Best flexible rewards credit card in Canada for 2020 award seal

If you want a card that can be used for several different redemption options, including letting you use your points like cash, you're going to want a credit card that has flexible rewards.

Whether you want to use them for travel, statement credits, or even charitable donations, flexible rewards cards put you in charge of what you use your hard-earned points on.

These flexible rewards credit cards will also give you:

  • nice sign-up bonuses,
  • comprehensive insurance packages,
  • typically higher reward value than cash back, and
  • rewards that can be redeemed for a number of different things.

Something to keep in mind…while flexible rewards give you a few different redemption options, the value of your rewards can often depend on how you choose to redeem them.

The list we've compiled below is based on redeeming for any travel and using your points to pay for the purchase.

Some of these cards are even cash back credit cards. We don’t exclude cash back cards from this category because we think cash is a pretty flexible reward too, don’t you?

Best flexible rewards credit cards in Canada for 2020

Here's our list of the best flexible rewards credit cards in Canada.

CategoryCredit CardCurrent Welcome Bonus Offer
Best flexible rewards credit cardScotiabank Gold American Express® Card CardUp to 20,000 points (terms)
Flexible rewards credit card with high value optionsAmerican Express Cobalt™ CardUp to 30,000 points (terms)
Best cash back credit card to use for flexible rewardsScotiabank Momentum Visa InfiniteFirst year free (terms)

Review all 10 top flexible cards here.

Best flexible rewards credit card

To redeem for any travel purchase, the is our top credit card.

Why? It earns the most points of any flexible rewards card. Here's what you'll earn on all of your purchases:

  • 5 points per $1 on groceries, restaurants, and entertainment purchases,
  • 3 points per $1 on gas, transit, and select streaming services, and
  • 1 point per $1 on all other purchases.

It also comes with a great welcome bonus – earn 20,000 points after spending $1,000 in the first 3 months.

No other credit card offers 5 points per $1 on 3 categories, and then a still high 3 points per $1 on your gas and commuting expenses...

A Scotia Rewards point is worth 1 cent each when redeemed for travel, giving a return on this card of up to 5%.

And there are plenty of other ways to redeem your points as well:

  • transfer to Cineplex SCENE,
  • statement credits,
  • merchandise, and
  • gift cards.

Toss in the fact it also has no foreign transaction fees and 11 types of insurance, and you've got a great, well-rounded travel card in your wallet.

Flexible rewards credit card with higher value options

The not only offers a lot of points, but many ways you can use them as well.

How many points can you earn? To start, you'll get a welcome bonus worth up to 30,000 points. Every month in the first year you spend $500, you'll earn 2,500 bonus points.

And it doesn't disappoint when it comes to earnings on your purchases as well:

  • 5 points per $1 spent on groceries and dining out,
  • 2 points per $1 spent on gas, travel, and transit purchases, and
  • 1 point per $1 spent everywhere else.

So what can these points get you? Amex Membership Rewards offers plenty of ways to make use of them.

The easiest way to use them for travel is redeeming for any travel purchase you like, from any provider you want. Each point is worth 1 cent each when redeemed this way.

But there are other ways to get even more value for your points – and these are what makes it not only a great flexible rewards card, but a top travel card as well.

The best value for your points? The American Express Fixed Points Travel Program. For a set number of points, you'll cover the base airfare for a certain distance. Your points are worth up to 2 cents on select flights, but for most redemptions you're looking at a value of up to 1.75 cents. Even though you'll still have to pay any taxes and fees for your airfare, this is the best redemption option.

Next up is transferring to hotel partners. There are 2 you can choose from – Marriott Bonvoy, which transfers at a 5:6 rate, and Hilton Honors at a 1:1 rate. Let's focus on Marriott Bonvoy as it provides better value.

A typical Marriott point is worth 0.97 cents when redeemed for hotel stays. With this transfer giving a 20% bonus, you're looking at a Membership Rewards value of 1.16 cents per point. Or, once transferred to Marriott, transfer them again to over 40 airlines, most of them at a 3:1 ratio, including Aeroplan.

If you want a cash statement credit, each point is worth 0.7 cents each.

All for an annual fee of $120, divided into 12 monthly payments of $10.

It's really a remarkable flexible rewards card.

Best cash back credit card to use for flexible rewards

Last time we checked, you can use cash to pay for anything you like, making it a pretty flexible option.

And the best cash back card is the .

You'll earn up to 4% cash back on your purchases:

  • 4% cash back on recurring bills and grocery purchases,
  • 2% cash back on gas and transit purchases, and
  • 1% cash back on everything else.

No other cash back card gets you 4% cash back on 2 common categories.

And in the first 3 months, you can earn 10% cash back on the first $2,000 in purchases charged to the card.

Throw in the fact it also has 11 types of purchase and travel insurance, including rare mobile device coverage, and it's a well-rounded card for travelling as well.

It's for an annual fee of $120, which is currently waived for the first year.

Compare Flexible Rewards Credit Cards

How we get our rankings

How do we decide what the best flexible credit cards are? We take into account over 126 features of each card, broken down into 7 main categories:

Flexible page genius rating scoring

We then take those features and put them through our algorithm, which calculates a score out of 5. And since we're talking about flexible credit cards, we give extra weight to the rewards category, as it's the primary feature we're after for cards on this page.

Learn more about our Genius Rating methodology.

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