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People are constantly asking me how to earn more travel rewards? You see, I travel 3 – 4 times a year and for every trip I take, there’s a good chance that I’m claiming points in some capacity.
Earning points is easy when you have one of the best travel rewards cards, but how do you maximize your earnings potential? It really comes down to two simple strategies: taking advantage of signup bonuses and knowing how your multipliers.
Using signup bonuses
Keep in mind that to get these bonuses, you need to spend quite a bit in the first three months of card membership. I personally tend to time my major purchases or expenses (such as car insurance) with a new credit card application so I can meet the minimum spend.
I’ve written a comprehensive guide to the best travel credit cards in Canada that focuses on signup bonuses, but I wanted to highlight a few cards to quickly to give you show how lucrative signup bonuses can be.
American Express Personal Platinum
- $699 Annual fee
- 60,000 Signup points (with my referral link) after charging $3,000
- $200 Annual travel credit
- Priority Pass Membership with unlimited free visits
The Amex Platinum card is often overlooked due to the high annual fee of $699, but if you check out my review of the card, I share how you can reduce that fee down to $299. What makes this card appealing is the fact that you’re essentially getting 60,000 Membership Rewards points (with a referral link) for $299 when you spend $3,000 in the first three months of card membership. Those points can then be transferred to Aeroplan on a 1:1 basis which is enough for two round-trip tickets to anywhere in the continental US and Canada.
Scotiabank Passport Visa Infinite
- $139 Annual fee
- 25,000 signup points ($250 value) after charging $1,500 in purchases
- Priority Pass Membership with 6 free annual passes
With the Scotiabank Passport Visa Infinite card, the spend requirement is just $139, but the signup bonus of 25,000 points is worth just $250. You do get 6 free airport lounge visits per year but the Amex Personal Platinum card offers you unlimited visits and has a much higher signup bonus. That being said, the Scotiabank Passport Visa Infinite is one of the best credit cards with no foreign transaction fees, so it’s worth considering. Read my Scotiabank Passport Visa Infinite card review now.
CIBC Aventura Visa Infinite
- $120 Annual fee – first year free (offer ends June 30th)
- 20,000 Signup points ($200 value) after charging $1,000 in purchases (15K at sign-up + 5K after minimum spend met)
Now here’s a card that doesn’t get as much attention as it deserves. The CIBC Aventura Visa Infinite card constantly has promotions (including right now) where the annual fee of $120 is waived for the first year. To get the welcome bonus of 20,000 points ($200 value), you only need to spend $1,000 in the first three months of card membership which is lower than the other cards I’ve mentioned
Knowing your multipliers
For some people, meeting the minimum spend is nearly impossible. If that’s the case, then a better strategy would be to rely on category multipliers.
Since many credit cards offer additional points on certain categories e.g. gas, groceries, pharmacy, you should try to pick credit cards that offer the highest multipliers based on your spending habits.
Let’s take a look at three common credit cards and the multipliers they offer:
Scotiabank Gold American Express Card
- Earn 4 Scotia Reward points per $1 dollar spent on gas, groceries, dining, and entertainment
- Earn 1 Scotia Reward point per $1 dollar spent on all other purchases
PC Financial World Elite Mastercard
- Earn 45 PC Optimum Points per $1 dollar spent at Shoppers Drug Mart
- Earn 30 PC Optimum Points per $1 spent where PC Products are sold
- Earn 10 PC Optimum Points per $1 spent on all other purchases
Tangerine Money-Back credit card
- Earn 2% money-back on up to three selected categories
- Earn .5% money-back on all other categories
Let’s say you had all of the above three cards, you could really maximize your points by selecting the right card when you pay by doing the following.
Use your Scotiabank Gold American Express Card for gas, groceries, dining, and entertainment purchases which essentially gives you 4% in points.
If you use your PC Financial World Elite Mastercard at Shoppers Drug Mart, you would earn 4.5% back in points. Keep in mind that Shoppers Drug Mart also has a lot of in-store and targeted promotions so you could earn even more points.
Finally, if you select recurring bills, home improvement, and parking as your categories with the Tangerine Money-Back credit card, you can earn 2% in money-back.
Although the PC Financial World Elite Mastercard and Tangerine Money-Back credit card don’t earn you any travel reward points, you can use the money saved and put it towards your travel.
The point is, you want to always maximize your spending by using credit cards that give you the most points.
You can earn more travel rewards pretty easily as long as you’re thinking ahead. Sign up bonuses are perfect when you have major purchases coming up and maximizing your multipliers should really be a daily thing. Don’t forget to check out my list of the best travel credit cards in Canada for more tips on how to earn rewards fast.