Best rewards credit cards in Canada

Most Canadians leave rewards on the table not because they picked the wrong card, but because they picked a card that does not match where they actually spend. A traveller earning 1 point per dollar on groceries is losing ground every week. A homebody holding a premium travel card is paying $150 a year for perks they never use. The real question behind finding the best rewards credit cards in Canada is simpler than it sounds: where do you spend the most, and what do you want to do with the points? The four cards on this list cover the two most common answers — travel and everyday spending — and each one earns meaningfully more in its target categories than a generic card would.

How to pick the right rewards card for your spending

The headline reward rate does not tell the full story. A card advertising 5 points per dollar is only useful if that rate applies to categories where you regularly spend. If your biggest monthly expenses are groceries and transit, a card built around travel portal bookings will underdeliver most of the year. Start by looking at your last three months of spending and identifying your top two or three categories. Then match those to the bonus earn rates on each card, not the promotional welcome offer.

Annual fees matter too, but not in isolation. A $150 fee is easy to justify if the card earns $300 or more in points value annually on your real spending. The first-year value can look very different from the long-term value once a welcome bonus is stripped out. Run the math on year two before committing. For a broader framework on how points programs work before comparing earn rates, the methodology behind how credit card rewards work applies directly here.

BMO Ascend World Elite® Mastercard®: best rewards credit card in Canada for travel

The BMO Ascend World Elite® Mastercard® earns 5 points per dollar on eligible travel purchases, with 3 points on dining, entertainment and recurring bills, and 1 point on everything else. The welcome offer adds up to 100,000 BMO Rewards points plus a $200 NEXUS credit and a first-year annual fee waiver, which makes the first-year value genuinely strong. Airport lounge access is included, which is a meaningful perk at the $150 fee tier.

The honest trade-off is the income requirement. At $80,000 personal or $150,000 household, this card excludes a meaningful portion of applicants before they even look at the earn rates. The foreign transaction fee of 2.5% also applies on purchases made abroad, which is a real cost for frequent travellers who spend in foreign currencies. The 5-point travel earn rate is the card’s strongest feature, but it depends on eligible travel spending — if your travel budget is modest, the gap between this card and a simpler option narrows quickly.

Scotiabank Passport® Visa Infinite* Card: top rewards card for travellers who hate FX fees

The Scotiabank Passport® Visa Infinite* Card earns 4 points per dollar on Scene+ Travel bookings, 3 points at Sobeys and IGA banners, 2 points on groceries, dining and transit, and 1 point on other purchases. It includes six complimentary airport lounge visits per year and charges no foreign transaction fees, which is rare at the $150 annual fee tier. The welcome offer of up to 60,000 bonus Scene+ points in the first year adds meaningful upfront value.

The card’s strongest advantage over the BMO Ascend is the absence of foreign transaction fees, which makes it the better pick for anyone who travels internationally or shops frequently on US-based websites. The income requirement of $60,000 personal is lower than the BMO Ascend’s threshold, which opens it to a wider applicant pool. The weaker point is that the best hotel and car rental earn rates require booking through the Scene+ Travel portal, so cardholders who prefer booking directly with airlines or hotels will earn at a lower rate on those purchases.

American Express Cobalt® Card: best points credit card in Canada for food spending

The American Express Cobalt® Card earns 5 points per dollar on eligible dining, groceries and food delivery, 3 points on streaming services, 2 points on gas, transit and travel, and 1 point on other purchases. For Canadians whose biggest monthly expenses are food-related, this earn structure is one of the richest available in Canada. Membership Rewards points can be transferred to several airline and hotel loyalty programs, which adds flexibility beyond simple statement credits.

The card’s real limitation is network acceptance. American Express is not accepted at all Canadian merchants, and some grocery stores and smaller retailers do not take it. If your preferred grocery store does not accept Amex, the 5-point earn rate becomes irrelevant for that spending. The annual fee of $191.88 billed monthly also has no first-year waiver, so you start paying from day one. The welcome offer of up to 15,000 points is modest compared to the other cards on this list, which means the card’s value depends almost entirely on whether your ongoing spending matches the bonus categories.

Scotiabank Gold American Express® Card: strong everyday earner with no FX fees

The Scotiabank Gold American Express® Card earns 6 points per dollar at Sobeys, Safeway and affiliated grocery banners, 5 points on dining and entertainment, 3 points on gas and transit, and 1 point on other purchases. It charges no foreign transaction fees, which is an unusual combination at the $120 annual fee level. Scene+ points can be redeemed toward travel purchases at a straightforward rate, which keeps the program practical for cardholders who do not want to manage complex transfer ratios.

The 6-point grocery rate is the card’s headline feature, but it only applies at Sobeys-affiliated banners. Cardholders who shop primarily at Loblaws, Metro or independent grocers will earn at a lower rate and may find the Cobalt Card more useful for food spending. American Express acceptance is the same limitation here as with the Cobalt Card. The welcome offer of up to 45,000 bonus Scene+ points is solid for a $120 annual fee card, but it excludes many recent Scotiabank cardholders, so check eligibility before applying.

How to compare top rewards cards in Canada side by side

The four cards on this list split cleanly into two groups. The BMO Ascend and Scotiabank Passport are built for travellers who want lounge access, travel insurance and points that convert to flights and hotels. The Cobalt Card and Scotiabank Gold are built for everyday spenders who want to earn heavily on groceries, dining and food delivery. The stronger choice changes if your spending shifts — a year with heavy travel favours the first group, while a year of mostly domestic spending favours the second.

Within each group, the difference matters most on two variables: foreign transaction fees and network acceptance. The Scotiabank Passport and Scotiabank Gold both waive foreign transaction fees, which the BMO Ascend and Cobalt Card do not. The BMO Ascend and Scotiabank Passport run on Mastercard and Visa respectively, which means near-universal acceptance. Both Amex cards carry the acceptance limitation that affects some grocery stores and smaller merchants across Canada.

• Travel-heavy spenders who qualify for the income threshold will get the most from the BMO Ascend World Elite or Scotiabank Passport.
• Cardholders who frequently spend in foreign currencies or on US websites should prioritise the Scotiabank Passport or Scotiabank Gold for their zero foreign transaction fees.
• Grocery and dining spenders who shop at Sobeys or Safeway banners will find the Scotiabank Gold earns faster than any other card on this list in those categories.
• Canadians who want the richest earn rate on food delivery and dining broadly, and who shop at Amex-accepting merchants, should look closely at the Cobalt Card.
• Anyone uncertain about which card fits their spending can run their actual monthly numbers through the calculate your rewards to compare projected annual value across cards.

Not sure which rewards card fits your profile?

The best rewards card for one person is a poor fit for another. A card with a $150 annual fee and a $80,000 income requirement is irrelevant to someone earning $55,000 who spends most of their budget on groceries and transit. The cards on this list are among the top rewards cards in Canada, but none of them is the right answer for every applicant.

If you want to go beyond this list and filter by income, spending category, network or fee level, the find the right card for you lets you match cards to your actual profile rather than a generic ranking. For a broader look at how points programs compare to cash back before you decide, the best cash back credit cards in Canada covers the alternative in detail.