Best Credit Card Welcome Bonuses in Canada NerdWallet Canada

If you’re unsure which credit card to choose, use Bankrate’s free CardMatch tool to help you decide. So, if you do decide to add one to your account, make sure it’s someone you trust to use the credit card responsibly. That way, both of your shopping trips, gas purchases and everyday transactions can go toward your new credit card’s minimum spending requirement. Not only will your gift benefit the people who need it most, but it’ll help you meet your credit card minimum spending requirement. If you plan on using your credit card to travel, buying points or miles could be a good way to hit your minimum spending requirement and prepare for your next big trip.

• There are some higher-earning cards on the market, but because they have a sky-high annual fee to factor in, RBC’s offer is all the more lucrative.
• Some premium bank accounts rebate the annual fee on an eligible credit card.

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• Even if you don’t plan to use the credit card frequently, it’s generally best for your score if you keep credit accounts open and allow them to age.

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• New cardholders can earn 10% cash back on up to $1,000 in purchases made during the first 60 days, for a maximum bonus of $100.
• It’s a bit simpler when you’re picking a card for spending while between welcome bonuses — you can throw your purchases on any card with high earning rates, whether you plan on keeping the card long-term or not.

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• Cashback needs multiple weekly cycles to compound to a similar headline value, so a short-timeframe high-volume player captures more value from the welcome bonus.

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• The card is designed with Marriott Bonvoy stays in mind, and it includes other perks like a free night’s stay, Marriott Bonvoy Silver Elite Status and 15 Elite Night credits.

$1,100 in value sounds like a lot, but with an annual fee of $120, you’re losing 11% of it to an annual fee. Cards with larger bonuses and richer perks often charge annual fees. And remember, it’s always important to read up on the different point values for each program to ensure you’re getting the best return for your rewards. The card is designed with Marriott Bonvoy meer informatie op deze pagina stays in mind, and it includes other perks like a free night’s stay, Marriott Bonvoy Silver Elite Status and 15 Elite Night credits. The perks are the main driver of the high annual fee, so if you can make the most out of all of the perks, you may find long-term value in getting it.

Offers not available to any previous cardholders of a Scotiabank personal credit card in the past 2 years. Offer applies to newly approved card accounts only, and eligibility is lost if you have opened, transferred, or cancelled another card of the same type within the last 12 months. Offers not available to current or former cardholders who reinstate a closed account or open a new account for the same card during the offer period. Current or former cardholders of the same card will not be eligible for the welcome bonus offer.

Best for students — BMO CashBack Mastercard for Students

If you have limited capital to invest in annual fees, you’ll want to maximize your Return on Fees. As you measure which offers you want to pursue, it’s essential to rule out offers that you won’t be able to achieve. Unfortunately, it’s not always quite as simple as just moving onto the next welcome bonus. I relentlessly lean on my new cards for other purchases, and always for uncategorized spend, but for my high-spend categories with high earn rates, I’m inclined to use other cards with a distinct advantage in those areas whenever possible. Of course, this only makes sense if you’re confident that you’ll be able to meet the new card’s spending threshold in other ways. It doesn’t take any fancy math to see that once you’ve met the welcome bonus conditions, you’re better off shelving the card and turning your efforts to a new card with a new welcome bonus.

Cashback — Headline vs Cleared Value

Once you meet the spending requirement, your welcome bonus will typically post within one to two billing cycles. If you’re short by $1 or miss it by a few days, you’ll usually forfeit the bonus. From there, weigh that value against the card’s annual fee and whether you can comfortably meet the spending requirement. For example, if a card offers 60,000 points and TPG values those points at 1.5 cents each, the bonus would be worth $900. By signing up, you will receive newsletters and promotional content and agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. A credit card welcome offer is a limited-time incentive offered by issuers to new cardholders.

Drawbacks of Cashback Bonuses

Tangerine lets you pick up to three categories from a pool of 10 that you’ll earn 2% back on, making it one of the more flexible cash-back programs on the market. The $139 annual fee is rebated in the first year if the offer conditions are met. This card offers a good selection of perks, such as travel insurance, rental car discounts and free roadside assistance. With a second helping of the annual fee, this drops the value in the second year to a maximum of $180. The one-time 15,000-point anniversary bonus could be worth up to $300, but because it lands after the one-year mark, you’ll be subject to the annual fee again. After accounting for the $120 annual fee, the first-year bonus is worth about $430 through a straightforward travel redemption, or as much as $980 in a best-case flight redemption.