Best Credit Card Deals and Offers in Canada for Aug 2022

Learn about the best credit card deals in Canada right now, including the highest sign-up bonuses and promotional offers.

When you are in the market for one of Canada’s best credit cards, it helps to snag the top welcome bonuses at the same time.

Read on for the best credit card offers this month.

Best Credit Card Deals in Canada For 2022

Credit CardWelcome DealAnnual FeeApply
Tangerine Money-Back Card15% bonus cash back in first 2 months ($150 value); 1.95% balance transfer for 6 months$0Apply
Scotiabank Gold American ExpressUp to 40,000 points ($400 value)$120Apply
Scotiabank Momentum Visa Infinite10% cash back in first 3 months ($200 value)$120Apply
SimplyCash Preferred Card from Amex10% cash back in first 4 months ($450 value)$99Apply
American Express Cobalt CardUp to 30,000 points ($300 value)$155.88Apply
KOHO Prepaid Card$20 welcome bonus$0Apply
Neo Mastercard$25 bonus; Up to 5% cash back$0Apply
Tangerine World Mastercard15% bonus cash back in first 2 months ($150 value); 1.95% balance transfer for 6 months$0Apply
Marriott Bonvoy American ExpressUp to 65,000 points ($650 value)$120Apply
American Express Aeroplan CardUp to 70,000 points        $120Apply

Tangerine Money-Back Mastercard

  • Annual fee: $0
  • Welcome offer: 15% cash back in the first 2 months, up to $1,000
  • Income requirement: $12,000

The Tangerine Money-Back Credit Card is one of the best no-annual-fee cash back credit cards in Canada.

When you sign up for the card, you receive a bonus 15% cash back on the first $1,000 spent in your first 2 months, for a $150 value.

This card has no annual fee to worry about, and approval is easy with a ‘good’ credit score requirement and a low minimum annual income of $12,000.

The Tangerine Money-Back Credit Card pays 2% unlimited cash back on two categories of spending, and you can choose a third 2% category if you deposit your cash back rewards into a free Tangerine savings account.

The 2% cash back categories include:

  • Grocery
  • Gas
  • Restaurants
  • Recurring bill payments
  • Entertainment
  • Public transportation and parking
  • Hotel and motel
  • Drugstore
  • Home improvement

All other purchases earn cash back at a 0.50% rate.

If you have a credit card balance on your other cards, you can transfer them to this Tangerine card at a 1.95% interest rate for 6 months (a 1% transfer fee applies).

Tangerine Money-Back Credit Card

Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.

Welcome offer: Get an extra 15% cash back on up to $1,000 in spending in the first 2 months ($150 value).

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Annual fee: $0

Scotiabank Gold American Express

  • Annual fee: $120
  • Welcome offer: 40,000 points
  • Income requirement: $12,000

The Scotiabank Gold Amex Card offers 20,000 points when you spend at least $1,000 in your first 3 months ($200 value). You also get an extra 20,000 points ($200 value) after spending at least $7,500 in the first year.

This card is one of a few that waives foreign currency conversion fees.

Cardholders earn 5x points per $1 spent on groceries, restaurants, and fast food; 3x points on gas and daily transit; 1x point on all other purchases.

It also provides comprehensive insurance benefits (9 types), a discounted Priority Pass membership, and other VIP perks.

Learn more in this review.

Scotiabank Gold American Express

Rewards: Earn 5x Scene+ points/$1 on grocery, restaurants, food delivery; 3x points/$1 in gas & travel; 1x points/$1 everything else.

Welcome offer: Get up to 40,000 points ($400 value).

Interest rates: 19.99% on purchases; 22.99% on cash advances.

Annual fee: $120

Scotiabank Momentum Visa Infinite Card

  • Annual fee: $120
  • Welcome offer: 10% cash back in the first 3 months ($200 value)
  • Income requirement: $60,000

For a credit card bonus deal that’s all about earning cash back, check out the Scotiabank Momentum Visa Infinite Card.

You earn 10% cash back on all purchases for the first 3 months up to a maximum of $2,000 spend.

After the promo ends, you earn:

  • 4% cash back on groceries and recurring bill payments
  • 2% cash back on gas and daily transit
  • 1% cash back on all other purchases

This card also provides extensive travel insurance benefits with 9 types, including mobile device insurance.

Learn more in this review.

Scotiabank Momentum Visa Infinite Card

Rewards: Earn 4% cashback on groceries & recurring bills; 2% cashback on gas & daily transit; 1% cashback on everything else.

Welcome offer: Earn 10% cashback in the first 3 months on up to $2,000 spent ($200 value).

Interest rates: 20.99% on purchases; 22.99% on cash advances.

