best rewards credit cards
Written: editor | June 28, 2023
Welcome to our definitive guide on the best rewards credit cards in Canada for 2023! If you’re looking to maximize your spending and earn valuable rewards, you’ve come to the right place. In this article, we’ll explore the top credit cards that offer enticing benefits such as points, cash back, travel perks, and insurance. Discover the perfect rewards card to suit your lifestyle and financial goals.
Overview of Rewards Credit Cards:
Rewards credit cards have gained immense popularity in Canada due to their ability to offer enticing benefits and rewards to cardholders. With these cards, you can earn points every time you make a purchase, eventually redeeming them for exciting rewards. Some rewards credit cards also provide cash back on specific categories such as groceries and gas, allowing you to save money on essential expenses.
It’s worth noting that while most rewards credit cards charge a monthly fee of $12.99, which sums up to an annual equivalent of $156, their benefits often outweigh this cost. Additionally, it’s important to remember that not all merchants in Canada accept American Express, so it’s crucial to consider this before applying for an American Express rewards card. Moreover, certain limitations may exist with regards to travel insurance packages for cardholders over 65 and airport lounge access.
Best Travel Rewards Credit Card: Scotiabank Passport™ Visa Infinite* Card
If you’re a frequent traveler or enjoy exploring new destinations, the Scotiabank Passport™ Visa Infinite* Card is an excellent choice. With this card, you’ll enjoy a wide range of benefits, including baggage delay insurance, car rental insurance, airport lounge access, and no foreign exchange fees. These perks can make your travel experience more convenient and cost-effective. While the annual fee for this card is $150, the first year is waived, providing you with immediate value. Furthermore, the Scotiabank Passport Visa Infinite card offers competitive interest rates and credit requirements, making it accessible to a wide range of individuals.
Best No Foreign Transaction Fees Rewards Credit Card: Scotiabank Passport™ Visa Infinite* Card
Once again, the Scotiabank Passport™ Visa Infinite* Card emerges as the top choice for a rewards credit card with no foreign transaction fees. With an increasing number of Canadians traveling internationally, this card allows you to make purchases abroad without incurring additional fees. Combined with its other impressive benefits, this card is the perfect companion for globetrotters and frequent flyers.
Best Premium Rewards Credit Card and Best Rewards Credit Card for Travel Perks: American Express® The Platinum Card®
If you’re seeking unparalleled luxury and exclusive travel perks, the American Express® The Platinum Card® is the ultimate choice. With an annual fee of $699, this premium card provides an extensive array of benefits, including comprehensive travel insurance, airport lounge access, and VIP treatment. Additionally, this card offers the flexibility to transfer points to frequent flyer programs, allowing you to maximize your rewards potential. While the annual fee may seem steep, the card’s annual travel credit helps offset this cost, making it a solid investment for frequent travelers.
Best Rewards Card for Gas and Groceries: CIBC Dividend® Visa Infinite* Card
In need of a rewards credit card that offers substantial savings on gas and groceries? Look no further than the CIBC Dividend® Visa Infinite* Card. With this card, you’ll enjoy fantastic rewards and cash back on these essential expenses. While the annual fee is $120, the valuable rewards and savings you’ll accumulate on your everyday purchases make it a worthwhile investment. However, it’s important to note that certain insurance types may be absent with this card.
PC Financial® World Elite Mastercard®:
Last but certainly not least, the PC Financial® World Elite Mastercard® stands out for its incredible redemption options. This card has no annual fee and still provides impressive rewards, making it an excellent choice for those seeking value without the extra cost. Additionally, it offers a welcome bonus offer, allowing you to kickstart your rewards journey right away.
In conclusion, finding the best rewards credit card in Canada requires careful consideration of your specific needs and preferences. Whether you’re a frequent traveler, a gas and grocery enthusiast, or a budget-conscious individual, there’s a rewards credit card that suits your lifestyle perfectly. So go ahead, explore your options, and start reaping the benefits of a rewards credit card today!
Here are some of the best rewards credit cards available:
Cash Back Cards: These cards allow you to earn a percentage of your purchases back in cash. It’s like getting paid to shop! Some cards even offer higher cash back rates in certain spending categories, like groceries or gas.
Travel Rewards Cards: If you love to travel, these cards are a great option. They typically offer points or miles that can be redeemed for flights, hotel stays, or other travel expenses. Some cards even come with travel perks like airport lounge access or travel insurance.
Rewards Points Cards: With these cards, you earn points for every dollar you spend. These points can then be redeemed for a wide range of rewards, including gift cards, merchandise, or even experiences like concert tickets or spa treatments.
Co-Branded Cards: These cards are affiliated with a specific brand or retailer, such as an airline or hotel chain. They offer rewards and benefits specific to that brand, like free flights or hotel upgrades.
Now that you have an idea of the different types of rewards credit cards available, it’s time to start evaluating your options. Keep in mind that the best card for you will depend on your personal preferences and spending habits. Take some time to compare the rewards programs, annual fees, interest rates, and any other perks that are important to you.
