The most effective rewards debit playing cards in Canada for 2024

Debit playing cards can pack a critical punch as a cost methodology: you’ll be able to select from a big choice of no-fee chequing accounts, debit playing cards assist preserve spending in verify 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 just a few in the marketplace that provide some fairly slick rewards.

Whether or not you will have very bad credit or no credit score, otherwise you simply want to spend cash straight out of your chequing account, these are the playing cards to think about in the event you’d wish to earn rewards, too.

Greatest for rewards

PC Cash Account

This “cash account” is positioned as a substitute for debit or credit score for on a regular basis spending, however it features kind of like a debit card. You possibly can fund it via 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 too can use it when travelling overseas, because it’s accepted all over the place Mastercard is (very extensively). The one issues you’ll be able to’t do with it are write and deposit cheques—and, since you’ll be able to solely use it the place Mastercard is accepted, debit-only institutions are a no-go. That mentioned, 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 Loblaw-affiliated 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.  

• Month-to-month charge: $0
• Welcome provide: Earn as much as 130,000 PC Optimum factors if you an account. Circumstances 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 all over the place 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 charge is $30.95 a month (form of steep for a checking account), that charge may be waived in the event you keep a stability of $6,000. That mentioned, numerous 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 international 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 flexibility to earn Scene+ factors, which you should use for motion pictures but additionally journey, leisure, present playing cards and eating.

Greatest for college kids

Scotiabank Scholar Banking Benefit Plan

If you happen to’re a pupil, you in all probability don’t have further 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 in addition journeys, merchandise, dinners and leisure, extra reasonably priced, too.

• Month-to-month charge: $0 
• Welcome provide: A $100 bonus can be deposited straight into your account if you open a brand new account by July 31, 2023. To be able to obtain the bonus, within the first 60 days you should both arrange and clear a minimum of one eligible automated and recurring deposit (like payroll) or arrange and clear a minimum of 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.

Greatest for money again

Koho Simple*

If you happen to’re searching for the most effective 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 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 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 monitor of your funds. And, for many who want a bit extra hands-on assist, Koho presents free monetary teaching in the event 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 charge: $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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