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

The SimplyCash Preferred from American Express might not be the only credit card currently advertising a 10% cash back welcome offer, but dig a little deeper, and you’ll see its offer is more lucrative than the rest. That’s because you’ll earn 10% for your first four months or up to a total spend of $4,000. In other words, its welcome offer maxes at $400. In comparison, the other cards listed below max out at $200 in cash back (not including first-year annual fee rebates).

Aside from the 10% welcome promotion, the SimplyCash Preferred stands out for offering the highest flat cash back rate in the market at 2% on everything. That simple and lucrative earn rate means: 1. you won’t have to think about bonus spending categories, and 2. you’ll earn twice as much cash back on otherwise generic everyday purchases. The kicker: the card’s annual fee is $99, which is a notch below the $120 charged by most other premium rewards cards.

Along with the ability to earn cash back in the double digits for the first three months, the TD CashBack Visa Infinite‘s promotion also includes a first year annual fee rebate for the primary cardholder and up to one authorized user, which adds up to more savings if you plan on sharing the credit card account with a loved one.

In terms of everyday rewards once the three-month promotion ends, the TD CashBack Visa Infinite offers 3% cash back on groceries, recurring bills, and gas – a trio of the most frequent purchases incurred by Canadian households. It’s also packed with side perks like comprehensive roadside assistance coverage (with unlimited service calls per year) and up to $2 million in medical emergency travel insurance for 10 days.

With TD’s cash back redemption process, you can access your cash back rewards at any time of the year in increments of at least $25.

Like the TD CashBack Visa Infinite above, the CIBC Dividend Visa Infinite is another cash back Visa card that offers new cardholders an accelerated 10% for a limited-time (up to $200) and a first year annual rebate for both primary and secondary cardholders.

After the welcome offer ends, the card does separate itself from TD’s offering quite a bit. The CIBC Dividend Visa Infinite earns 4% on gas and groceries (a lucrative combination no other cash back card can beat), 2% on Telus and Tim Hortons, and 1% on everything else. There’s also the fact it charges a lower annual fee of $99 but doesn’t include the same roadside assistance benefits or anytime redemption option as TD (CIBC will only redeem your cash back rewards once in a calendar year).

Another card from one of Canada’s big banks to offer a 10% cash back promotion, the BMO CashBack World Elite stands out in particular for being one of the best cash back Mastercards. That means it’s accepted virtually everywhere, including Costco and No Frills. Plus, at a flat 1.5% cash back, you’ll earn the same strong rewards on every purchase without having to think about bonus categories or tiered earn rates.

The BMO CashBack World Elite also comes with a free membership to DAA’s roadside assistance services and comprehensive travel insurance benefits including up to 8 days of out of province/country medical emergency coverage.

Finally, there’s BMO’s extremely flexible redemption process. You can access your cash back rewards at any time of the year in increments of as little as $1 (no other cash back rewards program makes redeeming as easy).

The entry-level BMO CashBack Mastercard offers one of the top welcome offers for a credit card with no annual fee: 5% cash back on everything for the first three months up to $100.

Aside from the welcome offer, there are plenty of other reasons why the BMO CashBack Mastercard deserves a spot in your wallet. Firstly, at 3% cash back, the BMO Cashback Mastercard easily ranks among the highest-earning credit cards for groceries in Canada. Second, the fact it has no annual fee means there are no downsides to keeping the card and using it selectively for only some purchases (namely, groceries). Finally, there’s BMO’s uber-flexible redemption system that lets you access your cash back rewards at any time of the year from as little as $1.

A quick glance at the American Express Cobalt and it’s easy to see who this credit card is made for: foodies, travellers, and millennials.

One of Canada’s best travel credit cards, the AMEX Cobalt offers an earn rate of 5X on all food-related purchases (including food deliveries, 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 and first-year annual fee waiver, the TD First Class Travel Visa Infinite offers one of the easiest to attain deals for new cardholders. You won’t need to hit any spending thresholds within a set period of time; all you need to do is make at least one purchase on the card and keep it open and in good standing and you’ll rack up 60,000 bonus points.

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, a lucrative 9 TD points per dollar spent on travel booked online using the ExpediaforTD website (the equivalent of a 4.5% return), 1 TD point per dollar spent on everything else (1.5%), and comprehensive travel insurance benefits.

The MBNA Rewards Platinum Plus should be on the radar of anyone who’s looking for a travel card but wants to avoid paying an annual fee. Why? Simple. It offers some of the best returns on your everyday purchases for a no fee points card.

The fact MBNA points can be redeemed for a straight 1% for travel means you’ll earn between 2% and 1% back on all your spending on this card.

The card’s welcome offer is also great since it lets you easily rack up $100 worth of travel points just for making $500 in purchases and for signing up for e-statements within the initial 90 days of opening your account. The icing on the cake: you’ll earn double the points (4%) on your bonus categories for the first 90 days. The only drawback is the card’s travel medical insurance coverage isn’t as comprehensive as most other annual fee rewards cards (and coverage is important if you happen to travel a lot).

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 $430 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.

Not all welcome offers are about points bonuses and accelerated cash back. Case in point: the CIBC Select Visa has an unbeatable balance transfer offer of 0% for 10 months that can help you address past credit card debt.

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 CIBC Select Visa and clear off your balance while paying nothing in interest for a whole ten months. Even after the balance transfer offer ends, you’ll only be charged a 13.99% interest rate on any remaining transferred balance instead of the typical 19.99% or 22.99% charged by most rewards credit cards.

Depending on the size of your credit card debt, the CIBC Select Visa’s balance transfer offer can help you save several hundreds of dollars in interest.

Also read: What is a balance transfer and how do they work