Canada’s 5 biggest banks – the Bank of Montreal, CIBC, RBC, Scotiabank, and TD Canada Trust – each have a rewards program offering points and prizes to loyal customers. If you want the best of the best, we like Scotiabank’s Scene+ rewards program for its consistent value, ease of use, and flexible rewards, including cash and travel.
Key Takeaways
- Canada’s Big 5 banks run the BMO, Aventura, Avion, TD Rewards, and Scene+ rewards programs.
- The best Big 5 bank rewards program in Canada is Scotiabank’s Scene+.
- With Scene+, you can collect Scene+ points and redeem them for cash and travel for an average value of 1 cent CAD per point.
- The next-best Big 5 bank rewards programs are Avion and Aventura.
Never miss an amazing deal again + get our bonus 250+ page eBook for FREE. Join 50,000 other Canadians who receive our weekly newsletter – learn more.
What are the Big 5 rewards programs?
Before we get lost in point values and redemption options, let’s get the terminology straight. When we say "the Big 5," we’re referring to the 5 biggest banks in Canada and their reward programs:
- The Toronto-Dominion Bank, or TD Canada Trust, is the largest bank in Canada, dominating 22.5% of the market in 2024. It operates the TD Rewards program.
- The Royal Bank of Canada (RBC) is the only other bank with 20+% of the market and TD’s biggest rival. It runs the Avion Rewards program.
- Founded in 1817, the Bank of Montreal (BMO) is Canada’s oldest Big 5 bank. Its loyalty program is known as BMO Rewards. BMO also solely owns the Air Miles rewards program.
- The Canadian Imperial Bank of Commerce (CIBC) is the second bank headquartered in Toronto. It owns the Aventura Rewards program.
- Although it’s the smallest bank on this list, the Bank of Nova Scotia (or Scotiabank) still retains 8% of the market. Its rewards program, Scene+, is perhaps the most well-known and co-owned equally with Sobeys and Cineplex.
In this case, size does matter. Larger banks can take more financial risks, support more lucrative partnerships, and offer customers more valuable points and rewards.
All 5 loyalty programs operate much the same way: customers earn points by using banking products and partners, which they can redeem for a variety of rewards. In other words, the best loyalty programs provide 3 essentials:
- Diverse earning methods
- Flexible rewards
- Valuable points
Plus, it never hurts to have exciting perks and partnerships.
Below, you’ll find an overview of how the Big 5 rewards programs compare. If you don’t see something you like immediately, keep reading for our breakdown of which program does best in each category.
Overview
Points are only as valuable as the rewards you spend them on. To make comparison easier, we’ve translated the value of every rewards program into cents per point (CPP).
Value of reward in CAD / cost of reward in points = value in cents per point (CPP)
With the right program and the right points, you can get up to 2.33 CPP in Canada. The rest of the details are below:
| Scene+ | Avion | Aventura | TD | BMO | |
|---|---|---|---|---|---|
| Membership requirements | * Bank account * Credit card * Free account | * Bank account * Credit card * Free account | * Credit card | * Credit card | * Credit card |
| Max. value | 1 CPP | 2.33 CPP | 2.29 CPP | 0.5 CPP | 0.67 CPP |
| Min. value | 0.67 CPP | 0.58 CPP | 0.63 CPP | 0.21 CPP | 0.43 CPP |
| How to redeem points | * Cash * Travel | * Cash * Charity * Merchandise * Other points * Travel | * Cash * Charity * Merchandise * Travel | * Cash* * Merchandise * Other points** * Travel | * Cash * Merchandise * Travel |
| How to earn points | * Bank accounts * Credit cards * Partners | * Bank accounts * Credit cards * Partners | * Credit cards | * Credit cards | * Credit cards |
| Credit cards | 6 | 6 | 5 | 4 | 6 |
| Networks available | * Amex * Mastercard * Visa | * Mastercard * Visa | * Visa | * Visa | * Mastercard * Visa |
| Perks*** | ✅ | ✅ | ✅ | ✅ | ❌ |
Best overall bank rewards program in Canada: Scene+
Currency: Scene+ points
Best for: Students and general spenders under the age of 35
Pros:
- 750+ online and in-store partners
- 6 credit cards available
- 4 ways to spend points
- 3 ways to earn points
- Points worth as much as 1 CPP
- American Express and Visa credit cards available
- Best credit cards have low income requirements
- Easy-to-use travel and cash rewards
- Free membership
- Large variety of Scene+ credit cards available
- Members-only deals and pricing at partner stores
- Most consistent points value
Cons:
- Points worth as little as 0.67 CPP
- Few perks
- Fewest types of rewards
- Least flexible travel rewards
Scene+ is the easiest Big 5 rewards program to join. Not only can you get a free membership online, but you can also pick up points while shopping, dining, and going to the movies – all without a credit card.
