Best Restaurant Credit Cards In Canada For May 2024

When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With restaurant credit cards, the scoring model used takes into account factors such as, but not limited to, cash back rates and categories, fees, welcome bonuses, and other rewards and features. Keep in mind, what may be best for some people might not be right for you. Conduct informed research before deciding which cards will best help you achieve your financial goals.

Scotiabank Gold American Express Card

The Scotiabank Gold American Express Card seamlessly combines elevated dining rewards with versatile travel benefits, making it a top choice for food enthusiasts who also have the travel bug.

Rewards: 6 Scene+ points for every dollar spent at Sobeys, Safeway Freshco, Foodland and more, 5 Scotia Rewards points for every dollar spent at restaurants, fast food outlets and bars, as well as food delivery and food delivery subscription services like DoorDash or UberEats, along with 3 points on gas, public transit, rideshare and streaming services, and 1 point on all other everyday purchases.

Welcome Offer: Earn 20,000 bonus Scene+ points by making at least $1,000 in everyday eligible purchases in your first three months. Plus, for a limited time, you are eligible to earn a 20,000 Scene+ point bonus when you spend at least $7,500 in everyday eligible purchases in your first year.

Annual Fee: $120

Other Benefits and Drawbacks: In addition to the impressive rewards structure, the card grants access to luxury travel perks, including priority pass airport lounge visits and a comprehensive travel insurance package. However, its American Express affiliation might restrict its acceptance at certain establishments, plus cardholders should be aware of the slightly elevated APR on purchases and cash advances.

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Neo Credit

The Neo Credit is an ideal choice for cardholders who crave simplicity in rewards, coupled with the advantage of no annual fees, making it apt for budget-conscious diners and everyday spenders.

Rewards: Up to 5% cash back on their purchases from a variety of partnered local and national brands, and a guaranteed 0.5% cash back across the board.

Welcome Offer: New members are greeted with up to 15% cash back on their first purchase at a participating Neo retail partner.

Annual Fee: $0

Other Benefits and Drawbacks: Neo Credit excels in its simplicity and mobile-first experience, which includes instant card lock, spending insights and a streamlined application process. On the flip side, its cash-back benefits are confined to partnered merchants, and there’s a lack of travel and luxury perks that other cards might offer. The absence of a foreign exchange fee, however, is a notable advantage for your occasional overseas spending.

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American Express Cobalt® Card

The American Express Cobalt® Card stands out as a versatile choice for avid diners and travelers alike, offering a robust rewards system and flexibility in redemption options.

Rewards: Earn 5 Membership Rewards per dollar spent on groceries (up to $30,000 annually), 3 Membership Rewards points per dollar spent on eligible streaming subscriptions in Canada, 2 Membership Rewards points per dollar spent on rideshares, transit and gas in Canada 1 Membership Rewards point per dollar spent on all other eligible purchases and 1 additional Membership Rewards point for every dollar spent on eligible hotel or car rental bookings made with American Express Travel.

Welcome Offer: In your first year as a new Cobalt Cardmember, you can earn 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 in net purchases on your Card. This could add up to 15,000 points in a year. That’s up to $150 towards a weekend getaway or concert tickets.

Annual Fee: $155.88 ($12.99 per month)

Other benefits and drawbacks: The $100 annual travel credit means you’ll be able to dine abroad on a discount and you’ll get an extra Membership Reward point if you book your hotel or rental car to help you get to the restaurant through American Express Travel. Unfortunately, your time at the airport may still be stressful and won’t afford you a complimentary meal because the Amex Cobalt doesn’t come with airport lounge access.

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MBNA Rewards World Elite® Mastercard®

The MBNA Rewards World Elite® Mastercard® is designed for epicureans who want to turn their dining experiences into lucrative rewards, all the while enjoying the privileges of World Elite status.

Rewards: 5 points‡ per dollar at restaurants, on groceries, digital media, memberships and household utilities. 1 point‡ per dollar spent on all other purchases.

Welcome Offer: 20,000 bonus points†† (approx. $165 in cash back value) after making $2,000 or more in eligible purchases and an additional 10,000 bonus points †† (about $80 in cash back value) once enrolled for paperless e-statements—within the first 90 days.

Annual Fee: $120

Other Benefits and Drawbacks: On top of the dining-centric rewards, cardholders can indulge in elite insurance benefits, from travel medical to trip interruption, ensuring their dining travels are always protected. The World Elite perks further enhance the experience with special offers and upgrades tailored for the discerning diner. However, it’s worth noting there isn’t a special higher reward rate specifically for dining, and there’s no foreign transaction fee waiver for your international culinary escapades.

††, ‡, Terms and Conditions apply. This offer is not available to residents of Quebec.

