5 Canadian credit cards that deserve your attention this August

Why These 5 Cards?

I can’t tire of repeating this – every family and individual has unique requirements and aspirations. For some, the ideal credit card is the one that unlocks luxury travel experiences. For others, it’s the simple satisfaction of seeing cashback rewards ease the burden of yearly expenses. The reality is that there is no single “best” card that works for everyone, and despite my best efforts, it is nearly impossible to curate a list of five cards that will universally suit all needs.

That said, the PMB community has always leaned heavily toward travel and points enthusiasts, so my selections reflect that readership while still considering the broader spectrum of preferences. My approach has been to strike a balance featuring cards that deliver excellent value for travel, whether through direct flight rewards or flexible transferable currencies, while also highlighting options that can make everyday spending feel more rewarding.

Another layer of rationale is the timing. As usual, I’ve placed particular emphasis on cards that are actively running limited-time promotions. The focus is on two attributes that almost everyone loves:

• High welcome bonuses that set you up with a solid points or cashback windfall right out of the gate.
• Annual fee waivers or rebates that reduce the upfront cost of trying a premium product.

Together, these criteria ensure the recommendations are not only relevant but also represent outsized value in the current market. Whether your goal is to fund aspirational premium-cabin travel, keep your options open with flexible currencies, or simply put cashback in your pocket, this shortlist is designed to get your attention—and, hopefully, help you make a smarter decision for your own financial and lifestyle goals.

This month, let’s shift our focus to premium cards as big annual fees come with big rewards.

Scotiabank Passport Visa Infinite + – Apply Now

This card is all good things: the best no foreign transaction fee card in Canada, complimentary lounge access for both primary and supplementary cardholders, and a great sign-up bonus to boot (apply by today, August 3):

• 40,000 points upon spending $2,000 in the first 3 months
• 10,000 points upon spending $10,000 in the first 6 months
• 10,000 points upon spending $40,000 in the first year

This card has an extremely generous allowance of 6 complimentary visits for all cardholders — the most of any card at the $150 annual fee level.

Notably, categorized earn rates like 2X on grocery, dining, entertainment, and transit even work abroad, with charges in foreign currency. Combined with no foreign transaction fees, this is a fantastic travel card.

Redeeming Scene+ points is also very flexible. You can book travel with any provider, site, or operator and then use the “Apply Points to Travel” option to cover costs within 12 months of the purchase date. This is my preferred card for Airbnb bookings or any airline and hotel bookings that don’t align with other co-branded cards.

TD Aeroplan Visa Infinite Privilege – Apply Now

We’ve yet to feature an Aeroplan co-branded credit card in our “Top 5” list, and now is a better time than ever. Why? Well, aside from the bonus being a respectable 85,000 Aeroplan points, it comes with the following Air Canada benefits:

• Earn 1,000 SQC per $5,000 spent up to 25,000 SQC a year
• Priority check-in, boarding, free checked bag
• Maple Leaf Lounge and Maple Leaf Café access
• Extra 12 months of eUpgrade validity
• Annual Worldside Companion Pass after $25,000 in spending

It also includes 6 complimentary lounge passes through the Visa Airport Companion Program and has a stronger insurance package, particularly for delayed and lost/stolen baggage, compared to its Amex and CIBC counterparts.

New for August: the new partnership between Hyatt and Aeroplan turns the premium co-branded Aeroplan cards into a pseudo-Hyatt co-branded card with a slew of benefits:

• 90-day status challenge for Hyatt status on an annual basis, unlocking Globalist with 20 elite qualifying nights
• Complimentary World of Hyatt Discoverist status
• 5 Hyatt qualifying night credits per calendar year
• Earn bonus World of Hyatt points on all Hyatt stays, in addition to underlying Hyatt points-earning and credit card earning

The above are just the premium co-branded cardholder benefits: you can also now convert points between programs, convert Aeroplan to Hyatt Free Night Awards, and more.

BMO eclipse Visa Infinite Privilege – Apply Now 

The BMO eclipse Visa Infinite Privilege card is an underrated product. The welcome bonus right now is a juicy 200,000 BMO Rewards points:

• • 80,000 BMO Rewards points upon spending $6,000 within the first 110 days
  • 40,000 BMO Rewards points upon spending $30,000 within the first 180 days
  • 80,000 BMO Rewards points upon spending $75,000 within the first 365 days

I say underrated because the BMO eclipse Visa Infinite Privilege earns 5x points on so many categories: groceries, dining, drugstore, gas, and travel.

BMO Rewards slips under the radar of Scene+, but it also lets you redeem for any travel purchases directly, without using a dedicated travel portal. You can redeem BMO Rewards points for travel at a value of 0.67¢ each — it may be under 1¢, but how many credit cards are earning 5x on gas and drugstore?

To help offset the hefty $599 annual fee, BMO offers the most straightforward $200 statement credit. Make a single purchase that is equal to or greater than $200 and you’ll receive $200 on your next statement. It doesn’t need to be for a hotel or flight or anything else; any purchase will do.

Unique to BMO, enjoy six months of Instacart+ and a $10 monthly Instacart credit on top of six complimentary lounge passes.

If you want to rack up BMO Rewards, but aren’t ready to reach the high minimum spend, consider the BMO eclipse Visa Infinite, which is offering 70,000 points after a reasonable $12,000 in spending. You’ll still enjoy the 5x earn rate on groceries, dining, gas, and transit.

Scotia Momentum Visa Infinite+ – Apply Now

It’s not often that a cashback card makes the “Top 5” credit card list, but the Scotia Momentum Visa Infinite+ is the only one of its kind that permanently lives in my wallet.

Last month, Scotiabank bumped up the welcome bonus to 15% cashback on all purchases in the first 3 months, up to $2,000 in total purchases. The usual sign-up bonus is 10%, so if you were considering this (excellent) card, now is the right time to sign up.

The earn rate is fantastic with 4% on groceries, recurring bills, and subscription payments. It also earns 2% on food delivery, gas, and daily transit. There is a spending cap, but it’s very high at $25,000 a year.

A fun fact: all spending on Chexy is categorized as a recurring bill, so even if you’re paying the maximum Chexy fee of 1.75%, you net 2.25% in cashback. It’s extra sweet now that Scotiabank allows cardholders to use their cashback anytime.

Marriott Bonvoy American Express Card – Apply Now

Last week, new elevated welcome bonuses came out for Amex’s suite of Marriott Bonvoy co-branded cards, giving cardholders up to 110,000 Bonvoy points.

On the $120-annual-fee personal Bonvoy card, the minimum spend required is a fairly low $6,000 in the first six months, and 80,000 points are awarded upfront. The other 30,000 come after you make a purchase in your 15th month of card membership, but this card is designed to stay in your wallet forever, offering 15 elite night credits per year and a 35,000-point annual free night award that can be topped up to 50,000 points.

The business Bonvoy card has an identical bonus, but the first 80,000 points have a higher $10,000 spending requirement (and a higher $150 annual fee).

Notably, referral bonuses have been bumped up this time around, so make your friend’s day by using their link — they’ll earn 25,000 Marriott Bonvoy points per referral on the business Bonvoy and 20,000 Marriott Bonvoy points per referral on the personal Bonvoy.

I am sure every reader can recommend a unique set of the top 5 for the month. Feel free to add your recommendations in the comments below!