Canada’s best rewards credit cards 2022

The best rewards credit cards in Canada 2022

• Best rewards credit card Airmiles — BMO Air Miles World Elite Mastercard*
• Best rewards credit card flexible rewards — MBNA Rewards World Elite Mastercard*

Best rewards credit cards for everyday spending

Scotiabank Gold American Express*

An exceptional earn rate and welcome bonus paired with useful perks like no foreign transaction fees and included travel insurance make the Scotiabank Gold American Express one of our top two picks for best rewards card for everyday spending. With this card, members get 5 points for every $1 spent in the groceries, entertainment and dining categories, and 3 points per $1 on gas, public transit and eligible streaming services. These categories are attractively broad, but rest assured that any other purchases earn at 1 point per $1.  Scotia Rewards are extremely flexible and can be redeemed for a variety of travel rewards as well as merchandise or a credit against your statement. Book travel through the Scotia Rewards Travel portal at a rate of 100 points for $1 in travel. (If you use a different site, then you’ll have to apply your points to get a statement credit instead of redeeming at the time of purchase). Scotiabank Gold American Express also has very tempting perks like the foreign transaction fee waiver, which will save you 2.5% on purchases in another currency (in-person or online), and an included package of travel insurance that is worth the $120 annual fee all on its own. 

• Annual fee: $120

• Interest rates: purchases 20.99%, cash advances 21.99%

• Welcome offer: You can earn a total of 45,000 bonus Scene+ points ($450 value). First, you’ll earn 25,000 by spending $1,000 on everyday purchases in your first 3 months then earn another 20,000 points when you spend at least $7,500 in everyday purchases in your first year. Must apply by June 29, 2022.
• Earn rate: 5 points for every $1 spent on groceries, dining and entertainment; 3 points per $5 on gas, public transit and eligible streaming services; and 1 point on everything else
• 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; Priority Pass Lounge access discount

Get more details about the Scotiabank Gold American Express*

American Express Cobalt*

With a slightly different, but equally impressive earn rate and welcome bonus as the Scotiabank Gold, the American Express Cobalt shares the top spot in our everyday spending rewards card category. Cobalt cardholders earn 5 points per $1 spent on eligible food delivery, groceries and restaurants; 2 points per $1 spent on gas and transit buys (including taxis, public transit and eligible flight tickets); and 1 point per $1 on all other purchases. Did you catch that in the transit category? Flight tickets are included, making this a seriously attractive card for travellers. Additionally, this Amex will get you started with up to 30,000 points—worth $300 in travel—in your first year. Rewards points are super flexible and can be used towards travel (including on taxes and fees and without blackout periods or airlines restrictions), merchandise and gift cards, or a cash credit on your card. The American Express Cobalt offers significant travel perks, like an insurance package that includes emergency medical, lost or stolen baggage, flight or baggage delay and car rental theft and damage coverage. Plus, cardholders can access the Fixed points program, which allows them to get the most value out of their points for round-trip flights.

• Annual fee: $155.88 (charged $12.99 per month)

• Interest rates: purchases 20.99%, cash advances 21.99%

• Welcome offer: In the first year, you’ll earn 2,500 points when you spend $500 per month on eligible purchases—earning you up to 30,000 points.
• Earn rate: 5 points for every $1 spent on eligible food delivery, groceries and restaurants; 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.
• Annual income requirement: None specified
• 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 screenings to movies

Get more details about the Amex Cobalt Card*

Best rewards credit card with no fee

Tangerine Money-Back Credit Card*

Just because you want to earn cash back rewards doesn’t mean you need to pay a hefty annual fee—and that’s where the no fee Tangerine Cash Back Credit Card comes in. With this Mastercard, there’s an automatic 2% back in two spending categories of your choice. When you sign up to have your rewards automatically deposited into a Tangerine Savings Account, you get 2% in a third. All other purchases earn at a rate of 0.5%. The 10 spending categories are: grocery; recurring bill payments; furniture; drug store; restaurants; home improvement; hotel/motel; entertainment; gas; and public transportation and parking.  One of the main benefits of the Tangerine Money-Back Credit Card is that you can earn back unlimited cash, and you can change your selected categories once per billing cycle to suit your spending habits.

