Canada’s Best Credit Card Promotions and Sign Up Bonuses for 2019

From points bonuses and cash back offers to annual fee waivers, there’s no shortage of credit card promotions out there on the market.

Designed to spur interest and entice applications, promotional offers can also help those on the hunt for a new credit card quickly amass hundreds of dollars in bonus rewards. So, while an offer alone shouldn’t be a deciding factor and is just one piece of the puzzle that goes into choosing a credit card, there’s no denying it can make an already great credit card even better.

It’s with that in mind that Ratehub.ca listed the top promotions available from some of the best credit cards in Canada. Remember, when reading through these offers make sure to also look into which credit card would make a good long-term fit for your personal spending habits.

Ratehub.ca’s Best Credit Card Promotions in Canada for 2019

TD Cash Back Visa Infinite

• Credit Card Promotional Offer: 10% cash back on every purchase you make for the first three months or on your initial $2,000 in purchases (whichever comes first). The $120 annual fee is also waived for the first year.
• Value of Offer: $320
• Offer End Date: Applicants approved by September 20, 2019 can benefit from this offer.

This is one of the strongest cash back promotions in Canada and represents one of the few times a credit card offers per-dollar savings 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. It’s also worth highlighting that this card will waive its $120 annual fee for the first year.

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.

TD First Class Travel Visa Infinite Card

• Credit Card Promotional Offer: 20,000 TD bonus points after making your first purchase, 40,000 points after spending $2,000 on the card in the first three months, and an additional 20,000 points when you spend $10,000 in your first year. The card’s $120 annual fee is also waived for the first year.
• Value of Offer: $520
• Offer End Date: The points bonus is available until September 3, 2019

Between the 80,000 point bonus and first-year annual fee waiver, the TD First Class Travel Visa Infinite offers one of the best deals for new cardholders.

Aside from 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 4.5% return per dollar in points). 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.

BMO World Elite Mastercard

• Credit Card Promotional Offer: 35,000 bonus points after spending $3,000 on the card in the first three months. The card’s $150 annual fee is also waived for the first year.
• Value of Offer: $400
• Offer End Date: The points bonus is available until October 31, 2019.

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.

In order to get the 35,000 bonus points ($250 value), you’ll be required to spend $3,000 on the card in the first three months.

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, which means you won’t be subjected to black out 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. So, 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.

American Express Cobalt Card

• Credit Card Promotional Offer: 2,500 bonus points for every month you spend at least $500 on the American Express Cobalt. This offer is applicable for the first twelve months and can add up to 30,000 points.
• Value of Offer: $25 each month, up to $300
• Offer End Date: Not specified.

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 unmatched earn rate of 5X on all food-related purchases (including restaurants, groceries and cafes). Plus, for those who rely on public transit to get around, the card offers 2X the points on taxis, public transit and ride-sharing services such as Uber. The card’s desire to appeal to millennials also 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 early-bird tickets to concerts through American Express Invites and top-notch travel medical and rental car 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.

Scotiabank Gold American Express

• Credit Card Promotional Offer: 15,000 bonus points ($150 value) to new cardholders who spend at least $1,000 on the card within their first three months.
• Value of Offer: $150
• Offer End Date: Point bonus ends on June 30, 2019.

The Scotiabank Gold American Express is one of Canada’s most widely-appealing rewards credit cards, offering 4X the points on a range of common spending categories including restaurants, groceries, gas and entertainment. For all other purchases, the card offers 1 point.

The Scotiabank Gold AMEX’s welcome offer also includes the opportunity to walk away with $150 in free bonus points with the condition a minimum of $1,000 is spent on the card in the first three months.

Similar to several of the other cards on this list, the points you earn on the Scotiabank Gold American Express are flexible and can be redeemed for free or discounted flights on any airline.

This card has an annual fee of $99 and a minimum income requirement of $12,000.