Annual fee: $120

KOHO Prepaid Card

  • Annual fee: $0
  • Welcome offer: $20
  • Income requirement: N/A

While the KOHO Prepaid Card is not a credit card, its cash back earn rates makes it a worthwhile addition to any wallet.

You earn 0.50% cash back on all purchases and up to 5% cash back at select retailers and brands.

New cardholders get a $20 bonus after loading the card for the first time and making a purchase.

In addition to cash back, the card also offers unlimited free debit transactions, bill payments, and Interac e-Transfers.

If you set up a direct deposit of your paycheque to KOHO, you earn 1.20% interest rate on your entire balance. You can also access $100 of your payroll 3-days early.

For even higher cash back (2%) on restaurants, groceries, gas, and transit, you can opt for KOHO Premium and pay an $84 annual fee or $9 per month.

Learn about the top prepaid cards in Canada.

KOHO Prepaid Mastercard (formerly KOHO Visa)

Rewards: Earn 0.50% cash back on all purchases; Up to 5% cashback at select partners; Earn 1.20% savings interest on your balance*.

Welcome offer: Get a $20 bonus when you load and make your first purchase (use promo code CASHBACK during sign-up).

Interest rates: 0%

Annual fee: $0

Neo Mastercard

  • Annual fee: $0
  • Welcome offer: $25 sign up bonus
  • Income requirement: N/A

The Neo Mastercard is one of the top credit card deals on my list for its combination of rewards, promotional offer, and ease of application.

New cardholders get a $25 cash bonus when they join here.

In addition, the card pays 5% cash back on average at Neo partner retailers (5,000+ locations) and a minimum 1% cash back rate on all spending (1% minimum top-up is limited to $5,000 spending each month.

If you are in need of a secured credit card, you can opt for the Neo Secured Mastercard and also earn rewards while paying no annual fees.

Learn more in this review.

Neo Mastercard (Standard)

Rewards: Average of 5% cash back at partners and a minimum of 1% cash back across all purchases

Welcome offer: Get 15% cash back on your first purchases; plus a $25 welcome cash bonus.

Interest rates: 19.99% – 24.99% on purchases; 21.99% – 26.99% for cash advances.

Annual fee: $0

SimplyCash Preferred Card from American Express

  • Annual fee: $99
  • Welcome offer: 10% cash back in the first 4 months ($400 value)
  • Income requirement: N/A

The SimplyCash Preferred Card from Amex is a top credit card for earning cash back rewards.

It also has one of the best credit card deals in Canada at the moment, with up to $400 up for grabs.

After the promotional period ends, you continue to earn an unlimited 2% cash back on all purchases, which places this card firmly in the top echelon of cash back credit cards.

In addition, cardholders enjoy access to comprehensive travel insurance benefits (7 types) and standard purchase protection, and extended warranty benefits.

Learn more about the card in this review.

SimplyCash Preferred Card from American Express

Rewards: Earn unlimited 2.00% cash back on all purchases.

Welcome offer: 10% cash back in your first 4 months (valued at $400).

Interest rates: 19.99% on purchases and 21.99% on cash advances.

Annual fee: $99

Tangerine World Mastercard

  • Annual fee: $0
  • Welcome offer: 15% cash back in the first 2 months ($150 value)
  • Income requirement: $60,000

If you earn more than $12,000 per year, you can apply for the Tangerine World Mastercard instead of the Tangerine Money-Back Credit Card.

This card offers the same 2% and 0.50% cash back rates as its entry-level counterpart.

In addition to this, you get a complimentary membership in Mastercard Airport Experiences Provided by LoungeKey with access to 1,000+ airport lounges; mobile device insurance, rental car insurance, and other VIP perks.

You can read our comparison of the two cards here.

Tangerine World Mastercard

Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases; VIP perks.

Welcome offer: Get an extra 15% cash back on up to $1,000 in spending in the first 2 months ($150 value).

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Annual fee: $0

American Express Cobalt Card

  • Annual fee: $155.88
  • Welcome offer: Up to 30,000 points
  • Income requirement: N/A

The American Express Cobalt Card is a top travel reward credit card.

Cardholders earn 2,500 points each month they spend at least $500 for a total of 30,000 points in the first year ($300 value).

Even better than the bonus points is the earn rate this card offers on everyday purchases, including 5x points on food and drinks at restaurants and food delivery; 3x points on streaming subscriptions; 2x points on travel, and 1x point on everything else.

The Amex Cobalt Card offers mobile device insurance, comprehensive travel insurance coverage (7 types), and many other premium perks.

Learn more in this detailed review.

American Express Cobalt Card

Rewards: Earn 5x pts per $1 spent on food & drinks; 3x pts on streaming subscriptions; 2x pts on travel; 1x pts everywhere else.

