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Rachel Surman | Blog

The Best Rewards Credit Cards Of 2017 In Canada

November 10, 2017

Rewards credit cards are a very popular type of credit card in Canada because Canadians love rewards! If you’re going to spend on everyday purchases anyway, you might as well be rewarded for it.

There are various types of rewards programs, so it’s important to choose one rewards program and create a strategy to help you maximize your rewards. Rewards credit cards offer huge sign-up bonuses and this is where you will receive the bulk of your rewards.

A word of caution: typically, rewards credits cards will have higher interest rates. If you stay on top of your credit card payments – then there’s no need to worry. At Borrowell, we love our rewards! Here are the top three rewards credit cards of 2017 in Canada.

1. MBNA Rewards Mastercard®

MBMA Rewards Credit Card

  • Earn 1 MBNA Rewards point for every $1 in eligible purchases
  • Receive 5,000 bonus MBNA Rewards points after your first eligible purchase
  • No annual fee

The MBNA Rewards Mastercard® is a great choice if you’re looking for an easy-to-use, no-frills kind of card. Using this card, you’ll receive MBNA Rewards for your purchases and can redeem them for a variety of items, including travel, merchandise, or even cash-back.

The rewards program is simple: you’ll get 1 MBNA Rewards point for every $1 spent on eligible purchases. You’ll also receive 5,000 bonus MBNA  points after your first purchase, which is equal to $50 when redeemed for travel or cash-back.

The MBNA Rewards Mastercard® also doesn’t have an annual fee. As for interest rates, the card has a 19.99% interest rate on purchases and 24.99% on cash advances.

2. BMO Rewards®Mastercard

BMO Rewards Mastercard

  • Earn 1 BMO Rewards point for every $1 you spend
  • Redeeming points is made easy and flexible 
  • Low annual fee of $35

The BMO Rewards®Mastercard is great credit card option if you’re looking to use your rewards for travel.

The rewards program is simple: you can earn one  BMO Rewards point for every $1 you spend on the card – that’s 1% back on travel, anytime, with no blackout periods. The points are redeemable for merchandise, gift cards, and charitable donations, so you’re not limited to one redeemable purchase category. 

Other perks include extended warranty, purchase protection, and zero dollar liability.

The BMO Rewards®Mastercard has an interest rate of 19.99% and a cash advance rate of 22.99%.

3. Scotiabank® More Rewards® * Visa*

Scotiabank More Results Rewards Card

  • Earn 6 More Rewards points for every $1 spent on purchases at participating locations
  • Earn 4 points for every $1 on purchases made elsewhere
  • No annual fee

The Scotiabank® More Rewards® * Visa* offers enticing sign-up bonuses, offering 15,000 More Rewards points when you make your first purchase in the 90 days.

With the More Rewards program, you will earn 6 points for every $1 spent on purchases at participating locations and 4 points for every $1 on purchases made everywhere else. There’s also no limit on the number of points you can earn and no annual fee, either. 

Some perks of the Scotiabank® More Rewards® * Visa* include purchase protection and the ability to have multiple cards on one account to earn rewards quicker. The interest rate on this credit card is 19.99% and 22.99% on cash advances.

Now that you know the best rewards credit cards in Canada, it’s time to start earning.

Don’t know your credit score? Find out here and check out My Recommendations to see all the financial products available to you. 

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