Best Credit Card Promotions in Canada for 2019

Last Updated on

credit card promotions canadaIf you’re considering a new credit card, one of the first things you should look at is what the current credit card offers are. 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 signup 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.

Our Pick of Best Credit Card Offers in Canada for 2019

Credit CardCredit Card OfferAnnual FeeMore Info
TD® Aeroplan® Visa Infinite*Up to 25,000 Aeroplan miles ($500+ value)$120 - 1st year freeLearn More
BMO® AIR MILES®† World Elite®* Mastercard®3000 AIR MILES$120 - 1st year freeLearn More
Tangerine Money-Back Credit Card4% cash-back on up to 3 categories for 3 months0Learn More
TD First Class Travel® Visa Infinite* CardUp to 80,000 points ($400 value)$120 - 1st year freeLearn More

TD® Aeroplan® Visa Infinite* Card

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

td aeroplan visa

Annual Fee: $120 (FREE — waived for the first year)
Purchase APR: 19.99%
Cash Advance APR: 22.99%
Credit score required: Good to excellent
Income Eligibility: $60,000 personal or $100,000 household annual income

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 applicants can earn up to 25,000 Aeroplan Miles when they apply. Here’s how it works: you’ll get 15,000 Aeroplan miles after making any purchase and another 10,000 Miles when you spend $2,000 on your card within the first 90 days. The annual fee of $120 is also waived, so there’s really no reason to not get this card.

It only takes 25,000 Aeroplan miles for a round-trip ticket to anywhere within the continental U.S. and Canada so those miles could easily have a value of $500+. 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*.

Learn more about the TD® Aeroplan® Visa Infinite.*


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

bmo world elite mastercardCredit score required: Excellent
Income Eligibility: $80,000 personal or $150,000 household annual income
Annual fees: $120 (FREE – waived for the first year)

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.

Learn more about the BMO® AIR MILES®† World Elite®* Mastercard®.


Tangerine Money-Back Credit Card

tangerine credit cardCredit score required: Fair to Good
Minimum personal income required: None!
Annual fees: $0

Do you prefer a cash back card over travel rewards? If yes, then the Tangerine Money-Back Credit Card is a good choice since it has no annual fee and a unique way for you to earn cash back. With the current limited time promotion, new customers can earn 4% cash back in up to three categories. You get to choose two categories right away and a third one if you set your cash back to deposit straight into your Tangerine account.

This credit card promotion lasts three months, but once that time is up, you’ll earn 2% cash back on your selected categories. All other purchases earn you 0.5% cash back during and after the promotion. The nice thing about the Tangerine Money-Back Credit Card is that your cashback is paid monthly, whereas many other cash back cards only payout annually.

Learn more about the Tangerine Money-Back Credit Card.


TD First Class Travel® Visa Infinite* Card

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

td visa infinite first classAnnual Fee: $120 (FREE – waived for the first year)
Purchase APR: 19.99%
Cash Advance APR: 
22.99%
Credit score required: Good to Excellent
Income Eligibility: $60,000 personal or $100,000 household annual income
Annual fees: $120 (FREE – waived for the first year)

Right now, the TD First Class Travel® Visa Infinite* Card has one of the best straight-up credit offers: you’ll get 20,000 TD Points after your first purchase and another 60,000 points as long as you charge $1,000 in purchases to your card in the first 90 days of opening your account. 80,000 points are worth $400 in travel, plus you get the annual fee of $120 waived for the first year, so you’re getting a total of $520 in value with this card.

The earn rate is 1.5 points per $1 spent, but when you book travel through Expedia for TD, you get 4.5 points per $1 spent. That works out to a 1.5% and 4.5% rate of return which is incredible. Expedia for TD is no different than the regular Expedia website, which means you’ll have no problem booking flights, hotels, car rentals, and more. In addition, you get a comprehensive travel insurance package included that covers you for up to 21 days per trip.

Learn more about the TD First Class Travel® Visa Infinite* 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:

The following two tabs change content below.

Barry Choi

Barry Choi is a personal finance and travel expert at MoneyWeHave.com. He has been quoted by media in Canada and the United States, including The Financial Post, The Toronto Star, Business Insider, The Globe and Mail, and has appeared on HuffPost Live.

Leave a Comment





> >