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CIBC Dividend Visa Infinite Card

The CIBC Dividend Visa Infinite Card is a dining aficionado’s dream, transforming every culinary adventure into a cascade of cash back rewards, perfect for cardholders who dine out frequently and wish to see tangible returns on their spending.

Rewards: 4% cash back on gas and groceries, 2% cash back on dining and 1% cash back on everything else.

Welcome Offer: None.

Annual Fee: $120, but it’s waived for the first year.

Other Benefits and Drawbacks: Beyond the palatable rewards, diners will appreciate the comprehensive suite of travel and shopping protection benefits the card offers, ensuring peace of mind during their gastronomic escapades. The card also provides exclusive Visa Infinite perks, from wine country programs to dining series events. However, potential cardholders should be aware of the $60,000 individual or $100,000 household income requirement to be eligible for this card.

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Simplii Financial™ Cash Back Visa*

Tailored for cardholders who have a penchant for dining out, the Simplii Financial™ Cash Back Visa* turns every bite into a bounty, ensuring that every culinary escapade doesn’t just satiate your taste buds but also fills up your cash back reservoir.

Rewards: 4% cash back at bars, coffee shops and restaurants up to $5,000 annually, after that 0.5% unlimited, 1.5% on eligible gas, groceries, and drugstore purchases, as well as pre-authorized payments up to $15,000 per year, after that 0.5% unlimited and 0.5% cash back on everything else†.

Welcome Offer: Get 20% cashback in your first 3 months on eligible gas, groceries, drugstore purchases and pre-authorized payments (up to $500 spend)†.

Annual Fee: $0.

Other Benefits and Drawbacks: The card is a feast of benefits, with no limit on the total cash back you can earn and an array of Visa benefits like Zero Liability and Purchase Security. It’s also noteworthy that the card provides a grace period for payment without incurring interest. However, a potential drawback might be the slightly higher APR on cash advances. The introductory cash back rate, while tempting, requires cardholders to capitalize on it within the first few months to gain maximum benefits.
†Terms and conditions apply. This offer is not available for residents of Quebec.

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SimplyCash® Preferred Card from American Express

Dining enthusiasts looking to spice up their restaurant experiences will find the SimplyCash® Preferred Card from American Express to be a delightful companion, not just amplifying their culinary escapades but also garnishing them with cash back rewards.

Rewards: 4% cash back on eligible gas and grocery purchases in Canada and 2% cash back on every other dollar spent.

Welcome Offer: Up to $400 in statement credits within your first 10 months.

Annual Fee: $119.88 (billed as $9.99 a month), which can be easily offset with regular dining outings and other everyday spending.

Other Benefits and Drawbacks: On the side of benefits, cardholders can enjoy the flexibility of no cash back limit, ensuring that their rewards only grow with every bite and purchase. The card also extends insurance coverage for car rental theft and damage insurance, making it a suitable pick for travelers who love to dine out. A potential limitation, however, is the card’s American Express branding, which might face limited acceptance at certain dining venues, although its reach is continually expanding.

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CIBC Costco Mastercard

For shoppers who cherish the joy of dining out and are loyal to the Costco brand, the CIBC Costco Mastercard serves as a culinary passport, granting appetizing rewards both inside and outside the walls of the wholesale giant.

Rewards: As foodies indulge at their favourite restaurants, cafés or bistros, they’re rewarded with 3% cash back on all dining purchases. And as they wander the aisles of Costco or gas up for their next gastronomic adventure, they earn an impressive 2% cash back at the warehouse and on all fuel expenditures. All other purchases, from grocery hauls to movie tickets, accrue 1% cash back, ensuring every spend is paired with a reward.

Welcome Offer: None.

Annual Fee: $0, but it only applies to Gold and Executive Costco members who must pay, respectively, a fee of $60 and $120 for their annual Costco membership.

Other Benefits and Drawbacks: In addition to its sumptuous cash-back rates on dining, groceries and everything else, the card also provides cardholders with extended warranty and purchase protection, adding a layer of confidence to every purchase they make. The card also becomes the member’s Costco membership card, streamlining their shopping experience. However, a potential drawback to keep in mind is the lack of any premium travel or luxury benefits, which might be expected from other credit cards. It’s a straightforward cash back card with a Costco focus.

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CIBC Costco World Mastercard

A culinary enthusiast’s dream, the CIBC Costco World Mastercard serves up a plateful of delightful benefits, particularly for cardholders who have a penchant for dining delights and regularly shop at Costco.

Rewards: A hearty meal becomes even more gratifying as cardholders earn an enticing 3.5% cash back on dining expenses. This savory benefit extends to 3% cash back at Costco stores, ensuring every shopping trip is as rewarding as the last. Filling up the tank for a road trip to a new food destination? Expect 2% cash back on fuel, and for all other adventures and purchases, 1% cash back awaits you.

Welcome Offer: 5.5% cash back (for new members) on all purchases (capped at $2,500) for the initial three months.

