The best store credit cards in Canada for 2024
April 12, 2024
Store credit cards help shoppers save in addition to other perks such as extended warranty or purchase protection. If you are a frequent shopper at the retailer, signing up may be worthwhile. Here is our round-up of the best store credit cards in Canada.
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Natasha Macmillan, Business Unit Director - Everyday Banking
Best Store Credit Cards in Canada
If you’re a frequent shopper at specific stores, you’ll want to find out if they have a loyalty program so you can earn points to redeem on future purchases. Even better, you’ll want to explore store credit cards to see if any of them will accelerate your earnings further. Here are the best store credit cards in Canada for 2024.
- Best overall store credit card: PC Financial World Elite Mastercard
- Best store credit card for cash back: Tangerine Money-Back Credit Card
- Best Costco credit card: CIBC Costco Mastercard
- Best credit card for USD shopping: Rogers Red World Elite Mastercard
Best overall store credit card
Best store credit card for cash back
Best for Flexible spending
based on spending $2,200/mo after $0 annual fee
- Earn rewards
0.5% – 10% / dollar spent
- Welcome bonus
$100
- Annual fee
$0
Perks of the Tangerine Money-Back Credit Card
Perks | Details | |
---|---|---|
Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
Waived foreign transaction fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
Travel emergency medical | Not included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
Car rental insurance | Not included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
Purchase assurance | Not included | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
Extended warranty | Not included | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Ratehub.ca’s 2023 Award Winner – Best No Fee Cash Back Credit Card
- Life’s back in session. Enjoy it with an extra 10% back.*
- Apply for a Tangerine Money-Back Credit Card by October 31, 2024 and earn an extra 10% back (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.*
- Earn 2% Money-Back Rewards on purchases in two 2% Money-Back Categories of your choice, and 0.50% Money-Back Rewards on all other purchases.
- Earn extra rewards – have your Money-Back Rewards deposited into a Tangerine Savings Account, and get a 3rd 2% Money-Back Category.
- No limit on the amount of Money-Back Rewards you can earn.
- Change your 2% Money-Back Categories to suit your spending.
Ratehub’s take
While the Tangerine Money-Back Credit Card is a no annual fee card, what really sets it apart is the ability to customize your rewards. With this card, you can choose your own bonus categories (which will earn you a strong cash back rate of 2% per dollar spent). This is rare in the credit card market and means you can avoid being locked into a bonus category that you can’t take full advantage of, or that doesn’t align with your spending habits.
Pros
- Customizable bonus categories: Flexibility to pick up to three bonus categories to earn 2% cash back on (out of a total of 10 options), which is in sharp contrast to most other cards where you have fixed bonus categories that you have no control over. Users are also given the freedom to change the bonus categories at any time (changes will take up to 90 days to come into effect)
- High cash back earning rate: 2% cash back per dollar on bonus categories is one of the richest earn rates for a no-fee card, plus your rewards are unlimited and don’t have monthly or annual maximums
- Wide acceptance: Widely accepted almost everywhere including No Frills and Costco
- Additional cards at no cost: Free supplementary cards for authorized users
- Frequent cash back reimbursement: Cash back is refunded on a monthly basis, instead of the standard annual reimbursement
Cons
- Limited cash back for non-bonus categories: For all purchases that aren’t categorized under one of your chosen bonus categories, you’ll earn just 0.5% cash back
- Limited travel insurance and perks: No travel medical insurance or any substantial side perks
Eligibility requirements
Minimum credit score: 660
Minimum income: $12,000/yr
Interest rates
Purchase interest: 20.95%
Cash advance: 22.95%
Balance transfer: 22.95%
Best Costco credit card in Canada
Best credit card for USD shopping
based on spending $2,200/mo after $0 annual fee
- Earn rewards
1.5% – 3% / dollar spent
- Annual fee
$0
Perks of the Rogers Red World Elite Mastercard
Perks | Details | |
---|---|---|
Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
Waived foreign transaction fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
Travel emergency medical | $1,000,000 for first 10 days (under 65) | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
Car rental insurance | MSRP of up to $65,000, for 31 days | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
Trip cancellation | Up to $1,000 per person | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
Trip interruption | Up to $1,000 per person | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
Purchase assurance | Covered for 90 days | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
Extended warranty | Up to one additional year | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
Price protection | Included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Rogers customers:
- 2% cash back – no limits. Exclusively for eligible Rogers, Fido or Shaw customers.
- 3% unlimited cash back on U.S. dollar purchases.
- Non-Rogers customers:
- 1.5% cash back rewards on all eligible purchases.
- 3% cash back rewards on eligible purchases made in US dollars.
- 5 Roam Like Home days at no cost with an eligible Rogers mobile plan (up to $75 value).
- 50% more cash back every time you redeem for Rogers, Fido or Shaw purchases.
- Travel Benefits:
- Complimentary membership to Mastercard
- Travel Pass provided by DragonPass
- Access to over 1,300 airport lounges worldwide
- $32 USD per person per visit
- Included Insurance Benefits:
- Extended Warranty and Purchase Protection
- Rental Car Collision/Damage
- Out-of-Province/Out-of-Country Emergency Medical
- Trip Interruption
- Trip Cancellation
Ratehub’s take
The Rogers Red World Elite Mastercard is a great choice for Rogers customers – a step-up from the Rogers Mastercard, with a higher annual income requirement. The card boasts a full suite of travel insurance options and airport lounge access, which are rare perks for a cash back credit card.
Pros
- Extensive insurance: The travel insurance options included with this card cover everything from rental car damage to emergency medical insurance so you don’t have to pay for coverage out of pocket
- Unlimited cash back: The earn rates of 1.5% (or 2% if you’re a Rogers, Shaw or Fido customer) on all purchases and 3% on USD purchases are unlimited, meaning your cash back rewards are not capped at an annual maximum amount
- Redemption bonus: If you redeem your cash back rewards for purchases at Rogers, Fido or Shaw for bill payments, new phones and accessories your cash back rewards will be worth 1.5 times their regular value
Cons
- Bonus rates are only for USD purchases or Rogers customers: If you don’t shop or travel to the U.S. often, or you are not a Rogers customer, this card might not make sense for you
- Pay for lounge access: Although you receive a free included membership to Mastercard Travel Pass, you’ll have to pay $32 USD per visit
Eligibility requirements
Minimum credit score: 660
Minimum income: $80,000/yr
Interest rates
Purchase interest: 20.99%
Cash advance: 22.99%
Balance transfer: 22.99%
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