Canada’s 32 Best Credit Card Offers for May 2023

If you’re in the market for a new credit card, it’s important to consider the welcome bonus that the credit card is offering. This is a one-time incentive to encourage you to apply for the card, only available in your first year with the card.
The signup bonus is a big part of the value you’ll get from a new credit card, above and beyond its core features, at least in the first year. Often the signup bonus will influence your decision to apply, perhaps even more strongly than the card’s other qualities.
Here are the best credit card offers in Canada for May 2023.
What’s Happening This Month?
Spring has sprung, and the banks are coming out of their winter hibernation. May has already been a spicy month of ups and downs: signup offers on many popular credit cards have changed, with many more yet to change before the next turn of the calendar.
Here’s a summary of some of this month’s highlights, including elevated bonuses and key deadlines to be aware of:

All good things must come to an end, and the offers on the suite of RBC Avion cards have dropped from their recent all-time highs.
However, when a door closes, a window opens, as American Express has released strong new offers on its Aeroplan and Bonvoy cards.
Be sure to give the Laurentian Bank Visa Infinite Card a good look before its all-time-high offer expires on May 15, 2023.
The welcome offers on the TD Aeroplan cards and the TD Rewards cards expire on May 28, 2023. 
The current welcome bonus on the HSBC World Elite Mastercard is set to end on May 31, 2023.

Methodology
This list is an opinionated ranking of the best credit card offers in Canada, based on a few key factors that we use to evaluate the appeal of a signup bonus .
First and foremost, we look at the net value you can expect to earn when you apply for the card. This is the value of any first-year bonuses, rebates, and deals, minus annual fees. Rewards points are adjusted to a cash value based on our Points Valuations .
Next, we consider how easy it is to earn the welcome bonus. Cards may get a boost for a low spending requirement, or a long timeline to meet the spending threshold to qualify for the bonus. Meanwhile, they may get dinged for a high spending requirement, merchant category spending requirements, or drawn-out recurring monthly requirements.
All else being equal, we prefer cards with low annual fees. Any card with a first-year annual fee waiver, offering a bonus above a certain value, is a candidate for this list. However, the total first-year value of the offer is a bigger factor, as you can earn points faster and still come out ahead by paying high annual fees for cards with larger signup bonuses.
Finally, we may give a card a slight boost if its offer is significantly better than usual, or if we like the long-term features of the card. However, this list is mostly determined by what you can gain in the first year with a new credit card, compared to other deals available now.
TD Aeroplan Visa Infinite Privilege Card (Ending Soon)
TD’s premium Aeroplan card is offering the strongest overall bonus in Canada right now.
As a plus, there’s no monthly requirement to keep track of. Instead, the total required spending is quite high, at $12,000, but this is mitigated by the fact that you have a full year to meet this threshold. Furthermore, because of the way the spending requirement is structured, you’ll receive a big batch of points before you’ve hit the full $12,000.
Between an all-time high points total and a relatively straightforward spending requirement, now would be an excellent time to apply for this card, especially since the offer is set to expire on May 28, 2023.




TD Aeroplan Visa Infinite Privilege Card










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First-Year Value: $2,130




Earn 20,000 Aeroplan points upon first purchase
Plus, earn an additional 60,000 Aeroplan points upon spending $7,500 in the first 180 days
Plus, earn an additional 35,000 Aeroplan points upon spending $12,000 in the first year
Earn 2x Aeroplan points on Air Canada purchases
Earn 1.5x Aeroplan points on gas, groceries, dining, food delivery, and other travel purchases
Aeroplan preferred pricing, free checked bag, priority check-in and boarding on Air Canada flights
Unlimited Air Canada Maple Leaf Lounge access
DragonPass membership with six free lounge visits per year
Minimum income: $200,000 personal or household
Annual fee: $599





Business Platinum Card from American Express
Not surprisingly, the Business Platinum Card from American Express is among the cream of the crop.
While this premium Amex card comes with a high annual fee, it’s well worth it, as it will easily be offset by the value of the large signup bonus. Plus, you may even find long-term value in keeping the card thanks to its best-in-class perks, including extensive lounge access , comprehensive travel insurance , and generous refer-a-friend bonuses .
The offer is less than the all-time high we saw in Summer 2022, but is better than what we’ve seen since. If you’re looking to rack up points quickly, it’s without a doubt a great place to start.




