The best credit card promotions in Canada for 2023 – MoneySense

Credit card promotions or bonuses are rarely the sole reason to sign up for a specific card, but the right offer can definitely sweeten the pot. Whether you’re looking for cash back, a jump-start on travel rewards or deep savings on your credit card debt, chances are there’s a promotion to suit your needs. Read on for some of our top picks and to learn more about how to get the most out of these time-limited offers.

Top options for all types of spenders

Credit card promotions are constantly changing, so it’s always good practice to survey the scene before making an application. To get you started, here are some recent outstanding offers that have captured our attention.

Best cash back card promotions

Cash is the most flexible reward around, so finding a robust cash back promotion is likely to appeal to any kind of spender. Those looking to put money back into their wallets will want to consider the following credit card promotions.

TD Cash Back Visa Infinite*

• Welcome offer: Earn 10% cash back for the first three months on up to a total of $2,000 in purchases. Plus, receive a first-year annual-fee rebate for the primary and additional cardholders. Must apply online by May 28, 2023.
• Annual fee: $139
• Interest rates: 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
• Regular earn rate: 3% in cash back on groceries, gas, and recurring bill payments; 1% back on everything else
• Additional perks: Travel medical insurance, delayed and lost baggage coverage, and emergency travel assistance; auto rental collision coverage; up to $1,000 in mobile device insurance; complimentary membership in the Deluxe TD Auto Club; Visa Infinite perks

• Annual income requirement: Personal income of $60,000 or household income of $100,000

National Bank World Elite Mastercard*

• Welcome offer: earn 70,000 rewards points ($560 value).
• Annual fee: $150
• Interest rates: 20.99% on purchases, 22.49% on cash advances, 22.49% on balance transfers
• Regular earn rate: Earn up to 5 points per $1 on grocery and restaurant purchases; 2 points per $1 on gas, electric vehicle charges and recurring bill payments; and 1 point per $1 on everything else.
• Additional perks: Out-of-province-of-residence medical/hospital coverage, trip cancellation and interruption insurance, baggage coverage; VIP lounge access at the Montreal-Trudeau airport; comprehensive travel insurance coverage for up to 60 days; out-of-province-of-residence medical/hospital insurance, departure flight delay insurance, baggage insurance in case of delay, theft or loss; vehicle rental insurance; mobile devices insurance against theft or damages for up to 2 years; and medical, general and legal assistance; purchase protection in case of theft or damage.
• Annual income requirement: Personal income of $80,000 or household income of $150,000

Tangerine Money-Back Mastercard*

• Welcome offer: You can 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.
• Annual fee: $0
• Interest rates: 19.95% on purchases, 19.95% on cash advances, 19.95% on balance transfers
• Regular earn rate: 2% cash back in up to 3 spending categories and 0.5% on everything else
• Additional perks: Extended warranty and purchase protection
• Annual income requirement: $12,000

Best travel card promotions

Frequent travellers can cash in big-time by taking advantage of travel-related credit card promotions. Here are a few of the best on offer. 

MBNA Rewards Platinum Plus Mastercard*

• Welcome offer: You can earn 5,000 bonus points ($25 in cash back value) after you make $500 or more in eligible purchases within the first 90 days of your account opening.
• Annual fee: $0
• Interest rates: 19.99% on purchases, 24.99% on cash advances, 22.99% on balance transfers
• Regular earn rate: 2 points per $1 spent on eligible gas, groceries and restaurant purchases and 1 point per $1 on all other purchases
• Additional perks: Savings with Avis and Budget Rent A Car; purchase assurance and extended warranty
• Annual income requirement: None

TD First Class Travel Visa Infinite*

• Welcome offer: Not available to display at the moment.
• Annual fee: $139
• Interest rates: 20.99% on purchases, 22.99% cash advances, 22.99% on balance transfers
• Regular earn rate: 8 TD points per $1 spent when you book travel through Expedia For TD; 6 Points per $1 on groceries & restaurants; 4 points per $1 spent on recurring bills; 2 points per $1 spent on everything else

