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points-strategy

Canadian Credit Card Welcome Bonuses: What to Know

By PointsExplainedLast reviewed

Read the offer terms

Note the bonus, the spending requirement and deadline, the annual fee and any eligibility limits.

Check the program's rules

Look for limits on repeat bonuses and rules on cancelling, downgrading or switching cards.

Meet the requirement with normal spending

Put everyday purchases on the card and pay the balance in full each month.

Decide before the fee renews

Keep, change or cancel the card, and use or move your rewards before you cancel.

Where this comes from

Sources

The documents this guide relies on. If one has changed since we read it, the document is right and this guide is out of date.

  1. Aeroplan - About Aeroplan credit cards

    Aeroplan credit card offers marked 'Spend and conditions apply'; bonus points stack on top of the new card bonus.

    aircanada.com · Accessed
  2. Amex Bank of Canada - Membership Rewards Program Terms and Conditions (PDF, form 50451591 (04/25))

    1,000 points = $10 travel credit; gift cards at 130 points per $1; applying for multiple cards, cancelling or downgrading may be abuse; fraud may include earning bonuses and cancelling before paying the annual fee; points removed when a purchase is refunded; points lost immediately on cancellation unless another linked card remains.

    americanexpress.com · Accessed
  3. Aeroplan - General Terms and Conditions

    Points have no monetary value; Aeroplan may limit New Card Bonuses and may suspend or terminate accounts for excessive use, including applying for or switching (including upgrading or downgrading) between Aeroplan cards, a pattern of cancelling shortly after a bonus, buying and returning products that earned points, and linking a card to another person's account.

    aircanada.com · Accessed
  4. FCAC - Using your credit card responsibly (page dated 2025-10-15)

    Interest from the date of purchase if not paid by the due date; warning signs of overspending.

    canada.ca · Accessed
  5. Office of Consumer Affairs (ISED) - Reward and customer loyalty programs

    Interest on a carried balance may outweigh a rewards program's benefits.

    ised-isde.canada.ca · Accessed
  6. FCAC - Improving your credit score (page dated 2026-07-01)

    Applications are hard inquiries that affect the score; too many close together may suggest urgently seeking credit or spending beyond your means; new accounts reduce average age; closing an older account loses history and available credit and may hurt the score.

    canada.ca · Accessed
  7. FCAC - How long information stays on your credit report (page dated 2026-07-01)

    Lender inquiries stay 3 years with Equifax or 6 years with TransUnion.

    canada.ca · Accessed
  8. FCAC - Cancelling your credit card (page dated 2025-10-15)

    Contact the issuer to cancel; cutting up, expiry or non-use doesn't cancel; get written confirmation; handle pre-authorized payments; check your credit report after about 30 days.

    canada.ca · Accessed
Questions

About this guide

Are credit card welcome bonuses worth it?

They can be if you meet the requirement with spending you'd do anyway, pay in full, and value the rewards at what you'd actually redeem them for, after the annual fee.

How many cards should I apply for to get bonuses?

FCAC advises applying for credit only when you need it and avoiding several applications at once or too close together. Program rules matter too: Aeroplan and American Express both say applying for multiple cards to collect bonuses may be treated as misuse.

Will applying for credit cards hurt my credit score?

Each application is a hard inquiry that affects your score, according to FCAC, and inquiries stay on your report for 3 years with Equifax or 6 years with TransUnion.

Can I get a welcome bonus by switching cards with my bank?

That depends on the issuer's offer terms. Note that Aeroplan's terms list switching between Aeroplan cards, including upgrading or downgrading, among the behaviours it may treat as misuse of new-card bonuses.

What happens if I cancel a card after getting the bonus?

Program rules may apply. American Express's terms say cancelling or downgrading after acquiring a card may be treated as abuse and that points are lost immediately on cancellation unless another linked card stays open, and Aeroplan's terms cite a pattern of cancelling shortly after a bonus. Closing an account can also cost you credit history and available credit, which FCAC says may lower your score.
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