The best rewards credit cards in Canada for 2023

If you’re not leveraging your everyday spending to earn rewards, you’re missing out. Rewards credit cards help you earn points or Miles towards things like merchandise, gift cards or travel, or even cash back to pay for whatever you want—all for using a credit card for everyday purchases. Sounds good, right? It is, but to figure out the best rewards credit card for you, you’ll need to answer a few questions. For instance, do you prefer to collect points or get cash back in your pocket? Is it worth paying an annual fee for premium perks, or would you rather a no-fee card? What kind of travel rewards do you want? No matter your criteria, you’re bound to find a great fit with one (or more!) of the rewards credit cards below.

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Our picks for the 10 best rewards credit cards in Canada

Category	Credit card
Best for everyday spending	Scotiabank Gold American Express
Best for rewards with no fee	Tangerine World Mastercard
Best for cash back	Scotiabank Momentum Visa Infinite
Best for travel rewards	American Express Cobalt
Best Visa for travel	TD First Class Travel Visa Infinite
Best for gas and groceries	CIBC Dividend Visa Infinite
Best for PC Optimum points	PC Financial Mastercard
Best for Aeroplan points	TD Aeroplan Visa Infinite
Best for Air Miles	BMO Air Miles World Elite Mastercard
Best for flexible rewards	MBNA Rewards World Elite Mastercard

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The best rewards credit cards for everyday spending

Scotiabank Gold American Express*

At a glance: The Scotiabank Gold American Express card lets you earn boosted Scene+ points when you use it to buy groceries, restaurant meals and delivery, gas and transit, travel and more. One of the big benefits is that Scene+ rewards are easy to redeem, and the card comes with useful perks for travel and new mobile device insurance.

• Annual fee: $120
• Interest rates: 20.99% on purchases, 22.99% on cash advances
• Welcome offer: You can earn up to $650 in value in the first 12 months, including up to 40,000 bonus Scene+ points. Must apply by October 31, 2023.
• Earn rate: 6 Scene+ points per $1 spent on groceries at Sobeys banner stores (including Sobeys, Safeway, FreshCo and Foodland), 5 points per $1 spent on dining, entertainment and purchases at all other grocery stores, 3 points per $1 on gas, public transit and eligible streaming services, and 1 point per $1 on everything else
• Point value: 1 Scene+ point is worth $0.01 for travel, purchases at affiliated grocery, liquor and drug stores, and food and drink at Cineplex and Scene partners. Points are worth slightly less when redeeming for movie tickets, gift cards, statement credits and some merchandise.
• Annual income requirement: $12,000
• Additional perks: No foreign transaction fees; insurance, including travel emergency medical and travel accident, trip cancellation or interruption, and rental car collision or damage coverage; discount on Priority Pass Lounge access

Pros

• One of the few credit cards that waives the 2.5% foreign transaction fee, so you’ll save on cross-border shopping (including online) in other currencies.
• It comes with a fairly comprehensive travel insurance package that offers travel emergency medical, trip cancellation and interruption, flight delay, delayed or lost baggage, and travel accident insurance. It also includes car rental loss/damage insurance, hotel/motel burglary, and new mobile device coverage.
• An easy and flexible Scene+ points redemption program. With many partners in numerous categories already on board, the program is rapidly expanding, making collection easy.
• Scene+ points can be redeemed for groceries, dining, entertainment, merchandise, travel, retail and more.
• You can apply your Scene+ to travel spends up to a year after you’ve charged them.

Cons

• This is an American Express card, so it’s not accepted at certain retailers, like Superstore or Costco.
• Some of the stores in the boosted category aren’t available in certain parts of the country.
• Priority Pass lounge access offer is a discount only—no lounge visits are included.

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Best rewards credit card with no fee

Tangerine World Mastercard*

At a glance: The Tangerine World Mastercard lets you earn 2% cash back on purchases in up to three spending categories (and 0.5% back on everything else), plus it gives you access to a handful of extras, all for no annual fee. If you spend $1,000 in one of your two designated purchase categories in one month, for example, you’ll get $20 cash back as a statement credit on the billing date for that month. You can get a third category at 2% back if you choose to have rewards deposited into your Tangerine Savings Account.

