The best store credit cards in Canada for 2023
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
based on spending $2,200/mo after $0 annual fee
- Earn rewards
10% – 45% earn rate
- Annual fee
$0
Perks
- Ratehub.ca’s 2023 Award Winner – Best Store Credit Card
- Get 30 PC Optimum™ points per $1 on all the stuff you need: groceries, beauty, household products and more at participating stores.
- Earn at least 30 PC Optimum™ points per litre of fuel at Esso™ and Mobil™ stations in Canada.
- Earn 10 PC Optimum™ points per $1 everywhere else.
- Unlock great benefits, like free extended warranty and purchase assurance.
- Mastercard Global ServiceTM: Replaces your card or offers a cash advance in case of emergency. Conditions apply.
- Free Purchase Assurance: In the event of theft, loss or damage in the first 90 days when you pay in full with your PC® Mastercard® credit card.
- Free Extended Warranty: Doubles the manufacturer’s regular warranty for up to an additional year on items purchased with your PC® Mastercard® credit card.
- Concierge Services 24/7 concierge service to make dinner reservations, reserve event tickets, deliver gifts and more.
- Travel Emergency Medical Insurance: For trips up to 10 days from date of departure, for those under age 65.
- Car Rental Collision/Loss Damage Waiver Insurance: Collision damage and theft protection for your car rental needs.
- Identity Theft Assistance Service: To help you avoid identity theft or restore your identity.
- Fraud Detection: PC® Mastercard® uses best-in-class fraud detection tools right from the start of your application. Provide fraud monitoring to customers on their transactions and have a dedicated team of fraud specialists to support customers.
- Proactive monitoring PC® Mastercard® also offers optional products that can help you proactively monitor, manage and protect your valuable credit and personal information.PC Financial® Mastercard® is provided by President’s Choice Bank. President’s Choice Bank is not responsible for maintaining or monitoring the accuracy of the content on this website. To the extent of any inconsistency with information at the provider’s site, the terms at the provider’s site shall prevail. For full details and current product information click on the “Apply now” button.Please note: Credit approval and eligibility is subject to a number of factors in addition to credit score.Terms and conditions apply; visit card provider’s site for more information including additional interest rates and fees. All information is subject to change.The PC Optimum™ program is provided by President’s Choice Services Inc.
Features
Ratehub’s take
If you are looking for a credit card that will help you save money on groceries, the PC Financial World Elite Mastercard is a great choice, especially for those who frequently shop at Loblaws-owned stores and Shoppers Drug Mart.
Pros
- Accessible to all: No annual fee and no income requirements, making it accessible to a wider range of customers
- Abundant earning opportunities: Loblaw is one of Canada’s largest retailers, so there’s no shortage of opportunities to earn and redeem points
- Points stacking: Stack your points by showing your PC Optimum card at Loblaw-affiliated stores and paying with your PC Financial World Elite Mastercard
- Competitive earn rates: Earn rates are high compared to other no-fee credit cards
- Added travel insurance: Offers travel insurance benefits adding value to cardholders
Cons
- Limited rewards outside of Loblaws: While PC Financial Mastercards offer excellent rewards at Loblaw stores, they do not provide great benefits when shopping anywhere else
- Restrictive redemption rules: Points can only be redeemed in increments of 10,000 (10,000 = $10). Points cannot be used to pay for purchases at non-Loblaws retailers or redeemed against a statement balance. Plenty of other rewards cards on the market offering more flexibility
Eligibility requirements
Minimum credit score: 560
Minimum income: $80,000/yr
Interest rates
Purchase interest: 21.99%
Cash advance: 22.97%
Balance transfer: 22.97%
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% earn rate
- Welcome bonus
$100
- Annual fee
$0
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: 19.95%
Cash advance: 19.95%
Balance transfer: 1.95% for the first 6 months. 19.95% after promo.
Best Costco credit card in Canada
based on spending $2,200/mo after the annual fee
- Earn rewards
1% – 3% earn rate
- Annual fee
see Details
Perks
- The CIBC Costco Mastercard exclusively for Costco members
- Earn cash back on purchases everywhere you shop where Mastercard is accepted including Costco
- Mobile device insurance: repair or replacement coverage up to $1000 for your personal mobile device such as your cell phone, smartphone or tablet in the event of loss, thefot or accidental damage for up to two year following purchase
- Enjoy added security and protection on your purcahses – new items of personal property purchased with your card can be replaced, repaired, or you can be reimbursed if they are lost, stolen, or damaged within 90 days of purchase
- With Extended Warranty Insurance, you can extend the period of the original manufacturer’s warranty by up to one additional year on most purchases
- Pace your payments with Installment Plans at lower interest rates on eligible card purchases over a fixed term. Eligible Costco purchases will receive preferred interest rates. Some restrictions apply.
- Instant access up to $1,000 daily with your CIBC credit card at any CIBC ATM or any of the ATMs displaying the Mastercard®, Interac® or Cirrus® System symbols
- Add up to three additional cardholders and give the additional cards to your spouse, family members or anyone else with an active Costco membership and capitalize on more opportunities to earn cash back
Features
Ratehub’s take
The CIBC Costco Mastercard is a good choice if you’re a regular at Costco. You’ll get a solid earn rate on your spending, including bonus earnings on Costco gas and Costco.ca. Just keep in mind that you’re limited to redeeming your cash back rewards at Costco.
Pros
- High earn rates on everyday spending: The bonus rates on gas, restaurants and Costco.ca are impressive, and will put a bit more cash back in your pocket.
- Unlimited cash back: The base 1% cash back earn rate is unlimited.
- Mobile device insurance: Your device will be covered for up to $1,000 in replacement or repair costs if you use your Costco Mastercard to cover the purchase of the phone.
- Installment plan: With the CIBC Pace It program, you can spread the cost of a Costco purchase over several months at a lower interest rate. Conditions apply.
Cons
- Bonus earnings capped: The bonus earn rates on gas, restaurants and Costco.ca are limited to an annual spend, after which you’ll earn 1% on everything
- Limited redemption options: Your cash back rewards are given in the form of a gift certificate once per year, and you can only redeem rewards at Costco. If you are looking for more flexibility, you may want to consider other options.
Eligibility requirements
Minimum credit score: 560
Minimum income: $15,000/yr
Interest rates
Purchase interest: 20.75%
Cash advance: 22.49%
Balance transfer: N/A
Annual fee
$0
Best credit card for USD shopping
based on spending $2,200/mo after $0 annual fee
- Earn rewards
2% – 3% earn rate
- Annual fee
$0
Perks
- 2% cash back – no limits. Exclusively for eligible Rogers, Fido or Shaw customers.
- 3% unlimited cash back on U.S. dollar purchases.
- 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: 725
Minimum income: $80,000/yr
Interest rates
Purchase interest: 20.99%
Cash advance: 22.99%
Balance transfer: 22.99%
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