We’ve rounded up the Best Credit Card Offers in Canada to help you determine which are currently the best credit card promotions with the Best Sign-up Bonuses in Canada.
If you’re considering a new credit card, one of the first things you should look at is what are the current credit card offers in Canada. That’s right – to get you to sign with them, many credit cards have incentives such as an increased welcome bonus or the annual fee being waived for the first year, all of which can be incredibly valuable.

Of course, the sign-up bonus isn’t the only thing you should look at when applying for a new card. You also need to consider the earn rate and additional benefits since the value you get from them can vary quite a bit depending on your spending patterns. Here’s a look at the best credit card promotions in Canada.

Current Best Credit Card Offers in Canada 

Credit CardCredit Card OfferAnnual FeeMore Info
Scotia Momentum® Visa Infinite* CardEarn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases).$120 (first year free)Learn More
TD® Aeroplan® Visa Infinite* CardUp to 30,000 Aeroplan miles (Conditions apply. Must apply by May 31, 2020)$120 - waived if you apply by May 31, 2020Learn More
BMO® AIR MILES®† World Elite®* Mastercard®Up to 3,000 AIR MILES$120 (waived for first year)Learn More
American Express® AIR MILES®* Platinum Credit CardWelcome bonus of up to 2,000 AIR MILES Bonus Miles (conditions apply). $120Learn More

Scotia Momentum® Visa Infinite* Card

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If you’re looking for a credit card that gives you an insane earn rate, then you’ll want to sign up for the Scotia Momentum® Visa Infinite* Card. As a welcome bonus, new cardholders earn 10% cash back on all purchases for the first three months of card membership (up to $2000 in total purchases). That means if you spend $2,000 in the first 90 days, you’ll earn the full $200 in cash back. Plus, there’s no annual fee in the first year, including on supplementary cards. This welcome offer has a value of $350, making it one of the best credit card promotions on the market right now.

After the promotional period ends, you’ll earn 4% cash back on grocery purchases and recurring bills (up to $25,000 annually), 2% on gas and transit purchases (up to $25,000 annually), and 1% on all other purchases – all of which are still quite high. It’s definitely one of the best cash back credit cards in Canada.

  • Annual Fee: $120 (First-year annual fee waived)
  • Minimum Income Eligibility: $60,000 personal or $100,000 household income
  • Credit score required: Excellent
  • Earn Rate: 4% cash back on recurring bills, grocery purchases, and subscription services (up to $25,000 annually), 2% on gas and transit purchases (up to $25,000 annually), and 1% on everything else.
  • Welcome offer: Earn 10% cash back on all purchases for first three months (up to $2000 in total purchases).
  • Additional benefits: Comprehensive travel insurance, mobile device insurance coverage, luxury hotel privileges, complimentary concierge services 24/7.
  • Purchase APR: 20.99% | Cash Advance APR: 22.99%
Learn more about the Scotia Momentum® Visa Infinite* Card.

TD® Aeroplan® Visa Infinite* Card

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Limited-time online-only offer: Apply by May 31, 2020, to get an annual fee rebate for the first year and the welcome bonus of up to 30,000 Aeroplan Miles (the equivalent of 2 economy short-haul roundtrip flight rewards!). 

Air Canada is set to take over Aeroplan in the summer of 2020 and the TD® Aeroplan® Visa Infinite* Card has an incredible credit card promotion to get you excited. New cardholders can earn up to 30,000 Aeroplan Miles when they apply by May 31, 2020. Here’s how it works: you’ll get 15,000 Aeroplan Miles after your first purchase with your card. Then get up to another 5,000 Miles in each of the first three months when you spend a minimum of $1,000 per month – earning up to a total of 15,000 Miles. That’s a grand total of up to 30,000 Miles – the equivalent to 2 economy short-haul roundtrip flight rewards, so those miles could easily have a value of $500+.The annual fee of $120 is also waived for both the primary and first additional cardholder, so there’s really no reason to not get this card. To take advantage of this limited-time offer, you must apply by May 31, 2020.

The earn rate on this card is impressive too since you’ll earn 1.5 miles for every $1 spent on eligible grocery, gas, drugstore and AirCanada.com purchases. All other purchases will get you 1 mile per $1 spent. Keep in mind that you can earn double the points at participating Aeroplan merchants. Just show your loyalty card or app first and then pay for your purchases with your TD® Aeroplan® Visa Infinite* Card.

The Details:

  • Annual Fee: $120 (first year annual fee rebate if you apply by May 31, 2020)
  • Minimum Income Eligibility: $60,000 personal or $100,000 household
  • Credit Score Required: Good to Excellent
  • Welcome Offer: Get a welcome bonus of up to 30,000 Aeroplan Miles and an annual fee rebate for the first year when you apply May 31, 2020.
  • Additional Perks: Comprehensive travel insurance and car rental discounts
  • Other Card Info: Purchase APR: 19.99%| Cash Advance APR: 22.99%
Learn more about the TD® Aeroplan® Visa Infinite* Card.

*This offer is not available for residents of Quebec. For Quebec residents, please click here.


