Finance, Personal, Uncategorized

Best Points Credit Cards in Canada 2023: Up to 100,000 Reward Points

If you’re looking to save cost on your credit card usage, a reward point credit card is worth considering. With this card, you will earn points on eligible purchases and redeem them the way you like. 

Depending on the credit card, you can redeem reward points for cash back, gift cards, travel and everyday purchases. 

But as with every other credit card category, reward point credit cards vary from one another. Some are good for low fees while others are good for travel, hotel stay, foreign transactions and so on.

How do you determine the best point credit card in Canada? That’s exactly what this article will help you achieve. 

Let’s find out! 

Best Points Credit Cards in Canada
Photo Credit: Monstera

10 Best Points Credit Cards in Canada 

To determine the best reward points credit cards in Canada, we compare and choose credit cards with competitive points and low fees. 

While some of the selected reward points have relatively high annual fees, they are among the best in their categories.

That being said, the following are the best point credit cards in Canada across different categories.

1. BMO Rewards Mastercard

Best for No Annual Fee

  • Annual Fee: $0
  • APR: 20.99% on purchases & 22.99% on cash advances
  • Income Eligibility: N/A
  • Welcome Offer: 10,000 reward points plus an introductory balance transfer rate of 0.99%
BMO Rewards Mastercard

The BMO Rewards Mastercard is the best no-fee reward point credit card in this compilation. 

This credit card welcomes new cardholders with up to 10,000 points on $1,000 purchases within their initial three months of cardholding.

In addition, new cardholders will enjoy an extremely low introductory balance transfer rate of 0.99% within their first nine months of cardholding.

After the promo expires, cardholders will earn 1 point on every other purchase. You can redeem your points for travel, merchandise, purchases and more.

Besides the reward points, the BMO Rewards Mastercard also offers you access to up to a 25% discount at Alamo Rent a Car locations and National Car Rental.

With an extended warranty and purchase protection, Zero Liability policy and Mastercard Identity Check, the BMO Rewards Mastercard is a full-fledged reward point credit card to consider.

Check it out

2. RBC ION Visa

Best for Avion Points

  • Annual Fee: $0
  • APR: 19.99% on purchases & 22.99% on cash advances
  • Income Eligibility: N/A
  • Welcome Offer: 6,000 Avion points 
RBC ION Visa

The RBC ION Visa credit card is our overall best card for Avion points. The card offers competitive Avion points with no annual fee and income eligibility.

If you apply for this card by November 30, 2022, you will get up to 6,000 Avion points on your purchases. And every other eligible $1 purchase with the card will earn you 1.5x Avion points. 

If you shop at Petro-Canada, you can use the RBC ION Visa credit card to get a 3¢ discount per litre on fuel purchases. And buying fuel at Petro-Canada with the card will earn you 20% extra points. 

In addition, you will get 50 Be Well points for every eligible $1 purchase at Rexall with the RBC ION Visa credit card.

What also distinguished this card is that it offers access to unlimited free deliveries from DoorDash on eligible $15 and above orders and a 3-month complimentary DashPass subscription.

More so, you will enjoy reward points with optimal comfort with the RBC ION Visa credit card knowing that you’re covered with purchase security and extended warranty insurance.

Finally, the credit card also comes with optional add-on protection such as: 

  • BalanceProtector Max Insurance
  • Travel Insurance
  • Credit & Identity Theft Protection
  • RBC Road Assist
  • Etc.

Check it out

3. American Express Cobalt Card

Best for Low Fee

  • Annual Fee: $155.88 ($12.99/month)
  • APR: 20.99% on purchases 21.99% on cash advances
  • Income Eligibility: N/A
  • Welcome Offer: Up to 30,000 points in your first year
American Express Cobalt Card

The American Express Cobalt Card is our best point credit card for low fees in Canada. 

The credit card charges $12.99 per month which sums up to $155.88 per year. This is low compared to the annual fee of other credit cards on this compilation.

However, behind such low monthly fees are competitive rewards points. For your first year, you will earn up to 30,000 points as a welcome offer. This is higher than the welcome offer of other credit cards on this compilation.

The 30,000 points are the annual total of the 2,5000 membership reward points you will earn with the card on every $500 you spent on your monthly billing. 

As the value of 1,000 points equates to $10, you will save up to $300 cash back upon claiming the 30,000 points in your first year. 

After claiming the 30,000 points, you will still get competitive reward points on the following purchases:  

  • Eats & drinks = 5x points on
  • Streaming subscriptions = 3x points
  • Travel & transit = 2x points
  • Every other purchase = 1x point 
  • Amex Travel Online = 1 additional point

The interesting part is you can redeem the points the way you like – be it for merchandise, gift cards, travel, or Amazon.ca purchases.

Check it out

4. TD Aeroplan Visa Infinite Card

Best for Travel

  • Annual Fee: $139 (waived for the first year)
  • APR: 19.99% on purchases & 22.99% on cash advances
  • Income Eligibility: $60,000 annual personal income or $100,000 annual household income
  • Welcome Offer: Up to 50,000 Aeroplan points
TD Aeroplan Visa Infinite Card

The TD Aeroplan Visa Infinite Card ranks as our best reward point card for travel. The card offers competitive 50,000 Aeroplan points for new users who apply by January 3, 2023. The welcome offer has a cash value of $1,400. 

