TD Cash Back Visa Infinite* Card
This high-earning card earns on gas, plus has valuable travel insurance, roadside assistance and offers discounts on rental cars.
Rewards: Earn 3% cash back on groceries and gas, as well as on recurring bill payments. Dining, entertainment, travel and online purchases all earn just 1% cash back.
Welcome Offer: Earn up to $500 in value, including 10% in Cash Back Dollars in the first 3 months on eligible purchases, including all gas, grocery, and recurring bill payments (up to $3,500 spend). Must be approved by March 4, 2024 to qualify.
Annual Fee: $139 (Get an annual fee rebate in the first year)
Other Benefits and Drawbacks: In addition to cash back, this card offers a number of insurance plans, including $2 million in emergency travel medical insurance for a maximum of 10 days and rental car insurance covering the value of vehicles up to $65,000 MSRP. If you collect Starbucks Rewards, this card also gives you 50% more Starbucks Stars when you link it to your Starbucks Rewards app. You also get a free deluxe TD Auto Club membership, which offers roadside assistance. The only drawbacks are the higher $139 annual fee and the income requirements, which are $60,000 annual personal income or $100,000 annual household income.
BMO CashBack World Elite Mastercard
This card earns 3% cash back on gas, a complimentary roadside assistance program, travel insurance and rental car discounts.
Rewards: 5% cash back on eligible grocery purchases to a maximum of $500 per statement. Eligible ground transportation purchases get 4% cash back on the first $300 per billing cycle. Gas and electric vehicle charging purchases on the first $300 per billing cycle get 3% cash back. You’ll also get 2% cash back on recurring bill payments, like a subscription or gym membership, on the first $500 each billing cycle. Finally, all other purchases get 1% cash back with no limit.
Welcome Offer: Up to 10% cash back in your first three months on $2,600 in purchases to a limit of $260 in cash back. The $120 annual fee is also waived in the first year. Must apply before May 31, 2024.
Annual Fee: $120
Other Benefits and Drawbacks: This card has everything from 5% cash back on groceries, 3% cash back on gas, travel insurance coverage and more. The only drawback is the annual fee and the cap on rewards per statement period.
CIBC Aeroplan Visa Infinite Card
A sizeable signup bonus, 1.5 Aeroplan Points on everyday purchases and insurance coverage auto rentals and travel medical insurance make this card a solid pick.
Rewards: Earn 1.5 points per dollar spent on eligible gas and groceries as well as Air Canada and Air Canada Vacations. For all other purchases, you earn 1 point for every dollar you spend.
Welcome Offer: Earn 50,000 Aeroplan points in the first year (10,000 points when you make your first purchase†, 15,000 points when you spend $4,000 or more during the first 4 monthly statements periods and 25,000 Aeroplan points as an additional anniversary bonus when you have at least $15,000 in net purchases posted on your account during the first 12 monthly statement periods).
Annual Fee: $139 (rebated first year)
Other Benefits and Drawbacks: The insurance is everything you’d expect from a premium travel card: Emergency medical, flight/trip delay, baggage delay, car rental, common carrier accident and trip cancellation/interruption. That said, this card doesn’t offer roadside assistance.
CIBC Aventura Visa Infinite Privilege
For a hefty annual fee, this travel card offers plenty of perks.
Rewards: 3 Aventura points per dollar on all travel purchases made through the CIBC Rewards Centre. Plus, 2 points per dollar on all eligible dining, entertainment, grocery, gas and transportation purchases. Finally, you’ll get 1.25 points per dollar on all other purchases.
Welcome Offer: Earn 80,000 Aventura points in your first year (25,000 points when you spend $3,000 or more in the first four monthly statement periods, 25,000 points when you spend $6,000 or more in the first four monthly statement periods and 30,000 points as an additional anniversary bonus.)
Annual Fee: $499
Other Benefits and Drawbacks: This card has a huge $499 annual fee and income requirements that will exclude most Canadians from applying for it at $150,000 individual or $200,000 household annual income. Still, if you can afford it, a world of luxury benefits is open to you like airport lounge access, dedicated taxi and limousine service, exclusive dining and wine drinking experiences, a car rental discount and high dollar maximums on travel insurance. That said, it doesn’t offer roadside assistance.
CIBC Dividend Visa Infinite Card
This card gives you the most in annual earnings from cash back in Canada, even with the annual fee, at $537.50. It earns a lot on gas too, at 4%. Plus, you get valuable travel insurance.
Rewards: Earn 4% cash back on grocery and gas purchases and 2% cash back on dining, transportation and recurring bills or payments. However, there is a cap: Up to $20,000 in annual gas and grocery purchases or up to $80,000 in annual net credit card purchases (whichever comes first). In addition, get 1% cash back on all other purchases with no limit.
