Who knew using your credit card could be exciting?
Nowadays, many are wanting a credit card that will reward them for their spending (although sometimes it doesn’t quite feel rewarding having to use your credit card and possibly go into debt), but it can be exciting. Banks also love when clients use their institution to rack up points because more spending means profit.
Here are some of the best cards to earn rewards and treat yourself to something sweet. With each card and institution mentioned, there are many other options available if these cards aren’t quite what you’re looking for.
CAPITAL ONE
Unlike the five major banks in Canada, Capital One is an online banking system that includes multiple credit card options for those looking to build credit or seeking to cash in on credit card rewards. We’re sure those who’ve seen the commercial with Jennifer Garner know which card we’re talking about.
The Aspire Travel Platinum Card has an annual fee of $0 and an interest rate of 19.8 per cent, which is in line with other major credit cards.
Some credit card companies reward you in gift cards. (via Unsplash/Rebecca Aldama)Cardholders earn one reward mile for every $1 spent on everything they buy. There are also no limits on the number of miles you can receive. Miles can be redeemed for travel, gift cards or even cash.
BANK OF MONTREAL
The Bank of Montreal World Elite Mastercard offers more points for purchases you make, but some of those purchases have to fall under the eligible portion of the bank guidelines and VISA. So although you may think you earned points on a purchase, only to find out you didn’t, it’s best to check what is considered eligible, so there is no disappointment.
The annual fee is $150 with an interest rate of 19.99 per cent.
Cardholders earn three BMO reward points for every $1 spent on eligible travel, dining and entertainment purchases. Two points are earned for every $1 spent elsewhere.
CIBC
CIBC opted to end its relationship with Aeroplan roughly five years ago. TD Canada Trust picked up the program, and some CIBC customers were moved over while some did get to keep their CIBC Aeroplan card.
The program continues to change, but TD currently is the primary partner of Aeroplan.
Since then, CIBC has rolled out its Aventura rewards program for customers who opted against moving over to TD and ended up banking with two different institutions.
The most featured card from CIBC is the CIBC Aventura Visa Infinite Card. The annual fee is $120 with an interest rate of 19.99 per cent.
Cardholders earn two points for every $1 spent on travel booked through the CIBC rewards centre. One-and-a-half points are earned for every $1 spent at gas stations, grocery stores and drugstores. One point is applied for every $1 spent on other purchases.
CIBC also says you can fly any airline, any flight and every seat, but make sure to read the fine print. There is a cap on the ticket price that can be purchased with your rewards. For example, a ticket can only be a maximum $1,000 on the airline's website.
Who doesn't love going to the movies, for free? (via Unsplash/Karen Zhao)SCOTIABANK
Scotiabank’s best-ranked card is the Scotiabank Gold American Express card. The card was rated Best Rewards Card of 2017.
The card has an annual fee of $99 and an interest rate of 19.99 per cent. The minimum credit limit is set at $5,000, so this may not be suitable for those looking for a lower credit limit.
Cardholders earn four Scotia Points for every $1 spent at eligible gas stations, grocery stores plus dining and entertainment. One point is obtained for every $1 spent.
Scotiabank also states points can be redeemed for travel anytime, anywhere with no travel restrictions.
TD CANADA TRUST
TD Canada Trust also has many options when it comes to credit cards, but if you are looking for a card with great rewards from your purchases, this could be a good choice.
The TD First Class Travel Visa Infinite Card has an annual fee of $120 with an interest rate of 19.99 per cent. Points can be used toward travel, merchandise, gift cards or a cash credit that goes toward your account.
Cardholders earn three TD points for every $1 spent on purchases. Nine TD points can be earned by booking travel online through Expedia or TD.
RBC
The RBC Visa Infinite Avion Card is another card that can be found in many people's wallets.
The card has an annual fee of $120 and an interest rate of 19.99 per cent. One RBC reward point is earned for every $1 you spend.
RBC also states you can fly during blackout periods or seat restrictions, even during peak seasons.
If you are still unsure which card is right for you, you can always set up an appointment with your bank to discuss options that are suitable for your needs.
