Canada’s best rewards credit cards 2023

When you’re not leveraging your on a regular basis spending to earn rewards, you’re lacking out. Rewards bank cards lefor t you earn factors or Miles in the direction of issues like merchandise, reward playing cards or journey, and even money again to pay for no matter you need—all for utilizing a bank card for on a regular basis purchases. Sounds good, proper? It’s, however to determine the most effective rewards bank card for you, you’ll must reply just a few questions. As an illustration, do you favor to gather factors or get money again in your pocket? Is it price paying an annual price for premium perks, or would you slightly a no-fee card? What sort of journey rewards would you like? Regardless of your standards, you’re sure to search out an awesome match with one (or extra!) of the rewards bank cards beneath.

The most effective rewards bank cards for on a regular basis spending

Scotiabank Gold American Categorical*

At a look: The Scotiabank Gold American Categorical card permits you to earn boosted Scene+ factors while you use it to purchase groceries, restaurant meals and supply, gasoline and transit, journey and extra. One of many large advantages is that Scene+ rewards are straightforward to redeem, and the cardboard comes with helpful perks for journey and new cellular gadget insurance coverage.

• Annual price: $120
• Rates of interest: 20.99% on purchases, 22.99% on money advances
• Welcome supply: Earn as much as $850 in worth within the first 12 months, together with as much as 45,000 bonus Scene+ factors, and have the annual price waived in your first 12 months. Supply ends April 30, 2023.
• Earn price: 5 factors per $1 spent on groceries, eating and leisure; 3 factors per $5 on gasoline, public transit and eligible streaming providers; and 1 level per $1 on every part else
• Annual revenue requirement: $12,000
• Extra perks: No international transaction charges; insurance coverage, together with journey emergency medical and journey accident, journey cancellation or interruption, and rental automotive collision or harm protection; low cost on Precedence Move Lounge entry

Professionals

• That is the one bank card from a significant financial institution that waives the two.5% international transaction price, so that you’ll save on cross-border procuring (together with on-line) in different currencies.
• It comes with a reasonably complete journey insurance coverage package deal that provides journey emergency medical, journey cancellation and interruption, flight delay, delayed or misplaced baggage, and journey accident insurance coverage. It additionally consists of automotive rental loss/harm insurance coverage, lodge/motel housebreaking, and new cellular gadget protection.
• A simple and versatile Scene+ factors redemption program. With many companions in quite a few classes already on board, this system is quickly increasing, making assortment straightforward.
• Scene+ factors will be redeemed for groceries, eating, leisure, merchandise, journey, retail and extra.
• You’ll be able to apply your Scene+ to journey spends as much as a 12 months after you’ve charged them.

Cons

• That is an American Categorical card, so it’s not accepted at sure retailers, like Superstore or Costco.
• A number of the shops within the boosted class aren’t out there in sure elements of the nation.
• Precedence Move lounge entry supply is a reduction solely—no lounge visits are included.

American Categorical Cobalt*

At a look: The American Categorical Cobalt is a lovely card for on a regular basis spending, due to its robust rewards charges in a broad vary of classes and vital journey perks like insurance coverage. The final one consists of emergency medical, misplaced or stolen baggage, flight or baggage delay and automotive rental theft and harm protection. Membership Rewards factors will be redeemed for merchandise, journey, procuring, assertion credit and extra.

