Getting the most out of credit card rewards can be a huge challenge. Every time you want to redeem your rewards, it can feel like you’re missing out on the “right” redemption option and settling for second best.
And when it comes to earning rewards as a couple, it can be even tougher to figure out.
So, here are 11 tips to consider, including an overview of the 7 best rewards credit cards in Canada.
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4 things to think about before getting started
Before starting to think about re-organizing the credit cards in your wallet, here are 4 things you’ll want to consider.
1. What rewards do you want to collect?
For most of us, the rewards are the most important thing when it comes to getting a new credit card. You’ll need to decide what kind of rewards you want to collect.
If you want some help in paying bills or saving on essentials, we’d recommend a cash back credit card. For most of them, you’ll get your rewards applied as a statement credit, saving you money on your credit card purchases. A few of them also offer the ability to deposit rewards into a bank account or receive a cheque.
But if you want to collect reward points that can be used for free travel or merch, there are 2 main choices to make:
- Flexible rewards programs. These programs allow you to use your points towards any travel booking, redeem for things like merchandise and gift cards, or even convert them to cash.
- Travel rewards programs. These include points that are tied to specific airlines and travel programs, like Aeroplan, Air Miles, Marriott Bonvoy, and WestJet.
You can learn more about the top rewards programs in Canada here.
2. How do you plan to use your rewards?
For the rewards you’ll earn (not including cash back), you need to decide how you want to use them.
If you don’t want to be tied down to a single rewards program when redeeming for travel, a flexible rewards card is the way to go, as you’ll be able to redeem your points towards any travel booking you can find. Depending on the program, you may be limited to booking travel through a specific site (like Expedia), but you’ll be able to access almost any travel booking with them.
But if you’re planning on completing your travel with a specific airline or hotel chain (like Air Canada’s Aeroplan), you can generally see better value for your rewards in exchange for a bit less flexibility.
And of course, there’s the sweet spot – a program that offers both. And if you think that’s too good to be true, it’s not. One example is the Amex Membership Rewards program.
With Amex Rewards, you can:
- redeem your points towards any travel booking made to the card, for a value of 1 cent each, or
- transfer your points at a 1:1 ratio to Aeroplan, where we value each point at 2 cents each.
This way, if you find out that Aeroplan doesn’t work for you, you have plenty of other options for getting some free travel.
Want to learn more about what Amex Membership Rewards has to offer? Here are the full details.
3. Do you want individual accounts or to add an authorized user?
For couples, you’ll have to decide whether you just want to get individual accounts, or get one account and add your partner as an authorized user on the related credit card.
Each option has their pros and cons.
Adding an authorized user
For most credit cards that come with an annual fee, you’ll be charged extra for any authorized user (Amex is an exception to this, as their cards generally offer at least one authorized user for free).
But on the bright side, keeping all purchases to one account can make it easier to pay bills and earn extra rewards.
Individual accounts
Another way to earn rewards is to have 2 separate accounts. Rather than load up each of your wallets with the same cards, you can get different cards with different bonus spend categories and potentially increase your earn rate.
However, if you have separate accounts it can be difficult to combine them together. With Membership Rewards, for example, you can’t pool points with others – your points can only be used within your own account.
4. How many credit cards will you really be able to use?
Finally, you need to think about how many credit cards you’ll realistically use regularly. It’s easy to start signing up and getting the welcome bonuses, but you have to consider the annual fees you may have to pay and the impact to your credit score.
Personally, my limit is around 3. I have:
- one premium card that earns the bulk of my rewards,
- one no annual fee card for supplementing the rewards I earn, and
- one other store related credit card for earning rewards at a retailer I shop frequently at.
8 tips to maximize your credit card rewards
With all that said, here are 8 tips for maximizing your credit card rewards.
1. Always pay your credit cards in full and on time
Our biggest rule when it comes to credit cards – pay your bill in full and on time.
Credit card interest can more than offset any rewards you’re earning. And if you don’t pay your balance on time, you can actually lose the rewards you earned (on top of paying interest).
So, always pay your bill on time, and spend only what you can actually afford.
2. Get the best rewards credit card in Canada
It never hurts to start a wallet with the best rewards credit cards in Canada. And here, we’ll spotlight the
And what makes it the undisputed king? The rewards you’ll earn. Here’s what you get on all your purchases:
- 5 points per $1 spent on eligible groceries and restaurants
- 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
When you combine the fact your Membership Rewards points are worth up to 2 cents each, you can get an amazing return of up to 10% on your purchases.
Plus, it includes 10 types of insurance, which includes rare mobile device insurance, for an annual fee of $155.88 which gets charged out monthly as $12.99.
Transfer points to Aeroplan and 7 other travel partners with Canada's #1 credit card.* Transfer points to Aeroplan and 7 other travel partners with Canada's #1 credit card.*
×8 Award winner 
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You can see more of the best rewards credit cards in Canada here.