Business Platinum Card from American Express










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First-Year Value: $1,976







Earn 75,000 100,000 MR points upon spending $10,000 in the first three months
Plus, earn 1.25x MR points on all purchases
Transfer MR points to Aeroplan and other frequent flyer programs for premium flights
Unlimited airport lounge access for you and one guest at Priority Pass, Plaza Premium, Centurion, and other lounges
Credits and rebates for business expenses throughout the year with Amex Offers
Bonus MR points for referring family and friends
Qualify for the card as a sole proprietor
Annual fee: $499






American Express Aeroplan Business Reserve Card (New Offer)
The business variant of Amex’s premium Aeroplan card has a slightly lower first-year value than the Business Platinum Card.
However, the up-front chunk of points is smaller, and the total spending requirement is higher. You’ll also have to sustain monthly spending for six months and pay the annual fee for the second year to unlock the full value of the welcome bonus.
If that suits your needs, this card would be an excellent choice, especially if you use Aeroplan as your main currency and plan to keep the card around. If not, though, a premium personal card might be a better fit.




American Express Aeroplan Business Reserve Card










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First-Year Value: $1,868




Earn 55,000 Aeroplan points upon spending $9,000 in the first three months
Plus, earn a further 7,500 Aeroplan points upon spending $3,000 in each of the first six months, up to 45,000 Aeroplan points
Plus, earn a further 25,000 Aeroplan points  upon making a purchase in months 14–17
Also, earn 3x Aeroplan points on Air Canada purchases
Aeroplan preferred pricing, free checked bag, priority check-in and boarding on Air Canada flights
Unlimited Air Canada Maple Leaf Lounge access
Bonus Aeroplan points for referring family and friends
Qualify for the card as a sole proprietor
Annual fee: $599






American Express Aeroplan Reserve Card (New Offer)
The American Express Aeroplan Reserve Card offers a slightly lower total bonus than the Business variant above.
However, the spending requirements are lower, which you may find more appealing. Still, with a monthly spending requirement, you do have to make sure you hit the threshold in each of the first six months to achieve the full bonus.
With the welcome bonuses separated by a hair, the choice between a premium Aeroplan card or a Platinum card will likely come down to your preference for all-around travel benefits or staunch Air Canada loyalty.




American Express Aeroplan Reserve Card










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First-Year Value: $1,711







Earn 50 ,000 Aeroplan points upon spending $6,000 in the first three months
Plus, earn a further 45,000 Aeroplan points upon spending $2,000 in each of the first six months
Plus, earn 25,000 Aeroplan points upon making a purchase in months 14–17
Always earn 3x Aeroplan points on Air Canada purchases
Aeroplan preferred pricing, free checked bag, priority check-in and boarding on Air Canada flights
Unlimited Air Canada Maple Leaf Lounge access
Bonus Aeroplan points for referring family and friends
Annual fee: $599






American Express Platinum Card
The personal Platinum Card is offering a solid welcome bonus of 90,000 Membership Rewards points in one fell swoop.
However, there is a fairly hefty spending requirement of $7,500 in the first three months. If that doesn’t pose a barrier, then now could be a good time to add a chunk of metal to your wallet.
The offer isn’t the highest we’ve ever seen, but a the range of ongoing benefits on this card, you may also find value in keeping it around for a while.




