Credit card rewards are one way to help with your finances, provided you always pay your bill on time. Whether you collect cash back or travel rewards, you'll be able to use your credit card rewards to offset typical purchases you make, or make it easier to get away on a holiday.
But credit cards offer more ways to save, thanks to perks. One of those perks are annual credits. You'll get a set amount of money you can use towards something. They're typically used for travel purchases of some kind, but one set of cards will give you a credit after your first large purchase of the year.
Here's our guide to credit card credits, and which cards offer them (spoiler alert – the list is short).
Key Takeaways
- Credits are a credit card perk that offer set savings every year.
- How you use your collection of credits depends on the card, but most are designed with travel in mind.
- Some credit cards that include annual credits include the BMO eclipse Visa Infinite and the TD First Class Travel Visa Infinite.
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What credit cards have credits that qualify?
To qualify to make our listing here, a credit card has to give a set dollar value for savings on something.
Most annual credits given out by credit cards will let you save on travel in some fashion, but some just get automatically applied regardless of how it's used.
Because we're after set value, companion vouchers and free hotel night certificates don't qualify here. Sure, they offer plenty of savings. But you have no idea what you'll actually save until you go to make a booking. And with companion vouchers, there are still fees you have to pay. Depending on what you're booking it's possible you may not save anything at all with them.
Likewise, a few cards are offering birthday bonuses these days. You earn a lump sum of points based on what you earned the year before. But this benefit is also variable and not set in stone.
Finally, since we want an annual credit, credit cards that offer NEXUS fee rebates also don't qualify, since they're only handed out every fourth year.
Credit cards with annual credits
There's an exclusive list of cards that will make our list. Here are all the credit cards that offer an annual credit, and how to use them.
| Credit Card | Annual Credit, How To Use It | Earn Rates | Annual Fee, Income Requirements | Apply Now |
|---|---|---|---|---|
| BMO eclipse Visa Infinite Card | * $50 * Applied after your first purchase of $50+ | * 5 BMO Rewards points for every $1 spent on dining, groceries, gas, and transit * 1 point per $1 spent on all other purchases | * $120 * $60K personal/$100K household | Apply Now |
| BMO eclipse Visa Infinite Privilege Card | * $200 * Applied after your first purchase $200+ | * 5x BMO Rewards points for every $1 spent on travel, dining, gas, groceries, and drugstores * 1 point per $1 spent on all other purchases | * $599 * $150K personal/$200K household | Apply Now |
| TD First Class Travel Visa Infinite Card | * $100 * Applied after a travel booking at Expedia For TD of $500+ | * 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 | * $139 * $60K personal/$100K household | Apply Now |
| American Express Gold Rewards Card | * $100 * Applied after a travel booking at Amex Travel of $100+ | * 2 points for every $1 spent on gas, groceries, drugstores, and travel * 1 point for every $1 spent on all other purchases | * $250 * None | Apply Now |
| American Express Platinum Card | * 2 $200 credits available * 1 is applied after a travel booking at Amex Travel of $200+ * Other is applied at select restaurants | * 2 points per $1 spent on restaurants and travel * 1 point per $1 spent on all other purchases | * $799 * None | Apply Now |
| National Bank World Elite Mastercard | * $150 * Can be applied to airport parking, seat selection, checked bag fees, lounge access, seat upgrades | * 5 points per $1 spent on groceries and restaurants * 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 | * $150 * $80K personal/$150K household | Apply Now |
| CIBC Aventura Visa Infinite Privilege Card | * $200 * Any travel purchase | * 3 points per $1 spent on travel booked through CIBC Rewards * 2 points per $1 spent on gas, EV charging, groceries, restaurants, and transit * 1.25 points per $1 spent on all other purchases | * $499 * $150K personal/$200K household | Apply Now |
1. BMO eclipse Visa cards
Both of BMO's eclipse Visa cards offer what are called "annual lifestyle credits." Simply make a purchase bigger than the size of the credit, and it gets automatically applied as a statement credit.
Here are the quick details on both cards.
BMO eclipse Visa Infinite Card
The BMO eclipse Visa Infinite Card offers the smallest credit of all cards listed here, but it's also the easiest to use.
You get a $50 annual lifestyle credit. All you need to do to use it is to make a purchase of $50. Once you do, it automatically gets applied as a statement credit.
It has one other special perk to get you more rewards. If you add an authorized user, you'll get an additional 10% bonus points on your purchases.
As to what you'll earn for rewards, you'll get:
- 5 BMO Rewards points for every $1 spent on dining, groceries, gas, and transit
- 1 point per $1 spent on all other purchases
All this is for an annual fee of $120.
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BMO eclipse Visa Infinite Privilege Card
The BMO eclipse Visa Infinite Privilege Card cranks things up a notch. The lifestyle credit is much larger at $200. To get it, you'll have to spend $200 in one purchase, but for most, that shouldn't be much of a problem.
