth more when transferred to airline partners like Aeroplan or other loyalty programs, depending on how they are redeemed.
You can also redeem points through the Fixed Points Travel program, where you use a set number of points for flights booked through American Express Travel. In this case, points cover the base fare of the ticket, while taxes and fees must still be paid separately. The number of points required depends on the distance and destination of your trip.
Example calculation: how many Amex points you need for a flight
Let’s say you’re using the American Express Cobalt Card, which earns 5 points per $1 spent on groceries and dining.
If a flight from Toronto to Calgary requires 40,000 points and the base ticket price is $324.38 (excluding $154.37 in taxes and fees), you can calculate the value of each point by dividing the ticket price by the number of points required:
$324.38 ÷ 40,000 points = $0.0081 per point
Since you earn 5 points per $1 spent, this works out to: $0.0081 × 5 = 4.05% return on your spending.
Below is a general overview of Fixed Points Travel redemption tiers (subject to change and availability):
- 15,000 points (maximum $300 base ticket price) required for Canada/U.S. flights: Calgary – Vancouver, Montreal – New York, Toronto – Montreal, Toronto – New York, Toronto – Ottawa
- 20,000 points (maximum $300 base ticket price) required for Canada/U.S. flights within or from a Canadian Province/Territory to an adjacent Canadian Province/Territory/U.S. State (except Alaska)
- 40,000 points (maximum $700 base ticket price) for Canada/U.S. flights : From a Canadian Province/Territory to a non-adjacent Canadian Province/Territory/ U.S. State (for example. Toronto to Vancouver)
- 60,000 points (maximum $900 base ticket price) for flights from Canada to Europe
- 50,000 points (maximum $800 base ticket price) for vacation destinations (Canada to Alaska, Bermuda, Caribbean, Central America, Hawaii or Mexico)
- 100,000 points (maximum $1,700 base ticket price) for worldwide flights; from Canada to Africa, Asia, Australia, Middle East, New Zealand, South America or South Pacific
While Fixed Points Travel offers a simple and predictable way to redeem points, transferring points to airline or hotel partners can provide higher value depending on the redemption.
BMO Rewards
Redemption options with this program for travel are flexible - using the Pay with Points, you can book flights, hotels and other travel with any provider and redeem your BMO Rewards points as a statement credit to cover the purchase. Your points are always worth the same using this method at 150 points = $1 (or less than 1 cent at 1 point = $0.0067), which isn’t the highest value around, but the flexibility for redemptions is a major plus. For a $300 flight from Toronto to New York, for example, you’d need 44,777 points. You can also use BMO Rewards for investments at a rate of 15,000 points = $100, which is also worth $0.0067 per point. Redemptions for merchandise or gift cards have a bit less value at 200 BMO rewards points = $1 (1 point = $0.005).
CIBC Rewards: Aventura Rewards
Aventura Rewards is another flexible rewards program that allows cardholders to earn points with co-branded Aventura credit cards. While the average point value of 1 cent per point is strong, CIBC rewards points can no longer be transferred to other programs like Aeroplan, so you’ll have to book through the CIBC Rewards Centre. Aventura Points are worth 1 cent per dollar on average.
Capital One Rewards
The Capital One Rewards program is available with the Capital One Smart Rewards Mastercard. Cardholders earn 5 points for every $1 paid toward their balance, offering a unique way to be rewarded for responsible credit use. Points can be redeemed for statement credits or gift cards, with an average value of approximately 0.133 cents per point, equal to about $0.67 in value for every $100 paid. With flexible redemption options, no annual fee, and a structure that rewards repayment rather than spending, Capital One Rewards is a solid and accessible program suited to a wide range of borrowers and spending habits.
PC Optimum Rewards
The PC Optimum loyalty rewards program is under the umbrella of Loblaws which includes participating stores such as Real Canadian Superstore, No Frills, Shoppers Drug Mart, Mobil and Esso gas stations. Members earn points every time they make eligible purchases at any PC Optimum partner retailer. PC Optimum points can be redeemed in increments of 10,000 points equating to $10, which can be applied to in-store purchases and for discounts on gas. PC Optimum cards provide great value if you’re a frequent shopper at their partner stores and gas stations.
With the PC World Elite Mastercard, the return at Loblaws is:
Points earned per $1 spent: 30
Value of one point: ($10/10,000 = $0.001)
Value of $1 spent: $0.001 x 30 = 3% return on $1 spent
Scene+ Rewards
Scene+ has certainly evolved into a comprehensive points system over the past few years. Scene+ allows you to earn and redeem points from spending at several grocery stores, Cineplex theaters to dining at restaurants, shopping at partner retailers, and even booking travel through Scene+ Travel. Points values are fixed for travel, so it makes the redemption process a lot easier, but you’re potentially missing out on higher point values. 1 Scene point is worth 1 cent when redeemed for travel.
