The best rewards credit cards in Canada
If you’re not leveraging your everyday spending to earn rewards, you’re missing out. Rewards credit cards help you earn points or Miles towards things like merchandise, gift cards or travel, or even cash back to pay for whatever you want—all for using a credit card for everyday purchases. Sounds good, right? It is, but to figure out the best rewards credit card for you, you’ll need to answer a few questions. For instance, do you prefer to collect points or get cash back in your pocket? Is it worth paying an annual fee for premium perks, or would you rather a no-fee card? What kind of travel rewards do you want? No matter your criteria, you’re bound to find a great fit with one (or more!) of the rewards credit cards below.
The best rewards credit cards for everyday spending
Scotiabank Gold American Express*
At a glance: The Scotiabank Gold American Express card lets you earn boosted Scene+ points when you use it to buy groceries, restaurant meals and delivery, gas and transit, travel and more. One of the big benefits is that Scene+ rewards are easy to redeem, and the card comes with useful perks for travel and new mobile device insurance.
- Annual fee: $120
- Interest rates: 20.99% on purchases, 22.99% on cash advances
- Welcome offer: earn up to $850 in value in the first 12 months, including up to 45,000 bonus Scene+ points. Must apply by April 30, 2023.
- Earn rate: 5 points per $1 spent on groceries, dining and entertainment; 3 points per $5 on gas, public transit and eligible streaming services; and 1 point per $1 on everything else
- Annual income requirement: $12,000
- Additional perks: No foreign transaction fees; insurance, including travel emergency medical and travel accident, trip cancellation or interruption, and rental car collision or damage coverage; discount on Priority Pass Lounge access
Pros
- This is the only credit card from a major bank that waives the 2.5% foreign transaction fee, so you’ll save on cross-border shopping (including online) in other currencies.
- It comes with a fairly comprehensive travel insurance package that offers travel emergency medical, trip cancellation and interruption, flight delay, delayed or lost baggage, and travel accident insurance. It also includes car rental loss/damage insurance, hotel/motel burglary, and new mobile device coverage.
- An easy and flexible Scene+ points redemption program. With many partners in numerous categories already on board, the program is rapidly expanding, making collection easy.
- Scene+ points can be redeemed for groceries, dining, entertainment, merchandise, travel, retail and more.
- You can apply your Scene+ to travel spends up to a year after you’ve charged them.
Cons
- This is an American Express card, so it’s not accepted at certain retailers, like Superstore or Costco.
- Some of the stores in the boosted category aren’t available in certain parts of the country.
- Priority Pass lounge access offer is a discount only—no lounge visits are included.
American Express Cobalt*
At a glance: The American Express Cobalt is an attractive card for everyday spending, thanks to its strong rewards rates in a broad range of categories and significant travel perks like insurance. The last one includes emergency medical, lost or stolen baggage, flight or baggage delay and car rental theft and damage coverage. Membership Rewards points can be redeemed for merchandise, travel, shopping, statement credits and more.
- Annual fee: $156
- Interest rates: 20.99% on purchases, 21.99% on cash advances
- Welcome offer: earn 2,500 points for each month you spend $500, up to a maximum of 30,000 points—that’s $300 towards a weekend getaway or concert tickets.
- Earn rate: 5 points for every $1 spent on eligible food delivery, groceries and restaurants; 2 points per $1 spent on gas and transit buys—including taxis, public transit and eligible flight tickets; 1 point per $1 on all other purchases
- Annual income requirement: None
- Additional perks: A solid insurance package that includes emergency medical, lost or stolen baggage, flight or baggage delay, hotel or motel burglary and car rental theft and damage coverage; advance access to Front of the Line by American Express Invites, as well as advance movie screenings
Pros
- Travel bookings, including flights, train or boat tickets, tours and lodging, all earn at a rate of 2 points per $1 spent.
- Includes up to $1,000 in new mobile device insurance, which protects against loss, theft and damage.
- Transfer your points at a ratio of 1:1 to several frequent flyer and loyalty programs.
- Additional cards are free, so you can boost your earning with purchases with authorized cardholders, such as family.
Cons
- The total annual fee of $155.88 ($12.99 per month) is slightly higher than other cards in this category.
- Boosted earn rates are only available on the first $30,000 spent across categories annually. After that, you’ll earn 1 point per $1 spent.
- As an American Express card, the Cobalt is not accepted at some stores like Costco or Loblaw banner stores.