• Annual fee: $0
• Interest rates: 19.95% on purchases, 19.95% on cash advances, 19.95% on balance transfers
• Welcome offer: earn an extra 10% back on up to $1,000 in everyday purchases within the first 2 months. Must apply by October 31st, 2023.

• Earn rate: 2% cash back in up to three spending categories; 0.5% back on everything else
• Annual income requirement: Personal income of $60,000 or household income of $100,000

• Additional perks: Boingo Wi-Fi for Mastercard; rental car collision/loss damage waiver; new mobile device insurance; airport lounge access with DragonPass; purchase assurance and extended warranty

Pros

• The earn rate of 2% cash back in up to three categories is competitive for a no-fee card. 
• Even though this is a no-fee card, there are a few nice extras included like up to $1,000 in new mobile device coverage, access to free Wi-Fi internationally with Boingo, and airport lounge access with DragonPass.
• You can change your boosted 2% spending categories with 30 days notice, so you can be strategic about what you earn on (eg. planning for holiday spending or for a trip).

Cons

• The DragonPass gets you access to airport lounges but does not include passes, which you’ll have to purchase separately.
• Travel insurance is not included.
• The base earn rate of 0.5% is quite low.
• You must have a personal annual income of $60,000 or a household income of $100,000 to qualify. If you earn less, you can apply for the Tangerine Money-Back Credit Card that has the same earn rates but fewer perks.

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Best rewards credit card for cash back

Scotiabank Momentum Visa Infinite*

At a glance: If you’re looking to earn as much cash back as possible, the Scotiabank Momentum Visa Infinite should be on your radar. Cardholders get 4% back on groceries, recurring bills and subscription services, 2% back on public transit and gas, and 1% back on all other purchases—with no cash back limit. The card also comes with a solid insurance package and other extras.

• Annual fee: $120
• Interest rates: 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
• Welcome offer: You can earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). No annual fee in the first year, including on additional cards. Offer ends October 31, 2023.
• Earn rate: 4% back on groceries and recurring bills; 2% back on public transit and gas; 1% cash back on all other purchases
• Annual income requirement: Personal income of $60,000 or household income of $100,000
• Additional perks: Comprehensive travel insurance including emergency medical, travel accident, trip cancellation or delay, delayed or lost baggage and rental car loss or damage; new mobile device insurance; Visa Infinite Services including concierge and Visa Infinite Dining and Wine Country program

Pros

• The 4% earn rate on groceries is one of the strongest in the country.
• What you get in travel insurance coverage alone is worth more than the annual fee.
• Get up to $1,000 in new mobile device insurance to protect against loss, theft and damage.

Cons

• Although there is no limit to the amount of cash back you can earn, there is an annual cap of $25,000 for the 4% and 2% categories. Purchases beyond the limit will earn at the 1% base rate.
• Rewards are only deposited yearly, as opposed to monthly with some other cash back credit cards.
• The minimum income requirement will put this card out of reach for some.

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Best for travel rewards

American Express Cobalt*

At a glance: The American Express Cobalt is an attractive card for everyday spending, thanks to its strong rewards rates in a broad range of categories and significant travel perks like insurance. The last one includes emergency medical, lost or stolen baggage, flight or baggage delay and car rental theft and damage coverage. Membership Rewards points can be redeemed for merchandise, travel, shopping, statement credits and more.

• Annual fee: $156
• Interest rates: 20.99% on purchases, 21.99% on cash advances
• Welcome offer: You can earn 2,500 points for each month you spend $500, up to a maximum of 30,000 points.
• Earn rate: 5 points for every $1 spent on eligible food delivery, groceries and restaurants; 3 points per $1 spend on streaming services; 2 points per $1 spent on gas and transit buys—including taxis, public transit and eligible flight tickets; 1 point per $1 on all other purchases
• Point value: 1 point is worth $0.01 in travel rewards with the Flexible Points Program. You can also transfer your points to other travel rewards programs, such as Aeroplan, at a 1:1 points value ratio. Membership rewards points are worth $0.04 to $0.07 in gift cards and merchandise and $0.07 when used toward a statement credit.
• Annual income requirement: None
• Additional perks: A solid insurance package that includes emergency medical, lost or stolen baggage, flight or baggage delay, hotel or motel burglary and car rental theft and damage coverage; advance access to Front of the Line by American Express Invites, as well as advance movie screenings
• Note: The earn rate on food, groceries and restaurants will apply up to a maximum of $2,500 monthly starting August 15, 2023

