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Best Rewards Credit Cards in Canada for November 2025

Oct 31, 2025
Compare the best rewards credit cards by category — points, cash-back and travel rewards — to find the right fit.
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Written by Georgia Rose
Lead Writer & Content Strategist
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Written by Shannon Terrell
Lead Writer & Spokesperson
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Written by Georgia Rose
Lead Writer & Content Strategist
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Summary: Best rewards cards in Canada

CardNerdWallet ratingAnnual feeIntro offerRewards rateApply Now
American Express Cobalt® Card
APPLY NOW
on American Express' website
American Express Cobalt® Card
4.9/5
$191.88
Up to 15,000 Points
1x-5x Points
BMO CashBack® World Elite®* Mastercard®*
APPLY NOW
on BMO's website
BMO CashBack® World Elite®* Mastercard®*
5.0/5
$120
Waived first year
Up to 10% cash back
1%–5%
American Express® Aeroplan®* Reserve Card
APPLY NOW
on American Express' website
American Express® Aeroplan®* Reserve Card
5.0/5
$599
Up to 85,000 Points
1.25x-3x Points
NerdWallet Home PagePartner Spotlight
Tangerine® Money-Back World Mastercard®*

Get unlimited 2% cash back in up to 3 categories of your choice with a Tangerine savings account + 0.5% back on everything else. Special offer: get $120 when you spend $1,500 in your first 3 months. Click "Apply Now" for details.

APPLY NOW
on Tangerine's website
Tangerine® Money-Back World Mastercard®*

Canada's Best Rewards Cards | November 2025

👇 Use the tabs below to see the Best Overall, Top Picks for cash-back, points and travel rewards — all selected by NerdWallet Canada's editorial team.

Best overall rewards card
American Express Cobalt® Card
American Express Cobalt® Card
4.9
NerdWallet rating
APPLY NOW
on American Express' website
Annual fee
$191.88
Intro offer
Up to 15,000 Points
Rewards rate
1x-5x Points
Interest rates
21.99% / 21.99%
Recommended credit score660-724

Methodology

BACK TO TOP
NerdWallet Canada selects the best credit cards based on overall consumer value as well as their suitability for specific kinds of consumers. Factors in our evaluation methodology include each card’s earning rates, rewards structure (such as flat-rate or bonus categories), annual fee, redemption options, promotional APR period for purchases, bonus offers for new cardholders, and noteworthy features such as insurance, loyalty bonuses or the ability to choose one’s own rewards categories.

Mini-guide to rewards credit cards

With so many options out there, selecting a rewards credit card can feel overwhelming. Here’s how to narrow down your choices and get the best rewards credit card for you.

MORE: How do rewards credit cards work?

6 steps to picking the right rewards credit card

Every rewards credit card is different, so here are a few key areas to consider when deciding which card is best for you.

1Choose your adventure: Cash-back, points or miles

Think about your spending habits and goals. Planning a honeymoon and want the rewards to pay for the flights? A card that earns miles on your favourite airline might be worthwhile.

Alternatively, if you spend big at the grocery store, a card that earns cash back on food purchases (or a co-branded store credit card that earns discounts) might save you more.

2Consider the welcome offer

If you’re trying to decide between cards with similar rewards, the tiebreaker can often be the sign-up bonus. Some cards offer a generous intro offer that can jump-start your reward-earning journey with thousands of extra points or miles.

Here’s what to look out for when comparing welcome offers:

  • Minimum spend requirements. Some welcome offers may require you to spend a certain amount in the first few months to qualify.

  • Ongoing rewards rates and fees. If the earn rates are low and the annual fee is high, the welcome offer may not be worth it.

  • Offer release dates. Welcome offers don’t always arrive when you get the card —  you may have to hold the card for a year before unlocking the full bonus. 

3Pay attention to the interest rates

When comparing rewards cards, look at the interest rates that might apply:

  • Promotional interest rate. Some cards offer promotional or introductory interest rates — such as 0% on balance transfer for 12 months. These tend to be lower than the regular rate (which kicks in once the introductory period ends). 

  • Purchase interest rate. This rate determines how much interest you’ll owe on outstanding balances from purchases, which is especially important if you don’t always pay off your credit card in full. Note: Balance transfer promotional rates only apply to balances transferred under a promotion. The purchase interest rate applies to all new purchases, regardless of any balance transfer promotion you may take advantage of. 

