Ranking Canada’s best bank loyalty programs – and No. 1 is in a league of its own
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- BMO Rewards ranks lowest among major Canadian bank programs, requiring 150 points for a $1 travel redemption (0.67 CPP), and the BMO eclipse Visa Infinite's 5x earning on groceries, gas, transit, dining, cafés and food delivery yields a real return of just 3.35% with caps at $6,000/year.
- National Bank's À la carte Rewards edges BMO on simplicity at 0.83 CPP (12,000 points = $100) but reaches 1 CPP only when redeeming through its own travel agency, with the National Bank World Elite Mastercard offering up to $150 in annual travel expense refunds.
- TD Rewards sits mid-pack at 0.50 CPP via Expedia for TD (200 points = $1), with the TD First Class Travel Visa Infinite adding a birthday bonus of up to 10,000 points plus a six-month Uber One trial and boosted Starbucks Stars.
- CIBC Aventura offers up to 2.29 CPP through its Airline Rewards Chart — a Canada-to-continental-U.S. round-trip costs 35,000 points against a maximum $800 base fare — and pairs with Skip (free Skip+ membership) and Journie Rewards (10¢/litre off first 280 litres at Pioneer, Fas Gas, Ultramar and Chevron).
- Scotiabank Scene+ delivers a flat 1 CPP across a coalition spanning Empire Co. Ltd. grocery stores (Sobeys, Safeway, Foodland, Fresh Co, IGA), Cineplex, Recipe Unlimited restaurants (Harvey's, Swiss Chalet, East Side Mario's), Home Hardware and newly added Shell stations (up to 10¢/litre).
- Scotiabank's Gold American Express earns 6x points at Empire stores and 5x at other grocers, while the Scotiabank Passport Visa Infinite charges no foreign transaction fees and the Tangerine Rewards World Elite Mastercard lets holders pick three bonus categories.
- RBC Avion earns second place largely due to its airline transfer partners — British Airways Executive Club, Cathay Pacific Asia Miles, American Airlines AAdvantage and WestJet Rewards — though the article is cut off before identifying the #1 program.
Why it matters: With point values ranging from 0.44 CPP (TD's non-Expedia travel redemptions) to 2.29 CPP (CIBC Aventura's airline chart), Canadian consumers can more than triple their rewards value by choosing the right program — and the Scotiabank Passport's no-foreign-transaction-fee structure alone saves 2.5% on every overseas purchase.
