Canada’s 28 Best Credit Card Offers for October 2022

If you’re in the market for a new credit card, it’s important to consider the welcome bonus that the credit card is offering. This is a one-time incentive to encourage you to apply for the card, only available in your first year with the card.

The signup bonus is a big part of the value you’ll get from a new credit card, above and beyond its core features, at least in the first year. Often the signup bonus will influence your decision to apply, perhaps even more strongly than the card’s other qualities.

Here are the best credit card offers in Canada for October 2022.

What’s Happening This Month?

Here’s a summary of some of this month’s highlights, including elevated bonuses and key deadlines to be aware of:

Methodology

This list is an opinionated ranking of the best credit card offers in Canada, based on a few key factors that we use to evaluate the appeal of a signup bonus.

First and foremost, we look at the net value you can expect to earn when you apply for the card. This is the value of any first-year bonuses, rebates, and deals, minus annual fees. Rewards points are adjusted to a cash value based on our Points Valuations.

Next, we consider how easy it is to earn the welcome bonus. Cards may get a boost for a low spending requirement, or a long timeline to meet the spending threshold to qualify for the bonus. Meanwhile, they may get dinged for a high spending requirement, merchant category spending requirements, or drawn-out recurring monthly requirements.

All else being equal, we prefer cards with low annual fees. Any card with a first-year annual fee waiver, offering a bonus above a certain value, is a candidate for this list. However, the total first-year value of the offer is a bigger factor, as you can earn points faster and still come out ahead by paying high annual fees for cards with larger signup bonuses.

Finally, we may give a card a slight boost if its offer is significantly better than usual, or if we like the long-term features of the card. However, this list is mostly determined by what you can gain in the first year with a new credit card, compared to other deals available now.

Business Platinum Card from American Express

Not surprisingly, the Business Platinum Card from American Express is the cream of the crop. It’s currently offering a bonus of 120,000 Membership Rewards points, the largest signup bonus ever in Canada.

While this premium Amex card comes with a high annual fee, it’s well worth it, as it will easily be offset by the value of the humongous signup bonus. Plus, you may even find long-term value in keeping the card thanks to its best-in-class perks, including extensive lounge access, comprehensive travel insurance, and generous refer-a-friend bonuses.

The only drawback is the high spending requirement, so if you can’t spend $10,000 in three months, you’ll want to give this one a pass. Otherwise, it’s without a doubt the best place to start.

American Express Platinum Card (Ending Soon!)

Not far behind is the personal Platinum Card. The total bonus points are almost as many as the Business Platinum Card, but with a lower spending requirement.

To earn the full bonus, you have to do a portion of the spending on eats & drinks, but this shouldn’t be too much of a hassle for most applicants.

Apply before October 26, 2022 to take advantage of this offer.

American Express Aeroplan Reserve Card (Ending Soon!)

The American Express Aeroplan Reserve Card offers a similar bonus as the Platinum Card. However, with a monthly spending requirement, you do have to make sure you hit the threshold in each of the first six months to achieve the full bonus.

With the welcome bonuses separated by a hair, the choice between a premium Aeroplan card or a Platinum card will likely come down to your preference for all-around travel benefits or staunch Air Canada loyalty.

Apply before October 26, 2022 to take advantage of this offer.

TD Aeroplan Visa Infinite Privilege Card

TD’s premium Aeroplan card is offering a strong bonus on par with its Amex counterpart.

As a plus, there’s no monthly requirement to keep track of. Instead, the total required spending is quite high, at $12,000, but this is mitigated by the fact that you have a full year to meet this threshold.

Between a historically high points total and a relatively straightforward spending requirement, now would be a great time to apply for this card.

American Express Aeroplan Business Reserve Card

The business variant of Amex’s premium Aeroplan card is actually offering a higher first-year value.

However, instead of an eats & drinks component, you’ll have to hit part of the spending requirement with select travel purchases, which may not fit your spending patterns as easily.

If that suits your needs, this card would be an excellent choice. If not, though, the total points you’d earn might be lower, and a premium personal card would be a better fit.

American Express Gold Rewards Card (Ending Soon!)

The American Express Gold Rewards Card is offering a high bonus, at 75,000 Membership Rewards points.

While part of the spending requirement is on eats & drinks, this convenient category shouldn’t be too much of a hassle. It’s easily made up for by the $3,000 spending requirement, which is quite low for a bonus that high.

Considering the credits offered on the card, the Gold Rewards Card leads the pack of mid-tier credit card offers.

Apply before October 26, 2022 to take advantage of this offer.

American Express Business Gold Rewards Card

The American Express Business Gold Rewards Card is also offering a very strong bonus. At 75,000 Membership Rewards points, this offer is the standard high-water mark for this card.

