Top Retention Bonus Credit Cards in Canada
Every year, when I write about my wish lists, you may notice that I include retention bonuses as one of them. Sure enough, Canada has starting picking up in this segment of the industry. With the introduction of the Scotiabank Passport Visa Infinite Business Card, I thought it was time for me to write a post up on this topic.
Basically, churning has been frowned upon. However, a compromise to this is to offer incentives for big spenders. The bonus rewards that we would receive, should in theory, reduce the amount of churning that happens. Ideally the spending bonus would cover the need to churn to generate more bonus points.
Today, I am going to list out the top credit cards that offer such incentives. My hope is to see this list grow in the coming months. In the list below, I highlighted the relevant section regarding retention bonuses (ranked by annual fees):
- No annual fee
- Earn 20,000 sign up bonus points (after the first purchase)
- Earn 5 points for every $1 spent at Best Western properties
- Earn 1 point for every $1 on all purchases
- Receive Best Western Gold status (after the first purchase)
- Receive Diamond status (after spending $10,000 in a calendar year)
- $120 annual fee
- No annual fee for a supplementary cardholders
- Earn 60,000 sign up bonus points (after spending $1,500 in the first 3 months)
- Earn 5 points for every $1 spent at participating Marriot and SPG hotels
- Earn 2 points for every $1 spent on all purchases
- Receive 1 Free Night Award every year after the first anniversary year (redemption of up to 35,000 points)
- Receive complimentary Silver Elite with Marriott Bonvoy status
- Receive Gold Elite status with Marriott Bonvoy (after spending $30,000 in a calendar year)
- Receive 15 Elite Night Credits each calendar year with Marriott Bonvoy
Scotiabank Passport Visa Infinite Card
- $139 annual fee
- $50 annual fee for each supplementary card (first supplementary card free)
- Earn 30,000 Scotia Rewards sign up bonus points after spending $1,000 in the first 3 months (if you apply before June 30, 2019)
- Earn 10,000 Scotia Rewards bonus points after spending $40,000 in a calendar year
- Earn 2,000 Scotia Rewards bonus points after every $10,000 in addition to the first $40,000 in a calendar year
- Earn 2 points for every $1 spent on grocery, dining, entertainment and daily transit
- Earn 1 point for every $1 spent on all other purchases
- Receive 6 Priority Pass lounge passes
- No foreign transaction fees
- Have at least $60,000 in personal annual income, $100,000 in annual household income or $250,000 in assets under management
- $150 annual fee
- $50 annual fee for a supplementary card
- Earn 60,000 sign up bonus points after spending $1,500 in the first 3 months
- Earn 5 points for every $1 spent at participating Marriot and SPG hotels
- Earn 3 points for every $1 spent on dining, gas and travel
- Earn 2 point for every $1 spent on all purchases
- Receive 1 Free Night Award every year after the Card account anniversary (redemption of up to 35,000 points)
- Receive complimentary Silver Elite status with your Card
- Earn Gold Elite status after spending $30,000 in a calendar year
- Receive 15 Elite Night Credits each calendar year with Marriott Bonvoy
Scotiabank Passport Visa Infinite Business Card
- $199 annual fee
- $50 annual fee for a supplementary card (first card fee waived)
- Earn 35,000 Scotia Reward points for spending $5,000 (within the first 3 months) (if you apply before July 31, 2019)
- Earn 15,000 Scotia Reward bonus points for spending $60,000 over the first 12 months (one time only)
- Earn 1.5 Scotia Reward points for every $1 spent on all purchases
- Receive 6 complementary Priority Pass lounge passes
- No foreign transaction fees
- Have at least $60,000 personal annual income, $100,000 annual household income or $250,000 assets under management, as well as a minium business annual sales revenue of $500,000
Did I miss any credit cards? Please let us know in the comment section below!
For $270 ($150 + $120) a year by holding both a AMEX Bonvoy personal and business card you get 2 nights at a nice hotel (apx $800 = 2 x $400 a night, W Miami). Considering the weak CAD and hotel taxes and fees that are not an issue when using these points your getting decent value at $530 ($800 – $270).
Find a cheap morning flight to Miami and book your return flight return in the evening and that’s 3 days (fingers crossed on the weather) of sunshine.
Not a bad little strategy to get out of Canada for a mini vacation each winter.
Thanks for sharing your thoughts Christopher!