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 card would make a good long-term fit for your personal spending habits.
The best credit card promotions in Canada for September 2020
Credit card | Card promotion | Annual fee |
SimplyCash Preferred from American Express (VIEW) | 10% cash back on all purchases for 4 months (up to $400) | $99 |
BMO CashBack World Elite Mastercard (View) | 10% cash back on all purchases for 3 months (up to $200) | $120 (rebated for 1st year) |
BMO Cashback Mastercard (View) | 5% cash back on all purchases for 3 months (up to $100) | $0 |
American Express Cobalt (VIEW) | Up to 45,000 AMEX points ($400+ value) | $120 |
TD First Class Travel Visa Infinite Card (View) | Up to 60,000 TD Points ($300 value) | $120 (rebated for 1st year) |
MBNA Rewards Platinum Plus (VIEW) | 10,000 MBNA points ($100 value) | $0 |
BMO World Elite Mastercard (View) | Up to 40,000 BMO points ($280 value) | $150 (rebated for 1st year) |
CIBC Select Visa* Card (VIEW) | 0% balance transfer offer for 10 months | $29 (rebated for the 1st year) |
Marriott Bonvoy American Express Card (VIEW) | 50,000 Bonvoy Points | $120 |
Scotiabank Gold American Express (VIEW) | 25,000 Scotia points ($250 value) | $120 |
Scotiabank Passport Visa Infinite (VIEW) | 25,000 Scotia points ($250 Value) | $139 |
SimplyCash Preferred from American Express
- Promotional offer: 10% cash back on every purchase you make for the first four months or on your initial $4,000 in purchases (whichever comes first).
- Value of offer: $400 in cash back rewards.
- Offer end date: Not specified.
- Annual fee: $99
- After welcome offer ends, earn 2% cash back on all purchases, with no limit on how much you can earn
- Income required: None specified
Read in more detail (+/-)
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.
BMO CashBack World Elite Mastercard
- Promotional offer: Earn 10% cash back for your first 3 months or on your initial $2,000 in purchases (whichever comes first). The $120 annual fee for the primary cardholder is rebated for the first year.
- Value of offer: $200 cash back. Plus, $120 in first year annual fee rebates.
- Offer end date: Not specified.
- $120 annual fee (waived for 1st year)
- 1.5% cash back on everything
- Free access to Roadside Assistance program
- Income requirement: $80,000
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Along with the ability to earn cash back in the double digits for the first three months, 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).
BMO CashBack Mastercard
- Promotional offer: Earn 5% cash back for your first 3 months or on your initial $2,000 in purchases (whichever comes first).
- Value of offer: $100 in cash back.
- Offer end date: Not specified.
- No annual fee
- 3% cash back on groceries and 1% on recurring bills ($500 monthly cap on each category)
- 0.5% cash back on everything else
- Income required: $15,000
Read in more detail (+/-)
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.
American Express Cobalt
- 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. Plus, earn an additional 15,000 bonus points when you spend at least $3,000 on the card within your first three months.
- Value of offer: Up to $450+.
- Offer end date: 2,500 monthly points bonus has no expirary date. The additional 1,500 points bonus is available until May 5, 2021.
- Annual fee: $120 (charged at $10 monthly)
- Earn 5 points per dollar on restaurants, coffee shops, bars, grocery stores, and food delivery
- Earn 2 points per dollar on gas, taxis, public transportation and travel
- Earn 1 point per dollar on all other purchases
- Income required: None specified
Read in more detail (+/-)
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. For a limited time, you can also earn an additional 15,000 points for a total of 45,000.
TD First Class Travel Visa Infinite
- Promotional offer: 20,000 TD bonus points after making your first purchase and an additional 40,000 points for keeping your account open and in good standing for at least 90 days. The $120 annual fee for the primary cardholder is also rebated for the first year as is the $50 annual fee for one authorized user.
- Value of offer: Up to $300 in travel rewards. Plus, $120 – $170 in first year annual fee rebates.
- Additional notes: This offer is not available for residents of Quebec. For Quebec residents, please clickhere.
- Offer end date: November 7, 2020.
- Annual fee: $120 (rebated for the first year)
- Earn 9 TD Points per $1 on travel booked online through the ExpediaforTD website
- Earn 3 TD Points per $1 on your everyday purchases
- Income required: $60,000
Read in more detail (+/-)
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.
MBNA Rewards Platinum Plus
- Promotional offer: Receive 5,000 bonus points after making $500 in eligible purchases within the first 90 days of account opening and another 5,000 bonus points when you enroll for e-statements within the first 90 days. Plus, earn 4X the points on bonus categories for the first 90 days.
- Value of offer: $100+ in travel rewards.
- Offer end date: Not specified.
- No annual fee
- Get 2 points‡ per $1 on eligible gas, groceries and restaurant purchases ($5,000 annual cap on each category).
- Earn 1 point per $1 on everything else
- Income required: None specified
Read in more detail (+/-)
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).
BMO World Elite Mastercard
- Promotional offer: 30,000 bonus points after spending $3,000 on the card in the first three months and another 10,000 bonus points after your first year. The card’s $150 annual fee is also rebated for the first year.
- Value of offer: $280 in travel rewards. Plus, $150 in first year annual fee rebates.
- Offer end date: The points bonus is available until October 31, 2020.
- $150 annual fee (rebated for the first year)
- Earn 3 BMO Rewards points per dollar on travel, dining and entertainment purchases; 2 points per dollar on everything else
- VIP lounge access with the included Mastercard Airport Experiences membership, plus 4 complimentary passes per year ($140 value)
- Income required: $80,000
Read in more detail (+/-)
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.
CIBC Select Visa* Card
- Promotional offer: Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee. The card’s $29 annual fee is also rebated for the first year.
- Offer end date: Not specified.
- Annual fee: $29 (first year rebated)
- Low regular interest of 13.99% on purchases, cash advances, and balance transfers
- Annual income required: $15,000 (household)
- Other qualification requirements: Canadian residency status and no hsitory of bankruptcy for the past 7 years
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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.
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.
Marriott Bonvoy American Express
- 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.
- Annual fee: $120
- Earn 5 points in eligible Card purchases at participating Marriott Rewards hotels and 2 points on all other purchases
- Automatic Marriott Bonvoy Silver Elite Status
- Income required: $60,000
Scotiabank Gold American Express
- Promotional offer: 25,000 bonus points for new cardholders who spend at least $1,000 on the card within their first three months.
- Value of offer: $250 in travel rewards.
- Offer end date: Point bonus ends on November 1, 2020.
- Annual fee: $120
- Earn 5 Scotia Rewards points per dollar spent on groceries, restaurants, cafes, and entertainment
- Earn 3 points per dollar spent on gas, public transit, ride share services, taxis, and streaming services
- Earn 1 point per dollar spent on everything else
- No foreign transaction fees
- Income required: $12,000