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The ten greatest rewards bank cards in Canada for August 2023


Why belief us

MoneySense is an award-winning journal, serving to Canadians navigate cash issues since 1999. Our editorial crew of educated journalists works carefully with main private finance specialists in Canada. That can assist you discover the most effective monetary merchandise, we evaluate the choices from over 12 main establishments, together with banks, credit score unions and card issuers. Study extra about our promoting and trusted companions.

Canada’s 10 greatest rewards bank cards

Should you’re not leveraging your on a regular basis spending to earn rewards, you’re lacking out. Rewards bank cards enable you to earn factors or Miles in 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 have to reply a couple of questions. For example, do you favor to gather factors or get money again in your pocket? Is it value paying an annual price for premium perks, or would you moderately a no-fee card? What sort of journey rewards would you like? Regardless of your standards, you’re sure to seek out an incredible match with one (or extra!) of the rewards bank cards under.


Our picks for the ten greatest rewards bank cards in Canada


One of the best rewards bank cards for on a regular basis spending

Scotiabank Gold American Categorical*

Scotiabank Gold American Express

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

  • Annual price: $120
  • Rates of interest: 20.99% on purchases, 22.99% on money advances
  • Welcome provide: You may earn as much as $650 in worth within the first 12 months, together with as much as 40,000 bonus Scene+ factors. Should apply by October 31, 2023.
  • Earn charge: 6 Scene+ factors per $1 spent on groceries at Sobeys banner shops (together with Sobeys, Safeway, FreshCo and Foodland), 5 factors per $1 spent on eating, leisure and purchases in any respect different grocery shops, 3 factors per $1 on gasoline, public transit and eligible streaming providers, and 1 level per $1 on every thing else
  • Level worth: 1 Scene+ level is value $0.01 for journey, purchases at affiliated grocery, liquor and drug shops, and food and drinks at Cineplex and Scene companions. Factors are value barely much less when redeeming for film tickets, reward playing cards, assertion credit and a few merchandise.
  • Annual revenue requirement: $12,000
  • Extra perks: No overseas transaction charges; insurance coverage, together with journey emergency medical and journey accident, journey cancellation or interruption, and rental automotive collision or injury protection; low cost on Precedence Cross Lounge entry

Professionals

  • One of many few bank cards that waives the two.5% overseas transaction price, so that you’ll save on cross-border buying (together with on-line) in different currencies.
  • It comes with a reasonably complete journey insurance coverage package deal that gives 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/injury insurance coverage, resort/motel housebreaking, and new cell system protection.
  • A straightforward 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 could be redeemed for groceries, eating, leisure, merchandise, journey, retail and extra.
  • You may apply your Scene+ to journey spends as much as a yr 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 accessible in sure components of the nation.
  • Precedence Cross lounge entry provide is a reduction solely—no lounge visits are included.

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Greatest rewards bank card with no price

Tangerine World Mastercard*

At a look: The Tangerine World Mastercard enables you to earn 2% money again on purchases in as much as three spending classes (and 0.5% again on every thing else), plus it offers you entry to a handful of extras, all for no annual price. Should you spend $1,000 in one in all your two designated buy classes in a single month, for instance, you’ll get $20 money again as a press release credit score on the billing date for that month. You will get a 3rd class at 2% again if you happen to select to have rewards deposited into your Tangerine Financial savings Account.

  • Annual price: $0
  • Rates of interest: 19.95% on purchases, 19.95% on money advances, 19.95% on stability transfers
  • Welcome provide: earn an additional 10% again on as much as $1,000 in on a regular basis purchases throughout the first 2 months. Should apply by October thirty first, 2023.
  • Earn charge: 2% money again in as much as three spending classes; 0.5% again on every thing 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 injury waiver; new cell system insurance coverage; airport lounge entry with DragonPass; buy assurance and prolonged guarantee

Professionals

  • The earn charge of two% money again in as much as three classes is aggressive for a no-fee card. 
  • Regardless that it is a no-fee card, there are a couple of good extras included like as much as $1,000 in new cell system protection, entry to free Wi-Fi internationally with Boingo, and airport lounge entry with DragonPass.
  • You may change your boosted 2% spending classes with 30 days discover, so that you could 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 embody passes, which you’ll should buy individually.
  • Journey insurance coverage will not be included.
  • The bottom earn charge of 0.5% is sort of low.
  • You have to have a private annual revenue of $60,000 or a family revenue of $100,000 to qualify. Should you earn much less, you possibly can apply for the Tangerine Cash-Again Credit score Card that has the identical earn charges however fewer perks.

