Best rewards credit cards in Canada

A rewards credit card is a great option if you prioritize points over APR. These cards often provide enhanced points on bonus categories, insurance protections, and, depending on the annual fee, travel perks to make your jetlag melt away.

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The best rewards cards provide high earn rates, exclusive benefits and discounts, and travel perks to die for.

Credit cards don’t exist solely to help you spend money. The best rewards credit cards in Canada will let you earn points with regular shopping. The key is to choose a rewards card with the best points-earning potential and a solid and worthwhile rewards program that suits your lifestyle (and yes, the perks and privileges are pretty nice, too). 

Here's our list of best rewards credit cards in Canada based on our methodology below. And don't forget to check out our Best Credit Cards Canada list when you're done here.

Top 3 points credit cards

Card

Welcome Offer

Up to $3000 in value
Apply Now On TD's Secure Site
Up to $780 in value

Expires Jul 01, 2025

Apply Now On Scotiabank's Secure Site
Up to 15,000 points
Apply Now On American Express' Secure Site
  • Why you can trust Money.ca's best rewards credit cards list

    +

    Money.ca rates all credit cards on a numeric scale of 1 to 5 stars, with 1 being the lowest and 5 the highest rating, respectively. Money.ca’s proprietary scoring formulas break down the confusing language, complex points, rewards and earn rates to give you the real data that caters to your needs first, not ours.

    Our partnerships have no impact on our ratings, which are solely determined by the merits of each card. To learn more about how we researched and ranked these cards, read our full credit card review methodology.

Best overall 🏆

Best points credit card Canada

up to $3000 in value

Welcome Bonus

$3,067

First Year Value

$67

Annual Value

Welcome Bonus: Earn up to $3,000 in value† including up to 85,000 Aeroplan points†. Conditions Apply. Offer effective as of January 7, 2025.

Learn More Apply Now On TD's Secure Site

Best sign-up bonus

Best rewards credit card in Canada with a welcome bonus

up to 85,000 points

Welcome Bonus

$3,011

First Year Value

$411

Annual Value

Welcome Bonus: Earn 60,000 Aeroplan®* points* after spending $7,500 on your Card within the first 3 months as a new Cardmember.*

Learn More Apply Now On American Express' Secure Site

Best no fee

Best rewards credit card no annual fee

up to 10K pts

Welcome Bonus

$442

First Year Value

$342

Annual Value

Welcome Bonus: New cardholders can get up to 10,000 MBNA Rewards points ††

Learn More Apply Now On MBNA Credit Cards' Secure Site

Best groceries

Best rewards credit card in Canada for groceries

$0

First Year Value

$0

Annual Value

Learn More Apply Now On PC Financial's Secure Site

Best value for money

Best rewards credit card for everyday spending

up to $780 in value

Welcome Bonus

$1,382

First Year Value

$602

Annual Value

Welcome Bonus: up to $780* in value in the first 12 months, including up to 40,000 bonus Scene+ points Expires Jul 01, 2025

Learn More Apply Now On Scotiabank's Secure Site

Best dining

Best dining credit card with points earning potential

up to 120,000 pts*

Welcome Bonus

$1,297.72

First Year Value

$497.72

Annual Value

Welcome Bonus: Get up to 120,000 Points* Expires Jun 01, 2025

Learn More Apply Now On BMO's Secure Site

Best ultra premium

Best rewards credit card in Canada for perks and privileges

up to 100,000 points

Welcome Bonus

$931

First Year Value

$231

Annual Value

Welcome Bonus: Earn 70,000 Membership Rewards® points* after spending $10,000 on your Card within your first 3 months as a new Platinum® Cardmember.*

Learn More Apply Now On American Express' Secure Site

Expert tip: Get a Canadian rewards credit card before making a big purchase

Signing up for a rewards credit card when you need to make a large purchase is an easy way to earn your bonus welcome offer. One of the biggest lessons in money is to make your money work for you, so why not apply that same principle to credit cards? Sure, rewards credit cards tend to cost more than the free ones but when used regularly (and properly) these credit cards can also be lucrative in terms of earning points for travel, merchandise, gift cards, or cash back. Keep your eye out for big welcome bonus deals and plan around large purchases to maximize your reward opportunities and earn your rewards points faster.

