Top 5 Rewards Debit Cards In Canada

While providing respectable rewards, the best rewards debit cards may take the place of your credit card and help you avoid paying interest. A report has shown that the majority of Canadians are unaware that using their chequing accounts to make purchases might earn them rewards. You could be part of that majority.

Having good knowledge of reward cards available in Canada will help to inform your decision. This article explains in detail, the key things you need to know about the best reward cards in Canada.

What Exactly Is A Rewards Debit Card?

Your checking account serves as the link for a rewards debit card. With a checking account, you can have access to a reward debit card. When you make a payment using it, money is taken right out of your checking account balance.

When you make qualified purchases or payments using a rewards debit card as opposed to a regular bank debit card, you will get a cashback.

Since prepaid cash back cards may only be used to spend money that has been put on them, they can also be thought of as rewards debit cards.

rewards debit card

Best Rewards Debit Cards In Canada

There are lots of reward debit cards in Canada. However, in this article, some debit reward card has been explained. If you are interested in the best debit card rewards in Canada, you can consider the following:

  • KOHO Prepaid Mastercard

  • PC Money Account Card

  • Scene+ ScotiaCard Debit Card

  • RBC Debit Card

  • BMO Debit Card

1. Koho Prepaid Mastercard

Let’s begin with Koho Prepaid MasterCard. Your finances may be made simpler with the help of KOHO, a no-fee spending and savings account.

It resembles a spending account somewhat while offering credit card benefits. Consider KOHO as a set of tools that will enable you to achieve your objectives more quickly and spend your money on things you like rather than undesirable things like credit card interest or unexpected costs.

You may deposit money into your KOHO account and utilize it any way you see fit, without fear of losing your money on interest and charges, just like a spending account. In addition, you may use your KOHO reloadable prepaid credit card anyplace Mastercard is accepted, making it similar to a credit card with cashback benefits as well.

The main distinction is that, in contrast to a regular credit card, the monies on your card are already yours; there is no need to pay interest, and they are all, well, yours.

Additionally, the typical KOHO user decreases their total expenditure and saves 7% of whatever money they put into their account, unlike pretty much everyone else with only a bank-issued credit card.

2. Scene+ ScotiaCard Debit Card

Scotiabank Debit Card is a regular debit card that gives you access to certain special Visa credit card features. This card may be used for online shopping even though it is not a credit card.

If you sign up for a SCENE or Scotiabank Passport Debit Card, it will also allow you to accumulate points anywhere you purchase. When you open the majority of Scotiabank savings or checking accounts, a debit card is immediately added to your account.

The SCENE Visa Debit ScotiaCard is a variety of Scotiacard debit cards in which for every $5 you spend with your debit card, you’ll get 1 SCENE point. With participating Cineplex theaters, these points may be exchanged for tickets to movies and other benefits.

When you use your Scotiabank Visa Debit Card and have a chequing account that qualifies, you may earn points on your purchases.

Benefits Of The Scene+ ScotiaCard Debit Card

  • Pay with a tap

When you tap your card at Interac Flash-enabled terminals, you may make purchases while you’re on the move.

  • International shopping

When you shop or travel domestically or abroad, use your Scotiabank debit card to make transactions online or in person.

  • Pay your ongoing debts

Utilize your Scotiabank Debit Card to set up regular payments for your phone, internet, streaming services, and other services.

  • Free ATM withdrawals from Scotiabank

You may get free cash withdrawals at Scotiabank ATMs by using your Scotiabank Debit Card (or pay a fee at non-Scotiabank and international ATMs).

  • Earn benefits

By using your Scotiabank SCENE or Scotiabank Passport Debit Card to make regular transactions, you can accumulate points that you may use toward travel and leisure.

  • Affordable Cost

Depending on the chequing account, the monthly cost ranges from $0 to $30.95.

How Does The Scene+ ScotiaCard Debit Card Work?

  • Open a Scotiabank chequing account that qualifies.

  • Make purchases with your Scene+ ScotiaCard Debit Card.

  • Scene+ points may be redeemed for a variety of things, including goods, gift cards, movie tickets, dining out, and more.

  • To earn a bonus, create an Ultimate chequing or Preferred Chequing account, you might get up to $300 in cash.

girl with debit card

3. PC Money Account

A Prepaid credit card can be connected to your account balance via the hybrid bank account known as the PC Money Account. If you have a PC money account, anywhere Mastercard is accepted, including online and when traveling overseas, you may use your card.

Additionally, for every dollar you spend on goods, you’ll get PC Optimum points. You may save money in this account or use it to pay expenses. It has limitless free transactions and no monthly fees.

