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Canada’s Best Credit Card Promotions for 2021

Canada’s Best Credit Card Promotions for 2021

In Canada, we have no shortage of rewards credit cards to choose from, but it can be difficult to decipher from the many welcome offers that are out there. Most premium cards will offer you an annual fee rebate for the first year, as well as bonus cash back or travel rewards. To help you figure it all out, I’ve compiled the best credit card offers, sign-up bonuses, and limited-time deals all in one place.

Best No-Fee Credit Card Promotions

If you’re looking for a welcome offer on a no-fee rewards credit card, here are two of the best promotions available right now.

BMO CashBack Mastercard

This no-fee rewards card from BMO is perfect for anyone with a large grocery budget. The standard cash back rate is 3% on grocery purchases, 1% on recurring bill payments, and .5% on all other purchases. If you open an account before October 31, 2021, however, you’ll get a whopping 5% cash back on all purchases for the first 90 days ($500 limit per billing cycle). You’ll also receive an introductory interest rate of 1.99% for all balance transfers made within the first nine months. It’s a great deal if you owe a balance on a higher interest rate card elsewhere.

Offer Summary: 5% cash back on purchases for the first 90 days, 1.99% introductory rate on balance transfers for nine months (1% fee applies).

Card Details:

  • No annual fee
  • 19.99% purchase interest rate
  • 3% cash back for groceries, 1% for recurring payments, .50% on everything else
  • Up to 25% discount on car rentals through National and Alamo

MBNA Rewards Platinum Plus Mastercard

This is the only card offering from MBNA included in the list, but it’s a good one, especially for a no-fee credit card. As a new cardholder, you’ll receive 5,000 bonus points if you spend at least $500 in the first 3 months. If you sign up to receive paperless e-statements during the same period, you’ll earn an additional 5,000 points. You’ll also earn 4 points for every dollar you spend on groceries, gas, and eating out during the first 90-days.

Offer Summary: Earn up to 10,000 bonus points during the first 3 months, and get 4 points for every dollar spent on eligible purchases during the same time period.

Card Details:

  • No annual fee
  • 19.99% purchase interest rate
  • 2 points for every dollar spent on groceries, gas, and restaurant purchases.
  • 1 point per dollar spent on all other purchases.
  • MBNA Rewards Points never expire
  • Purchase assurance and extended warranty protection
  • Rental car discounts available

Best CashBack Credit Card Promotions

Here are two premium credit cards currently offering a generous welcome bonus for shoppers who want to maximize their cash back rewards.

Scotia Momentum Visa Infinite Card

For a while now, the Scotia Momentum Visa Infinite has been considered one of Canada’s top cash back credit cards. Right now, it comes with a generous welcome bonus. When you open a new account by February 28, 2021, you’ll receive a whopping 10% cash back on all purchases for the first 3 months, up to a $2000 spending limit. Combined with an annual fee rebate for the 1st year, you have a potential sign up value of $320.

Offer Summary: 10% cash back on all purchases for 3 months and a fee rebate for the first year ($120 value).

Card Details:

  • Annual fee $120
  • 20.99% purchase interest rate
  • Minimum credit limit $5000
  • Standard cash back rate of 4% on all grocery, recurring bill payments, and subscriptions
  • 2% cash back on gas purchases and spending on transit
  • 1% cash back on all other purchases
  • Visa Infinite Concierge service
  • 25% on select car rentals
  • Eight types of insurance protection included

TD Cashback Visa Infinite Card

Not to be outdone, the TD Cashback Visa Infinite card also comes with an enticing offer for new cardholders. In fact, it’s almost identical to that of the Scotia Momentum Visa Infinite. Their current cash back promotion gives you 10% on all purchases for the first 90 days, up to a $2000 spending limit. There is also an annual fee rebate for the first year for both the primary and secondary cardholder. When you put it all together, the potential value can be as high as $370.

Offer Summary: 10% cash back on all purchases for the first 3 months, and no 1st-year annual fee for the primary and secondary cardholder. The deadline is December 6, 2020.

Card Details:

  • Annual fee $120, $50 for each additional cardholder
  • 19.99% purchase interest rate
  • Earn 3% cash back on grocery and gas purchases and recurring bill payments.
  • Earn 1% on all other purchases
  • Free Deluxe TD Auto Club membership
  • Auto Rental Collision and Loss Damage Insurance
  • Rental car discounts available

Best Travel Rewards Credit Card Promotions

BMO World Elite Mastercard

The BMO World Elite Mastercard stands out for its array of travel benefits, from the free airport lounge passes to the complimentary travel medical insurance coverage. The current welcome offer makes this card even more attractive.

New account holders who spend $3,000 in the first 3 months will receive 30,000 rewards points, not to mention an additional 10,000 points on the first anniversary. Combine that with the first year annual fee being waived, and it’s a $435 value. The best part is that you also get all of the regular benefits of the card too.