American Express Platinum Card










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First-Year Value: $1,646







Earn 60,000 90 ,000 MR points upon spending $7,500 in the first three months
Also, earn 3x MR points on all dining purchases at restaurants, bars, and food delivery services
Also, earn 2x MR points on all travel purchases
Also, receive an annual $200 travel credit
Transfer MR points to Aeroplan and other frequent flyer programs for premium flights
Unlimited airport lounge access for you and one guest at Priority Pass, Plaza Premium, Centurion, and other lounges
Credits and rebates for daily expenses throughout the year with Amex Offers
Bonus MR points for referring family and friends
Annual fee: $699






American Express Business Gold Rewards Card
The American Express Business Gold Rewards Card is also offering a very strong bonus, and it comes with a smaller $199 annual fee. At 75,000 Membership Rewards points, this offer is the standard high-water mark for this card.
It’s simple to earn the bonus, with a spending requirement of $5,000 in three months on any category of purchases. With the offers on other Amex cards coming down while the Business Gold stays high, now would be a good time to add this one to your collection.




American Express Business Gold Rewards Card










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First-Year Value: $1,561




Earn 70,000   75,000 MR points upon spending $5,000 in the first three months
Plus, earn 10,000 MR points in each calendar quarter you spend $20,000
Transfer MR points to Aeroplan and other frequent flyer programs for premium flights
Enjoy the exclusive benefits of being an American Express cardholder
Bonus MR points for referring family and friends
Annual fee: $199






American Express Gold Rewards Card
Similar to the earning structure on the Cobalt card, earning the full welcome bonus on the Gold Card now requires you to spend $1,000 each month, for the first 12 months. The 10,000 points upon spending $4,000 in the first three months isn’t great, but the total welcome bonus over the course of the year is attractive.
As you’ll have to spend at least $13,000 spread out over the first year, you’d probably be better off looking elsewhere. If you’re somebody who tends to max out the 5x earning rate on your Cobalt every year, then this could serve as a decent backup.




American Express Gold Rewards Card










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First-Year Value: $1,654




Earn 10,000 MR points upon spending $4,000 in the first three months
Plus, earn an additional  5,000 MR points upon spending $1,000 in each of the first 12 months, up to 60,000 MR points
Also, receive an annual $100 travel credit and a $50 NEXUS credit
Transfer MR points to Aeroplan and other frequent flyer programs for premium flights
Plaza Premium membership with four annual lounge passes
Credits and rebates for daily expenses throughout the year with Amex Offers
Bonus MR points for referring family and friends
Annual fee: $250






American Express Business Edge Card
With a low annual fee of $99, this card is a good option if you’re looking to rack up points at a low cost.
Still, you’ll face the same $5,000 spending requirement as the Business Gold Rewards Card, but with a smaller welcome bonus.
Note that you’ll need to sustain spending of $3,000 per month to earn the final 12,000 MR points, a prospect which I’d recommend forgoing in favour of better ways to earn points on other cards.




American Express Business Edge Card










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First-Year Value: $1,419




Earn 45,000 55,000 MR points upon spending $5,000 in the first three months
Plus, earn an additional 1,000 MR points for each of the first 12 months in which you spend $3,000, for an additional 12,000 MR points
Also, earn 3x 10x MR points on food and drinks, ridesharing, gas, office equipment, and electronics, up to an additional 10,000 MR points
Transfer MR points to Aeroplan, Avios, or Marriott Bonvoy
Enjoy the exclusive benefits of being an American Express cardholder
Bonus MR points for referring family and friends
Annual fee: $99





American Express Aeroplan Card
The American Express Aeroplan Card is yet another mid-tier Amex with a respectable welcome bonus.
Despite its lower annual fee, there is a modest monthly spending requirement, which may be a minor hassle to track for limited gain. While the value of the offer is quite strong, I’d sooner choose an MR card to earn points in a more straightforward manner, or a premium Aeroplan card for better benefits.