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Greatest rewards bank card for money again

Scotiabank Momentum Visa Infinite*

Scotia-Momentum-Visa-Infinite

At a look: Should you’re seeking to earn as a lot money again as doable, 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 stability transfers
  • Welcome provide: You may earn 10% money again on all purchases for the primary 3 months (as much as $2,000 in whole purchases). No annual price within the first yr, together with on extra playing cards. Provide ends October 31, 2023.
  • Earn charge: 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 injury; new cell system insurance coverage; Visa Infinite Providers together with concierge and Visa Infinite Eating and Wine Nation program

Professionals

  • The 4% earn charge on groceries is without doubt one of the strongest within the nation.
  • What you get in journey insurance coverage protection alone is value greater than the annual price.
  • Stand up to $1,000 in new cell system insurance coverage to guard towards loss, theft and injury.

Cons

  • Though there isn’t a restrict to the amount of money again you possibly can earn, there’s an annual cap of $25,000 for the 4% and a couple of% classes. Purchases past the restrict will earn on the 1% base charge.
  • Rewards are solely deposited yearly, versus month-to-month with another money again bank cards.
  • The minimal revenue requirement will put this card out of attain for some.

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Greatest for journey rewards

American Categorical Cobalt*

amex-cobalt-review

At a look: The American Categorical Cobalt is a gorgeous card for on a regular basis spending, because of its robust rewards charges in a broad vary of classes and important 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 injury protection. Membership Rewards factors could be redeemed for merchandise, journey, buying, assertion credit and extra.

  • Annual price: $156
  • Rates of interest: 20.99% on purchases, 21.99% on money advances
  • Welcome provide: You may earn 2,500 factors for every month you spend $500, as much as a most of 30,000 factors.
  • Earn charge: 5 factors for each $1 spent on eligible meals supply, groceries and eating places; 3 factors per $1 spend on streaming providers; 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
  • Level worth: With the American Categorical Versatile Factors Program, 1 level is value $0.01 in journey rewards. You too can switch your Amex factors to different journey rewards packages, equivalent to Aeroplan, at a 1:1 factors worth ratio, the place your factors could possibly be value much more utilizing dynamic redemption packages. Membership rewards factors are value $0.04 to $0.07 in reward playing cards and merchandise and $0.07 when used towards a press release credit score.
  • Annual revenue requirement: None
  • Extra perks: A strong insurance coverage package deal that features emergency medical, misplaced or stolen baggage, flight or baggage delay, resort or motel housebreaking and automotive rental theft and injury protection; advance entry to Entrance of the Line by American Categorical Invitations, in addition to advance film screenings
  • Word: The earn charge on meals, groceries and eating places will apply as much as a most of $2,500 month-to-month beginning August 15, 2023

Professionals

  • Journey bookings, together with flights, prepare or boat tickets, excursions and lodging, all earn at a charge of two factors per $1 spent. 
  • Contains as much as $1,000 in new cell system insurance coverage, which protects towards loss, theft and injury.
  • Switch your factors at a ratio of 1:1 to a number of frequent flyer and loyalty packages.
  • Extra playing cards are free, so you possibly can increase your incomes with purchases with approved cardholders, equivalent to household.

Cons

  • The entire annual price of $155.88 ($12.99 per 30 days) is barely increased than different playing cards on this class. 
  • Boosted earn charges are solely accessible 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.

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Greatest Visa bank card for journey

TD First Class Journey Visa Infinite*

TD First class Travel Visa Infinite

At a look: The TD First Class Journey Visa Infinite stands out as a consequence of its distinctive partnership with Expedia For TD, which lets you simply guide 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 contemplate.

  • Annual price: $139 (rebated for the primary yr). 
  • Rates of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers
  • Welcome provide: You may earn as much as 100,000 TD Rewards factors. Circumstances apply. Should apply by September 5, 2023. Plus, get an annual birthday bonus of 10% of your earlier yr’s factors (as much as 10,000 factors).
  • Earn charge: 8 factors per $1 on journey booked by means of 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 thing else 
  • Level worth: 1 TD Rewards level is value $0.005 in journey rewards booked through Expedia For TD, or $0.004 when booked by means of different journey suppliers and web sites. Factors are value barely much less when used on merchandise, assertion credit, purchases on Amazon.ca and reward playing cards.
  • 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 Cross 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 yr’s factors (as much as 10,000 factors).
  • Yearly, you’re eligible for a $100 journey credit score once you spend $500 or extra at Expedia For TD.
  • Comes with a robust insurance coverage package deal.