3. Double your welcome bonuses
This is one area where it’s advantageous to get 2 separate credit card accounts – you’ll get more welcome bonuses. Whether it’s a pile of points, or just some extra cash back, you can double the value this way.
One area we’ll highlight here is our GeniusCash offers. When you’re approved for select credit cards through our offers page, you’ll get up to $100 in extra cash back.
Here are our current GeniusCash offers right now.
4. Authorized user bonuses
If you want to add an authorized user to an account, there are a few credit cards that offer bonus points when you do so.
One such example is with the
And seeing how it earns up to 5 points per $1 spent on purchases, that could be a lot of extra points.
Learn more about this card here:
GC: $150
$150 GeniusCash + Exclusive: Up to 70,000 bonus points + 5x points on gas & groceries.*
5. Take advantage of companion deals
There are travel credit cards out there that offer deals if you take someone else with you on your trip. Think of these deals as an annual present from your card to you.
One example of these deals is with the
If you have a family of 4 that travels every year, this is one card where it’s advantageous for both adults to have separate accounts.
Each of you can book a ticket, then use the companion voucher for one other family member. The flight discounts will pile up quickly with this card. And we haven’t even mentioned the free checked bags for more savings on top of your voucher.
6. Divvy up the cards so they best match each person’s spending
When deciding which credit cards each person should get, pick ones that match where each of you spend your money.
If one person gets a lot of groceries, gas, and pays bills, they could focus on a card that offers bonus rewards in these departments – one of which is the
For the other person, who spends a lot at general merchants (places like Canadian Tire, Amazon, and Walmart), a card with a high base earn rate is better. One example is the
7. Double up with store rewards programs
Don’t forget about your store rewards while using a credit card. They don’t always hand out a lot of rewards, but it doesn’t hurt to collect them either. It’s easy discounts you can use at the store at a later date.
Here are a few of those programs to remember:
- PC Optimum,
- Air Miles,
- Triangle Rewards. And
- Cineplex SCENE.
8. Use no annual fee cards to boost your rewards on the fringes
Finally, most premium cards have bonus categories where you earn extra rewards, but only offer 1% back on all other purchases.
While good, you can boost that with the right no fee credit card.
Take the premium
To boost your rewards on off-category spending with a no fee card, here are 2 examples.
You can take a look at the
Another one is the
3 things to watch out for
On the other hand, keep these things in mind when carrying multiple credit cards.
1. Never carry a balance!
Let me say it again. Do not carry a balance on your credit cards. Credit card debt is a finance crusher.
Only spend what you can afford, and pay your bill in full and on time every month.
2. Keep an eye on your credit scores
If you’re just sprucing up your wallet, you shouldn’t have to worry about your credit score. A few applications and newer credit cards on your file won’t make too much of a difference.
But if you’re going to start churning credit cards, all the credit report hits and card accounts coming in and out may start to dip your credit score.
3. Doubling rewards can mean double fees
Finally, be careful of the number of credit cards you’re carrying that have annual fees. Premium cards offer plenty of rewards, but also come with annual fees.
Those annual fees start to add up. Make sure you’re getting everything out of your credit cards, and are earning enough rewards to offset the annual fees you’re paying.
7 best credit cards for couples
What are the best credit cards for reward-chasing couples to carry?
Here’s an overview of the credit cards we’ve mentioned.
| Credit Card | Welcome Bonus | Rewards | Annual Fee, Income Requirements |
|---|---|---|---|
| American Express Cobalt | 15,000 points (terms) |
* 5 points per $1 spent on eligible groceries and restaurants * 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 |
* $155.88 * None |
| Scotiabank Momentum Visa Infinite | None |
* 4% cash back on groceries and recurring bill payments * 2% cash back on gas and transit * 1% cash back on all other purchases |
* $120 * $60K personal/$100K household |
| BMO eclipse Visa Infinite | 70,000 points (terms) |
* 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 |
| RBC WestJet World Elite Mastercard | 120 WestJet dollars (terms) |
* 2 WestJet points per $1 spent on WestJet or WestJet Vacations purchases * 1.5 WestJet point per $1 spent on all other everyday purchases |
* $119 * $80K personal/$150K household |
| Amex SimplyCash Preferred | 10% cash back for the first 3 months, up to $2,000 in spend. Plus, earn $50 when you make a purchase on month 13 (terms) |
* 4% cash back on gas and groceries * 2% cash back on all other purchases |
* $119.88 * None |
| Tangerine Money-Back Credit Card | Earn an extra 10% cash back for the first 2 months, up to $1,000 spent (terms) |
* 2% cash back on purchases in up to 3 Money-Back Categories * 0.5% cash back on all other purchases |
* $0 * $12K personal |
| Amex SimplyCash | 5% cash back for the first 3 months, up to $2,000 in spend (terms) |
* 2% cash back on gas * 2% cash back on groceries (up to $300 cash back annually) * 1.25% cash back on all other purchases |
* $0 * None |
1. The best credit card in Canada
Transfer points to Aeroplan and 7 other travel partners with Canada's #1 credit card.* Transfer points to Aeroplan and 7 other travel partners with Canada's #1 credit card.* ×8 Award winner 8x Award winner
The best credit card in Canada fits in just about anywhere – the
With this card, it’s all in the rewards. You’ll earn Amex Membership Rewards at these high rates:
- 5 points per $1 spent on eligible groceries and restaurants
- 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
Coupled with the fact each Membership Rewards point is worth 2 cents each, you can get a return of up to 10% on your purchases.
