Canada's Best Credit Cards 2018
Let’s cut right to the chase: you’re not here because you’re after ordinary credit cards. You want the top Canadian reward card—something that grants you the miles, perks, rewards. You want the best of the best, the card that allows you to reap the rewards you’re after, right? You want a sign-up bonus, balance transfers, a rewards credit card, travel rewards, rewards at gas stations, frequent flyer rewards, cash rewards, gift rewards, ultimate rewards, reward points, and even the kitchen sink as a reward if you can get it! There’s just one problem. You know exactly what you want out of your card, but you have no idea which card to choose from.
Have you ever tried sifting through the hundreds of rewards cards available? It’s an almost impossible task to sit down, sort through, and select the best cards for yourself. Each card has a minimum payment, certain requirements, and sometimes hidden monthly fees you don’t know about unless you do some serious research. And who has time to do all that?
Good news: We do!
We’ve done the hard work for you and sorted through the top five best Canadian rewards cards out there. Are you ready to dive into the results? Read on! We’ve laid out the pros and cons of each card, layered each section with our own suggestions, and put all the information you’ll need in one place.
Our Top Five Best Canadian Rewards Cards
You asked, we answered. Here are the top five Canadian rewards cards. Check out all the details below:
This card really aims to bring you all the rewards you’d ever want. How, we hear you ask? By allowing you to earn reward points on each Canadian dollar you spend. In fact, on your first $50,000 on this card, you’ll earn about 4 reward points per dollar from eligible gas stations, grocery stores, and more. For other purchases, you’ll get a point for every dollar you spend. With this card, you can use your rewards without any blackout or restriction dates, earn travel insurance coverage, have access to concierge services 24/7, and even get 15,000 bonus points with your first $1,000 in everyday purchases in the first three months of having the card. With the bonus of being able to earn about $555 worth of rewards in the first year, you most certainly should consider this card.
Okay, don’t let the mouthful of a name that this card has discouraged you from applying for it because it’s chock-full of benefits you can’t ignore.
First things first, however, you get reward points for signing up for this card—about 3,000 points to be precise. A nice little bonus if you ask us. This card also offers things like 1 Reward Mile for every $10 you spend with your credit card, as well as twice the Air Miles when you show your BMO Air Miles Elite card to Air Miles Partners. This card even acts as a sweet little ID badge to get you into VIP airport lounges all over the world. With a low annual fee of $120 a year (and sometimes this fee is even waived!) and rewards up to $480 in your first year, it’s hard to deny this card is one of the best.
If you’re a Canadian traveller who’s looking to reap all the rewards of a stellar card, then this is one the for you.
There are a couple of reasons why this card is the perfect fit. For one, your minimum spend is insanely low compared to other cards like this. With only $3,000 CAD over the first three months as the minimum spend—compared to other cards that hit about $5,000—it’s a much lower startup cost. That, coupled with the fact that the points bonus is 50,000 points (unless you sign up for a referral, then you get 60,000 points) makes this a hard card to pass up.
The downside? You guessed it: annual fees. The platinum card has an annual fee of about $700 yearly but, to be fair, it’s not as daunting when you add all the benefits this card gives you.
What if we told you that you can have a reward card with a waived annual fee (for the first year), offered you 4% cash back on eligible items, and allowed you to earn rewards totalling close to $440 in your first year? Unbelievable, right? Well, believe it! With the Scotia Momentum Visa Infinite Card, you can have all that and more! With this card, you’ll get 4% cash back on the first $25,000 on your card for eligible grocery and gas purchases. You’ll also get 2 % cash back on your drug store purchases and recurring bills per year for your first $25,000 on the card. Your annual fee is waived for the first year (about $99 CAD value) and, just by having this card, you’ll have access to VISA Infinite Dining Series, Luxury Hotel Collections, and Complimentary Concierge Service.
Back to the American Express line, the Business Gold Reward Card offers you a bonus point deposit of about 30,000 points just for signing up and spending $5,000 in the first three months (your required minimum payment). Do that with a referral, you’ll get 40,000 bonus points.
But the best part about this card is that it gives you access to the overly-flexible Membership Rewards Program. This program allows you to use your points in so many ways it’ll make your head spin. You can buy items from online catalogues, convert your reward to airline flights, and even apply your points to past purchases. The opportunities are endless with the card, especially if you’re a casual traveller looking to reap all kinds of benefits.
Your annual fee will clock in at about $250 for the first year.