A credit card is an excellent tool to start building (or continue building) a good credit score, no matter your current credit situation. The idea is surprisingly simple: find a card that suits your needs, then use it responsibly. The question now, is determining which credit cards are a cut above the rest.
With vaccines on the rollout, we’re beginning to see a light at the end of the tunnel and perhaps even a return to a normal towards the end of the year (trip to Italy using points, anyone?) Which is why we’ve rounded up five of the best rewards credit cards in Canada for 2021.
Scotiabank Momentum Visa Infinite
This is a great credit card for anyone who doesn’t like carrying cash around, but loves cash back rewards! The Scotiabank Momentum Visa Infinite gives you 4% back on recurring bills and grocery purchases, 2% back on gas and daily transit, 1% cash back on all other purchases and an additional 10% cash back for the first three months. This card has an annual fee of $120, but the first year is free, so you can take it for a test drive before committing.
On top of all of that, this card gives you concierge service, Visa Infinite perks and 11 different types of insurance for no additional costs. Rewards rate: around 2.08%
BMO Cashback Mastercard® for Students
If you are a student, this is a great card to help you start building a credit history responsibly and teaching yourself healthy spending habits. The BMO Cashback Mastercard for Students has no annual fee, cash back on every purchase and multiple options to redeem points. Rewards rate: around 1.01%
Scotiabank SCENE Visa
The Scotiabank SCENCE Visa was rated the number one people’s choice credit card for 2021 – with the average user rating it a 4.4 out of 5 stars. The best part? There’s no annual fee and the card has a welcome bonus of up to 2,500 bonus points! Rewards rate: around 1.26%
TD Aeroplan® Visa Infinite Card
The TD Aeroplan Visa Infinite Card is a great choice for someone who loves traveling! This card offers customers a pretty substantial welcome bonus, where they’ll have the opportunity to earn Aeroplan points on every purchase – it even offers some Air Canada benefits on the side. This card also offers it’s first year free, but after that will have an annual fee of $139. But the card is currently offering a welcome bonus of up to 20,000 bonus points until 05/03/2021. Rewards rate: around 2.33%
American Express Cobalt™ Card
This card is best for anyone who enjoys the finer things in life! The American Express Cobalt Card is considered to be the best overall credit card in Canada for 2021 for the fourth year in a row. The card has a $10 monthly fee, has no minimum income requirement, a pretty generous welcome bonus, some of the highest earn rates in Canada (5x on food at grocery stores and restaurants). Plus, tons of exclusive perks that come along with being an American Express cardholder. Rewards rate: around 3.76%