True Line® Mastercard®

• Credit Card Promotional Offer: Eligible new cardholders can pay a 0% annual interest rate on balance transfers for the first ten months (an additional fee of either 3% or a minimum of $7.50 also applies).
• Offer End Date: Not Specified.
• Note: Balance transfer offer varies for residents of Quebec.

One of Canada’s best low interest credit cards, the MBNA True Line® Mastercard® has no annual fee, charges a nominal 12.99% annual purchase interest rate on unpaid balances and is currently offering an unbeatable 0% promotional rate on balance transfers for the ten six months (an additional 3% fee also applies).

So, if you’re juggling balances on multiple credit cards and paying as much 19.99% in annual interest charges, you can consolidate your debts on the MBNA True Line and clear off your balance while paying nothing in interest. Not to mention, even after the balance transfer offer ends, you’ll only be charged a 12.99% interest rate instead of the typical 19.99% or 22.99% charged by most rewards credit cards.

Note: the True Line Gold currently offers a similar balance transfer offer of 0% but for six months plus a 3% fee (or a minimum of $7.50). The True Line Gold also has a lower fixed interest rate of 8.99% and charges an annual fee of $39.

Below, we provide a quick snapshot of some other noteworthy credit card promotions you’ll want to consider in your hunt for some new plastic to add to your wallet.

Tangerine Money-Back Card

• Credit Card Promotional Offer: 4% cash back in up to three of your chosen bonus categories for the first three months of card membership.
• Value of Offer: There is no cap or maximum spend on this offer and it applies to all bonus category purchases for the first 3 months.
• Offer End Date: July 31, 2019.

Scotiabank Passport Visa Infinite

• Credit Card Promotional Offer: New cardholders earn 25,000 bonus points after spending $1,000 in the first three months and 10,000 additional points after spending $40,000 on the card annually.
• Value of Offer: Up to $350
• Offer End Date: October 31, 2019.

The Marriott Bonvoy American Express Card

• Credit Card Promotional Offer: New cardholders earn 50,000 bonus Bonvoy points after spending $1,500 in the first three months.
• Value of Offer: The equivalent of 3 free nights at select Category 2 hotels.
• Offer End Date: Not specified.

SimplyCash Preferred Card from American Express

• Credit Card Promotional Offer: 5% cash back on every purchase you make for the first six months or on your initial $6,000 in purchases (whichever comes first).
• Value of Offer: $300
• Offer End Date: Not specified.

BMO CashBack MasterCard

• Credit Card Promotional Offer: 5% cash back on every purchase you make for the first three months or on your initial $2,000 in purchases (whichever comes first)
• Value of Offer: $100
• Offer End Date: November 30, 2019.

4 Important considerations to make when looking at credit card promotions

1. While it may be tempting to apply for a credit card on the merit of its promotional offer alone, it’s important to evaluate whether it would make a good long-term fit for your personal spending habits. Unless you’re accustomed to churning cards on the regular, odds are you will keep a credit card after its promotional offer ends and when its regular earn rate or annual fees kick in.

   So, if one of the best credit cards for gas has a particularly strong promotional offer but you don’t own a car, you may want to consider an alternative credit card – even if its welcome offer is lacking in comparison.

2. A credit card promotion may be an efficient way to amass bonus rewards, but it’ll rarely scratch your instant gratification itch. Whether it’s a points offer or accelerated cash back, in most cases, card issuers won’t provide your bonus immediately and you’ll have to wait several weeks before your rewards are redeemable.
3. It’s important to note credit card promotional offers often have terms and conditions that can impact your eligibility. In the case of a points bonus for example, you will often be required to meet a minimum spending threshold in order to unlock the offer (i.e. spending a minimum of $1,000 during your first three months of card membership). In other instances, you’ll need to maintain an account in good standing to avoid losing out on the bonus.
4. Any credit card you apply for – whether it has a promotional offer or not – can affect your credit score. While a credit card application may only temporarily impact your credit score by a few points, you may want to keep this in mind in case you have a big financial decision to make in the near future that will require a credit check (such as a rental or mortgage application).