You’ll also get the typical Amex perks like Front Of The Line and Amex Offers, access to the Amex Hotel Collection, and 10 types of insurance, for a monthly fee of $12.99.
2. The best credit card for groceries and recurring bills
GC: $20
For the high spender on groceries and recurring bills (which is true for most households), the
Here’s what you’ll earn for cash back on your purchases:
- 4% cash back on groceries and recurring bill payments
- 2% cash back on gas and transit
- 1% cash back on all other purchases
Those rates cover a lot of household basics. Plus it has 11 types of insurance (including rare mobile device coverage) for an annual fee of $120.
3. Earn bonus rewards with an authorized user
GC: $150
If you’re the kind who likes to get supplemental cards, the
First, here’s what you’ll earn for rewards on purchases:
- 5 BMO Rewards points for every $1 spent on dining, groceries, gas, and transit
- 1 point per $1 spent on all other purchases
Each BMO Rewards point is worth up to 0.67 cents each, for a return of up to 3.35% on your spending.
And then there are the unique perks. First, when you add an authorized user, you’ll earn 10% bonus points on all purchases.
Second, every year on your anniversary, you get a $50 annual lifestyle credit, which gets applied on your first purchase of more than $50. Think of it as a discount on the $120 annual fee.
4. The best companion voucher credit card in Canada
For annual travel savings for couples (or a family), an annual companion voucher can lead to big savings on flights every year.
The best one in Canada belongs to the
Book a flight for yourself, and bring someone else with you for a set fee, plus any taxes and fees.
What is the set fee? It depends on where you’re flying:
- $119 within Canada or to the Continental U.S., and
- $399 anywhere else.
Of course there’s more to this card than just the companion voucher. You’ll earn 1.5% back in WestJet Dollars on all purchases (plus 2% on WestJet purchases).
And you get the first checked bag free for the cardholder and 8 others travelling on the same reservation.
5 & 6. Cash back credit cards
For the household that does a little bit of spending everywhere, a card with a high flat rate can be beneficial. And to earn a high rate of cash back on purchases, the
You’ll earn 2% cash back everywhere, and 4% on gas and groceries. And this is for an annual of $119.88, which is pretty low when compared to other premium cards.
Amex also offers the
7. A cash back credit card that puts you in control
×1 Award winner GC: $125
1x Award winner
Finally, if you want a card to fill in some gaps when it comes to earning rewards, take a look at the
You get to choose which categories you earn 2% cash back in. Here are your choices:
How many categories can you choose? You’ll get to choose 2 if you get your rewards applied as a statement credit. Get them deposited into a Tangerine savings account, and you get to choose 3 categories. All other purchases earn 0.5%.
And with no annual fee, it’s an easy card to keep around.
Bottom line
There are lots of tips out there on how to maximize your rewards.
What tips do you have for maximizing your rewards?
Let us know in the comments below.
FAQ
What is the best credit card for rewards?
The best rewards credit card in Canada is the American Express Cobalt, which offers up to 5 points per $1 spent on purchases, with a point value of up to 2 cents each.
What rewards can you get from a credit card?
There are a few choices as to the kind of rewards you can get from a credit card. You can get simple cash back, flexible rewards, or program specific rewards (like Air Miles and Aeroplan).
What is a rewards credit card?
A rewards credit card earns you rewards on all your purchases. These rewards can be used for a number of things, depending on the rewards program.
Are credit card rewards worth it?
Credit card rewards are worth it. But only if you pay your credit card bill in full and on time every month. Otherwise, credit card interest will start to add up, and will offset the rewards you’re earning.
How do I maximize my credit card points?
To maximize what you’re earning for rewards, you need to find a credit card that fits what you want in a credit card and what your spending habits are. Our creditcardGenius Quiz can help – simply complete our 3 minute quiz, and we’ll recommend the best credit card for you. And if we do, you’ll be able to refer friends and earn $10 for each successful referral.
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.
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