A strong welcome bonus can deliver $300–$1,000+ in travel or cash value in the first few months of card ownership — often more than a year’s worth of everyday earning. Choosing the right card at the right time means checking not just which bonus is largest, but whether you can meet the minimum spend requirement and whether the rewards match how you travel or spend.
Note: Welcome bonuses change frequently. The offers below reflect typical promotions as of mid-2026. Always verify the current bonus on the issuer’s website before applying.
Best Welcome Bonuses at a Glance
| Card | Typical Welcome Bonus | Min. Spend | Est. Value | Annual Fee |
|---|---|---|---|---|
| Amex Cobalt Card | Up to 15,000 MR points | $750/month × 12 | ~$225–$300 | $156/yr |
| American Express Gold Rewards Card | Varies — check amex.ca | Verify | Verify | $250 |
| Scotiabank Gold American Express | Varies — check scotiabank.com | Verify | Verify | $120 |
| TD Aeroplan Visa Infinite | Typically 20,000–40,000 Aeroplan | Varies | ~$300–$600 | $139 |
| CIBC Aeroplan Visa Infinite | Typically 20,000–40,000 Aeroplan | Varies | ~$300–$600 | $139 |
| BMO eclipse Visa Infinite | Varies — check bmo.com | Verify | Verify | $120 |
| RBC Avion Visa Infinite | Typically 35,000–55,000 Avion | Varies | ~$350–$550 | $120 |
| Scotiabank Passport Visa Infinite | Varies — check scotiabank.com | Verify | Verify | $150 |
| American Express Platinum Card | Varies — check amex.ca | Verify | Verify | $799 |
Bonuses are promotional and change regularly. Annual fee waivers are sometimes offered alongside welcome bonuses — check each issuer’s current promotion.
How Welcome Bonuses Work in Canada
Canadian credit card welcome bonuses fall into three structures:
1. Single Lump-Sum Bonus
Most common. You earn a set number of points or cash back after meeting a minimum spend within a set timeframe (usually 3 months).
Example: Earn 35,000 Aeroplan points when you spend $3,000 in the first 3 months.
2. Tiered Bonus
Some cards offer bonuses in tiers — earn more as you spend more in the introductory period.
Example: Earn 10,000 points on $1,000 spend + 15,000 bonus points on $5,000 spend in the first 6 months.
3. Monthly Bonus (Cobalt Structure)
The Amex Cobalt Card awards 1,250 MR points for each month in the first year that you spend $750+. Meeting every monthly threshold earns the maximum 15,000 bonus points. This structure rewards consistent spending rather than a single large purchase.
Top Welcome Bonus Cards Explained
Amex Cobalt — Best Monthly Bonus Structure
Bonus: Up to 15,000 Membership Rewards points in the first year
How to earn: Spend $750/month for each of the 12 months = 1,250 MR points per qualifying month
Annual fee: $12.99/month ($155.88/year)
Why it stands out: 15,000 MR points transferred to Aeroplan at 1:1 are worth approximately $225–$300 in economy flight value. Combined with the Cobalt’s industry-leading 5x earn rate on food and drink, the first-year total value — bonus plus regular earning — is among the highest of any Canadian credit card. The $750/month threshold is achievable for most households directing restaurant, cafe, and grocery spending to this card.
TD Aeroplan Visa Infinite — Best Aeroplan Bonus for Everyday Spenders
Typical bonus: 20,000–40,000 Aeroplan points (verify current offer at td.com)
Annual fee: $139
Why it stands out: Aeroplan points earned via this bonus transfer to your Aeroplan account immediately. At 1.5 cents per point for economy redemptions, 35,000 Aeroplan points = approximately $525 in flight value. The card also includes a first checked bag benefit worth $30+ per person per flight — making the welcome bonus value even larger in context. TD periodically waives the first-year annual fee alongside the welcome bonus, effectively making the first year free.
CIBC Aeroplan Visa Infinite — Same Aeroplan Bonus, Different Bank
Typical bonus: 20,000–40,000 Aeroplan points (verify current offer at cibc.com)
Annual fee: $139
Why it stands out: Functionally similar to TD’s offer. If CIBC is running a higher bonus than TD, apply to CIBC — and vice versa. Points flow into the same Aeroplan account regardless of which bank issued the card.
