Greatest rewards debit playing cards in Canada for 2023

Debit playing cards can pack a critical punch as a fee technique: you may select from a big choice of no-fee chequing accounts, debit playing cards assist hold spending in verify 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 soar 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 provides complimentary journey insurance coverage or lounge entry, there are just a few in the marketplace that provide some fairly slick rewards.

Whether or not you will have a bad credit score or no credit score, otherwise you simply want to spend cash straight out of your chequing account, these are the playing cards to contemplate in case you’d prefer 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, however it features kind of 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 may’t do with it are writing and depositing cheques—and, since you may solely use it the place Mastercard is accepted, debit-only institutions are a no-go. That mentioned, we’ve included this card on our listing due to its incomes potential. This no-fee account is nice for individuals who spend at Customers Drug Mart and Loblaws banner shops however don’t wish to go along with a PC Monetary Mastercard. You’ll earn 10 Optimum factors per greenback spent anyplace—not simply in these shops. Whenever you do spend at Customers, you’ll get an accelerated price of as much as 25 factors per greenback. Plus, there’s a welcome provide that may financial institution you as much as 200,000 Optimum factors. 

• Month-to-month price: $0
• Welcome provide: You possibly can earn as much as 200,000 Optimum factors ($200 worth) whenever you open an account. You’ll earn the primary 20,000 factors whenever you fund the account with over $150. Then, you’ll earn 10% again in factors in your first $1,300 price of purchases at Loblaws banner shops (as much as 130,000 factors). Lastly, get 50,000 whenever you refer two associates.
• 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.

Greatest for Scene+ factors

Scotiabank Final Package deal*

This all-inclusive chequing account goals to make on a regular basis banking straightforward. Whereas the account price is $30.95 a month (form of steep for a checking account), that price will be waived in case you keep a steadiness of $5,000. That mentioned, a whole lot 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 whenever you arrange issues like invoice funds and payroll deposits (particulars beneath). However what actually makes this card stand out is the power to earn Scene+ factors, which you should use for films but in addition journey, leisure, reward playing cards and eating.

• Month-to-month price: $30.95 (waived if $5,000 steadiness is maintained)
• Welcome provide: You possibly can earn a $350 welcome bonus in case you open an account by April 30, 2023. The bonus might be deposited into your account inside six months of the open date in case you do two of the next: Make an eligible $50 invoice fee by on-line or cellular 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 price of as much as 4.60% in your Final Package deal 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

In case you’re an Air Miles collector, you may earn factors when you do your on a regular basis spending with this debit card. This streamlined account has a small month-to-month price, 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 the direction of journey, buying, leisure, e-vouchers and occasions.

• Month-to-month price: $16.95
• Welcome provide: None
• Transactions: Limitless
• Interac e-Transfers: Limitless
• Rewards: Earn 1 Mile for each $30 spent together with your debit card. You’ll get 25 bonus miles each month in case you even have a BMO Air Miles World Mastercard or BMO Air Miles World Elite Mastercard. 

Greatest for college kids

Scotiabank Pupil Banking Benefit Plan*

In case you’re a scholar, you most likely don’t have further money to toss out for financial institution charges. This scholar account prices $0 whenever you’re enrolled full-time in a post-secondary establishment in Canada or the U.S. Plus, it helps you earn Scene+ factors, which might make film nights, and in addition journeys, merchandise, dinners and leisure, extra reasonably priced, too.

• Month-to-month price: $0 
• Welcome provide: A $75 bonus might be deposited immediately into your account whenever you open a brand new account by January 31, 2023. With a view to obtain the bonus, you should 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 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.

Greatest for money again

KOHO Pay as you go Mastercard*

In case you’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 function, 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 hold observe of your funds. And, for individuals 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 expenses or non-sufficient funds (NSF) charges.

• Month-to-month price: $0 
• Welcome provide: None
• Transactions: Limitless
• Interac e-Transfers: Limitless
• Rewards: 0.5% money again on all purchases and 5% further 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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