Thanks to some huge new bonus offers from American Express and Scotiabank plus some ongoing big time offers from TD, CIBC, and RBC for their airline co-brand cards we are now seeing a plethora of cards that bring big value from their welcome bonuses. If I can recall correctly in our 20 years of writing about credit cards and loyalty programs in Canada we have never seen this welcome bonus offers that are valued at $300 or more. Typically we may have 6 to 8 cards in that range but right now we have 15 cards whose true value of their welcome offers are $300 or higher.
By true value we look at the value of the welcome bonus points earned in the first and subtract the first year annual fee. Some cards don’t have annual fees in the first year so that boosts that value while others have portions of their welcome bonuses that are awarded upon or after your first anniversary with a card. We don’t take those anniversary bonuses into account as you would now have to also take into account the annual fee for the second year.We also don’t take into account limited time accelerated earn rates like we see on some of the American Express cards right now (10x points on eats and drinks for example) with one exception – the SimplyCash Preferred Card from American Express since welcome bonuses on cash back cards work differently than those on points cards. We also don’t take into account additional perks or benefits that cards offer like Nexus fees, airport lounge access passes etc. that we see some card companies build into their posted values. This is a strict look at the first year earn and burn value of the welcome offers.
Here are the 15 cards in the Canadian market right now that offer a minimum true value of $300 or more with their welcome offers. Remember these are minimum valuations – for some cards they will also be the maximum value (like Scotia) while others the value can go up from there. For example, with the Aeroplan cards we use a valuation of 1.5 cents per Aeroplan point. But if you read our latest article exploring the outsized value of the program we show an example where you can get 4.35 cents per point. That would make the #1 card have a value of $3,751 instead of $901! (In that article the value goes even higher but that takes into account the accelerated spend bonuses)
- American Express® Aeroplan®* Reserve Card
$901 in true value
Included in the value calculation:
– New American Express® Aeroplan®* Reserve
Cardmembers can earn 70,000 Aeroplan®* points after spending $6,000 in
purchases within the first 6 months of Cardmembership when you apply by August 3, 2021
– Plus, earn 5,000 Aeroplan®* points for each
monthly billing period in which you spend $1,000 in purchases on your
Card for the first 6 months of Cardmembership. That could add up to
30,000 Aeroplan®* points.
Not included in the value calculation:
– earn a total of 10X the points on eligible eats & drinks
purchases in Canada for the first 6 months of Cardmembership, up to a
maximum of 50,000 points
– Apply for this card here - American Express® Aeroplan®* Card
$630 in true value
Included in the value calculation:
– New American Express® Aeroplan®* Cardmembers,
earn 44,000 Aeroplan®* points after spending $3,000 in purchases within
the first 6 months of Cardmembership when you apply by August 3, 2021
– you can also earn 1,000 Aeroplan points for each monthly billing
period in which you spend $500 in purchases on your Card for the first
six months of Cardmembership. That could add up to 6,000 Aeroplan points
Not included in the value calculation:
– earn a total of 5X
the points on eligible eats & drinks purchases in Canada for the
first 6 months of Cardmembership, up to a maximum of 25,000 points
– Apply for this card here -
TD® Aeroplan® Visa Infinite* Card
$600 in true value
Included in the value calculation:– Earn a welcome bonus of 10,000 Aeroplan points when you make your first purchase with your new card.
– Earn 10,000 Aeroplan points when you spend $1,000 within 90 days of Account opening, up to a total of 20,000 points.
– Plus, get an annual fee rebate for the first year. To
receive the first-year annual fee rebate, you must activate your Card
and make your first Purchase on the Account within the first 3 months
after Account opening and you must add your Additional Cardholders by
August 17, 2021.
– Bring along a friend! As a new Cardholder, your bonus Buddy Pass can
score you a second ticket when you book an economy ticket. On the second
ticket, you only pay the taxes and third-party charges. You’ll receive
the one-time use pass when you spend $1,000 within 90 days of Account
opening, and you have a whole year to use it.
– Must apply by August 16 to receive the above offer
– Apply for this card here
- CIBC Aeroplan® Visa Infinite* Card
$600 in true value
Included in the value calculation:
– Earn 10,000 Aeroplan points when you make your first purchase.– Earn 10,000 bonus Aeroplan points when you spend $1,000 or more during the first 4 monthly statement periods.
– Plus, get a first year annual fee rebate
– Bring along a friend! As a new Cardholder, your bonus Buddy Pass can
score you a second ticket when you book an economy ticket. On the second
ticket, you only pay the taxes and third-party charges. You’ll receive the pass when you spend $1,000 or more on your card the during the first 4 monthly statement periods and have a whole year to use it.