If you meet the $60,000 annual income requirement you’ll automatically be considered for the Tangerine World Mastercard, which comes with additional perks such as mobile device and rental car insurance.

• Annual fee: $0

• Interest rates: purchases 19.95%, cash advances 19.95%, balance transfers 19.95%

• Welcome offer: Earn 15% cash back (up to $150) when you spend $1,000 on everyday purchases within the first 2 months of having the card. Transfer your balance from another card and receive a low interest rate of 1.95% for the first 6 months (note that a 1% balance transfer fee will be charged). Must apply by Sept. 30, 2022.
• Earn rate: 2% cash back in up to 3 spending categories; 0.5% back on everything else
• Annual income requirement: $12,000
• Additional perks: Purchase assurance and extended warranty

Get more details about the Tangerine Money-Back Card*

Best reward credit card for cash back

Scotiabank Momentum Visa Infinite*

Those looking for a cash back card with a generous earn rate and welcome offer need look no further than the Scotia Momentum Visa Infinite. Cardholders earn 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. This represents a significant earnings opportunity, particularly since the $120 annual fee is waived for the first year for new members.  On top of the cash back rewards, the Scotia Momentum Visa Infinite includes an excellent insurance package. Travellers are covered for emergency medical, travel accident, trip cancellation or delay, delayed or lost baggage, and rental car loss or damage. This card also includes up to $1,000 in new mobile device insurance, which protects against lost, stolen or accidentally damaged phones or tablets. Finally, as part of the Visa Infinite program, this card includes Visa Infinite Services such as a concierge service and wine country discounts in Ontario and British Columbia.

• Annual fee: $120

• Interest rates: purchases 20.99%, cash advances 22.99%, balance transfers 22.99%

Get more details about the Scotia Momentum Visa Infinite*

Best reward credit card for travel

TD First Class Travel Visa Infinite*

Visa is one of the largest credit card companies in the world, with numerous options for consumers—and when it comes to travel rewards, the TD First Class Travel Visa Infinite gets our nod. The regular earn rate of 3 TD points per $1 multiplies nicely on travel purchases: You get 9 points per $1 for travel booked online through Expedia For TD and charged to account (which works out to a healthy 4.5% return); 6 points per $1 in purchases of travel made by phone through Expedia For TD and charged to your account; and 3 points per $1 spent on everything else. The best part is you can redeem those points for a variety of rewards, including any travel expense—not just flights—from Expedia’s vast travel catalogue, and your TD points never expire. For the earn rate, flexibility, and included insurance coverage, this card is a winner.

• Annual fee: $120 (rebated for the first year; $50 annual fee for the first additional cardholder is also rebated)

• Interest rates: purchases 19.99%, cash advances 22.99%, balance transfers 22.99%

• Welcome offer: You can earn up to 100,000 TD points (up to $500 value) within the first 3 months of having the card. You’ll earn 20,000 TD points with your first card purchase, then another 80,000 when you spend $1,500 within the first 90 days, for a combined total of 100,000 points. Must apply before October 29, 2022. For Quebec residents, please click here.
• Earn rate: 9 points per $1 for travel booked online through Expedia For TD and charged to account; 6 points per $1 in purchases of travel made by phone through Expedia For TD and charged to account; and 3 points per $1 spent on everything else
• Annual income requirement: $60,000 per individual or $100,000 per household
• 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

Get more details about the TD First Class Visa Infinite*

Best reward credit card for gas and groceries

CIBC Dividend Visa Infinite

With gas and grocery costs increasing in Canada, this card could be one benefit of rising prices, earning you rewards in the form of cold, hard cash, to balance your bottom line. With an impressive return rate of 4% on gas and grocery purchases, the annual fee (rebated in the first year) will pay for itself in no time. You can also earn cash back in other areas, including 2% on daily transit (including rideshares and public transit), 2% on dining and recurring payments and 1% on everything else.