Remember, the key to maximizing your credit card rewards is to use your card responsibly and
Benefits of Choosing the Best Rewards Card
So you’ve heard about rewards credit cards and you’re wondering what all the buzz is about. Well, let me tell you, choosing the best rewards card can really pay off in more ways than one. Here are some of the benefits you can enjoy when you opt for the right rewards credit card:
Earn valuable rewards: The most obvious benefit of a rewards credit card is, of course, the rewards you can earn. With the best rewards cards, you can earn points, miles, or cash back on every purchase you make. These rewards can be redeemed for travel, merchandise, gift cards, or even statement credits, allowing you to enjoy the fruits of your spending.
Maximize your spending: By using a rewards credit card for your everyday purchases, you can make every dollar count. Instead of just spending money, you’re earning rewards at the same time. This can help you make the most of your budget and get more bang for your buck.
Enjoy exclusive perks: Many rewards credit cards offer additional perks and benefits that can enhance your lifestyle. From airport lounge access and free checked bags to hotel room upgrades and concierge services, these perks can make your travel experiences more comfortable and convenient.
Build your credit score: Using a rewards credit card responsibly can also help you build or improve your credit score. By making on-time payments and keeping your credit utilization low, you demonstrate to lenders that you are a responsible borrower. This can open doors to better credit card offers, lower interest rates, and favorable loan terms in the future.
Protection and security: Most rewards credit cards come with built-in protection features like fraud monitoring and zero liability for unauthorized charges. This gives you peace of mind knowing that you won’t be held responsible for fraudulent activity on your account. Additionally, many cards offer extended warranty protection and purchase protection, so you can shop with confidence.
These are just a few of the many benefits you can enjoy when you choose the best rewards credit card for your needs. Keep in mind that every card is different, so it’s important to evaluate the specific benefits and rewards offered by each card before making a decision. Remember, the
Evaluating Different Reward Cards
When it comes to choosing the best rewards credit card, there are several factors to consider. With so many options available, it can be overwhelming to decide which card is right for you. However, by evaluating different reward cards based on certain criteria, you can narrow down your choices and find the perfect card that suits your lifestyle and spending habits. Here are some key points to consider:
1. Rewards Program
– Look for a card that offers rewards that align with your preferences and needs. For example, if you love to travel, a card that offers airline miles or hotel points may be a good fit. If you prefer cash back, look for a card that offers a high cash back percentage on your everyday expenses.
– Consider the redemption options for the rewards. Some cards may offer more flexibility in how you can use your rewards, such as redeeming them for statement credits, travel bookings, or merchandise.
2. Sign-Up Bonus
– Many rewards credit cards lure new customers with attractive sign-up bonuses. These bonuses often require you to meet a minimum spending requirement within a certain timeframe. Consider the value of the sign-up bonus and whether you can comfortably meet the spending requirement. Don’t be swayed solely by the bonus, as ongoing rewards and benefits should also be considered.
3. Annual Fee
– Some rewards cards come with an annual fee, while others do not. It’s important to evaluate whether the rewards and benefits offered by the card outweigh the cost of the fee. If you plan to use the card frequently and take advantage of its perks, the annual fee may be worth it. Otherwise, consider a no-fee or low-fee card.
4. Interest Rates and Fees
– While rewards are enticing, don’t forget to consider the interest rates and fees associated with the card. If you plan to carry a balance, a card with a lower interest rate will be more beneficial in the long run. Additionally, be aware of any foreign transaction fees, balance transfer fees, or late payment fees that may apply.
5. Additional Benefits
– Some rewards credit cards offer additional benefits, such as purchase protection, extended warranty coverage, travel insurance, and airport lounge access. Consider these perks and determine their value to you. If you frequently travel or make large purchases, these added
Steps to Maximize Credit Card Rewards
So, you’ve got yourself a shiny new rewards credit card. Congratulations! Now, it’s time to make the most of it. Here are some easy steps to help you maximize your credit card rewards:
Choose the Right Card: Before diving into the world of credit card rewards, it’s important to choose a card that aligns with your spending habits and personal preferences. Look for a card that offers rewards in categories you frequently spend on, such as travel, dining, or groceries.
Set a Strategy: Once you’ve chosen the perfect rewards card, it’s time to set a strategy. Think about your goals and how you want to use your rewards. Are you saving up for a dream vacation or looking to earn cash back? By having a clear strategy in mind, you can focus your spending and maximize your rewards.
Understand the Rewards Program: Take the time to thoroughly understand the rewards program associated with your credit card. Familiarize yourself with the earning structure, redemption options, and any limitations or restrictions. This knowledge will help you make informed decisions and take full advantage of your rewards.
Use the Card for Everyday Expenses: To maximize your rewards, make it a habit to use your credit card for everyday expenses. From groceries to gas to utility bills, put as many purchases as possible on your card. However, it’s important to avoid overspending and only charge what you can comfortably afford to pay off each month.
Take Advantage of Sign-Up Bonuses: Many rewards credit cards offer attractive sign-up bonuses to new cardholders. These bonuses typically require you to spend a certain amount within a specified time frame. If you’re confident in your ability to meet the requirements, take advantage of these bonuses to earn a significant boost to your rewards.