  • Cash advance interest rate. If you withdraw cash from an ATM using your credit card, the transaction is typically subject to the cash advance rate. This rate is often higher than the purchase interest rate, may come with a flat transaction fee, and starts accumulating interest immediately.

4Make sure the annual fee is worth it

If you’re firmly against the idea of paying an annual fee, you’ll instantly narrow down your choices to no-fee credit cards. That said, rewards credit cards that have an annual fee typically come with extra benefits that could ‘cover’ the cost.

For example: If the annual fee is $150, but you could earn $2,000 in cash back each year, the fee may be worth it.

5Compare the reward categories with your spending habits

The base earn rate is the lowest amount of cash-back, points or miles you can earn on the card, and typically applies to everyday spending. But most rewards credit cards also have bonus rates — accelerated earn rates in specific categories.

Store rewards cards usually offer higher earn rates on purchases at that particular store. General rewards credit cards, on the other hand, tend to boost earn rates on general categories like groceries, gas or pharmacies.

Choosing a card with bonus earn rates that line up with your spending habits can boost the amount of rewards you earn.

Note: Most rewards cards come with spending caps on bonus earn rates. For example, a 5x points rate on groceries might only apply to the first $500 you spend each month.

6Ask yourself if flexibility is key

Having a lot of points is meaningless if it’s hard to redeem them. Look for a loyalty program that fits your needs and lifestyle. For example:

  • If you fly with different airlines, consider a card that lets you transfer points from one loyalty program to another. 

  • If you want to flexibility — like redeeming points for statement credits, travel and merchandise — look for a card with a range of redemption options.

Think about your spending habits and goals. Planning a honeymoon and want the rewards to pay for the flights? A card that earns miles on your favourite airline might be worthwhile.

Alternatively, if you spend big at the grocery store, a card that earns cash back on food purchases (or a co-branded store credit card that earns discounts) might save you more.

If you’re trying to decide between cards with similar rewards, the tiebreaker can often be the sign-up bonus. Some cards offer a generous intro offer that can jump-start your reward-earning journey with thousands of extra points or miles.

Here’s what to look out for when comparing welcome offers:

  • Minimum spend requirements. Some welcome offers may require you to spend a certain amount in the first few months to qualify.

  • Ongoing rewards rates and fees. If the earn rates are low and the annual fee is high, the welcome offer may not be worth it.

  • Offer release dates. Welcome offers don’t always arrive when you get the card —  you may have to hold the card for a year before unlocking the full bonus. 

When comparing rewards cards, look at the interest rates that might apply:

  • Promotional interest rate. Some cards offer promotional or introductory interest rates — such as 0% on balance transfer for 12 months. These tend to be lower than the regular rate (which kicks in once the introductory period ends). 

  • Purchase interest rate. This rate determines how much interest you’ll owe on outstanding balances from purchases, which is especially important if you don’t always pay off your credit card in full. Note: Balance transfer promotional rates only apply to balances transferred under a promotion. The purchase interest rate applies to all new purchases, regardless of any balance transfer promotion you may take advantage of. 

  • Cash advance interest rate. If you withdraw cash from an ATM using your credit card, the transaction is typically subject to the cash advance rate. This rate is often higher than the purchase interest rate, may come with a flat transaction fee, and starts accumulating interest immediately.

If you’re firmly against the idea of paying an annual fee, you’ll instantly narrow down your choices to no-fee credit cards. That said, rewards credit cards that have an annual fee typically come with extra benefits that could ‘cover’ the cost.

For example: If the annual fee is $150, but you could earn $2,000 in cash back each year, the fee may be worth it.

The base earn rate is the lowest amount of cash-back, points or miles you can earn on the card, and typically applies to everyday spending. But most rewards credit cards also have bonus rates — accelerated earn rates in specific categories.

Store rewards cards usually offer higher earn rates on purchases at that particular store. General rewards credit cards, on the other hand, tend to boost earn rates on general categories like groceries, gas or pharmacies.

Choosing a card with bonus earn rates that line up with your spending habits can boost the amount of rewards you earn.

Note: Most rewards cards come with spending caps on bonus earn rates. For example, a 5x points rate on groceries might only apply to the first $500 you spend each month.

Having a lot of points is meaningless if it’s hard to redeem them. Look for a loyalty program that fits your needs and lifestyle. For example:

  • If you fly with different airlines, consider a card that lets you transfer points from one loyalty program to another. 

