Are you tired of missing out on the valuable rewards and benefits that come with using the perfect credit card? As a Canadian millennial, it's only natural to want to make the most of your spending and enjoy the perks that some credit cards can offer. We've got you covered! In this article, we'll be sharing the best credit cards for rewards Canada, helping you make an informed decision while keeping your wallet happy.
Best Credit Cards For Rewards Canada Table of Contents
1. American Express Cobalt Card
1. American Express Cobalt Card
Key Features:
- Welcome bonus: 30,000 Membership Rewards points
- Earn rate: 5x points on dining, groceries, and food delivery; 3x points on streaming services; 2x points on travel; 1x points on everything else
- Annual fee: $120 (charged as $10 monthly fee)
The American Express Cobalt Card is a top choice for Canadians who love dining out and indulging in food-related experiences. With a generous earn rate on dining, groceries, and food deliveries, it's perfect for food lovers. It also offers great rewards on streaming services and travel, making it a well-rounded option for various types of spenders.
2. Tangerine World Mastercard
Key Features:
- Welcome offer: 10% cash back on up to $1,000 for the first two months
- Earn rate: 2% cash back on two categories of your choice; 0.5% cash back on all other purchases
- Annual fee: $0
If you're after a no-annual-fee card with great rewards, the Tangerine World Mastercard is an excellent pick. With the option to choose your two top spending categories for maximum rewards, it's a customizable cash back solution that suits a wide range of budgets and preferences.
3. Scotiabank Gold American Express Card
Key Features:
- Welcome bonus: 45,000 Scotia Rewards points
- Earn rate: 5x points on dining, groceries, and entertainment; 3x points on gas, transit, and select streaming services; 1x points on all other purchases
- Annual fee: $120
Perfect for avid travellers and entertainment enthusiasts, the Scotiabank Gold American Express Card offers a fantastic rewards program that caters to various interests. Plus, with no foreign transaction fees, it's an excellent card for overseas adventures.
4. TD Cash Back Visa Infinite
Key Features:
- Welcome offer: 10% cash back on all purchases for the first three months
- Earn rate: 3% cash back on gas, grocery, and recurring bill payments; 1% cash back on all other purchases
- Annual fee: $120 (rebated for the first year)
The TD Cash Back Visa Infinite is another fantastic option for those looking for a generous rewards program. With a good cash back earn rate on gas, groceries, and recurring bill payments, this card is perfect for everyday spending.
Best Credit Cards For Rewards Canada Example:
Imagine you're a budget conscious millennial spender who loves dining out and wants to maximize your rewards without paying a hefty annual fee. After considering the options, the Tangerine World Mastercard stands out as the best fit for you. You choose to earn 2% cash back on dining and groceries as your two preferred categories.
Let’s do some calculations. You spend $1000 a month on dining out and groceries, and $500 on other purchases. Your total monthly spending is $1500. With 2% cash back on dining and groceries, and 0.5% cash back on other purchases, you'll earn $23 in cash back per month, totaling $276 annually. Plus, with the introductory 10% cash back offer for the first two months, you'll earn an additional $100 cash bonus. All this without paying any annual fee makes it an ideal choice for your lifestyle.
With a multitude of options available, it's essential to find the best credit card for rewards Canada that suits your preferences and spending habits. We hope this guide has equipped you with the knowledge and insight needed to make an informed choice. Happy spending and reward earning!
So, what are you waiting for? Explore the other incredible personal finance and investing tips available on Flik Eco and share this article with your friends, so they too can make the most of their money. Together, let's unlock the potential rewards that come with responsible credit card use!
