If you’re going to use a credit card, you might as well get some air miles, right?
Canadian credit card offers have always been extremely stingy when compared to the US. According to rewardscanada, the top Canadian all around travel rewards credit card is the Scotiabank Gold American Express card which gives you 15,000 miles if you put at least $1000 on the card in the first 3 months. Compare that to the Chase Sapphire Reserve card which gave me 100,000 miles for spending $3000 in the first three months. But, the Scotiabank card gives you 4 miles for every dollar spent. The Chase card rewards you with 1.5 miles per dollar. So, if you pay everything with a credit card like I do, you can rack up the travel miles pretty quickly.
Read the fine print! Scotiabank limits you to a maximum of $50,000 per year that will accumulate miles, so, effectively you are limited to earning 200,000 miles per year. Which ain’t too bad, considering that two of you can travel anywhere in the world for less than 200,000 miles – in economy, of course. This particular Scotiabank card limits miles awarded to gas, grocery, dining, and entertainment purchases only. Every card is different, and it may take some detective work to find the card that does what you want it to do. That’s why rewardscanada is such a valuable website.
TIP: Check with your bank to see if paying everything you can with your card will generate miles. Check and see if your mortgage company will let you pay with a credit card. Same goes for all the regular monthly bills like utilities, cable, phone, car payments, etc. Ask if you can pay with your credit card instead of taking it out of your bank account. If they do, you can rack up the miles pretty fast.