Best Flexible Rewards Credit Card In Canada For 2025
Credit cards that offer multiple ways to spend your hard-earned rewards.
Although the best flexible rewards credit card is the MBNA Rewards World Elite Mastercard, there’s a fantastic variety available for Canadians.
A good flexible rewards credit card is a valuable and convenient financial tool. The right card allows you to adjust how you use your rewards, whether you need to pay down debt, make a big purchase, or book upcoming travel.
The reviews below compare flexible rewards cards from all networks and several credit card issuers, with options ranging from no fee cards to premium options.
Key Takeaways
- The best flexible rewards credit card in Canada is the MBNA Rewards World Elite Mastercard, followed by the Scotiabank Gold American Express Card.
- Flexible rewards credit cards trade high annual fees for the ability to redeem your points on a variety of valuable rewards.
- You need a flexible rewards credit card if you don’t want to be limited to a single type of reward (such as cash or travel) or a small selection of retailers.
Comparing the best flexible rewards cards
Every flexible rewards card is a rewards credit card, but not every rewards card is flexible. In reality, most reward programs in Canada only offer one to two ways to redeem points for a maximum value of 1 – 2 cents.
For example, if you have 50,000 points, you’re better off spending them on a flight ticket worth $500 than a piece of merchandise worth only $50. The former gives you 1 cent per point (CPP) while the latter yields 0.1 CPP.
Cost of reward in $CAD / cost of reward in points x 100 = cent(s) per point (CPP)
The best flexible rewards credit cards in Canada offer up to five ways to redeem points for their maximum value (or close to it):
| Category | Credit card | Annual fee | Top redemption options | Max. point value |
|---|---|---|---|---|
| Best in Canada | MBNA Rewards World Elite Mastercard | $120 | * E-gift cards * Gift cards * Travel | 1.0 CPP |
| Best with no foreign transaction fees | Scotiabank Gold American Express Card | $120 | * Groceries * Home Hardware * Movie tickets * Restaurants * Travel | 1.0 CPP |
| Best cash back | BMO CashBack World Elite Mastercard | $120 | * Cash | N/A |
| Best for air travel from Montreal | National Bank World Elite Mastercard | $150 | * Cash deposit * Cash for travel * Travel | 1.0 CPP |
| Best for air travel | American Express Cobalt Card | $191.88 | * Transfer to partners * Travel | 2.0 CPP |
| Best for luxury travel | American Express Platinum Card | $799 | * Transfer to partners * Travel | 2.0 CPP |
| Best no fee | MBNA Rewards Platinum Plus Mastercard | $0 | * E-gift cards * Gift cards * Travel | 1.0 CPP |
| Best no fee Scene+ | Scotiabank American Express Card | $0 | * Groceries * Home Hardware * Movie tickets * Restaurants * Travel | 1.0 CPP |
| Best for any travel | TD First Class Travel Visa Infinite Card | $139 | * Cash for travel * Travel | 0.5 CPP |
If you’re purely looking for the highest average return rate on a flexible credit card, it should come as no surprise that the American Express Cobalt Card leads the pack.
1. Best flexible rewards credit card in Canada
×4 Award winner 
$100 GeniusCash + Up to 30,000 bonus points + birthday bonus worth up to 15k points.*
GC: $100
4x Award winner Rewards:
- 5 points for every $1 spent on restaurants, groceries, and select recurring bills (up to $50,000 spent annually per category)
- 1 point per $1 spent on all other purchases
Average return rate: 2.86%
Top redemption options: E-gift cards, gift cards, travel
The MBNA Rewards World Elite Mastercard has an incredible return rate of 4.15%, you’ll receive $4.15 in rewards for every $100 you spend. And since it’s a World Elite Mastercard, you get access to premium perks. For example, you can buy tickets to exclusive dining events, get 20% off admission to Cirque du Soleil, or entry to one of 1,300+ DragonPass airport lounges for just $32 USD.