Pros

• Travel bookings, including flights, train or boat tickets, tours and lodging, all earn at a rate of 2 points per $1 spent. 
• Includes up to $1,000 in new mobile device insurance, which protects against loss, theft and damage.
• Transfer your points at a ratio of 1:1 to several frequent flyer and loyalty programs.
• Additional cards are free, so you can boost your earning with purchases with authorized cardholders, such as family.

Cons

• The total annual fee of $155.88 ($12.99 per month) is slightly higher than other cards in this category. 
• Boosted earn rates are only available on the first $30,000 spent across categories annually. After that, you’ll earn 1 point per $1 spent. 
• As an American Express card, the Cobalt is not accepted at some stores like Costco or Loblaw banner stores.

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Best Visa credit card for travel

TD First Class Travel Visa Infinite*

At a glance: The TD First Class Travel Visa Infinite stands out due to its unique partnership with Expedia For TD, which allows you to easily book on the portal and to earn points on your travel purchases at accelerated rates. Included travel insurance and perks, like the annual $100 travel credit and birthday bonus, make this a card to consider.

• Annual fee: $139 (first year rebate available—conditions apply to qualify.) 
• Interest rates: 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
• Welcome offer: You can earn up to 115,000 TD Rewards points. Conditions apply. Account must be approved by January 3, 2024. Plus, get an annual birthday bonus of 10% of your previous year’s points (up to 10,000 points).
• Earn rate: 8 points per $1 on travel booked through Expedia For TD; 6 points per $1 for groceries and restaurants; 4 points per $1 spent on recurring bill payments; 2 points per $1 for everything else 
• Point value: 1 TD Rewards point is worth $0.005 in travel rewards booked via Expedia For TD, or $0.004 when booked through other travel providers and websites. Points are worth slightly less when used on merchandise, statement credits, purchases on Amazon.ca and gift cards.
• Annual income requirement: Personal income of $60,000 or household income of $100,000
• Additional perks: Insurance including travel medical, trip cancellation or interruption, travel accident and car rental loss or collision; Priority Pass membership discount; savings with Avis and Budget car rentals

Pros

• There are no travel blackouts and no seat restrictions, and your TD points don’t expire.
• You get an annual birthday bonus of 10% of your previous year’s points (up to 10,000 points).
• Every year, you’re eligible for a $100 travel credit when you spend $500 or more at Expedia For TD.
• Comes with a strong insurance package.

Cons

• This card might not be suitable for those who don’t wish to book their travel through Expedia For TD.
• This card doesn’t offer airport lounge access, but rather a discount on Priority Pass membership.

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Best rewards credit card for gas and groceries

CIBC Dividend Visa Infinite

At a glance: Gas and groceries are two of the most popular spending categories for Canadians so it makes sense to use a credit card with accelerated rewards for those purchases. At 4% cash back, the CIBC Dividend Visa Infinite fits the bill. Strong earn rates on dining, transit, and recurring bills, plus valuable perks like travel insurance, make this card a solid all around choice.

• Annual fee: $120 (rebated for the first year). 
• Interest rates: 20.99% on purchases, 22.99% on cash advances (21.99% for Quebec residents), 22.99% on balance transfers
• Earn rate: 4% cash back on groceries, gas and EV charging, 2% on dining, daily transit and recurring bills, and 1% back on everything else
• Welcome bonus: Earn 10% cash back welcome bonus of up to $200 (first 4 statements). Offer not available to QC residents. Conditions apply.
• Annual income requirement: Personal income of $60,000 or household income of $100,000
• Additional benefits: Emergency travel medical; car rental collision and loss damage insurance; mobile device insurance; plus save up to $0.10 per litre at participating Chevron, Ultramar and Pioneer gas stations when you link your card with Journie Rewards

Pros

• This card’s earn rates are among the highest in the country, particularly for groceries and gas.
• You can save up to $0.10 per litre on gas at Chevron, Ultramar and Pioneer gas stations when you link your card with Journie Rewards.
• You can earn 4% back on electric vehicle (EV) charging, which is relatively rare for credit card rewards programs.
• You can redeem your cash back whenever you want (minimum $25) rather than having to wait for an annual payout, and there’s no limit to the amount you can earn.

