Best Rewards Credit Cards in Canada for June 2025

A rewards credit card earns points, cash back or miles on eligible purchases. The type of rewards, and how you can redeem them, depends on the card and its loyalty program.

Note: Applying doesn’t guarantee approval. The issuer needs to assess your financial profile to determine your eligibility. Cards with lower interest rates, more perks and generous reward earn rates typically require higher credit scores.

Rewards like points or miles usually only expire if there’s no account activity for a certain period of time, or if your account falls out of good standing.

Some issuers have stricter rules, so always check the card’s terms and conditions so you know exactly how and when rewards expire.

The value of points or miles depends on the program and how you redeem them. Whenever possible, go with the option with the highest value.

You can calculate the value using this formula:

(Cash value of the redemption X 100) / number of points required = Cost per point.

For example: Let’s say your reward program allows you to redeem 20,000 points for a $200 flight. The formula would look like this:

($200 X 100) / 20,000 = $0.01

So, each point is worth roughly 1 cent.

If you redeem the same 20,000 points for a $100 kitchen accessory, the value drops to $0.005 per point.

Calculating a baseline value for your points helps you decide when a redemption is worth it.

Here are NerdWallet’s estimated point values for some of the top Canadian reward programs:

Credit card rewards are considered a rebate or discount by the Canada Revenue Agency, so you won’t be taxed. That said, if you earn cash-back rewards as part of your employment or business, it may be taxable.

The number of credit cards you should have depends on your spending habits and financial health.

It can make sense to carry two rewards cards that maximise different bonus categories so you can capitalise on your biggest areas of spending. For example, if you’re a frequent flyer who spends big on groceries, you might have one card that earns miles and another that earns cash-back at supermarkets.

But keep in mind — more cards mean more opportunities for racking up high-interest debt. Only carry multiple cards if you’re confident in your ability to pay off the balances in full.

A rewards card is often worth it if:

A rewards card may not be worth it if:

Alongside earning points, miles or cash back, some rewards cards offer perks like:

Always prioritize the perks that are important to you — and that you’ll actually use — when choosing a card.

For example, if you use airport lounges regularly, pick a card that can save you money with free passes. Similarly, if you don’t need a NEXUS pass, don’t get caught up in the promise of a waived application fee.