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Greatest rewards debit playing cards in Canada for 2023

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MoneySense is an award-winning journal, serving to Canadians navigate cash issues since 1999. Our editorial crew of skilled journalists works carefully with main private finance specialists in Canada. That will help you discover the very best monetary merchandise, we examine the choices from over 12 main establishments, together with banks, credit score unions and card issuers. Be taught extra about our promoting and trusted companions.

The most effective rewards debit playing cards in additional element

Debit playing cards can pack a severe punch as a cost methodology: you possibly can select from a big choice of no-fee chequing accounts, debit playing cards assist preserve spending in test and, in fact, they don’t cost curiosity. However is there a debit card with rewards? Surprisingly, sure!

Bank cards have at all times had the leap 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 gives complimentary journey insurance coverage or lounge entry, there are a number of available on the market that provide some fairly slick rewards.

Whether or not you will have spotty credit or no credit score, otherwise you simply favor to spend cash straight out of your chequing account, these are the playing cards to think about should 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 roughly like a debit card. You may fund it by means 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 can too use it when travelling overseas, because it’s accepted in all places 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 listing due to its incomes potential. This no-fee account is nice for many who spend at Consumers Drug Mart and Loblaws banner shops however don’t need to go along with a PC Monetary Mastercard. You’ll earn 10 Optimum factors per greenback spent anyplace—not simply in these shops. If you do spend at Consumers, you’ll get an accelerated fee 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 charge: $0
  • Welcome supply: You may 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 value of purchases at Loblaws banner shops (as much as 130,000 factors). Lastly, get 50,000 once you refer two mates.
  • 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 in all places else.

Greatest for Scene+ factors

Scotiabank Final Bundle*

This all-inclusive chequing account goals to make on a regular basis banking straightforward. Whereas the account charge is $30.95 a month (form of steep for a checking account), that charge will be waived should you keep 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 debit transactions and Interac e-Transfers, free customized cheques and drafts, free world ABM withdrawals, and even a security deposit field. The account has no overdraft safety charges, both. This card additionally comes with a hefty $350 welcome bonus that’s deposited immediately 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 should utilize for motion pictures but additionally journey, leisure, present playing cards and eating.

  • Month-to-month charge: $30.95 (waived if $5,000 steadiness is maintained)
  • Welcome supply: You may earn a $350 welcome bonus should you open an account by July 31, 2023. The bonus will probably be deposited into your account inside six months of the open date should you do two of the next: Make an eligible $50 invoice cost by means of on-line or cell banking, arrange and clear at the least 2 eligible recurring pre-authorized transactions of $50 or extra that may recur month-to-month for 3 consecutive months, or arrange and clear at the least 1 eligible and automatic recurring direct deposit, like payroll or pension, that may recur month-to-month for at least 3 months. Earn a financial savings fee of as much as 5% in your Final Bundle MomentumPLUS Financial savings Account for the primary 5 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

Should 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 charge, but it surely affords 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, buying, leisure, e-vouchers and occasions.

  • Month-to-month charge: $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 should you even have a BMO Air Miles World Mastercard or BMO Air Miles World Elite Mastercard. 

Greatest for college students

Scotiabank Pupil Banking Benefit Plan*

Should you’re a pupil, you most likely don’t have additional money to toss out for financial institution charges. This pupil 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 may make film nights, and in addition journeys, merchandise, dinners and leisure, extra reasonably priced, too.

  • Month-to-month charge: $0 
  • Welcome supply: A $75 bonus will probably be deposited immediately into your account once you open a brand new account by January 31, 2023. With a purpose to obtain the bonus, you could both arrange and clear at the least one eligible automated and recurring deposit (like payroll) or arrange and clear at the least one eligible recurring pre-authorized cost (should happen for 2 consecutive months) within the first 60 days.
  • Transactions: Limitless
  • Interac e-Transfers: Limitless
  • Rewards: Earn 1 Scene+ level for each $5 spent anyplace and 1 Scene+ level for each $1 spent at Cineplex.

Greatest for money again

Koho Straightforward*

Should you’re in search of the very best money again debit card in Canada, this full-service account is it. Whereas not technically a debit account, it capabilities as such. You may load a predetermined quantity of spending cash onto your card every month and begin incomes 1% money again (or extra) in your common, on a regular basis spending. Not solely will you get 0.5% curiosity on the spending and financial savings accounts, however the card affords 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 can assist you preserve observe of your funds. And, for many who want a bit extra hands-on assist, Koho affords free monetary teaching should you pay for the Credit score Constructing plan ($10 monthly). It additionally prides itself on having no hidden charges—like account charges, curiosity fees or non-sufficient funds (NSF) charges.

  • Month-to-month charge: $0 
  • Welcome supply: 1% money again on groceries and transportation
  • Transactions: Limitless
  • Interac e-Transfers: Limitless (day by day most quantity: $3,000)
  • Rewards: 1% money again on payments, providers, and groceries; as much as 5% again at choose retailers 

Watch: 5 causes to swap your debit card for a pay as you go money again card

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