RBC Avion Visa Infinite — Best Avion Welcome Bonus
Typical bonus: 35,000–55,000 Avion Rewards points (verify at rbc.com)
Annual fee: $120
Why it stands out: Avion Rewards points transfer to Aeroplan at 1:1, British Airways Avios, American Airlines AAdvantage, and other partners. A 55,000-point welcome bonus represents one of the larger transferable-currency bonuses at a sub-$150 annual fee. The card also waives its annual fee in the first year on promotional offers.
American Express Platinum — Largest Raw Bonus, Highest Bar
Typical bonus: Varies significantly — check amex.ca
Annual fee: $799
Why it stands out: The Amex Platinum’s welcome bonus is often the largest raw number of any Canadian credit card, but the high annual fee and minimum spend requirements mean the effective value depends heavily on whether you’ll use the card’s $200 travel credit, $200 dining credit, and lounge access. For high-spending frequent travellers, the Platinum’s first-year value can be exceptional. For casual travellers, the fee may outweigh the bonus.
How to Evaluate a Welcome Bonus
Step 1: Calculate the points value
Use these approximate cent-per-point (cpp) benchmarks:
| Program | Economy cpp | Business cpp | Gift Card cpp |
|---|---|---|---|
| Aeroplan | 1.5¢ | 2.5–4.0¢ | 0.7¢ |
| Amex MR (via Aeroplan) | 1.5¢ | 2.5¢ | 0.5¢ |
| Avion (via Aeroplan) | 1.5¢ | 2.5¢ | — |
| Scene+ | 1.0¢ | — | 1.0¢ |
| BMO Rewards | ~0.67¢ | — | 0.5¢ |
Step 2: Check the minimum spend
Can you meet the spend threshold without manufacturing spending or stretching your budget? The most common mistake is applying for a card and not meeting the minimum, losing the bonus entirely. A $3,000-in-3-months requirement equals $1,000/month of organic spending — realistic for most households.
Step 3: Factor the annual fee
A 40,000-point welcome bonus worth $600 on a card with a $139 annual fee has a first-year value of ~$461 ($600 − $139). If the card also waives the first-year fee, the full $600 is net value.
Step 4: Consider the ongoing earn rate
The best welcome bonuses come on cards that also earn well after the bonus period. A card with a mediocre earn rate should only be kept the first year; a card with a strong earn rate is worth keeping indefinitely.
First-Year Fee Waivers
Many issuers periodically offer first-year annual fee waivers alongside welcome bonuses. This effectively makes the bonus pure value. Cards that commonly offer this:
- TD Aeroplan Visa Infinite (periodic)
- CIBC Aeroplan Visa Infinite (periodic)
- RBC Avion Visa Infinite (periodic)
- BMO eclipse Visa Infinite (periodic)
Timing your application when a first-year fee waiver is in effect — if you were planning to apply anyway — is straightforward additional value.
FAQ
When do welcome bonus points appear in my account? Most welcome bonuses are credited to your rewards account within 6–10 weeks of meeting the minimum spend requirement. Aeroplan points typically post to your Aeroplan account within two statement cycles of meeting the threshold.
Can I get the welcome bonus again if I cancel and reapply? Each issuer has different rules. Most issuers disqualify you from a welcome bonus if you have held the same card (or a card in the same family) within the past 12–24 months, even if you have since cancelled. Check the specific card’s terms before applying.
Is the minimum spend calculated before or after returns? Minimum spend is typically calculated on net purchases — returns and credits reduce your eligible spend. Plan your spending accordingly and avoid large purchases you intend to return during the minimum spend period.
What is the best welcome bonus in Canada right now? Welcome bonuses change weekly. Check each issuer’s website directly for the current promotion: td.com, cibc.com, rbc.com, scotiabank.com, and americanexpress.com/ca. Third-party comparison sites also track bonus changes, but always confirm the offer on the issuer’s official page before applying.
Related Articles
- Best Travel Credit Cards in Canada
- How Aeroplan Works in Canada
- Aeroplan Points Value Calculator 2026
- American Express Cobalt Card Review 2026
Welcome bonus offers are promotional, time-limited, and subject to change at any time. Eligibility conditions apply. Verify all offers with the card issuer before applying. See our Advertiser Disclosure.