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.
Looking to earn a return back from your credit card purchases? Read this essential guide about maximizing your credit card rewards through everyday spending.

During COVID-19, most Canadians are sequestered at home, waiting for the day that it’s safe to get outside again. With a global lockdown on international travel, running your expenses through a travel rewards credit card is a waste of your earning power. And make no mistake: the money you spend on groceries, jigsaw puzzles, and toilet paper (if you can find any) rack up. If you’re looking for the best points card in Canada or the credit card with maximum benefits, look no further. No matter what you’re doing during your quarantine, we’ve got a top pick in every category so you can reap rewards from your apocalypse shopping today.

The Best Rewards Credit Cards in Canada

Get More Out of Groceries

Apply Now

If social media is any indication, loads of homebound Canadians are opting to spend their lockdown training to be the next Jamie Oliver, which means they’re spending like never before on groceries. Pay for your gigantic grocery purchase with the right credit card and you can reap some sweet cash rewards.

For your grocery spends, the CIBC Dividend® Visa Infinite* Card tops this category. Its standard 4% cash back on eligible gas and grocery purchases is better than average, and you’ll also get 2% cash back on eligible transportation, dining purchases, and recurring payments and 1% cash back on everything else.* Plus, there’s no limit on the total cash back you can earn.* Also, it comes with a nice welcome offer: new cardholders get a first-year annual fee rebate and 10% cash back for the first 4 statements on total purchases of up to $2,000.† It also comes with car rental insurance, travel insurance (including travel medical), and exclusive luxury hotel and travel benefits offered through the Visa Infinite program – all of which will come in handy once you can leave the house again.

The Details:

  • Annual Fee: $120 (first-year annual fee rebate)*
  • 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 for the first 4 statements on total purchases of up to $2,000.†
  • Additional Benefits: Earn cash back on every dollar you spend, includes insurance coverage and shopping protection, access to Visa Infinite benefits
  • Interest on Purchases: 19.99% | Interest on Cash Advances: 22.99%

*Conditions apply

Learn more about the CIBC Dividend® Visa Infinite* Card.

Supersize Your Shopping Rewards

Apply Now

Living in lockdown means restricting unessential travel and this — along with boredom — is sending people to their computers to get their shopping done. Whether it’s Chapters.ca for your next read, The Bay for new sweats, or Home Depot for the supplies for your garden project, online shopping is the way to go.

The BMO CashBack® World Elite®* Mastercard®* ranks number one on our list when it comes to online shopping. As it has no spending categories, you can earn 1.5% cash back on all card purchases* – with no caps or category limits. Plus, as a welcome bonus, you’ll 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*. Redemption is a cinch: 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. So you can put that $200 towards your next meal or spending splurge.

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®*

Collect Colossal Cash Back at Costco

Apply Now

Attention Costco shoppers: there’s a sizzling earn rate in aisle 7! With its massive selection of freakishly oversized products, Costco is a favourite for families (and more recently, toilet paper hoarders). Getting a good deal is what the warehouse store is all about, but exploiting those spends is complicated by the fact that Costco only accepts Mastercard. For these spending sprees, the credit card with maximum benefits is the BMO CashBack® Mastercard®*. With no annual fee, this card has a regular earn rate of 3% back on groceries, 1% on recurring bill payments, and 0.5% on everything else. Even better, the welcome offer bumps this up to 5% cash back on all purchases for the first three months for new cardholders. So stock up at Costco now and get a pay-off for your pandemic shopping later!

The Details:

  • Annual Fee: $0
  • Income Eligibility: $15,000
  • Credit Score Required: Good to Excellent
  • Welcome Offer: 5% cash back bonus for first 3 months on all purchases and 1.99% introductory interest rate on balance transfers for 9 months (with a 1% transfer fee)
  • Additional Benefits: Up to 25% off rentals at participating National Car Rental and Alamo Rent A Car locations, purchase protection and extended warranty
  • Interest on Purchases: 19.99% | Interest on Cash Advances: 22.99%

Learn more about the BMO CashBack® Mastercard®*.

Cash In On Your Commute

Not everybody is sequestered in their home during this time. If you’re an essential worker commuting to your job, you’re likely already aware of the new, lower gas prices showing up across the country. For commuters during COVID, there are two excellent options for credit cards that will give you some moolah at the pump:

If You’re a Self-Employed/Small Business Owner:

Apply Now

Got a small business? With BMO CashBack® Business Mastercard®*, you can fill up on cash rewards at the pump. As a welcome offer, new cardholders get a generous 6% cash back on gas (as well as office supplies and cellphone and internet bills) for the first four months but the regular rate of 1.5% — 1.75% if you gas up at Shell — isn’t too shabby either. This is a business card, so you’ll need a business license to apply. But with a $0 annual fee, this is an attractive product, even for a sole proprietorship.

