Maximizing Your Spending: The Best Point Reward Credit Cards in Canada

In today’s world, credit cards are more than just a convenient way to pay—they can be powerful tools to earn rewards, save money, and even access exclusive perks. For Canadians looking to make the most out of their everyday spending, point reward credit cards offer a compelling way to earn points on purchases that can be redeemed for travel, merchandise, gift cards, or even statement credits.

But with so many options available, how do you choose the card that fits your lifestyle? Here’s a detailed guide to some of the best point reward credit cards in Canada.

1. American Express Cobalt Card

The Amex Cobalt is ideal for those who spend heavily on dining and groceries.

Key Features:

• Earn 5 points per $1 on eligible eats and drinks, including restaurants, bars, and food delivery.

• Earn 2 points per $1 on groceries and gas purchases.

• Points can be redeemed for travel, gift cards, or merchandise.

• Monthly fees are moderate, but the high earning potential for food and drink can offset the cost for frequent spenders.

Best For: Food lovers, urban professionals, and those who dine out frequently.

2. Scotiabank Gold American Express Card

This card is designed for Canadians who want strong rewards on everyday spending categories.

Key Features:

• Earn 5 points per $1 on grocery, dining, and entertainment purchases.

• Earn 3 points per $1 on gas and transit.

• Points are redeemable for travel, merchandise, or as a statement credit.

• No foreign transaction fees on Amex purchases abroad.

Best For: Families and frequent travelers who want flexibility in earning and redeeming points.

3. TD First Class Travel Visa Infinite Card

Perfect for Canadians who love to travel, this card rewards you for nearly every purchase.

Key Features:

• Earn 3 points per $1 on all purchases through ExpediaForTD.com.

• Earn 1.5 points per $1 on all other purchases.

• Points can be redeemed for flights, hotels, or vacation packages with TD Travel.

• Includes travel insurance coverage and Visa Infinite perks.

Best For: Frequent travelers looking to maximize travel rewards and enjoy added travel protections.

4. BMO World Elite Mastercard

A strong choice for travelers and those seeking premium perks.

Key Features:

• Earn 3 points per $1 on travel, dining, and entertainment.

• Earn 2 points per $1 on other everyday purchases.

• Complimentary airport lounge access and travel insurance included.

• Points are flexible and can be redeemed for flights, hotels, or merchandise.

Best For: Travel enthusiasts who want premium perks and strong earning potential on leisure spending.

5. RBC Avion Visa Infinite

A classic choice for Canadians who want versatility and travel rewards.

Key Features:

• Earn 1 point per $1 on all purchases, with bonus points on select travel purchases.

• Points are highly flexible and can be redeemed for flights, hotels, car rentals, and vacation packages.

• Includes travel insurance, purchase protection, and concierge services.

Best For: Those seeking a reliable travel rewards card with strong insurance coverage.

Tips for Maximizing Point Reward Credit Cards

1. Match Your Card to Your Spending Habits: Focus on the categories you spend the most on—groceries, dining, travel, or gas—to maximize points.

2. Take Advantage of Sign-Up Bonuses: Many cards offer tens of thousands of points when you meet a minimum spending requirement in the first few months.

3. Use Multiple Cards Wisely: Some Canadians use one card for high-reward categories and another for everyday purchases to optimize points.

4. Redeem Strategically: Points often have more value when redeemed for travel rather than merchandise or statement credits.

5. Watch Annual Fees: Make sure the benefits and rewards outweigh the annual fees.

Final Thoughts

Point reward credit cards can turn everyday spending into incredible value when chosen wisely. Whether you’re a foodie, traveler, or family looking to earn rewards on groceries and gas, there’s a card in Canada designed to help you maximize your points.

However, discipline is key. Paying off your balance in full each month is essential to avoid interest charges that can quickly outweigh any rewards earned. Using credit cards responsibly not only allows you to reap the benefits of points and perks but also safeguards your financial future and supports long-term financial planning.

By understanding your spending habits, selecting the card that best fits your lifestyle, and maintaining disciplined payment habits, you can turn your credit card into a powerful tool for rewards and financial security.

Disclaimer: This blog is based on our independent research and is intended for informational purposes only. It is not intended as financial, investment, or tax advice. Readers should consult a licensed financial advisor or tax professional before making any financial decisions.