Canada’s best credit card promotions and sign up bonuses for 2020

The best credit card promotions and offers in Canada as of February 2020

With the ability to choose three of your own bonus categories (from a total of 10 options) and redeem your rewards monthly, the Tangerine Money-Back Card is one of the most flexible cards on the market. It’s also among the most popular since it charges no annual fee and offers straight-up cash over points or miles. While it doesn’t come with any real side perks, the fact it has flexible bonus categories and is free to carry means the Tangerine Money-Back Card is also a great option to use in combination with a second premium rewards credit card.

At a total of $300 (between the e-gift card and $250 bonus credit), Tangerine’s welcome offer is arguably the best of any no fee credit card – even rivalling sign-up bonuses offered by some premium cards with annual fees. Perhaps the only drawback is that in order to qualify for the $250 bonus credit, you’ll need to spend a fair amount ($5,000 within your first 3 months). That might be a hard threshold to hit depending on your everyday spending patterns. The good news is the $50 e-gift card is super accessible and you’ll get it as long as you apply for the card through Ratehub and are approved.

Note: the higher-tier Tangerine World Mastercard – which is identical to the Tangerine Money-Back Card with the exception of added perks like mobile device insurance – offers the same welcome bonus valued at up to $300. You may automatically be considered for the card during Tangerine’s application process if you have an income of at least $60,000.

This is one of the strongest cash back promotions in Canada, letting you earn returns in the double digits. If you have plans to make a big purchase and are also searching for a new cash back credit card, the TD Cash Back Visa Infinite will make for a great addition to your wallet.

Even after the promotional 10% cash back offer ends, this card will continue to deliver significant savings on everyday household spending. With 3% cash back on gas, groceries, and utility bills, and 1% on everything else, this cash back card aligns most with the purchasing habits of couples and families who commute by car and spend a big chunk of change on restocking the fridge.

Cash back rewards aside, the TD Cash Back Visa Infinite offers additional benefits including a free roadside assistance membership, concierge services, and travel medical insurance. In order to qualify for this card, you’ll need to earn an individual income of $60,000 or household income of $100,000.

The Scotiabank Momentum Visa Infinite offers a virtually identical welcome bonus as the aforementioned TD Cash Back Card with one exception – Scotia also waives the annual fee for an authorized cardholder for the first year. When considering the cost of adding an authorized user, that’ll save you an additional $50 if you were planning on opening a joint account with your partner or family member.

In terms of everyday rewards once the three-month promotion ends, the Scotiabank Momentum Visa Infinite offers 4% cash back on groceries and recurring bills – a combination that can’t be beaten by any other cash back card in Canada. It’s also packed with side perks like mobile device insurance and up to $1 million in medical emergency travel insurance for 15 days.

A quick glance at the American Express Cobalt and it’s easy to see who this credit card was made for: millennials and those who spend big on food.

One of Canada’s best travel credit cards, the AMEX Cobalt offers an earn rate of 5X on all food-related purchases (including restaurants, groceries and cafes). For those who rely on public transit to get around, the card offers 2X the points on taxis, public transit, and rideshare services such as Uber. The card’s desire to appeal to millennials extends to its unique fee structure, which is charged monthly at a rate of $10 instead of as an upfront $120 annual fee – mirroring the subscription pricing models of Netflix and Spotify.

The AMEX Cobalt also has plenty of wide appeal thanks to its earn rate of 2X the points on gas and travel (including flight tickets and hotels) and its flexible rewards program with points that can be redeemed for flights on any airline. The card also provides access to AMEX’s lucrative Fixed Points Travel Program, early-bird tickets to concerts through American Express Invites, and top-notch travel medical insurance.

In terms of its sign-up bonus, the AMEX Cobalt will offer you 2,500 bonus points for every month you spend $500 on the card during your first year. If you don’t spend at least $500 in a particular month, you’ll lose out on 2,500 bonus points but you’ll still be eligible to earn bonus points in the next month. If you hit the $500 spending threshold for all twelve months in a row, you’ll rack up a total of 30,000 bonus points.

Between the upfront point bonus, first-year annual fee waiver, and accelerated earn rate that lets you pocket quintuple the points for the first three months, the TD First Class Travel Visa Infinite offers one of the best deals for new cardholders.

Along with its welcome bonus, this card comes with all of the bells and whistles that you would expect from a premier travel card issued by one of Canada’s biggest banks, including flexible redemption options through ExpediaforTD and a lucrative 9 TD points per dollar spent on travel (the equivalent of a 4.5% return). The one downside of this card is it doesn’t offer point multipliers on popular spending categories such as gas and groceries. To learn whether this card is right for you, make sure to read our full TD First Class Visa Infinite review.

The BMO World Elite Mastercard is a premium credit card with a sign-up bonus to match. The card’s stacked promotional offer (which includes an annual fee waiver) delivers cardholders up to $400 in value provided certain spending minimums are hit.

The BMO World Elite Mastercard is a great match for frequent flyers and will earn you 3 BMO Rewards points on travel (including flights and hotels), restaurants and entertainment, and 2 points on all other purchases. Points are flexible and can be redeemed for flights on any airline (1 point = 0.7%), which means you won’t be subjected to blackout dates or seat restrictions. This card is also notable for its roster of premium travel perks that include access to over 1,000 airport lounges through Mastercard Airport Experiences and robust travel medical insurance coverage.

It’s important to note the minimum income required to be approved for this card is $80,000 (or a household income of $150,000). Plus, after the first year of card membership, you’ll be on the hook to pay the card’s annual fee of $150. You’ll want to ensure this card is right for you in the long-term based on your spending habits, priorities, and financial standing before you apply.