Cons

  • This card won’t be appropriate for individuals who don’t want to guide their journey by means of Expedia For TD.
  • This card doesn’t provide airport lounge entry, however moderately a reduction on Precedence Cross membership.

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Greatest rewards bank card for gasoline and groceries

CIBC Dividend Visa Infinite

At a look: Gasoline and groceries are two of the most well-liked 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. Sturdy earn charges on eating, transit, and recurring payments, plus priceless perks like journey insurance coverage, make this card a strong throughout alternative.

  • Annual price: $120 (waived for the primary yr). 
  • Rates of interest: 20.99% on purchases, 22.99% on money advances (21.99% for Quebec residents), 22.99% on stability transfers
  • Earn charge: 4% money again on groceries, gasoline and EV charging, 2% on eating, each day transit and recurring payments, and 1% again on every thing else
  • Welcome bonus: Earn 10% money again welcome bonus of as much as $200 (first 4 statements). Provide not accessible to QC residents. Circumstances apply.
  • Annual revenue requirement: Private revenue of $60,000 or family revenue of $100,000
  • Extra advantages: Emergency journey medical; automotive rental collision and loss injury insurance coverage; cell system insurance coverage; plus save as much as $0.10 per litre at taking part Chevron, Ultramar and Pioneer gasoline stations once 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 once you hyperlink your card with Journie Rewards.
  • You may earn 4% again on electrical car (EV) charging, which is comparatively uncommon for bank card rewards packages.
  • You may redeem your money again everytime you need (minimal $25) moderately than having to attend for an annual payout, and there’s no restrict to the quantity you possibly can earn.

Cons

  • The minimal annual revenue requirement could have this card out of attain for some Canadians.
  • Whereas there isn’t a cap to how a lot money again you possibly can earn, there are limits within the boosted spending classes. For example, 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 in every single place, yearly. After that, purchases in these classes earn you 1% money again.

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Greatest rewards bank card for PC Optimum factors:

PC Monetary Mastercard*

pc financial mastercard

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

  • Annual price: $0
  • Rates of interest: 21.99% on purchases, 22.97% on money advances, 22.97% on stability transfers
  • Welcome provide: Get 20,000 PC Optimum factors (a $20 worth).
  • Earn charge: Primarily based charge of 10 factors per $1 spent; 30 factors per $1 at Esso and Mobil; 25 factors per $1 at Buyers Drug Mart; 20 factors per $1 at PC Journey; 10 factors per $1 at Loblaw banner shops
  • Level worth: 1 PC level is value $0.01 at Loblaw-affiliated grocery shops, Buyers Drug Mart, and Esso and Mobil gasoline stations.
  • Annual revenue requirement: None
  • Extra perks: Buy assurance

Professionals

  • Stack your factors by buying along with your PC Mastercard and displaying your PC Optimum card at checkout. Personalised gives 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

  • Provided that groceries is without doubt one of the largest spending classes, the earn charge of 10 PC factors per $1 spent at Loblaw shops isn’t as robust because it could possibly be.
  • You may solely redeem PC factors on purchases from retailers affiliated with PC. 
  • There aren’t any perks or extras included with this card.

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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 engaging perks, and gives probably the greatest earn charges round for Aeroplan factors.

  • Annual price: $139
  • Rates of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers
  • Welcome provide: You may earn as much as 50,000 Aeroplan factors. Circumstances apply. Should apply by September 5, 2023. Plus, as an anniversary bonus, earn 20,000 Aeroplan factors once you spend at the least $7,500 inside 12 months of opening the account.
  • Earn charge: 1.5 factors per $1 on eligible gasoline, grocery, and Air Canada purchases; 1 level per $1 on all different eligible purchases
  • Level worth: Aeroplan factors work on a dynamic chart-based redemption system, which implies your level worth will depend on variables just like the vacation spot, ticket worth and time of journey when you find yourself reserving flights. Your factors could possibly be extra priceless with this method in case you are strategic, however you might be restricted to reserving with Aeroplan-affiliated companions.
  • 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 software price; emergency journey help

Professionals

  • The first cardholder and as much as eight journey companions get their first checked bag free of charge on eligible Air Canada flights in North America. 
  • Use your Aeroplan factors to guide on Air Canada with out restrictions or blackout intervals.
  • You may stack your factors once you pay along with your TD Aeroplan Visa Infinite and supply your Aeroplan quantity at associate manufacturers. 
  • This card comes with a robust journey insurance coverage package deal.

