The best rewards credit cards in Canada for 2023

Ratehub.ca's take

The Tangerine Money-Back Credit Card is the perfect choice for those who value true flexibility and customization in their rewards program. With no annual fee, you get to choose the bonus categories that align with your spending habits and earn 2% cash back per dollar spent. This is a rare feature in the credit card market, allowing you to avoid being stuck with bonus spending categories that don’t work for you and your spending habits.  Some of the standout features of this amazing credit card include: 

• Customizable bonus categories: choose up to three from a list of 10 options to earn 2% cash back on; you can change your categories at any time to make the most of your rewards 
• Cash back is refunded monthly (instead of the standard annual reimbursement), allowing you to enjoy the benefits of your cash back faster 
• Enjoy the convenience of using your card almost anywhere, including popular retailers like No Frills and Costco
• Extended warranty and purchase protection
• Free supplementary cards for authorized users

Cons

• For all purchases that aren’t categorized under one of your chosen bonus categories, you’ll earn just 0.5% cash back
• No travel medical insurance or any substantial side perks
• Not as many perks as other rewards cards

Ratehub.ca's take

Unlock a world of rewards with the CIBC Dividend® Visa Infinite. This card offers the best rewards for everyday essentials, with a 1% earn rate for all purchases and an industry-leading 4% cash back on both groceries and gas purchases – two of the most common spending categories for Canadian households. Thanks to CIBC’s new Cash Back on demand feature, you can choose to redeem rewards any time, starting at just $25. Here are some additional features you can expect with this card: 

• Supercharged savings with higher earn rates on groceries and gas (4% cash back)
• Flexibility to redeem your cash back whenever you need it, in increments of $25
• Access to CIBC’s Pace It program, allowing you to pay off large purchases in monthly increments
• Excellent digital-only welcome bonus -  earn 10% cash back welcome bonus of up to $200 (first 4 statements).
• Experience exclusive dining events and hotel perks through the Visa Infinite Program

Cons

• Annual fee ($120) and personal income requirements ($60000) may be prohibitive 
• Insurance coverage isn’t as comprehensive as other similar rewards cards (if insurance is a priority for you, consider the cards featured on our list of best credit cards for travel insurance)

Ratehub.ca's take

• The Triangle Mastercard is another popular credit card with no minimum income requirements. This card offered by Canadian retailer Canadian Tire offers rewards on all purchases with 4% back in CT Money on eligible purchases made at Canadian Tire, SportChek, and 0.5% back on all other purchases. 

  Pros

  • No annual fee and no income requirements, making it accessible to a wider range of customers
  • Easy to earn rewards
  • Qualifying purchase of $150 or more at a Canadian Store is eligible for no fee, no interest financing (financing will be spread out over 24 months and will be charged to your credit card in equal payments every month)

  Cons

  • Low earn rate at stores other than Canadian Tire, SportChek and participating Marks. To overcome this, consider combining it with another cash back credit card
  • No insurance, such as purchase protection and extended warranty coverage. Most other no annual fee credit cards would include these basic insurance types

Ratehub.ca's take

If you’re a loyal shopper with a particular retailer, it’s usually wise to take advantage of their store rewards card if offered (especially if it comes with no annual fee). Using a retail rewards card is a great way to save big on regular, everyday purchases, and the best example of this is the PC Financial World Elite Mastercard. You could easily rack up big savings with no annual fee taking away from your rewards at Loblaws banner grocery stores (Loblaws, No Frills, Valu-Mart, and more), Shoppers Drug Mart and Esso Mobil stations. Some additional features with this card include

• High earn rate potential at all Loblaws-owned grocery stores and PC Travel, Shoppers Drug Mart locations and Esson Mobil stations
• Access to Mastercard World Elite benefits (Boingo WiFi, Dragonpass airport lounge access, plus more)
• Point redemption is easy and straightforward - as soon as you have 10,000 points, you can redeem them for $10 off at any Loblaws-owned retailers
• No annual fee
• Extra travel insurance perks
• Easy-to-understand point redemption

Cons

• Can only redeem points in increments of 10,000
• High $80,000 personal income requirement which could be prohibitive to many
• Points cannot be transferred to other loyalty programs 
• Very strict redemption rules - points cannot be used to pay for purchases at non-Loblaws retailers or redeemed against a statement balance. Plenty of other rewards cards on the market offering more flexibility

Ratehub.ca's take

Aeroplan clients and frequent Air Canada fliers searching for a card to help them earn more on travel should look no further than the TD Aeroplan Visa Infinite. The card’s limited-time welcome offer is impressive: earn up to 50,000 Aeroplan points. Conditions apply. Must apply by September 5, 2023.. Users can earn 1.5 points for every dollar spent on eligible gas, grocery and direct through Air Canada purchases (including Air Canada Vacations) and 1 point per dollar on everything else. Plus, this card comes with some great perks , including:

• Aeroplan points can be redeemed for flights on Air Canada or over 27 Star Alliance member airlines (including United Airlines and Lufthansa, to name a few)
• Access to Air Canada perks: first bag checked free on Air Canada flights for the primary cardholder and up to eight travel companions (up to $30 in savings per traveler on flights across Canada and the US) plus the ability to earn credits towards achieving elite airline status
• Up to $100 in Nexus Membership reimbursements available every 48 months; allowing for smoother cross-border travel within Canada or between the US
• Comprehensive travel insurance benefits with up to 21 days of out-of-province/country medical emergency coverage, flight delay insurance, lost/delayed baggage insurance, and even hotel/motel burglary insurance for stays within the US and Canada
• Can get double the Aeroplan points when using this card in conjunction with your Aeroplan card at participating retailers

Cons

• The card’s annual fee is $139 versus the $120 typically found on comparable rewards cards
• The Aeroplan points program isn’t the most straightforward, and navigating your way around the program’s quite elaborate rewards chart / understanding how to best maximize points can require considerable effort
• Aeroplan points can’t be redeemed on any airline but only on Air Canada and Star Alliance Members

Ratehub.ca's take

For those who collect Air Miles, the BMO Air Miles World Elite Mastercard offers a generous welcome bonus -  earn 3,000 AIR MILES Bonus Miles and have the $120 annual fee waived for the first year. Must apply by July 31st, 2023.. Beyond that, this card will also earn you a solidly competitive three Air Miles for every $12 you spend at participating retailers (arguably the best bang for your buck among Air Miles cards on the market), two miles for every $12 spent at any eligible grocery store, one mile for every $12 spent anywhere else, and a 15% discount on all Air Miles flights in North America with no blackout dates. Key features of this card include:

• Three Air Miles per $12 spent at partnered retailers and two Air Miles for every $12 spent at any eligible grocery store
• 15% discount on all North American Air Miles flights
• As Air Miles is one of the larger loyalty programs on the market, redemption options are wide and varied (flights, car rentals, hotels, cash, merchandise, etc.)
• Excellent insurance package including trip cancellation/interruption, emergency medical, and more
• Complimentary lounge pass with Mastercard Airport Experiences provided by LoungeKey, and free access to over a million Wi-Fi hotspots around the world
• Complimentary membership in Mastercard Travel Pass provided by DragonPass and an exclusive 25% discount on one worldwide Air Miles flight redemption during the calendar year

Cons

• Annual fee of $120
• While the card’s income requirement of $80,000 (or $150,000 per household) may be prohibitive to some, there isn’t much question that this card is the best choice for Air Miles loyalty members.
• Despite having the best earn rate for Air Miles of any card on the market, the card’s standard rewards value is generally lower than others