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The 10 Best Canadian Credit Cards for Rewards Points

on 31 May, 2019

Just over 75% of people report that credit card programs are easy to use.

But ease of use isn’t the only benefit to Canadian credit cards with rewards programs. They can also help you pay for groceries, gas, travel, dinner, household items, and more.

Whether you’re a stay-at-home mom looking for help paying for everyday items or a student trying to build credit, there’s a credit card reward program built for you. And considering the vast number of credit card options, you could probably use some help narrowing down the list.

That’s why we’ve picked the 10 best Canadian credit cards for rewards. Plus, we’ve included options for a number of needs and situations.

1. Capital One Low Rate Guaranteed Mastercard

This credit card is designed for people with a bad or poor credit score and a bad financial history. You don’t need to demonstrate any personal income to qualify for it and the annual fee is only $79.

Almost everybody qualifies for this Capital One card. Once you qualify, you can transfer a balance to this card. With the low purchase interest rate of 14.80%, it can help keep you pay down that outstanding balance and rebuild your credit.

It also comes with $500 in combined Price protection reimbursement. That $500 is reextended every yeat. You’ll also enjoy 120 days of damage and theft insurance on purchases through your Purchase Assurance.

2. Scotia Momentum Visa Infinite

When you sign up for the Scotia Momentum Visa Infinite card, the $99 annual fee is waived for the first year. But even without paying that fee, you’re immediately given access to Visa Infinite Services.

This credit card is best for people who are looking for cash back. For your first three months and $2,000 in purchases, you’ll earn 10% cash back.

After your first three months, you get 4% cash back on your gas and your groceries. This card even gives you 2% cash back when you use it at pharmacies and for paying recurring bills. For all other purchases, you get 1% cash back.

Buy if cash back and travel rewards are what you’re after, the Scotia Momentum Visa Infinite covers that too. It provides Gold travel insurance benefits that include:

  • lost baggage insurance
  • flight delay insurance
  • trip interruption insurance
  • travel accident insurance

And for something just a little different, you’ll also receive discounts in wine country. The benefits of this card include discounts on wine tastings, tours, and wine purchases in Ontario as well as British Colombia.

3. BMO World Elite MasterCard

The BMO World Elite MasterCard carries an annual fee of $150 and a purchase interest rate of 19.99%. It’s a great card for earning points on both travel and dining.

When you make purchases on eligible travel, dining, and entertainment, you earn three points for every $1 spent. And for every $1 you spend outside of those eligible purchases, you earn two points.

Your accumulation of points gets a great head start with the welcome offer on this card, too. You’ll receive 35,000 points when you sign up, and that’s equivalent to $250 on a flight booked through BMO rewards. They’ll also waive the $150 annual fee for your first year.

When you travel, you’ll also receive complimentary membership in Mastercard Airport Experiences. That gives you access to VIP lounges and four complimentary passes every year. Those passes are valued at over $140.

4. CTFS Triangle World Elite Mastercard

If you need a credit card to help you pay for household expenses, this CTFS Triangle MasterCard has no annual fee, contactless payment for your small purchases, and 24/7 account management through your online profile.

This credit card is made for the person who puts gas, groceries, home maintenance, garden, and household bills on their credit card. That’s because you get 3% in Canadian Tire Money on all your purchases made at eligible stores.

And what makes Canadian Tire Money as good as any other reward? It’s as good as cash in the stores that accept it. You’ll never have to worry about it expiring either.

Beyond earning Canadian Tire Money to help you pay for everything from gas to groceries, you also get 4% back on transactions made in certain stores. Those stores include Mark’s, Atmosphere, and Sport Chek. You’ll also receive 5 cents per liter back when you fill up at Canadian Tire gas stations.

5. American Express Cobalt

The annual fee for this dining and travel card is $120. This is charged over the course of 12 months, so you’re only paying $10 per month.

