The best rewards debit cards in Canada for 2024

Category	Account
Best for rewards	PC Money Account
Best for rewards (honourable mention)	Scotiabank Ultimate Package
Best for students	Scotiabank Student Banking Advantage Plan
Best for cash back	Koho Essential

Debit cards can pack a serious punch as a payment method: you can choose from a large selection of no-fee chequing accounts, debit cards help keep spending in check and, of course, they don’t charge interest. But is there a debit card with rewards? Surprisingly, yes!

Credit cards have always had the jump on widespread acceptance when travelling, and, of course, noteworthy rewards like merchandise and cash back, but a select few debit cards have rewards, too. And while we’ve yet to see a debit card that offers complimentary travel insurance or lounge access, there are a few on the market that offer some pretty slick rewards.

Whether you have bad credit or no credit, or you just prefer to spend money straight from your chequing account, these are the cards to consider if you’d like to earn rewards, too.

Best for rewards

PC Money Account

At a glance: This “money account” is positioned as an alternative to debit or credit for everyday spending, but it functions more or less like a debit card. You can fund it through e-Transfer from another financial institution and use it to pay bills (including pre-authorized withdrawals), transfer funds between banks, and shop. You can also use it when travelling abroad, since it’s accepted everywhere Mastercard is (very widely). The only things you can’t do with it are write and deposit cheques—and, since you can only use it where Mastercard is accepted, debit-only establishments are a no-go. That said, we’ve included this card on our list because of its earning potential. This no-fee account is great for those who spend at Shoppers Drug Mart and Loblaw-affiliated stores but don’t want to go with a PC Financial Mastercard. You’ll earn 10 Optimum points per dollar spent anywhere—not just in those stores. When you do spend at Shoppers, you’ll get an accelerated rate of up to 25 points per dollar.  

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Honourable mention

At a glance: This all-inclusive chequing account aims to make everyday banking easy. While the account fee is $30.95 a month (kind of steep for a bank account), that fee can be waived if you maintain a balance of $6,000. That said, a lot of the extras that banks typically charge for are included in that price tag—you get unlimited debit transactions and Interac e-Transfers, free personalized cheques and drafts, free global ABM withdrawals, and even a safety deposit box. The account has no overdraft protection fees, either. But what really makes this card stand out is the ability to earn Scene+ points, which you can use for movies but also travel, entertainment, gift cards and dining.

Best for students

Scotiabank Student Banking Advantage Plan

At a glance: If you’re a student, you probably don’t have extra cash to toss out for bank fees. This student account costs $0 when you’re enrolled full-time in a post-secondary institution in Canada or the U.S. Plus, it helps you earn Scene+ points, which can make movie nights, and also trips, merchandise, dinners and entertainment, more affordable, too.

Best for cash back

Koho Essential

At a glance: If you’re looking for the best cash back debit card in Canada, this full-service account is it. While not technically a debit account, it functions as such. You can load a predetermined amount of spending money onto your card each month and start earning 1% cash back on groceries, eating and drinking, and transportation—plus, up to 50% additional cash back from select merchants. In addition, earn 3.5% interest on both your spending and savings account.

Watch: 5 reasons to swap your debit card for a prepaid cash back card

More on spending:

• Best financial apps for Canadians
• Best high-interest savings accounts in Canada
• Best no-fee credit cards in Canada
• Best cash back credit cards