Best rewards credit card with no fee
Tangerine World Mastercard*
At a glance: The Tangerine World Mastercard lets you earn 2% cash back on purchases in up to three spending categories (and 0.5% back on everything else), plus it gives you access to a handful of extras, all for no annual fee.
- Annual fee: $0
- Interest rates: 19.95% on purchases, 19.95% on cash advances, 19.95% on balance transfers
- Welcome offer: earn an extra 10% back on up to $1,000 in everyday purchases within the first 2 months. Must apply by May 2, 2023. Click “check eligibility” to get an additional $100 Amazon gift card 🎁 upon approval.
- Earn rate: 2% cash back in up to three spending categories; 0.5% back on everything else
- Annual income requirement: Personal income of $60,000 or household income of $100,000
- Additional perks: Boingo Wi-Fi for Mastercard; rental car collision/loss damage waiver; new mobile device insurance; airport lounge access with DragonPass; purchase assurance and extended warranty
Pros
- The earn rate of 2% cash back in up to three categories is competitive for a no-fee card.
- Even though this is a no-fee card, there are a few nice extras included like up to $1,000 in new mobile device coverage, access to free Wi-Fi internationally with Boingo, and airport lounge access with DragonPass.
- You can change your boosted 2% spending categories with 30 days notice, so you can be strategic about what you earn on (eg. planning for holiday spending or for a trip).
Cons
- The DragonPass gets you access to airport lounges but does not include passes, which you’ll have to purchase separately.
- Travel insurance is not included.
- The base earn rate of 0.5% is quite low.
- You must have a personal annual income of $60,000 or a household income of $100,000 to qualify. If you earn less, you can apply for the Tangerine Money-Back Credit Card that has the same earn rates but fewer perks.
Best rewards credit card for cash back
Scotiabank Momentum Visa Infinite*
At a glance: If you’re looking to earn as much cash back as possible, the Scotiabank Momentum Visa Infinite should be on your radar. Cardholders get 4% back on groceries, recurring bills and subscription services, 2% back on public transit and gas, and 1% back on all other purchases—with no cash back limit. The card also comes with a solid insurance package and other extras.
- Annual fee: $120
- Interest rates: 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
- Welcome offer: Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases).
- Earn rate: 4% back on groceries and recurring bills; 2% back on public transit and gas; 1% cash back on all other purchases
- Annual income requirement: Personal income of $60,000 or household income of $100,000
- Additional perks: Comprehensive travel insurance including emergency medical, travel accident, trip cancellation or delay, delayed or lost baggage and rental car loss or damage; new mobile device insurance; Visa Infinite Services including concierge and Visa Infinite Dining and Wine Country program
Pros
- The 4% earn rate on groceries is one of the strongest in the country.
- What you get in travel insurance coverage alone is worth more than the annual fee.
- Get up to $1,000 in new mobile device insurance to protect against loss, theft and damage.
Cons
- Although there is no limit to the amount of cash back you can earn, there is an annual cap of $25,000 for the 4% and 2% categories. Purchases beyond the limit will earn at the 1% base rate.
- The minimum income requirement will put this card out of reach for some.
Best rewards credit card for travel
TD First Class Travel Visa Infinite*
At a glance: The TD First Class Travel Visa Infinite stands out due to its unique partnership with Expedia For TD, which allows you to easily book on the portal and to earn points on your travel purchases at accelerated rates. Included travel insurance and perks, like the annual $100 travel credit and birthday bonus, make this a card to consider.
- Annual fee: $139 (waived for the first year).
- Interest rates: 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
- Welcome offer: Not available to display at the moment.
- Earn rate: 8 points per $1 on travel booked through Expedia For TD; 6 points per $1 for groceries and restaurants; 4 points per $1 spent on recurring bill payments; 2 points per $1 for everything else
- Annual income requirement: Personal income of $60,000 or household income of $100,000
- Additional perks: Insurance including travel medical, trip cancellation or interruption, travel accident and car rental loss or collision; Priority Pass membership discount; savings with Avis and Budget car rentals
Pros
- There are no travel blackouts and no seat restrictions, and your TD points don’t expire.
- You get an annual birthday bonus of 10% of your previous year’s points.
- Every year, you’re eligible for a $100 travel credit when you spend $500 or more at Expedia For TD.
- Comes with a strong insurance package.
