1.Neo World Elite® Mastercard
Neo Financial
- 5%Cash back on groceries
- 4%Cash back on recurring payments
- 3%Cash back on gas
Earn up to 30,000 points by spending $2,000 in the first 90 days.
Earn 5% cash back on groceries, 4% on recurring payments, and 3% on gas.
19.99%-29.99%
22.99%-31.99%
The Neo World Elite® Mastercard stands out as the top choice because it offers an exceptional 5% cash back on groceries, making it ideal for frequent shoppers. With a robust rewards structure and premium benefits, it earns the #1 spot for those looking to maximize their cash back.
Pros:
- High cash back on groceries
- Comprehensive insurance benefits
Cons:
- Annual fee applies
- Higher income requirement
2.President's Choice Financial® World Elite Mastercard®
PC Financial
- 4.5%Points at Shoppers Drug Mart
- 3%Points at participating grocery stores
- 1%Points on all other purchases
Earn 20,000 points after your first purchase at a PC Optimum program store within 6 months.
Earn 4.5% back in points at Shoppers Drug Mart and 3% at participating grocery stores.
21.99%
22.97%
What sets the President's Choice Financial® World Elite Mastercard apart is its no annual fee and high earn rates, particularly at Shoppers Drug Mart. This card is perfect for those who frequently shop at PC stores, making it a valuable addition to any wallet.
Pros:
- No annual fee
- High earn rates at grocery stores
Cons:
- Income requirement
- Limited to PC Optimum points
3.Walmart Rewards™ World Mastercard®
Walmart
- 3%Reward dollars at Walmart
- 1.25%Reward dollars at Walmart stores & gas stations
- 1%Reward dollars everywhere else
Earn a $25 bonus after making a single purchase of at least CA$75 within 30 days.
Earn 3% in reward dollars at Walmart, 1.25% at Walmart stores & gas stations, and 1% everywhere else.
21.89%
22.97%
The standout feature here is the 3% cash back at Walmart, making the Walmart Rewards™ World Mastercard an excellent choice for frequent Walmart shoppers. Its no annual fee and straightforward rewards structure make it a practical option for everyday spending.
Pros:
- No annual fee
- High earn rates at Walmart
Cons:
- Limited to Walmart purchases
- Lower rewards outside Walmart
4.Triangle® Mastercard
Canadian Tire
- 4%CT Money at Canadian Tire
- 3%CT Money at grocery stores
- 1%CT Money everywhere else
Earn $150 in bonus CT Money for online applications.
Earn 4% back in Canadian Tire Money at Canadian Tire and 3% at grocery stores.
21.99%
22.99%
This card shines for its 4% cash back at Canadian Tire, making it a top pick for loyal customers of the store. With no annual fee and a straightforward rewards program, it offers great value for those who frequently shop at Canadian Tire and its partners.
Pros:
- No annual fee
- High rewards at Canadian Tire
Cons:
- Limited redemption options
- Higher interest rates
5.CIBC Costco Mastercard
CIBC
- 3%Cash back at restaurants and Costco gas
- 2%Cash back at other gas stations
- 1%Cash back on all other purchases
Earn a $100 statement credit when spending CA$3,000 within 120 days.
Earn 3% cash back at restaurants and Costco gas, 2% at other gas stations, and 1% on everything else.
21.75%
22.49%
A key differentiator is the 3% cash back at restaurants and Costco gas, making the CIBC Costco Mastercard a valuable choice for Costco members. Its combination of cash back rewards and no annual fee makes it a practical option for regular shoppers.
Pros:
- No annual fee
- Good cash back rates at Costco
Cons:
- Limited to Costco members
- Spending caps on rewards
- 5xPoints on dining, groceries, digital media, and utilities
- 1xPoints on all other purchases
Earn up to 30,000 points after spending $2,000 in the first 90 days.
Earn 5x on dining, groceries, digital media, and utilities, and 1x on other purchases.
21.99%
22.99%
The MBNA Rewards World Elite Mastercard excels with its 5x points on everyday purchases, making it an excellent choice for those who want to maximize their rewards. With a solid welcome bonus and flexible redemption options, it offers great value for frequent spenders.
Pros:
- High earn rate on everyday spending
- Flexible redemption options
Cons:
- Annual fee applies
- Income requirement
Final Words
As you consider the best store credit cards available this January, remember that your choice should align with your spending habits and financial goals. Take time to compare the options discussed, ensuring you make informed decisions that maximize your benefits and enhance your financial well-being.
Frequently Asked Questions
The welcome bonus for the Neo World Elite® Mastercard is Earn up to 30,000 points by spending $2,000 in the first 90 days.
With the President's Choice Financial® World Elite Mastercard®, you can earn 4.5% back in points at Shoppers Drug Mart, 3% at participating grocery stores, and 1% on all other purchases.
The welcome bonus for the Walmart Rewards™ World Mastercard® is Earn a $25 bonus after making a single purchase of at least CA$75 within 30 days.
Some store credit cards in Canada come with no annual fees, like the President's Choice Financial® World Elite Mastercard® and Walmart Rewards™ World Mastercard®. However, others, such as the Neo World Elite® Mastercard, may charge an annual fee, so it's important to review each card's terms.
To choose the best store credit card, consider your shopping habits, the rewards offered, and any applicable fees. Look for cards that provide significant benefits at the stores you frequent most often and compare their welcome bonuses to maximize your rewards.
Store credit cards typically offer rewards in the form of cash back, points, or discounts on future purchases. The specific rewards can vary significantly between cards, so it's crucial to examine the reward rate details and breakdowns for the cards you're considering.
The time it takes to receive rewards from a store credit card can vary depending on the card issuer's policies. Typically, rewards are credited to your account immediately after qualifying purchases, but it may take longer for points to be redeemable.