Return on groceries with the Scotiabank Passport Visa Infinite:
1 Scene point = 1 cent when redeemed for travel
(i.e., you need 300,000 points for $300 towards a flight purchase)
So for groceries at partner stores, your return is:
3 points x 0.01 = 3% return
Additional benefits of reward credit cards
Reward credit cards can go beyond points and cash back to offer a range of additional benefits and perks. These extra benefits can enhance your overall credit card experience, adding significant value to your card membership. We have listed three common key perks to consider:
- Airport lounge access: Many reward credit cards provide complimentary or discounted access to airport lounges, giving you enhanced comfort while waiting for your flight.
- Rental car insurance: With rental car insurance coverage, these reward credit cards can save you money on insurance fees when renting a car.
- Exclusive discounts: Reward credit cards often come with exclusive discounts and offers from partner merchants, helping you save on everyday expenses.
How to maximize your credit card rewards
1. Pay your bills in full and on time
It’s been said before, but it’s worth repeating: to make the most of your rewards credit card, it is critical to pay your statements in full each month. This ensures that interest charges don't outweigh the benefits of your rewards, allowing you to take advantage of your savings and really get the best out of your card.
2. Take advantage of welcome offers
Most rewards cards offer attractive welcome bonuses, allowing you to earn big if you meet a specific spending threshold within a given promotional period (usually the first three months or so). Strategically plan to make larger purchases during this period to take advantage of these offers, which can quickly boost your points or cash back earnings.
3. Spend in accelerated categories
Many reward credit cards feature “accelerated” spending categories that offer higher-than-average points or cash back rates. These categories can include groceries, gas, travel, recurring bills, and more, depending on the card. Select a card with accelerated categories that align with your spending habits to maximize your rewards.
4. Stack your cards
For those who can handle multiple cards, a common strategy is to carry multiple rewards cards, each serving different purposes. For example, you may keep a travel rewards card specifically for travel purchases, while an everyday cash back card offering high earning rates on gas and groceries becomes your primary choice for weekly expenses. This approach allows you to maximize rewards in every spending category.
5. "Double-dip" with loyalty cards
If you carry a co-branded rewards credit card in your wallet, like the TD Aeroplan Visa Infinite, you can effectively “double-dip” by using it alongside your loyalty card at participating retailers like the LCBO. This means you'll get double the points compared to what you would typically earn, bringing you closer to a free flight or other rewards.
Credit card rewards vs. credit card perks
While the terms are often used interchangeably, credit card rewards and credit card perks are not the same thing.
Credit card rewards are what you earn based on how much you spend. These include cash back, points, miles, or loyalty rewards that accumulate over time and can be redeemed for tangible value like statement credits, travel, or merchandise.
Credit card perks are built in benefits that come with holding the card, regardless of how much you spend. These can include airport lounge access, travel insurance, extended warranties, purchase protection, rental car insurance, and exclusive discounts.
Understanding the difference matters when comparing cards. A card with strong rewards earning may not offer many perks, while a premium card with a higher annual fee may provide valuable insurance coverage and travel benefits that outweigh its rewards earnings, depending on how you use it.
The best rewards credit card is one that balances both earning potential and perks in a way that matches your lifestyle and spending habits.
Pros and cons of rewards credit cards
Pros of rewards credit cards
- Earn value on everyday spending: Rewards credit cards let you earn points, miles, or cash back on purchases you already make, including groceries, gas, dining, and travel.
- Welcome bonuses can add significant value: Many rewards cards offer welcome bonuses and first year annual fee rebates, which can dramatically increase your first year return if you meet the spending requirement.
- Access to valuable card benefits: In addition to rewards, many cards include perks such as travel insurance, purchase protection, extended warranties, airport lounge access, or roadside assistance.
- Flexible redemption options with some programs: Depending on the issuer, rewards can be redeemed for travel, statement credits, merchandise, gift cards, or transferred to partner loyalty programs.
Cons of rewards credit cards
- Annual fees and higher eligibility requirements: Many rewards cards charge annual fees and may require a higher income or credit score to qualify, especially premium cards with strong perks.
- Points programs can be complex: Not all points are worth the same amount. Redemption values vary by program and by how you use your points, making it harder to compare cards at a glance.
- Potential for reward changes or expiration: Rewards programs can change over time, which may reduce point values. Some cards also expire rewards after inactivity or when an account is closed.
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