Cons
- This card might not be suitable for those who don’t wish to book their travel through Expedia For TD.
- This card doesn’t offer airport lounge access, but rather a discount on Priority Pass membership.
Best rewards credit card for gas and groceries
CIBC Dividend Visa Infinite
At a glance: Gas and groceries are two of the most popular spending categories for Canadians so it makes sense to use a credit card with accelerated rewards for those purchases. At 4% cash back, the CIBC Dividend Visa Infinite fits the bill. Strong earn rates on dining, transit, and recurring bills, plus valuable perks like travel insurance, make this card a solid all around choice.
- Annual fee: $120 (waived for the first year).
- Interest rates: 20.99% on purchases, 22.99% on cash advances (21.99% for Quebec residents), 22.99% on balance transfers
- Earn rate: 4% cash back on groceries and gas, 2% on dining, daily transit and recurring bills, and 1% back on everything else
- Welcome bonus: Get a first-year annual-fee rebate for you and up to three authorized users, and 10% cash back for the first four statements on net purchases of up to $2,500.
- Annual income requirement: Personal income of $60,000 or household income of $100,000
- Additional benefits: Emergency travel medical; car rental collision and loss damage insurance; mobile device insurance; plus save up to $0.10 per litre at participating Chevron, Ultramar and Pioneer gas stations when you link your card with Journie Rewards
Pros
- This card’s earn rates are among the highest in the country, particularly for groceries and gas.
- You can save up to $0.10 per litre on gas at Chevron, Ultramar and Pioneer gas stations when you link your card with Journie Rewards.
- You can redeem your cash back whenever you want (minimum $25) rather than having to wait for an annual payout, and there’s no limit to the amount you can earn.
Cons
- The minimum annual income requirement may have this card out of reach for some Canadians.
- While there is no cap to how much cash back you can earn, there are limits in the boosted spending categories. For instance, you will earn 4% back on gas and groceries up to the first $20,000 spent in those categories, or the first $80,000 spent everywhere, annually. After that, purchases in those categories earn you 1% cash back.
Best rewards credit card for Optimum points:
PC Financial Mastercard*
At a glance: A broad retail partner base and valuable redemptions on everyday items like groceries and pharmacy purchases make the PC Optimum rewards program one of the most popular in Canada. The no-fee PC Financial Mastercard helps you accelerate your earnings with no minimum annual income requirement, and those with higher incomes can apply for the PC World Mastercard or the PC World Elite Mastercard which come with higher earn rates.
- Annual fee: $0
- Interest rates: 20.97% on purchases, 22.97% on cash advances, 22.97% on balance transfers
- Welcome offer: Get 20,000 PC Optimum points (a $20 value).
- Earn rate: Based rate of 10 points per $1 spent; 30 points per $1 at Esso and Mobil; 25 points per $1 at Shoppers Drug Mart; 20 points per $1 at PC Travel; 10 points per $1 at Loblaw banner stores
- Annual income requirement: None
- Additional perks: Purchase assurance
Pros
- Stack your points by shopping with your PC Mastercard and showing your PC Optimum card at checkout. Personalized offers and in-store bonus events let you earn even more points.
- Redeem PC optimum points in increments of 10,000 (a $10 value) at the cash register at Loblaw banner stories.
- PC Optimum points never expire.
Cons
- Given that groceries is one of the biggest spending categories, the earn rate of 10 PC points per $1 spent at Loblaw stores isn’t as strong as it could be.
- You can only redeem PC points on purchases from retailers affiliated with PC.
- There are no perks or extras included with this card.
Best rewards credit card for Aeroplan points
TD Aeroplan Visa Infinite*
At a glance: A solid all-round travel credit card that includes a well-prepared suite of insurance, several attractive perks, and offers one of the best earn rates around for Aeroplan points.
- Annual fee: $139 (waived for the first year).
- Interest rates: 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
- Welcome offer: Not available to display at the moment.
- Earn rate: 1.5 points per $1 on eligible gas, grocery, and Air Canada purchases; 1 point per $1 on all other eligible purchases
- Annual income requirement: Personal income of $60,000 or household income of $100,000
- Additional perks: Travel medical, trip cancellation/interruption, and flight/trip delay insurance; free first checked bag; NEXUS application fee; emergency travel assistance
Pros
- The primary cardholder and up to eight travel companions get their first checked bag for free on eligible Air Canada flights in North America.
