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Greatest debit card rewards in Canada 2022


Bank cards have at all times had the soar on widespread acceptance when travelling, and, in fact, noteworthy rewards like merchandise and money again, however a choose few debit playing cards have rewards, too. And whereas we’ve but to see a debit card that provides complimentary journey insurance coverage or lounge entry, there are just a few available on the market that supply some fairly slick rewards.

Whether or not you’ve unfavorable credit ratings or no credit score, otherwise you simply want to spend cash straight out of your chequing account, these are the playing cards to think about in case you’d wish to earn rewards, too.

Greatest for PC Optimum factors

PC Cash Account

This “cash account” is positioned as an alternative choice to debit or credit score for on a regular basis spending, but it surely capabilities kind of like a debit card. You’ll be able to fund it by way of e-Switch from one other monetary establishment and use it to pay payments (together with pre-authorized withdrawals), switch funds between banks, and store. You may also use it when travelling overseas, because it’s accepted all over the place Mastercard is (very extensively). The one issues you possibly can’t do with it are writing and depositing cheques—and, since you possibly can solely use it the place Mastercard is accepted, debit-only institutions are a no-go. That stated, we’ve included this card on our record due to its incomes potential. This no-fee account is nice for individuals who spend at Consumers Drug Mart and Loblaws banner shops however don’t wish to go together with a PC Monetary Mastercard. You’ll earn 10 Optimum factors per greenback spent wherever—not simply in these shops. While you do spend at Consumers, you’ll get an accelerated charge of as much as 25 factors per greenback. Plus, there’s a welcome supply that may financial institution you as much as 200,000 Optimum factors. 

  • Month-to-month price: $0
  • Welcome supply: You’ll be able to earn as much as 200,000 Optimum factors ($200 worth) once you open an account. You’ll earn the primary 20,000 factors once you fund the account with over $150. Then, you’ll earn 10% again in factors in your first $1,300 price of purchases at Loblaws banner shops (as much as 130,000 factors). Lastly, get 50,000 once you refer two associates.
  • Transactions: Limitless
  • Interac e-Transfers: Limitless
  • Rewards: Earn 10 Optimum factors per $1 spent at Loblaws banner shops, as much as 25 factors per $1 at Consumers Drug Mart, 10 factors per $1 all over the place else.

Greatest for Scene+ factors

Scotiabank Final Package deal

This all-inclusive chequing account goals to make on a regular basis banking straightforward. Whereas the account price is $30.95 a month (type of steep for a checking account), that price could be waived in case you preserve a steadiness of $5,000. That stated, a variety of the extras that banks sometimes cost for are included in that price ticket—you get limitless transactions and Interac e-Transfers, free customized cheques and drafts, free international ABM withdrawals, and even a security deposit field. The account has no overdraft safety charges, both. This card additionally comes with a hefty $300 welcome bonus that’s deposited instantly into your account once you arrange issues like invoice funds and payroll deposits (particulars beneath). However what actually makes this card stand out is the flexibility to earn Scene+ factors, which you need to use for motion pictures but additionally journey, leisure, reward playing cards and eating.

  • Month-to-month price: $30.95 (waived if $5,000 steadiness is maintained)
  • Welcome supply: You’ll be able to earn a $300 welcome bonus once you open an account by Sept. 30, 2022. The bonus will probably be deposited into your account inside 6 months of the open date in case you do two of the next: Make an eligible $50 invoice fee by way of on-line or cell banking, arrange and clear not less than 2 eligible recurring pre-authorized transactions of $50 or extra that may recur month-to-month for 3 consecutive months, or arrange and clear not less than 1 eligible and automatic recurring direct deposit, like payroll or pension, that may recur month-to-month for at least 3 months.
  • Transactions: Limitless
    Interac e-Transfers: Limitless
  • Rewards: Earn 1 Scene+ level for each $5 spent on on a regular basis purchases and 1 Scene+ level for each $1 spent at Cineplex.

Greatest for Air Miles

BMO Air Miles Chequing Account

When you’re an Air Miles collector, you possibly can earn factors when you do your on a regular basis spending with this debit card. This streamlined account has a small month-to-month price, but it surely provides limitless transactions and e-Transfers. Most notably, you’ll earn 1 Air Mile for each $30 you spend in your debit card. These Air Miles can be utilized in the direction of journey, purchasing, leisure, e-vouchers and occasions.

  • Month-to-month price: $16.95
  • Welcome supply: None
  • Transactions: Limitless
  • Interac e-Transfers: Limitless
  • Rewards: Earn 1 Mile for each $30 spent along with your debit card. You’ll get 25 bonus miles each month in case you even have a BMO Air Miles World Mastercard or BMO Air Miles World Elite Mastercard. 

Greatest for college kids

Scotiabank Pupil Banking Benefit Plan

When you’re a scholar, you in all probability don’t have additional money to toss out for financial institution charges. This scholar account prices $0 once you’re enrolled full-time in a post-secondary establishment in Canada or the U.S. Plus, it helps you earn Scene+ factors, which might make film nights, and likewise journeys, merchandise, dinners and leisure, extra reasonably priced, too.

  • Month-to-month price: $0 
  • Welcome supply: A $75 bonus will probably be deposited instantly into your account once you open a brand new account by July 31, 2022. With a purpose to obtain the bonus, you could both arrange and clear not less than one eligible automated and recurring deposit (like payroll) or arrange and clear not less than two eligible recurring pre-authorized funds (minimal $25, and should happen for 3 consecutive months) within the first 60 days.
  • Transactions: Limitless
  • Interac e-Transfers: Limitless
  • Rewards: Earn 1 Scene+ level for each $5 spent wherever and 1 Scene+ level for each $1 spent at Cineplex.

Greatest for money again

KOHO Pay as you go Mastercard*

When you’re in search of the perfect money again debit card in Canada, this full-service account is it. Whereas not technically a debit account, it capabilities as such. You’ll be able to load a predetermined quantity of spending cash onto your card every month and begin incomes 0.5% money again (or extra) in your common, on a regular basis spending. Not solely will you get 1.2% curiosity on the spending and financial savings accounts, however the card provides a RoundUp characteristic, which tallies up purchases to the closest quantity of your selecting ($1, $2, $5 or $10) and sends that cash into your financial savings. You’ll additionally get entry to $100 of your subsequent paycheque as much as 3 days earlier than it’s deposited, and the account options spending insights that will help you hold observe of your funds. And, for individuals who want a bit extra hands-on assist, Koho provides monetary teaching. It additionally prides itself on having no hidden charges—like account charges, curiosity costs or non-sufficient funds (NSF) charges.

  • Month-to-month price: $0 
  • Welcome supply: None
  • Transactions: Limitless
  • Interac e-Transfers: Limitless
  • Rewards: 0.5% money again on all purchases with additional money again at choose retailers 
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