It’s been a tumultuous and interesting year – and the world of credit cards was no different.
There were plenty of major changes that happened, with many leading to a big shakeup in the annual credit card ratings.
And we’re not even talking about new welcome bonuses (although there were plenty of sweet offers this year), but about credit cards that underwent major transformations.
Here’s what changed in 2021.
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.
Summary of major credit card changes
First, here’s a summary of the credit cards with major changes, what changed, and whether the change was good or bad.
| Credit Card(s) | What Changed | Good or Bad Change? | Learn More |
|---|---|---|---|
| BMO CashBack World Elite Mastercard | * New earn rates | Good | |
| BMO Air Miles World Elite Mastercard | * New earn rates * Lost airline airport lounge passes |
Bad, but good for the right person | |
| MBNA Rewards World Elite Mastercard | * New earn rates * More insurance |
Good | |
| MBNA Rewards Platinum Plus Mastercard | * New earn rates * Changes to insurance coverage |
Good | |
| American Express Cobalt | * Increased cash value * New redemption options * Increased earn rates * Added mobile device insurance * Increased monthly fee |
Good | |
| American Express Choice Card | * Became the Amex Green Card * Increased value from rewards |
Good | |
| American Express Gold Rewards Card | * More perks included * Increased annual fee |
Good | |
| MBNA True Line Mastercard | * Added back the 0% balance transfer offer | Good | |
BMO CashBack World Elite Mastercard
- What changed: New earn rates
- The effect on the rankings: Became one of the best cash back credit cards in Canada
- More info: BMO CashBack World Elite Mastercard Getting New Earn Rates
BMO kicked off the year of changes with a brand new set of earn rates for the
Prior to the changes, you would earn a simple 1.5% cash back on all purchases.
But now, the card has a wide ranging set of earn rates:
- 5% cash back on groceries, up to $500 in monthly spend
- 4% cash back on transit, up to $300 in monthly spend
- 3% cash back on gas, up to $300 in monthly spend
- 2% cash back on recurring bills, up to $500 in monthly spend
- 1% cash back on all other purchases
There are some impressive earn rates here, even if there are monthly caps on them.
So how did that translate into rewards earned? Before the change, you would earn $360 in annual rewards, based on a typical $2,000 monthly spend.
But now? Using our default spending, that’s gone all the way up to $492 – and that number doesn’t include any earnings in the transit category.
As a result of all these new rewards, this card is in contention for the best cash back credit card in Canada award.
GC: $150
$150 GeniusCash + Exclusive: Up to $480 bonus cash back + First year fee waived.*
BMO Air Miles World Elite Mastercard
- What changed: New earn rates, a loss of a few benefits
- The effect on the rankings: Remained best Air Miles card, lost ground in other rankings
- More info: BMO Air Miles World Elite Mastercard Getting A Face Lift
BMO wasn’t through with changes early in the year. Shortly after the BMO CashBack changes, BMO introduced changes to another one of its World Elite Mastercards – the
This card used to offer 1 Air Mile for every $10 spent. BMO then changed it to this:
- 1 Mile for every $12 spent
- 3x the Miles for every $12 at participating Air Miles partners
- 2x the Miles for every $12 spent at any eligible grocery, liquor, and wholesale stores
Is this better? That really depends on where you use the card. Use it a lot at those participating Air Miles partners, and you’re earning more rewards than before.
If not, this was a bit of a downgrade.
And there was one other downgrade in the perks department. The card no longer came with 2 free passes to Mastercard Airport Experiences lounges (though the free membership remained in place).
How did our algorithm view the changes? Generally, not well. Our typical monthly spend only allows for $100 at those Air Miles partners, so it lost value in the rewards department.
It did manage to stay on as the best Air Miles credit card, but lost ground on all other rankings pages.
×1 Award winner GC: $150
1x Award winner
MBNA Rewards World Elite Mastercard
- What changed: New earn rates and improved insurance
- The effect on the rankings: Became one of the best overall credit cards in Canada
- More info: MBNA Rewards Mastercards – Big Changes Have Arrived
Next up we have the
But with the changes this year, it’s like the phoenix is rising from the ashes.
What changed? The rewards increased in a big way. It went from offering 2 points per $1 spent on all purchases, to this:
- 5 points for every $1 spent on restaurants, groceries, and select recurring bills (up to $50,000 spent annually per category)
- 1 point per $1 spent on all other purchases
The result of these new earn rates? One of the best credit cards in Canada.
It’s now in contention for these rewards:
- best cash back credit card (it’s back),
- best flexible rewards,
- best grocery, and
- best restaurant.
It also saw an increase in the insurance department, with the notable gain being mobile device insurance.
It’s a remarkable turnaround for the card.
×4 Award winner GC: $125 + $25
4x Award winner
MBNA Rewards Platinum Plus Mastercard
- What changed: New earn rates and insurance coverage
- The effect on the rankings: No real change
- More info: MBNA Rewards Mastercards – Big Changes Have Arrived
The MBNA Rewards World Elite Mastercard wasn’t the only card MBNA had in mind when overhauling their products – the no fee
Prior to the update, here’s what it earned for purchases:
- 2 points per $1 spent on gas, groceries, and restaurants (up to $5,000 spent annually per category)
- 1 point per $1 spent on all other purchases
And here are what the rates look like after the changes:
- 2 points for every $1 spent on restaurants, groceries, and select recurring bills (up to $10,000 spent annually per category)
- 1 point per $1 spent on all other purchases
It was nice to see the higher annual caps on the categories. But there was also a big change to the insurance package to go along with the rewards update.