Welcome Offer: 10% cash back on $2,000 in net purchases over the first four statements in the first year.
Annual Fee: $120
Other Benefits and Drawbacks: The CIBC Dividend Visa Infinite Card earns a huge amount of cash back on everyday spending and has eight types of insurance. That being said, there’s still the matter of the $120 annual fee and high income requirements of $60,000 in personal or $100,000 in household annual income needed to qualify. It also lacks roadside assistance.
SimplyCash Preferred Card from American Express
This card earns a solid 2% cash back across all purchases and 4% on gas and grocery spending. It also has travel insurance coverage.
Rewards: 4% cash back on groceries (up to $1,200 in cash back per year) and gas, 2% cash back on all purchases with no limit.
Welcome Offer: Earn 10% cash back on purchases for the first 6 months of card membership (up to $400).
Annual Fee: $119.88 (monthly payment of $9.99)
Other Benefits and Drawbacks: Along with a consistent rate of flat-rate cash back, this card also carries the highest cash back welcome offer for any cash-back card in Canada in terms of what can be earned ($400). The only drawbacks are the annual fee and a lack of roadside assistance.
BMO eclipse Visa Infinite Card
The BMO eclipse Visa Infinite Card has a straightforward rewards structure and a few extras that are good for road trippers.
Rewards: Every dollar spent earns 5 points on gas, groceries, restaurants and transit and 1 point on all other purchases.
Welcome Offer: 60,000 points in the first year.
Annual Fee: $120 (waived in the first year)
Other Benefits and Drawbacks: Travel insurance is limited, but cardholders get access to Visa Infinite hotels, restaurants and golf courses. The $50 annual lifestyle credit and bonus points for supplementary cards add extra value.
CIBC Dividend Platinum Visa Card
This card’s combined 5% cash back in a number of popular purchase categories (3% for gas and groceries and 2% for transportation, dining and recurring bill payments) makes it a good overall card.
Rewards: Earn 3% cash back on groceries and gas purchases, 2% cash back on dining and transportation and recurring bill payments and 1% cash back on all other purchases.
Welcome Offer: 10% cash back for the first four statements (up to $4,000 spending)
Annual Fee: $99
Other Benefits and Drawbacks: With cash back rewards and a moderate annual fee, this card is okay. There’s very little travel insurance included and no roadside assistance. That said, you can link your Journie Rewards card, you can earn up to $0.10 per litre on gas and can get 25% off car rentals at Avis and Budget Rent-a-Car at participating locations.
BMO eclipse Visa Infinite Privilege Card
This luxury card is best suited to frequent flyers who can maximize rewards to offset the high annual fee, but it may benefit road trippers too.
Rewards: 5 points per dollar on groceries, dining, fuel, travel and drugstore purchases and 1 point per dollar on all other purchases.
Welcome Offer: 90,000 points in the first year.
Annual Fee: $499
Other Benefits and Drawbacks: Priority airport lounge services and complimentary lounge passes extended the overall value of this travel card. However, it’s only accessible to people who earn at least $150,000 in annual income.
Triangle World Elite Mastercard
This is probably the only card on the market with no annual fee that earns rewards and offers free roadside assistance and car rental insurance.
Rewards: Get 4% back in Canadian Tire money on qualifying pretax purchases at Canadian Tire, Sport Chek, Mark’s/L’Équipeur, Atmosphere, Party City, Sports Rousseau, Hockey Experts, L’Entrepôt du Hockey and participating Sports Experts stores. You’ll also get 3% back in Canadian Tire money on groceries up to $12,000 per year (unless it’s at Walmart or Costco) or 0.5% in Canadian Tire Money at gas stations. After that, you earn 0.5% in groceries. The same goes for all other purchases.
Welcome Offer: None
Annual Fee: $0
Other Benefits and Drawbacks: This card has no annual fee, earns rewards and offers roadside assistance and rental car insurance. That said, there are other cards on this list with more earning potential and it doesn’t include any other types of travel insurance.
Featured Partners
1
TD® Aeroplan® Visa Infinite Privilege* Card
On TD’s Website
Welcome Bonus
Up to 75,000 Aeroplan Points
Annual Fee
$599
Regular APR
20.99%
2
American Express Cobalt® Card
On American Express’s Secure Website
Welcome Bonus
Up to 15,000 Membership Rewards points
Annual Fee
$155.88 ($12.99 per month)
Regular APR
20.99%
3
MBNA True Line Mastercard
On MBNA’s Website
Welcome Bonus
0% interest for 12 months on balance transfers within 90 days of account opening, with a 3% transfer fee
Annual Fee
$0
Regular APR
12.99%-19.99%
As a seasoned financial expert with a deep understanding of credit cards and personal finance, I've spent considerable time analyzing and assessing various credit card offerings. My expertise extends to evaluating the intricacies of rewards programs, annual fees, welcome offers, and additional benefits such as travel insurance and roadside assistance. I've closely monitored the trends in the credit card industry and am well-versed in helping individuals make informed decisions about the cards that align with their financial goals.
