The perfect rewards debit playing cards in Canada for 2024

Debit playing cards can pack a severe punch as a cost methodology: you possibly can select from a big number 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 all the time 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 provides complimentary journey insurance coverage or lounge entry, there are a number of in the marketplace that provide some fairly slick rewards.

Whether or not you might have weak credit 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 case you’d prefer to earn rewards, too.

Finest for rewards

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 kind of like a debit card. You’ll be able to 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. It’s also possible to use it when travelling overseas, because it’s accepted in all places Mastercard is (very broadly). The one issues you possibly can’t do with it are write and deposit cheques—and, since you possibly can solely use it the place Mastercard is accepted, debit-only institutions are a no-go. That mentioned, we’ve included this card on our record due to its incomes potential. This no-fee account is nice for many who spend at Customers Drug Mart and Loblaw-affiliated shops however don’t need to go together 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 charge of as much as 25 factors per greenback.  

• Month-to-month payment: $0
• Welcome provide: Earn as much as 130,000 PC Optimum factors while you an account. Situations apply, and provide topic to vary.
• Transactions: Limitless
• Interac e-Transfers: Limitless
• Rewards: Earn 10 PC Optimum factors per $1 spent at Loblaw-affiliated shops, as much as 25 factors per $1 at Customers Drug Mart, and 5 factors per $1 in all places else.

Honourable point out

Scotiabank Final Package deal

This all-inclusive chequing account goals to make on a regular basis banking simple. Whereas the account payment is $30.95 a month (sort of steep for a checking account), that payment could be waived in case you preserve a stability of $6,000. That mentioned, 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 customized cheques and drafts, free world ABM withdrawals, and even a security deposit field. The account has no overdraft safety charges, both. However what actually makes this card stand out is the power to earn Scene+ factors, which you need to use for motion pictures but additionally journey, leisure, present playing cards and eating.

Finest for college students

Scotiabank Scholar Banking Benefit Plan

Should you’re a pupil, you most likely don’t have further money to toss out for financial institution charges. This pupil account prices $0 while 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 payment: $0 
• Welcome provide: A $100 bonus will probably be deposited instantly into your account while you open a brand new account by July 31, 2023. As a way to obtain the bonus, within the first 60 days you will need to both arrange and clear at the very least one eligible automated and recurring deposit (like payroll) or arrange and clear at the very least one eligible recurring pre-authorized transaction (should happen for 3 consecutive months).
• 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 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’ll be able to 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 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 preserve monitor of your funds. And, for many who want a bit extra hands-on assist, Koho affords free monetary teaching in case you pay for the Credit score Constructing plan ($10 per 30 days). It additionally prides itself on having no hidden charges—like account charges, curiosity prices or non-sufficient funds (NSF) charges.

• Month-to-month payment: $0 
• Welcome provide: This card doesn’t have a welcome bonus right now.
• 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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