If you're looking for a new credit card in Canada, credit card welcome offers are a great way to boost your rewards-earning potential. A credit card welcome offer is a bonus offered by the card issuer to entice people to apply for their card. It could be a one-time payout of reward points or it might be an accelerated points or cashback earning rate for a limited time. Whether you're looking for travel miles or cashback, a generous welcome bonus can go a long way to help you rack up the points.
Luckily, we've done the research for you, and have rounded up Canada's best credit card welcome bonuses, while also taking into account the cost of the annual fee.
Let's take a look at the best credit card welcome offers in Canada, the pros and cons of each card, and how you can go about earning those sweet rewards.
Read our methodology to see how we selected the credit cards in this article.
Key Takeaways
| Category | Credit Card | Welcome Bonus Net Value | Annual Fee |
|---|---|---|---|
| Travel Credit Card | CIBC Aventura® Visa Infinite Card | $900 | $139 (waived in the first year) |
| Category: Travel Credit Card | Credit Card CIBC Aventura® Visa Infinite Card | Welcome Bonus Net Value $900 | Annual Fee $139 (waived in the first year) |
| AIR MILES Card | BMO AIR MILES® World Elite® Mastercard® | $210 | $120 (waived in the first year) |
| Category: AIR MILES Card | Credit Card BMO AIR MILES® World Elite® Mastercard® | Welcome Bonus Net Value $210 | Annual Fee $120 (waived in the first year) |
| American Express® Card | American Express® Aeroplan® Card | $760 | $120 |
| Category: American Express® Card | Credit Card American Express® Aeroplan® Card | Welcome Bonus Net Value $760 | Annual Fee $120 |
| Visa Card | CIBC Aventura® Visa Infinite Card | $900 | $139 (waived in the first year) |
| Category: Visa Card | Credit Card CIBC Aventura® Visa Infinite Card | Welcome Bonus Net Value $900 | Annual Fee $139 (waived in the first year) |
| Mastercard | BMO Ascend World Elite® Mastercard® | $528 (based on only keeping the card for one year) | $150 (waived in the first year) |
| Category: Mastercard | Credit Card BMO Ascend World Elite® Mastercard® | Welcome Bonus Net Value $528 (based on only keeping the card for one year) | Annual Fee $150 (waived in the first year) |
Best Welcome Bonus for a Travel Credit Card
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Best Welcome Bonus for a Visa Card
CIBC Aventura® Visa Infinite Card
Welcome Bonus Value
Get up to 45,000 Aventura points (valued at $900, based on a dollar value per Aventura point of $0.02)
Annual fee: $139 (waived in the first year)
Welcome bonus net value: $900
How to Earn the Welcome Bonus
15,000 Aventura points after you make your first purchase on the card
30,000 Aventura points when you spend $3,000 or more in the first four months
Earning Points
2 Aventura points for every dollar spent on travel purchased through the CIBC Rewards Centre (CIBC's portal for booking travel)
1.5 Aventura points for every dollar spent on gas, electric vehicle charging, groceries and drug stores
1 Aventura point for ever dollar spent on anything else
Rewards and Perks
When comparing sign-up bonuses for travel credit cards, the CIBC Aventura® Visa Infinite Card would be a valuable addition to any jet-setter's wallet, with its generous welcome offer, first-year annual fee rebate and considerable perks, like four complimentary airport lounge visits each year and a rebate of the NEXUS application fee.
It also comes with the comprehensive insurance package you'd expect from a top travel credit card, including out-of-province emergency medical insurance of up to $5M, plus coverage for travel and baggage delays, cancellation, hotel theft and car rental loss or damage.
Pros
Generous welcome offer, netting you $900 in the first year
12 different types of insurance including out-of-province emergency medical insurance of up to $5M, plus coverage for travel and baggage delays, cancellation, hotel theft and car rental loss or damage
Access to Visa Infinite privileges
Cons
Aventura points are worth considerably less when not redeeming for travel, so it's best for people who are only looking for travel rewards
Borrowell's Take
If you're an avid traveller looking to maximize rewards earning potential, this could well be the card for you given its extremely generous first-year value. The addition of an excellent suite of insurance coverage and other travel perks like airport lounge access make it a great option for those with the travel bug.
Visit the CIBC website to apply.
Best Welcome Bonus for an AIR MILES Card:
BMO AIR MILES® World Elite® Mastercard®
Welcome Bonus Value
Up to 2,000 AIR MILES (valued at $210, based on a dollar value per AIR MILE of $0.105)
Annual fee: $120 (waived in the first year)
Welcome bonus net value: $210
How to Earn the Welcome Bonus
Earn 2,000 AIR MILES after you spend a minimum of $3,000 in the first three months
Earning Points
3 AIR MILES for every $12 spent at participating AIR MILES partners
2 AIR MILES for every $12 spent at any eligible grocery store (up to a maximum spend of $500 per month)
1 AIR MILE for every $12 spent anywhere else
Rewards and Perks
The BMO AIR MILES® World Elite® Mastercard® comes with some considerable perks to help save you money, such as up to $0.07 off per litre on Shell® fuel and a 25% discount on one worldwide AIR MILES flight redemption per calendar year.