Welcome offer: Get up to 30,000 bonus points in the first year.

Interest rates: 20.99% on purchases and 21.99% on cash advances.

Annual fee: $155.88

Marriott Bonvoy American Express Card

  • Annual fee: $120
  • Welcome offer: 65,000 points + 5x the points on eligible food and drink purchases
  • Income requirement: N/A

The Marriot Bonvoy American Express Card is one of the best travel credit cards in Canada.

New cardholders earn 65,000 points after spending $1,500 in the first 3 months ($650 value). Plus, they get 5 points for every $1 spent on eats and drinks within the first 3 months, up to 10,000 points.

You earn 5x points on purchases at participating Marriott Bonvoy hotels and 2x points for every $1 spent on all other purchases.

Other perks include:

  • One free night after your card anniversary each year
  • 15 Elite Night credits each year
  • Complimentary upgrade to Gold Elite status when you spend $30,000 or more each year
  • Comprehensive travel insurance coverage
  • Exclusive American Express offers

Learn more in this review.

Marriott Bonvoy American Express Card

Rewards: Earn 5x the points on purchases at Marriott Bonvoy; 2x points everywhere else; 1 free night each year; Elite Night credits.

Welcome offer: Get up to 75,000 bonus points in the first year.

Interest rates: 19.99% on purchases and 21.99% on cash advances.

Annual fee: $120

American Express Aeroplan Card

  • Annual fee: $120
  • Welcome offer: 70,000 points
  • Income requirement: N/A

The American Express Aeroplan Card provides one of the highest credit card sign-up bonuses at the moment, with 70,000 Aeroplan points and other perks worth up to $1,500 in the first year.

To earn the 70,000 welcome bonus, you get:

  • 45,000 points after spending $3,000 in the first 3 months
  • 2,500 points each month you spend at least $500 for the first 6 months (up to 15,000 points)
  • 5x the points for every $1 spent on eligible food and drink purchases (tp to 10,000 points)

Cardholders earn 2 points on Air Canada purchases, 1.5x points on restaurants and food delivery purchases, and 1x point on everything else.

This card provides comprehensive travel insurance coverage (7 types), a free first checked bag, access to American Express Experiences, and more.

Learn more about the best Aeroplan credit cards.

American Express Aeroplan Card

Rewards: Earn 2x Aeroplan pts on Air Canada purchases; 1.5x pts dining & food delivery; 1x pts everywhere else; comprehensive travel insurance coverage.

Welcome offer: Get up to 70,000 bonus points in the first year.

Interest rates: Charge card (pay in full each month or 30% interest rate applies).

Annual fee: $120

Best Credit Card Deals and Promotions

When applying for a credit card, you should consider whether it has a good promotional offer as this can offset your annual fees for several years in some cases.

That said, a card’s promotional offer should not be your only consideration.

You should also compare the value of its rewards with other credit cards in the same category, the income required to qualify, interest rates, and more.

Best Credit Offers in August 2022

Earn up to 15% cash back for a limited time ($150 bonus)

One of the best no-fee credit cards in Canada.

Get 2% unlimited cash back on up to 3 purchase categories.

Get 0.5% unlimited cash back on all other purchases.

Get 15% bonus cash back in first 2 months ($150 value).

1.95% balance transfer offer for 6 months.

Get up to 5% cashback and grow your savings ($20 bonus)

Free prepaid reloadable Mastercard (use referral code CASHBACK during signup for $20 free).

Free budgeting app with automatic savings features.

Access to a portion of your paycheque 3 days early.

1.20% savings interest on every dollar balance.*

Compare the best personal loan rates in Canada

Get the best rates from multiple lenders.

Borrow up to $50,000 regardless of your credit score.

Pre-approvals are available in as fast as 5 minutes.

Low-interest rates start at 1.99% and terms from 4-60 months.

The NeoCard pays up to 5% cash back at select retailers

Get a $25 bonus when you apply for the Card.

Up to 5% cash back at participating stores.

No annual account fees and 1% minimum cash back guaranteed.

Guaranteed instant approval credit card.

Retirement 101 eBook - 3D

Author

Photo of author
Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  • Earn 0.50% cash back on all purchases and up to 5% at select retailers.
  • $20 welcome bonus.
  • 1.20% savings interest on your balance.*
*Limited time offer. Terms and conditions apply.
Best No Annual Fee Prepaid Cash Back Card
Best No Annual Fee Prepaid Cash Back Card
Get 0.50% cash back on all purchases and up to 5% at some retailers. $20 welcome bonus.
*Limited time offer. Terms and conditions apply.
0 Shares
Share
Pin
Tweet
WhatsApp
Reddit