Below is the breakdown of how you can earn the 50,000 Aeroplan points in your first year of holding the TD Aeroplan Visa Infinite Card:

  • Make your first purchase with the card and earn 10,000 Aeroplan points
  • Spend a minimum of $1,500 within your initial 90 days of card holding to earn 20,000 Aeroplan points
  • Spend a minimum of $7,500 within your initial 12 months of cardholding to earn 20,000 Aeroplan points

That sums up to 50,000 points. You can redeem the points for gift certificates and merchandise. 

In addition to the bonus points, the card also waives new users the $139 annual fee for the first year. 

Other ways you can earn points with the TD Aeroplan Visa Infinite Card are highlighted below: 

  • Eligible purchases on grocery, gas and Air Canada = 1.5 points
  • Every other purchase = 1 point
  • Payment with the card at partner Aeroplan and retailers = Double points   
  • Purchases with the card at Starbucks = 50% more Aeroplan points 

That being said, the TD Aeroplan Visa Infinite Card offers the following travel coverage: 

  • Travel Medical Insurance
  • Flight/Trip Delay Insurance
  • Delayed and Lost Baggage Insurance
  • Trip Cancellation/Trip Interruption Insurance 
  • Auto Rental Collision / Loss Damage Insurance
  • Common Carrier Travel Accident Insurance
  • Hotel/Motel Burglary Insurance

Check it out

5. MBNA Rewards Platinum Plus Mastercard

Best for Birthday Bonus Points

  • Annual Fee: $0
  • APR: 19.99% on purchases & 24.99% on cash advances
  • Income Eligibility: N/A
  • Welcome Offer: Up to 10,000 bonus points 
MBNA Rewards Platinum Plus Mastercard

If you want your credit card to celebrate your birthday, the MBNA Rewards Platinum card offers birthday bonus points annually. 

As a new card holder, you will earn up to 10,000 bonus points with the MBNA Rewards Platinum card through the following activities: 

  • Spend a minimum of $500 on eligible purchases within your initial 90 days of card holding to earn 5,000 bonus points 
  • Sign-up for paperless e-statements within your initial 90 days of cardholding to earn another 5,000 bonus points. 

With 5,000 points valued at $25, you will save $50 within your first 90 days of cardholding with the MBNA Rewards Platinum card.

After earning the 10,000 bonus, you will earn 4 points with the card on every eligible $1 purchase within your initial 90 days of cardholding. Subsequently, you will earn 2 points on every eligible $2 purchase. 

You can redeem your points for merchandise, retailers, travel, gift cards and charitable donations.

In addition, the card offers access to discounts at Avis Rent A Car and Budget Rent A Car. It also offers access to the following coverage: 

  • Purchase Assurance
  • Extended Warranty Benefits
  • Mobile Device Insurance
  • Mastercard® Zero Liability

Check it out

6. TD First Class Travel Visa Infinite Card

Best for Welcome Bonus

  • Annual Fee: $120 (waived for the first year)
  • APR: 19.99% on purchases & 22.99% on cash advances
  • Income Eligibility: $60,000 personal or $100,000 household annual income
  • Welcome Offer: Up to 100,000 TD Points
TD First Class Travel Visa Infinite Card

The TD First Class Travel Visa Infinite Card is the best reward point credit card for welcome bonus on this compilation.

The card offers up to 100,000 bonus points and waives the $120 annual fee for the first year. However, you must apply for the card by October 29, 2022, to qualify for the bonus.

If you redeem the 100,000 bonus points for travel at ExpediaForTD.com, you will save up to $500. Below is the breakdown of how you can earn the 100,000 bonus points: 

  • Make your first purchase with the card to earn 20,000 bonus points
  • Spend a minimum of $1,500 within your initial 90 days of cardholding to earn 80,000 bonus points

When the promo expires, you will earn varying points on the following purchases with the card: 

  • Every $1 purchase = 3 points
  • Every $1 spent at Expedia for travel booking = 9 points
  • Purchases at Starbucks = 50% more points 

Check it out

7. Marriott Bonvoy American Express Card

Best for Hotel Stays

  • Annual Fee: $120
  • APR: 19.99 on purchases & 21.99% on cash advances
  • Income Eligibility: N/A
  • Welcome Offer: Up to 50,000 Welcome Bonus points
Marriott Bonvoy American Express Card

If you spend frequently on hotel stays, the Marriott Bonvoy American Express Card will save you cost with competitive reward points.

As a way of saying welcome, the card offers 50,000 bonus points to new cardholders that spend at least $1,500 within their initial three months of cardholding. 

After the welcome bonus expires, you will earn 5x points on purchases at Marriott Bonvoy properties and 2x points for every other purchase with the card. 

What I also like about this card is that it offers a maximum annual referral bonus of 150,000 points. This means you can still earn reward points by not making any purchases with the card. 

In addition, the Marriott Bonvoy American Express Card offers a free annual night award on every card anniversary. Annually, you will get 15 Elite Night Credits to attend the next level of Elite status. 

