Best Rewards Credit Cards in Canada for November 2024
What You Should Know
- Credit card rewards in Canada usually offer loyalty points, cashback, airline miles, and perks like gift cards, welcome offers, and statement credits.
- The best rewards credit card should have a high return on the categories you spend the most.
- Canada has a lot of rewards credit cards that offer bonus points for various categories, including groceries, gas, travel, and others.
- The best rewards credit cards usually have minimum income and credit score requirements.
Best Rewards Credit Cards in Canada
Reward credit cards are different and versatile. They include all credit cards that offer rewards such as loyalty points, cashback, and welcome bonuses. This section compares all rewards credit cards regardless of the rewards type.
$30.00
Purchase: 20.99%
Cash: 22.49%
Transfer: 22.49%
Income Requirement Is Not Specified.
Fair
Cash Back
- 1.5% Cashback for each $1 spent on: gas, grocery and online purchases.
- 1% Cashback for each $1 spent on: everything else.
- Receive 100 WestJet Dollars points when you spend $1,000.00 during the first 3 months.
$39.00
Purchase: 20.99%
Cash: 22.99%
Income Requirement Is Not Specified.
Fair
Rewards: WestJet Dollars Points
1 WestJet Dollars Point ≈ ¢100
- 0.015 WestJet Dollars Point for each $1 spent on: WestJet Purchases.0.015 WestJet Dollars Point ≈ $0.015 in cash equivalent.
- 0.01 WestJet Dollars Point for each $1 spent on: everything else.0.01 WestJet Dollars Point ≈ $0.01 in cash equivalent.
$39.00
Purchase: 19.99%
Cash: 24.99%
Transfer: 22.99%
Household: $100,000
Individual: $60,000
Fair
Cash Back
- 2% Cashback for each $1 spent on: gas and grocery.
- 1% Cashback for each $1 spent on: everything else.
- 2.99% Balance Transfer Rate for 6 Months.
$39.00
Purchase: 19.99%
Cash: 22.99%
Transfer: 22.99%
Income Requirement Is Not Specified.
Good
Cash Back
- 2% Cashback for each $1 spent on: gas, grocery, drugstores and recurring bills.
- 1% Cashback for each $1 spent on: everything else.
Best Cashback Credit Cards
Cashback credit cards offer a transparent rewards system where you get a certain percentage back every time you make a purchase. The best cashback credit cards usually offer up to 5% cashback, a welcome bonus, and insurance perks.
$0.00
Purchase: 19.99%
Cash: 24.99%
Transfer: 22.99%
Income Requirement Is Not Specified.
Fair
Cash Back
- 2% Cashback for each $1 spent on: gas and grocery.
- 0.5% Cashback for each $1 spent on: everything else.
- Receive $10 in statement credit every month you spend at least $300.00 for the first 10 months.
$0.00
Purchase: 20.99%
Cash: 21.99%
Income Requirement Is Not Specified.
Fair
Cash Back
- 2% Cashback for each $1 spent on: gas and grocery.
- 1.25% Cashback for each $1 spent on: everything else.
- Get up to 5% in Cashback on eligible purchases in the first 3 months. (Max Cashback $97.50)
- 0.99% Balance Transfer Rate for 9 Months with a 2% transfer fee.
$0.00
Purchase: 20.99%
Cash: 22.99%
Transfer: 22.99%
Income Requirement Is Not Specified.
Fair
Cash Back
- 3% Cashback for each $1 spent on: grocery.
- 1% Cashback for each $1 spent on: recurring bills.
- 0.5% Cashback for each $1 spent on: everything else.
$0.00
Purchase: 20.90%
Cash: 21.90%
Income Requirement Is Not Specified.
No Minimum
Credit Score.
Cash Back
- 2% Cashback for each $1 spent on: transit, restaurants, entertainment and recurring bills.
- 0.5% Cashback for each $1 spent on: everything else.
Best Travel Rewards Credit Cards
Travel rewards credit cards are some of the most generous, with perks such as airport lounge access, companion vouchers, and seat upgrades. Travel rewards credit cards allow you to earn reward points worth a lot when redeemed on flights.
- Receive 100 WestJet Dollars points when you spend $1,000.00 during the first 3 months.
$39.00
Purchase: 20.99%
Cash: 22.99%
Income Requirement Is Not Specified.
Fair
Rewards: WestJet Dollars Points
1 WestJet Dollars Point ≈ ¢100
- 0.015 WestJet Dollars Point for each $1 spent on: WestJet Purchases.0.015 WestJet Dollars Point ≈ $0.015 in cash equivalent.
- 0.01 WestJet Dollars Point for each $1 spent on: everything else.0.01 WestJet Dollars Point ≈ $0.01 in cash equivalent.
- Receive 3500 Avion points when you spend $500.00 during the first 3 months.
- Receive 3500 Avion points when you make 1 purchase.
$48.00
Purchase: 20.99%
Cash: 22.99%
Income Requirement Is Not Specified.