It’s simple to earn the bonus, with a spending requirement of $5,000 in three months on any category of purchases. It’s a toss-up between this card and the personal Gold Rewards Card, but the business variant more routinely offers 75,000 points, whereas the personal card’s high offer is not as common, and should be prioritized at this time.

American Express Aeroplan Card (Ending Soon!)

The American Express Aeroplan Card is yet another mid-tier Amex offering 75,000 points.

Despite its lower annual fee, the spending requirements are a bit complex. While the value of the offer is extremely strong, I’d sooner choose an MR card to earn points in a more straightforward manner, or a premium Aeroplan card for better benefits.

Apply before October 26, 2022 to take advantage of this offer.

American Express Business Edge Card

Next in line is the American Express Business Edge Card.

While the annual fee is only $99, the offer isn’t quite as strong as it appears. You’ll face the same $5,000 spending requirement as the Business Gold Rewards Card, to earn only 65,000 MR points.

Note that you’ll need to sustain spending of $3,000 per month to earn the final 12,000 MR points, a prospect which I’d recommend forgoing in favour of better ways to earn points on other cards. Therefore, the Business Edge Card should be the last Amex MR card that you consider if your priority is the signup bonus.

RBC Avion Visa Infinite (Ending Soon!)

Departing now from the Aeroplan ecosystem, the RBC Avion cards are all offering elevated bonuses right now.

You can earn 55,000 Avion points upon spending $5,000 in the first six months. That’s by far the highest bonus we’ve ever seen on the card. While the spending requirement is high, you’ll have a long timeframe to meet it.

While you’ll earn more points more quickly with Amex cards and Aeroplan points, RBC Avion cards are a great way to expand into the Oneworld airline alliance. You can use your Avion points to supplement your Amex MR transfer to British Airways Avios or Cathay Pacific Asia Miles, or for the unique ability to convert to American AAdvantage miles.

Apply before October 31, 2022 to take advantage of this offer.

RBC Avion Visa Platinum (Ending Soon!)

If your income doesn’t qualify for the RBC Avion Visa Infinite, you can also apply for the RBC Avion Visa Platinum, with the same offer and perks.

Apply before October 31, 2022 to take advantage of this offer.

TD Aeroplan Visa Infinite Card

The TD Aeroplan Visa Infinite Card is routinely one of our favourite mid-tier Aeroplan cards.

Like its premium counterpart, it’s currently offering a high points bonus. While the spending requirement is high, it’s also spread out over a full year, so you should have no trouble reaching it.

Also, the card is offering a first-year annual fee waiver, a common and popular feature of its signup bonus.

RBC Avion Visa Infinite Privilege (Ending Soon!)

Like its junior counterparts, RBC’s top-tier Avion card is offering 55,000 Avion points upon spending $5,000 in the first six months.

This card is knocked down the list for offering the same number of points at a higher annual fee. It’s still a very strong value proposition in spite of the increased costs, but it wouldn’t be my first choice for an Avion card at this time.

Apply before October 31, 2022 to take advantage of this offer.

RBC British Airways Visa Infinite

RBC has also boosted the offer on its British Airways co-branded card. While the value is quite strong, the spending requirement is higher and on a shorter timeframe than the Avion cards.

Also, Avios are harder to use and more restrictive than Avion points. As Avion can be transferred 1:1 to Avios, I’d always opt for flexibility first, and only apply for the more limited card after exhausting other options.

CIBC Aeroplan Visa Business Card

CIBC is the only Aeroplan partner currently offering a Buddy Pass, featured on the signup bonus for the CIBC Aeroplan Visa Business Card.

Since the opportunity to convert the Buddy Pass into Aeroplan points has ended, however, its value has become less clear and more situational.

Still, the card has a first-year annual fee waiver and a reasonable spending requirement. Even without considering the Buddy Pass, you could do a lot worse for a new business credit card.

TD Aeroplan Visa Business Card

TD’s offer on its Aeroplan business card is similar, in the sense that part of it is quite appealing, while the rest is questionable and less achievable.

You can earn the first 30,000 points upon spending $5,000 in the first three months, a slightly steeper requirement than on CIBC’s counterpart.

For the remaining 30,000 points, you’d have to sustain $5,000 spent each month for a full year. For a situational spender seeking to optimize signup bonuses, I’d venture that even the situational value of a Buddy Pass has more upside than a steep ongoing spending requirement.

HSBC World Elite Mastercard

The HSBC World Elite Mastercard is a good option, even when its signup offer is lower.

Currently it’s offering 80,000 points, but only 60,000 are awarded in the first year. Unfortunately this seems to be becoming the norm, and thankfully the $100 annual travel credit makes it worth it to keep the card until you’ve earned the full bonus.

