Rewards Credit Cards in Canada

Rewards credit cards in Canada have become some of the most popular on the market.  However, just as with any credit card, you still need to look at options, paying close attention to all the details.  The reason is that some Canada credit cards with a rewards program are worth their weight in gold but others are not just worthless but almost fraudulent.  Therefore, we wanted to provide you with some great information to ensure you get a card worth having.

For starters, if you find any Canada credit card with a reward system that involves capped or tiered earnings you should simply pass.  In this case, the credit card would be marketed with words like “as high as”, which means that you would earn the rewards promised but there would be a limit as to the points, dollars, or miles that could be accumulated.  In addition, some of these cards will require that you accumulate a certain amount of points, dollars, or miles before they could be redeemed and with the level high, the rewards program is not even worth it.

If you were to look at Discover More credit cards offered in Canada, the marketing makes this card look like a great bargain.  The advertisement would state that you could earn 5% on cash back to be spent on rotating categories, as well as 1% for all other categories.  Unfortunately, to enjoy the cash back rewards, you would need to make at minimum of $3,000 in purchases within the year.  Then for the 5% cash back rewards, a cap is in place so you would only be able to use the cash back up to $300 in purchase made with the card, which is not much.

Another great piece of information about rewards credit cards in Canada has to do with cards offering rewards earnings but only on a temporary basis.  Typically, these rewards would be marketed as higher than average but if you were to read the details, you would discover that the “high” rewards expire within a short amount of time.  Depending on the credit card in Canada, this amount of time could be as long as 12 months or as short as three months.

It is also essential that you look at a variety of different rewards cards offered in Canada and from several different credit card companies and/or banks.  The good news is that these cards have become so popular that finding them is easy and the abundance of different options is incredible.  However, as we mentioned some are good and some bad.

We strongly recommend that if you want to secure a rewards credit card in Canada that you consider those offering travel rewards.  Often, these cards would offer not only a cash back reward but also miles that could be used to travel free or at a discounted rate.  Additionally, these specific credit cards provide huge savings on hotel stays, rental cars, and much more.