Finding the right rewards credit card can significantly boost your earning potential on everyday purchases. This comprehensive guide explores the top reward credit cards available in Canada for March 2025, helping you maximize your returns on spending.
What Makes a Great Rewards Credit Card?
The best rewards credit cards offer a combination of valuable earning rates, flexible redemption options, and additional perks that justify their annual fees. Look for cards that align with your spending habits and offer rewards in categories where you spend the most.
6 Best Reward Credit Cards in Canada This March 2025
1. American Express Cobalt Card
The Cobalt Card continues to dominate the rewards landscape with its impressive earning structure and flexibility in redemption options.
- Annual Fee: $155.88 ($12.99 monthly)
- Welcome Bonus: $300 value
- Earning Rate: Up to 5x points on eligible purchases
- Additional Benefits: Comprehensive travel insurance, exclusive dining perks
2. MBNA Rewards World Elite Mastercard
A versatile rewards card offering exceptional value for everyday spending and travel redemptions.
- Annual Fee: $120
- Interest Rate: 19.99% on purchases
- Earning Rate: 1x-5x points on purchases
- Additional Benefits: Travel insurance, price protection
3. Scotia Momentum Visa Infinite Card
An excellent choice for those seeking straightforward cash back rewards on everyday purchases.
- Annual Fee: $120 (first year waived)
- Interest Rate: 20.99% on purchases
- Earning Rate: 1%-4% cash back
- Additional Benefits: Mobile device insurance, extensive travel protection
4. BMO CashBack World Elite Mastercard
A premium cash back card offering competitive earning rates across multiple categories.
- Annual Fee: $120 (first year waived)
- Interest Rate: 20.99% on purchases
- Earning Rate: 1%-5% cash back
- Additional Benefits: Complimentary roadside assistance, travel insurance
5. SimplyCash Preferred Card from American Express
A straightforward cash back card with consistent earning rates and valuable insurance benefits.
- Annual Fee: $119.88
- Interest Rate: 21.99%
- Earning Rate: 2%-4% cash back
- Additional Benefits: Purchase protection, travel insurance
6. TD Aeroplan Visa Infinite Card
Perfect for frequent Air Canada travelers seeking Aeroplan rewards and premium travel benefits.
- Annual Fee: $139 (currently waived)
- Welcome Bonus: Value of approximately $641
- Earning Rate: Up to 1.5x Aeroplan points
- Additional Benefits: Free first checked bag, comprehensive travel insurance
Summary of the Best Reward Credit Cards in Canada This Month
| Card Name | Annual Fee | Welcome Bonus | Key Earning Rate |
|---|---|---|---|
| American Express Cobalt | $155.88 | $300 | Up to 5x points |
| MBNA Rewards World Elite | $120 | Varies | Up to 5x points |
| Scotia Momentum Visa Infinite | $120 | First year free | Up to 4% cash back |
| BMO CashBack World Elite | $120 | First year free | Up to 5% cash back |
| SimplyCash Preferred | $119.88 | Varies | Up to 4% cash back |
| TD Aeroplan Visa Infinite | $139 | $641 value | Up to 1.5x points |
Final Words
Choosing the right rewards credit card depends on your spending habits, preferred reward type, and willingness to pay an annual fee. Consider your average monthly spending, desired benefits, and redemption preferences when selecting a card. Remember to read the fine print and compare offers to find the best fit for your needs.
For more credit card insights, check out our guides on best cashback credit cards and business credit cards. If you're new to credit cards, our guide to building credit with credit cards is a great starting point.
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Frequently Asked Questions About Reward Credit Cards
What's the difference between cash back and points rewards?
Cash back rewards offer a direct percentage back on purchases, which can be redeemed as statement credits or deposits. Points rewards typically offer more flexibility in redemption options, including travel, merchandise, and gift cards, but may have varying values depending on how they're redeemed.
Are reward credit cards worth their annual fees?
Reward credit cards can be worth their annual fees if your spending habits align with the card's earning structure and you fully utilize the card's benefits. Calculate your potential annual rewards based on your typical spending and compare it to the annual fee to determine if it's worthwhile for you.
How often do reward rates and welcome bonuses change?
Credit card rewards rates and welcome bonuses typically change quarterly or during special promotional periods. Welcome bonuses often see the most frequent changes, while base earning rates tend to remain stable for longer periods. It's recommended to check current offers before applying.
What credit score is needed for rewards credit cards?
Most premium rewards credit cards require a good to excellent credit score (typically 670 or higher). Some cards may have additional income requirements. Those with lower credit scores might want to start with a secured or basic rewards card to build their credit history.
