Best rewards credit cards in Canada
Credit cards don’t exist solely to help you spend money and the best rewards credit cards in Canada will let you earn points just by doing your regular shopping. The key is to choose a rewards credit card with the best points-earning potential and a solid and worthwhile rewards program that suits your lifestyle.
Here's our list of best rewards credit cards in Canada based on our methodology below.
Best rewards credit card in Canada for travel
BMO Ascend™ World Elite®* Mastercard®*
5x 5x the points for every $1 spent on eligible travel purchases*
3x 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments*
1x 1 point for every $1 spent everywhere else*
$150 Annual Fee
20.99% Purchase APR
23.99% Cash Advance APR
23.99% Balance Transfer Rate 21.99% for Quebec residents
2.50% Foreign Transaction Fee
Excellent Recommended Credit Score
$80,000 Required Annual Personal Income
$150,000 Required Annual Household Income
Welcome Offer Ends May 31, 2024
Get up to 90,000 points and the annual fee waived in the first year for both the primary cardholder and authorized users.*
Learn moreBest rewards credit card welcome bonus
American Express Cobalt® Card
5x the points on eligible eats and drinks in Canada, including groceries and food delivery. Spend cap applies.
3x the points on eligible streaming subscriptions in Canada
2x the points on eligible ride shares, transit & gas in Canada
1x additional point on eligible hotel and car rental bookings via American Express Travel Online
1x point for every $1 in Card purchases everywhere else
$100 USD up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel
$155.88 Annual Fee 12.99/mo
21.99% Purchase APR on purchases
21.99% Cash Advance APR
2.50% Foreign Transaction Fee
Fair Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
Best rewards credit card in Canada with no annual fee
MBNA Rewards Platinum Plus® Mastercard®
10,000 Get up to 10,000 MBNA Rewards points†† as an introductory bonus (see details below)
$0 Annual Fee
19.99% Purchase APR
24.99% Cash Advance APR
22.99% Balance Transfer Rate
Good Recommended Credit Score
Welcome Offer
Earn 4 points per $1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases until $10,000 is spent annually. You could also receive up to 10,000 bonus points.
Learn moreBest points credit card in Canada for groceries
PC® World Elite Mastercard®
45 points * 45 points per $1 spent at Shoppers Drug Mart/Pharmaprix
30 points At least 30 points per litre of gas purchased at Esso™ or Mobil™ stations
30 points At least 30 points per $1 spent on PC Travel services
30 points 30 points per $1 spent at Loblaw Banner Grocery Stores (includes Loblaws, No Frills, Valu-Mart, Independent Grocers, Zehrs, Real Canadian Superstore, Fortinos, etc.)
$0 Annual Fee
21.99% Purchase APR
22.97% Cash Advance APR
21.99% Balance Transfer Rate
Fair Recommended Credit Score
$80,000 Required Annual Personal Income
Best rewards credit card for everyday spending
Scotiabank Gold American Express® Card
6x Scene+ points on every $1 you spend at Sobeys, Safeway, Freshco, Foodland and more
5x Scene+ points for every $1 you spend on dining, food delivery and other eligible grocery stores. Includes popular food delivery and food subscriptions.
5x Scene+ points for every $1 you spend in Canada eligible entertainment purposes. Includes movies, theatre and ticket agency stores.
3x Scene+ points for every $1 CAD you spend in Canada on eligible gas and daily transit options. Includes ride shares, buses, subway, taxis and more.
3x Scene+ points for every $1 CAD you spend in Canada on eligible select streaming services.
1x Scene+ point for every $1 spent on all other eligible everyday purchases.
$120 Annual Fee $29 for each supplementary card
20.99% Purchase APR
22.99% Cash Advance APR
22.99% Balance Transfer Rate
0.00% Foreign Transaction Fee
Very Good Recommended Credit Score
Welcome Offer Ends Jul 1, 2024
Earn up to $650* in value in the first 12 months, including up to 40,000 bonus Scene+ points.
Learn moreDining credit card with the best points earn
BMO eclipse Visa Infinite* Card
5 Cardholders earn an impressive 5 BMO Rewards points per $1 spent in essential categories like travel, dining, gas, groceries, and pharmacy*. This bonus applies up to an annual threshold of $50,000.