Instead, it’s one of our favourite keeper cards. It’s one of the few credit cards in Canada with no foreign transaction fees, features the aforementioned annual travel credit, and HSBC Rewards are the only Canadian bank program to transfer to Singapore KrisFlyer.

MBNA Alaska Airlines World Elite Mastercard

The MBNA Alaska Airlines cards are a great way to earn Alaska miles, a high-value points currency that can be used for many desirable sweet spots in luxury cabins.

While the signup bonus pales in comparison to transferable rewards, at 30,000 miles, the perennially-low spending requirement and annual fee make it too good to pass up, especially with a dearth of other ways to accumulate Alaska miles.

This card’s ranking is only hurt by its overall value, but it should be a key part of your strategy if you’re looking to accumulate towards an Alaska Mileage Plan redemption.

American Express Cobalt Card

The American Express Cobalt Card is a favourite for everyday earning, with an unbeatable 5x rate on groceries and restaurants. The card is arguably more attractive for its keeper appeal than it is for its signup bonus.

Still, the value of the welcome offer is worth applying for, even without an elevated bonus. There’s never a bad time to add a Cobalt Card to your rotation.

CIBC Aeroplan Visa Infinite Card

With the usefulness of the Buddy Pass is up for debate, CIBC’s mid-tier Aeroplan card gets knocked down the list. Still, the value of the Aeroplan points you’ll earn can’t be dismissed, and there’s no downside as the card has a low spending requirement and no first year annual fee.

RBC Cathay Pacific Visa Platinum

A secondary priority, the RBC Cathay Pacific Visa Platinum offers good value on paper. However, it’s more of a niche card, with higher spending requirements and a lower signup bonus than the RBC Avion cards, which would be a more efficient way to earn towards your Asia Miles goals.

Marriott Bonvoy American Express Card (Ending Soon!)

The Marriott Bonvoy cards are currently offering relatively strong welcome bonuses compared to usual, objectively good offers in a crowded marketplace.

However, the cards struggle to rank higher due to the middling value of the Bonvoy program. It’s getting harder to extract the full value of the points unless you have a specific redemption in mind.

Apply before October 26, 2022 to take advantage of this offer.

Marriott Bonvoy Business American Express Card

The business variant of Amex’s Bonvoy cards takes a minor hit compared to the personal card, as it lacks a signup bonus component on groceries, and has a slightly higher annual fee.

TD First Class Travel Visa Infinite Card (Ending Soon!)

TD’s in-house rewards cards make for a great stat-padder when you’re looking for general travel value, outside of airline or hotel loyalty programs. Right now, the card’s welcome offer is at its highest ever, at 100,000 points, worth $500.

Apply before October 29, 2022 to take advantage of this offer.

RBC Avion Visa Infinite Business

The RBC Avion Visa Infinite Business card has an elevated bonus right now, good for 35,000 Avion points.

As a big plus, the card has no spending requirement. With a reasonable annual fee for a high-end business credit card, it’s a valuable way to boost your Avion balance.

You’ll likely need to have a registered business with documentation to be approved for an RBC business credit card.

TD Business Travel Visa Card

As you continue to amass TD Rewards points, the TD Business Travel Visa Card is a good choice when the offer is relatively strong.

Right now, the offer is broken down into two parts: the first bonus upon spending $5,000, and a second component upon spending $5,000 each month.

Assuming you ignore the second part, the initial points are worth $450, a worthwhile endeavour for the spend if you’re out of better options.

Scotiabank Gold American Express Card (Ending Soon!)

Like the Cobalt Card, the Scotiabank Gold American Express Card is known more for its keeper prowess than for its signup offers. You’ll earn 5x points on groceries and restaurants, or 6x points at Empire grocery stores.

The welcome bonus is modest, currently offering 20,000 Scene+ points with low spending, or a total of 40,000 points with higher spending. The first year annual fee waiver is also a nice perk.

As these points are not transferable to loyalty programs and are only good for general travel expenses at fixed value, the Cobalt Card is a much better first choice. Likewise, though, there’s never a bad time to get this card.

Apply before October 31, 2022 to take advantage of this offer.

TD Aeroplan Visa Platinum Card

With a signup bonus of 20,000 Aeroplan points, no first-year annual fee, and a low income requirement, this card is one of the better ways for beginners early in their credit journey to begin collecting meaningful sums of Aeroplan points.

If you’re just getting your feet wet with high annual fees, and can’t be approved for higher-income cards, this card is as good a starting point as they come.

Conclusion

We hope that this list will help guide you as you select your next card application, with an emphasis on the value of the signup bonus.

Feel free to view all credit cards to sort and filter by your own criteria as you compare other options. You can also book a Points Consulting call with the Prince of Travel team if you’d like some personalized advice.

This is a recurring article, regularly updated with the latest promotion. Some comments may refer to past promotions that are no longer available.
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