This article will discuss the 10 best rewards credit cards in Canada in 2023. There are numerous credit cards in Canada that comes with rewards, and users of these cards can conveniently get these rewards.
Key Takeaways In This Article
• You will know how to choose a rewards credit card.
• You will know the reasons why rewards credit cards have annual fees.
• The 10 best rewards credit cards in Canada.
• Answers to frequently asked questions on rewards credit cards in Canada.
How To Know Which Rewards Credit Card Is For You
There are many rewards credit cards in Canada that an individual can consider before deciding the best to use. But before choosing the best, one would need to determine some things. Below are the ways to know which rewards credit card is for you.
• Consider The High Earning Potential
One of the things to look out for before choosing a rewards credit card is the earning rate on purchases. You need to select the specific card that provides the highest earning potential for the categories of purchases you make.
• Check For The Welcome Bonus
The welcome bonus is a signup offer to make cardholders apply for a credit card. This bonus usually comes in different forms, including points or earning rates. One also needs to determine this before deciding on a credit card.
• 0% Intro APR Period
There are many rewards credit cards that offer users a 0% APR period on purchases made or transfers. It allows one to fund large purchases without the need for payment of interest.
• The Interest Rate
The interest rate on a credit card is also significant in considering the best for usage. If you intend to pay your bills in bits, you need to consider the credit card’s APR so as not to wind up in excess debt.
• Other Fees
A credit card comes with different fees, which significantly affect one’s ability to compensate for any reward earned. You must consider the fees associated with your card before getting it.
Reasons Why Rewards Credit Cards Have Annual Fees
Rewards credit cards are cards that come with numerous benefits which users can suitably enjoy. Despite these benefits, there are still some annual fees that are charged on the usage of these rewards credit cards.
The primary reason rewards credit cards have annual fees is because of the cost of offering users multiple features and benefits, which requires offsetting.
10 Best Rewards Credit Cards In Canada
There are many rewards credit cards that an individual can get in Canada for diverse purposes. These credit cards are known to come with various rewards that one can obtain. Below are the 10 best rewards credit cards in Canada.
1. CIBC Dividend Visa Infinite Card
CIBC Dividend Visa Infinite Card is a rewards credit card that comes with a lot of benefits. The credit card offers a welcome bonus of 10%, travel insurance, and mobile device insurance to a specific user.
2. Scotia Momentum Visa Infinite Card
Scotia Momentum Visa Infinite Card is an excellent rewards credit card that Canadians can utilize to make payments. In addition to a 4% cash-back rate on recurring bills, the card offers a 10% welcome offer.
3. TD Cash Back Visa Infinite
TD Cash Back Visa Infinite is one of the currently best rewards cards, which guarantees you 10% cash back on $2,000 spending within 3 months and 6% on $3,500 spending. Also, one can enjoy a 3% on groceries and other payments.
4. CIBC Dividend Platinum Visa Card
CIBC Dividend Platinum Visa Card is another convenient reward credit card in Canada that one can consider. It has many benefits, including cash back for groceries, gas fees, and transportation.
5. Scotia Momentum Visa Card
Scotia Momentum Visa Card is a top credit card that accords one the privilege of accumulating numerous rewards. One does not require a high credit score to utilize and enjoy the benefits attached to this card.
6. BMO CashBack World Elite Mastercard
BMO CashBack World Elite Mastercard is a great credit card that offers a user a 5% cash-back rate on groceries in Canada. An individual can suitably use this credit card to get numerous rewards.
7. SimplyCash Preferred Card From American Express
SimplyCash Preferred Card From American Express is a rewards card that enables one to earn a reasonable amount of cashback from additional spending for an annual fee. Also, the vast benefit of this card is its welcome bonus which is one of the best.
8. Rogers World Elite Mastercard
Rogers World Elite Mastercard is a suitable credit card option if you want to earn rewards from using a credit card. Many gains are attached to its usage, including a welcome bonus, 3% cash back on purchases, and lots more.
9. CIBC Costco World Mastercard
Another good option for rewards credit that an individual can consider is CIBC Costco World Mastercard. This card is also beneficial to individuals that regularly shop at Costco.
10. Simpii Financial Cash Back Visa
Simplii Financial Cash Back Visa is a card that allows a specific user to get numerous benefits in the form of rewards. No annual fees are attached to its usage, and there’s a low purchase APR for 6 months.
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Rewards credit cards are numerous, and one can consider them to enjoy numerous benefits. An individual can consider either of the credit cards mentioned above as they are some of the best.
We hope this article provides enough information on the 10 best rewards credit card in Canada in 2023. Kindly visit our comment section for your views and opinions.
Below are the frequently asked questions and answers on the best rewards credit card in Canada in 2023.
Which Credit Card Is The Best For Reward Points?
The best credit card for reward points includes Freedom Flex, Amazon Prime Rewards Visa Signature Card, and Alliant Cash Back Visa Signature Credit Card, among others.
What Is The Best Credit Card Score In Canada?
The best credit score in Canada is between 660 to 724.
What Is The Most Preferred Credit Card?
The most preferred credit card is Peta® 2 “Cash Back, No Fees” Visa® Credit Card, The Platinum Card® From American Express, and Capital One Venture Rewards Credit Card.
Are Credit Card Rewards Worth It?
Yes, credit card rewards are worth it. Once there’s no carrying balance and annual fees, it is of immense benefit.
How Do You Get A 900 Credit Score In Canada?
To get a 900 credit score in Canada, you must have a good record of making payments and avoiding credit card debts.
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