How credit card welcome bonuses work in Canada (and who isn't eligible)

A welcome bonus is a lump of points or cash for opening a card and spending a set amount in the first few months. It is usually the single biggest reward a card ever pays, which is why the fine print is where banks hide the exceptions. Here is how to read it.

The two common shapes

• One lump after a minimum spend. For example, the Scotiabank Passport Visa Infinite offers 25,000 Scene+ points after $2,000 of purchases in the first 3 months, for accounts opened between August 4 and November 1, 2026.
• A monthly drip. The Amex Cobalt pays 1,250 points for each monthly billing period in which you spend $750, up to 15,000 points in the first year. Miss a month and you miss that month's slice.

Both examples are as of October 2026. Offers change monthly, so always read the one on the issuer's page the day you apply.

Who isn't eligible

This is the part people miss.

• Former cardholders. Amex Canada's cards say current or former cardmembers of that card are not eligible. In practice that makes an Amex bonus once per card, per lifetime.
• Recent customers of the bank. Scotiabank's Passport offer excludes anyone who currently holds a Scotiabank personal credit card or held one in the past 2 years.
• Cross-bank Aeroplan rules. Aeroplan card terms can withhold a bonus if you already received one on an Aeroplan card in the same category from a different issuer.
• Employees and Quebec residents are sometimes excluded or get a different offer. The terms will say.

What counts toward the minimum spend

Purchases. Not the annual fee, not interest, not cash advances, not balance transfers, and usually not refunds. If a $2,000 target has a $150 fee on the first statement, you still need $2,000 of real purchases.

What an application does to your credit

Every card application is a hard inquiry. Equifax keeps it on your file for 3 years. The Financial Consumer Agency of Canada advises against applying for several cards at once or close together, because a cluster of inquiries can make you look like a risk. The two-week grace that lets you shop around for a mortgage rate does not apply to credit cards.

Related: how credit cards affect your credit score.