Check it out

8. Scotiabank Gold American Express

Best for Foreign Transactions

  • Annual Fee: $120 (waived for the first year)
  • APR: 20.99% on purchases. & 22.99% on cash advances
  • Income Eligibility: N/A
  • Welcome Offer: Up to 40,000 bonus Scene+ points 
Scotiabank Gold American Express

The Scotiabank Gold American Express card is an award-winning reward credit card that waives foreign transaction fees on foreign currency purchases.  

In addition to waiving the annual fee for the first year, the card welcomes new members with up to 40,000 bonus Scene+ points within their initial year of cardholding. This equals $400 in cash value. 

After the promo expires, cardholders will earn 6x Scene+ points on every eligible $1 spent on dining, grocery and entertainment. You will also earn Scene+ points on the following purchases: 

  • Every $1 purchase on food delivery, dining, and eligible groceries = 5 Scene+ points
  • Every $1 purchase on eligible movies, entertainment, ticket agencies and theatre = 5 Scene+ points
  • Every $1 purchase on eligible daily transit and gas = 3 Scene+ points
  • Every $1 purchase on eligible select streaming services = 3 Scene+ points
  • Every other eligible $1 purchase = 1 Scene+ point 

Besides providing access to Amex Offers, the Scotiabank Gold American Express card also offer multiple insurance coverage such as: 

  • Purchase Security & Extended Warranty Protection
  • Travel Emergency Medical Insurance
  • Travel Accident Insurance
  • Trip Cancellation/Trip Interruption Insurance
  • Delayed and Lost Baggage Insurance
  • Flight Delay Insurance
  • New Mobile Device Insurance
  • Rental Car Collision Loss/Damage Insurance
  • Hotel/Motel Burglary Insurance

Check it out 

9. American Express Green Card

Best for Students

  • Annual Fee: $0
  • APR: 20.99% on purchases & 21.99% on cash advances
  • Income Eligibility: N/A
  • Welcome Offer: 10,000 points 
American Express Green Card

The American Green Card is our best point credit card for students in Canada. The credit card has no annual fee and income eligibility, making it suitable for students.

The card welcomes new members with 10,000 Membership Rewards points upon spending a minimum of $1,000 within their initial three months of cardholding. Subsequently, cardholders can earn reward points on the following purchases: 

  • Everyday purchases = 1x point
  • Every eligible $1 purchase = 1 point 
  • Purchase at Amex Travel Online = 1 additional point

That being said, you can redeem your points for merchandise, gift cards, travel or make purchases at Amazon.ca.

Check it out

10. American Express Business Platinum Card

Best for Businesses

  • Annual Fee: $499
  • APR:  N/A
  • Income Eligibility: N/A
  • Welcome Offer: 80,000 Membership Rewards points 
American Express Business Platinum Card

Even though it has a high annual fee of $499, the American Express Business Platinum Card is the best reward point card for businesses in Canada.

The card has no income eligibility and it welcomes new members with up to 80,000 bonus points upon spending a minimum of $6,000 within their initial three months of cardholding. The 80,000 bonus has a cash value of $800.

When the promo expires, you will earn 1.25x points on every other purchase with the card. To help you save more, the card offers you access to 55 interest-free days.

With comprehensive business coverage, travel coverage and purchase coverage, the American Express Business Platinum Card is recommendable to businesses looking to save costs.

Check it out

How to Choose the Best Point Credit Card in Canada

From the above review, you can see how the best point credit cards in Canada differ. This goes to prove that not every credit card is suitable for everyone.

To make the right selection, you first need to understand your situation and your credit card needs. But whether you’re looking for a no-fee, travel, hotel, foreign transaction, or business point credit card, the above compilation got you covered. 

One thing you want to avoid is choosing a point credit card with competitive reward points without regard to the annual fee and interest rates. That could render your earnings worthless in the long run. 

So when determining which point credit card to choose, it’s essential to narrow your selection by considering the following factors: 

  • Reward rate
  • Welcome offer
  • Annual fee
  • Interest rates on purchases and cash advances
  • Income eligibility

Best Point Credit Card in Canada: The Bottom Line  

The best reward points credit card is not only one that offers competitive rewards but one that compliments your spending habits and reduces your credit card costs.

As a result, you shouldn’t be in a rush to select a point credit card without factoring in your situation and the above factors.

Overall, you can’t go with any of the above best reward points credit cards in Canada that suit your spending habits. 

If you need more help determining which point credit card to choose, please let us know in the comment below or contact our team at [email protected].

To learn more about the best credit card deals in Canada, check out our Credit Card Archive or the following articles:

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About John Adebisi

John Adebisi is a CPA, FCCA and MBA holder with a Bachelor's degree in Accounting & Finance. He has over a decade of experience in writing personal and business finance content for audiences across North America, Europe, the UK and Africa. In addition to his writing experience, he also has a strong background in financial research and analysis, giving him a unique perspective of the financial markets. John derives pleasure in helping people make smart financial decisions, and he believes that knowledge and experience can be valuable resources for anyone who wants to learn how to manage their money.

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