Value of rewards in $CAD / $CAD spent = return rate
You can redeem your MBNA Rewards points on travel, gift cards, or e-gift cards for 0.9 – 1 CPP. You’re only limited by the stores and travel providers listed on the MBNA Rewards website – and last we checked, there were 60+ brands to choose from, including retail giants like Amazon, Best Buy, and Walmart. Plus, you can price match!
Pros:
- 12 types of insurance included
- 10% bonus points on your birthday
- 10% off AVIS and Budget car rentals in Canada and the US
- World Elite Mastercard benefits
Cons:
- $80,000 personal or $150,000 household income required
- 24.99% interest on cash advances
2. Best flexible rewards credit card with no foreign transaction fees
×1 Award winner GC: $100
1x Award winner Rewards:
- 6 Scene+ points per $1 spent at Sobeys, Safeway, FreshCo and more
- 5 Scene+ points per $1 spent on groceries, dining, and entertainment
- 3 Scene+ points per $1 spent on gas, select streaming services, and transit
- 1 Scene+ point per $1 spent on foreign currency purchases
- 1 Scene+ point per $1 spent on all other purchases
Average return rate: 2.45%
Top redemption options: Groceries, Home Hardware, movie tickets, restaurants, travel
Only one thing prevents the Scotiabank Gold American Express Card from filling first place: its best rewards and redemption options are limited to Scene+ partners such as FreshCo, Sobeys, and Home Hardware.
Despite its limitations, the Scotia Gold Amex remains an extremely flexible and rewarding card. You can redeem Scene+ points in five different ways for 1 CPP, including in-store discounts, movies at Cineplex, and travel through Scene+ or Expedia. Take it with you when you travel to save 2.5% on currency exchange rate fees and $99 USD on a Priority Pass airport lounge membership.
Scene+ points yield the same value for a multitude of in-store discounts as they do for travel, making the Scotiabank Gold American Express Card the most flexible choice. It also steals the show with a $500 welcome bonus.
Pros:
- 24/7 complimentary concierge services
- 12 types of insurance included
- 0.00% foreign transaction fees
- Amex Offers, Experiences, and Front of the Line benefits
- Complimentary Priority Pass membership
Cons:
- $12,000 personal income required
- Lower acceptance as an Amex
3. Best cash back credit card
GC: $150
Rewards:
- 5% cash back on groceries, up to $500 in monthly spend
- 4% cash back on transit, up to $300 in monthly spend
- 3% cash back on gas, up to $300 in monthly spend
- 2% cash back on recurring bills, up to $500 in monthly spend
- 1% cash back on all other purchases
Average return rate: 2.05%
Top redemption options: Cash
The BMO CashBack World Elite Mastercard delivers the unmatched flexibility of cold, hard cash in two different ways: as a deposit into a BMO chequing, savings, or Investorline account; or as a credit applied directly to your credit card statement.
The only downside is the $300 – $500 monthly cap applied to every 5% spending category, after which your earnings will drop to 1%. Fortunately, the BMO CashBack World Elite Mastercard makes up for it with an impressive credit card insurance portfolio, complimentary roadside assistance, and World Elite Mastercard benefits.
Pros:
- Cash back rewards on demand
- Free roadside assistance
- 13 types of insurance included
- World Elite Mastercard benefits
Cons:
- $80,000 personal or $150,000 household income required
- $300 – $500 monthly category spending caps
4. Best flexible rewards credit card for air travel from Montréal
Rewards:
- 5 points per $1 spent on groceries and restaurants, up to $2,500 in total spend per month (2 points after)
- 2 points per $1 spent on gas, electric vehicle charging, recurring bills, and travel booked through À La Carte Rewards
- 1 point per $1 spent on all other purchases
Average return rate: 2.30%
Top redemption options: Cash for deposit, cash for travel, travel
The National Bank World Elite Mastercard is an indispensable product for a few Canadians – namely frequent flyers at the Montréal-Trudeau Airport. Cardholders get unlimited access to the National Bank airport lounge, $150 per year toward travel expenses (such as airport parking or seat selection), and NBC Rewards points.