• Annual fee: $120 (rebated for the first year)
• Interest rates: purchases 20.99%, cash advances 22.99%, balance transfers 22.99% (21.99% on cash advances for Quebec residents).
• Earn rate: 4% cash back on groceries and gas, 2% on dining, daily transit and recurring bills, and 1% back on everything else.
• Welcome bonus: Get 10% cash back for all purchases (up to $300). After that, the earn rate becomes 4% on eligible gas and grocery purchases.
• Annual income required: $60,000 or $100,000 as a household
• 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

Best rewards credit card for Optimum points:

PC Financial Mastercard*

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. You can boost your points to reach your goals more quickly by using one of the three available no-annual-fee PC Mastercards. Although all three earn you accelerated rewards, our pick for the best card to collect Optimum points is the accessible PC Mastercard. With no minimum income requirements, you can take advantage of a base rate of 10 points per $1 spent no matter where you shop. Plus, you get with 30 points per $1 spent at Esso and Mobil, 25 points per $1 at Shoppers Drug Mart, 20 points per $1 at PC Travel, and 10 points per $1 at any Loblaw banner stores, like Loblaws, Fortinos, Extra Foods and No Frills. Those with higher incomes can apply for the PC World Mastercard or the PC World Elite Mastercard to take advantage of boosted earnings. 

• Annual fee: $0
• Interest rates: purchases 20.97%, cash advances 22.97%, balance transfers 22.97%
• Welcome offer: None
• Earn rate: 10 points per $1 spent base rate; 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
• Annual income requirement: None
• Additional perks: Purchase assurance

  Get more details about the PC Financial Mastercard*

Best rewards credit card for Aeroplan points:

TD Aeroplan Visa Infinite*

While the TD Aeroplan Visa Infinite is an Aeroplan card, allowing you to earn Aeroplan points on your purchases, it’s also a powerhouse of a travel card. In addition to getting you 1.5 Aeroplan points per $1 on groceries, gas and Air Canada purchases (and 1 point per $1 on everything else), this card comes with a roster of premium perks. These include your first checked bag for free for you and up to 8 people, free NEXUS travel application fee every 48 months, free six-month Uber Pass membership, and a suite of travel insurance. For new cardholders, there’s a head-turning bonus of up to 50,000 Aeroplan points when you make your first purchase (10,000), spend $1,500 within the first 90 days (20,000), and spend $7,500 within the 12 months of opening an account (20,000). Add on the NEXUS application fee rebate and the annual fee waiver, this promotion is worth $1,400.

• Annual fee: $139 (waived the first year)
• Interest rates: Purchases 19.99%, cash advances 22.99%, balance transfers 22.99%
• Welcome offer: You can earn up to 50,000 Aeroplan points. First, earn 10,000 as a welcome bonus when you make your first purchase and another 20,000 when you spend $1,500 in the first 90 days. After that earn another 20,000 Aeroplan points when you spend $7,500 within the first 12 months of opening an account. Must apply by September 5, 2022. For Quebec residents, please click here.
• Earn rate: 1.5 point per $1 on eligible gas, grocery, and Air Canada purchases; 1 point per $1 on all other eligible purchases
• Annual income requirement: $60,000 annually or $100,000 as a household annually
• Additional perks: Travel medical, trip cancellation/interruption, and flight/trip delay insurance; free first checked bag; NEXUS application fee, six-month Uber Pass membership; emergency travel assistance