  • If you want to flexibility — like redeeming points for statement credits, travel and merchandise — look for a card with a range of redemption options.

5 types of credit card rewards

There are dozens of rewards cards out there, but most fall into five main categories.

General points

General rewards are points earned through everyday spending, like gas or grocery purchases, which can then be redeemed for a variety of products and services, such as entertainment, merchandise, gift cards, cash back or travel bookings.

Are you a student or newcomer? Some issuers offer rewards cards specifically to students and people new to Canada.

Airline rewards

Airline credit cards earn points or miles for specific frequent flyer programs, like Aeroplan, Westjet or Porter.

Depending on the card tier, you may get additional perks like free checked bags, priority boarding or increased status.

Travel rewards

If you’re not loyal to one specific airline or hotel chain, a general travel rewards program may interest you. Points earned can be used for any type of travel redemption. For example, programs like Air Miles partner with over 20 airlines, and points can be redeemed for flights, packages, cruises, car rentals, accommodation and more.

Hotel rewards cards are typically tied to a specific hotel chain and include benefits to make your stay more comfortable, like upgrades, free breakfasts and late check-outs.

Store or co-branded rewards

Many major retailers have their own loyalty programs, and some even have co-branded credit cards, like the CIBC Costco®† Mastercard® or the PC Insiders™ World Elite® Mastercard®. These cards earn accelerated points at the affiliated stores and may offer access to exclusive deals and discounts.

Cashback rewards

Cash-back cards earn (you guessed it) cash back on purchases you make. Depending on the card, you can typically earn between 1% and 5% back on eligible purchases.

In general, cash-back is usually redeemed as a statement credit, helping to lower your credit card bill. Some cards also let you deposit the rewards into an eligible bank or investment account.

General rewards are points earned through everyday spending, like gas or grocery purchases, which can then be redeemed for a variety of products and services, such as entertainment, merchandise, gift cards, cash back or travel bookings.

Are you a student or newcomer? Some issuers offer rewards cards specifically to students and people new to Canada.

Airline credit cards earn points or miles for specific frequent flyer programs, like Aeroplan, Westjet or Porter.

Depending on the card tier, you may get additional perks like free checked bags, priority boarding or increased status.

If you’re not loyal to one specific airline or hotel chain, a general travel rewards program may interest you. Points earned can be used for any type of travel redemption. For example, programs like Air Miles partner with over 20 airlines, and points can be redeemed for flights, packages, cruises, car rentals, accommodation and more.

Hotel rewards cards are typically tied to a specific hotel chain and include benefits to make your stay more comfortable, like upgrades, free breakfasts and late check-outs.

Many major retailers have their own loyalty programs, and some even have co-branded credit cards, like the CIBC Costco®† Mastercard® or the PC Insiders™ World Elite® Mastercard®. These cards earn accelerated points at the affiliated stores and may offer access to exclusive deals and discounts.

Cash-back cards earn (you guessed it) cash back on purchases you make. Depending on the card, you can typically earn between 1% and 5% back on eligible purchases.

In general, cash-back is usually redeemed as a statement credit, helping to lower your credit card bill. Some cards also let you deposit the rewards into an eligible bank or investment account.

Here’s a breakdown of four popular rewards and loyalty programs in Canada to help you find the right fit:

Program

Redemption options

Best for

Estimated value per point/mile

Air Miles

Flights, cruises, hotels, merchandise and more.

Frequent travellers looking for a wide range of reward redemptions.

1 Air Mile = $0.16.

Aeroplan

Flights, hotels, gift cards and more.

Frequent Air Canada flyers and shoppers at partner stores, such as Avis, Home Hardware and Sephora.

1 Aeroplan point = $0.016.

PC Optimum

In-store at Loblaw or partner stores (10,000 pts = $10 off).

Loyal Loblaw shoppers who spend big at partner stores like Esso, Mobil, Shoppers Drug Mart, No Frills, Real Canadian Superstore.

1 PC Optimum point = $0.001.

Amex Membership Rewards

Travel, merchandise, gift cards, transfers to other programs and more.

Frequent travellers looking for flexible rewards they can transfer to other programs.

1 Amex Membership Rewards point = $0.029.

SCENE+

Movie tickets, dining, shopping, travel and more.

Entertainment junkies and restaurant lovers looking for everyday redemption options.