You can deposit your points into your NBC bank account (for 1 CPP), apply them to any travel expense (0.91 CPP), or trade them for airline tickets or vacation packages through À la carte Travel Agency (1 CPP). Throw in complimentary access to 1,000,000+ global Wi-Fi hotspots and a generous travel insurance package, and you’ve got the perfect travel credit card!
Pros:
- $150 annual travel credit
- 10 types of insurance included
- Unlimited access to the National Bank Lounge at Montréal-Trudeau Airport
- World Elite Mastercard benefits
Cons:
- $80,000 personal or $150,000 household income required
- $2,500 monthly grocery spending cap, after which rewards drop to 2 points per $1
5. Best flexible rewards credit card for air travel
×8 Award winner GC: $100
8x Award winner Rewards:
- 5 points per $1 spent on eligible groceries and restaurants (up tp $2,500 spent per month)
- 3 points per $1 spent on eligible streaming services
- 2 points per $1 spent on eligible gas, transit, and ride share purchases
- 1 point per $1 spent on foreign currency purchases
- 1 point per $1 spent on all other purchases
Average return rate: 2.25%
Top redemption options: Transfer to airline partners, air travel
The American Express Cobalt Card can take you around the world with multiple airlines thanks to its points conversion partnerships. You can transfer Amex Membership Rewards points to Aeroplan, British Airways, Cathay Pacific, Delta, and more for a maximum value of 2 CPP. The American Express Cobalt Card out-earns every other card’s return rate if you trade all your points for Air Canada flights.
Or, for 1.75 CPP, try the Amex Fixed Points Travel Program. Find a ticket on the Amex Travel website and as long as it falls below the maximum ticket price for that route, you’ll pay a fixed number of points. For example, you can trade a short-haul flight in Canada or the US worth up to $300 for 15,000 points.
Pros:
- Excellent earn rate
- 10 types of insurance included
- Amex Experiences, Offers, Front of the Line, and The Hotel Collection benefits
- No income requirements
Cons:
- $2,500 monthly cap on eligible grocery, restaurant, and food delivery spending, after which rewards drop to 1 point per $1
- Lower acceptance as an American Express
6. Best flexible rewards credit card for luxury travel
Rewards:
- 2 points per $1 spent on restaurants and travel
- 1 point per $1 spent on all other purchases
Average return rate: 2.25%
Top redemption options: Transfer to airline partners, air travel
The American Express Platinum Card can take you everywhere the Cobalt can but in the lap of luxury. It boasts an annual $200 fine dining credit, a $200 travel credit, and unlimited access to the Amex Global Lounge Collection. Once you land, you’ll enjoy a complimentary daily breakfast for 2, early check-in, in-room Wi-Fi, late check-out, room upgrade, and special benefits at 1,500+ properties in the Fine Hotels + Resorts collection.
Pros:
- $200 annual dining credit
- $200 annual travel credit
- $100 NEXUS credit every four years
- 24/7 Platinum Concierge services
- 15% off parking, complimentary valets, and priority security lanes at Toronto Pearson
- 11 types of insurance, plus access to emergency travel assistance
- American Express Experiences, Offers, Fine Hotels + Resorts, Front of the Line, Global Dining Collection, and Hotel Collection benefits
- Automatic Gold status in the Marriott Bonvoy and Hilton Honors programs
- Preferential pricing and promotions on American Express Travel Online
- Premium metal credit card
Cons:
- $250 additional card fee (for Platinum Cards)
- Lower acceptance as an American Express
7. Best no fee flexible rewards credit card
Rewards:
- 2 points for every $1 spent on restaurants, groceries, and select recurring bills (up to $10,000 spent annually per category)
- 1 point per $1 spent on all other purchases
Average return rate: 1.54%
Top redemption options: E-gift cards, gift cards, travel
The MBNA Rewards Platinum Plus Mastercard offers all the flexibility of the MBNA Rewards program for no annual fee. You’ll lose some of the earning power, insurance coverage, and benefits included with our #1 card, but you’ll keep mobile device insurance and purchase protection.
