Editors note: Advertisers are not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their Web site.”

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 
CIBC Dividend® Visa Infinite* Card10% cash back for the first 4 statements on total purchases of up to $2,000$99 (first year annual fee rebate)Read OnVisit Site
SimplyCash™ Preferred Card from American Express10% cash back on purchases for the first 4 months (up to $400 in cash back)$99Read OnLearn More
BMO® CashBack® World Elite®* Mastercard®*Get up to 10% cash back in your first 3 months (up to $2,000 in total purchases)$120 (first year annual fee rebate)Read OnVisit Site
CIBC Select Visa* Card0% interest rate for up to 10 months on balance transfers, with a 1% transfer fee.$29 (first-year annual fee rebate)Read OnVisit Site
TD Cash Back Visa Infinite* CardGet 10% cash back on all card purchases for the first 3 months (up to a total spend of $2,000). $120 (Annual fee rebate for first year)Read OnVisit Site
BMO CashBack® Business Mastercard®*Get 10% cash back on gas, office supplies and cell phone/internet bills for 3 months*$0Read OnVisit Site
TD® Aeroplan® Visa Infinite* Card15,000 Aeroplan miles (Conditions apply. Must apply by September 8, 2020)$120 - waived if you apply by September 8, 2020Read OnVisit Site
BMO® AIR MILES®† World Elite®* Mastercard®2,000 AIR MILES Bonus Miles$120 (waived for first year)Read OnVisit Site

CIBC Dividend® Visa Infinite* Card

Apply Now

The CIBC Dividend® Visa Infinite* Card has a stellar promo right now: new cardholders get a first-year annual fee rebate and 10% cash back for the first 4 statements on total purchases up to $2,000. That’s a value of almost $300! After that, you’ll get 4% cash back on eligible gas and grocery purchases, 2% cash back on Tim Hortons and TELUS purchases, and 1% cash back on everything else. Plus, there’s no limit on the total cash back you can earn.

This card also comes with a suite of insurance coverage (including travel medical) and access to the exclusive luxury hotel and travel benefits offered through the Visa Infinite program.

The Details:

  • Annual Fee: $99 (first-year annual fee rebate)
  • Annual Interest on Purchases: 19.99% | Annual Interest on Cash Advances: 22.99%
  • Income Eligibility: $60,000 individual or $100,000 household
  • Credit Score Required: Good
  • Welcome Offer: Get a first-year annual fee rebate and 10% cash back on the first 4 statements (up to $2,000 in total purchases)
  • Additional Benefits: Earn cash back on every dollar you spend, includes travel insurance, access to Visa Infinite benefits
Learn more about the CIBC Dividend® Visa Infinite* Card.

SimplyCash™ Preferred Card from American Express

Apply Now

The SimplyCash™ Preferred Card from American Express offers excellent value. As a welcome offer, new cardholders earn 10% cash back on all eligible purchases for the first 4 months of card membership (up to $400 cash back). This is double the amount you can typically expect to earn with other cards offering a 10% cash back welcome offer, as it’s usually capped at $200 cash back.

After the promo period ends, you earn 2% cash back on all card purchases, with no limit to how much you can earn. There are very few credit cards on the market that offer such a generous base earn rate — and without a cap on earnings. So if you spend $2,000/month in card purchases, you would earn a grand total of $720 cash back in your first year.

If you refer any family or friends to this credit card, you could also get a referral bonus. For every approved referral, you get a $100 bonus that’s added to your cash back balance, up to a maximum of $1,500 cash back.

This card also includes travel insurance, shopping coverage (e.g. purchase protection) and exclusive American Express Invites®. Overall, the $99 annual fee is a drop in the bucket when you consider the cash-back earning potential and included perks.

The Details:

  • Annual Fee: $99
  • Minimum Income Eligibility: N/A
  • Credit Score Required: Good to Excellent
  • Welcome Offer: 10% cash back on purchases for the first 4 months (up to $400 in cash back)
  • Additional Perks: Travel insurance, shopping coverage, exclusive entertainment access
  • Purchase APR: 19.99% | Cash Advance APR21.99%

Learn more about the SimplyCash Preferred™ Card from American Express.


The BMO® CashBack® World Elite®* Mastercard®*

Apply Now

The BMO® CashBack® World Elite®* Mastercard®* has a fantastic promo right now: new cardholders get up to 10% cash back in your first 3 months (up to $2,000 in total purchases) and the $120 annual fee waived in the first year*. That’s up to $200 that you can put towards your next splurge or sock away in your savings account. After the promo ends, you can earn 1.5% cash back on all card purchases* – with no caps or category limits.

Redemption is easy: cash back rewards can be deposited into your BMO chequing or savings account, applied as a statement credit, or deposited into your BMO InvestorLine account. The choice is yours!