  Get more details about the TD Aeroplan Visa Infinite*

Best rewards credit card for Airmiles

BMO Air Miles World Elite Mastercard*

The BMO Air Miles World Elite Mastercard is a must-carry for avid Air Miles collectors. Every purchase you make on your card will earn at a rate of 1 Air Mile per $12 spent, and you can get a double the points boosted on purchases at Air Miles partner stores. New members will be enticed by the beefy bonus. They receive 2,000 Air Miles when they spend $3,000 in the first three months, plus the annual fee is waived for the first year.  Additional travel perks on this card include a 15% discount on Air Miles flights in North America with no blackout periods and free membership in Mastercard Airport Experiences provided by LoungeKey. The card includes insurance that covers you for emergency medical, trip cancellation/interruption and flight delay coverage, and there’s also car rental collision damage waiver coverage. This benefits are made even more enticing because you don’t need to charge an entire trip to your card to take advantage of these perks—a partial cost including taxes and fees can suffice. 

• Annual fee: $120 (waived the first year)
• Interest rates: purchases 20.99%, cash advances 23.99%, balance transfers 23.99%
• Welcome offer: 2,000 Air Miles
• Earn rate: 1 Air Mile per $12 spent; three times the Air Miles for purchases at partners
• Annual income requirement: $80,000 or $150,000 a household
• 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

Get more details about the BMO Air Miles World Elite Mastercard*

Best rewards credit card for flexible rewards

MBNA Rewards World Elite Mastercard*

  If you want to use your rewards toward different types of merchandise, gift cards, travel and other redemption items, you’re looking for a flexible rewards card. These kinds of rewards programs don’t limit you to one kind of redemption or a single retailer or family of retailers. Just like with other rewards cards, earn rates will help determine the best of the best, along with valuable perks and benefits. Our pick in for the category of flexible rewards is the MBNA Rewards World Elite Mastercard. The MBNA reward program is the very definition of flexible. You can redeem MBNA points for merchandise, gift cards, travel, cash and even charitable donations. Cash is the most flexible reward of all, right. When you use your MBNA Rewards World Elite Mastercard to make purchases you’ll have a base rate of 1 point per $1 spent, and an accelerated rate of 5 points per $1 spent on groceries, restaurants, digital media, memberships, and household utilities up to $50,000 per category annually. When you redeem for travel, that’s a 5% rate of return. Cash redemptions come in at 4.15%, a rate that rivals most cash back credit cards. Valuable extras include 10% of the total annual point earned (to a maximum of 15,000) in the form of Birthday Bonus points. An impressive promotion for new members is earning up to 30,000 MBNA points. 

• Annual fee: $120
• Interest rates: purchases 19.99%, cash advances 24.99%, balance transfers 22.99%
• Welcome offer: Earn up to 30,000 points when you make $2,000 in purchases and enroll in paperless statements in the first three months.
• 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 base rate
• Annual income requirement: $80,000 personal or $150,000 household
• Additional perks: Travel and car rental insurance; MBNA payment plan; 10% points back in annual Birthday Bonus

Get more details about the MBNA World Elite Mastercard*

More about 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

Our methodology

For the best rewards credit cards 2022 ranking, MoneySense tapped into Ratehub.ca’s‡ credit card tool and ran the numbers for cash back and travel credit cards, based on $2,000 in monthly spending. We made the following assumptions: grocery spend of $500, gas of $200, restaurants of $200 and bill payments of $125, travel of $175, entertainment of $225, pharmacy purchases of $75 and all other purchases of $500.

The end game was a magic number—that is, the annual net reward in dollar terms to identify the top cards in each category, plus an honorary mention. Our methodology also took into consideration other factors, including welcome bonuses and accelerated earn rates, annual fee waivers, loyalty program flexibility and travel insurance perks.

‡MoneySense.ca and Ratehub.ca are both owned by parent company Ratehub Inc. We may be partnered with some financial institutions, but this does not influence the “Canada’s Best Credit Card” rankings. You can read more about this in our Editorial Code of Conduct.