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Barry Choi | Credit Cards,Blog

The Best Rewards Credit Cards Of 2018 In Canada

November 20, 2018

Looking to learn about the best rewards credit cards in Canada? Rewards cards are a very popular type of credit card because let’s face it – we all love earning 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 the best one for you and create a strategy to help you maximize your rewards. These programs usually offer huge sign-up bonuses and this is where you’ll earn the bulk of your rewards.

A word of caution: rewards credits cards usually have high interest rates. If you stay on top of your credit card payments – then there’s no need to worry. Here are the best rewards credit cards of 2018 in Canada.

The Best Rewards Credit Cards Of 2018 In Canada

Amex Cobalt™

best rewards credit cards

  • Up to 30,000 points in your first year
  • Front of the line access with American Express
  • $10 monthly fee

The American Express Cobalt card has quickly become a popular card among Canadians since it’s the only credit card where you pay a monthly fee as opposed to a yearly fee. This may not seem like a big deal, but Canadians love this concept since you can cancel at any time without feeling like you’ve wasted your fee.

The rewards also have a monthly structure for the first year. You’ll earn 2,500 Membership Rewards points for each monthly billing period when you charge $500 in purchases to your card. This only applies for the first year, so you could end up with 30,000 points as rewards in the first year.

If you happen to eat out a lot, you’ll be happy to hear that you can earn 5 points for every $1 spent at eligible restaurants, bars, cafés, grocery stores, and food delivery services in Canada. Eligible transit and gas purchases in Canada earn you 2 points for every $1 spent, while all other purchases get you 2 point per $1 spent.

You can redeem your points for whatever card purchases you want such as streaming services, movie tickets, eats and drinks, retail, and more. You can even use your points for flights through the Fixed Points Travel Program. Check your credit score with Borrowell to see if you could qualify for this awesome card! Get My Free Credit Score

SCENE®* Visa* Card

best rewards credit cards

  • 2,000 SCENE points welcome Bonus*
  • No annual fee

If you love movies, then the SCENE®* Visa* card is for you. You’ll earn 5 SCENE points for every $1 you spend at Cineplex Theatres or at All other purchases give you 1 SCENE point for every $1 you spend. There’s simply no other card out there that will allow you to collect points that can be redeemed for free movies.

The sign-up bonus of 2,000 SCENE points when you spend $500 in the first three months is enough for two free movies. Besides using your points for movies, you can also redeem 1,000 points to get $10 off at CARA restaurants.

The only other benefit you get with the card is 25% off base rates at participating AVIS and Budget locations in Canada and the U.S., but that’s okay since this card has no annual fee.

BMO Rewards Mastercard

best rewards credit cards

  • Get up to 20 000 BMO Rewards welcome points
  • No annual fee

The BMO Rewards Mastercard doesn’t normally get a lot of attention. But since it comes with 10,000 welcome points after your first card purchase and an additional 10,000 points when you spend $1,000 in the first 3 months, you should really consider applying for it.

With this card, you’ll earn one BMO Rewards point for every $1 you spent. The points are redeemable for travel merchandise, gift cards, and charitable donations, so you’re not limited to one redeemable purchase category. That being said, claiming your points for travel gives you the best overall value when you compare how many points it takes you to make a redemption.

That’s pretty great for a card that has no annual fee.

Now that you know the best rewards credit cards in Canada, it’s time to start earning! Check your free credit score through Borrowell and visit the “My Recommendations” tab on your credit dashboard to see all the financial products available to you.

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