Finest rewards debit playing cards in Canada for 2023

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

Bank cards have at all times had the bounce on widespread acceptance when travelling, and, after all, 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 couple of available on the market that provide some fairly slick rewards.

Whether or not you’ve unfavorable credit ratings or no credit score, otherwise you simply choose to spend cash straight out of your chequing account, these are the playing cards to contemplate in the event you’d prefer to earn rewards, too.

Finest 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, however it features roughly like a debit card. You possibly can fund it by 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 as well use it when travelling overseas, because it’s accepted in every single 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 checklist due to its incomes potential. This no-fee account is nice for many who spend at Customers 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. While you do spend at Customers, you’ll get an accelerated price 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 possibly can earn as much as 200,000 Optimum factors ($200 worth) if you open an account. You’ll earn the primary 20,000 factors if 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 if you refer two pals.
• 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 Customers Drug Mart, 10 factors per $1 in every single place else.

Finest 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 (type of steep for a checking account), that charge could be waived in the event you keep a steadiness of $5,000. That stated, lots of the extras that banks usually cost for are included in that price ticket—you get limitless debit transactions and Interac e-Transfers, free personalised 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 if you arrange issues like invoice funds and payroll deposits (particulars under). However what actually makes this card stand out is the flexibility to earn Scene+ factors, which you should utilize for motion pictures but in addition journey, leisure, present playing cards and eating.

• Month-to-month charge: $30.95 (waived if $5,000 steadiness is maintained)
• Welcome supply: You possibly can earn a $350 welcome bonus in the event you open an account by April 30, 2023. The bonus will probably be deposited into your account inside six months of the open date in the event you do two of the next: Make an eligible $50 invoice fee by on-line or cell banking, arrange and clear not less than 2 eligible recurring pre-authorized transactions of $50 or extra that can 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 can recur month-to-month for no less than 3 months. Earn a financial savings price of as much as 4.60% 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.

Finest for Air Miles

BMO Air Miles Chequing Account

If you happen to’re an Air Miles collector, you possibly can earn factors whilst you do your on a regular basis spending with this debit card. This streamlined account has a small month-to-month charge, however it presents 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 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 in the event you even have a BMO Air Miles World Mastercard or BMO Air Miles World Elite Mastercard. 

Finest for college students

Scotiabank Scholar Banking Benefit Plan*

If you happen to’re a pupil, you in all probability don’t have additional money to toss out for financial institution charges. This pupil account prices $0 if 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 likewise 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 if you open a brand new account by January 31, 2023. As a way to obtain the bonus, it’s essential to both arrange and clear not less than one eligible automated and recurring deposit (like payroll) or arrange and clear not less than one eligible recurring pre-authorized fee (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.

Finest for money again

KOHO Pay as you go Mastercard*

If you happen to’re searching for the perfect money again debit card in Canada, this full-service account is it. Whereas not technically a debit account, it features as such. You possibly can 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 presents 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 presents 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 charge: $0 
• Welcome supply: None
• Transactions: Limitless
• Interac e-Transfers: Limitless
• Rewards: 0.5% money again on all purchases and 5% additional money 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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