• Additional perks: Travel medical and travel accident insurance, trip cancellation and interruption coverage, delayed and lost baggage protection; up to $1,000 in mobile device insurance, discount on Priority Pass lounge access membership; auto rental loss and damage protection, savings with Avis and Budget Rent A Car
• Annual income requirement: Personal income of $60,000 or household income of $100,000

BMO Air Miles World Elite Mastercard*

• Welcome offer: You can earn 3,000 bonus Air Miles when you spend a minimum of $3,000 within the first three months.
• Annual fee: $120
• Interest rates: 20.99% on purchases, 23.99% on cash advances, 22.99% on balance transfers
• Regular earn rate:1 Mile for every $12 spent, three times the rewards at Air Miles partners and two times at eligible grocery stores
• Additional perks: Complimentary membership in Mastercard Travel Pass provided by DragonPass, exclusive 25% discount on one worldwide Air Miles flight redemption during the calendar year, 15% flight discount on all Air Miles flights in North America; 2 times the miles at National and Alamo car rental
• Annual income requirement:  Personal income of $80,000 or household income of $150,000

Video: Promotional rates: What to look for in the fine print

Dos and don’ts to make the most of credit card promotions

While taking advantage of credit card promotions can earn you valuable points, cash, or reductions in fees and interest charges, there are a few rules to keep in mind.

• Do weigh the value of a card or cards against the hit your credit score could take from making the application. Each request can make a temporary dent in your score so you should avoid making applications unless you seriously want the card.
• Don’t apply for a credit card based on its welcome offer alone. If the card isn’t a good fit for your spending or rewards goals, you’ll likely find yourself with an extra, unused card at the end of the promotion period. 
• Do read up on the terms of the offer so you understand the promotion and to make sure the rules are realistic for your spending style. Some cards, for example, require that you make a minimum spend to receive the bonus. Others, like some cash back cards, cap their redemptions at a certain dollar limit.
• Don’t be driven to overspend just to max out a welcome offer within the promotional time frame. An unnecessary debt load isn’t worth it.
• Do make sure you meet a card’s eligibility requirements before applying. These can include a minimum income, a minimum credit score and Canadian citizenship. In some cases, those who have previously opened an account with the card issuer are ineligible.
• Don’t fail to keep your card in good standing. Those with flags on their accounts may not be eligible for offers. 

What is credit card churning?

Credit card churning is the practice of signing up for credit cards to access their promotional bonuses and then closing the accounts once you’ve received the rewards. While this might seem like a lot of hassle just for some points, in some cases the rewards are significant enough to justify the work. Take, for example, the 6% cash back promotions offered by the TD Cash Back Visa Infinite. The promotion also includes a waiver on the first year’s annual fee, so a churner could potentially earn $120—for free.  In case this sets off your alarm bells, know that, yes, churning is legal. 

Pros: 

• If you can master the strategic juggling required, it’s possible to access excellent cash back and points rewards
• The perks and bonuses included with many cards—like insurance or membership in various clubs—can add to the appeal and value of applying for a certain card.

Cons:

• Churning can negatively affect your credit score. Frequent or multiple credit card applications will cause your score to dip. However, it should be noted that timely repayment holds far more weight when it comes to your score. Pay everything back on time and you’re probably not going to see much of an effect. 
• Successful churning requires a certain amount of time and organization. If you forget a payment or get confused about a bonus timeline, you could find yourself paying out or hurting your credit score. 
• Frequently, you will need to meet a minimum spend, which could result in overspending or buying things you simply don’t need. 

There are many tempting credit card promotions in Canada that could get your on a flight quicker, pad your wallet with cash back, or help you pay down outstanding debt. And, if none of these strike your fancy, don’t worry—credit card promotions are always changing.

More of Canada’s best credit cards: