Best Rewards Credit Card Rankings in Canada in 2018

Credit cards don’t exist solely to help you spend money. If you choose the right one for your lifestyle, you can earn just by doing your regular shopping. The key is to choose a credit card with a solid and worthwhile rewards program that suits you.

First, let’s clarify what a rewards credit card is.

What Are Rewards Credit Cards?

Credit card rewards programs come in different formats, but the basic idea is the same; you earn a fixed number of points for every dollar that you spend. Once you’ve earned enough points, you can redeem them for different types of rewards, depending on the specific card. These include travel rewards cards, which give you points toward flights and other travel expenses; hotel rewards cards, which let you earn free hotel stays; auto rewards cards, which give you points toward gas and car-related purchases; and dining cards, which generate rewards points when you eat out.

How To Choose The Best Rewards Credit Card

When trying to determine the best rewards 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 business traveler, then a hotel rewards credit 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 an auto rewards credit card.

Summary of Best Rewards Credit Card Canada 2018

We’ve put together the below list to allow you to compare the different options available in Canada with greater ease (click the card names for a super-fast scroll to their respective reviews).

Best Lifestyle Rewards Credit Card Winners

American Express Cobalt

The American Express Cobalt is the best rewards credit card in Canada for foodies and bon vivants. You earn a giant 5 points per $1 spent on eating out in restaurants or bars, as well as on food delivery, and even on your grocery bills.

The 2 points per $1 spent on travel—which includes hotel stays, gas, and ground transportation—make it a diverse card as well. All other purchases earn 1 point per $1. Receiving up to 30,000 points as a welcome bonus is obviously another major plus. This is achieved by spending at least $3,000 on the card in the first three months, and $500 per month on the card for the rest of the first year.

Points earned can be redeemed on flights, concerts and events, Amazon.ca purchases, etc. Or they can be redeemed for statement credit.

American Express Cobalt users also receive great insurance on all of their travel and merchandise purchased with the card, and free supplementary cards can help accumulate points faster.

Scotiabank SCENE Visa

The Scotia SCENE is a good fit for true movie buffs. You’ll earn 5 points for each dollar spent in Cineplex Odeon cinemas and 1 point on every $1 spent anywhere else. There’s a welcome bonus of 2,000 points, which is equivalent to 2 free movie tickets (valid only for new accounts opened before June 30th, 2018).

What makes this rewards structure worthwhile is that you only need 1,000 points to earn a movie ticket. Given that a movie ticket + popcorn costs about $17 or so, you’ll be earning one free ticket for every 10-12 cinema visits, even if you don’t use your card anywhere else. Other reward redemption options like music also begin at 1,000 points.

The Scotiabank SCENE card has no annual fee, and the qualifying income level is low, making it one of the best reward credit cards in Canada for students.

Best Flexible Travel Rewards Credit Card

American Express Gold Rewards Card

Flexible travel means travelling how, when, and where you like—but this flexibility extends to how you pay as well. Many credit cards force cardholders to use their points or miles in a certain way. This is not the case with the Amex Gold Rewards card.

American Express is known for its excellent travel cards and the Gold Rewards card sets the bar. Cardholders begin their experience with an impressive 25,000-point introductory bonus for charging $1,500 in their first three months. For spending $1 on travel-related purchases, they earn 2 rewards points, and 1 point per $1 on any other purchase. These points can be transferred to an array of other rewards programs including Aeroplan, Delta SkyMiles, and more at a 1:1 ratio.

It’s also easy to book travel arrangements you like and redeem points for them later with the Amex Gold Rewards card (rarely offered in the travel rewards world). As long as the purchase is travel-related, you can wait for it to hit your statement, and then pay it off in full with your points. To cap it all off, cardholders will appreciate a thorough travel insurance package that includes emergency medical, car rental theft and damage, travel accidents, lost and stolen baggage, flight delay, and hotel and motel theft coverage.

Best Day-to-Day Rewards Credit Card Winners

BMO Shell Air Miles Mastercard

Those who love Canada’s popular Air Miles loyalty program have another credit card option to consider. Gas is high on the list of many Canadians’ most common purchases, and BMO’s Shell Air Miles Mastercard accommodates this by accelerating its default earnings rate of 1 Mile per $20 spent: cardholders will earn 2x the Air Miles when making purchases at Shell stations and other Air Miles partners.

Air Miles are some of the best rewards in Canada, as they can be used for all travel arrangements, including airfare, hotels, vacation packages and more. With extended warranties and purchase protection on items purchased with the card, plus its $0 annual fee, almost everyone can find a benefit to appreciate from this excellent addition to BMO’s lineup.

Overall, those who travel and spend significantly on gas will find something to love about the BMO Shell Air Miles card.

CTFS Triangle World Elite Mastercard

Rewards cards that help you earn toward your next vacation are exciting, but it’s much more practical to use a rewards card that makes a difference in your day-to-day budget. The CTFS Triangle World Elite MasterCard is a rare card which actually helps you save money on your daily bills. With a 3% Canadian Tire Money earn rate on grocery bills at participating stores, 4% earn rate in Canadian Tire, Mark’s, Prok Chek, and Atmosphere, and 5 cents back per litre of gas at Gas+ locations, the Triangle World Elite card can bring serious savings.

Families that spend large amounts each month on groceries, gas, home and garden items, or auto expenses – or all of the above – will find it easy to get the maximum $360 of Canadian Tire Money back on their credit card purchases. Once you spend over $12,000 in the groceries category, your earn rate will revert to 1% in that category only.

Along with a high earn rate for day to day rewards, the Canadian Tire Triangle World Elite Mastercard doesn’t charge an annual fee, and your Canadian Tire Money will never expire as long as your account is open. You can spend Canadian Tire Money like cash at participating stores, so once you’ve earned it on your groceries, you can spend it again on the next grocery bill. Interest rates are a reasonable 19.99% on purchases and 22.99% on cash advances; you’ll get the reassurance of Mastercard reliability, contactless payments for small purchases, and 24/7 online account management.

Best Travel Rewards Credit Card

TD First Class Travel Visa Infinite®

Applicants that have a higher income and don’t mind paying a steep annual fee will find an industry-best rewards card in the TD First Class Travel Visa Infinite®. For those with $60,000 in individual or $100,000 in household income, the exclusive First Class Visa Infinite® card collects flexible TD Rewards points at the fastest rate around. Cardholders will earn 3 points per $1 spent on virtually anything, and a remarkable 9 points per $1 when booking travel from ExpediaForTD.com. An introductory bonus also grants 20,000 Rewards points for the first purchase on the card—a $100 value.

Points are used for airfare and other travel arrangements on Expedia’s TD partner site, which features a thorough selection of flights and destinations, no blackout dates, and no seating restrictions. They can also be used for merchandise, gift cards, and on-demand cash back towards your balance. For the $120 annual fee, one would also expect some additional valuable perks, and the First Class Travel Visa Infinite® card easily delivers.

Travellers will appreciate the inclusive array of insurance benefits, first and foremost. With medical coverage, and insurance for rental car, luggage, trip interruptions and cancellations as well, the card helps you feel safe while overseas. It also provides a more luxurious perk, in the form of a Priority Pass membership to over 600 airport lounges worldwide. Finally, Avis and Budget vehicles rented domestically and abroad are discounted by 10.00% and 5.00%, respectively.

PC Financial World Elite Mastercard

When you compare rewards credit cards in Canada—particularly those with no annual fee—you’ll find that few cards offer a meaningful points rate outside of the promo period. With the PC Financial World Elite Mastercard, you earn 30 points per $1 spent at stores like Loblaws, Shoppers Drug Mart, Pharmaprix, pctravel.ca, and PC mobile. For families and shoppers who regularly shop in these stores, this might be worthwhile, particularly because the card comes with no annual fee.

Redeeming your points is refreshingly simple. Once you’ve earned 20,000 or more, all you need to do is present your credit card to the cashier when you go to pay and ask him/her to take $20 (or more) off your grocery bill. Since you get the money directly off your grocery bill, we consider it to be a ‘cash equivalent’ credit card.

It should be noted that a PC Optimum point is worth relatively little compared to, say, offerings from cash back cards with accelerated earn rates for groceries. 1 PC Optimum Point = $0.001 redeemable at one of the aforementioned grocery stores; this might end up being less valuable than, say, a cash back card that earns 3% on all grocery spend. That said, the PC Financial card does come with an impressive array of insurance and extended warranty perks, so it might be more beneficial for some than a cash back card.

Best Travel Rewards Credit Card

BMO AIR MILES World Elite Mastercard

BMO Air Miles World Elite‘s regular earn rate—1 Air Mile per $10 spent—is simple and transparent enough, but what’s better is that there’s a 15% discount on all Air Miles flights in North America with no blackout periods.

As a welcome bonus, you can receive up to 3,000 Air Miles, and the regular annual fee of $120 is waived for the first year. With a flight from Canada to Cancun costing just 5,000 Air Miles, it won’t take too long before you’re jetting off.

Best No Foreign Transaction Fee Rewards Credit Card Winner

Scotiabank Passport Visa Infinite

The Scotiabank Passport Visa Infinite card occupies the opportune middle ground between cards that earn rewards and offer perks, and those that reduce/eliminate expenses derived from fees. Being the best of both worlds means that Passport Visa cardholders earns Scotia Rewards points, offers of the most valuable travel benefits, and is exempt from the fees that accrue from purchases made in a foreign currency.

Cardholders are introduced to the card with a bonus of 25,000 points, which is awarded after spending just $1,000 in their first 3 months. In the meantime, they’ll earn 2 points per $1 spent on groceries, dining, and entertainment expenses, and 1 point per $1 spent elsewhere. Points are redeemable on travel arrangements, merchandise, and more. Besides zero foreign transaction fees, the card’s other travel perks includes access to Priority Pass lounges at airports worldwide, with 6 free entry passes.

To top it off, everyone can appreciate protection with travel medical insurance, trip cancellation and interruption coverage, and remediation for damage to their rental car. It’s easy to see why the Passport Visa is more than worth its $139 annual fee.

Best Hotel Rewards Credit Card Winner

Best Western Rewards Mastercard

Given that it has no annual fee, there’s basically nothing to lose and free hotel stays to gain from MBNA’s Best Western Mastercard (as long as you pay off your balance each month). The card generates a high rate of 5 points per every $1 you spend in a Best Western property. Purchases in other ‘eligible’ locations earn a regular flat rate of 1 point per $1 spend, though MBNA is rather unclear as to what does and does not fall under this category. We recommend the card primarily to those who travel frequently and accumulate significant hotel spend.

The Best Western Mastercard is currently offering a 20,000-point welcome bonus, enough for a one-night stay. The spending requirement to get the points is very low: just make one eligible purchase that you don’t return.

Aside from hotel stays, Best Western points can be redeemed on dining and gift cards. Other perks include travel protection, extended warranty, and lost luggage assistance on travel that you book with this card.

Best Post-Promotional Rewards Credit Card Winner

Starwood Preferred Guest Credit Card from American Express

Massive promotional rates might initially be very appealing, but the benefits that a card offers after these promotions expire are what give the card long-term value. The Starwood Preferred Guest (SPG) card gives a solid 2 points per $1 spent in participating Starwood and Marriott hotels worldwide, as well as 1 point per $1 spent elsewhere.

What gives the SPG card extra staying power is that it offers a renewable bonus year after year. If you charge at least $40,000 to the card before its annual reset date, you earn a free weekend night stay at a Starwood Category 1-4 hotel.

Another factor that makes Starwood Preferred Guest one of the best reward credit cards Canada has to offer is its flexibility when redeeming points. You can transfer your Starpoints on a 1:1 basis to nearly 30 other airline frequent flyer programs, including Aeroplan. You can also redeem them outright for flights on over 150 airlines, or for free nights at more than 1,200 hotels worldwide (no blackout dates for either).

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. If you’re a bit overwhelmed, try inputting your personal criteria into our rewards credit card calculator.

If you need a hand identifying your next credit card, drop us a line in the comments below or by email, and we’ll work hard to help you narrow down the available choices.