The card went from having 7 types of insurance (including all 3 rental car coverages), to just 3.
That said, it did add the relatively rare mobile device insurance. So whether this change was for the better is really up to you.
Generally speaking, these changes didn’t end up changing the no fee rankings much (and any change it did have would be usurped in the rankings by another change still to be discussed).
American Express Cobalt
- What changed: Increased the value of cash rewards, improved earn rates, a new redemption option, and more
- The effect on the rankings: Strengthened its grip on best credit card in Canada, and became one of the best cash back credit cards
- More info: Amex Membership Rewards: Use Fewer Points When Redeeming On Any Purchase & Amex Cobalt Updates: A Look At Changes To The Best Card In Canada
The best credit card in Canada saw some upgrades – the
The Cobalt Card remained in 1st place as the best credit card in Canada through all the changes that happened. Our thinking is that Amex saw some of the other changes and decided they had to do something too.
So what changed? First, all Amex Membership Rewards cards saw an increase in the value of points when redeemed towards any purchase (increased from 0.7 cents to 1 cent per point). And while that affects other cards, it shot the Cobalt card up as one of the best cash back credit cards in Canada.
But more changes were in store. Here’s what else it started offering after its mid-August overhaul:
- started earning 3 points per $1 spent on streaming services,
- added ability to transfer points to airline partners,
- gained mobile device insurance (a common theme this year), and
- a new monthly fee of $12.99 (up from $10).
At a glance, it can seem like these changes wouldn’t amount to much, especially with the increased monthly fee.
But no. One of these items stands out – the transfer to airline partners, one of which is Aeroplan.
This one change increased the value of the Cobalt’s rewards, going from a max value of 1.75 cents to 2 cents per point.
And as such, it became our best Aeroplan credit card and strengthened its grip on all the other awards it won.
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
American Express Choice Card
- What changed: Became the Green Card and offered more redemptions options
- The effect on the rankings: Became one of the best no annual fee credit cards
- More info: The Amex Choice Card Is Now The Amex Green Card
American Express has a few other changes. They re-branded one of their cards – the Amex Choice Card became their iconic
The rebranded card had the same earn rate as before of 1 point per $1 spent on all purchases, and still has no annual fee.
But the re-branded card now has all the redemption options of the Membership Rewards program, whereas you could only redeem for any travel (a point value of 1 cent) before.
That means the rewards on the card nearly doubled, as transferring them to Aeroplan, where we value points at 2 cents each, gives the card a return of up to 2% back on purchases.
As a result? We have a new contender for the best no annual fee credit card in Canada.
Want to learn more about what Amex Membership Rewards can do for you? Here’s our full guide on one of our favourite rewards programs.
American Express Gold Rewards Card
- What changed: A complete overhaul of the card, except for rewards
- The effect on the rankings: No real change
- More info: The New American Express Gold Rewards Changes – The Good And Bad
When the Cobalt changes happened, we wondered what was the point of the
Well, Amex decided to give the card an overhaul in almost every area except rewards (they stayed the same).
For an increased annual fee of $250, Amex cranked up the perks this card offers.
Here is what they added to the card:
- $100 annual travel credit,
- 4 free passes annually to Plaza Premium lounges in Canada,
- Priority Pass membership (no free passes),
- $50 NEXUS application rebate every 4 years, and
- a metal credit card in your choice of colour.
A nice list of changes. But since the rewards didn’t change, it didn’t really move the needle in our rankings. Before the changes, Cobalt was a clear winner for best Aeroplan card, and it hasn’t really budged.
But overall, it fits a nice niche that offers some premium perks, all for a lower annual fee than other super-premium credit cards.
GC: $125
MBNA True Line Mastercard
- What changed: Offers the best balance transfer promotion in Canada
- The effect on the rankings: Became the new best balance transfer credit card in Canada
- More info: MBNA True Line Mastercard: 0% Interest Credit Card For 12 Months
When the pandemic hit, one thing that started to disappear were balance transfer offers – MBNA in particular removed them from all of their cards.
But this year, MBNA brought back a 0% balance transfer offer for the
You can get 0% for 12 months, with a transfer fee of 3%. It’s a stunning offer, giving anyone with credit card debt a whole year of saving on credit card interest.
×2 Award winner GC: $135
2x Award winner
Your turn
It’s been a busy year in the credit card world. But for the most part, the changes were good, impactful, and have certainly shaken up the rankings for 2022.
Here is where you can see all the best credit cards by category in Canada.
What are your thoughts on the changes this year?
Any catch your eye?
Let us know in the comments below.
FAQ
Were there any balance transfer credit card changes in 2021?
The MBNA True Line Mastercard came back with a new balance transfer offer this year – 0% for 12 months, with a transfer fee of 3%.
What changes did American Express credit cards undergo?
American Express led the charge when it came to credit card changes. The Amex Cobalt and Gold Rewards both got some upgrades, and the Choice Card rebranded to the iconic Green Card, which offered increased value with the rewards earned.
Did any changes come to Air Miles credit cards?
The BMO Air Miles World Elite Mastercard got some new earn rates, with a bigger focus on earning bonus rewards at participating Air Miles partners. However, it lost the 2 free passes to Mastercard Airport Experiences lounges.
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.