The Details:

  • Annual Fee: $0
  • Income Eligibility: N/A
  • Credit Score Required: N/A
  • Welcome Offer: Earn 6% cash back on gas, office supplies, and cell phone/internet bills for the first 4 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 the BMO CashBack® Mastercard®*.

If You Are An Employee:

Apply Now

Don’t own your own biz? If you’re working during COVID-19, you can still cash in on the commute with the TD Cash Back Visa Infinite* Card. Their standard 3% return on gas, groceries, and recurring bills is excellent, as is the 1% back on everything else. And, until May 30, 2021, new cardholders will get a whopping 6% cash back on all purchases for the first 3 months up to a total spend of $2,000. That means you could potentially earn back $120 — a dividend you can spend elsewhere or put against your balance. Plus, this card comes with some great perks like travel insurance and emergency road services, both of which will come in handy once you can leave the house again.

The Details:

  • Annual Fee: $120 (Annual fee rebate for first year. Must apply by May 30, 2021)
  • Minimum Income Eligibility: $60,000 personal or $100,000 household income
  • Credit Score Required: Good to Excellent
  • Welcome Offer: Earn 6% 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 May 30, 2021.)
  • 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%
Learn more about the TD Cash Back Visa Infinite*Card.

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

Chow Down To Rack Up Points

Apply Now

If you rely on that Friday night pizza order to get you through the week, or if you’re just done with cooking, why not choose a credit card that rewards you for every dollar you spend on restaurants and takeout? The American Express Cobalt™ Card gives you a healthy kickback on those purchases, and groceries too, with 5 Membership Rewards® points for every dollar you spend. You’ll also get 2 points/dollar on travel and transit purchases, and 1 point/dollar on everything else.

To jumpstart your earnings, the welcome offer awards you up to 45,000 Membership Rewards® points. All you have to do is spend $500/month on your card to earn 2,500 points each month for the first year (up to 30,000 points). Make sure you apply before May 5, 2021, to earn the additional 15,000 Membership Rewards points that are awarded when you spend $3,000 on your card over the first three months.

The Details:

  • Annual Fee: $120 ($10 per month)
  • Minimum Income Eligibility: N/A
  • Credit Score Required: Fair to Good
  • Welcome Bonus: Earn up to 45,000 Membership Rewards® points in the first year
  • Additional Perks: Insurance, exclusive entertainment access, access to VIP benefits at the Hotel Collection from American Express®
  • Purchase APR: 19.99% | Cash Advance APR: 21.99%
Learn more about the American Express Cobalt™ Card.

What to Do With Your Travel Rewards During COVID-19

Just because you’re stuck at home now doesn’t mean you’ll never travel again. If you have existing travel points, there are a few things you can do:

Save Your Points For Later

Check to see if the points expire on your travel rewards credit card. For instance, if you hold a TD® Aeroplan® Visa Infinite* Credit Card, your Aeroplan points never expire so long as you’re a cardholder. It’s partly why we named it one of the best Aeroplan credit cards in Canada. So, if there’s no expiry, you’re free to hang onto your points until you’re able to get back in the air (or on the road).

Redeem For a Statement Credit

Depending on your rewards program, you may be able to redeem your points for a statement credit. For instance, the Scotiabank®* Gold American Express® Card offers the ultimate flexibility in redemption. If you don’t want to hoard your Scotia Rewards points for travel at a later date, you can redeem your points to receive a statement credit.

Transfer Your Points

If your travel rewards program doesn’t have an alternative or if you’re up against an expiration deadline, you may be able to transfer the rewards to a different program. Failing that, you might opt to donate your rewards — most programs have charity partners.

Book Now

If you can’t save your points, get a statement credit, or transfer ‘em elsewhere, you may want to use them before you lose them. You could (optimistically) consider redeeming your points now and travelling later. For instance, see if you can get a flight or hotel deal for next year. Just make sure you have comprehensive travel insurance with trip cancellation/interruption coverage in case there’s another wave of COVID-19 that stalls your travel plans. Check out The Best Credit Cards for Travel Insurance in Canada.

Last Word

Canadians have access to some great travel rewards credit cards, but with COVID-19, travel points may not be the most valuable rewards to collect. Until the pandemic blows over, your best bet may well be switching to one of the best cash back credit cards or one of the best credit cards in Canada that offers flexible rewards or points. Also, take advantage of the best credit card offers and sign-up bonuses while you’re making plenty of pandemic purchases. No matter what your sequestered spending habits, you can find a credit card with maximum benefits

Article comments