1 You’ll earn 1 BMO Rewards point per $1 spent in these categories after that threshold as been met. Other purchases will earn 1 BMO Rewards point per $1 spent*.
$499 Annual Fee
20.99% Purchase APR
23.99% Cash Advance APR 21.99 for Quebec residents
23.99% Balance Transfer Rate
Excellent Recommended Credit Score
$150,000 Required Annual Personal Income
$200,000 Required Annual Household Income
Best rewards credit cards in Canada: Summary
| Credit card | Reward points structure | Bonus | Annual fees |
|---|---|---|---|
| BMO Ascend™ World Elite®* Mastercard®* | 5x the points for every $1 spent on eligible travel purchases,* 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments,* 1 point for every $1 spent everywhere else.* | Up to 90,000 pts* | $150 |
| American Express Cobalt® Card | 5 pts/$1 on groceries, dining, and food delivery; 3 pts/$1 on eligible streaming services; 2 pts/$1 on gas, transit and travel; 1 pt/$1 on the rest | Earn up to 15,000 Membership Rewards® points in the first year (conditions apply) | $155.88 ($12.99 monthly fee) |
| MBNA Rewards Platinum Plus® Mastercard® | 2 points‡ per $1 spent on groceries, restaurants, digital media, memberships, and household utilities; 1 point‡ per $1 spent on everything else | Up to 10,000 pts†† | $0 |
| PC® Financial World Elite Mastercard® | 45 pts p/$1 at Shoppers Drug Mart/Pharmaprix; 30 pts p/$1 on Loblaw banner groceries and PC travel; 30 pts p/litre at Esso™ or Mobil™ stations; 10 pts per $1 on everything else | N/A | $0 |
| Scotiabank Gold American Express® Card | 6X pts p/$1 CAD at Sobeys and more eligible grocers; 5X pts p/$1 CAD on other eligible grocery stores, restaurants and entertainment; 3X pts p/$1 CAD on eligible select streaming purchases, gas and eligible daily transit; 1 pt p/$1 on everything else | Earn up to $650* in value in the first 12 months, including up to 40,000 bonus Scene+ points¹. | $120 |
| BMO eclipse Visa Infinite* Card | 5 BMO pts/$1 spent on eligible groceries, dining, transit and gas*; 1 BMO pt/$1 on all other purchases* | Up to 60,000 pts* + First Year Annual Fee Rebate* | $120 |
What is a rewards credit card?
A rewards credit card is a type of credit card that allows you to earn cash back, travel rewards, or store rewards. The type of rewards you earn depends on the card. In addition, how many rewards you can get depends on the earning rate of the card. Some cards provide you with an increased earning rate on some categories, while others give you a flat rate regardless of where you shop.
How to choose the best rewards credit card
When trying to choose choose the right card for you, consider your spending patterns. Your card should allow you to earn points when buying the items you would be purchasing anyway. For example, if you are a frequent traveller, then a hotel rewards card that earns extra points on hotel stays would be a smart choice. A large family would do best with a rewards card that earns points at the grocery store they shop at most frequently, while anyone who covers a lot of miles would benefit from a card that gives good rewards on gas.
What credit score do you need to get a rewards credit card in Canada?
In most cases, your credit score will need to range from fair to excellent in order to get approved for a rewards credit card. The exact range this needs to fall into will highly depend on the card issuer. In Canada, a fair credit score begins at a base rating of 575 and extends to 650, while a credit score of 760 and above is generally considered to be excellent.
It’s important to remember that applying for a credit card can hurt your credit score initially — but only temporarily. Every time you apply for a new credit card, your credit score drops by 5 points or less. While this may seem like a lot, a newly opened credit card won’t hurt your score as much as a missed or defaulted payment, and its effect on your credit score will wear off after one year. As long as you have not applied for several new credit cards in a short period of time, a credit card application should have minimal negative impact on your ability to receive additional credit in the future.
Should you own more than one rewards credit card?
While this is entirely up to your own preference and how many credit cards you are comfortable with, owning more than one rewards credit card is not a bad thing — but only if they offer different types of rewards. Ideally, you should own two different rewards credit cards from different providers (i.e., Visa, Mastercard, American Express) that offer the best rewards rates on travel, shopping, cashback, etc. While many credit cards are now allowing customers to redeem their points towards a range of benefits, there will always be rewards credit cards that offer a better return on particular types of rewards. Therefore, the best card combination for you might come in the form of a travel reward card and a cash reward card. You can research more using our best credit card in Canada guide.
