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What credit cards offer the best sign-up bonuses and limited-time promotions in May 2023?

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We adhere to strict standards of editorial integrity to help you make decisions with confidence. Please be aware that some (or all) products and services linked in this article are from our sponsors.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Please be aware this post may contain links to products from our partners. We may receive a commission for products or services you sign up for through partner links.

Getting a new credit card is a much sweeter experience when it comes bundled with a limited-time offer for bulk bonus points, sky-high cashback levels, or accelerated rewards earning rates.

Missing one of these promotions means letting a lot of extra value slip by, so before applying for a new credit card check to make sure there isn’t a more lucrative opportunity on the list below.

Canada’s best credit card sign-up promotions

Card Sign-up offer Offer expiry date Annual fee
TD® Aeroplan® Visa Infinite* Card Earn up to $1,600 in value† including up to 70,000 Aeroplan points†. Conditions Apply. Must apply by September 5, 2023 Must apply online by September 5, 2023 $139
HSBC World Elite® Mastercard® Earn up to 80,000 Points* + first year annual fee rebate* + $100 annual travel enhancement credit*. Conditions apply. May 31, 2023 $149 (first year rebate)*
BMO CashBack® World Elite®* Mastercard®* Welcome offer: Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year* July 31, 2023 $120 (waived in the first year)*
SimplyCash® Preferred Card from American Express In your first 10 months as a new SimplyCash® Preferred Card from American Express Cardmember, you can earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months. Conditions apply. N/A $9.99/month (Equals a total fee of $119.88 annually)
WestJet RBC World Elite Mastercard Get up to 450 welcome WestJet dollars (a value of up to $450 CAD) when you spend a minimum of $5,000 in the first 3 months on your card. N/A $119
HSBC Cash Rewards Mastercard® Additional 12.5% cash back* for first 180 days on up to $1,000 in total purchases (conditions apply) May 31, 2023 $0

†Terms and conditions apply. / *Terms and conditions apply

Offer for TD® Aeroplan® Visa Infinite* Card is not available for residents of Quebec.

TD® Aeroplan® Visa Infinite* Card

Quick Facts

Offer: Earn up to $1,600 in value† including up to 70,000 Aeroplan points†
Expires: Must apply by September 5, 2023.
Standard Purchase APR: 20.99%
Balance Transfer APR: 22.99%
Cash Advance APR: 22.99%
Minimum Credit Score: Good-Excellent
Minimum Income: $60,000 individual/$100,000 household
Age: Age of majority in province
Residency: Canadian resident

New cardholders get 10,000 Aeroplan points Welcome Bonus for making their first eligible purchase† with the TD® Aeroplan® Visa Infinite* Card. Making at least $5,000 in purchases within the first 180 days of opening the account qualifies you for another 40,000 points.† Plus, earn an anniversary bonus of 20,000 Aeroplan points when you spend $7,500 within 12 months of Account opening.† Must apply by September 5, 2023.

The limited-time offer is complemented by a fast earn rate of 1.5 Aeroplan points† per $1 spent on eligible gas, groceries, and direct through Air Canada® purchases (including Air Canada Vacations®) made with your card, as well as 1 point† per $1 spent on all other purchases made with your card. Other benefits of note for travellers include comprehensive travel insurance†; application fee rebate when you enroll for NEXUS (every 48 months)†; and share free first checked bags on Air Canada originated flights for account cardholders and travel companions (up to eight) traveling on the same itinerary†.

Apply now or learn more by reading our complete TD® Aeroplan® Visa Infinite* Card review.

This offer is not available for residents of Quebec. For Quebec residents, please click here.

†Terms and conditions apply.

HSBC World Elite® Mastercard®

Quick Facts

Offer: Up to $649 in total value* for the first year. Conditions apply.
Expires: May 31, 2023
Minimum Credit Score: N/A
Minimum Income: $80,000 individual or $150,000 household
Age: Age of majority in your province or territory
Residency: Canadian

The HSBC World Elite® Mastercard® now has a very competitive Welcome Bonus for new cardholders—Special offer: Earn up to 80,000 points* ($400 travel value) PLUS a full annual fee rebate for the primary cardholder for the first year* ($149 value) and receive a $100 annual travel enhancement credit*. Must apply by May 31, 2023. Conditions apply.

  • Welcome bonus of 20,000 points* ($100 travel value)
  • Earn 10,000 points* each month when you spend at least $1,000 each month for the first 6 months of account opening (up to $300 travel value)
  • First year annual fee rebate for the primary cardholder* ($149)
  • Receive a $100 annual travel enhancement credit*

An HSBC Rewards point is worth $0.005 when redeemed for travel, so that adds up to $649 in total value* in the first year. This offer is only available to residents of Canada other than the province of Quebec (Quebec residents eligible for separate offer). Not too shabby.