American Express Aeroplan Card










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First-Year Value: $1,114




Earn 40,000 Aeroplan points upon spending $3,000 in the first six months
Plus, earn a further 2,500 Aeroplan points upon spending $500 in each of the first six months
Always earn 2x Aeroplan points on Air Canada purchases
Aeroplan preferred pricing, free checked bag on Air Canada flights
Bonus Aeroplan points for referring family and friends
Annual fee: $120






CIBC Aeroplan Visa Infinite Card
The CIBC Aeroplan Visa Infinite Card has rejoined the ranks as one of our favourite mid-tier Aeroplan cards.
It’s currently offering an elevated welcome bonus of 50,000 Aeroplan points, with a very low $1,000 spending requirement.
Also, the card is offering a first-year annual fee waiver, a common and popular feature of its welcome bonus.
There’s no published expiry date for this offer, so if you’ve been waiting for an opportunity to add this to your wallet, now is as good of a time as ever.




CIBC Aeroplan Visa Infinite Card










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First-Year Value: $1,071







Earn 10,000 Aeroplan points upon first purchase
Earn 40,000 Aeroplan points upon spending $1,000 in the first four months
Earn 1.5x Aeroplan points on gas, groceries, and Air Canada purchases
Preferred pricing and free checked bags on Air Canada flights
Minimum income: $60,000 personal or $100,000 household
Annual fee: $0 for the first year, then $139






TD Aeroplan Visa Infinite Card (Ending Soon)
The TD Aeroplan Visa Infinite Card is routinely one of our favourite mid-tier Aeroplan cards.
Like its premium counterpart, it’s currently offering a high points bonus. While the spending requirement is high, it’s also spread out over a full year, so you should have no trouble reaching it.
Be sure to apply for the card before May 28, 2023, which is when the current offer is set to expire.




TD Aeroplan Visa Infinite Card










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First-Year Value: $945







Earn 10,000 Aeroplan points upon first purchase.
Plus, earn 10,000 30,000 Aeroplan points upon spending $5,000 in the first six months
Plus, earn an additional 15,000 Aeroplan points on renewal when you spend $7,500 within 12 months of account opening
Earn 1.5x Aeroplan points on gas, groceries, and Air Canada purchases
Preferred Aeroplan pricing and free checked bags on Air Canada flights
Minimum income: $60,000 personal or $100,000 household
Annual fee: $0 for the first year, then $139





TD First Class Travel Visa Infinite Card (Ending Soon)
TD’s in-house rewards cards make for a great stat-padder when you’re looking for general travel value, outside of airline or hotel loyalty programs.
After a recent refresh, the TD First Class Travel Visa Infinite Card is flaunting an all-time-high welcome bonus, worth 135,000 TD Rewards points in the first year. That’s worth a fixed value of up to $675 towards any travel booking via Expedia for TD. Bear in mind that the spending requirement is quite a bit higher than before, at $5,000 spent in the first six months.
Plus, you’ll now get a $100 annual travel credit, which goes a long way to improving the value proposition on the card, whether in the first year or long-term.
The current offer expires on May 28, 2023, so consider applying for the card before then to secure the all-time-high welcome bonus.




TD First Class Travel Visa Infinite Card










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First-Year Value: $825




Earn 20,000 TD Rewards points after making your first purchase
Earn  115 ,000 TD Rewards points upon spending $5,000 in the first 180 days
And, earn up to 10,000 TD Rewards points back on your birthday
Plus, earn 8x TD Rewards points on travel purchases when you book through Expedia for TD
Use your rewards for any travel bookings available on Expedia for TD
Minimum income: $60,000 personal or $100,000 household
Annual fee: $0 for the first year, then $139






CIBC Aeroplan Visa Infinite Privilege Card
CIBC’s top-tier Aeroplan card is offering an appealing bonus, with 60,000 points achievable for spending a reasonable $3,000 in the first four months.
This alone is quite good value for the annual fee, and a high one at that. If you do decide to keep the card long-term for its premium benefits, there’s a second-year points bonus which is enough to offset your second annual fee.




