With so many credit cards available, issuers have to do something to distinguish their cards and attract new cardholders. Credit card perks are a vital way to entice new customers and can include anything from extended warranties and purchase protection to premium offerings like concierge service, roadside assistance, and priority travel services.
Before you apply for your next credit card, take a moment to consider which perks you’d love to have in your wallet.
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Sign-up and basic perks
You’ll find these perks on many premium cards, but even some basic credit cards offer perks like welcome bonuses.
Welcome bonus cash or points
Credit card companies are competing for your application and sign-up bonuses are a popular way of attracting new cardholders.
With a sign-up bonus, you have the opportunity to earn bonus points or cash, typically by spending a specific amount of money in a set period of time. For example, the
Since each card’s terms are different, take a moment to read the fine print.
A first-year fee waiver
The best cards for perks typically charge an annual fee – but don’t overlook them! Many cards offer the first year free for new cardholders. Once your first year is up, you can call your credit card issuer to see if there are any new promos or offers that might offset the second-year fee.
One of our favourite cards with an first-year annual fee waiver is the
$20 GeniusCash + 10% cash back on purchases for 3 months + 4% cash back on groceries.*
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Additional cards at no cost
Many cards charge a fee if you want to add an authorized user to your credit card account – usually in the neighborhood of $50–60. Some cards allow you to add additional cardholders for free.
But remember: as the primary cardholder, you’re responsible for the account. If your authorized user exceeds the credit limit or fails to make payments, it’s on you.
Learn more: How do authorized users work?
A variety of redemption options
Unless you have a cash-back-only card, you’ll have a few options for redeeming points – but they won’t all offer great value.
The best credit cards give you multiple ways to redeem your points for high value. We’ve found the Amex Membership Rewards program gives cardholders the best redemption options with the
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8x Award winner Unique perks
These perks are a little more exclusive; you won’t find many cards that offer them, but the ones that do are well worth their annual fees.
Free roadside assistance
Before you pay for a CAA membership, check to see if your credit card gives you the service for free. There are only 4 Canadian credit cards that offer this premium perk, which typically includes towing, flat tire repair, fuel delivery, battery jumps, and more. Our top pick is the
GC: $150
Concierge services
Did you know that many premium credit cards offer concierge service, just like a hotel? When you call your card concierge, you can get help with booking travel, making business arrangements, buying and sending gifts, getting reservations to events or restaurants, and more.
Although the service is free, you will have to pay for any items or services you order through the concierge.
Many World Elite Mastercards and Visa Infinite cards offer this perk. We love the
Travel perks
Some of the best perks are travel related and can help level up your next vacation.
Free or discounted companion flights
A few premium cards offer companion flights as a travel perk. You may have to pay a fee for the companion voucher (often $99-150) but some cards offer a free voucher once you meet a certain spending threshold (like $25,000 in one year).
Companion fares often have restrictions, so be sure to read the fine print carefully.
Free or discounted airport lounge access
If you’ve got downtime between flights and a credit card that offers lounge access, you’re in luck. You can enjoy a more comfortable space, eat a hot meal or grab a light snack, get some work done, or just unwind away from the hustle and bustle of the gates.
Depending on the card, you could get anything from free lounge program membership with paid lounge access to unlimited free access to lounges around the world. Some even let you bring a guest or your children at no extra cost.
If you want the best, you can’t do better than the American Express Platinum Card. This card will give you and a guest unlimited access to over 1,200 lounges worldwide.
Priority security privileges
Going through security when you have a tight connection or you arrive late at the airport has to be one of the most stressful things about flying. If your credit card gives you priority security access, you’ll be able to jump to the front of the line. This perk is often only available at select airports in Canada, but it’s still a big time saver.
Priority check-in
Anything that can make the check-in process easier is typically worth it. Fortunately, some credit cards give you access to the priority check-in lane when you fly with specific airlines. You can skip the line, check in your bags, grab your boarding pass, and be on your way to relaxing at your gate (or, if you’re lucky, a comfortable airport lounge).
Priority boarding
It’s nice to get on the plane and get settled while there’s still plenty of space in the overhead bins. Priority boarding usually allows you to board first, with business class passengers – though you’ll need more than a perks credit card to score business class seats!
Free checked bag
Both WestJet and Aeroplan credit cards allow passengers to check 1 bag for free, which saves $35+ each way. If you fly a lot, the savings here can add up fast.
Alternatively, the
An annual credit to spend on travel
Some cards – often ones with hefty annual fees and a massive list of perks – come with an annual travel credit that you can use to book any trip you want. You’re technically paying for it with the annual fee, but if the other perks make the fee worthwhile for you, the travel credit is a nice extra.
The
GC: $20
No foreign transaction fees
Making purchases outside of Canadian dollars can be costly, since you’re on the hook for the currency exchange plus a foreign transaction fee from your credit card. With a credit card that doesn’t charge a foreign transaction fee, you’ll save an average of 2.5% on foreign currency purchases.
If you frequently travel and charge foreign purchases to your card, consider selecting a card that offers this no-FX perk:
Discounts on rental cars
Car rental discounts are one of the most widespread credit card perks. Some cards offer a hefty discount of up to 25% off, but read your card’s fine print to learn about which companies this applies to and whether there are restrictions.
Elite status for travel programs
Most travel reward programs require you to climb the elite status ladder as you take trips or make purchases – but some credit cards automatically bump up your status (or at least make it easier to move up to the next tier).
Elite status usually earns you perks like free meals, free checked bags, lounge access, late check out, discounted rates, VIP treatment, spa credits, and more.
Free stays at partnering hotels
A few hotel-affiliated cards give you a free night stay when you sign up or on a yearly basis if you spend enough on the card. Keep in mind that this kind of generous perk can offset the cost of a premium card, so it’s something to consider when you’re deciding which card to apply for.
FAQ
What credit card has the best perks?
If you're looking for the best perks overall, no card can come close to the American Express Platinum Card. With a bevy of travel perks at your disposal, you'll get red carpet treatment during your next set of travel plans.
The high annual fee is offset by the annual $400 in credits you get for dining and travel. You’ll also enjoy a valuable insurance package that includes 11 types of coverage and the ability to earn up to 2 points for every $1 in purchases.
What are the perks of a Costco credit card?
You might assume you’d get a discount at Costco by using its branded credit card – but you'd be wrong. The Costco card offers up to 3% back at restaurants and Costco gas, 2% back on Costco.ca and at other gas stations, and 1% back on all other purchases. The card also provides 3 types of insurance, including mobile device coverage.
Do any credit cards offer free hotel nights?
Every year on your anniversary, the Amex Marriott Bonvoy card gives you a free night certificate worth up to 35,000 points.
What credit cards offer free checked bags?
Nobody likes paying $35+ dollars for a checked bag when flying, but many airline credit cards offer free checked bags when travelling with them. The best option is not an airline card, though. The National Bank World Elite Mastercard offers up to $150 in annual reimbursement for travel fees, including checked baggage costs.
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