The Details:

  • Annual Fee: $120 (first-year annual fee rebate)
  • Minimum Income Eligibility: $80,000 individual or $150,000 household
  • Credit Score Required: Excellent
  • Additional Benefits: Travel insurance, complimentary membership in Mastercard Airport Experiences provided by LoungeKey*, shopping protection
  • Interest on Purchases: 19.99% | Interest on Cash Advances: 22.99%

Learn more about the BMO® CashBack® World Elite®* Mastercard®*


The CIBC Select Visa* Card

Apply Now

If you’re carrying a balance on a high-interest credit card, the CIBC Select Visa* Card might be the answer to your money woes.  As a welcome offer, this card offers a 0% interest rate for up to 10 months on balance transfers, with a 1% transfer fee. Plus, you’ll get a first-year annual fee rebate, so signing up won’t cost you a thing. After the promo period expires, the interest rate reverts to 13.99% on purchases and cash advances, which is still very low compared to the usual 20% or more. This is a savvy strategy to significantly reduce your interest payments and consolidating debt onto one card.

The Details

  • Annual Fee: $29 (first-year annual fee rebate)
  • Annual Interest on Purchases: 13.99% | Annual Interest on Cash Advances: 13.99%
  • Minimum Income Requirement: $15,000 household
  • Credit Score Required: Good
  • Welcome Offer: 0% interest rate for up to 10 months on balance transfers with a 1% transfer fee
  • Other Perks: Low interest rate on purchases and cash advances

Learn more about the CIBC Select Visa* Card.


TD Cash Back Visa Infinite* Card

Apply Now

The TD Cash Back Visa Infinite* Card has a great limited-time welcome offer for new cardholders: get 10% cash back on all card purchases for the first 3 months (up to a total spend of $2,000). Plus, you get a first-year full annual fee rebate for the primary and first additional cardholder. Conditions apply, and you must apply by December 6, 2020 to take advantage of this fantastic limited-time offer.

After the promo ends, you’ll get 3% in Cash Back Dollars on eligible grocery and gas purchases and on regularly recurring bill payments set up on your account. For everything else, you get 1% cash back. Another big perk is that Cash Back Dollars can be redeemed whenever you like, simply by applying a credit to your card’s balance.

The Details:

  • Annual Fee: $120 (Annual fee rebate for first year. Must apply by December 6, 2020)
  • Minimum Income Eligibility: $60,000 personal or $100,000 household income
  • Credit Score Required: Good to Excellent
  • Welcome Offer: Earn 10% in Cash Back Dollars on all purchases for the first 3 months up to a total spend of $2,000 (Conditions apply. Must apply by December 6, 2020.)
  • Additional Benefits: Earn up to 3% cash back on eligible everyday purchases; includes travel insurance and Emergency Road Services with the Deluxe TD Auto Club Membership
  • Interest on Purchases: 20.99%| Interest on Cash Advances: 22.99%

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

Learn more about the TD Cash Back Visa Infinite*.

BMO CashBack® Business Mastercard®*

Apply Now

If you’re looking for a business credit card that offers rewards, look no further than the BMO CashBack® Business Mastercard®*. With this card, you’ll earn 1.5% cash back on eligible gas station, office supplies purchases, and on recurring cell phone/internet billings charged to the card, as well as 1.75% cash back at participating Shell locations. Everything else charged to the card earns 0.75% in cash back.

The card also comes with an excellent welcome bonus: get 10% cash back on gas, office supplies and cell phone/internet bills for 3 months*. Did we mention that it has no annual fee?

The Details:

  • Annual Fee: $0
  • Income Eligibility: N/A
  • Credit Score Required: N/A
  • Welcome Offer: Get 10% cash back on gas, office supplies, and cell phone/internet bills for 3 months*
  • Additional Benefits: Earn cash back on every dollar you spend, purchase protection and extended warranty
  • Interest on Purchases: 19.99% | Interest on Cash Advances: 22.99%
Learn more about BMO CashBack® Business Mastercard®*.

TD® Aeroplan® Visa Infinite* Card

Apply Now

Limited-time online-only offer: Apply by November 7, 2020, to get an annual fee rebate for the first year and the welcome bonus of up to 25,000 Aeroplan Miles.  15,000 Aeroplan Miles are awarded after your first purchase and another 10,000 Aeroplan Miles are awarded after you spend $1,500 in the first 90 days with your card.

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 25,000 Aeroplan Miles when they apply by November 7, 2020. Here’s how it works: you’ll get 15,000 Aeroplan Miles after your first purchase with your card. You’ll earn another 10,000 Aeroplan Miles if you can make $1,500 in purchases during the first 90 days of account opening. The annual fee of $120 is also rebated for both the primary and first additional cardholder (conditions apply), so there’s really no reason to not get this card. To take advantage of this limited-time offer, you must apply by November 7, 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 November 7, 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 25,000 Aeroplan Miles and an annual fee rebate for the first year when you apply November 7, 2020. (Conditions Apply)
  • 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®

Apply Now

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 2,000 AIR MILES as a welcome bonus 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: 2,000 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®

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 rebated 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.

Article comments