Fair
Rewards: Avion Points
1 Avion Point ≈ ¢0.58
- 3 Avion Points for each $1 spent on: gas, grocery, streaming, EV charging and entertainment.3 Avion Points ≈ $0.0174 in cash equivalent.
- 1 Avion Point for each $1 spent on: everything else.1 Avion Point ≈ $0.0058 in cash equivalent.
- Receive 10000 Aeroplan points when you spend $1,000.00 during the first 3 months.
- Receive 10000 Aeroplan points when you make 1 purchase.
$89.00
Purchase: 20.99%
Cash: 22.99%
Income Requirement Is Not Specified.
Fair
Rewards: Aeroplan Points
1 Aeroplan Point ≈ ¢1
- 1 Aeroplan Point for each $1 spent on: Air Canada.1 Aeroplan Point ≈ $0.01 in cash equivalent.
- 1 Aeroplan Point for each $1.5 spent on: everything else.1 Aeroplan Point ≈ $0.01 in cash equivalent.
$120.00
Purchase: 20.99%
Cash: 21.99%
Income Requirement Is Not Specified.
Fair
Rewards: Marriott Bonvoy Points
1 Marriott Bonvoy Point ≈ ¢0.7
- 5 Marriott Bonvoy Points for each $1 spent on: Marriott purchases.5 Marriott Bonvoy Points ≈ $0.035 in cash equivalent.
- 2 Marriott Bonvoy Points for each $1 spent on: everything else.2 Marriott Bonvoy Points ≈ $0.014 in cash equivalent.
Best Aeroplan Rewards Credit Cards
Aeroplan is the most popular travel rewards program in Canada. Aeroplan credit cards allow you to collect Aeroplan points on your purchases and redeem them for Air Canada flights, merchandise, and gift cards from Air Canada. Aeroplan works with over 45 partner airlines, making it a great program to book tickets worldwide.
- Receive 10000 Aeroplan points when you make 1 purchase.
$0.00
Purchase: 20.99%
Cash: 22.99%
Household: $15,000
Fair
Rewards: Aeroplan Points
1 Aeroplan Point ≈ ¢1
- 1 Aeroplan Point for each $1 spent on: gas, grocery and Air Canada.1 Aeroplan Point ≈ $0.01 in cash equivalent.
- 1 Aeroplan Point for each $1.5 spent on: everything else.1 Aeroplan Point ≈ $0.01 in cash equivalent.
- Receive 10000 Aeroplan points when you spend $1,000.00 during the first 3 months.
- Receive 10000 Aeroplan points when you make 1 purchase.
$89.00
Purchase: 20.99%
Cash: 22.99%
Income Requirement Is Not Specified.
Fair
Rewards: Aeroplan Points
1 Aeroplan Point ≈ ¢1
- 1 Aeroplan Point for each $1 spent on: Air Canada.1 Aeroplan Point ≈ $0.01 in cash equivalent.
- 1 Aeroplan Point for each $1.5 spent on: everything else.1 Aeroplan Point ≈ $0.01 in cash equivalent.
- Receive 3000 Aeroplan points every month you spend at least $1,000.00 for the first 10 months.
- Receive 10000 Aeroplan points when you make 1 purchase between 14 and 17 months of Cardmembership.
$120.00
Purchase: 30.00%
Income Requirement Is Not Specified.
Fair
Rewards: Aeroplan Points
1 Aeroplan Point ≈ ¢1
- 2 Aeroplan Points for each $1 spent on: Air Canada.2 Aeroplan Points ≈ $0.02 in cash equivalent.
- 1.5 Aeroplan Points for each $1 spent on: restaurants and food delivery.1.5 Aeroplan Points ≈ $0.015 in cash equivalent.
- 1 Aeroplan Point for each $1 spent on: everything else.1 Aeroplan Point ≈ $0.01 in cash equivalent.
- Receive 20000 Aeroplan points when you spend $6,000.00 during the first 4 months.
- Receive 20000 Aeroplan points when you spend $15,000.00 during the first 12 months.
- Receive 10000 Aeroplan points when you make 1 purchase.
- First Year Fee of $139.00 waived.
$139.00
Purchase: 20.99%
Cash: 22.99%
Household: $100,000
Individual: $60,000
Fair
Rewards: Aeroplan Points
1 Aeroplan Point ≈ ¢1
- 1.5 Aeroplan Points for each $1 spent on: gas, grocery and Air Canada.1.5 Aeroplan Points ≈ $0.015 in cash equivalent.
- 1 Aeroplan Point for each $1 spent on: everything else.1 Aeroplan Point ≈ $0.01 in cash equivalent.
About Rewards Credit Cards
Most credit cards offer you rewards for your purchases. The most common rewards are redeemable points and cash back. The best credit cards in Canada offer reward points and cashback for various spending categories to attract new customers and incentivize spending for current customers. Credit cards offer rewards only for specific spending categories, so it is important to find a rewards credit card that maximizes rewards based on your spending.