Rewards credit cards: The gifts that keep on giving
Canadians have some of the world’s best rewards credit cards to choose from, whether they want the immediate gratification of a big intro cash bonus, the chance to earn valuable rewards over time, or to make their travels more comfortable. While any of the highly reviewed credit cards here would likely serve you well, it’s vital to find a rewards model that’s in sync with how you live your life.
How do rewards credit cards work?
Whenever you make an eligible purchase with a rewards credit card, you’ll earn points, miles, or cash back. Typically, non-purchases where you still use your credit card, such as cash advances, gambling sites, casinos, and lottery tickets, wouldn’t earn you any rewards. If you ever need to make a refund, the rewards you earned will be deducted from your account.
How to earn credit card rewards
Once you have a rewards credit card, you’ll earn purchases on eligible purchases. That said, some categories may earn you additional points. For example, some credit cards offer you an increased earning rate on groceries and gas. When applying for a rewards credit card, try to pick a program where you find the rewards useful. In addition, see if there’s a card that gives you an increased earning rate where you typically spend more money.
It’s worth noting that some rewards programs are partnered with specific retailers. If you scan your rewards card and then pay with your rewards credit card, you can double dip, meaning you get rewards points from the retailer as well as the credit card company for your purchase.
How to redeem credit card rewards
Every rewards program is different, so you really need to do some research to know what your redemption options are. For example, with the American Express Membership Rewards program, you can redeem 1,000 points for a $10 statement credit. With Aeroplan, Air Canada’s loyalty program, you can redeem your points for any seat available on Air Canada.
When it comes to cash back programs, there are a few things to be aware of. First, some programs have a minimum amount of cash back you need to have earned before you can redeem it. While some cash back programs allow you to redeem your cash back at any time, others only pay out once per year.
Regardless, most programs allow you to redeem your rewards online or through the mobile app. Keep in mind that most rewards programs have an expiration date, and, if there’s no account activity after 12 - 24 months, you may lose all the points or miles you’ve accumulated.
Types of rewards credit cards
There are multiple types of rewards credit cards in Canada. In addition, each individual loyalty program may also have multiple credit cards. Since every rewards program and loyalty program is different, it may require some research to figure out which card is best for you. Generally, cards with a higher annual fee and income requirement typically have better benefits. If you’re not sure what credit card you should get, take a look at the type of rewards first.
Cash back credit cards
Cash back is the easiest type of reward to understand. When paying with a cash back credit card, you’ll earn a set percentage back depending on where you’re shopping. While earning cash back is simple, redeeming your rewards differs for each program. Some pay out at any time, monthly, or yearly. Sometimes, you may also need a minimum amount of cash back earned before you can cash it out. Learn more in our cash back vs. rewards credit cards guide.
General rewards credit cards
Every major financial institution has general rewards credit cards. Instead of being tied to one specific loyalty program, you’d be earning points tied to your credit card provider that can be used on various items, such as travel, gift cards, merchandise, and more. Having flexible rewards is great, but be aware that every redemption option will have a different value. Generally, using your points for travel booked through your bank’s travel portal will get you the best return.
Airline rewards credit cards
Airline credit cards are tied to a specific credit card. Both Air Canada and WestJet have multiple co-branded credit cards. The higher the tier, the better the benefits. For example, you could get free checked luggage, priority boarding, lounge access and more. Many people prefer airline credit cards since it allows them to fly for less, and the included benefits could let them save money. Note that some general travel rewards programs have airline transfer partners, so they’re indirectly airline rewards credit cards too.
Hotel rewards credit cards
Hotel rewards credit cards are tied to a specific hotel chain, such as Marriott. These types of credit card rewards can be valuable since you earn points that can be used for free stays. Some typical benefits that are included with hotel credit cards are an enhanced earn rate during stays, hotel status upgrades, status qualifying nights and more. There are even some hotel credit cards that give you a free annual night stay.
