Rewards credit cards offer frequent flyer points and merchandise discounts to encourage frequent use. By maximizing points, users benefit from affordable airfare, hotel room benefits, and exclusive dining and shopping experiences.
Overview of Rewards Credit Cards
Customers who use rewards cards are offered miles or points for each purchase they charge to the card. Points can be redeemed for hotel or motel stays, free flights, entertainment, brand and select product purchases, and gift cards and vouchers. Points can also be exchanged for specialized services, charity donations, classes and training, and recurring bill payments. Some banks feature a catalogue with a range of products to choose from, including movie tickets, spa and wellness, travel merchandise, accessories, and clothing. Sign-up bonuses are also offered to encourage spending.
Best Rewards Cards Overall
The best cards offer customers the choice to exchange points or miles for a number of options. These include catalogue merchandise, discounts on hotel bookings, cruises, and vacation packages, and statement credits. Cardholders also benefit from transferable points that can be transferred to hotel loyalty programs, airlines, and other partners.
Scotiabank Gold American Express® Card
One of the top cards to earn extra points is the Scotiabank Gold American Express® Card, featuring access to exclusive events and special offers, supplementary cards, and comprehensive insurance coverage. Holders earn 1 point for each dollar spent on daily purchases, 3x points on select streaming services, transit, and gas, and 5x points on dining, groceries, and entertainment. Extra points are offered for theatre and movie tickets, food subscription and delivery, fast food, and restaurant purchases. The card also comes with comprehensive insurance package, including travel accident, lost and delayed baggage, and flight delay insurance. The first $1,000 spent on everyday purchases earn 20,000 points. Added perks include no foreign transaction fees, front of the line tickets, and airport lounge access.
Eligibility criteria:
- Minimum personal income required: $12,000
- Interest Rate: 19.99%
- Have not filed for bankruptcy: 7 years
- Annual fee: $120
Best No Fee Rewards Card
No fee cards are great in that they combine two perks – no annual fees and frequent flyer or rewards points. This helps customers save on fees while earning money in the form of points. Common benefits also include travel and return protection, complimentary memberships, travel assistance services, and low introductory interest rates.
Tangerine Money-Back Credit Card
A great card to save on annual fees, the Tangerine Money-Back Credit Card also features unlimited money-back rewards that are paid on a monthly basis. Customers earn unlimited rewards and can either redeem them into their savings accounts or add them to their card balance. Holders earn 2 percent cash back across different categories such as entertainment, home improvement, drug store purchases, and parking and public transportation. While everyday purchases earn 0.5 cash back, recurring bill payments and gas, restaurant, and furniture purchases earn 2 percent money back. Additional perks include free supplementary cards, promotional balance transfer rate.
Eligibility criteria:
- Annual income: $12,000 or higher
- Interest Rate: 19.95%
- Have not declared bankruptcy: 7 years
- Annual fee: none
Best Cashback Card
Cashback cards offer money back on everyday spending and feature shopping perks, entertainment benefits, and sign-up bonuses. The main types are rotating bonus category, tiered cashback, and flat-rate cashback. Rotating bonus category cards offer extra rewards for spending in select categories that change quarterly. Examples of bonus categories include dining, groceries, and gas. Keeping track of the cashback calendar helps maximize rewards.
Scotia Momentum® Visa Infinite
This Scotiabank rewards credit card with extra cash back, the Scotia Momentum® Visa Infinite has the most awards in 2019. Customers earn 1 percent back on daily purchases, 2 percent on transit and gas, and 4 percent on subscription services, recurring bill payments, and grocery store purchases. Two percent back is offered on rideshare, trains, taxis, and buses. Customers earn 4 percent back on subscription payments such as lifestyle boxes, music and video streaming, and meal kit delivery. They also earn 4 percent back on bill payments such as gym memberships, utility bills, and insurance premiums. Supplementary cards are also available.
Added benefits include hotel room upgrades, guaranteed best available rates, complimentary concierge service, and car rental discounts. The card also comes with comprehensive insurance coverage, including flight delay, travel emergency and new mobile device insurance.
Eligibility criteria:
- Household income: $100,000 or higher
- Annual income: $60,000 or higher
- Interest Rate: 20.99%
- Annual fee: $120
Best Travel Rewards Card
The best cards that come with rewards allow holders to redeem points for travel, shopping, and cash and often feature rotating cashback categories. Added incentives include extra points, annual travel credit, sign-up bonuses, and no earning caps or redemption limitations.