Pay Your Balance in Full: This may seem like a no-brainer, but it’s worth mentioning. To truly maximize your rewards, it’s crucial to pay your credit card balance in full each month. By avoiding interest charges, you’ll be able to fully enjoy the benefits of your rewards without any added costs.
Monitor Your Account: Stay on top of your credit card account by regularly checking for any changes or updates. Keep
How to Meet Reward Card Requirements
So, you’ve decided to get a rewards credit card to start earning some amazing benefits. But before you can start racking up those points or cashback, you need to meet the requirements set by the credit card issuer. Don’t worry, meeting these requirements is not as daunting as it may seem. Here are some simple steps to help you meet the reward card requirements:
Check your credit score: Before applying for any credit card, it’s essential to know where you stand. Different rewards cards have different credit score requirements, so make sure your score meets the criteria. If your credit score is not where you want it to be, consider improving it before applying.
Review your income: Credit card issuers usually ask for your annual income on the application. Make sure you have a good understanding of your income before applying, as some rewards cards have minimum income requirements. Don’t worry if you don’t meet the requirements right now – there are plenty of options available for all income levels.
Paying off existing debts: It’s always a good idea to pay off any outstanding debts before applying for a rewards credit card. High levels of debt could affect your credit score and your chances of being approved. Plus, it’s better to start fresh and fully maximize the benefits of your new rewards card.
Research and compare: Take the time to research different rewards cards and compare their requirements. Look for cards that align with your financial situation and spending habits. Some cards may require a minimum spend within a specific timeframe to earn the sign-up bonus, while others may have an annual fee. Find the card that best suits your needs.
Apply strategically: When you’re ready to apply, remember to do it strategically. Applying for multiple credit cards within a short period can negatively impact your credit score. Instead, choose the card that offers the most value to you and apply for that one. Once you’ve been approved and established a good credit history, you can consider applying for additional cards if you wish.
Use credit responsibly: Once you have your rewards card, it’s important to use it responsibly. Make your payments on time, keep your credit utilization low, and avoid carrying a balance if possible. This
Comparison of the Best Rewards Credit Cards
Looking for the best rewards credit card can feel like searching for a needle in a haystack. With so many options available, it can be overwhelming to decide which one is right for you. To help you find the perfect rewards credit card, we’ve compared some of the top options in the market. Here’s a breakdown of the best rewards credit cards and what sets them apart:
1. **Chase Sapphire Preferred® Card**:
– Earn 100,000 bonus points after spending $4,000 in the first three months.
– Points can be transferred to airline and hotel partners for maximum value.
– No foreign transaction fees make it a great choice for travelers.
– Annual fee: $95.
2. **American Express® Gold Card**:
– Earn 60,000 Membership Rewards® points after spending $4,000 in the first six months.
– Bonus points on dining and supermarkets make it ideal for foodies.
– $120 annual dining credit and $100 airline fee credit.
– Annual fee: $250.
3. **Citi® Double Cash Card**:
– Earn 2% cash back on all purchases: 1% when you buy and 1% when you pay off your balance.
– No annual fee and no category restrictions.
– Perfect for those who prefer simplicity and cash rewards.
4. **Capital One Venture Rewards Credit Card**:
– Earn 100,000 bonus miles after spending $20,000 in the first 12 months.
– Miles can be redeemed for travel purchases or transferred to partner airlines.
– Up to $100 Global Entry/TSA PreCheck fee credit.
– Annual fee: $95.
5. **Discover it® Cash Back**:
– Earn 5% cash back in rotating quarterly categories (up to $1,500 in purchases) and 1% on all other purchases.
– Cashback match for the first year means double the rewards.
– No annual fee and no foreign transaction fees.
When comparing rewards credit cards, it’s essential to consider your spending habits, travel preferences, and financial goals. Ask yourself the following questions to find the best fit:
– How often do you travel?
– Do you prefer cash back or travel rewards?
– Will you be able to meet the minimum spending requirements for the sign-up bonus?
Remember, the best rewards credit
Frequently Asked Questions:
Frequently Asked Questions – Best Rewards Credit Cards
Question 1: What should I consider when choosing a rewards credit card?
Answer: When choosing a rewards credit card, consider the following factors:
- Rewards Program: Look for a credit card that offers rewards in line with your spending habits and preferences.
- Annual Fees: Some rewards credit cards may have an annual fee. Evaluate whether the rewards and benefits justify the cost.
- Interest Rates: It’s essential to compare the interest rates and APR of different rewards credit cards to find the most competitive offer.
- Additional Perks: Some credit cards offer additional perks such as travel insurance, airport lounge access, or purchase protection. Assess if these benefits align with your needs.
Question 2: What types of rewards can I earn with a rewards credit card?
Answer: With a rewards credit card, you can earn various types of rewards, such as:
Cashback: Certain credit cards offer a percentage of cashback based on your purchases.
Airline Miles: Some credit cards allow you to accumulate airline miles, which can be redeemed for flights, upgrades, or other travel-related benefits.
Hotel Points: Certain rewards credit cards enable you to earn points towards hotel stays and related perks.
Rewards Points: Many credit cards provide rewards points that can be redeemed for a variety of items, including merchandise, gift