Pros
You can get the $120 annual fee rebated every year if you sign up for a BMO Premium Chequing Account
Cons
High income eligibility requirements ($80,000 individual or $100,000 household)
AIR MILES are slightly more complicated to redeem, as you'll need to first get an eVoucher (in increments of $10) for one of the participating partners before you can spend your Miles.
Borrowell's Take
If you shop regularly at a participating AIR MILES partner then you might have some decent earnings potential with the BMO AIR MILES® World Elite® Mastercard®, and the welcome bonus could certainly get you well on your way to enough AIR MILES for a flight, especially considering BMO’s exclusive 25% discount on one worldwide AIR MILES flight redemption per year.
Visit the BMO website to apply or log in to Borrowell to see your chances of approval before applying.
Best Welcome Bonus for an American Express® Card
American Express® Aeroplan® Card
Welcome Bonus Value
First year
Up to 30,000 Aeroplan points (valued at $600, based on a dollar value per Aeroplan point of $0.02 when redeemed on travel)
Annual fee: $120
Welcome bonus net value: $480
Second year
Up to 20,000 Aeroplan points (valued at $400, based on a dollar value per Aeroplan point of $0.02)
Annual fee: $120
Welcome bonus net value: $280
Total Welcome Bonus Net Value
$760
How to Earn the Welcome Bonus
Earn 30,000 Aeroplan points when you make $3,000 in net purchases in the first three months
Earn 20,000 Aeroplan points when you make $1,000 in net purchases in month 13 of your card membership
Earning Points
2 Aeroplan points for purchases made directly with Air Canada
1.5 Aeroplan points for purchases on dining out and food delivery
1 Aeroplan point for purchases on everything else
Rewards and Perks
The American Express® Aeroplan® Card comes with a pretty decent array of rewards on top of its considerable welcome bonus, including free checked luggage with Air Canada, a free night in a hotel for every three nights booked with Aeroplan points, and of course the comprehensive insurance package you would expect from an American Express card, including flight delay, baggage delay, hotel burglary and car rental damage.
Pros
Free checked bag for you and eight other passengers whenever you fly Air Canada
Access to American Express Experiences and Front of The Line
Cons
High income eligibility requirements ($80,000 individual or $100,000 household)
Amex isn't as widely accepted as a method of payment as Visa and Mastercard
When redeeming for travel, you're limited to flying with Air Canada and the Star Alliance group of carriers
To get the full welcome bonus, you will have to pay the annual fee in the second year
Borrowell's Take
If you fly regularly with Air Canada and a lot of your budget goes to eating out or ordering in, then you've got a high earning potential for Aeroplan points with this card. Just make sure that the places where you spend the most accept American Express before you apply to avoid disappointment.
Visit the American Express website to apply.
Best Welcome Bonus for a Mastercard
BMO Ascend World Elite® Mastercard®
Welcome Bonus
First year
Up to 78,750 BMO Rewards points (valued at $528, based on a dollar value per BMO Rewards point of $0.0067)
Annual fee: $150 (waived in the first year)
Welcome bonus net value: $528
Second year
Up to 11,250 BMO Rewards points (valued at $75, based on a dollar value per BMO Rewards point of $0.0067)
Annual fee: $150
Welcome bonus net value: -$75
Total Welcome Bonus Net Value
$528 if you keep the card for the first year only, or $453 if you keep the card into the second year
How to Earn the Welcome Bonus
Earn 45,000 BMO Rewards points after you spend a minimum of $4,500 in the first three months
Earn 3,750 BMO Rewards points for each subsequent 30-day period in which you spend $2,500, ending 15 months after the account open date
Earning Points
5 BMO Rewards points for every dollar spent on eligible travel purchases
3 BMO Rewards points for every dollar spent on dining, entertainment and recurring bill payments
1 BMO Rewards point for every dollar spend on everything else
Rewards and Perks
This card comes with an interesting array of additional benefits such as 15% off admission to Cirque du Soleil shows in Canada, 20% off resident shows in Las Vegas, and free access to over 1 million Boingo Wifi hotspots worldwide. It also boasts a considerable suite of insurance, covering things like travel medical expenses, car rental damage, trip cancellation, delayed and lost baggage, and flight delays.