Scotiabank Passport™ Visa Infinite* Card
As one of the best rewards credit cards to earn bonus points, the Scotiabank Passport™ Visa Infinite* Card offers generous complimentary bonuses. Customers earn 10,000 rewards points when they spend $40,000 or more on an annual basis. Cardholders earn double points for entertainment, dining, grocery purchases, and daily transit. Transit purchases include taxis, subways, and buses. There is an option to add supplementary cards to maximize rewards. Added benefits for users include airport lounge access, no foreign transaction fees, and Avis Preferred Plus Membership. The card also comes with comprehensive insurance package, featuring travel accident, flight delay, travel emergency medical, and other types of insurance.
Eligibility criteria:
- Annual fee: $139
- Minimum personal income: $60,000
- Minimum household income: $100,000
- Interest Rate: 19.99%
- Have not declared bankruptcy: 7 years
Best Store Card
A store card is a good choice for customers with little or no credit exposure and those who need to rebuild their credit history. This enables borrowers to access more affordable credit solutions. Store cards come with additional benefits such as free shipping, discounts at stores, cafes, and restaurants, and free item returns.
PC Financial World Elite MasterCard
The PC Financial World Elite MasterCard is one such store card that comes with no annual fee and features standard and optional benefits. Customers earn 45 points per $1 when shopping at Shoppers Drug Mart and 30 points at PC Travel, Esso, and Mobil. All other purchases earn 10 points per $1. PC Financial also offers an easy to use rewards calculator to help cardholders calculate points across different categories. Spending categories include groceries, travel, gas, and health expenses. Holders who spend $500 on travel, for example, earn 180,000 PC Optimum points worth $180. Optional extras that come with this card include victim assistance, credit education, and daily surveillance and monitoring. Customers are also offered concierge service, identity theft assistance, travel emergency medical insurance, and more.
Eligibility criteria:
- Minimum household income: $150,000
- Minimum personal income: $80,000
- Interest Rate: 19.97%
- Annual fee: None
Best Card for Groceries
Grocery credit cards offer generous cash back on grocery store purchases and are thus ideal for big and frequent shoppers. Many cards also feature cash back on gas purchases, utility bills, and other expenses. Some cards come with rotating categories while others offer multiple rewards rates or flat rates. Co-branded cards are also available as to allow customers to earn extra points or cash back at select stores.
Triangle World Elite MasterCard by Canadian Tire
One of the best cards offering rewards, the Triangle World Elite MasterCard by Canadian Tire offers customers access to personalized offers and member-only events. Holders earn 4 percent back at participating retailers, including SportChek, Hockey Experts, Sports Rousseau, Atmosphere, and Canadian Tire. Spend and collect bonuses are also available at select retailers such as L’Entrepôt du Hockey, Sports Rousseau, Canadian Tire, and others. Cardholders also earn 7 cents per litre in CT Money at Husky and Canadian Tire Gas+. In addition, they are offered perks and incentives such as no interest financing, concierge service, and roadside assistance. The Triangle App helps cardholders to organize their finances and keep track of purchases and weekly exclusive offers. The card also comes with car rental loss damage/collision waiver and priority queuing.
Eligibility criteria:
- Minimum income: $80,000
- Annual Fee: None
- Interest Rate: 19.99%
The best rewards credit cards offer multiple benefits such as points and cash, annual fee waivers, comprehensive insurance, and access to exclusive events and loyalty programs. Customers also benefit from one-time bonuses, unlimited cashback or points on grocery store, dining, and other purchases, and VIP status. Bonus points are also offered after the card member anniversary. The best cards with rewards also come with no category restrictions, seat restrictions, and blackout dates when promotions or discounts are no longer available.
Most issuers have minimum income requirements to ensure that customers have sufficient income to make regular payments. Persons with higher incomes are also more likely to be big shoppers who regularly charge purchases on points cards.
Rob says
Hi Samantha,
You have compiled a nice list of rewards cards in this post, however I don’t care much about getting a card with annual fee, because this kinda forces me to spend more just to get ahead of the fee. I have the Tangerine Moneyback card and its rewards are enough for me :).
Samantha says
Thanks Rob, I appreciate your feedback!
I simply listed the rewards cards that I thought best for different spending categories. Some of them have yearly fees, for example the rewards travel cards usually have quite high fees, and others don’t have any annual fees. Different people have different needs and for some it makes sense getting certain reward credit card even if it has a yearly fee.
John says
I think there is a better choice for travel rewards credit card than the Scotiabank Passport Visa you listed, and this is the BMO World Elite Mastercard. I got it last year and I received 35,000 points after I spent $3K in the first 3 months! I also get 2 points for every dollar spent on any purchases.
Samantha says
The Scotiabank Visa Infinite offers 10,000 rewards points after you spend $40K+ yearly and you can do it every year, while the BMO card you have gave you 35K points just one time. Right now the Visa Infinite also has a special offer for 10% cash back on all purchases for the first 3 months limited to $2,000 in total purchases, which is also something that one might consider if shopping for a good travel rewards credit card.