View Best Rewards Credit Cards - Comparewise

Best Rewards Credit Cards

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Rewards

*Limited time only – Get a $20 cash bonus with code: COMPAREWISE by...
  • $0
    Annual fee
  • $20
    Welcome Bonus
  • 2%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: 5.0
*Limited time only – Get a $20 cash bonus with code: COMPAREWISE by...
  • $0
    Annual fee
  • $20
    Welcome Bonus
  • 2%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: 5.0
*Limited time only – Get a $20 cash bonus with code: COMPAREWISE by...
  • $84
    Annual fee
  • $20
    Welcome Bonus
  • 2%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: 5.0
KOHO has recently switched to Mastercard! Check out the KOHO Joint Prepaid...
  • $0
    Annual fee
  • $20
    Welcome Bonus
  • 2%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: 5.0
KOHO has recently switched to Mastercard! Check out the KOHO Prepaid...
  • $0
    Annual fee
  • $20
    Welcome Bonus
  • 2%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: 5.0
KOHO has recently switched to Mastercard! Check out the KOHO Premium...
  • $84
    Annual fee
  • $20
    Welcome Bonus
  • 2%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: 5.0
The Neo Reward Credit Card is perfect for anyone who wants to get more...
  • $0
    Annual fee
  • $0
    Welcome Bonus
  • 5%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
Special Offer: Upon sign up, new Plastk customers get 5000 Reward...
  • $48
    Annual fee
  • 5,000 pts
    Welcome Bonus
  • 1 pt
    Every $1 Spent
  • Min.Credit:
                        
  • Rating: no reviews
The Tangerine World MasterCard is one of the best cashback cards packed...
  • $0
    Annual fee
  • $100
    Welcome Bonus
  • 2%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
The National Bank ECHO Cashback Mastercard offers generous rewards on...
  • $30
    Annual fee
  • $0
    Welcome Bonus
  • 1.5%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
The National Bank mycredit Mastercard is a good choice for anyone looking...
  • $0
    Annual fee
  • $0
    Welcome Bonus
  • 1%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
The National Bank World Elite Mastercard is one of the best reward credit...
  • $150
    Annual fee
  • 20,000 pts
    Welcome Bonus
  • 1.5 pts
    Every $1 Spent
  • Min.Credit:
                        
  • Rating: no reviews
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Rewards Credit Cards

With the credit card industry being so competitive, credit card companies had to find creative ways to attract customers. One of these ways is offering rewards credit cards.

What is a Rewards Credit Card?

As the name suggests, a rewards credit card earns the cardholder valuable rewards on purchases. You use your card at retailers taking part in the credit card company’s reward program to earn benefits. These can be travel points you can redeem towards airfare or hotels. Alternatively, you can earn cashback or store credit.

Rewards You Can Earn

Every credit card provider has a unique rewards program. Some offer points, while others provide cashback. The number and value of points you earn with one credit card provider will differ from another. Also, some credit card companies only allow you to redeem your rewards towards one category.

These are some common rewards you can earn:

  • Cash rewards: cards offering cashback rewards are great for frequent shoppers. Every time you use your card for groceries or gas, you'll earn a certain cashback percentage.
  • Specialty rewards: these cards earn you points and benefits for your favourite retailers or organizations.
  • Points rewards: these cards accumulate points you can cash out for statement credits, cash, or hotels.
  • Travel rewards: frequent travellers can earn AIR MILES, Aeroplan points, or other benefits from loyalty programs. Travel rewards can be redeemed for flight and train tickets, travel upgrades, or hotels.

rewards credit cards - comparewise

Pros and Cons of Rewards Credit Cards

Although rewards cards offer valuable benefits, they can have significant drawbacks. Consider the following pros and cons when shopping around for a credit card.