Redeeming points is just as easy as earning them, and you don’t have to be a big spender or save up for a long time to get rewarded. Show your Scene+ credit card during checkout to get a cash discount for as little as 500 points, or head to the Scene+ Travel website to trade 100 points for $1 off flights, hotels, car rentals, activities, and more.
Scene+ points hold a fixed value of 1 CPP across cash, travel, and some gift card rewards, eliminating the need for bargain-hunting and complicated math. If you’re a regular at partners like Sobey’s, Cineplex, IGA, Swiss Chalet, or the Rec Room, there’s no reason not to join this flexible rewards program.
Best Scene+ credit cards
×1 Award winner 
$60 GeniusCash + Up to 50,000 bonus points + No foreign exchange fees.*
GC: $60
1x Award winner Thanks to Scotiabank’s long list of partners, you can earn double the points at pharmacies, grocery stores, and more with a Scene+ credit card and membership. Our top pick collects up to 6 points per $1 spent at Scene+ grocery partners for a modest annual fee.
The Scotiabank Gold American Express Card provides credit card insurance, no foreign exchange fees, and a discounted Priority Pass membership without high income requirements. Scotiabank also offers some excellent student credit cards for young spenders who want to get started with their first rewards program.
Maximize your earnings with any one of the 3 best Scene+ credit cards in Canada:
| Credit card | Annual fee | Rewards | Apply now |
|---|---|---|---|
| Scotiabank Passport Visa Infinite Card | $150 | * 3 Scene+ points per $1 spent at Sobeys, Safeway, FreshCo and more * 2 Scene+ points per $1 spent on groceries, restaurants, entertainment, and daily transit * 1 Scene+ point per $1 on all other purchases | Apply now |
| Scotiabank Gold American Express Card | $120 | * 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 | Apply now |
| Scotiabank American Express Card | $0 | * 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 | Apply now |
Most valuable bank rewards program: Avion
Currency: Avion points
Best for: Frequent flyers
Pros:
- 2,400+ online retail partners
- 6 credit cards available
- 6 ways to redeem points
- 4 ways to earn points
- Points worth as much as 2.33 CPP
- Best perks
- Free membership
- Visa credit cards available
- Highest points value
- Redeem points on any travel purchase
Cons:
- Points worth as little as 0.58 CPP
- Best credit cards have high income requirements
- Complicated earning and rewards system
- Limited types of Avion credit cards available
Air travel is the biggest selling point of the Avion Rewards program. You can get up to 2.33 CPP by using the Avion Air Travel Redemption Schedule or transfer your Avion points to American Airlines, British Airways, or WestJet for free.
Avion credit cardholders also get the most perks of any Big 5 rewards program, including 20% bonus points at Petro-Canada, 3 cents off per litre, and a free limited-time DashPass membership.
Avion’s biggest downside is its complexity – to get the best value, you must find flights that fit the Redemption Schedule’s list of requirements. We recommend Avion for frequent fliers with flexible travel dates and who aren’t bothered by the lack of merchandise and cash rewards.
Best Avion credit cards
×1 Award winner GC: $100
1x Award winner Although the RBC Avion Visa Infinite only collects 1.25 Avion points per $1 spent on travel (and 1 point per $1 spent on everything else), it’s still a decent travel credit card. Why? Because it has valuable points and Visa Infinite perks.
Visa Infinite enhances travel with hotel and dining benefits, plus access to complimentary concierge services. If you want a fancier card (or one with lower income requirements), check out the runner-ups for best Avion credit card in Canada:
| Credit card | Annual fee | Rewards | Apply now |
|---|---|---|---|
| RBC Avion Visa Infinite | $120 | * 1.25 points per $1 spent on travel * 1 point per $1 spent on all other purchases | Apply now |
| RBC Avion Visa Infinite Privilege | $399 | * 1.25 points per $1 spent on all purchases | Apply now |
| RBC Visa Platinum Avion | $120 | * 1 point per $1 spent on all purchases | Apply now |
Highest-earning bank rewards credit card: Aventura
Currency: Aventura points
Best for: General spenders saving up for vacation
Pros:
- High points value
- 7 ways to redeem points
- 5 credit cards available
- Points worth as much as 2.29 CPP
- Large variety of Aventura credit cards available
- Redeem points on any travel purchase
Cons:
- Points worth as little as 0.63 CPP
- CIBC credit card required
- Few perks
- Limited airlines for reward flights
- Limited earning opportunities
- No online or in-store partners
- Only Visa credit cards available
- Travel rewards limited to Economy flights
Aventura Rewards isn’t quite as flexible or valuable as Scene+ or Avion, but it’s a better option than TD or BMO Rewards, putting it in 3rd place on our list.
