Canadian Credit Card Promotions for January 2021

  • 8 min read

A new year’s resolution for many Canadians is to dig out of credit card debt; however, if you want to spend using a credit card and can pay off your balances at the end of each month, then opening up a new credit card account can offer a plethora of bonuses. Below is an overview of credit card bonus promotions and welcome offers for January 2021.

CIBC Credit Card Bonus Offers

CIBC’s Aventura Visa Infinite provides a good welcome offer for new account holders this January. The rewards program aimed at travellers, the annual fee ($120) is waived for the first year, and clients can earn up to 20,000 Aventura points, a sign-up bonus that is worth $400.

Clients can earn 15,000 points after their first purchase, and then get an added 5,000 points when charging $3,000 during the first four monthly statement cycles. Aventura points don’t expire, and cardholders can redeem these rewards for travel, merchandise, to pay down their balance, and more. Visa Infinite customers earn 1 point for every dollar charged on the credit card, and 1.5 points for every dollar charged at eligible grocery and drug stores, as well as gas stations. Two Aventura points are earned for every dollar spent on travel that is purchased via the CIBC Center

For more information, visit CIBC’s website.

TD Credit Card Bonus Offers

TD has some incredible bonus offers on all three of their Aeroplan cards this January. Their Visa Infinite credit card provides new clients with the opportunity to earn 10,000 Aeroplan points and no annual fee ($139) for the first year for both the Primary cardholder and one added cardholder ($75). They offer a TD “Bonus Buddy Pass”, which allows new credit clients a free second ticket when using Aeroplan points to book an economy flight seat. Some conditions may apply.

New cardholders for the TD Aeroplan Visa Platinum also have the opportunity to earn 10,000 Aeroplan points, and the annual fee ($89) is also waived for the Primary cardholder and one added cardholder ($35). TD Aeroplan Visa Infinite Privilege offers an opportunity for new account holders to earn 50,000 Aeroplan points, along with a Bonus Buddy Pass, where conditions may apply.

To be eligible for these bonus offers, clients must apply for these cards by January 17, 2021.

Aeroplan points can be redeemed for travel, merchandise, gift cards, and more. For details on this offer visit TD’s website.

MBNA Credit Card Bonus Offers

New MBNA Rewards Mastercard holders are eligible for 5,000 bonus rewards points when they charge $500 in eligible purchases within the first three months of opening their credit card. Clients are also earning an added 5,000 bonus points if they enroll for e-statements within the first three months of owning the account. Customers earn 4 points for every dollar charged on eligible groceries, restaurant, and gas purchases during that initial first three months. After that, they can collect 2 points for every dollar spent, with a $5,000 yearly cap on each of the above categories. Once the cap levels are hit, clients earn one point for every dollar spent on eligible purchases.

There is no annual fee on this card, and points can be redeemed for cash back, travel, merchandise, gift cards, and donations.

For more information, visit MBNA’s website.

Canadian Tire Credit Card Bonus Offers

Canadian Tire paper money is a thing of the past since the retailer transformed one of Canada’s first customer loyalty programs to help make it easy for clients to earn and redeem CT money through the newly vamped “Triangle” rewards program. With a loyalty card, Canadian Tire clients collect CT money points after each purchase and can redeem them at the cashier when checking out. No more having to hold onto that paper money, and the wasted time in counting it out; everything is done digitally and instantly!

Attached to the loyalty program is the Triangle Mastercard, a credit card linked to the retailer’s rewards program where clients can earn CT money while shopping at Canadian Tire (and other participating retailers) and earn it by using it for everyday purchases like groceries (Costco and Walmart excluded) and gas. 

Clients earn 4% back in CT money when using the Triangle Mastercard, and new cardholders can earn an added 11% (for a total of 15%) back when shopping at Canadian Tire, Mark’s/L’Équipeur, Party City, Atmosphere, Sports Rousseau, participating Sports Experts stores, as well as Hockey Experts, and L’Entrepôt du Hockey. 

The bonus of 11% is capped at $50 in CT money. This can then be redeemed at Canadian Tire, as well as Mark’s/L’Équipeur, Party City, Atmosphere, Sports Rousseau, participating Sports Experts stores, Hockey Experts, and L’Entrepôt du Hockey, when making purchases.

For more information, visit Triangle Mastercard Review.

