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

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

This is one of the strongest cash back promotions in Canada, letting you earn returns in the double digits for your first three months. The TD CashBack Visa Infinite‘s promotion also includes a first year annual fee waiver for the primary cardholder as well as up to one authorized user. 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 TD CashBack Visa Infinite offers 3% cash back on groceries, recurring bill, and gas – a combination of the most frequent purchases incurred by Canadian households. It’s also packed with side perks like roadside assistance coverage and up to $2 million in medical emergency travel insurance for 10 days.

Between the upfront point bonus and first-year annual fee waiver, the TD First Class Travel Visa Infinite offers one of the easiest to attaindeals 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 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 $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.

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.