Cons

• The minimum annual income requirement may have this card out of reach for some Canadians.
• While there is no cap to how much cash back you can earn, there are limits in the boosted spending categories. For instance, you will earn 4% back on gas and groceries up to the first $20,000 spent in those categories, or the first $80,000 spent everywhere, annually. After that, purchases in those categories earn you 1% cash back.

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Best rewards credit card for PC Optimum points:

PC Financial Mastercard*

At a glance: A broad retail partner base and valuable redemptions on everyday items like groceries and pharmacy purchases make the PC Optimum rewards program one of the most popular in Canada. The no-fee PC Financial Mastercard helps you accelerate your earnings with no minimum annual income requirement, and those with higher incomes can apply for the PC World Mastercard or the PC World Elite Mastercard which come with higher earn rates.

• Annual fee: $0
• Interest rates: 21.99% on purchases, 22.97% on cash advances, 22.97% on balance transfers
• Welcome offer: Get 20,000 PC Optimum points (a $20 value).
• Earn rate: Based rate of 10 points per $1 spent; 30 points per $1 at Esso and Mobil; 25 points per $1 at Shoppers Drug Mart; 20 points per $1 at PC Travel; 10 points per $1 at Loblaw banner stores
• Point value: 1 PC point is worth $0.01 at Loblaw-affiliated grocery stores, Shoppers Drug Mart, and Esso and Mobil gas stations.
• Annual income requirement: None
• Additional perks: Purchase assurance

Pros

• Stack your points by shopping with your PC Mastercard and showing your PC Optimum card at checkout. Personalized offers and in-store bonus events let you earn even more points. 
• Redeem PC optimum points in increments of 10,000 (a $10 value) at the cash register at Loblaw banner stories.
• PC Optimum points never expire.

Cons

• Given that groceries is one of the biggest spending categories, the earn rate of 10 PC points per $1 spent at Loblaw stores isn’t as strong as it could be.
• You can only redeem PC points on purchases from retailers affiliated with PC. 
• There are no perks or extras included with this card.

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Best rewards credit card for Aeroplan points

TD Aeroplan Visa Infinite*

At a glance: A solid all-round travel credit card that includes a well-prepared suite of insurance, several attractive perks, and offers one of the best earn rates around for Aeroplan points.

• Annual fee: $139 (annual fee rebate—conditions apply to qualify)
• Interest rates: 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
• Welcome offer: You can earn up to 35,000 Aeroplan points. Conditions apply. Account must be approved by January 3, 2024. Plus, as an anniversary bonus, earn 15,000 Aeroplan points when you spend at least $7,500 within 12 months of opening the account.
• Earn rate: 1.5 points per $1 on eligible gas, grocery, and Air Canada purchases; 1 point per $1 on all other eligible purchases
• Point value: Aeroplan points work on a dynamic chart-based redemption system, which means your point value depends on variables like the destination, ticket price and time of travel when you are booking flights. Your points could be more valuable with this system if you are strategic, but you are limited to booking with Aeroplan-affiliated partners.
• Annual income requirement: Personal income of $60,000 or household income of $100,000
• Additional perks: Travel medical, trip cancellation/interruption, and flight/trip delay insurance; free first checked bag; NEXUS application fee; emergency travel assistance

Pros

• The primary cardholder and up to eight travel companions get their first checked bag for free on eligible Air Canada flights in North America. 
• Use your Aeroplan points to book on Air Canada without restrictions or blackout periods.
• You can stack your points when you pay with your TD Aeroplan Visa Infinite and provide your Aeroplan number at partner brands. 
• This card comes with a strong travel insurance package.

Cons

• This card does not include airport lounge membership or free lounge access.
• Aeroplan points can’t be redeemed for cash or for flights outside the Star Alliance network.
• The $139 annual fee is a bit higher than other cards in this class.