Bank of Montreal Credit Card Bonus Offers

BMO provides welcome offers this month on a number of their credit cards, including BMO CashBack Mastercard and CashBack World Elite Mastercard, as well as their AirMiles Mastercard and AirMiles World Elite Mastercard.

New CashBack Mastercard holders get up to 5% in cash-back rewards when using it for purchases within the first 90 days of opening the account. An introductory interest rate of 1.99% is also provided on balance transfers for the first nine months. This card has no annual fee.

 Meanwhile, new clients of the CashBack World Elite Mastercard get up to 10% cash back on purchases within the first 90 days of the account opening. The annual fee of $120 is waived for the first year.

For those that love collecting their AirMiles, BMO provides a no-fee Mastercard, with a welcome offer of 800 bonus AirMiles. Additionally, new clients gain access to an introductory interest rate on balance transfers of 1.99%. Then, there is the BMO AirMiles World Elite Mastercard that gives new clients 2,000 bonus AirMiles, plus the annual fee of $120 is waived the first year. 

Lastly, the BMO Preferred Rate Mastercard provides a lucrative welcome offer in the form of a low-interest rate. New clients gain access to an introductory rate of 3.99% on balance transfers for nine months. Once the intro rate expires, cardholders enjoy a 12.99% on balance transfers, as well as purchases and cash advances— an APR well below what other cards normally charge. The annual fee on this credit card is also waived for the first year.

For more information, visit BMO’s website.

HSBC Credit Card Bonus Offers

Clients earn rewards and also enjoy low APRs on credit card balances, which provides the best of both worlds! HSBC is currently offering a HSBC Rewards Mastercard where clients can earn 2 points for every one dollar spent on entertainment or dining, as well as 1 point for every dollar spent on everyday needs. Points can be redeemed for financial rewards, gift cards or merchandise, and travel.

The card also offers an annual interest on purchases, balance transfers, as well as cash advances at 11.9%. 

For more information, visit the HSBC website.

RBC Credit Card Bonus Offers

Clients who have “travel” on their bucket list for 2021 may want to review the number of welcome offers that RBC has linked to some of their travel rewards credit cards.

The RBC Avion Visa Infinite offers 15,000 welcome points to new cardholders, with a promise of no seat restrictions or blackout periods. 

Meanwhile, the RBC WestJet Mastercard and RBC WestJet World Elite Mastercard provides new clients with incentives to sign up. The RBC WestJet Mastercard has a sign-up bonus of 50 WestJet dollars after a new client’s first purchase. New cardholders of the World Elite can collect up to 450 WestJet dollars, with 250 “welcome” WestJet dollars, plus the opportunity to earn an added 200 WestJet dollars if $5,000 is charged on the account within the first 90 days after opening the credit card. 

Bonus offers are included with RBC’s Avion Visa Infinite Privilege. New clients receive 25,000 welcome points when they apply and are approved for the credit card. Meanwhile, new account holders of the RBC Avion Visa Platinum are given 15,000 welcome points, with a guarantee of no seat restriction or blackout periods!

For more information, visit RBC’s website.

Scotiabank Credit Card Bonus Offers

Scotiabank has a nice selection of sign-up bonuses in January 2021 with some of the credit cards they offer. Scotiabank Momentum provides clients 10% cash bank on spending conducted within the first 90 days of account opening, as well as the annual fee waived in the first year (including supplementary cards). The value of this welcome bonus is estimated at $350.

The Scotiabank Passport Visa Infinite Card allows new clients to earn up to 30,000 bonus Scotia Rewards points within the first year of owning the credit card. Clients can collect 20,000 points when they charge $1,000 on everyday eligible purchases within the first 90 days and earn an added 10,000 points when a minimum of $40,000 is charged on everyday eligible purchases within the year.

Lastly, Scotiabank’s Gold American Express offers new clients 25,000 in bonus points for the first $1,000 that is charged on eligible everyday purchases, within the first 90 days of opening the account. 

Scotiabank Rewards points can be redeemed for gift cards, the latest in tech gadgets, travel, as well as used towards statement credits.

For more information, visit Scotiabank’s website.

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Christopher - BSc, MBA

With over two decades of combined Big 5 Banking and Agency experience, Christopher launched Underbanked® to cut through the noise and complexity of financial information. Christopher has an MBA degree from McMaster University and BSc. from Western University in Canada.