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Which Credit Card Rewards Are Most Valuable in 2021?

TORONTO – February 4, 2021 – (

Finding the best Canadian credit card rewards depends on what you’re looking for and how you spend your money. Whatever card you choose should help you earn rewards for the purchases you’re already planning to make.

Whether you’re an endless explorer, cash collector, or superior student, there are credit card rewards designed for you. The key is finding the card that hits the sweet spot.

Identify what kind of spender you are

If you’re a frequent flyer or someone dreaming of their next getaway once travel restrictions are lifted, getting a travel rewards card might be your best option. You can earn points to redeem on things like vacation packages and cruises, and get access to special benefits like a free checked bag, lounges, and other priority airport services.

If you’re more of a homebody or don’t have any upcoming travel plans, a cash back card may be a better option. Some cards offer even higher bonus cash back rates on purchases in certain categories, like groceries and gas. As you may be continuing to spend more time at home during COVID-19, those boosts can help you save at the grocery store while you’re shopping there more than eating out.

Still in university and just getting your first credit card but aren’t sure where to turn? Don’t worry — there are cards for you, too. Student rewards cards can give you the best of both worlds of travel and cash back rewards. Student cards typically have no annual fee or minimum annual income as well as a low minimum credit limit, making them great for beginners. These cards are designed to help you build credit, but also they can provide cash back and travel rewards, just to a slightly lesser degree.

Is a welcome offer worth it?

Regardless of the type of spender you are, you may be able to find a rewards card with a big welcome offer.

While these can be tempting, make sure you’re not choosing a rewards card strictly for its welcome offer. The card should still have perks that align with your spending once the benefits of that offer expire. You should also choose a welcome offer that you’re likely to meet with your typical spending (or a few expected large purchases), rather than spending more strictly to get the welcome bonus.

Decide if you’re willing to pay an annual fee

The best rewards cards tend to have higher annual fees but, often, if you use your card right, you can more than make up for the cost in benefits and perks. Additionally, some cards with annual fees offer a rebate for the first year, which can give you a trial run to see if it’s worth paying for going forward. Many credit card issuers will allow you to downgrade to a card without an annual fee.

If you don’t want to pay an annual fee or feel like you can’t afford one, you can still find a great rewards card for cash back or travel. In this case, you may want to think more about the welcome offer or see if there are other ways to pick up extra points, like signing up for electronic statements or adding an authorized user.

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Which Credit Card Rewards Are Most Valuable in 2021?

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