Canada’s Best Credit Cards for 5x Rewards

In recent years, we’ve seen the introduction of several credit cards in Canada that offer 5 points per dollar spent on groceries and restaurants. For many sectors of the population, ranging from students to families, these categories make up a large portion of monthly spending, and rewards can stack up very quickly.

However, not all credit cards are created equal. Depending on your goals, the limitations of each points program, and other benefits for cardholders, you’re likely to find some 5x cards more appealing than others.

Here’s a generalized ranking of Canada’s best 5x credit cards for groceries and dining, bearing in mind that the right choice for you may be situational. All of these cards have mid-tier perks and annual fees in the range of $120–155, so let’s break down the features that set them apart.

1. American Express Cobalt Card

First up on this list is the American Express Cobalt Card. It’s received plenty of press since its debut in 2017 as one of Canada’s best credit cards, and for good reason.

The 5x multiplier applies to purchases made at grocery stores and restaurants. The latter includes anything classified as “dining” – bars, food delivery services, takeout, etc.

Even if you don’t tend to dine out or frequent your local watering holes, many grocery stores accept American Express. And keep in mind that groceries aren’t the only items sold at grocery stores – for example, you can buy many household products and gift cards at a grocery store, earning 5x rewards.

You’ll earn American Express Membership Rewards with the Cobalt card, which is arguably Canada’s best transferrable rewards program. There are a number of great loyalty programs that you can access, including Aeroplan, British Airways Avios, Air France/KLM Flying Blue, and more.

These programs give you access to partner redemptions in each of the three major airline alliances, and earning 5 points per dollar spent can fast track your way to many aspirational experiences. If you’ve had your eye on a flight in ANA First Class, Lufthansa First Class, Qatar Airways Qsuites, Air France business class, or other world-leading products, the Cobalt card can help to get you there.

We value MR points at 2.2 cents per point, which means…