The best use for Aventura points is to redeem them on flights for 1.96 CPP; as with Avion, your chosen flights must meet a short list of requirements to qualify, including departing and returning to the same major Canadian airport. You can also redeem your points for a credit on any travel-related purchase for 1.25 CPP.
The only way to earn Aventura points is to sign up for a CIBC Aventura credit card. Luckily, you’ve got some great options.
Best Aventura credit cards
The CIBC Aventura Visa Infinite Card has the highest rate of return of any credit card on this list. A 2.66% return rate means $2.66 in rewards in your pocket for every $100 spent, based on $24,000 of annual spending.
Rewards earned in CAD / money spent in CAD x 100 = rate of return in %
Cardholders earn up to 2 points per $1 spent on the CIBC Rewards Centre, so to make the most use of the card and the program, you’ll have to get familiar with the website. If you don’t meet the $60,000 personal or $100,000 household income requirements, the next two cards on our list have fairly eligibility requirements.
| Credit card | Annual fee | Rewards | Apply now |
|---|---|---|---|
| CIBC Aventura Visa Infinite Card | $139 | * 2 points per $1 spent on travel booked through the CIBC Rewards Centre * 1.5 points per $1 spent on eligible gas, groceries, EV charging, and drugstores * 1 point per $1 spent on all other purchases | Apply now |
| CIBC Aventura Visa Card | $0 | * 1 point per $1 spent on travel purchased through the CIBC Rewards Centre * 1 point per $1 spent on eligible gas, groceries, EV charging, and drugstores, up to $6,000 spent annually * 1 point per $2 spent on all other purchases | Apply now |
| CIBC Aventura Gold Visa Card | $0 | * 2 points per $1 spent on travel booked through the CIBC Rewards Centre * 1.5 points per $1 spent on eligible gas, groceries, EV charging, and drugstores * 1 point per $1 spent on all other purchases | Apply now |
Most flexible travel bank rewards program: TD Rewards
Currency: TD Rewards points
Best for: Frequent travellers who like Expedia
Pros:
- 6 ways to redeem points
- 4 credit cards available
- Redeem points on any travel purchase
- No travel reward date or seat blackouts
- Points worth as much as 0.5 CPP
Cons:
- Points worth as little as 0.21 CPP
- Credit card required
- Few partners
- Few perks
- Limited earning opportunities
- Lowest points value
- Only Visa credit cards available
The TD Rewards program turns on the Expedia For TD website. Booking flights, car rentals, cruises, hotels, vacation packages, and more yields up to 0.5 CPP and up to 8 points per $1 spent with the best TD credit card.
If you aren’t a fan of Expedia, you can redeem your points for a statement credit on any travel-related purchase, including accommodations, activities, and transportation. The first $1,200 of eligible expenses yields 0.4 CPP; any remainder over $1,200 yields 0.5 CPP.
Despite its low points value, TD Rewards is one of the few rewards programs in Canada to offer price-matching on travel expenses, and TD credit cards are decent earners. They’ve also got some of the best travel insurance packages available in Canada.
Best TD Rewards credit cards
GC: $25
The TD First Class Travel Visa Infinite Card offers the highest earn rate on Expedia For TD purchases, but you can also get 7 points per $1 spent on groceries and restaurants. It includes all the usual Visa Infinite perks, plus a $100 annual travel credit on Expedia For TD, an annual 10% birthday bonus, and an annual fee rebate if you hold a TD All-Inclusive Banking Plan. .
The next 2 runner-ups feature fewer points and perks, plus lower annual fees and income requirements:
| Credit card | Annual fee | Rewards | Apply now |
|---|---|---|---|
| TD First Class Travel Visa Infinite Card | $139 | * 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 | Apply now |
| TD Platinum Travel Visa Card | $89 | * 6 points per $1 spent on travel booked online through Expedia For TD * 4.5 points per $1 spent on groceries, restaurants, and public transit * 3 points per $1 spent on recurring bill payments, streaming, digital gaming, and media * 1.5 points per $1 spent on all other purchases | Apply now |
| TD Rewards Visa Card | $0 | * 4 points per $1 spent on travel booked online through Expedia For TD * 3 points per $1 spent on groceries, restaurants, and public transit * 2 points per $1 spent on recurring bill payments, streaming, digital gaming, and media * 1 point per $1 spent on all other purchases | Apply now |
Honourable mention: BMO Rewards
Currency: BMO Rewards points
Best for: Premium travellers and BMO banking customers
Pros:
- 6 credit cards available
- 5 ways to redeem points
- Points worth as much as 0.67 CPP
- Large variety of BMO Rewards credit cards available
- Mastercard and Visa credit cards available
- Redeem points on any travel purchase
Cons:
- Points worth as little as 0.43 CPP
- Best credit cards have high income requirements
- Credit card required
- Limited earning opportunities
- Low points value
- No dedicated travel agency
- No partners
- No perks
BMO Rewards aren’t as valuable as Avion or Aventura points, nor are they as easy to earn as Scene+ or TD Rewards. We blame both on a lack of partnerships; unlike the rest of the Big 5 banks, BMO doesn’t have a dedicated travel partner to help keep costs low and point values high. There’s also no way to earn BMO Rewards points without a BMO credit card.