1 SCENE+ point = $0.01.

Frequently asked questions

A rewards credit card earns points, cash back or miles on eligible purchases. The type of rewards, and how you can redeem them, depends on the card and its loyalty program.

Note: Applying doesn’t guarantee approval. The issuer needs to assess your financial profile to determine your eligibility. Cards with lower interest rates, more perks and generous reward earn rates typically require higher credit scores.

Rewards like points or miles usually only expire if there’s no account activity for a certain period of time, or if your account falls out of good standing.

Some issuers have stricter rules, so always check the card’s terms and conditions so you know exactly how and when rewards expire.

The value of points or miles depends on the program and how you redeem them. Whenever possible, go with the option with the highest value.

You can calculate the value using this formula:

(Cash value of the redemption X 100) / number of points required = Cost per point.

For example: Let’s say your reward program allows you to redeem 20,000 points for a $200 flight. The formula would look like this:

($200 X 100) / 20,000 = $0.01

So, each point is worth roughly 1 cent.

If you redeem the same 20,000 points for a $100 kitchen accessory, the value drops to $0.005 per point.

Calculating a baseline value for your points helps you decide when a redemption is worth it.

Here are NerdWallet’s estimated point values for some of the top Canadian reward programs:

  • AIR MILES: $0.16 per mile

  • American Express Membership Rewards: $0.03 per point

  • Aeroplan: $0.02 per point

  • Aventura: $0.02 per point

  • Scene+ points: $0.01 per point

  • Avion Premium (RBC Rewards): $0.01 per point

  • BMO Rewards: $0.01 per point

  • Marriott Bonvoy: $0.01 per point

  • TD Points: $0.003 per point

  • PC Optimum: $0.001 per point

Credit card rewards are considered a rebate or discount by the Canada Revenue Agency, so you won’t be taxed. That said, if you earn cash-back rewards as part of your employment or business, it may be taxable.

The number of credit cards you should have depends on your spending habits and financial health.

It can make sense to carry two rewards cards that maximise different bonus categories so you can capitalise on your biggest areas of spending. For example, if you’re a frequent flyer who spends big on groceries, you might have one card that earns miles and another that earns cash-back at supermarkets.

But keep in mind — more cards mean more opportunities for racking up high-interest debt. Only carry multiple cards if you’re confident in your ability to pay off the balances in full.

A rewards card is often worth it if:

  • You want perks but stick to a tight budget. Some rewards cards do not have an annual fee, so all of the rewards you earn go to you, rather than covering the cost of the card.

  • You spend big in one or two categories. If you shop at a specific store, or most of your expenses go on groceries, a card that rewards you for those behaviours can be worthwhile.

  • You’re already in a loyalty program and you want to boost your rewards. If you’re a frequent Air Canada flier, for example, and are looking for a new credit card, an Areoplan rewards card may be a good fit.

A rewards card may not be worth it if:

  • You typically carry a balance. No amount of rewards is worth it if you’re paying interest on unpaid balances and falling further into debt. If you find yourself carrying a balance, try a low-rate card instead.

  • You’re worried about overspending. It’s important not to spend more than you usually would just to get rewards. For example, if your card offers 5x points on groceries, you don’t want to spend $100 more than you would that month just to get the points.

  • You don’t meet the eligibility requirements. If you don’t meet the income, age or credit requirements, your application may be denied. If you aren’t eligible due to a low credit score, consider a more suitable option.

  • The rewards and perks don’t justify the annual fee. You may want to get a no-fee card if you’re not using any of your included benefits and the rewards don’t cancel-out the annual fee.

Alongside earning points, miles or cash back, some rewards cards offer perks like:

  • Travel insurance, such as emergency medical, delayed flights, lost luggage, hotel burglary, trip cancellations and car rental coverage.

  • Deals and discounts with partners, such as Hertz, Starbucks, DoorDash and Petro-Points.

  • Security features, like fraud monitoring and identity theft protection, and purchase protection and extended warranty.

  • Specialty insurances and services, like mobile phone coverage, roadside assistance and 24/7 concierge.

  • Travel perks, like airport lounge access, priority boarding and no foreign transaction fees.

Always prioritize the perks that are important to you — and that you’ll actually use — when choosing a card.

For example, if you use airport lounges regularly, pick a card that can save you money with free passes. Similarly, if you don’t need a NEXUS pass, don’t get caught up in the promise of a waived application fee.

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