Cons

  • This card doesn’t embody 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 increased than different playing cards on this class.

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Greatest rewards bank card for Air Miles

BMO Air Miles World Elite Mastercard*

BMO Air Miles World Elite Mastercard

At a look: With its engaging welcome bonus and engaging earn charges, the BMO World Elite Mastercard works effectively 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 (waived for the primary yr). 
  • Rates of interest: 20.99% on purchases, 23.99% on money advances, 22.99% on stability transfers
  • Welcome provide: You may earn as much as $518 in new Samsung gear plus as much as 2,000 AIR MILES Bonus Miles and annual price waived within the first yr!
  • Earn charge: 1 Mile per $12 spent; thrice the Miles for purchases at companions
  • Level worth: The worth of Dream Miles, which could be redeemed for journey purchases, will depend on the kind of reserving. You might be restricted to Air Miles companions once you guide. Money miles are value $0.105, and also you redeem them in $10 increments.
  • 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 supplied by LoungeKey; different particular gives and reductions

Professionals

  • The earn charge on Air Miles is aggressive, permitting you to succeed in your targets sooner. 
  • Cardholders get one annual low cost of 25% of the quantity of Air Miles to guide a flight.

Cons

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

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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 permits you to earn MBNA factors which you’ll redeem for merchandise, reward playing cards, journey, money and even charitable donations. The benefit of a money again rewards card that additionally enables you to redeem on journey, merchandise and different spending classes is that you’re not restricted to protecting your purchases with a press release credit score—you possibly can flip your factors into chilly onerous money or use your factors on the checkout. Plus, you get a few of the advantages of a journey rewards card with the power to make use of your factors on flights, lodges and extra.  Take into accout, although, that you’re restricted to redeeming by means of the MBNA Rewards Redemption Centre portal for journey purchases—however you aren’t restricted to sure airways or journey companions as you’d be with different packages like Aeroplan. Distinctive perks—just like the birthday bonus factors and included advantages like journey insurance coverage—make this card stand out.

  • Annual price: $120
  • Rates of interest: 19.99% on purchases, 24.99% on money advances, 22.99% on stability transfers
  • Welcome provide: You may earn 20,000 bonus factors (roughly $165 in money again worth) after you make $2,000 or extra in eligible purchases throughout the first 90 days. This provide will not be accessible for residents of Quebec.
  • Earn charge: 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 charge
  • Factors worth: 1 MBNA Rewards level is value $0.01 in eligible journey purchases, whereas brand-name merchandise, reward playing cards, money again and charitable donations are value $0.005 in redemption worth.
  • Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000
  • Extra perks: Journey and automotive rental insurance coverage; MBNA fee 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 may defend your new cell system towards loss, injury and theft with as much as $1,000 included protection.
  • The annual birthday bonus factors perk is a present of an extra 10% on the variety of factors you earned within the earlier yr.
  • 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 absolutely protected.
  • There’s an annual cap of $50,000 per class within the accelerated spending classes. Purchases past that may earn on the base charge of 1 level per $1 spent.
  • The annual minimal revenue requirement places this card out of attain for some candidates.

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Often requested questions

Our methodology: How we decide the most effective playing cards

The MoneySense editorial crew selects the most effective bank cards by assessing the worth they supply to Canadians throughout numerous classes. Our greatest rewards bank cards rating relies on an intensive checklist of card particulars and options—with a deal with people who matter to rewards collectors—together with annual charges, rates of interest, welcome gives, rewards earn charges and redemption choices, annual revenue necessities, and perks equivalent to insurance coverage protection, buy safety, reductions and airport lounge entry. We have now additionally thought-about the professionals and cons of every card that will help you decide which of them greatest fit your monetary wants. Our rankings are an unbiased supply of data for Canadians. The addition of hyperlinks from affiliate companions has no bearing on the outcomes. Learn extra about how MoneySense makes cash.

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Video: Promotional charges: What to search for within the advantageous print

How a lot are bank card rewards factors value 

With constant rewards packages, the factors are value a set quantity and this doesn’t change. Listed below are the values of factors with constant rewards packages.  