Pros
Generous welcome offer, letting you earn up to 90,000 BMO Rewards points, which is almost enough for a flight from Montreal to Venice according to BMO's website
Decent points earning potential outside of the welcome period, especially if you spend a lot on travel
A comprehensive insurance package covering things like travel medical expenses, car rental damage, trip cancellation, delayed and lost baggage, and flight delays
Cons
High income eligibility requirements ($80,000 individual or $100,000 household)
If a lot of your income goes on groceries and gas, you likely won't accumulate points as quickly as you would with other cards
The dollar value of a BMO Rewards point ($0.0067) is not as strong as other point types on this list
Redeeming BMO Rewards points isn't as flexible as for other point types on this list
Borrowell's Take
If you're looking to tally up points with a Mastercard quickly and you're confident you can meet the minimum spend required to get the full amount, then this could be an excellent choice, particularly if a large portion of your budget goes towards travel.
Visit the BMO website to apply or log in to Borrowell to see your chances of approval before applying.
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FAQs
Most credit card issuers will let you apply for a card online, and you'll usually know whether or not you're approved within minutes. Here are the basic steps for applying for a credit card in Canada:
Have a thorough read of the card’s details to ensure it suits your needs and that you meet the eligibility requirements.
Fill out the application form. You'll typically be asked for details such as your full name, date of birth, employment details, home address and Social Insurance Number.
Review your application carefully to make sure all the information you've provided is accurate.
Submit your application to the card issuer.
Credit card interest is the cost of borrowing money from the credit card issuer. In Canada, credit card interest rates are typically expressed as an annual percentage rate (APR), representing the total cost of borrowing over a year.
Credit card issuers give a grace period to pay for your previous month’s purchases without interest. The grace period begins on the last day of your billing period. However, this grace period doesn’t apply to cash advances or balance transfers. On those transaction types, you'll start accruing interest right away.
If you don't pay off your balance in full before the end of the interest-free grace period, you'll start accruing interest.
Find out more about how credit card interest works in Canada on our blog.
While the average Canadian has between 1-2 credit cards, there’s no hard and fast rule for how many credit cards a person should have, and there are pros and cons to having several cards.
As long as you manage your credit cards responsibly and make your payments on time, there’s nothing wrong with having multiple credit cards. In fact, if you use credit strategically, holding multiple cards can help you capitalize on rewards programs, improve your credit to debt ratio, and offer a safety net for emergency purchases.
However, if you’re not thoughtful about which credit cards you apply for or how you use them, you may wind up paying excessive annual fees, and you could even harm your credit score if you don’t manage your accounts well.
Ultimately, it’s up to you to determine how many cards you can reasonably manage based on your income, spending habits, and goals.
Your credit score directly impacts the types of credit cards you can qualify for. Higher credit scores often mean better credit card perks, higher credit limits, and a greater selection of credit card lenders to choose from.
Generally, consumers with credit scores below 660 may find it harder to qualify for premium cards and may only qualify for a limited selection of general credit cards with lower credit limits. Consumers with credit scores higher than 660 are typically eligible for credit cards with increased limits and additional perks, such as travel points or high cashback rates.
Applying for a new credit card can affect your credit score. This is because a hard credit inquiry is usually required when you apply for a credit card. A hard credit inquiry is when a potential lender checks your credit report to help them decide whether to approve your application for a credit product. Any time a hard inquiry is performed, it can potentially lower your credit score by a few points. For this reason, it's a good idea not to apply for too many credit products at once.
That being said, if you manage your credit well by making your payments on time and keeping your credit utilization below 30%, your credit will likely recover quickly and even improve further over time.
Credit card churning is the process of opening cards purely to take advantage of the welcome bonus or other perks. Often, it involves closing the card after the bonus period and before the next annual fee is charged.
Credit card churning can have a negative effect on your credit score depending on how many credit cards you're applying for over what period of time. This is for a number of reasons. Firstly, whenever you apply for a credit product, the issuer will run a hard inquiry on your credit report, which can have a small negative effect. If you're applying for multiple credit cards at once, this negative effect can add up.
Secondly, credit card churning typically involves closing credit cards at the end of the bonus period, and closing credit cards can affect your credit score negatively as it "wipes out" the good credit you build up with that card, like the credit history and payment history. It will also increase your credit utilization by reducing the amount of credit you have available, which in turn increases the proportion on credit that you're using.
Methodology
Cards were ranked based on the net value of the welcome offer, which was calculated as:
The value of the welcome offer, minus
The annual fee
When two cards had an equal welcome offer net value, we also took into account the speed and ease of earning the bonus, as well as other perks of the card.
The value of the welcome offer is calculated as the maximum value of the bonus points you can earn based on assuming the required spending threshold will be met. We have not included any additional perks in assessing the value of the sign-up bonus, such as airport lounge passes, as not everyone will make full use of all perks so the value varies from person to person.
The views expressed in this post are based on Borrowell’s opinions and we did not accept sponsorships or compensation in exchange for placement on this list. While we may receive a referral fee if a Borrowell member signs up for one of the products recommended on this page, this didn’t influence the ranking. We are committed to empowering Canadians with the impartial information they need to make great financial decisions.