• Annual price: $156
• Rates of interest: 20.99% on purchases, 21.99% on money advances
• Welcome supply: Earn 2,500 factors for every month you spend $500, as much as a most of 30,000 factors—that’s $300 in the direction of a weekend getaway or live performance tickets.
• Earn price: 5 factors for each $1 spent on eligible meals supply, groceries and eating places; 2 factors per $1 spent on gasoline and transit buys—together with taxis, public transit and eligible flight tickets; 1 level per $1 on all different purchases
• Annual revenue requirement: None
• Extra perks: A strong insurance coverage package deal that features emergency medical, misplaced or stolen baggage, flight or baggage delay, lodge or motel housebreaking and automotive rental theft and harm protection; advance entry to Entrance of the Line by American Categorical Invitations, in addition to advance film screenings

Professionals

• Journey bookings, together with flights, prepare or boat tickets, excursions and lodging, all earn at a price of two factors per $1 spent. 
• Contains as much as $1,000 in new cellular gadget insurance coverage, which protects in opposition to loss, theft and harm.
• Switch your factors at a ratio of 1:1 to a number of frequent flyer and loyalty applications.
• Extra playing cards are free, so you’ll be able to increase your incomes with purchases with approved cardholders, equivalent to household.

Cons

• The full annual price of $155.88 ($12.99 monthly) is barely greater than different playing cards on this class. 
• Boosted earn charges are solely out there on the primary $30,000 spent throughout classes yearly. After that, you’ll earn 1 level per $1 spent. 
• As an American Categorical card, the Cobalt will not be accepted at some shops like Costco or Loblaw banner shops.

Greatest rewards bank card with no price

Tangerine World Mastercard*

At a look: The Tangerine World Mastercard permits you to earn 2% money again on purchases in as much as three spending classes (and 0.5% again on every part else), plus it offers you entry to a handful of extras, all for no annual price.

• Annual price: $0
• Rates of interest: 19.95% on purchases, 19.95% on money advances, 19.95% on steadiness transfers
• Welcome supply: Earn 15% money again while you spend as much as $1,000 in on a regular basis purchases inside your first 2 months (as much as a restrict of $150 money again). Should apply by January thirty first, 2023.

• Earn price: 2% money again in as much as three spending classes; 0.5% again on every part else
• Annual revenue requirement: Private revenue of $60,000 or family revenue of $100,000

• Extra perks: Boingo Wi-Fi for Mastercard; rental automotive collision/loss harm waiver; new cellular gadget insurance coverage; airport lounge entry with DragonPass; buy assurance and prolonged guarantee

Professionals

• The earn price of two% money again in as much as three classes is aggressive for a no-fee card. 
• Though it is a no-fee card, there are just a few good extras included like as much as $1,000 in new cellular gadget protection, entry to free Wi-Fi internationally with Boingo, and airport lounge entry with DragonPass.
• You’ll be able to change your boosted 2% spending classes with 30 days discover, so that you will be strategic about what you earn on (eg. planning for vacation spending or for a visit).

Cons

• The DragonPass will get you entry to airport lounges however doesn’t embrace passes, which you’ll need to buy individually.
• Journey insurance coverage will not be included.
• The bottom earn price of 0.5% is kind of low.
• You have to have a private annual revenue of $60,000 or a family revenue of $100,000 to qualify. When you earn much less, you’ll be able to apply for the Tangerine Cash-Again Credit score Card that has the identical earn charges however fewer perks.

Greatest rewards bank card for money again

Scotiabank Momentum Visa Infinite*

At a look: When you’re trying to earn as a lot money again as attainable, the Scotiabank Momentum Visa Infinite must be in your radar. Cardholders get 4% again on groceries, recurring payments and subscription providers, 2% again on public transit and gasoline, and 1% again on all different purchases—with no money again restrict. The cardboard additionally comes with a strong insurance coverage package deal and different extras.

• Annual price: $120
• Rates of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers
• Welcome supply: Earn 10% money again on all purchases for the primary 3 months (as much as $2,000 in complete purchases).
• Earn price: 4% again on groceries and recurring payments; 2% again on public transit and gasoline; 1% money again on all different purchases
• Annual revenue requirement: Private revenue of $60,000 or family revenue of $100,000
• Extra perks: Complete journey insurance coverage together with emergency medical, journey accident, journey cancellation or delay, delayed or misplaced baggage and rental automotive loss or harm; new cellular gadget insurance coverage; Visa Infinite Providers together with concierge and Visa Infinite Eating and Wine Nation program

Professionals

• What you get in journey insurance coverage protection alone is price greater than the annual price.
• The 4% earn price on groceries is without doubt one of the strongest within the nation.
• Rise up to $1,000 in new cellular gadget insurance coverage to guard in opposition to loss, theft and harm.