Aside from the killer promotion, the HSBC World Elite® Mastercard® has some other standout travel benefits to take note of: It doesn’t charge foreign transaction fees (only the exchange rate applies); Cardholders under the age of 65 are covered with 31-day Worldwide Emergency Travel Medical insurance (many credit cards only offer 14-day coverage); and noted previously Cardholders get an annual $100 travel enhancement credit* for airline seat upgrades, additional baggage, and airport lounge access.

*Terms and Conditions apply.

®/TM Mastercard and World Elite are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. Used pursuant to license.

Apply now  or learn more by reading our complete HSBC World Elite® Mastercard® review.

BMO CashBack® World Elite®* Mastercard®*

Quick Facts

Offer: 10% cash back for the first three months, up to $2,600 in spending/$260 cash back* + first year annual fee rebate*
Expires: July 31, 2023
Minimum Credit Score: Excellent
Minimum Income: $80,000 individual/$150,000 household
Age: Age of majority in province or territory
Residency: Canadian resident
Other: No bankruptcy in the past seven years

The BMO CashBack® World Elite®* Mastercard®* is offering one of the juiciest sign-up bonuses available in Canada for those who prefer cash back over travel rewards: New cardholders can get 10% back on up to $2,600 in spending during their first three months (max $260 value)* plus an annual fee rebate for the primary cardholder ($120 value)*. The cash back rate for the welcome offer is annoyingly tiered by spending category rather than offered as a flat rate, but the average Canadian at this income level can probably earn close to the maximum cash back available nonetheless:

  • 10% back on up to $500 spent on groceries ($50)
  • 10% back on up to $500 spent on recurring bills ($50)
  • 10% back on up to $300 spent on gas and electric vehicle charging ($30)
  • 10% back on up to $300 spent on ground transit ($30)
  • 10% back on up to $1,000 spent on everything else ($100)

After the welcome period ends the card earns 5% back on groceries (up to $500 spent per month)*; 4% back on ground transit (up to $300 spent per month)*; 3% back on gas and electric vehicle charging (up to $300 spent per month)*; 2% back on recurring bills (up to $500 spent per month)*; and 1% back on everything else (unlimited)*.

Apply now or learn more by reading our complete BMO CashBack® World Elite®* Mastercard®* review.

*Terms and conditions apply

SimplyCash® Preferred Card from American Express

Quick Facts

Offer: In your first 10 months as a new SimplyCash® Preferred Card from American Express Cardmember, you can earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months. Conditions apply.
Expires: N/A
Minimum Credit Score: Good-Excellent
Minimum Income: N/A
Age: 18+/Age of majority
Residency: Canadian Resident

The SimplyCash® Preferred Card from American Express has a nice Welcome Offer:  In your first 10 months as a new SimplyCash® Preferred Card from American Express Cardmember, you can earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months. Conditions apply. Compare that to the $200 in maximum cash back you may run into for most cards’ welcome offers.

Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually) and 2% cash back on all other purchases. Its $9.99/month (Equals a total fee of $119.88 annually) annual fee is slightly lower than the usual annual fees for other cash back cards at this level, and you can earn enough in cash back to make up for that annual fee if you spend at least $5.000 with the card each year. The card’s only downside is that it’s an Amex, so it won’t be as widely accepted as a Visa or Mastercard.

Apply now or learn more by reading our complete SimplyCash® Preferred Card from American Express review.

WestJet RBC World Elite Mastercard

Quick Facts

Offer: Get up to 4501 welcome WestJet dollars (a value of up to $450 CAD) when you spend a minimum of $5,000 in the first 3 months on your card1.
Expires: N/A
Minimum Credit Score: Good/Excellent– Minimum Income: $80,000 individual or $150,000 household
Age: Age of majority in your province or territory
Residency: Resident of Canada

Earn 250 WestJet dollars for making any initial eligible purchase; if you make at least $5,000 in purchases within the first three months of opening your account you’ll earn another 200 WestJet dollars. The companion fare voucher is provided annually (though cardholders will need to pay $119 or $399 for the voucher)3, plus the card regularly earns 2% back in WestJet dollars when you purchase WestJet flights or vacation packages8, as well as 1.5% back on all other eligible purchases8.

Apply now or learn more by reading our complete WestJet RBC World Elite Mastercard review.Refer to RBC Page for up to date offer terms and conditions.

HSBC Cash Rewards Mastercard®

Quick Facts

Offer: Earn an additional 12.5%* cash back on all purchases for the first 180 days (up to $1,000 in total purchases). Conditions apply.
Expires: May 31, 2023
Recommended Credit Score: Fair/Good
Minimum Income: N/A
Age: Age of majority in your province or territory
Residency: Canadian

The welcome offer for the HSBC Cash Rewards Mastercard® is unusual in that it gives an extra 12.5%* cash back (on up to $1,000 in total purchases) on top of the regular cash back the card earns, which ranges from 0.5%* to 1.5%* depending on what you buy. So, if for instance you use the card to exclusively buy eligible online purchases (maxing out the bonus), you’ll earn $140 in cash back. Not bad for a card with no annual fee. Quebecers are eligible for a different welcome offer in which they earn a flat $125 in cash back*, provided they simply keep the account open for 180 days. That’s also a good chunk of cash without any spending required to earn it.