Annual Fee: $0, but only applies to Gold and Executive Costco members who must pay, respectively, a fee of $60 and $120 for their Costco membership.

Other Benefits and Drawbacks: Beyond its rewards, the CIBC Costco World Mastercard doubles as a Costco membership card, blending shopping and credit into one convenient card. Additionally, cardholders can bask in the peace of mind provided by extended warranty and purchase protection. While the card is a smorgasbord of cash-back benefits, some might find the absence of premium travel perks a bit limiting, especially if they’re looking for a more holistic rewards experience beyond cash back and shopping at Costco.

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CIBC Dividend Platinum Visa Card

The CIBC Dividend Platinum Visa Card offers a blend of rich rewards tailor-made to enhance every culinary experience.

Rewards: 4% cash back on all gas and grocery purchases, 2% cash back on dining, and all other purchases earn a steady 1% cash back.

Welcome Offer: None.

Annual Fee: $99

Other Benefits and Drawbacks: The card promises a side dish of comprehensive insurance coverage, including out-of-province emergency travel medical insurance and purchase security. However, while its cash back on dining is competitive, gourmet lovers might crave for a slightly higher percentage to truly capture the essence of their dining escapades. Plus, the addition of a foreign transaction fee might also be a slight hiccup for cardholders who love to dine internationally.

Pros

• Earn rewards or cash back on restaurant spending
• No annual fees on select cards

Cons

• Few cash back cards offer rewards on restaurant spending
• Cards that reward grocery or gas purchases may be more valuable overall, depending on your spending habits

For most people, a credit card for dining and restaurants may equate to an additional credit card. Most credit cards featuring bonus points or cash back at restaurants won’t have high rates for other categories or overall. If you’re thinking about getting a card for restaurant spending, consider the following:

• How much money do you spend per month at restaurants?
• Is your monthly spending pretty consistent or does it vary?
• Will you earn enough in rewards on a particular card to justify paying an annual fee?

If your monthly spending varies, you may want to consider a card with additional categories or categories you can change. If you don’t spend enough to offset an annual fee, you should consider only restaurant cards without an annual fee.

Make sure you also familiarize yourself and assign a value to any of the other benefits that may come with a card you’re considering. For example, if you like to travel abroad, you should look at cards that don’t charge foreign transaction fees. Some cards for restaurants are also good for travel purchases and may even include protections like trip cancellation, trip delay and car rental insurance coverage.

Restaurant Credit Card Welcome Bonuses

While welcome bonuses aren’t earned directly through restaurant spending, the subsequent haul in points that come from them can often be redeemed for restaurant or dining purchases (including delivery services) through statement credits or gift cards when those are redemption options. Some reward programs, like Aeroplan and Air Miles, have their own eStore where restaurant vouchers can be purchased with points or miles earned through a welcome bonus. Scene+ points can be redeemed at participating restaurants directly and PC Optimum points can only be redeemed for purchases at Loblaws-owned grocery stores.

Restaurant Credit Card Annual Fees

Most credit cards that earn rewards on restaurant purchases or that allow rewards to be redeemed for restaurant and dining purchases are considered premium cards and therefore, have high annual fees that average between $120 and $150 per year when it comes to the more mid-tier rewards cards. If you’re talking about credit cards like The Platinum Card^® from American Express, the annual fee amounts to $799 per year. When a card that earns points at restaurants, or can be redeemed for restaurant purchases, carries an annual fee, the cardholder must evaluate the annual cost of the card against the value of the restaurant and other benefits they receive. There are also some credit cards that are great for restaurants and have no annual fee, like the Simplii Financial Cash Back Visa and cards with no annual fee are best for cardholders who know they are likely to carry a balance.

Restaurant Credit Cards Average Return on Spending

When it comes to your return on restaurant spending the American Express cards on this list give you the most. For example, the American Express Cobalt® Card gives you a 10% return despite having a high annual fee and missing perks like airport lounge access. The Scotiabank Gold American Express has the lounge access perk and a slightly smaller annual fee, but only gives you a 5% return on restaurant spending. It’s important, when calculating your return in a certain spending category, to weigh your priorities. Are you all about the return or do certain perks and benefits, along with the cost of the annual fee, outweigh the potential return for you?

Restaurant Credit Card Perks

When it comes to credit card perks, one must look first at the insurance coverage, as beyond the experiences and access perks, the travel insurance offered by the most premium of these cards has the potential to save you the most money should you need to access it and your travel expenses on the card qualify for it. After that, then you can evaluate the perks like lounge access, car rental discounts, Starbucks Rewards and Front of the Line experiences. According to our research, The Scotiabank Gold American Express has a slight edge over the American Express Cobalt Card, based simply on the sheer value of all that it offers. Forbes Advisor would peg it at over $600 in perks and insurance benefits combined, while the Amex Cobalt comes in at over $450.