Cons

• Though there is no such thing as a restrict to the amount of money again you’ll be able to earn, there’s an annual cap of $25,000 for the 4% and a pair of% classes. Purchases past the restrict will earn on the 1% base price.
• The minimal revenue requirement will put this card out of attain for some.

Greatest rewards bank card for journey

TD First Class Journey Visa Infinite*

At a look: The TD First Class Journey Visa Infinite stands out attributable to its distinctive partnership with Expedia For TD, which lets you simply e-book on the portal and to earn factors in your journey purchases at accelerated charges. Included journey insurance coverage and perks, just like the annual $100 journey credit score and birthday bonus, make this a card to think about.

• Annual price: $139
• Rates of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers
• Welcome supply: Earn as much as 145,000 TD factors. Apply by Could 28, 2023. Should apply earlier than Could 28, 2023. For Quebec residents, please click on right here.
• Earn price: 8 factors per $1 on journey booked by Expedia For TD; 6 factors per $1 for groceries and eating places; 4 factors per $1 spent on recurring invoice funds; 2 factors per $1 for every part else 
• Annual revenue requirement: Private revenue of $60,000 or family revenue of $100,000
• Extra perks: Insurance coverage together with journey medical, journey cancellation or interruption, journey accident and automotive rental loss or collision; Precedence Move membership low cost; financial savings with Avis and Finances automotive leases

Professionals

• There aren’t any journey blackouts and no seat restrictions, and your TD factors don’t expire.
• You get an annual birthday bonus of 10% of your earlier 12 months’s factors.
• Yearly, you’re eligible for a $100 journey credit score while you spend $500 or extra at Expedia For TD.
• Comes with a powerful insurance coverage package deal.

Cons

• This card won’t be appropriate for individuals who don’t want to e-book their journey by Expedia For TD.
• This card doesn’t supply airport lounge entry, however slightly a reduction on Precedence Move membership.

Greatest rewards bank card for gasoline and groceries

CIBC Dividend Visa Infinite

At a look: Gasoline and groceries are two of the preferred spending classes for Canadians so it is sensible to make use of a bank card with accelerated rewards for these purchases. At 4% money again, the CIBC Dividend Visa Infinite matches the invoice. Robust earn charges on eating, transit, and recurring payments, plus priceless perks like journey insurance coverage, make this card a strong throughout selection.

• Annual price: $120
• Rates of interest: 20.99% on purchases, 22.99% on money advances (21.99% for Quebec residents), 22.99% on steadiness transfers
• Earn price: 4% money again on groceries and gasoline, 2% on eating, day by day transit and recurring payments, and 1% again on every part else
• Welcome bonus: Get a first-year annual-fee rebate for you and as much as three approved customers, and 10% money again for the primary 4 statements on web purchases of as much as $2,500.
• Annual revenue requirement: Private revenue of $60,000 or family revenue of $100,000
• Extra advantages: Emergency journey medical; automotive rental collision and loss harm insurance coverage; cellular gadget insurance coverage; plus save as much as $0.10 per litre at taking part Chevron, Ultramar and Pioneer gasoline stations while you hyperlink your card with Journie Rewards

Professionals

• This card’s earn charges are among the many highest within the nation, significantly for groceries and gasoline.
• It can save you as much as $0.10 per litre on gasoline at Chevron, Ultramar and Pioneer gasoline stations while you hyperlink your card with Journie Rewards.
• You’ll be able to redeem your money again everytime you need (minimal $25) slightly than having to attend for an annual payout, and there’s no restrict to the quantity you’ll be able to earn.

