Canada’s best rewards credit cards 2020

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). The 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
• Welcome offer: Up to 25,000 Scotia Rewards Points after a $1,000 spend in the first 3 months 
• Earn rate: 5 Points for every $1 spent on groceries, dining and entertainment; 3 Points per dollar on gas, public transit and eligible streaming services; and 1 Point on everything else
• 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

Best no fee cash back card

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, and, 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
• Welcome offer: New cardholders can take advantage of a low interest rate on balance transfers: 1.95% for six months 
• Earn rate: 2% cash back in up to 3 spending categories; 0.5% back on everything else
• Income requirement: $12,000
• Additional perks: Purchase assurance and extended warranty

Get more details about the Tangerine Money-Back Card*

Best cash back card

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
• Welcome offer: First year annual fee waived; earn 10% cash back on all purchases up to $2,000 for first 3 months 
• Earn rate: 4% back on groceries and recurring bills; 2% back on public transit and gas; 1% cash back on all other purchases
• Income requirement: $60,000 per individual or $100,000 per household
• 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

Best flat-rate credit card

Amex SimplyCash Preferred Card*

If you’re looking for a card that offers cash back without the hassle of keeping track of spending categories, the SimplyCash Preferred Card from American Express could be a great option. You’ll earn a flat rate of 2% on everything you buy with no limit to how much cash back you can earn. and additional authorized users get their cards for free so you can pocket even more cash back by pooling your earning power with other members of your family or household. This card comes with a travel insurance package that includes travel accident and emergency medical coverage, along with lost or stolen baggage protection, flight delay and hotel burglary coverage; road trippers will love the car rental theft and damage insurance. All this comes bundled in a card with a lower-than-average annual fee of $99.

• Annual fee: $99
• Welcome offer: 10% cash back on purchases for the first 4 months (up to $400 cash back)
• Earn rate: 2% cash back on all purchases
• Income requirement: None specified
• Additional perks: Travel insurance with travel accident and emergency medical coverage; lost or stolen baggage protection; flight delay, baggage delay; hotel burglary coverage; car rental theft and damage insurance; American Express Front Of The Line perks

Get more details about the SimplyCash Preferred Card*

Best Visa travel card

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 dollar multiplies nicely on travel purchases: you get 9 Points per dollar for flights booked online through Expedia (which works out to a healthy 4.5% return); 6 Points per dollar for flights booked on the phone through Expedia; and 3 Points per dollar 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)
• Welcome offer: 20,000 when you make your first purchase—a $100 value when redeemed for travel
• Earn rate: 9 Points per dollar for flights booked online through Expedia; 6 Points per dollar for flights booked on the phone through Expedia; and 3 Points per dollar spent on everything else
• 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 Rent A Car

Get more details about the TD First Class Visa Infinite*

Best Mastercard travel card

BMO World Elite Mastercard*

The BMO World Elite Mastercard is a strong contender in the travel rewards category, offering and an earn rate of 3 BMO Points per dollar on travel, dining and entertainment, and 2 Points per dollar on everything else. These Points can be redeemed for a variety of products and services, including travel, merchandise and gift cards. BMO Rewards can be used towards any flight, hotel, rental car or cruise, including taxes and fees. The BMO World Elite also lets you travel in comfort with four annual Mastercard Airport Experiences provided by LoungeKey, and rest assured you’ll be covered while you’re away with a comprehensive insurance package.  

• Annual fee: $150, waived for the first year
• Welcome offer: 35,000 BMO Points when you spend $3,000 in the first 3 months
• Earn rate: 3 BMO Points per dollar on travel, dining and entertainment; 2 Points per $1 on all other purchases
• Income requirement: $80,000 per individual or $150,000 per household
• Additional perks: Free membership in Mastercard Airport Experiences provided by LoungeKey, with exclusive VIP access, plus 4 annual passes; insurance coverage including out-of-province/out-of-country emergency medical up to $2 million, trip cancellation or interruption, car rental collision or damage and baggage and personal effects benefits; purchase protection and extended warranty

Get more details about the BMO World Elite Mastercard*

Best retail or store card

PC Financial World Elite Mastercard*

Rewards cards for stores can be extremely valuable for loyal customers. Our pick for the best card in this category is the PC Financial World Elite, which operates within the PC Optimum environment—and the PC Optimum program is one of the most popular in the nation.  

With this card, you can earn PC Optimum Points on every purchase, at a regular rate of 10 Points per dollar, and an accelerated rate at associated retailers. Earn 45 Points per dollar at Shoppers Drug Mart, and 30 Points per dollar at Esso, PC Travel or any Loblaws stores like Fortinos, Extra Foods and No Frills—among the best returns for a no fee card on groceries. Redemption is easy and flexible, too. You simply redeem at the cash register anywhere PC products are sold, in units of 10,000 Points; each unit is worth $10. While these Points are most frequently used towards grocery or drugstore purchases, you can also shop for travel through the PC Travel portal. 

Unlike most no fee cards, the PC Financial World Elite carries some insurance like travel emergency medical and car rental loss or collision, and entitles you to concierge services. 

• Annual fee: $0
• Earn rate: 45 Points per dollar at Shoppers Drug Mart; 30 Points per dollar at Esso, PC Travel or any Loblaws stores; 10 Points per dollar everywhere else
• Income requirement: $80,000 per individual or $150,000 per household
• Additional perks: Travel emergency medical insurance; car rental collision or loss protection; concierge service

Get more details about the PC Financial World Elite*

Honourable mention

Rogers World Elite Mastercard

The Rogers World Elite Mastercard has some great perks—if you qualify. The earn rate is an impressive 1.5% cash back on all purchases, and 3% back on spends made in U.S. dollars (which works out to 0.5% back after foreign exchange fees). The card includes insurance for emergency medical, trip interruption and trip cancellation, along with rental car collision/damage. Not too shabby for a card with no annual fee! 

Do note, however, that there are some quirks. For instance, while purchases made in U.S. dollars earn 3% cash back, foreign purchases in other currencies do not. And, in a strange move for a Rogers-branded card, there are no bonus rewards on Rogers products. Finally and most importantly, you’ll be required to make at least $15,000 in purchases on the card every year, or be downgraded to the entry-level Rogers Platinum Card.

• Annual fee: $0
• Welcome offer: None
• Earn rate: 1.5% on everything; 3% on purchases made in U.S. dollars
• Income requirement: Credit approval plus a minimum annual income requirement of $80,000 (personal) or $150,000 (household)
• Additional perks: Travel insurance for emergency medical, trip interruption and trip cancellation; rental car collision/damage; access to more than 1,000 LoungeKey airport lounges; free Boingo wi-fi

Our methodology

For the best rewards credit cards 2020 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.