When it comes to earning rewards points, for those other than seasoned credit card holders, it's hard to tell what the best bank or issuer could be when it comes to comparing the most popular brands.
If you were unsure about travel rewards programs, we've done a full analysis of some of the best offerings from TD, RBC, CIBC, BMO, Scotiabank, and Amex.
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2 things that make guaranteed credit card rewards easy
So what makes this type of credit card reward so easy to use?
First, they have a guaranteed value for each point. When the time comes to redeem, you know what you’ll get for value. Other programs are not so straightforward – some redemptions provide such poor value it might not even be worth using your miles.
Second, they have more flexible options for redemption. You can redeem your points for any type of travel purchase and still get great value, whereas with many travel programs, only flights provide the best value.
We’ll go over both these points in more detail.
Guaranteed reward value
Guaranteed reward value means each point has a set value (usually 1 cent, but it varies by program). No matter what you use your points for, you can expect to get more or less consistent value.
You can book any travel you like without having to worry about getting the most out of your points. Some programs allow you to book from any provider, while others require you to use their specific site.
You can use your points to help pay for a portion (or all) of your travel purchase. It doesn’t get much simpler than that. Your points can also cover the taxes and fees.
Some programs will even allow you to transfer points to airline or hotel programs, or use fixed points flight charts.
Flexible reward choices
Of course, travel isn’t the only way to use your rewards.
Similar to Aeroplan and AIR MILES, there are options like merchandise and gift cards available. And the other bank programs have something that travel programs don’t have – the ability to use your points for cash:
- statement credits,
- direct deposits, and even
- investment credits.
AIR MILES has this option, but you have to choose to earn Cash miles instead of Dream miles, locking your miles into the lower-value option.
Comparing guaranteed return easy rewards credit cards
So which of these programs offers the rewards that are easiest to use?
Here’s our side by side comparison of all 6 programs – RBC vs. TD vs. Scotiabank vs. CIBC vs. BMO vs. Amex.
| Program | Point value | # Of Ways To Redeem | Restrictions | Transfer Options | Best Credit Card | Average Return |
|---|---|---|---|---|---|---|
| American Express Membership Rewards | 1 cent | 10 | None | * Aeroplan * British Airways * Cathay Pacific * Delta * Etihad * Air France-KLM * Marriott * Hilton |
2.15% | |
| BMO Rewards | 0.67 cents | 7 | Must be through BMO Rewards | None | 1.61% | |
| CIBC Rewards | 1 cent | 8 | Must be through CIBC Rewards | None | 1.21% | |
| RBC Rewards | 1 cent | 9 | Must be through RBC rewards | * WestJet * American Airlines * British Airways * Cathay Pacific |
1.08% | |
| Scene+ | 1 cent | 8 | Must redeem a minimum of 5,000 points when redeeming for any travel | None | 2.30% | |
| TD Rewards | 0.5 cents | 6 | Points only worth 0.4 cents for travel booked from any provider | None | 1.65% |
Here’s a quick summary of what each program offers when redeeming for easy travel rewards each program.
Amex Membership Rewards
Amex Membership rewards is one of the leading programs when it comes to flexible rewards.
Why? It’s the only one where you can redeem points for any travel charged to the card, from any provider, with no loss in value, or requiring the full amount of points to make the redemption.
Each Amex point is worth 1 cent when redeemed this way. And there are a few other ways to use your points as well.
They include:
- transfer to 6 airline partners,
- transfer to 2 hotel partners, and
- redeem with the Fixed Points Travel Program.
BMO Rewards
To use BMO Reward points for travel, you only have one option. You need to make a travel booking through BMO Rewards, and use your points to help pay for the purchase.
150 points will give you $1 off your travel, a value of 0.67 cents each.
CIBC Rewards
To use your CIBC Reward points for travel, you’ll have to make your booking with CIBC Rewards – booking from any provider is not allowed.
Each point is worth 1 cent when redeemed for any travel.
For increased value on flights, CIBC also offers their Air Travel Redemption schedule, where you use a set number of points to travel to predefined zones.
RBC Rewards
RBC Rewards operates similar to CIBC. You can use your points to redeem for travel booked through RBC Rewards (but nowhere else). Points are worth 1 cent each.
If you have an Avion card, you can also take advantage of these other options for travel redemptions:
- Avion flight chart,
- transfer to WestJet (available to all RBC Rewards cards)
- transfer points to British Airways, Cathay Pacific, and American Airlines.