BMO® AIR MILES®† World Elite®* Mastercard®

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AIR MILES is one of the most popular loyalty programs in Canada and if you sign up for the BMO® AIR MILES®† World Elite®* Mastercard®, you’ll get up to 3,000 AIR MILES as a welcome bonus. 1,000 miles are awarded after your first purchase and you’ll get an additional 2,000 miles when you charge $3,000 to your card in the first three months of card membership. In addition, the annual fee of $120 is waived for the first year.

AIR MILES is one of the most popular loyalty programs in Canada and is unique since you get to decide if you want to earn cash or Dream Miles. With Dream Miles, you can redeem your miles for rewards like flights, hotels, car rentals, and so forth. On the other hand, Cash Miles can be redeemed at merchants for instant cash off your purchases. You get to decide what ratio you earn your Cash or Dream miles (e.g. 50/50, 80/20, 100/0) and you have the flexibility to change that ratio when you want.

The Details:

  • Annual Fee: $120 (free-waived for the first year)
  • Minimum Income Eligibility: $80,000 individual or $150,000 household annual income
  • Credit Score Required: Good to Excellent
  • Welcome Offer: Up to 3,000 AIR MILES
  • Other Perks: 15% off AIR MILES flights within North America booked with AIR MILES, comprehensive travel insurance, Mastercard Airport Experiences provided by LoungeKey with two free annual passes
  • Other Card Info: Purchase APR: 19.99% | Cash Advance APR: 22.99%
Learn more about the BMO® AIR MILES®† World Elite®* Mastercard®

American Express® AIR MILES®* Platinum Credit Card

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If you want to earn AIR MILES fast, you can’t go wrong with the American Express® AIR MILES®* Platinum Credit Card. For a limited time, new cardholders receive a generous welcome bonus of 2,000 AIR MILES Bonus Miles when you charge a total of $1,500 in purchases to your card within your first three months of card membership.

Aside from the hefty welcome bonus, you’ll also enjoy an earn rate of 1 Mile for every $5 in card purchases of food, gas, groceries and transit (up to $30,000 annually). For everything else, you’ll earn 1 Mile for every $10 spent. You can also earn 500 miles for each successful referral, up to a maximum annual referral bonus of 7,500 Miles.

Beyond the stellar Miles earning rates, the American Express® AIR MILES®* Platinum Credit Card also has you covered with insurance coverage. When you book travel or make purchases through this credit card, you’ll be covered by car rental insurance, travel accident insurance, purchase protection and buyer’s assurance.

The Details:

  • Annual Fee: $120
  • Income Eligibility: N/A
  • Credit Score Required: Good to Excellent
  • Welcome Bonus: 2,000 AIR MILES Bonus Miles (conditions apply)
  • Additional Perks: Travel accident insurance, car rental insurance, purchase protection, and buyer’s assurance protection
  • Purchase APR: 20.99% | Cash Advance APR: 22.99%
Learn more about the American Express® AIR MILES®* Platinum Credit Card.

What Are Credit Card Promotions and How Do They Work?

Credit card promotions typically refer to two things: the welcome bonus and the annual fee. The welcome bonus is usually extra points or additional cash back. In both cases, you still need to meet certain conditions to get the entire bonus (e.g. a minimum spend amount within a certain time period).

Every bonus is different and since every rewards program varies, you sometimes need to read the fine print in order to find out how you can maximize your welcome bonus. If the annual fee has a promotion, it’ll just be waived or rebated for the first year. A general rule to remember: any credit card promotion where the annual fee is waived and offers a welcome bonus worth at least $250 is a good deal.

Different Types of Sign Up Bonuses

Unlike banks that can give you actual cash or merchandise as a sign-up bonus, credit cards can really just offer additional points or cash back multipliers. This isn’t a bad thing, but you just need to recognize what’s actually a good deal. For example, if the promotion is offering 5,000 to 10,000 extra points, then that’s totally worth signing up for.

Some promotions even go above and beyond by waiving the annual fee for the first year. This essentially allows you to collect the sign-up bonus and try out the card for the first year for free.

Credit Card Bonus Conditions

Although credit card promotions are appealing, there are always conditions. With points promotions, you’ll need to spend a certain amount within three months to get the full bonus. That could range from $500 to $7,000. If you were already planning to spend that money then it’s no big deal, but if you need to carry a balance just to get the welcome bonus, it’s not worth it since you could end up paying a lot in interest charges.

With cash back promotions, you’ll earn a higher earn rate, but there’s usually a cap. Let’s say you can earn 10% cash back for three months and it tops out at $200 in cash back. That means you would need to charge $2,000 to your card to get the full bonus. Again, that’s only good if you were planning to spend that money.

Is It Worth It?

Yes, credit card promotions are always worth it, but this assumes that you meet the conditions to get your bonus. Some of these deals are so good that it’s worth signing up, even if you weren’t looking for a new card. If you see a credit card promotion that gives you at least $250 in value, it may be worth applying for.

The Best Credit Cards by Category:

This post was not sponsored. The views and opinions expressed in this review are purely my own.

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