The Pros of Rewards Credit Cards

  • Access to great perks. Besides earning rewards, you may get special benefits like travel insurance and Front Of Line perks with American Express Experiences.
  • Ability to earn accelerated rewards. Some rewards credit cards accelerate the rewards you’re already earning with other loyalty programs. For instance, if you collect AIR MILES, credit cards that earn you Miles can help you gather more points.

The Cons of Rewards Credit Cards

  • Redemptions are limited to the rewards program. You can only redeem your rewards for purchases or services that meet the conditions of the rewards program.
  • High APRs and annual fees. Rewards credit cards often have higher annual fees and APRs than other credit cards.
  • Good credit is required. To be approved for a rewards credit card, you must have a good to excellent credit score.

Choosing the Right Rewards Credit Card for You

Given there are different rewards cards in the market that can earn you various benefits, choosing one card may be difficult. The choice can be more straightforward when you consider these points.

  1. Assess your spending habits. What you spend most of your money on is a significant factor that will help you choose the right rewards credit card. If you spend most of your salary on gas and groceries, a cashback rewards credit card may be best. You'll earn a certain percentage of cash whenever you make purchases in these categories.
  2. Factor in your lifestyle. A travel rewards credit card may suit you if you book flights and hotels often. Your eligible travel-related purchases can earn you points. These can be redeemed at the credit card provider's partners for valuable perks.
  3. Consider the income requirements. Rewards credit cards often have strict personal or household income requirements. Some require you to earn at least $50,000 a year, while others require a household income as high as $100,000. To choose a rewards credit card that’s right for you, consider these criteria.

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Advertiser disclosure

Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

Get $20 CAD of BTC with promo code: COMPAREWISE
Min Investment
$100
Target Return
4-7%
Trace crypto on Nexo and earn up to 20% APR
Min Investment
$1
Target Return
Up to 12%
Earn Up to 17% on your crypto and borrow USD
Min Investment
$1
Target Return
2-18%
Crypto exchange starting with just $10
Min Investment
$1
Target Return
Varied
Trade 150+ cryptos plus use your crypto for purchases
Min Investment
$1
Target Return
Varied
Buy and sell shares in best-selling paintings
Min Investment
$15,000
Target Return
10-25%
Connect with you fave music & own shares of songs
Min Investment
$1
Target Return
Varied
Get up to $5,000 cashback on Canada's #1 trading platform.
Min Investment
$100
Target Return
Varied
Earn rewards when you buy and sell crypto on BlockFi
Min Investment
$1
Target Return
Up to 8.6%
Make, buy, and sell digital art NFT's using Ethereum
Min Investment
$1
Target Return
Varied
A marketplace for small and local business investment
Min Investment
$100
Target Return
10-15%
Online real estate investment in one platform
Min Investment
$25,000
Target Return
9-24%

comparewise

May 16, 2022
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FAQs about
Rewards Credit Cards

Who Should Get a Rewards Credit Card?

Frequent credit card users who have good to excellent credit. Since rewards credit cards have high-interest rates and annual fees, they’re suited for anyone whose income can support the charges. Also, if you can reap all the benefits to offset the annual fee, this may be an excellent credit card for you.

What’s the Best Rewards Credit Card in Canada?

Given consumers’ needs vary, there are no single-best rewards credit cards. Instead, the question is, ‘What’s the best rewards credit card for me?’ You can assess your spending habits, lifestyle, and income to find the right rewards credit card.

Why Do Most Rewards Credit Cards Have an Annual Fee?

The high-value benefits rewards credit cards often require an annual fee. Also, you’re paying for the conveniences granted by the card and its various perks. The annual fee on some rewards cards may seem high, but it’s often justifiable if you weigh them against the benefits.

That’s why it’s essential to determine if you’ll get much use from a rewards credit card before applying for one. If you use it often, you can earn back the annual fee in the form of rewards. However, if you don’t plan to use your credit card or redeem the points, it’s best to opt for another card.

When Can I Redeem My Rewards?

It depends on your credit card provider. They can award points monthly or once a year. Once they appear in your account, you can redeem them.

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