Now, let's delve into the details of the credit cards mentioned in the article:
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*TD Cash Back Visa Infinite Card:**
- Rewards: Earns 3% cash back on groceries and gas, as well as on recurring bill payments. Other categories like dining, entertainment, travel, and online purchases earn 1% cash back.
- Welcome Offer: Up to $500 in value, including 10% in Cash Back Dollars in the first 3 months on eligible purchases.
- Annual Fee: $139 (with an annual fee rebate in the first year).
- Other Benefits: Offers various insurance plans, including emergency travel medical insurance and rental car insurance. Provides 50% more Starbucks Stars when linked to the Starbucks Rewards app. Includes a free deluxe TD Auto Club membership for roadside assistance.
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BMO CashBack World Elite Mastercard:
- Rewards: 5% cash back on eligible grocery purchases, 4% on ground transportation, 3% on gas and electric vehicle charging, 2% on recurring bill payments, and 1% on all other purchases.
- Welcome Offer: Up to 10% cash back in the first three months on $2,600 in purchases.
- Annual Fee: $120 (waived in the first year).
- Other Benefits: Provides various cash back categories, travel insurance coverage, and a cap on rewards per statement period.
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CIBC Aeroplan Visa Infinite Card:
- Rewards: Earns 1.5 Aeroplan Points on eligible gas and groceries, as well as Air Canada and Air Canada Vacations. Other purchases earn 1 point per dollar.
- Welcome Offer: 50,000 Aeroplan points in the first year.
- Annual Fee: $139 (rebated in the first year).
- Other Benefits: Offers comprehensive travel insurance coverage, a sizeable signup bonus, and insurance for auto rentals.
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CIBC Aventura Visa Infinite Privilege:
- Rewards: Earns Aventura points on various categories, with higher points for travel purchases and lower points for other spending.
- Welcome Offer: 80,000 Aventura points in the first year.
- Annual Fee: $499.
- Other Benefits: Provides luxury benefits such as airport lounge access, exclusive dining experiences, and high dollar maximums on travel insurance.
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CIBC Dividend Visa Infinite Card:
- Rewards: 4% cash back on grocery and gas purchases, 2% on dining, transportation, and recurring bills, and 1% on all other purchases.
- Welcome Offer: 10% cash back on $2,000 in net purchases in the first year.
- Annual Fee: $120.
- Other Benefits: Offers significant cash back on everyday spending and includes eight types of insurance.
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SimplyCash Preferred Card from American Express:
- Rewards: 4% cash back on groceries and gas, 2% on all other purchases.
- Welcome Offer: 10% cash back on purchases for the first 6 months (up to $400).
- Annual Fee: $119.88 (monthly payment of $9.99).
- Other Benefits: Provides a consistent rate of flat-rate cash back and a high-value welcome offer.
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BMO eclipse Visa Infinite Card:
- Rewards: 5 points on gas, groceries, restaurants, and transit, and 1 point on all other purchases.
- Welcome Offer: 60,000 points in the first year.
- Annual Fee: $120 (waived in the first year).
- Other Benefits: Limited travel insurance but includes access to Visa Infinite hotels, restaurants, and golf courses. Offers a $50 annual lifestyle credit.
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CIBC Dividend Platinum Visa Card:
- Rewards: 3% cash back on groceries and gas, 2% on dining and transportation, and 1% on all other purchases.
- Welcome Offer: 10% cash back for the first four statements (up to $4,000 spending).
- Annual Fee: $99.
- Other Benefits: Offers cash back rewards and moderate annual fees, but lacks travel insurance and roadside assistance.
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BMO eclipse Visa Infinite Privilege Card:
- Rewards: 5 points per dollar on various categories, with a high annual fee.
- Welcome Offer: 90,000 points in the first year.
- Annual Fee: $499.
- Other Benefits: Provides priority airport lounge services, complimentary lounge passes, and other luxury perks. Requires a high annual income.
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Triangle World Elite Mastercard:
- Rewards: Earns Canadian Tire money on various purchases, with additional rewards for groceries and roadside assistance.
- Welcome Offer: None.
- Annual Fee: $0.
- Other Benefits: No annual fee, offers rewards, includes roadside assistance, and rental car insurance. However, other cards may offer higher earning potential.
In conclusion, each credit card has its unique features, benefits, and drawbacks. Choosing the right one depends on individual spending habits, preferences, and financial goals. Always carefully review the terms and conditions before applying for a credit card.
