Best Points Credit Cards Canada: Top Options for Maximizing Your Rewards

Credit Cards Canada – Credit cards are becoming increasingly popular among Canadians who are looking for ways to earn rewards on their purchases. With so many credit cards on the market, it can be overwhelming to choose the right one that suits your needs. This article provides an overview of the best points credit cards available in Canada that offer generous rewards, perks, and benefits.

Table of Contents

  1. Introduction
  2. How do points credit cards work?
  3. Benefits of using points credit cards
  4. Factors to consider when choosing a points credit card
    • Annual Fees
    • Rewards Programs
    • Welcome Bonuses
    • Interest Rates
    • Perks and Benefits
  5. Best Points Credit Cards in Canada
    • American Express Cobalt Card
    • TD First Class Travel Visa Infinite Card
    • BMO World Elite Mastercard
    • Scotiabank Gold American Express Card
    • CIBC Aventura Visa Infinite Card
    • RBC Avion Visa Infinite Card
  6. Conclusion
  7. FAQs
    • What is the best points credit card in Canada?
    • How do I earn points with a points credit card?
    • Can I transfer points from one credit card to another?
    • What happens to my points if I cancel my credit card?
    • Are points credit cards worth it?

How do points credit cards work?

Points credit cards work by offering rewards in the form of points for every dollar spent on purchases. These points can be redeemed for travel, merchandise, gift cards, or cash back. The amount of points earned per dollar spent varies depending on the card and the type of purchase. Some cards offer bonus points for specific categories, such as gas or groceries.

Benefits of using points credit cards

There are many benefits of using points credit cards. The most obvious is the ability to earn rewards on your purchases. This can add up quickly and result in significant savings or free travel. Points credit cards also often offer additional perks and benefits, such as travel insurance, concierge services, or access to exclusive events.

Factors to consider when choosing a points credit card

When choosing a points credit card, there are several factors to consider:

Annual Fees

Most points credit cards come with an annual fee, which can range from $0 to several hundred dollars. While a high annual fee may seem daunting, it can be worth it if the card offers generous rewards and perks.

Rewards Programs

Different credit cards offer different rewards programs, and it’s essential to choose one that aligns with your needs and preferences. Some programs offer more flexibility, while others are more limited but offer higher rewards rates.

Welcome Bonuses

Many points credit cards offer welcome bonuses, which can be a great way to jump-start your rewards earnings. These bonuses typically require a minimum spend within a specified timeframe.

Interest Rates

Credit cards typically charge high-interest rates on balances carried forward from month to month. If you plan to carry a balance, it’s essential to choose a card with a low-interest rate.

Perks and Benefits

Points credit cards often come with additional perks and benefits, such as travel insurance, access to airport lounges, or concierge services. Consider which benefits are most important to you and choose a card that offers them.

Best Points Credit Cards in Canada

American Express Cobalt Card

The American Express Cobalt Card is one of the best points credit cards available in Canada. It offers a generous rewards program, with 5 points per dollar spent on groceries, dining, and travel. Other purchases earn 2 points per dollar spent. The card also offers a welcome bonus of up to 30,000 points and comes with travel insurance

TD First Class Travel Visa Infinite Card

The TD First Class Travel Visa Infinite Card is another excellent option for those looking to earn travel rewards. The card offers 9 points per dollar spent on travel purchases, including flights, hotels, and car rentals. Other purchases earn 3 points per dollar spent. The card also comes with a welcome bonus of up to 60,000 points and offers travel insurance and other travel-related benefits.

BMO World Elite Mastercard

The BMO World Elite Mastercard is a great choice for those looking for a versatile rewards program. The card offers 3 points per dollar spent on travel, dining, and entertainment purchases, and 2 points per dollar spent on all other purchases. The card also comes with a welcome bonus of up to 40,000 points, travel insurance, and other travel-related benefits.

Scotiabank Gold American Express Card

The Scotiabank Gold American Express Card is a popular choice among Canadians for its generous rewards program. The card offers 5 points per dollar spent on groceries, dining, and entertainment purchases, and 3 points per dollar spent on gas and daily transit purchases. Other purchases earn 1 point per dollar spent. The card also comes with a welcome bonus of up to 50,000 points, travel insurance, and other travel-related benefits.

CIBC Aventura Visa Infinite Card

The CIBC Aventura Visa Infinite Card is a solid choice for those looking for a flexible rewards program. The card offers 5 points per dollar spent on travel purchases, including flights, hotels, and car rentals, and 1.5 points per dollar spent on all other purchases. The card also comes with a welcome bonus of up to 20,000 points, travel insurance, and other travel-related benefits.

RBC Avion Visa Infinite Card

The RBC Avion Visa Infinite Card is a popular choice for its flexible rewards program and additional perks. The card offers 1 RBC Rewards point per dollar spent on all purchases, which can be redeemed for travel, merchandise, or gift cards. The card also comes with a welcome bonus of up to 35,000 points, travel insurance, and other travel-related benefits.

Conclusion

Choosing the right points credit card can be a game-changer when it comes to earning rewards on your purchases. Consider your spending habits, lifestyle, and preferences when selecting a card, and don’t forget to weigh the annual fees and additional benefits against the rewards program. With so many great options available, there’s a points credit card out there that’s perfect for you.

FAQs

What is the best points credit card in Canada?

The best points credit card in Canada depends on your spending habits, lifestyle, and preferences. Consider factors such as rewards programs, welcome bonuses, annual fees, and perks and benefits when choosing a card.

How do I earn points with a points credit card?

Points credit cards earn rewards in the form of points for every dollar spent on purchases. The number of points earned per dollar spent varies depending on the card and the type of purchase.

Can I transfer points from one credit card to another?

Some credit cards allow you to transfer points to other rewards programs or credit cards. Check with your credit card issuer for details on transferring points.

What happens to my points if I cancel my credit card?

If you cancel your credit card, you may lose any unredeemed points associated with that card. Some credit cards allow you to transfer points to another rewards program or credit card before canceling.

Are points credit cards worth it?

Points credit cards can be worth it if you use them responsibly and choose a card with a rewards program that aligns with your needs and preferences. Consider the annual fees, rewards rates, and additional benefits of the card when deciding if a points credit card is worth it for you.

Can I use my points to book travel for someone else?

In most cases, you can use your points to book travel for someone else. Check with your credit card issuer for specific details on using your points for travel bookings.

Is it better to redeem points for travel or merchandise?

It depends on your preferences and needs. Generally, redeeming points for travel can provide more value than merchandise or gift cards, but it’s important to consider your individual situation and preferences.

How do I know if a points credit card is right for me?

Consider your spending habits, lifestyle, and preferences when deciding if a points credit card is right for you. Look for a card with a rewards program that aligns with your needs and provides additional benefits that are valuable to you.

Can I earn points on balance transfers?

In most cases, you cannot earn points on balance transfers. However, some credit cards offer welcome bonuses for balance transfers, which can provide additional rewards for transferring a balance to the card.