The type of rewards a credit card offers is also important. Some reward points may be better suited for travel, others for online purchases, etc. Depending on your lifestyle, you may be better off with one point type over another.
Reward credit cards also provide perks such as travel and purchase insurance, welcome bonuses, gift cards, and others. Travel and purchase insurance can come in handy when you plan a trip, rent a car, buy expensive items, or even have an emergency. Welcome bonuses can offer years' worth of rewards for a relatively small price. Many people use rewards credit cards for credit card churning, a strategy of collecting welcome bonuses and closing the card to get the rewards and avoid paying annual fees.
Types of Rewards Credit Cards
- Rewards Points
Most credit card issuers in Canada offer credit cards with rewards points. These reward points usually do not have a clear redemption value. They can usually be redeemed for statement credits, gift cards, loyalty points transfers, etc. Usually, cash-like redemptions are the least valuable, but reward points can be valued much higher for loyalty points transfers. For example, 1000 AMEX Membership Rewards points can be redeemed as a $10 statement credit. It can also be transferred to Aeroplan points at a 1:1 rate, where an Aeroplan point is worth, on average, 2.8 cents for a business-class ticket.
- Cash Back Rewards
Cashback is the most straightforward form of reward. The amount of cashback you earn often depends on the category you are spending on. For example, a cashback credit card may offer 4% cash back on gas and groceries but 2% on dining. The cashback is usually accumulated in your account. Some credit cards allow you to redeem it once it reaches a specific value, while others pay your cash back annually.
- Airline Rewards
Most airlines across the globe have a loyalty program. You could earn airline loyalty points for a specific airline by getting an airline loyalty card. The points can be redeemed for future airline or partner airline bookings. Aeroplan is the most popular airline loyalty program in Canada. Some credit cards can offer up to 5 Aeroplan points for every $1 spent. These 5 points can be redeemed for as much as 4.8 cents per point and even more for some flights. This means it is possible to achieve more than 20% return on every $1 spent using Aeroplan points.
Airline loyalty reward credit cards also have travel accident insurance, out-of-province emergency medical insurance, lost baggage insurance, flight delay insurance, rental car collision insurance, and more. These cards may also offer free checked baggage, companion passes, and lounge access.
- Store or Brand Loyalty Rewards
You can benefit from store credit cards if you are a loyal customer of a store chain such as Loblaws, Walmart, Costco, or even Amazon. Many gas stations also offer gas credit cards that offer a discount on gas and additional rewards for loyal customers. The main value of store and brand credit cards is the discounts and offers they provide to their users.
Popular Rewards Credit Card Programs in Canada
Cineplex - Scene+
BMO - AIR MILES
Petro-Canada - Petro-Points
Air Canada - Aeroplan
Loblaws - PC Optimum
RBC - Avion Rewards
Canadian Tire - Triangle
Other Considerations for Rewards Credit Cards
Before picking a rewards credit card to apply for, you should consider the following factors.
- Annual Fee
Most of the rewards credit cards in Canada require you to pay an annual fee. Thus, you must assess if the credit card you are applying for would earn you enough rewards to offset the annual fee. You may get a no-fee credit card, but their rewards and perks are usually much lower than the cards with an annual fee.
- Welcome Bonus
Most credit cards offer a welcome bonus to their users in the first year, but they usually have a catch. For example, a card may require you to spend $3,000 in the first 3 months to get the bonus. If you do not plan on spending that much in those 3 months, you will lose the welcome bonus.
- Rate of Rewards
A credit card may offer a different rate of rewards on expenditures in different categories. For example, a card may offer 5X points on groceries and 2X on gas, while another may offer 5X on gas and 2X on groceries. You may benefit more by getting the first card if you spend more on groceries every month, or you may choose the second card if you spend more on gas every month.
- Rewards Points Value
You should also consider the value of points when converted to cash or when used to pay for anything else. For example, the 1000 points of one rewards program might be equivalent to $10 in cash and $20 as a flight credit, while 1000 points of another rewards program may be equivalent to $8 in cash and $25 as a flight credit. The second option may be better if you plan to use the points for flights.
- Additional Benefits
Many cards offer additional benefits in the form of perks and insurance. These may be a deciding factor in picking a card for yourself. For example, if you are looking for a card for travel, you could benefit from a credit card with complimentary lounge access and free checked baggage, no foreign transaction fee credit card, or a credit card with comprehensive travel insurance.
- Interest Rate
If you plan to pay off your credit card in full monthly, you should not worry about the interest rate. If you plan to have a balance on your credit card, a rewards credit card may not be the best option because the interest charges may outweigh the rewards. Low-interest credit cards allow you to hold a balance on your credit card and avoid expensive interest charges.
- Eligibility Requirements
Many credit cards require you to have a good credit score and meet a minimum income requirement. You should check the requirements carefully and see if you meet them before applying for a credit card. If you do not meet some of the requirements, you can call the credit card issuer and discuss the possibility of you getting the credit card anyway. You should always maintain a good credit score to qualify for the more rewarding credit cards.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
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- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.