If shopping is your hobby, or you want discounts on everything—from groceries to a new car—check out this list of the best store credit cards in Canada.
Photo by freestocks on Unsplash
Creatures of habit, rejoice! Your loyal shopping behaviours may just pay off, big time. If you shop regularly at certain retailers, using a store credit card can help you to earn discounts, free goods and exclusive perks by swiping or tapping for everyday purchases. Spending with a store credit card can even give you VIP access to sales. And if you already collect loyalty points, they’ll likely accumulate even quicker with a store credit card. Considering that these cards typically have no annual fee, the reasons to switch are racking up quicker than your latte charges. Read on to see which are the best store credit cards in Canada for making your daily spending work for you.
This credit card brings something more to the table–get it? Arguably the best no fee card credit for groceries in Canada, the PC Financial World Elite Mastercard earns you PC Optimum Points faster when you shop at any of the Loblaw banner stores (Loblaws, No Frills, Superstore, Fortinos, etc.), Shoppers Drug Mart and when you fill up at Esso and Mobil gas stations.
Interest rates: purchases 20.97%, cash advances 22.97% (21.97% Quebec)
Get more details about the PC Financial World Elite Mastercard*
You rack up the equivalent of 4.5% cash back in PC Optimum Points at Shoppers Drug Mart and 3% on groceries from Loblaws banner stores. You’ll also earn 30 Optimum Points per litre of gas at Esso and Mobil stations—making it one of the best retailer credit cards for gas on the market—and 1% in PC points everywhere else you swipe the card.
The loyalty system is easy to understand: 10,000 PC Optimum Points is equivalent to $10 redeemable in merchandise (or in other words, 10 points = $0.01 or 1%).
You can redeem your points at almost 2,500 participating retail locations including Loblaws banner stores and Shoppers Drug Mart/Pharmaprix locations. As soon as you reach over 10,000 points, you present your card at the register and the respective discount is deducted from your bill instantly.
This card doesn’t have an annual fee, and it offers free travel emergency medical insurance for up to $1 million for trips of 10 days or less. It also comes with car rental insurance, purchase assurance in case of theft, loss or damage after you buy an item with your card and extended warranty on certain items purchased with the card. It also has a free 24/7 concierge service for dinner reservations, event tickets, gift delivery and more. You can also stack any PC Optimum points you regularly earn on the credit card with personalized offers from the PC Optimum app, in-store points offers or flyers.
Purchases on certain items, like tobacco, lottery tickets and prescriptions at stores, do not earn you PC Optimum Points. Also, while you can earn points at Esso and Mobil gas stations, you cannot redeem points for free gas.
To qualify for the PC Financial World Elite Mastercard, you need a minimum annual income of $80,000 or $150,000 as a household, as well as a minimum spend of $15,000 annually. However, if you don’t meet those requirements, you will automatically be considered for the PC Financial World or entry-level PC Financial Mastercard with lesser income and still earn PC Points on everyday spending.
| PC Financial World Elite | PC Financial World | PC Mastercard | |
|---|---|---|---|
| Annual fee | $0 | $0 | $0 |
| Shoppers Drug Mart | 4.5% | 3.5% | 2.5% |
| Loblaws groceries | 3% | 2% | 1% |
| Esso & Mobil | 3% | 3% | 3% |
| PC Travel | 3% | 2% | 2% |
| Everything else | 1% | 1% | 1% |
| Income requirement | $80k or $150k/household | $60k or $100k/household | None specified |
Get more details about PC Financial credit cards*
Making an effort to #supportlocal? That doesn’t mean you can’t earn competitive cash-back rewards. This no-fee card allows you to earn an average of 4% cash back when you spend at partnered retailers, including both local shops and bigger businesses, like Netflix, Spotify and Hudson’s Bay. A sampling of its partners can be found on the website, and you can see more partners when you use the app.
Interest rates: purchases 19.99% to 24.99%, cash advances 21.99% to 26.99% depending on the plan your choose
Get more details about the Neo Financial Mastercard*
You rack up the equivalent of 4% cash back at local partner retailers, which you can view in the Neo Financial app. All other spending earns you 1% cash back. You can redeem your points instantly, and there’s no threshold to reach before you can redeem them.
This card doesn’t have an annual fee, over-limit nor inactivity fees. It also offers unique rewards from the businesses it partners with, which can mean perks like earning a free morning coffee at your local shop or getting 20% off a new yoga class.
Depending on your spending habits, the cost of the cash back rewards maybe not be worth it for you. You’d have to do the math to decide the better deal, based on your spending habits.
If you spend a lot on items for your home, car, sports equipment and more, you could collect Canadian Tire Money with those purchases. This card rewards you with CT Money while shopping at Canadian Tire and eligible stores. It’s worth noting that Canadian Tire Money has changed: it’s not the fun, Monopoly-style paper bills of an era gone by; CT Money racks up electronically now.
The Triangle Mastercard lets you rack up the equivalent of 4% cash back in CT Money when you spend at Canadian Tire, Sport Chek, Atmosphere, Hockey Experts, Sports Rousseau, L’Entrepôt du Hockey, Mark’s/L’Équipeur, Party City and participating and Sports Experts stores. Don’t forget, Canadian Tire offers auto services, so collecting (or redeeming) CT Money could be a silver lining to your next flat tire or oil change.