CIBC Aeroplan Visa Infinite Privilege Card










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First-Year Value: $676




Earn 25,000   60,000 Aeroplan points upon spending $3,000 in the first four months
Plus, earn an anniversary bonus of  30,000 Aeroplan points upon renewing the card for a second year
Earn 2x Aeroplan points on Air Canada purchases
Earn 1.5x Aeroplan points on gas, groceries, dining, food delivery, and other travel purchases
Aeroplan preferred pricing, free checked bag, priority check-in and boarding on Air Canada flights
Unlimited Air Canada Maple Leaf Lounge access
DragonPass membership with six free lounge visits per year
NEXUS application credit
Minimum income: $200,000 personal or household
Annual fee: $599






American Express Cobalt Card
The American Express Cobalt Card is a favourite for everyday earning, with an unbeatable 5x rate on groceries and restaurants. The card is arguably more attractive for its keeper appeal than it is for its signup bonus.
Still, the value of the welcome offer is worth applying for, even with a baseline welcome bonus. There’s never a bad time to add a Cobalt Card to your rotation.




American Express Cobalt Card










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First-Year Value: $636







Earn a total of 30,000 MR points upon spending $500 in each of the first 12 months
Earn 5x MR points on groceries, restaurants, bars, and food delivery
Earn 3x MR points on eligible streaming services
Earn 2x MR points on gas, transit, and travel purchases
Transfer MR points to Aeroplan, Avios, or Marriott Bonvoy
Enjoy the exclusive benefits of being an American Express cardholder
Bonus MR points for referring family and friends
Monthly fee: $12.99





RBC British Airways Visa Infinite Card
RBC has extended the boosted offer on its British Airways co-branded card. While the value is quite strong, the spending requirement is higher and on a shorter timeframe than the Avion cards.
Also, Avios are harder to use and more restrictive than Avion points. As Avion can be transferred 1:1 to Avios, I’d always opt for flexibility first, and only apply for the more limited card after exhausting other options.




RBC British Airways Visa Infinite










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First-Year Value: $899




Earn 15,000 Avios when you get approved for the card
Then, earn 25,000 35,000 Avios when you spend $6,000 in the first three months
Also, earn 10,000 Avios when you renew the card for a second year
Plus, earn 1x Avios on all purchases
Get a Companion Award eVoucher for an Avios redemption on British Airways flights upon spending $30,000 in a calendar year
Annual fee: $165






HSBC World Elite Mastercard (Ending Soon)
The HSBC World Elite Mastercard is always a good option, even when its welcome bonus is lower.
Currently you can earn up to 80,000 points, and in an improvement to the previous offer, all are awarded in the first year. Toss in no annual fee for year one, the $100 annual travel credit, and earning 6 HSBC Rewards points per dollar spent on travel, and the overall value proposition from this card becomes quite strong.
Indeed, it’s one of our favourite keeper cards. It’s one of the few credit cards in Canada with no foreign transaction fees , features the aforementioned annual travel credit , and HSBC Rewards are the only Canadian bank program to transfer to Singapore Airlines KrisFlyer miles .
The current offer expires on May 31, 2023.




HSBC World Elite® Mastercard®










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First-Year Value: $724







Earn 20,000 up to 80,000 HSBC Rewards points
Plus, earn 6 HSBC Rewards points per dollar spent on travel purchases
Plus, receive an annual $100 travel enhancement credit
Transfer HSBC Rewards points to Singapore Airlines KrisFlyer and other frequent flyer programs for premium flights, or redeem points for statement credit for any travel expense
No foreign transaction fees
Minimum income: $80,000 personal or $150,000 household
Annual fee: $0 for the first year, then $149
Offer valid for non-Quebec residents only. Quebec residents are eligible for a different offer






Laurentian Bank Visa Infinite Card (Ending Soon)
Laurentian Bank debuted its