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Best rewards credit card for Air Miles

BMO Air Miles World Elite Mastercard*

At a glance: With its enticing welcome bonus and attractive earn rates, the BMO World Elite Mastercard works well for avid Air Miles collectors. The card includes a strong insurance package and a few extras, like Boingo Wi-Fi access.

• Annual fee: $120 (waived for the first year). 
• Interest rates: 20.99% on purchases, 23.99% on cash advances, 22.99% on balance transfers
• Welcome offer: You can earn up to $518 in new Samsung gear plus up to 2,000 AIR MILES Bonus Miles and annual fee waived in the first year!
• Earn rate: 1 Mile per $12 spent; three times the Miles for purchases at partners
• Point value: The value of Dream Miles, which can be redeemed for travel purchases, depends on the type of booking. You are limited to Air Miles partners when you book. Cash miles are worth $0.105, and you redeem them in $10 increments.
• Annual income requirement: Personal income of $80,000 or household income of $150,000
• Additional perks: Travel insurance including emergency medical, trip cancellation/interruption, and flight delay coverage; car rental insurance; 15% discount on North American Air Miles flights; free membership in Mastercard Airport Experiences provided by LoungeKey; other special offers and discounts

Pros

• The earn rate on Air Miles is competitive, allowing you to reach your goals faster. 
• Cardholders get one annual discount of 25% of the amount of Air Miles to book a flight.

Cons

• The DragonPass lounge membership does not include free lounge passes; these must be purchased separately.
• Does not include hotel/motel burglary insurance.
• This card has a high minimum annual income eligibility requirement.

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Best rewards credit card for flexible rewards

MBNA Rewards World Elite Mastercard*

At a glance: The MBNA Rewards World Elite Mastercard is a flexible rewards card that lets you earn MBNA points which you can redeem for merchandise, gift cards, travel, cash and even charitable donations. The advantage of a cash back rewards card that also lets you redeem on travel, merchandise and other spending categories is that you are not limited to covering your purchases with a statement credit—you can turn your points into cold hard cash or use your points at the checkout. Plus, you get some of the benefits of a travel rewards card with the ability to use your points on flights, hotels and more.  Keep in mind, though, that you are limited to redeeming through the MBNA Rewards Redemption Centre portal for travel purchases—but you are not limited to certain airlines or travel partners as you would be with other programs like Aeroplan. Unique perks—like the birthday bonus points and included benefits like travel insurance—make this card stand out.

• Annual fee: $120
• Interest rates: 19.99% on purchases, 24.99% on cash advances, 22.99% on balance transfers
• Welcome offer: You can earn 20,000 bonus points (approximately $165 in cash back value) after you make $2,000 or more in eligible purchases within the first 90 days. This offer is not available for residents of Quebec.
• Earn rate: 5 points per $1 spent on groceries, restaurants, digital media, memberships, and household utilities up to $50,000 per category annually; 1 point per $1 is the base rate
• Points value: 1 MBNA Rewards point is worth $0.01 in eligible travel purchases, while brand-name merchandise, gift cards, cash back and charitable donations are worth $0.0083 in redemption value.
• Annual income requirement: Personal income of $80,000 or household income of $150,000
• Additional perks: Travel and car rental insurance; MBNA payment plan; 10% points back in annual birthday bonus

Pros

• This card includes $2 million in travel medical insurance. It also has included flight/trip delay and delayed/lost baggage coverage.
• You can protect your new mobile device against loss, damage and theft with up to $1,000 included coverage.
• The annual birthday bonus points perk is a gift of an additional 10% on the number of points you earned in the previous year.
• Your MBNA points never expire.

Cons

• The included travel insurance offering is incomplete, so you’ll have to buy extra coverage to be fully protected.
• There is an annual cap of $50,000 per category in the accelerated spending categories. Purchases beyond that will earn at the base rate of 1 point per $1 spent.
• The annual minimum income requirement puts this card out of reach for some applicants.

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Frequently asked questions

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Video: Promotional rates: What to look for in the fine print

How much are credit card rewards points worth 

With consistent rewards programs, the points are worth a fixed amount and this doesn’t change. Here are the values of points with consistent rewards programs.  