Bank card supplier  Level worth
MBNA Rewards 1 MBNA Rewards level is value $0.01 in eligible journey purchases, whereas brand-name merchandise, reward playing cards, money again and charitable donations are value $0.005 in redemption worth. Some purchases have to be made by means of the MBNA web site.
Scene+ Factors 1 Scene+ level is value $0.01 in redemption worth for journey, purchases at affiliated grocery, liquor and drug shops, and food and drinks at Cineplex and Scene companions. Factors are value barely much less when redeeming for film tickets, reward playing cards, assertion credit and a few merchandise.
American Categorical Membership Rewards factors  With the American Categorical Versatile Factors Program, 1 level is value $0.01 in journey rewards. You too can switch your Amex factors to different journey rewards packages like Aeroplan at a 1:1 factors worth ratio, the place your factors could possibly be value much more utilizing dynamic redemption packages. Membership rewards factors are value $0.04 to $0.07 in reward playing cards and merchandise by means of MembershipRewards.com, and $0.07 when used towards a press release credit score. 
TD Rewards 1 TD Rewards level is value $0.005 in journey rewards booked through Expedia For TD, or $0.004 when booked by means of different journey suppliers and web sites. Factors are value barely much less on merchandise, assertion credit, purchases on Amazon.ca and reward playing cards. 
BMO Rewards 1 level is value $0.007 in journey rewards, whereas the redemption worth is barely decrease for merchandise and reward playing cards. The journey redemption worth is barely decrease for BMO Rewards, however with BMO, you’re not restricted to reserving by means of its web site or with sure airways. Some playing cards, just like the BMO Air Miles World Elite Mastercard, will let you earn Air Miles factors as a substitute, which could be redeemed for flights, merchandise, and extra by means of the Air Miles portal. 
PC Optimum Factors 1 level is value $0.01 at Loblaw-affiliated grocery shops, Buyers Drug Mart, and Esso and Mobil gasoline stations. You may stack your Optimum factors to earn at increased charges with a PC Monetary bank card just like the PC Monetary Mastercard.

How to decide on the most effective rewards card

Should you’re buying round for a brand new bank card, you could discover most boil down to 2 kinds of rewards: factors or money again. It could be tempting to choose the cardboard that provides you the most effective return, nevertheless it’s not that straightforward. The place you store, how a lot you spend, and the kind of rewards you favor are all a part of the decision-making course of.

The case for money again

Should you want simplicity, cash-back playing cards are the way in which to go. The greatest money again bank cards provide the highest return primarily based in your on a regular basis spending habits. Right here’s what it is best to think about.

Payouts: Relying on the cardboard, money again is paid out month-to-month, quarterly or yearly and refunded within the type of a press release credit score, direct deposit to your checking account or a cheque within the mail.

Share earned: Money again bank cards earn you a set share primarily based how a lot you spend. Typically talking, money again playing cards with an annual price will earn you a better base share, so it’s essential issue that in if you happen to’re evaluating it to a no-fee card.

Multipliers: Some money again playing cards provide multipliers, which offer you a better share of money again in fashionable spending classes equivalent to grocery shops, gasoline stations, drugstores, and recurring payments.

The case for rewards

As an alternative of incomes money, journey rewards bank cards internet factors that can be utilized to say journey (flights, lodges), reward playing cards, or merchandise. Rewards playing cards could be fairly profitable when you know the way to earn and redeem factors successfully, however there are a number of options to contemplate.

Kind of rewards earned: Rewards playing cards are both linked to a selected journey model (airline or resort), or offer you flexibility to journey on any service. Should you’re loyal to a selected model, it is sensible to choose a co-branded card. Should you want flexibility, then decide a card that provides you probably the most choices.

Signup bonus: Most rewards playing cards provide an enormous signup bonus to entice you to use. Assuming you possibly can meet the minimal spend requirement, that bonus could possibly be value a couple of hundred {dollars}.

Ease of redemption: Rewards are ineffective if you happen to can’t use them. Search for packages that don’t have blackout dates or many restrictions so you possibly can declare your factors once you wish to.

Worth of your factors: Know what your factors are literally value. For instance, if you happen to earn 1 level for each $1 spent, and it takes 100 factors so that you can declare $1 in rewards, your factors are value 1%. When you’ve got a co-branded bank card for flights or lodges, it’s essential decide what number of factors it takes to get a free flight or resort room.

Extra advantages: Moreover rewards, you’ll wish to take a look at the extra advantages supplied. Many rewards card provide a complete journey insurance coverage package deal, auto rental insurance coverage, and worth safety as normal advantages.

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Extra of Canada’s greatest bank cards:


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