In terms of rewards systems, it couldn’t be simpler: $1 in Canadian Tire Money is equivalent to one redeemable dollar on Canadian Tire, Sport Chek, Atmosphere, Sports Rousseau, Hockey Experts, L’Entrepôt du Hockey and participating Mark’s/L’Équipeur and Sports Experts stores. You can use your CT Money by presenting your credit card to the cashier.
The Triangle Mastercard boasts no annual fee and also offers a no-receipt return policy at participating stores and exclusive savings events for members.
You can also take advantage of their no-fee, no-interest financing program on bigger purchases at Canadian Tire (and the aforementioned stores). Basically, when you spend $150 or more, you can split it into 24 equal monthly payments, as long as you pay your minimum balance due each month. It’s like layaway 2.0.
The reward points are only applied to the price of the purchased items, meaning the 4% you’ll earn on purchases at Canadian Tire doesn’t include sales tax.
If going to the mall isn’t your thing right now (totally understandable), the Amazon.ca Rewards Mastercard could be perfect for you. It lets you earn points to use towards discounts on your Amazon purchases (as well as for shopping at Whole Foods, grocery stores and restaurants).
Amazon Prime members get 2.5% in Amazon points on purchases at Amazon.ca and Whole Foods Market stores. If you’re not a Prime member, you get 1.5% on eligible purchases at Amazon.ca and Whole Foods stores. You also get 1% on eligible purchases elsewhere.
The system is simple: Rewards are automatically loaded into your Amazon account once you’ve earned 2,000 points (equivalent to $20). You can then use those points to redeem for Amazon gift cards.
This card has no annual fee and also offers a great welcome bonus: You get 5% back at Amazon.ca, Whole Foods Stores, grocery stores and restaurants for six months after approval or on the first $3,000 in eligible purchases, maxing out at $150 in rewards.
Cardholders also get 2.5% back on eligible foreign currency transactions, which helps to cover foreign transaction fees. If you’re not a Prime member, you get 1% back on foreign currency transactions.
Compared to cards with a large network of stores, this is really only worth it if you’re a dyed-in-the-wool Amazon shopper. Plus, the Prime membership isn’t complimentary—it’s $79 a year.
If you love a good deal, you’re probably no stranger to the aisles of Walmart. Here’s how the Walmart Rewards World Mastercard can make those (already rolled-back) dollars go further for you.
Interest rates: purchases 19.89%, cash advance 22.97% (21.97% for residents of Quebec)
You’ll earn a hefty 3% when shopping online at Walmart.ca and 1.25% when shopping in-store at their brick-and-mortar locations. You’ll also get 1.25% when you fill up at any gas station (a definite plus if it’s not always feasible to gas up at the same chain). You’ll also earn 1% on purchases anywhere else.
This card starts paying off right away. You can start redeeming when you collect as little as $5 in rewards. It’s also very simple: $1 Walmart Dollar = $1 in discounts.
This is another card you have to meet a minimum income requirement for ($100,000 annually as a household). If you don’t make the cut, you could still qualify for the entry-level Walmart Rewards Mastercard, but before you apply consider there are some better reward credit cards to use at Walmart.
At 3%, the Walmart Rewards World Mastercard also works best if you do a lot of online shopping at Walmart.ca. But if you prefer to shop in-person, again, there are better cards available that earn more rewards when spending at brick-and-mortar Walmart locations like the American Express SimplyCash Preferred or TD First Class Visa Infinite.
The new CIBC Costco Mastercard is the replacement to the Costco Capital One card, but with a few key changes.
This is a cash back card tailored to benefit people who shop at Costco. You’ll earn 3% cash back at restaurants and Costco gas stations, 2% cash back at other gas stations and 2% back when you shop at Costco.ca. For all your other purchase categories, you’ll earn 1% cash back (including at Costco). There’s no limit on how much cash back you can earn throughout the year, but the earn rate you receive does come with a cap. When you reach your annual spend in a certain category, you’ll will go back to the 1% rate for the remainder of the calendar year in that category. For gas, you will receive the 3% cash back rate (and 2% cash back rate at other gas stations) only on the first $5,000. After that, you’ll earn the 1% cash back rate. For Costco.ca purchases, the cap is $8,000 before you return to the 1% base rate.
This card includes mobile device insurance, with up to $1,000 of repair or replacement coverage when you charge or finance the price of a mobile device on your card. With certain eligible purchases, you can also get security insurance and extended warranty insurance.
Even though there is no annual fee, you do have to have a Costco membership (which is upwards of $60 per year) to really get the benefits of this card. Also, the cash back redemption isn’t super flexible: CIBC Costco Mastercard gives it to you in the form of gift certificates, issued in January, that you can redeem for anything in the Costco warehouse.
While this isn’t technically a “store” credit card, the Scotiabank GM Visa Infinite credit card receives honourable mention, as it can help you save considerably if you’re shopping around for a new car from Chevrolet, Buick, GMC or Cadillac.
You’ll earn 5% in GM Earnings on the first $10,000 in annual credit card purchases, and 2% thereafter. The gist: $1 in GM Earnings is the equivalent of $1 off the purchase price or lease payments for any of the car brands listed above.
This card offers comprehensive travel insurance, including medical, trip interruption and rental car insurance, to name a few.
Unlike the other cards mentioned in this article, this does have an annual fee of $79, but it is waived for the first year.
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Correction – for the PC Mastercard, you do earn PCO points for gift cards purchased at Loblaws banner or SDM – if you have the world elite card, that means you’ll earn 3% back on gift cards purchased from…. Amazon, LCBO, Uber, etc.