The MasterCard you get with the account is not a debit card, nor is the PC Money Account a checking or savings account. Instead, it provides a prepaid card that works similarly to a debit card.

Top Features Of The PC Money Account

  • Account charge Zero transaction costs. Unlimited transactions with $0

  • Free Interac e-Transfers indefinitely (both sending and receiving)

  • The minimum balance necessary for ATM use was nil. However, in Canada, using an out-of-network ATM charges $1.50, while using an overseas ATM costs $3.

  • Inactivity Fees. If your account has no transactions for a full year, you will be charged $20.

  • Charge for currency exchange. Rewards transactions in foreign currencies are subject to a 2.5% fee. Every dollar you spend with your card earns you 10 PC Optimum points and any purchases you make at Shoppers Drug Mart result in 25 points.

  • Accessible overdraft protection. The cost of overdraft protection is $5 per month with a 19% interest rate (calculated daily, charged monthly).

Except for the ability to write or deposit checks, the  PC Money Account is a free checking account that functions similarly to a traditional one. It is provided by PC Financial Bank and works well with the PC Optimum reward program at Loblaws.

Benefits Of The PC Money Account

  • No recurring charges

There are no service or monthly fees associated with this account.

  • Earn benefits

Every dollar you spend with your card earns you 10 PC Optimum points and any purchases you make at Shoppers Drug Mart result in 25 points.

  • Perform many transactions

You can pay bills, conduct other everyday activities, and make in-store purchases all at no additional cost.

  • Interac e-Transfers are free

With free Interac e-Transfers, you may transfer money to friends and family without incurring any costs.

  • Overdraft security is optional

If you want to avoid incurring non-sufficient funds (NSF) penalties when your account falls below zero, invest more money in overdraft protection.

  • Free ATM withdrawals in-store

Obtain cash for nothing at any PC Financial ATM.

Take advantage of unique Mastercard features including tap-and-go purchases, fraud prevention, safe online payments, and a zero liability guarantee.

  • Mobile app

To see your transactions and create a budget for future savings objectives, you may visit the PC Money Account mobile app any time of day or night.

How Does The PC Money Account Work?

You’ll perform regular online and offline transactions using your PC Money Account and may send an infinite number of free Interac e-Transfers, there are no minimum balance limitations for it. You get a Mastercard along with a spending account for quick payments everywhere Mastercard debit and credit cards are accepted.

The PC Money Card functions effectively as a cashback debit card for free food if you often purchase at Loblaw supermarkets. You may also apply for a PC Financial credit card to earn even more PC Optimum points.

4. RBC Debit Card

The RBC Client Card is a typical debit card without a credit card affiliation. Comparing the RBC debit card to those offered by Canada’s other Big Five Banks, it offers very few advantages. The sole benefit of using this card for in-store transactions is the ability to utilize Interac Flash and Mobile Pay. You must apply for a unique RBC Visa Debit card that can only be used to make online transactions if you wish to buy anything online.

When you use your RBC debit card and connect it to your Petro-Points Card, you may save money on petrol and earn RBC Rewards points.

Top Features Of The RBC Debit Card

  • Quick payments

If a retailer has Interac Flash-enabled terminals, you may swiftly pay for products in-person by tapping your RBC Client Card on the device.

  • You can link it to your mobile wallet.

When paying in-store using your phone at the register, link your RBC Client Card to your mobile wallet.

  • RBC ATM withdrawals are free.

Use your RBC Client Card to make cash withdrawals at RBC ATMs or pay a nominal charge to use an ATM outside of Canada or the United States.

To make purchases just online (you won’t be able to use this card to make purchases in-store), register for a second RBC Visa Debit card.

Benefits of The RBC Debit Card

As long as the retailer or ATM you use doesn’t impose convenience fees of their own, you won’t be charged for using either RBC Debit Card.

  • Cellular banking

You can utilize RBC’s convenient online and mobile banking services to manage your debit transactions while on the road.

  • Increased safety

Utilize security measures like transaction limitations and chip technology to protect yourself against fraud.

  • Transactional history

Every time you use your RBC Client Card or RBC Visa Debit, keep track of your spending with a transaction record.

  • Rewards

It includes RBC Rewards points and a 3-cent per liter Petro-Canada price cut. Depending on your RBC Chequing Account, the monthly cost might range from $4 to $30. You get 20% more Petro-Points when you fill up at a Petro-Canada station.

You will get 20% extra RBC Rewards points when you pay with an eligible connected RBC credit card. Gas, gift cards, vacation, and small- to large-ticket products from many companies may all be purchased with these reward points.