Cory Santos, Money.ca credit card expert


How rewards work

How do rewards credit cards work?

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.

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.

Perks vs. rewards

Difference between credit card perks and rewards

When considering which perks or rewards are right for you, it’s important to understand the difference first:

Aspect
Credit Card Rewards
Credit Card Perks
Definition
Points, miles, or cash back earned based on card spending
Additional benefits and services provided to cardholders
Earning Mechanism
Typically earned as a percentage of spending or fixed points per dollar
Usually included with the card, regardless of spending
Value Calculation
Can often be calculated directly (e.g., 2% cash back = $2 per $100 spent)
Value can be more subjective and based on individual usage
Redemption
Requires active redemption by the cardholder
Generally available for use without redemption
Flexibility
Can often be redeemed for various options (travel, cash back, merchandise)
Specific services or benefits with predetermined value
Transferability
Some rewards programs allow point transfers to other loyalty programs
Generally non-transferable and limited to the primary cardholder

perk is a benefit that’s included with your credit card, something such as access to airport lounges, status matching in a loyalty program, car rental upgrades, free nights at hotels (or fourth night free), roadside assistance, travel credits, companion flight passes.

reward is something that you redeem a currency or certificate for through spending on a credit card: Points on groceries, free gas, award flights, hotels stays and more. 

Not every merchant will take your Amex card, despite nearly 99% acceptance across Canada. Not all merchants accept all types of credit cards, so ensure you have a backup Visa or Mastercard in your wallet, just in case.

Cory Santos, Money.ca credit card expert
How to choose

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.

Consideration Explenation
Assess Your Spending Habits • Track your monthly expenses across categories (e.g., groceries, gas, dining)
• Identify where you spend the most to maximize potential rewards
• Consider seasonal spending patterns (e.g., holiday shopping, summer travel)
Define Your Rewards Goals • Determine if you prefer cash back, travel points, or merchandise rewards
• For travel rewards, decide between flexible points or airline/hotel specific programs
• Consider if you want to focus on everyday rewards or save for big redemptions
Evaluate the Earn Rate • Look for cards offering higher earn rates in your top spending categories
• Compare base earn rates for non-bonus category spending
• Consider cards with multipliers or accelerators for specific merchants
Analyze the Annual Fee • Weigh the annual fee against potential rewards and benefits
• Calculate if your spending and rewards will offset the fee
• Consider no-fee options for lower spenders or as secondary cards
Assess the Welcome Bonus • Compare sign-up bonuses across different cards
• Ensure you can meet the minimum spend requirement within the timeframe
• Calculate the value of the bonus relative to your regular spending
Consider Additional Perks • Look for travel insurance coverage (e.g., trip cancellation, medical)
• Evaluate purchase protection and extended warranty benefits
• Consider lifestyle perks like airport lounge access or concierge services
Check Redemption Flexibility • Understand the redemption options available (e.g., statement credits, travel bookings)
• Look for cards with no blackout dates or seat restrictions for travel redemptions
• Consider if points can be transferred to other loyalty programs
Evaluate Point Values • Research the average value per point across different redemption options
• Consider cards with points that maintain consistent value regardless of redemption choice
• Look for opportunities to maximize point values through promotions or transfers
Consider Your Credit Score • Check if you meet the card’s credit score requirements
• Look for pre-approval options to avoid hard credit checks
• Consider secured or entry-level rewards cards if building credit
Review Foreign Transaction Fees • For frequent travelers, prioritize cards with no foreign transaction fees
• Calculate potential savings on international purchases
• Consider pairing a no-FX fee card with a high-earning domestic card
Assess Ease of Use • Look for user-friendly online interfaces and mobile apps
• Consider if the card integrates with your preferred budgeting tools
• Evaluate customer service options and reputation
Credit needed

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 fu

  Image by toptop54 from Pixabay

Guide to rewards

Types of rewards

Reward programs

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.