Pros:
- 10% bonus points on your birthday
- 5 – 10% off AVIS and Budget car rentals
- No income requirements
Cons:
- 24.99% interest on cash advances
- Only 3 types of insurance included
8. Best no fee Scene+ rewards credit card
Rewards:
- 3 Scene+ points per $1 spent at Sobeys, Safeway, FreshCo and more
- 2 Scene+ points per $1 spent on grocery, dining and entertainment, gas, daily transit, and select streaming services
- 1 Scene+ point per $1 spent on all other purchases
Average return rate: 1.45%
Top redemption options: Groceries, Home Hardware, movie tickets, restaurants, travel
If you want the flexibility of a Scene+ credit card without the annual fees of the Scotia Amex Gold, the Scotiabank American Express Card is our top pick. Like its premium cousin, you’ll earn Scene+ on all your purchases, which you can redeem for five valuable rewards: groceries, restaurants, movie tickets, Home Hardware discounts, and travel, all for no annual fee.
Pros:
- 25% off AVIS and Budget car rentals
- Amex Offers and Experiences benefits
Cons:
- $12,000 personal income required
- Only 11 types of insurance included
9. Best flexible rewards credit card for any travel
GC: $20
Rewards:
- 8 points per $1 spent on travel booked online through Expedia For TD
- 6 points per $1 spent on groceries, restaurants, and public transit
- 4 points per $1 spent on recurring bill payments, streaming, digital gaming, and media
- 2 points per $1 spent on all other purchases
Average return rate: 1.98%
Top redemption options: Cash for travel, travel
With the TD First Class Travel Visa Infinite Card, you can redeem 250 TD Rewards points for $1 off any travel-related expense and 200 points for every $1 over $1,200. That’s only slightly less value than booking travel through Expedia for TD (for 0.5 CPP), which comes with an annual $100 travel credit.
Pros:
- $100 annual Expedia for TD travel credit
- 50% bonus Stars and points at Starbucks
- 12 types of insurance included
- 10% bonus points on your birthday
- 5 – 10% off AVIS and Budget car rentals
- No blackout dates or seat restrictions on travel rewards
- Visa Infinite benefits
Cons:
- $60,000 personal or $100,000 household income required
- Low value for non-travel rewards
Compare all flexible rewards credit cards by Genius Rating
In our search for the best flexible rewards credit cards in Canada, we considered every card with at least two valuable redemption options. Our algorithm evaluated over 126 features in seven major categories, weighted from most to least important:
- Rewards (54%)
- Fees (13%)
- Insurance (11%)
- Perks (11%)
- Interest (5%)
- Acceptance (3%)
- Approval (3%)
The creditcardGenius algorithm calculated the earning power of every card by using a $2,000 monthly budget based on the spending patterns of the average Canadian. Each entry was rated out of 5.
Here's how the top flexible cards rank, in order of Genius Rating:
×4 Award winner GC: $100 4x Award winner GC: $100
×1 Award winner GC: $100 1x Award winner 
Learn more about the Genius Rating methodology
Pros and cons of flexible rewards credit cards
Flexible rewards credit cards promise cardholders plenty of choices and usually offer:
- Up to five ways to redeem your points or cash back
- Accelerated earnings in major loyalty programs, such as AIR MILES
- Occasional opportunities to earn bonus points or save at partner stores
But the increased reward flexibility may come at the cost of:
- Complicated point redemption systems
- High annual fees
- Lower earning rates than travel credit cards
The biggest downside of a rewards credit card is the time it takes to learn how to maximize your rewards. Although you have less to worry about with a flex rewards credit card, you still need to know which redemption options are worth more than others.
How flexible rewards credit cards work
Credit cards that earn cash back or points with every purchase are known as rewards credit cards. Cards with a variety of valuable redemption options are known as flexible rewards cards, but they still tend to give more value to one to three types of rewards than others.
Nothing is more flexible or simpler than cash back; for every purchase you make, you’ll receive 1 – 3% of its value back in cash. Mastercard offers the largest variety of cash back credit cards in Canada in partnership with every major bank.
How to maximize the value of flexible rewards points
One of the most important things to understand about redemption options is that their value differs significantly. For equal comparison, we divide the cash value of the service or item by the number of points it costs to give us the value in cents per point (CPP).
