The Motley Fool

The Best Rewards Credit Cards for 2021

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The Motley Fool Canada’s top rewards picks at a glance:


American Express Cobalt Card

Good for: All around rewards and features

Our Rating:

5.0 stars


Top Perks
  • Earn accelerated rewards (2x) on flight purchases
  • No annual fee for supplementary cards
  • Up to $100 USD hotel credit to use on amenities like dining, spa or other leisure facilities when charged to the room


Rewards
  • 5x Membership Rewards on eligible food and drink
  • 3x Membership Rewards on eligible travel and transit
  • 1x Membership Rewards on everything else
Welcome bonus

Up to 45,000 Membership Rewards points (worth up to $450 on eligible travel)

Annual fee:

$120 ($10 monthly)

Eligibility:

Credit rating: Very good


Scotiabank Gold American Express Card

Good for: All around rewards and features

Our Rating:

5.0 stars

Open Account

On Scotiabank’s secure website.

Top Perks
  • No foreign transaction fees
  • Additional rewards possibilities with Amex Offers
  • Multiple useful insurances including trip cancellation, flight delay, and rental car

Open Account

On Scotiabank’s secure website.

Rewards

5x Scotia Rewards on eligible dining, grocery, and entertainment
3x Scotia Rewards on eligible gas, transit, and streaming services
1x Scotia Rewards on everything else

Welcome bonus

Up to 40,000 Scotia Rewards points (worth up to $400 towards travel)

Annual fee:

$120

Eligibility:

Credit rating: Good
Minimum income: $12,000


Tangerine Money-Back Credit Card

Good for: Earning cashback rewards with no fee

Our Rating:

5.0 stars

Open Account

On Tangerine’s secure website.

Top Perks
  • 6 months 1.95% interest on balance transfers made in the first 30 days (1% fee applies, 19.95% interest after 6 months)
  • Get a 3rd 2% rewards category if transferring rewards into a Tangerine savings account
  • Purchase coverage for the first 90 days

Open Account

On Tangerine’s secure website.

Rewards

2% Money-Back Rewards in two categories of choice
0.5% Money-Back Rewards on everything else

Welcome bonus

None

Annual fee:

$0

Eligibility:

Credit rating: Good
Minimum income: $12,000


BMO eclipse Visa Infinite Card

Good for: All around rewards and features

Our Rating:

4.5 stars


Top Perks
  • Mobile device insurance covering loss, damage, and theft
  • $50 annual lifestyle credit
  • Earn 10% more rewards when you add an additional authorized user ($50 annually per supplemental user)


Rewards

5x BMO Rewards on eligible groceries, gas, dining, and transit
1x BMO Rewards on everything else

Welcome bonus

Up to 40,000 BMO Rewards points and annual fee waived for 1st year

Annual fee:

$120

Eligibility:

Credit rating: Very good
Minimum income: $60,000 (individual), $100,000 (household)


SimplyCash Preferred Card from American Express

Good for: Earning high cashback on all spending

Our Rating:

4.5 stars


Top Perks
  • No annual fee for supplementary cards
  • Valueable insurances including baggage delay, flight delay, and car rental
  • Entertainment and dining perks with American Express Experiences


Rewards

2% cashback on all spending

Welcome bonus

Earn 10% cashback for the first 4 months (up to $400 cashback)

Annual fee:

$99

Eligibility:

Credit rating: Very good


BMO World Elite Mastercard

Good for: Earning rewards on travel-related spending (including flights)

Our Rating:

4.5 stars


Top Perks
  • 4 free airport lounge passes per year
  • Free access to over 1 million Wi-Fi hotspots around the world with Boingo Wi-Fi
  • Save up to 25% off rentals at participating National Car Rental and Alamo Rent a Car locations


Rewards

3x BMO Rewards points on eligible travel, dining and entertainment
2x BMO Rewards points on everything else

Welcome bonus

Up to 30,000 BMO Rewards points and annual fee waived for 1st year

Annual fee:

$150

Eligibility:

Credit rating: Very good
Minimum income: $80,000 (individual), $150,000 (household)


PC Financial World Elite Mastercard

Good for: Earning rewards for President’s Choice grocery shoppers

Our Rating:

4.5 stars


Top Perks
  • 6 months 0.97% interest on balance transfers made in first 90 days
  • Car rental and travel emergency medical insurance
  • Identity theft assistance service


Rewards

30 PC Optimum points per $1 at President’s Choice grocery stores (like Loblaws, No Frills, and valu-mart)
45 PC Optimum points per $1 at Shoppers Drug Mart
30 PC Optimum points per $1 at Esso, Mobil, and PC Travel
10 PC Optimum points per $1 everywhere else

Welcome bonus

None

Annual fee:

$0

Eligibility:

Credit rating: Very good
Minimum income: $80,000 (individual), $150,000 (household)


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