Cons

• The minimal annual revenue requirement could have this card out of attain for some Canadians.
• Whereas there is no such thing as a cap to how a lot money again you’ll be able to earn, there are limits within the boosted spending classes. As an illustration, you’ll earn 4% again on gasoline and groceries as much as the primary $20,000 spent in these classes, or the primary $80,000 spent all over the place, yearly. After that, purchases in these classes earn you 1% money again.

Greatest rewards bank card for Optimum factors:

PC Monetary Mastercard*

At a look: A broad retail companion base and priceless redemptions on on a regular basis gadgets like groceries and pharmacy purchases make the PC Optimum rewards program one of the standard in Canada. The no-fee PC Monetary Mastercard helps you speed up your earnings with no minimal annual revenue requirement, and people with greater incomes can apply for the PC World Mastercard or the PC World Elite Mastercard which include greater earn charges.

• Annual price: $0
• Rates of interest: 20.97% on purchases, 22.97% on money advances, 22.97% on steadiness transfers
• Welcome supply: Get 20,000 PC Optimum factors (a $20 worth).
• Earn price: Based mostly price of 10 factors per $1 spent; 30 factors per $1 at Esso and Mobil; 25 factors per $1 at Consumers Drug Mart; 20 factors per $1 at PC Journey; 10 factors per $1 at Loblaw banner shops
• Annual revenue requirement: None
• Extra perks: Buy assurance

Professionals

• Stack your factors by procuring together with your PC Mastercard and displaying your PC Optimum card at checkout. Customized affords and in-store bonus occasions allow you to earn much more factors. 
• Redeem PC optimum factors in increments of 10,000 (a $10 worth) on the money register at Loblaw banner tales.
• PC Optimum factors by no means expire.

Cons

• On condition that groceries is without doubt one of the greatest spending classes, the earn price of 10 PC factors per $1 spent at Loblaw shops isn’t as robust because it may very well be.
• You’ll be able to solely redeem PC factors on purchases from retailers affiliated with PC. 
• There aren’t any perks or extras included with this card.

Greatest rewards bank card for Aeroplan factors

TD Aeroplan Visa Infinite*

At a look: A strong all-round journey bank card that features a well-prepared suite of insurance coverage, a number of enticing perks, and affords top-of-the-line earn charges round for Aeroplan factors.

• Annual price: $139
• Rates of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers
• Welcome supply: Not out there to show in the intervening time. For Quebec residents, please click on right here.
• Earn price: 1.5 factors per $1 on eligible gasoline, grocery, and Air Canada purchases; 1 level per $1 on all different eligible purchases
• Annual revenue requirement: Private revenue of $60,000 or family revenue of $100,000
• Extra perks: Journey medical, journey cancellation/interruption, and flight/journey delay insurance coverage; free first checked bag; NEXUS utility price; Uber One membership; emergency journey help

Professionals

• The first cardholder and as much as eight journey companions get their first checked bag without cost. 
• Use your Aeroplan factors to e-book on Air Canada with out restrictions or blackout durations.
• You’ll be able to stack your factors while you pay together with your TD Aeroplan Visa Infinite and supply your Aeroplan quantity at companion manufacturers. 
• This card comes with a powerful journey insurance coverage package deal.

Cons

• This card doesn’t embrace airport lounge membership or free lounge entry.
• Aeroplan factors can’t be redeemed for money or for flights exterior the Star Alliance community.
• The $139 annual price is a bit greater than different playing cards on this class.

Greatest rewards bank card for Airmiles

BMO Air Miles World Elite Mastercard*

At a look: With its engaging welcome bonus and enticing earn charges, the BMO World Elite Mastercard works properly for avid Air Miles collectors. The cardboard features a robust insurance coverage package deal and some extras, like Boingo Wi-Fi entry.