In many cases, you’ll find that travel redemptions give you the highest CPP, while merchandise and gift cards offer a fairly low value.
In general, we recommend sticking to redemptions that are worth at least 1 CPP.
Maximize your value by:
- Playing around with your redemption options – especially when it comes to travel. For example, booking off-peak flights or nabbing a hotel deal through your card issuer’s travel portal can get you a better deal.
- Paying attention to limited promotional offers. Many reward programs offer fantastic deals where you can earn extra bonus points or redeem points at a lower rate (leaving you with more points to redeem down the road).
- Leverage transfer partners. This might be a great option if you can transfer points 1:1 or move low-value points to a program where the points are worth more.
- Pool points with friends and family. You’ll typically designate one person to oversee the account, but pooling points makes a lot of sense if you’re planning a trip together.
Should I get a flexible rewards credit card?
Most rewards credit cards target high spenders and give more value to air travel than to other types of redemption options. If you don’t like to travel (or you prefer the simplicity of cash, gift cards, or in-store discounts), a flexible rewards or cash back credit card might be the best choice for you.
How to choose the right flexible rewards card
Before you pull up a credit card application, take a moment to reflect on your spending habits and redemption preferences. Ask yourself:
- What categories do I spend the most in? Look for a card that offers the most rewards for your main purchases. For instance, if you primarily use your card for gas and groceries, look for a rewards card with the highest earn rates for those categories.
- How do I want to get my rewards? Are you primarily looking for cash back, or do you prefer to put points towards travel? Maybe you want a card that participates in your favourite airline reward program or earns you discounts with a specific retailer.
- What are the card’s requirements? Don’t forget to pay attention to the card’s annual fee and eligibility requirements, like required credit score or income.
- How much interest does the card charge? Check the purchase interest rate, especially if you know you’ll carry a balance. If you frequently travel outside of Canada, you may want to consider a card that doesn’t charge foreign exchange fees.
- Are you willing to pay the annual fee? If the card charges an annual fee (many don’t), consider if it’s worth paying. Basically, determine whether the rewards outweigh the cost of the card.
- Does the card have a welcome bonus? This may not be a huge factor, but if you’re trying to pick between just a few cards, getting a big welcome bonus compared to just an okay one could be the deciding factor.
FAQ
What is a flexible credit card?
A flexible credit card is one that offers rewards in several ways. Usually, you can choose to redeem points or miles for things like travel, cash back, statement credits, merchandise, gift cards, and more.
What is the most rewarding credit card in Canada?
Of the best flexible cards we looked at, the MBNA Rewards World Elite Mastercard is the most rewarding. You’ll earn an average of $2.86 in rewards for every $100 you charge to the card. Plus, you’ll enjoy World Elite Mastercard benefits.
Which Canadian bank has the best rewards program?
Of the cards on our list, MBNA issues the best flexible rewards card, which participates in the MBNA rewards program. That said, several other banks offer competitive rewards programs, which may be a better fit.
What is the most successful rewards program?
This might come as a surprise, but McDonald’s Rewards is the rewards program that offers the highest rate of return of any rewards program in Canada, followed by VIPorter, which focuses on travel rewards.
What happens if I don’t use a reward I’ve earned yet?
Generally, your rewards accumulate, but as long as you keep your credit card account active and in good standing, they shouldn’t expire. To use your rewards, just log into your account and select your redemption option.
Can I move between reward options?
Depending on the credit card, yes, you can move between reward options. However, if your card is strictly a cash back card, you might be more limited in terms of how (or when) you redeem the cash back.
Is flexibility worth paying more annual fee for?
Whether or not you’re willing to pay for flexibility completely comes down to your budget, spending habits, and what you want out of a credit card. Only pay an annual fee if you know you’ll earn back more in rewards.
Editorial Disclaimer: The content here reflects the author's opinion alone. No bank, credit card issuer, rewards program, or other entity has reviewed, approved, or endorsed this content. For complete and updated product information please visit the product issuer's website. Our credit card scores and rankings are based on our Rating Methodology that takes into account 126+ features for each of 227 Canadian credit cards.