Offer Summary: Up to 40,000 points and the 1st year annual fee waived ($150).

Card Details:

  • Annual fee $150
  • 19.99% purchase interest rate
  • 3 points for ever dollar spent on travel, dining, and entertainment
  • 2 points per dollar on all other purchases
  • Redeem points for flights, hotels, car rentals, cruises, and more
  • No blackout periods
  • 4 free airport lounge passes per year (Mastercard Airport Experiences)
  • A full suite of travel insurance coverage

HSBC World Elite Mastercard

Armed with one of the most generous credit card deals ever seen in Canada, the HSBC World Elite Mastercard is a travel credit card to be reckoned with. You can earn up to $649 in rewards just for signing up. Here’s how: If you apply by December 28, 2020, you’ll earn 100,000 20,000 points for signing up. If you spend $5,000 in the first 180 days, you’ll earn an additional 80,000 points for a combined value of $500. Also, HSBC will waive the 1st year annual fee.

Offer Summary: Up to 100,000 points, and no annual fee for the 1st year – a combined value up to $649.

Card Details:

  • Annual fee $149 ($50 for each additional cardholder)
  • 19.99% purchase interest rate
  • Earn 3% in travel rewards on all eligible travel purchases
  • Earn 1.5% on all other purchases
  • No foreign transaction fees
  • Travel medical insurance coverage for up to 31-days

Best Aeroplan Credit Card Promotion

In November 2020, Aeroplan launched an all-new rewards program, and along with it, a completely new lineup of Aeroplan credit cards. There is no shortage of promotional offers for these new cards. Let’s take a look at two of the top offers available right now:

TD Aeroplan Visa Infinite Card

If you apply before January 17th, 2021, you’ll receive a welcome bonus of 10,000 Aeroplan points when you make your first purchase with the card. You’ll also receive a bonus Buddy Pass for an additional ticket when you purchase an economy ticket. To qualify, you need to charge $1000 to the card in the first 3 months of account opening and complete your travel within one year. TD is waiving the annual fee for the first year, a savings of $139.00.

Offer Summary: 10,000 Aeroplan welcome points, free Bonus Buddy Pass when you spend $1000 in the first 3 months, and an annual fee rebate for the first year ($139 value).

Card Details:

  • Annual fee $139 ($75 for each additional cardholder)
  • 19.99% purchase interest
  • Earn 1.5 points for every dollar spent on gas, grocery, and Air Canada purchases
  • Earn 1 point per dollar on all other purchases
  • Stack your points when you shop at over 150 Aeroplan partner brands
  • Seven types of travel insurance included, i.e., travel medical, trip cancellation/interruption

Best American Express Credit Card Promotion

Read any list of the best credit card offers, and American Express is going to be there. Currently, the American Express Cobalt Card has one of the most intriguing welcome bonus offerings. Apply by January 13, 2021, and you’ll earn 10X points when you shop at Amazon.ca, up to a $500 spend limit. Also, during the first year, every month that you spend $500 with the card, you’ll unlock 2,500 bonus rewards points, for a total of up to 30,000 in 12 months.

Offer Summary: 10X points on at Amazon.ca purchases for the first 3 months (up to $500), and earn up to 30,000 bonus points during the first 12 months.

Card Details:

  • Monthly fee of $10
  • 19.99% purchase interest
  • Earn 5 points per dollar spent on restaurants, bars, cafes, and food delivery
  • Earn 2 points for eligible gas, travel, and transit purchases
  • Earn 1 point on all other purchases
  • Membership to Amex Invites and Front Of The Line access

Best Business Credit Card Promotion

If you own a small business in Canada, you’ll likely benefit from using a rewards credit card for your business purchases. The American Express Business Edge Card is an excellent mid-range business rewards card that features a generous welcome bonus. You can earn up to 42,000 bonus points during the first year, including 30,000 points when you spend $5000 in the first 3 months. Also, for the first year, each month that you spend $3000, you’ll earn an additional 1000 points. The card includes a very reasonable $99 annual fee.

Offer Summary: Up to 42,000 bonus points in the first year (30,000 + 12,000).

Card Details:

  • Annual Fee $99
  • No fee for supplementary cards
  • 3 points per dollar spent on business essentials, i.e., office supplies, electronics, gas, food, drink, etc.
  • 1 point per dollar spent on all other purchases
  • Employee card misuse protection
  • Auto Rental Theft & Damage Insurance

Credit Card Promotions: Things to Consider

As you can see, there is no shortage of credit card welcome offers available to Canadians at any given moment. If you’re having a hard time deciding which welcome bonus to choose from, here is what I recommend. Pick the credit card that is most suited to your long term spending habits, even if it doesn’t have the most valuable offer upfront. That’s how you’ll earn the most rewards over the long term. After all, you’re going to have your credit card a lot longer than 3 months, which is when most sign-up bonuses expire.

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