- Use your Aeroplan points to book on Air Canada without restrictions or blackout periods.
- You can stack your points when you pay with your TD Aeroplan Visa Infinite and provide your Aeroplan number at partner brands.
- This card comes with a strong travel insurance package.
Cons
- This card does not include airport lounge membership or free lounge access.
- Aeroplan points can’t be redeemed for cash or for flights outside the Star Alliance network.
- The $139 annual fee is a bit higher than other cards in this class.
Best rewards credit card for Airmiles
BMO Air Miles World Elite Mastercard*
At a glance: With its enticing welcome bonus and attractive earn rates, the BMO World Elite Mastercard works well for avid Air Miles collectors. The card includes a strong insurance package and a few extras, like Boingo Wi-Fi access.
- Annual fee: $120 (waived for the first year).
- Interest rates: 20.99% on purchases, 23.99% on cash advances, 22.99% on balance transfers
- Welcome offer: earn 3,000 bonus Air Miles when you spend a minimum of $3,000 within the first three months.
- Earn rate: 1 Mile per $12 spent; three times the Miles for purchases at partners
- Annual income requirement: Personal income of $80,000 or household income of $150,000
- Additional perks: Travel insurance including emergency medical, trip cancellation/interruption, and flight delay coverage; car rental insurance; 15% discount on North American Air Miles flights; free membership in Mastercard Airport Experiences provided by LoungeKey; other special offers and discounts
Pros
- The earn rate on Air Miles is competitive, allowing you to reach your goals faster.
- Cardholders get one annual discount of 25% of the amount of Air Miles to book a flight.
Cons
- The DragonPass lounge membership does not include free lounge passes; these must be purchased separately.
- Does not include hotel/motel burglary insurance.
- This card has a high minimum annual income eligibility requirement.
Best rewards credit card for flexible rewards
MBNA Rewards World Elite Mastercard*
At a glance: The MBNA Rewards World Elite Mastercard is a flexible rewards card that lets you earn MBNA points which you can redeem for merchandise, gift cards, travel, cash and even charitable donations. Unique perks—like the birthday bonus points and included benefits like travel insurance—make this a card stand out.
- Annual fee: $120
- Interest rates: 19.99% on purchases, 24.99% on cash advances, 22.99% on balance transfers
- Welcome offer: up to 30,000 bonus points ($300 travel value) in their first year alone: 20,000 points after $2,000 spent in the first 90 days and another 10,000 points for enrolling for e-statements also within the first 90 days.
- Earn rate: 5 points per $1 spent on groceries, restaurants, digital media, memberships, and household utilities up to $50,000 per category annually; 1 point per $1 is the base rate
- Annual income requirement: Personal income of $80,000 or household income of $150,000
- Additional perks: Travel and car rental insurance; MBNA payment plan; 10% points back in annual birthday bonus
Pros
- This card includes $2 million in travel medical insurance. It also has included flight/trip delay and delayed/lost baggage coverage.
- You can protect your new mobile device against loss, damage and theft with up to $1,000 included coverage.
- The annual birthday bonus points perk is a gift of an additional 10% on the number of points you earned in the previous year.
- Your MBNA points never expire.
Cons
- The included travel insurance offering is incomplete, so you’ll have to buy extra coverage to be fully protected.
- There is an annual cap of $50,000 per category in the accelerated spending categories. Purchases beyond that will earn at the base rate of 1 point per $1 spent.
- The annual minimum income requirement puts this card out of reach for some applicants.
More about Canada’s best credit cards:
Our methodology
For the best rewards credit cards 2023 ranking, MoneySense tapped into Ratehub.ca’s‡ credit card tool and ran the numbers for cash back and travel credit cards, based on $2,000 in monthly spending. We made the following assumptions: grocery spend of $500, gas of $200, restaurants of $200 and bill payments of $125, travel of $175, entertainment of $225, pharmacy purchases of $75 and all other purchases of $500.
The end game was a magic number—that is, the annual net reward in dollar terms to identify the top cards in each category, plus an honorary mention. Our methodology also took into consideration other factors, including welcome bonuses and accelerated earn rates, annual fee waivers, loyalty program flexibility and travel insurance perks.
‡MoneySense.ca and Ratehub.ca are both owned by parent company Ratehub Inc. We may be partnered with some financial institutions, but this does not influence the “Canada’s best credit cards” rankings. You can read more about this in our Editorial Code of Conduct.
Keph Senett
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