Travel rewards credit cards
Some people think that credit cards with access to the best travel rewards programs are the same as general rewards cards. While both allow you to redeem your points for travel, gift cards, merchandise and more, there tends to be a few minor differences. Generally speaking, travel rewards credit cards give you an increased earning rate when redeeming your points or miles for travel. You’ll also get more value out of your points when redeeming them for travel through their travel portal.
Store rewards credit cards
As the name implies, store rewards credit cards are tied to a specific retailer. Some people don’t think store reward credit cards are valuable, but they can be if you shop there regularly. In addition, some store loyalty programs are tied to their co-branded credit cards. That means you can’t earn rewards unless you have the card. If you’re considering a store rewards credit card, think about how often you shop at the retailer and how the rewards program works. For example, a grocery store rewards credit card could be useful, whereas one tied to a specific online retailer may not be as valuable.
Gas rewards credit cards
Canada does not have a credit card that’s tied to a specific gas station. That said, multiple credit cards are partnered with specific gas station chains. If you pay with a partnered credit card, you can either save at the pump or earn extra points. Even though there are no specific gas rewards credit cards in Canada, you can still earn many points at gas stations with the right credit card. To learn more read our best gas credit cards guide.
Most popular credit card rewards programs
There are many different credit card rewards programs, and some are naturally better than others. While some people may default to the program offered by their bank, it’s worth getting to know the most popular credit card rewards programs as they can give you more value.
Aeroplan Rewards
Aeroplan is the loyalty program of Air Canada. Since Air Canada is the country’s largest airline, Aeroplan is incredibly popular. With Aeroplan, you can redeem your points on any available Air Canada seat with no blackout dates.
The number of points required for a redemption depends on where you’re flying from, where you’re flying to, and the distance flown. In addition, Aeroplan has dynamic pricing. That means the number of points required for a flight will differ depending on supply and demand.
American Express Membership Rewards
American Express Membership Rewards is one of the most flexible credit card rewards programs. It doesn’t matter if you’re using your points for travel or groceries; you can redeem 1,000 points for a $10 statement credit. This is done directly through the app at any time.
Besides using your points for purchases, American Express also has a fixed price travel program where you can potentially double the value of your points. In addition, you can transfer your points to other loyalty programs such as Aeroplan, British Airways, Hilton Honors and more.
Air Miles Rewards
With more than 10 million active collectors, Air Miles is one of the most recognized loyalty programs in Canada. The easiest way to earn Air Miles is with a co-branded credit card. How many points you’ll earn depends on the credit card you have, where you’re shopping, and how much you spend.
With Air Miles, you can choose to earn Dream or Cash Miles. Dream Rewards lets you redeem your points for things such as flights, hotels, and vacation packages. Cash Rewards can be used for instant discounts or gift cards at participating retailers.
PC Optimum Rewards
Those who want to save on groceries should pay close attention to PC Optimum as it’s the loyalty program for Loblaws-owned grocery stores, such as Loblaws, No Frills, Superstore, and more. When you join the program, you’ll earn points on in-store and targeted offers. However, if you get a PC Optimum credit card, you’ll earn PC Optimum points on all eligible purchases.
Besides grocery stores, you can also earn and redeem points at Esso/Mobil gas stations and Shoppers Drug Mart/Pharmaprix. It’s worth mentioning that Shoppers Drug Mart has bonus earning and redemption events where you can earn 20X the points or get up to $150 in additional value.
Scene+
Scene+ was introduced when Scotia Rewards and SCENE merged. This created a brand new loyalty program that had some great partners. To further enhance the brand, Empire, the parent company of some major grocery stores in Canada, such as Sobeys, IGA, and Foodland bought a stake in the company.
These days, consumers can earn and redeem Scene+ points at Cineplex, Empire-owned grocery stores, Rakuten, select restaurants, and more. In addition, you can also redeem points for travel booked through the Scene+ travel portal.
Are rewards credit cards worth it?
If you always pay your bills on time and in full, then rewards credit cards are always worth it. You’re essentially being rewarded for spending. Plus, many rewards credit cards come with additional benefits, such as travel insurance, airport lounge access, and extended warranty, that could help you save.
Related articles:
- Best travel rewards credit cards
- Best gas rewards credit cards
- Cash back vs. rewards points: Which is worth more?
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