Credit card provider	Point value
MBNA Rewards	1 MBNA Rewards point is worth $0.01 in eligible travel purchases, while brand-name merchandise, gift cards, cash back and charitable donations are worth $0.005 in redemption value. Some purchases must be made through the MBNA website.
Scene+ Points	1 Scene+ point is worth $0.01 in redemption value for travel, purchases at affiliated grocery, liquor and drug stores, and food and drink at Cineplex and Scene partners. Points are worth slightly less when redeeming for movie tickets, gift cards, statement credits and some merchandise.
American Express Membership Rewards points	With the American Express Flexible Points Program, 1 point is worth $0.01 in travel rewards. You can also transfer your Amex points to other travel rewards programs like Aeroplan at a 1:1 points value ratio, where your points could be worth even more using dynamic redemption programs. Membership rewards points are worth $0.04 to $0.07 in gift cards and merchandise through MembershipRewards.com, and $0.07 when used toward a statement credit.
TD Rewards	1 TD Rewards point is worth $0.005 in travel rewards booked via Expedia For TD, or $0.004 when booked through other travel providers and websites. Points are worth slightly less on merchandise, statement credits, purchases on Amazon.ca and gift cards.
BMO Rewards	1 point is worth $0.007 in travel rewards, while the redemption value is slightly lower for merchandise and gift cards. The travel redemption value is slightly lower for BMO Rewards, but with BMO, you’re not limited to booking through its website or with certain airlines. Some cards, like the BMO Air Miles World Elite Mastercard, allow you to earn Air Miles points instead, which can be redeemed for flights, merchandise, and more through the Air Miles portal.
PC Optimum Points	1 point is worth $0.01 at Loblaw-affiliated grocery stores, Shoppers Drug Mart, and Esso and Mobil gas stations. You can stack your Optimum points to earn at higher rates with a PC Financial credit card like the PC Financial Mastercard.

How to choose the best rewards card

If you’re shopping around for a new credit card, you may notice most boil down to two types of rewards: points or cash back. It might be tempting to pick the card that gives you the best return, but it’s not that simple. Where you shop, how much you spend, and the type of rewards you prefer are all part of the decision-making process.

The case for cash back

If you prefer simplicity, cash-back cards are the way to go. The best cash back credit cards give you the highest return based on your everyday spending habits. Here’s what you should consider.

Payouts: Depending on the card, cash back is paid out monthly, quarterly or annually and refunded in the form of a statement credit, direct deposit to your bank account or a cheque in the mail.

Percentage earned: Cash back credit cards earn you a fixed percentage based how much you spend. Generally speaking, cash back cards with an annual fee will earn you a higher base percentage, so you need to factor that in if you’re comparing it to a no-fee card.

Multipliers: Some cash back cards offer multipliers, which give you a higher percentage of cash back in popular spending categories such as grocery stores, gas stations, drugstores, and recurring bills.

The case for rewards

Instead of earning cash, travel rewards credit cards net points that can be used to claim travel (flights, hotels), gift cards, or merchandise. Rewards cards can be quite lucrative when you know how to earn and redeem points effectively, but there are several features to consider.

Type of rewards earned: Rewards cards are either linked to a specific travel brand (airline or hotel), or give you flexibility to travel on any carrier. If you’re loyal to a specific brand, it makes sense to pick a co-branded card. If you prefer flexibility, then pick a card that gives you the most options.

Signup bonus: Most rewards cards offer a huge signup bonus to entice you to apply. Assuming you can meet the minimum spend requirement, that bonus could be worth a few hundred dollars.

Ease of redemption: Rewards are useless if you can’t use them. Look for programs that don’t have blackout dates or many restrictions so you can claim your points when you want to.

Value of your points: Know what your points are actually worth. For example, if you earn 1 point for every $1 spent, and it takes 100 points for you to claim $1 in rewards, your points are worth 1%. If you have a co-branded credit card for flights or hotels, you need to determine how many points it takes to get a free flight or hotel room.

Additional benefits: Besides rewards, you’ll want to look at the additional benefits offered. Many rewards card offer a comprehensive travel insurance package, auto rental insurance, and price protection as standard benefits.

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More of Canada’s best credit cards:

• Best credit cards in Canada
• Best travel credit cards
• Best cash back credit cards
• Best no fee credit cards
• Best low interest credit cards
• Best balance transfer credit cards
• Best student credit cards

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