The welcome bonus on this card is extensive. In fact, it extends throughout your first year of using the card. You’ll get up to $300 in points in your first year when you spend a minimum of $500 for each of your first 12 statements.

You also earn points on food delivery, groceries, taxis, public transit, and flight tickets. For food delivery, grocery, and dining purchases at eligible places, you get five points for each $1. For gas and transit, you get two points for every $1.

Outside of those purchases, you’ll also get a point for every other purchase you make. With this card, your points add up quickly.

As if fast-accumulating points wasn’t enough, you also get a host of travel benefits with the American Express Cobalt. These include:

  • hotel burglary insurance
  • emergency travel insurance
  • lost or stolen baggage insurance
  • flight delay insurance

You can use those points you generated so quickly toward booking flights on any airline at any time. There are no blackout periods and you can use the points to cover taxes as well.

6. Marriott Bonvoy American Express Card

The annual fee of $120 for this rewards card isn’t much when you consider what you get in return for signing up. We’re referring to the 50,000 in welcome bonus points after your first $1,500 in purchases.

With that amount of points, you can book three free nights at a Category 2 hotel. Plus, you get an Annual Free Night Award, and you can redeem that once per year.

The Marriott Bonvoy AmEx also boasts a unique referral program. If you refer a friend and they’re approved for the card, you get an extra 10,000 in points.

You’ll also enjoy complimentary Marriott Bonvoy Silver Elite Status. You can work to upgrade that status as well. When you reach $30,000 in purchases, you’ll be automatically upgraded to Gold Elite status, which comes with a host of all new perks and benefits at no extra cost to you.

7. BMO SPC CashBack Mastercard

Most students can’t hold down a full or even part-time job while they focus on their studies. Without an income or any past credit, it’s difficult for them to obtain a credit card. And when you’re studying is perhaps when you need that credit card most.

The BMO SPC CashBack MasterCard is the credit card for exactly that situation. You don’t need any credit or income to be eligible. There’s no annual fee to worry about either.

Not only does this card give you access to credit that you otherwise would have a hard time getting, but it also gives you 10% to 15% at participating SPC retailers.

You can also choose between the Cash Back or Air Miles option. With a cash back card, you earn 5% back on eligible purchases. With Air Miles, you get 800 welcome miles and the chance to start earning air miles that can go toward spring break.

8. TD Aeroplan Visa Infinite

For the person with wanderlust, this card offers 15,000 Aeroplan miles as your welcome bonus. You’ll have to spend $1,000 within three months of getting your card to get that bonus though. After that, you’ll earn miles with every purchase you make.

For the $120 annual fee, you also have access to Air Canada travel benefits and extensive travel insurance options.

9. Scotiabank Gold American Express

This card offers some of the best reward rates out there. You earn four points for every $1 you spend on everything from dining and entertainment to gas and groceries. Outside of those eligible purchases, you earn one point for everything you buy.

The annual fee for this card is relatively low at $99. They also offer $150 worth of bonus points for spending $1000 in your first 90 days.

The rewards points on this card can be used for a number of things, too. You can use it for travel, insurance, car rentals, cruises, and hotels.

10. Meridian Visa Infinite Travel Reward Card

This card also has a relatively low annual fee at $99. But it offers something quite different – that is, protection for your very expensive mobile phone.

This rewards card comes with $1,000 in insurance coverage for your phone. If your phone is lost, stolen, damaged, or fails, and it was purchased with this credit card, you’re covered for $1,000 to pay for a new phone.

But they offer additional insurance as well. There’s everything from medical coverage to trip cancellations insurance.

More Canadian Credit Cards

There are a wide variety of Canadian credit cards with reward programs. But some rewards programs are better than others.

Still, others are geared toward different needs and desire. Where one person wants cash back, others want travel insurance. Regardless of what you’re looking for, one of these ten best rewards cars is bound to fit the bill.

And to explore other potential cards, check out our credit card finder.

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