Question 1

What is the best rewards credit card in Canada?

Accepted Answer

The best rewards card depends on your spending patterns and redemption goals. For travel (flexible points): Amex Cobalt (5× on dining, 2× on transit/travel) or TD Aeroplan Visa Infinite. For cashback simplicity: Scotiabank Momentum Visa Infinite (4% on groceries/transit) or Rogers World Elite Mastercard (1.5% everywhere, 3% on foreign). For no annual fee rewards: Tangerine Money-Back Mastercard (2% in chosen categories). For premium travel if you spend $50K+/year: Amex Gold or Amex Aeroplan Reserve. Most households benefit from one premium rewards card for top-spend categories plus one no-fee card for everything else.

Question 2

Points vs cashback: which is better in Canada?

Accepted Answer

Cashback is simpler and always has a clear value: 2% cashback = 2 cents per dollar. Points depend on how you redeem — Aeroplan points redeemed for business class flights can be worth 2–4 cents each, but for gift cards or merchandise they may be worth only 0.5–0.8 cents. If you travel often and will actually redeem points for flights (especially premium cabins), a good travel rewards card will typically outperform cashback. If you want simplicity and certainty, cashback wins. Many Canadians over-collect points and redeem them suboptimally — if you won't actively manage a points strategy, cashback is the better choice.

Question 3

Is a premium annual fee credit card worth it in Canada?

Accepted Answer

Premium cards (annual fee $120–$700) are worth it if the benefits you actually use exceed the fee. Most premium cards include travel insurance packages (worth $300–$600/year standalone), airport lounge access (Priority Pass, worth $300+/year if used), and enhanced earn rates. A typical calculation: if a card earns 3–4% on dining and you spend $800/month on dining, that's $290–$385/year in rewards. Add $400 in travel insurance value and Priority Pass. Against a $150 annual fee, the math is usually positive. The trap: over-valuing benefits you won't claim or comparing against a 0% no-fee alternative.

Question 4

How do I maximize Aeroplan points?

Accepted Answer

Aeroplan is Canada's most popular frequent flyer program. Maximize it by: (1) Using an Aeroplan-earning credit card for all purchases. (2) Shopping through the Aeroplan eStore for bonus points on online retailers. (3) Dining through Aeroplan Dining. (4) Redeeming for flights in Business class on Air Canada transpacific routes — where value per point can reach 4–6 cents. (5) Stacking TD Aeroplan or Amex Cobalt points transfers with the eStore and partner bonuses. Avoid redeeming Aeroplan points for merchandise or hotel stays where value drops to 0.7–1.0 cents per point. Aeroplan points do not expire as long as your account has activity every 18 months.

Program	Earn With	Points Value (avg)	Best Redemption
Aeroplan	TD, CIBC, Amex Cobalt transfer	1.5–4.0¢/pt	Air Canada Business class
Amex Membership Rewards	Amex cards	1.5–2.5¢/pt	Transfer to Aeroplan; Fixed Points travel
RBC Avion	RBC cards	1.5–2.0¢/pt	WestJet/AC flights; Fixed Points
TD Rewards	TD cards	0.5–1.0¢/pt	Expedia for TD (best value)
Scene+	Scotiabank, CIBC	1.0¢/pt	Cineplex; travel via Scene+ Travel
PC Optimum	PC Financial, Loblaws	1.0¢ per 10 pts	Grocery redemption only
WestJet Rewards	WestJet RBC cards	$1 per WestJet Dollar	WestJet flights, vacations
Air Miles	BMO Air Miles cards	7–15¢/Dream Mile	Air Miles Dream Flights
BMO Rewards	BMO eclipse, Ascend	0.67¢/pt	Travel via BMO Travel portal

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