View Best Points Credit Cards - Comparewise

Best Points Credit Cards

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Points

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 American Express Business Platinum Card is a premium card for any...
  • $499
    Annual fee
  • $0
    Welcome Bonus
  • 1.25 pts
    Every $1 Spent
  • Min.Credit:
                        
  • Rating: no reviews
The American Express Cobalt Card boasts 5 times the points for every $1...
  • $155.88
    Annual fee
  • $0
    Welcome Bonus
  • 5 pts
    Every $1 Spent
  • Min.Credit:
                        
  • Rating: no reviews
If there’s one thing that makes the American Express Aeroplan Card stand...
  • $120
    Annual fee
  • 10,000 pts
    Welcome Bonus
  • 1 pts
    Every $1 Spent
  • Min.Credit:
                        
  • Rating: no reviews
The American Express Platinum card boasts a wide range of features that...
  • $699
    Annual fee
  • 80,000 pts
    Welcome Bonus
  • 3 pts
    Every $1 Spent
  • Min.Credit:
                        
  • Rating: no reviews
The MBNA Rewards World Elite Mastercard has much to offer, from...
  • $120
    Annual fee
  • 30,000 pts
    Welcome Bonus
  • 5 pts
    Every $1 Spent
  • Min.Credit:
                        
  • Rating: no reviews
No foreign transaction fees and high rewards on everyday purchases are a...
  • $120
    Annual fee
  • 25,000 pts
    Welcome Bonus
  • 5 pts
    Every $1 Spent
  • Min.Credit:
                        
  • Rating: no reviews
The Scotiabank Passport Visa Infinite card is a rare credit card that...
  • $139
    Annual fee
  • 25,000 pts
    Welcome Bonus
  • 2 pts
    Every $1 Spent
  • Min.Credit:
                        
  • Rating: no reviews
The Brim World Elite Mastercard is stock-full of enticing features and...
  • $199
    Annual fee
  • $500
    Welcome Bonus
  • 2 pts
    Every $1 Spent
  • Min.Credit:
                        
  • Rating: no reviews
The RBC Avion Visa Infinite Business card allows you to capitalize on your...
  • $176
    Annual fee
  • 25,000 pts
    Welcome Bonus
  • 1.25 pts
    Every $1 Spent
  • Min.Credit:
                        
  • Rating: no reviews
The RBC Avion Visa Infinite is one of the best travel credit cards,...
  • $120
    Annual fee
  • 35,000 pts
    Welcome Bonus
  • 1 pts
    Every $1 Spent
  • Min.Credit:
                        
  • Rating: no reviews

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Points Credit Cards

Having a regular credit card is great. However, a rewards credit card is often even better. With a points rewards credit card, your spending rewards you.

What is a Points Rewards Credit Card?

It’s a rewards credit card that accumulates points. Points rewards credit cards are a popular choice amongst Canadians. Once you earn enough points, you can redeem them for something you enjoy. For instance, if you gather enough points, you can purchase a flight ticket. Alternatively, you can redeem points for products from one of your favourite participating merchants.

How Points Credit Cards Work

A points rewards credit card functions like a regular credit card, except you'll gather points every time you use your card. Every dollar you spend in a particular category equates to a specific number of points.

For example, a points rewards credit card can offer 5 points per dollar spent on groceries, gas, and recurring bills. So if you spend $500 on groceries, you earn 2500 points.

The points you earn can be converted into rewards. This includes travel and gift cards. Bear in mind that the value of the various redemptions differs. You might get more value of up to $0.04 per point for travel and products. Whereas for gift cards, the value can be as low as $0.007 per point.

Pros and Cons of Points Rewards Credit Cards

Points rewards credit cards have their benefits and drawbacks. So before settling on this card, it’s best to consider them.

points credit cards - comparewise

The Pros of Points Credit Cards

  • High value for travel and transfer redemptions. This card is suitable for gathering points to redeem towards airfare or train tickets. You'll get the most value out of travel redemptions. Also, transferring your points to a hotel, airline, and other loyalty programs offers considerable value.
  • Wide earning and redemption options. These cards typically give you plenty of ways to earn and spend points.
  • Comes with additional perks. Besides earning points, you may benefit from comprehensive travel insurance, car rental discounts, and hotel room upgrades.
  • Lucrative welcome bonuses. Points rewards credit cards typically have enticing introductory offers.

The Cons of Points Credit Cards

  • Low value for certain redemptions. You might not get as much value from your points if you redeem them for cashback compared to travel redemptions.
  • Difficult to understand. Figuring out how to calculate your point’s value may be difficult at first. However, the points system will get easier to grasp over time.
  • High annual fees. Points rewards credit cards are expensive compared to other rewards credit cards. They often carry a hefty annual fee that can take longer to offset with the points system.

Choosing the Right Points Rewards Credit Card for You

Points rewards cards are valuable if you pick the right one from the get-go. Start by comparing the point's value to the annual fee. It's essential to determine if the points you earn will make up for the annual fee.

Also, look out for any additional perks that come with the card. Consider if they’re suitable for you.

As with every credit card, read the fine print. It's also vital to ensure you qualify for the card before applying.

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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

March 17, 2022
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FAQs about
Points Credit Cards

Should I Get a Points Rewards Credit Card?

It depends. If you spend a lot of money on gas, groceries, and dining out, then it might be right for you. However, if you don’t anticipate paying your card’s balance every month, it may leave you with high-interest charges.

Also, anyone with a low credit score may find it harder to get a points rewards credit card. They’re typically targeted at consumers with good to excellent credit scores.

Is a Points Rewards Credit Card Any Different from a Cash Rewards Credit Card?

Yes. Besides earning different rewards, points rewards credit cards have a steeper learning curve than cash rewards credit cards.

The points system is often more complicated because you have to learn the cards rewards program. And which partners participate in the program. Therefore, cashback programs are much more convenient.

Also, what you earn with a cash rewards credit card is cash. You have to convert your points into cash with a points-based card, which may not offer as much value as redeeming them for travel.

Can I Get More Than One Rewards Credit Card?

Yes. It’s not wrong to get more than one rewards credit card to maximize your rewards. However, it’s essential to keep your spending in check. Don’t go overboard, or you’ll be dealing with several credit card bills.

What Can I Redeem My Points For?

Most credit card providers allow you to redeem your points for:

  • Cash
  • Statement credits
  • Travel (airline tickets, train tickets, hotels, etc.)
  • Merchandise
  • Gift cards
  • Transfers to other loyalty programs
  • Charity donations
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