In the ever-changing world of rewards credit cards, it’s essential to stay up-to-date with the latest offers and benefits to maximize your earning potential. With an array of options available to Canadian consumers, selecting the best rewards credit card can be a challenging task. This comprehensive guide will help you navigate the top rewards credit cards in Canada for 2023, taking into account factors such as annual fees, rewards rates, and redemption options.
Best Rewards Credit Cards in Canada for 2023
- The Platinum Card from American Express
Annual Fee: $699 Rewards Rate: Up to 3 points per $1 spent Sign-up Bonus: 100,000 Membership Rewards points (after spending $6,000 in the first 3 months)
The Platinum Card from American Express remains a top contender for its exceptional rewards program and luxury travel benefits. Cardholders earn 3 points per $1 spent on eligible dining and travel, 2 points per $1 spent on eligible transit and gas, and 1 point per $1 on all other purchases. Additionally, the Platinum Card offers premium perks such as airport lounge access, travel insurance, and a $200 annual travel credit.
- TD Aeroplan Visa Infinite Card
Annual Fee: $139 (waived for the first year) Rewards Rate: Up to 1.5 Aeroplan points per $1 spent Sign-up Bonus: Up to 20,000 Aeroplan points and a bonus Buddy Pass (after meeting minimum spend requirements)
The TD Aeroplan Visa Infinite Card is a great option for frequent Air Canada flyers, offering valuable Aeroplan points and travel benefits. Cardholders earn 1.5 Aeroplan points per $1 spent on eligible grocery, gas, and Air Canada purchases, and 1 point per $1 on all other purchases. Additionally, the card provides travel insurance, priority boarding, and a free first checked bag on Air Canada flights.
- Scotia Momentum Visa Infinite Card
Annual Fee: $120 (waived for the first year) Rewards Rate: Up to 4% cashback Sign-up Bonus: 10% cashback on all purchases (up to $2,000 in spending) for the first 3 months
For those seeking a straightforward cashback card, the Scotia Momentum Visa Infinite Card is hard to beat. Cardholders earn 4% cashback on groceries and recurring bill payments, 2% cashback on gas and daily transit, and 1% cashback on all other purchases. With no limit on cashback earnings and comprehensive insurance coverage, this card is perfect for everyday spending.
- BMO World Elite Mastercard
Annual Fee: $150 Rewards Rate: Up to 3 BMO Rewards points per $1 spent Sign-up Bonus: 40,000 BMO Rewards points (after spending $3,000 in the first 3 months)
The BMO World Elite Mastercard offers a versatile rewards program, allowing cardholders to redeem points for travel, merchandise, gift cards, or statement credits. Cardholders earn 3 BMO Rewards points per $1 spent on eligible travel, dining, and entertainment purchases, and 2 points per $1 spent on all other purchases. The card also includes complimentary airport lounge access and a wide range of travel and purchase insurance benefits.
- Tangerine World Mastercard
Annual Fee: $0 Rewards Rate: Up to 2% cashback Sign-up Bonus: 10% cashback on all purchases (up to $1,000 in spending) for the first 2 months
The Tangerine World Mastercard is an excellent choice for those seeking a no-annual-fee rewards card. Cardholders can choose two categories to earn 2% cashback, such as groceries, gas, or dining, and 0.5% cashback on all other purchases. As an added perk, cardholders can select a third 2% cashback category when they deposit their cashback directly into a Tangerine Savings Account. This card also comes with mobile device insurance and rental car insurance coverage, making it a valuable option for a no-fee card.
- CIBC Aventura Visa Infinite Card
Annual Fee: $139 (waived for the first year) Rewards Rate: Up to 2 Aventura points per $1 spent Sign-up Bonus: Up to 35,000 Aventura points (after meeting minimum spend requirements)
The CIBC Aventura Visa Infinite Card is a versatile rewards card that allows cardholders to redeem points for flights, hotels, vacation packages, gift cards, and more. Cardholders earn 2 Aventura points per $1 spent on eligible travel booked through the CIBC Rewards Centre, 1.5 points per $1 on eligible gas, grocery, and pharmacy purchases, and 1 point per $1 on all other purchases. The card also includes a range of travel insurance benefits and a complimentary Priority Pass membership with four annual lounge visits.
Conclusion
With so many excellent rewards credit cards available to Canadian consumers, it’s essential to carefully evaluate your spending habits and desired perks to determine the best card for your needs. Whether you’re looking for travel rewards, cashback, or flexible redemption options, the cards listed in this guide offer some of the most competitive rewards rates and benefits available in 2023. By selecting the right rewards credit card, you can make the most of your spending and enjoy valuable perks throughout the year.
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