Scene+
The Scene+ program, operated by both Scotiabank and Cineplex, allows you to redeem points for travel from either Scene’s partnership with Expedia, or any travel provider, for a value of 1 cent each.
There’s a catch to redeeming from any provider – you need to have a Scene+ credit card, and you need to redeem a minimum of 5,000 points.
TD Rewards
Finally, TD Rewards has a value of 0.5 cents per point when redeeming for travel through Expedia For TD.
You can also redeem points for any travel booked through the card with TD Easy rewards, but for a lower value of 0.4 cents – a 20% reduction in value.
Comparing the flexible rewards programs
Here’s the side-by-side comparison of these 6 programs.
Point value
First, what is the value of each point within these programs when redeemed for any travel?
The numbers aren’t consistent among programs – some are worth the standard 1 cent per point (which is what cash back points are worth), while others are worth a bit less.
Earn rate
The point values don’t tell the whole story. Just because it’s lower, doesn’t mean there’s less value, as an issuer can simply increase the amount of points they earn.
Using the best credit card as stated above, here’s the actual return of each program, based on a typical $2,000 monthly spend..
There are 2 clear winners when it comes to earn rates – American Express and Scotiabank, which provide a return of over 2% on spend.
Redemption options
Lastly, the redemption options. For all of them, travel provides the best value for your rewards. But you may find yourself in a time when you won’t be travelling, or don’t see plans in your future.
And having more redemption options will help increase the value of your points, or make it easier to use them.
Amex leads the way with 10 total redemption options, which happens to include 4 ways to redeem for travel.
Which bank has the easiest rewards?
So which of these programs has the easiest to use rewards?
The best option is the American Express Membership Rewards program.
Why? It’s the only program that allows you to redeem for any travel from any provider without restrictions. And to help increase the value of your points, it also has a flight travel schedule and multiple airline and hotel partners.
And it has a credit card that offers one of the best returns for any type of travel, the
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$100 GeniusCash + Earn up to 15,000 Welcome Bonus Membership Rewards® Points.*
Coming in second is the Scene+ program. You can book with any travel provider, as long as you redeem a minimum of 5,000 points, and you have one of their credit cards.
But it has the card with the highest return rate for any type of travel booked – the
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1x Award winner
Easy rewards vs cash back rewards
With everything said, why should you choose flexible travel rewards over cash back rewards? After all, the cash back you accumulate can be used for anything you like, including travel.
The first reason is the total return. Generally, these cards offer a better return on your spend. Our top rated cash back card, the
GC: $20
Meanwhile, the
Plus, these cards almost always come with better welcome bonuses and travel insurance.
As long as you travel at least once per year, a travel card will save you more money than a cash back card will.
Is a guaranteed return worth lower reward value?
On the other hand, is a guaranteed return worth losing out on rewards, when compared to other programs such as Aeroplan and AIR MILES?
This is really up to you to decide. You can get great value for your spending with these programs, better than a flexible rewards card, but getting those high-value rewards takes work and flexibility on your end.
You also have to remember there’s a “taxes and fees” bill to pay for your flight redemptions, plus the value of your rewards can vary greatly.
Compare this to a flexible rewards program where you can book any seat, at any time, and all for the same value. And you can generally use any amount of points to pay for your purchase as well. You don’t have to worry about saving up your points, or whether you’ll have enough.
How important are easy rewards to you?
So what’s important to you?
Is it getting easy to use rewards?
Or do you just want the best possible return, and are willing to take the risk you may not end up getting great value?
Let us know in the comments below.
FAQ
Which program has rewards that are easiest to redeem?
The American Express Membership Rewards program has the rewards that are easiest to redeem. You can redeem your points for any travel booking charged to the card, for no loss of value.
Which bank programs allow cardholders to redeem for any travel charged to the card?
The bank programs from Amex, Scotiabank, and TD allow for redemptions for any travel bookings. For Scotiabank, you are required to have enough points to cover the entire transaction. And easy TD Bank rewards are at a loss of value – from 0.5 to 0.4 cents per point.
What is the best credit card for redeeming for any travel booking?
The best credit card for redeeming for any travel is the Amex Cobalt card, which has no restrictions on redeeming for travel from any provider.
Next is the Scotia Gold Amex, which allows redeeming points for any travel booking with one catch – you need to redeem at least 5,000 points.
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