1.American Express Cobalt® Card
American Express
- 5%Points on eligible eats and drinks
- 3%Points on streaming subscriptions
- 2%Points on travel and transit
Earn up to 15,000 Membership Rewards points in your first year, awarded at a rate of 1,250 points per month when you spend at least $750 in eligible purchases each monthly billing period.
Earn 5 points for every $1 on eligible eats & drinks, 3 points on streaming, and 2 points on travel and transit.
21.99%
21.99%
The American Express Cobalt Card stands out as the top choice because of its exceptional earning potential on everyday spending, particularly in the food and drink categories. With a robust rewards structure and flexible point transfers, it offers significant value for those who prioritize dining and entertainment.
Pros:
- High rewards on food and drink
- Flexible point transfers
Cons:
- Monthly fee applies
- Limited to certain categories
- 1.25%Points on travel purchases
- 1%Points on all other purchases
Get 35,000 Welcome Points on approval and 20,000 bonus points when you spend $5,000 in your first 6 months.
Earn 1 Avion point for every dollar spent and an extra 25% on eligible travel purchases.
20.99%
22.99%
What sets the RBC Avion Visa Infinite apart is its flexibility in redeeming points for travel, making it a favorite among frequent travelers. With a solid welcome bonus and the ability to earn points on a wide range of purchases, it provides excellent value for those who travel often.
Pros:
- Flexible point redemptions
- Strong travel rewards
Cons:
- Annual fee applies
- High spending requirement for bonus points
3.Scotiabank Gold American Express Card
Scotiabank
- 6%Points on groceries
- 5%Points on dining and entertainment
Earn up to 50,000 Scene+ points, including 30,000 points after spending $2,000 in the first 3 months and an additional 20,000 points.
Earn 6 Scene+ points per $1 spent on groceries, dining, and entertainment.
21.99%
22.99%
The Scotiabank Gold American Express Card shines for its high earning potential on everyday categories like groceries and dining, making it an excellent choice for those who spend heavily in these areas. Coupled with no foreign transaction fees, it’s a strong contender for frequent travelers.
Pros:
- High rewards on groceries and dining
- No foreign transaction fees
Cons:
- Limited to Canadian spending
- Amex acceptance can be restricted abroad
- 1.5%Points on eligible gas and groceries
- 1%Points on all other purchases
Earn a welcome bonus of 10,000 Aeroplan points when you make your first purchase and 15,000 points when you spend $3,000 within 90 days.
Earn 1.5 Aeroplan points for every $1 spent on eligible gas, groceries, and travel.
21.99%
22.99%
The TD Aeroplan Visa Infinite Card is particularly appealing for those who frequently travel with Air Canada, as it offers a robust rewards structure tailored to travel-related expenses. With a significant welcome bonus and the potential for first-year fee waivers, it provides excellent value for new cardholders.
Pros:
- Strong earning potential on travel-related purchases
- First-year annual fee rebate
Cons:
- High spending requirement for bonus points
- Annual fee applies
5.Tangerine Money-Back Credit Card
Tangerine
- 2%Cash back in customizable categories
- 0.5%Cash back on all other purchases
Get a 10% welcome bonus on everyday purchases up to $100 during your first 2 months.
Earn 2% cash back in up to three customizable categories and 0.5% on all other purchases.
20.95%
22.95%
The Tangerine Money-Back Credit Card is an excellent choice for those seeking flexibility in their cash back rewards. With customizable categories and no annual fee, it allows cardholders to maximize their earnings based on their spending habits.
Pros:
- No annual fee
- Customizable cash back categories
Cons:
- Lower cash back rate on non-category purchases
- Limited to three categories
Did you know?
A no-fee credit card can beat a premium card if you do not use the extras. Match the card to your spend before chasing a bonus.
Final Words
As you evaluate the best rewards credit cards this August in Canada, remember that your spending habits and preferences should guide your choice. Take time to compare the options available to you and make an informed decision that maximizes your rewards potential.
Frequently Asked Questions
The American Express Cobalt® Card offers a welcome bonus of up to 15,000 Membership Rewards points in your first year, awarded at a rate of 1,250 points per month when you spend at least $750 in eligible purchases each monthly billing period. You can earn 5 points for every $1 on eligible eats & drinks, 3 points on streaming, and 2 points on travel and transit.
The RBC Avion Visa Infinite has an annual fee of CA$120. This card also features a welcome bonus of 35,000 Welcome Points on approval and 20,000 bonus points when you spend $5,000 in your first 6 months.
With the Scotiabank Gold American Express Card, you can earn up to 50,000 Scene+ points, including 30,000 points after spending $2,000 in the first 3 months and an additional 20,000 points. The card allows you to earn 6 Scene+ points per $1 spent on groceries, dining, and entertainment.
To choose the best rewards credit card, consider your spending habits and the types of rewards you value most, such as travel, dining, or cash back. Compare the welcome bonuses, annual fees, and reward rates of different cards to find the one that maximizes your benefits based on your lifestyle.
Eligibility requirements for rewards credit cards usually include being at least 18 years old, having a good credit score, and meeting a minimum income requirement. Some cards may also require you to be a Canadian resident.
Many rewards credit cards charge foreign transaction fees, typically around 2.5% on purchases made outside of Canada. However, some premium cards waive this fee, making them a better choice for frequent travelers.
When comparing rewards credit cards, look at the welcome bonuses, earning potential, annual fees, and any additional perks such as travel insurance or purchase protection. Also, consider how easily you can redeem your rewards and if there are any limitations or expiration dates.