Pros and cons of points and rewards credit cards

Pros

Pros

  • Welcome bonuses: Many cards offer substantial sign-up bonuses, giving you a head start on rewards

  • Perks: Some cards may come with premium travel perks like lounge access, free bags on flights, insurance or more

  • Insurance: Rewards cards may provide ravel insurance coverage (e.g., trip cancellation, medical emergency), purchase protection, mobile device coverage and more

Cons

Cons

  • Annual fees: Many rewards cards charge annual fees, sometimes $100+ for the very best offers

  • Interest rates: Reward credit cards feature higher interest rates vs. non-reward cards, meaning you'll pay more if you carry a balance

  • Complexity: Some rewards programs have complicated earning and redemption structures

Top tip: Analyze your typical spend

Analyze your spending patterns and select a card that offers the highest rewards in your top spending categories. For example, if you're a frequent traveller, a travel rewards card like the American Express Cobalt® Card might be ideal.

Summary of picks

Credit card Fast facts Get started
TD® Aeroplan® Visa Infinite Privilege* Card Welcome bonus: Earn up to $3,000 in value† including up to 85,000 Aeroplan points†. Conditions Apply. Offer effective as of January 7, 2025.
Annual fee: $599
Apply now
American Express® Aeroplan® Reserve Card Welcome bonus: Earn up to 85,000 Welcome Bonus Aeroplan®* points
Annual fee: $599
Apply now
American Express Cobalt® Card Welcome bonus:Earn up to 15,000 Welcome Bonus Membership Rewards® points* – that’s up to $150 in value.

Annual fee: $155.88 ($$12.99/month)
Apply now
MBNA Rewards Platinum Plus® Mastercard® Welcome bonus: 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.††

Annual fee: $0
Apply now
PC® Financial World Elite Mastercard® Welcome bonus: n/a

Annual fee: $0
Apply now
Scotiabank Gold American Express® Card Welcome bonus: Earn up to $780* in value in the first 12 months, including up to 40,000 bonus Scene+ points.
Annual fee: $120
Apply now
BMO eclipse Visa Infinite* Card Welcome bonus: Earn up to $780* in value in the first 12 months, including up to 40,000 bonus Scene+ points.

Annual fee: $120 (Annual fee waived in the first year)
Apply now
American Express The Platinum Welcome bonus: Earn up to 100,000 Membership Rewards® points* – that’s up to $1,000 in value.

Annual fee: $799
Apply now
Are rewards worth it?

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. 

FAQs

FAQs about rewards credit cards

  • Do reward cards build credit?

    +

    Yes. Like all credit cards, rewards credit cards can help you build a positive credit history with responsible use. This means keeping your credit usage low, paying your balance in full each month (where possible), and keeping any new credit applications to a minimum. But incorrect usage can also result in a negative impact on your credit health and a falling credit score, so be careful.

  • What are the main types of rewards cards?

    +

    Reward credit cards can be broken down into 3 distinct types: cash back, points and miles.

  • Are there any drawbacks to reward credit cards?

    +

    Like any credit card, reward credit cards can negatively impact your credit health if used incorrectly. Reward cards typically have a higher interest rate than no-reward cards. Additionally, they may have a higher annual fee, though this can usually be offset with spending in the key bonus categories.

  • 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.

Sources

Barry Choi Contributor

Barry Choi is a Toronto-based personal finance and travel expert who makes frequent media appearances. When he's not educating people on how to be smarter with money, he's earning and burning miles and points for luxury travel.

Cory Santos Finance editor

Cory Santos is a finance writer, editor and credit card expert with nearly a decade of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, St. Louis Post-Dispatch, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk.

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