And the bonus you get for adding an authorized user is also bigger, getting you 25% more points.
You'll also earn more rewards while you're at it:
- 5x BMO Rewards points for every $1 spent on travel, dining, gas, groceries, and drugstores
- 1 point per $1 spent on all other purchases
And as a Visa Infinite Privilege card, it comes with some standard benefits:
- Priority airport screening in Vancouver, Ottawa, Montreal, and Toronto-Billy Bishop, and
- 6 free airport lounges in the Visa Airport Companion program.
There is a catch to this upgrade. You'll not only have to pay a high annual fee of $599, but you'll also need to meet income requirements of either $150,000 personal or $200,000 household to qualify.
2. TD First Class Travel Visa Infinite Card
The TD First Class Travel Visa Infinite Card offers a travel credit that you can use at Expedia For TD.
To use it, you have to make a booking worth at least $500. And not everything you book qualifies either. You need to book either a hotel or a vacation package that includes a hotel and a transportation booking of some kind.
There's one more bonus at play. Every year on your birthday, you'll earn 10% bonus points on top of what you earned over the last year, up to a maximum bonus of 10,000 points.
As to what you'll earn everywhere, here's what you'll get:
- 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
All these rewards will come to you if you're comfortable paying an annual fee of $139 and have an income of $60,000 personal or $100,000 household.
3. Amex Membership Rewards cards
A pair of Amex Membership Rewards cards offer an annual credit for use through Amex Travel. For this one, you need to make a booking of at least the value of your voucher. Then at checkout, you can apply your voucher if you choose.
You have to pay for your booking up front – within a week, Amex applies your travel credit to your account.
Here are the 2 cards that offer it.
American Express Gold Rewards Card
The American Express Gold Rewards Card offers a $100 travel credit for use at Amex Travel.
On top of that voucher, here's what you'll earn for Membership Rewards:
- 2 points for every $1 spent on gas, groceries, drugstores, and travel
- 1 point for every $1 spent on all other purchases
The perks don't stop at the travel credit. You'll also receive 4 free passes to Plaza Premium lounges in Canada, a Priority Pass membership, and a metal credit card.
The annual fee for all this is $250 and it has no income requirements.
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American Express Platinum Card
The super-premium American Express Platinum Card has an annual $200 travel credit to Amex Travel as part of its extensive listing of perks.
But there's also a credit for foodies. At select restaurants (you can view the list here), you'll save $200 on your meal, as long as it costs more than that.
For rewards, here's what it earns you:
- 2 points per $1 spent on restaurants and travel
- 1 point per $1 spent on all other purchases
As for perks, here's some of what it offers on top of the travel credit:
- unlimited airport lounge access at over 1,300 lounges worldwide,
- automatic Marriott Bonvoy and Hilton Honors gold status,
- discount flights through the International Airline Program, and
- Toronto-Pearson benefits, including priority security screening.
This card has an annual fee of $799.
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4. National Bank World Elite Mastercard
With the National Bank World Elite Mastercard, you get $150 you can use towards a variety of travel fees. These include:
- airport parking,
- baggage fees,
- seat selection,
- seat upgrades, and
- lounge access.
When it comes to rewards, it's a part of NBC Rewards – here's what you'll earn on purchases:
- 5 points per $1 spent on groceries and restaurants
- 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
This package comes with a $150 annual fee and World Elite Mastercard income requirements of $80,000 personal or $150,000 household.
5. CIBC Aventura Visa Infinite Privilege Card
The last card on our list is the CIBC Aventura Visa Infinite Privilege Card. It offers a $200 travel credit for travel. Make a booking, and call CIBC to apply your credit. You can use it towards any travel purchase no matter the size, but if it's less than $200, you'll lose whatever is left over.
As a CIBC Aventura card, here's what you earn for travel rewards:
- 3 points per $1 spent on travel booked through CIBC Rewards
- 2 points per $1 spent on gas, EV charging, groceries, restaurants, and transit
- 1.25 points per $1 spent on all other purchases
And it comes with your usual Visa Infinite Privilege benefits, along with an annual fee of $499
Your experiences with annual credits and credit cards
I have personally used the travel credits that come with the American Express Platinum Card in the past. It was extremely easy to use, with very tangible savings.
What about you? Have you used any credits that come with a credit card?
Share your experience in the comments below.
FAQ
What credits are available with credit cards?
There are a few different types of credits that a few credit cards include as a benefit. Some of them get automatically applied after purchases over a certain amount, some are required to be used in conjunction with a travel booking, and others have specific purchases they can be used towards.
How do credits work on a credit card?
To access your credit, your issuer will have details on how to use it. There are set rules around where you can make your purchase, how much you have to spend, and how it gets applied.
What are some credit cards that offer credits?
A few credit cards that offer credits include:
- BMO eclipse Visa Infinite Card
- TD First Class Travel Visa Infinite Card
- American Express Gold Rewards Card
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