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Reward credit cards are of two varieties, personal and business cards, and go with different perks. Cardholders can earn free miles and points that can be exchanged for gift certificates and cards, merchandize, holiday cruises and vacations, and more.

Naturally, the card you choose will depend on your lifestyle. Travel rewards credit cards are featured with airfare discounts and may be an attractive option for frequent travelers. However, if your airfare is already covered by your employer, you may want to look into another type of rewards plan. Then, if the card is featured with travel to exotic destinations, and you are not into that, you may not benefit from a rewards credit card. Free upgrades are yet another beneficial feature for frequent travelers, depending on their lifestyle. Before looking at credit card offers, you should consider whether you will be able to use the reward points and check if there is a certain time limit to cash them. Look for hidden costs and hefty fees, and find out whether it will be an easy task to redeem your points.

What types of cards are offered on the Canadian market and what perks you will enjoy? You can check a variety of offers by BMO, Capital One, CIBC, and other banks. The BMO Elite MasterCard, for example, earns one reward point for every dollar cardholders charge to the card. The good news is that this card is featured with a bonus of 15,000 welcome points. Moreover, your bonus points will not expire. The credit card goes with a 20.5 percent interest rate and annual fee of $150.

The Capital One Aspire Master Card is another rewards card you can check. The rewards program here looks even better - cardholders earn two points for every $1 in purchases. The first purchase earns 35,000 bonus miles, and there is an anniversary bonus of 10,000 annually. This card is best suited for persons who have excellent credit, spend over $2,000 on a monthly basis, and pay their balances. The card is featured with a 19.8 percent interest rate and annual fee of $120. Your personal income should be $70,000 or more. Additional perks include trip interruption insurance, trip cancellation insurance, concierge services, price protection, and more.

A third offer to check is the CIBC Aerogold Visa. Naturally, airmiles are one of the major perks that go with this card. Bank clients earn 1.5 miles for every dollar spent at grocery stores, gas stations, and drugstores. The welcome bonus is 15,000 rewards points. In addition, CIBC guarantees that you will not lose your points due to account inactivity within 12 months. To apply for this card, you should show a minimum household income of $15,000. The interest rate is 19.99 percent on purchases while it is 21.5 percent with convenience cheques, balance transfers, and cash advances. The annual fee is $120 and bank clients can request up to 3 additional cards for $50 each a year.

J.P. Stevenson writes for www.creditcardscanada.net/ - an informational blog about the Canadian credit card industry.

By John P. Stevenson
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