Rewards credit cards let you earn points, miles, or flexible rewards on everyday spending. The strongest rewards cards in Canada offer strong earn rates in bonus categories, valuable welcome bonuses, and redemption options that deliver real value. The key is matching the card to your spending habits and redeeming strategically: the wrong card or poor redemption choices can make a premium annual fee a waste of money. Cash back cards are covered separately in our credit card reviews and roundups.
Best Rewards Credit Cards Compared
| Card | Annual Fee | Base Earn Rate | Best Bonus Rate | Best For |
|---|---|---|---|---|
| Amex Cobalt Card | $191.88/year ($15.99/mo) | 1x | 5x groceries & dining | Groceries and dining |
| Amex Gold Rewards Card | $250/year | 1x | 2x travel, gas, groceries, drugstore | All-around spending |
| TD Aeroplan Visa Infinite | $139/year | 1 Aeroplan/$ | 1.5 Aeroplan on gas, groceries | Aeroplan collectors |
| CIBC Aventura Visa Infinite | $139/year | 1 Aventura/$ | 2 Aventura on CIBC Rewards Centre travel, 1.5 on gas/groceries/drugstore | CIBC banking customers |
| Scotiabank Gold Amex | $120/year | 1x Scene+ | 6x Scene+ at partner grocers, 5x dining/entertainment | Scene+ and movie lovers |
| BMO Eclipse Visa Infinite | $120/year | 1 BMO point/$ | 5 BMO pts on groceries, dining, gas, transit (same rate, not split) | BMO banking customers |
| RBC Avion Visa Infinite | $120/year | 1 Avion/$ | 1.25 Avion on travel | RBC customers and travel |
| National Bank World Elite | $150/year | 1 NB pt/$ | 5 NB pts on groceries and restaurants | High base earn rate |
Most of these cards also have a welcome offer, usually points after a minimum spend in the first few months. Offers change often, so check the current offer on the issuer’s site before applying.
Points, cash back or airline miles?
Flexible bank points can be moved between redemption options, airline points tie you to one program, and cash back trades upside for simplicity. The points vs cash back comparison shows when each comes out ahead, and the cash back card roundup covers the cash side.
Reward Program Valuations
Not all points are created equal. The value of a single point varies significantly by program and redemption method.
| Rewards Program | Typical Value (cents per point) | Best Redemption | Worst Redemption |
|---|---|---|---|
| Aeroplan | 1.5-2.5¢ | Flights (especially business/first) | Merchandise |
| Amex Membership Rewards | 1.5-2.0¢ | Transfer to Aeroplan or travel | Gift cards |
| Scene+ (Scotiabank) | 0.8-1.0¢ | Movies and travel | Merchandise |
| BMO Rewards | 0.7¢ | Travel bookings | Merchandise |
| RBC Avion | 1.0-1.5¢ | Travel bookings | Merchandise and gift cards |
| CIBC Aventura | 1.0-1.2¢ | Travel bookings | Merchandise |
| National Bank Points | 0.8-1.0¢ | Travel bookings | Statement credits |
| TD Rewards | 0.8-1.0¢ | Expedia bookings | Merchandise |
The pattern is consistent: redeeming points for travel (especially flights) almost always delivers the best value, while merchandise and gift cards are the worst. Before redeeming for merchandise, check whether you could buy the item for less money by redeeming points as a statement credit instead.
Yearly Value After the Annual Fee
Here is the estimated yearly value of each card, after its annual fee, assuming $2,000 per month in spending. Any welcome offer would add to the first year only.
| Card | Annual Fee | Estimated Yearly Rewards | Net Yearly Value |
|---|---|---|---|
| Amex Cobalt | $191.88 | $480-600 (groceries/dining heavy) | $288-408 |
| Amex Gold | $250 | $360-480 | $110-230 |
| BMO Eclipse Visa Infinite | $120 | $300-420 (dining heavy) | $180-300 |
| TD Aeroplan Visa Infinite | $139 | $288-432 | $149-293 |
| Scotiabank Gold Amex | $120 | $300-420 (groceries/dining heavy) | $180-300 |
| RBC Avion Visa Infinite | $120 | $240-360 | $120-240 |
| National Bank World Elite | $150 | $384-432 | $234-282 |
| CIBC Aventura Visa Infinite | $139 | $264-336 | $125-197 |
Values are estimates based on typical spending patterns and optimal redemption. Your actual value will vary based on your spending categories and how you redeem.
How to Maximize Your Rewards
Match Your Card to Your Spending
Look at where your money actually goes. If 40% of your spending is on groceries and dining, a card that earns 5x in those categories is far more valuable than one with a higher base rate. Review two or three months of credit card statements to identify your top spending categories before choosing.
Use Multiple Cards Strategically
Many Canadians get the most value by carrying two or three cards that cover different categories:
- Groceries and dining: Amex Cobalt (5x) or Scotiabank Gold Amex (5x)
- Travel and gas: Amex Gold (2x) or TD Aeroplan Visa Infinite (1.5x)
- Everything else: A strong base-rate card or no-fee cash back card
Redeem at the Best Value
Never redeem points for merchandise through a credit card rewards catalogue: the value is almost always poor. Transfer points to airline partners when possible, or redeem for travel through the card’s travel portal for the best return.
Never Carry a Balance
This is the most important rewards card rule. At 20.99% interest, a $5,000 balance costs roughly $87 per month in interest – and that cost repeats every month the balance is carried. Even the best rewards card earning 5% back would only generate around $250 in rewards from that same $5,000 spent once. Unless you’re paying it off within a couple of months, the recurring interest cost outpaces a one-time rewards payout. If you cannot pay your balance in full every month, a low-interest card saves you far more than any rewards card earns.
Tips for Rewards Card Holders
- Track your annual fee vs rewards earned. If your rewards do not exceed the fee after the first year (when the welcome bonus is gone), downgrade or switch cards.
- Watch for sign-up bonus clawback periods. Some issuers require you to keep the card for 12 months or they can claw back the welcome bonus. Do not cancel within the first year.
- Set up automatic full balance payments. This removes the risk of interest charges wiping out your rewards.
- Review your card annually. Issuers change earn rates and benefits regularly. The best card last year may not be the best card this year.
- Do not apply for multiple cards at once. Each application triggers a hard credit inquiry. Space applications at least 3-6 months apart.
The Bottom Line
The best rewards credit card in Canada depends entirely on your spending habits and how you redeem. The Amex Cobalt stands out for grocery and dining-heavy spenders, while the TD Aeroplan Visa Infinite is hard to beat for Aeroplan loyalists. Whichever card you choose, the math only works in your favour if you pay your balance in full every month, redeem points at their highest value, and earn more in rewards than you pay in annual fees. If rewards feel too complicated, a straightforward cash back card is a perfectly good alternative.
Related Resources
Sources
The figures and rules on this page come from these sources, last checked against them on October 3, 2026. How we check facts.
- americanexpress.com: Gold Rewards Card | Upgrade | American Express
- americanexpress.com: Cobalt Card Benefits | American Express CA
- americanexpress.com: American Express® Membership Rewards® Cards | Amex Canada
- BMO: Terms & Conditions
- RBC: RBC Avion Visa Infinite - Premium Travel Credit Card | RBC Royal Bank of Canada
- Scotiabank: Scotiabank Gold American Express® Card | Scotiabank Canada
- Scotiabank: How to Earn and Redeem Scene Points with Scotiabank Scene+ Rewards | Scotiabank Canada
- TD: AEROPLAN TERMS AND CONDITIONS FOR TD CREDIT CARDS
- TD: TD Aeroplan Visa Infinite Credit Card | TD Canada Trust