RBC Debit Card Eligibility

If you match the requirements listed below, you’ll instantly get an RBC Client Card without having to apply for one.

  • You are a citizen, a permanent resident, or a visitor to Canada.

  • You are applying for a card-eligible RBC chequing or savings account.

However, you’ll need to apply separately for an RBC Visa Debit by going to your bank or contacting RBC customer care.

Required Documents

You must submit the following information to open an eligible RBC bank account:

  • Your name, where you live, and how to reach you

  • Your birthdate and Social Security number

  • Your phone number and email address

How To Get The RBC Debit Card?

  • Apply for the RBC chequing or RBC savings account of your choosing, go to the RBC home page.

  • Fill out the application completely, including your name, email address, Social Security number (SIN), and date of birth.

  • Examine your application, then send it.

  • Once you sign up, your RBC Client Card should be added instantly to your account (you won’t need to submit a second application).

  • You must visit your local RBC office or call the bank to apply for an RBC Visa Debit card.

man using a debit card

5. BMO Debit Card

The BMO Debit Card is a standard debit card that has a few Mastercard credit card features. Anywhere Debit Mastercard is accepted, you may quickly and simply access your money whether you purchase in person or online. Additionally, you may connect it to your mobile wallet so that you can swipe your phone at the register to pay for items.

Most BMO chequing or savings accounts that you create come with a free BMO Debit Card, and using it won’t cost you anything more until you go over the monthly transaction limitations permitted by your BMO bank plan.

When you use your BMO Debit Card to make purchases, you may earn Air Miles rewards if you have a BMO Air Miles Chequing Account.

Top Features Of The BMO Debit Card 

  • Pay with a tap and go

When you tap your card at Interac Flash-enabled terminals, you may pay for items swiftly and conveniently.

  • Make purchases online or abroad

Anywhere Debit Mastercard is accepted, use your BMO Debit Card to make transactions.

  • Pay your ongoing debts

Use your BMO Debit Mastercard to enroll in regular bill payments at participating retailers.

  • You can link it to your mobile wallet

When you touch your phone at the register, you may pay for items at in-store merchants by connecting your BMO Debit Card to your mobile wallet.

  • BMO ATM withdrawals are free

Use your BMO Debit Card to withdraw money from BMO ATMs or pay a charge to use an ATM outside of Canada or the United States.

No extra charges or interest

As long as you don’t go above the monthly cap for your BMO bank plan, avoid incurring additional BMO Debit Card fees or interest.

  • Monthly Fees: $16.95

  • Rewards: For each $30 you spend with your card, you’ll get 1 Air Mile.

Benefits Of The BMO Debit Card

  • Simple mobile banking With BMO’s user-friendly online and mobile banking services, you can manage your money on the move.

  • Overdraft defense. If your bank balance falls below zero, pay a modest monthly fee to shield yourself from being charged for non-sufficient funds (NSF).

  • Adequate security. With security features including encrypted chip technology and Mastercard identification verification, your BMO Debit Card purchases are protected.

  • No liability insurance. With BMO’s 100% electronic banking guarantee, you can relax knowing that your BMO Debit Card is safeguarded against fraudulent transactions.

  • Prompt notifications. Register for BMO notifications to be informed whenever a transaction using your BMO Debit Mastercard is made.

BMO Debit Card Eligibility

If you satisfy the following requirements, a BMO Debit Card will be issued to you immediately, eliminating the need for you to apply.

  • You are a citizen, a permanent resident, or a visitor to Canada.

  • You are requesting an eligible BMO chequing or savings account that will work with this card.

Required Documents

You must submit the following information to open an acceptable BMO bank account:

  • Your name, where you live, and how to reach you

  • Your Social Security Number (SIN) and birthdate

  • Your phone number and email address

How to Apply for The BMO Debit Card?

  • To apply for the checking or savings account of your choosing, go to BMO’s home page.

  • Fill out the form completely, including your name, email address, Social Security number, and date of birth.

  • Examine your application, then send it.

  • Once you join up, your BMO Debit Mastercard should be integrated immediately (you won’t need to submit a second application).

Final Words

Good Financial planning is key to financial success. Always save money for a better tomorrow. 

It is wise to take if you make use of any of these reward cards explained in this article. It will help you manage your expenses, make swift payments within the country and internationally, and reward you with great benefits as well. Where a credit card is inaccessible, these reward cards are perfect alternatives. Visit each of the debit card websites to know more and have a sweet financial journey.

Thanks for reading! Please let me know your thoughts and comments below. 

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