After you either reach $1,000 in spending or you pass the 180-day welcome period, the card’s cash back rates will drop down to its regular 1.5% on online purchases* (up to $6K spent in that category annually); 1% on gas, groceries, and drugstore purchases*, and 0.5% on (almost) everything else*.

Apply now or learn more by reading our complete HSBC Cash Rewards Mastercard® review.

*Terms and conditions apply.

®/TM Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Used pursuant to license.

What are credit card promotions, and how do they work?

Credit card promotions are essentially bonuses that temporarily magnify one aspect of the type of credit card you’re applying for and may offer extra valuable perks as well. For example, if a cash back card has an introductory promotion, it will often increase the rate of cash back you’ll earn for a short time. Card promotions might also award cash back or rewards points in bulk, free vouchers for airport lounge entry or companion flights, or exempt the cardholder from the card’s first year’s annual fee.

Many promotions provide these bonuses with no questions asked, but the most lucrative ones might require the cardholder to fulfill specific criteria (like spending a certain amount or making an initial purchase) before receiving the bonus. Others may cap their rewards once a milestone has been reached. Finally, some card issuers make a bonus part of their offering permanently, but the best package deals are limited-time offers, with the clock ticking before the extra perks are off the table for new applicants.

How much is your sign-up bonus really worth?

Read the card’s conditions and fine print to understand if you first need to meet a spending goal before earning the bonus, if the bonus rate only applies to a certain type of spending, or if there’s a maximum amount you can earn at the accelerated rate. Chances are that multiple conditions apply at once, and these will all factor into how worthwhile the bonuses really are.

Let’s take a look at an example: A promotional credit card deal in Canada requires new cardholders to spend $3,000 in 3 months to get 35,000 points and a $150 annual fee waiver, together worth $400. This is a 13.33% extra return on your money assuming you spend that much (~$1,000 per month) normally.

The type of spending that the bonus rate applies to is relevant as well. If you’re comparing two hypothetical cards, the first of which offers 10% cash back on spending but only in its primary category (e.g. groceries) and the second at a 6% cashback rate, but on all spending, you might actually collect more cash back with the latter card despite its seemingly-low cashback rate. It depends on the size of your monthly grocery shopping bill.

The final component to consider is the maximum cash back you can earn at the bonus rate, if applicable. If you earn 10% until you’ve spent $2,500, for instance, the maximum cash back you’ll get during the bonus period is $250.

Different types of credit card sign-up bonuses

Cashback Bonuses: Cashback bonuses often provide a boosted earning rate on the card’s primary eligible spending category, but to a maximum amount of spending (and therefore accruable cash back) before the card’s regular cashback rate resumes. The annual fee may also be waived in the first year.

Travel Bonuses: Travel card bonuses commonly offer bulk travel or rewards points for reaching a spending milestone within a certain number of months and might have an annual fee waiver attached to the goal as well.

Balance Transfer Bonuses: These types of promotions will, for a set amount of time, reduce the interest rate charged to balances transferred. Sign up before the promotion expires and you’ll consolidate your balances to save a bundle on interest fees.

Credit card bonus conditions

Spending Goal: Many bonuses will require the cardholder to spend a certain amount before they receive their bulk points or annual fee waiver.

Account in Good Standing: Bonuses may only apply to accounts that maintain their good standing with the bank (i.e. accounts that don’t have delinquent balances).

Spending Caps: Accelerated cash back or rewards earning rates typically have a maximum amount that cardholders can spend to earn rewards at the bonus rate.

Bonus Time Windows: Credit card promotions in Canada are only available for a limited time, and new applicants will no longer be able to obtain them after the deadline has passed. Cash back at an elevated rate or balance transfers at a low rate are also usually featured for only the first handful of months after an account is set up.

Purchase Categories: Keep an eye on which purchases are eligible for the increased bonus rate, as the rate may only be applicable to gas or groceries, for example.

Should you really trust the limited-time offer date?

Banks certainly have reason to offer these promotions on a limited-time basis, because looming deadlines motivate potential cardholders to act fast and apply. Plus, the longer the card issuer keeps the promotion going, the more they’ll need to pay out to new cardholders. For these reasons, a card often loses a good amount of value after a promotion’s expiry date comes and goes.

Sometimes a limited-time offer will be extended, but prospective cardholders shouldn’t always bank on it. In the past, some promotions have ended due to relationship instabilities between rewards programs and card issuers, which was the case in 2017 when TD opted not to extend its amazing Aeroplan promotions.

Basically, you can never tell if a card issuer will decide to extend the apply-by date for its promotion. So if you see an amazing deal, jump on it!

Recommended Read:

American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.

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