– Apply for this card here - WestJet RBC World Elite Mastercard
$531 in true value
Included in the value calculation:
– Get 350 welcome WestJet dollars on your first purchase
– $0 companion fare if you apply by August 16. We value the companion fare $300 plus $350 welcome bonus less $119 annual fee equals the $531 valuation
Not included in the value calculation:
– The card is also offering 2x the
WestJet dollars on groceries, restaurants and food delivery (in the
first 3 months) which is not included in
– Apply for this card here - Marriott Bonvoy™ American Express® Card
$530 in true value
Included in the value calculation:
– New Marriott Bonvoy™ American Express® Cardmembers, earn 65,000
welcome bonus points after you charge $3,000 in net purchases to your
Card in your first 6 months of Cardmembership when you apply by August 3, 2021
Not included in the value calculation:
– earn a total of 5X the points on eligible eats & drinks
purchases in Canada for the first 6 months of Cardmembership, up to a
maximum of 25,000 points
– You can also earn 15,000 points when you make a purchase between 14 to 17 months of Cardmembership
– Apply for this card here - CIBC Aeroplan® Visa Infinite* Privilege Card
$526 in true value
Included in the value calculation:
– Earn 20,000 Aeroplan points when you make your first purchase
– Earn 25,000 Aeroplan points when you spend $3,000 or more during your first 4 monthly statement periods
– You can also earn an additional 2,500 Aeroplan points each monthly statement period in which you spend at least $2,000 in your first year. That’s up to 30,000 points.
– Apply for this card here - Scotia Gold American Express Card
$500 in true value
Included in the value calculation:
– Earn 30,000 bonus Scotia Rewards points by making at least $1,000 in everyday eligible purchases in your first 3 months from account opening– Plus, for a limited time, you are eligible to earn a 20,000 Scotia Rewards point bonus when you spend at least $7,500 in everyday eligible purchases in your first year.
– Plus, no annual fee in the first year, including on supplementary cards.
– Must apply by August 31 to receive the above offer
– Apply for this card here - TD® Aeroplan® Visa Infinite Privilege* Card
$451 in true value
Included in the value calculation:
– Earn a welcome bonus of 20,000 Aeroplan points when you make your first purchase with your new card.– Earn 30,000 Aeroplan points when you spend $1,000 within 90 days of Account opening, up to a total of 50,000 points
– Bring along a friend! As a new Cardholder, your bonus Buddy Pass can
score you a second ticket when you book an economy ticket. On the second
ticket, you only pay the taxes and third-party charges. You’ll receive
the one-time use pass when you spend $1,000 within 90 days of Account
opening, and you have a whole year to use it.
– Must apply by August 16 to receive the above offer
– Apply for this card here - Alaska Airlines World Elite® Mastercard®
$351 in true value
Included in the value calculation:
– 30,000 bonus miles after you
make $1,000 or more in eligible purchases within the first 90 days of
your account opening.
– Apply for this card here - CIBC Aventura® Visa Infinite* Card
$350 in true value
Included in the value calculation:
– Get 20,000 Aventura Points when you make your first purchase
– Also, in your first year you can also earn an additional 1,250 Aventura Points each monthly statement period in which you spend at least $1,000. That’s up to 15,000 points! – Pay no annual fee in the first year– Apply for this card here - CIBC Aventura® Gold Visa* Card
$350 in true value
Included in the value calculation:
– Get 20,000 Aventura Points when you make your first purchase
–
Also, in your first year you can also earn an additional 1,250 Aventura
Points each monthly statement period in which you spend at least
$1,000. That’s up to 15,000 points! – Pay no annual fee in the first year
– Apply for this card here. - SimplyCash™ Preferred Card from American Express
$301 in true value
Included in the value calculation:
– New SimplyCash™ Preferred Card from American
Express Cardmembers can earn 10% cash back on all eligible purchases
(up to $400 cash back) for the first 4 months of Cardmembership
– Apply for this card here - Scotiabank Passport Visa Infinite card
$300 in true value
Included in the value calculation:
– Earn 30,000 bonus Scotia Rewards points when you spend $1,000 in everyday eligible purchases in the first 3 months
– Plus, no annual fee in the first year, including on supplementary cards.
Not included in the value calculation:
– 5X Scotia Rewards points on Travel for the first 3 months (up to $2,500 in total travel purchases)
– Earn 10,000 bonus Scotia Rewards points when you spend at least $40,000 in everyday eligible purchases annually
– Must apply by October 31 to receive the above offer
– Apply for this card here - TD® Aeroplan® Visa Platinum Card
$300 in true value
Included in the value calculation:
– Earn a welcome bonus of 10,000 Aeroplan points when you make your first purchase with your new card– Earn 10,000 Aeroplan points when you spend $1,000 within 90 days of Account opening1, up to total of 20,000 points
– Plus, get an annual fee rebate for the first year..
– Must apply by August 16 to receive the above offers
– Apply for this card here
Wrapping it up
There you go – a long list of current Canadian rewards cards welcome offers that provide $300 or more value. Remember this is looking at earn and burn value and does not include addtional benefits, accelereated points earning and so on. Be sure to also take those into consideration when choosing a card but honestly you’ll be in a good place with any one of the above cards! Simply pick the one the will best suit your spending habits and how you want to be rewarded. For some of you it may mean going for cards from Scotia or the CIBC Aventura cards as you don’t want to lock into one airline or hotel program while for others it will be the opposite as you want to get the outsized value that can come from those indiviudal programs. The choice is yours and the good news is that if you choose one right now you’ll be getting in on some of the best welcome offers ever!
One should note there are aslo quite a few small business card offers that also provide $300 or more in value should you be in the market for a biz card. Most are business versions of many of the cards listed above.