What BMO does have are incredibly flexible travel rewards; you can redeem 150 points for $1 off any travel-related purchases for 0.67 CPP. Transferring your points to a BMO investment or savings account holds the same value.
Best BMO Rewards credit cards
GC: $150
The table below shows another reason why BMO Rewards ranks last of the Big 5 bank rewards programs in Canada. Its top 3 earners are all premium credit cards requiring at least $60,000 of personal or $100,000 of household income to apply.
That’s not to say they’re bad cards; the BMO eclipse Visa Infinite Card is a great travel insurance credit card and offers perks like a $50 annual lifestyle credit and mobile device coverage. Unfortunately, it’s high income requirements preclude many Canadians from getting a foot into the BMO Rewards program.
| Credit card | Annual fee | Rewards | Apply now |
|---|---|---|---|
| BMO eclipse Visa Infinite Card | $120 | * 5 BMO Rewards points for every $1 spent on dining, groceries, gas, and transit * 1 point per $1 spent on all other purchases | Apply now |
| BMO Ascend World Elite Mastercard | $150 | * 5 points per $1 spent on travel * 3 points per $1 spent on dining, entertainment, and recurring bills * 1 point per $1 spent on all other purchases | Apply now |
| BMO eclipse Visa Infinite Privilege Card | $599 | * 5x BMO Rewards points for every $1 spent on travel, dining, gas, groceries, and drugstores * 1 point per $1 spent on all other purchases | Apply now |
| BMO eclipse rise Visa Card | $0 | * 5 BMO Rewards points for every $2 spent on dining, groceries, and reccurring bills * 1 point per $2 spent on all other purchases | Apply now |
Conclusion: the Big 5 compared
Scene+ could rightfully be called a middling rewards program but we prefer to think of it as "well-rounded." Its value, flexibility, and multitude of earning opportunities give it broad appeal and make it useful to more Canadians than the travel-focused Avion or Aventura.
Even though other programs may offer more types of rewards, the value of some redemption options is so low as to render them useless. By contrast, Scene+ maintains a consistent value of 1 CPP across both cash and travel rewards.
The Scotiabank Gold American Express Card card is also the second-highest earner of all the rewards credit cards on our list. Given Scene+’s long list of online and in-store partners, it’s easier than ever to double-dip and maximize your points.
Finally, Scene+ points are possibly the easiest rewards to redeem. You don’t have to waste time bargain-hunting, waiting for deals, or limiting yourself to off-peak dates and destinations, all of which can erode your satisfaction in the long run – you can get an in-store cash discount or book whatever travel you want on Expedia.
Of course, things are always changing – even rewards programs. As a recent report noted, although Scene+ has 10 million Canadian members, it hasn’t yet persuaded them to significantly change their shopping habits.
If the title of the best Big 5 bank rewards program in Canada changes hands, we’ll let you know.
FAQ
What bank has the best rewards?
The Scene+ rewards program offers the most consistent value, flexibility, convenience, and earning opportunities of the Big 5 bank rewards programs in Canada.
What is the largest loyalty program in Canada?
The largest loyalty program in Canada is PC Optimum, which counts over 16 million members.
Which bank’s points are worth the most?
RBC Avion Rewards points are the most valuable Big 5 bank rewards points in Canada, providing up to 2.33 cents CAD each if you spend them on air travel.
Can loyalty points expire in Canada?
Most Canadian loyalty and rewards points have an expiration date but sometimes, a co-branded credit card can extend the deadline indefinitely.
creditcardGenius is the only tool that compares 126+ features of 229 Canadian credit cards using math-based ratings and rankings that respond to your needs, instantly. Take our quiz and see which of Canada's 229 cards is for you.
GC: 
Comments
Leave a comment
Required fields are marked with *. Your email address will not be published.
Showing 12 comments