• Annual price: $120
• Rates of interest: 20.99% on purchases, 23.99% on money advances, 22.99% on steadiness transfers
• Welcome supply: You’ll get 3,000 bonus Air Miles while you spend a minimal of $3,000 within the first three months. They’ll additionally waive the cardboard’s annual price for the primary 12 months.
• Earn price: 1 Mile per $12 spent; 3 times the Miles for purchases at companions
• Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000
• Extra perks: Journey insurance coverage together with emergency medical, journey cancellation/interruption, and flight delay protection; automotive rental insurance coverage; 15% low cost on North American Air Miles flights; free membership in Mastercard Airport Experiences offered by LoungeKey; different particular affords and reductions

Professionals

• The earn price on Air Miles is aggressive, permitting you to succeed in your objectives sooner. 
• Cardholders get one annual low cost of 25% of the quantity of Air Miles to e-book a flight.

Cons

• The DragonPass lounge membership doesn’t embrace free lounge passes; these should be bought individually.
• Doesn’t embrace lodge/motel housebreaking insurance coverage.
• This card has a excessive minimal annual revenue eligibility requirement.

Greatest rewards bank card for versatile rewards

MBNA Rewards World Elite Mastercard*

At a look: The MBNA Rewards World Elite Mastercard is a versatile rewards card that allows you to earn MBNA factors which you’ll redeem for merchandise, reward playing cards, journey, money and even charitable donations. Distinctive perks—just like the birthday bonus factors and included advantages like journey insurance coverage—make this a card stand out.

• Annual price: $120
• Rates of interest: 19.99% on purchases, 24.99% on money advances, 22.99% on steadiness transfers
• Welcome supply: as much as 30,000 bonus factors ($300 journey worth) of their first 12 months alone: 20,000 factors after $2,000 spent within the first 90 days and one other 10,000 factors for enrolling for e-statements additionally throughout the first 90 days.
• Earn price: 5 factors per $1 spent on groceries, eating places, digital media, memberships, and family utilities as much as $50,000 per class yearly; 1 level per $1 is the bottom price
• Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000
• Extra perks: Journey and automotive rental insurance coverage; MBNA cost plan; 10% factors again in annual birthday bonus

Professionals

• This card consists of $2 million in journey medical insurance coverage. It additionally has included flight/journey delay and delayed/misplaced baggage protection.
• You’ll be able to defend your new cellular gadget in opposition to loss, harm and theft with as much as $1,000 included protection.
• The annual birthday bonus factors perk is a present of a further 10% on the variety of factors you earned within the earlier 12 months.
• Your MBNA factors by no means expire.

Cons

• The included journey insurance coverage providing is incomplete, so that you’ll have to purchase additional protection to be totally protected.
• There may be an annual cap of $50,000 per class within the accelerated spending classes. Purchases past that can earn on the base price of 1 level per $1 spent.
• The annual minimal revenue requirement places this card out of attain for some candidates.

Extra about Canada’s greatest bank cards:

Our methodology

For the most effective rewards bank cards 2023 rating, MoneySense tapped into Ratehub.ca’s‡ bank card instrument and ran the numbers for money again and journey bank cards, primarily based on $2,000 in month-to-month spending. We made the next assumptions: grocery spend of $500, gasoline of $200, eating places of $200 and invoice funds of $125, journey of $175, leisure of $225, pharmacy purchases of $75 and all different purchases of $500.

The tip recreation was a magic quantity—that’s, the annual web reward in greenback phrases to determine the highest playing cards in every class, plus an honorary point out. Our methodology additionally took into consideration different components, together with welcome bonuses and accelerated earn charges, annual price waivers, loyalty program flexibility and journey insurance coverage perks.

‡MoneySense.ca and Ratehub.ca are each owned by dad or mum firm Ratehub Inc. We could also be partnered with some monetary establishments, however this doesn’t affect the “Canada’s greatest bank cards” rankings. You’ll be able to learn extra about this in our Editorial Code of Conduct.