Best Store Credit Cards In Canada

January 22, 2023

There are quite a few good store credit cards in Canada, but some stand out above the rest for their exclusive offers, generous cash back rates, and overall flexibility. I constantly keep up with the latest options and policy changes and make my recommendations below based on my years of experience.

The President’s Choice Financial World Elite Mastercard is an excellent credit card option if you frequently shop at President's Choice partner stores and want to maximize your PC Optimum points. With the PC Financial World Elite Mastercard, you will get 30 PC points when refuelling at Esso Mobil gas stations and when shopping at Shoppers Drug Mart, PC Travel, and most grocery stores. 

What Is A Store Credit Card?

Store credit cards are a type of credit card that you can only use in particular stores or participating merchants. Like traditional credit cards, cardholders can charge their purchases and pay them in the billing period. The primary advantage of store credit cards is the additional rewards and bonuses like increased cashback and exclusive perks, available only in select stores.

Store credit cards are sometimes mistaken as loyalty cards. With a store credit card you can make purchases, and loyalty cards only earn you rewards points. Both cards entitle cardholders to get exclusive benefits and deals

The Best Store Credit Cards In Canada

1. President’s Choice Financial World Elite MastercardBest For All Purchases


  • Earn up to 45 points from participating stores
  • $10 for every 1,000 points to purchase at PC Financial stores
  • $0 annual fee
  • 10 points for every $1 spent on other purchases


  • High annual income requirement for personal and household
  • Other credit cards have better offers

2. Canadian Tire Triangle World Elite MastercardBest No-Fee Cashback


  • $0 annual fee
  • Up to 4% cashback from eligible purchases
  • Extended warranty and car rental insurance
  • Free roadside assistance plan


  • High annual income requirement for personal and household
  • Excludes Costco and Walmart from high points earning

If you don't meet the requirements for the World Elite version, you can always apply for the Canadian Tire Triangle Mastercard instead.

3. Neo Financial Hudson’s Bay MastercardBest For Earning Rewards Points


  • $0 annual fee
  • Up to 15% discount on first-day purchase
  • No minimum income requirement


  • No grace period for cash advances payment
  • No insurance coverage offered

4. Walmart Rewards World MastercardBest For Walmart Purchases


  • $0 annual fee
  • Low annual income requirement of $12,000
  • Decent welcome bonus worth $25
  • Earn up to 1.25% Walmart Reward dollar at Walmart stores


  • High annual income requirement for personal and household
  • No insurance coverage offered

5. Rewards MastercardBest For Cash Back Rewards At Amazon Prime


  • $0 annual fee
  • Up to 5% cashback on first $3,000 eligible purchases
  • Up to 1% cashback from other purchases


  • High credit score requirement of 660 and up
  • Points conversion is relatively low

6. CIBC Costco MastercardBest For Cash Back For Costco Purchases


  • $0 annual fee
  • 3% cashback from eligible stores
  • Mobile Device, Extended Warranty, and Purchase Security Insurance coverages

How Do Store Credit Cards Work?

Store credit cards similarly work to traditional credit cards issued by financial institutions or banks. The cardholders can use it to purchase items at qualifying and earn bonus points or cash back as a reward.

Like standard credit cards, most store credit cards offer an introductory deal or welcome bonus. These are usually in the form of discounts or freebies. Some stores may require a specific period and minimum purchase amount before you are considered eligible for the welcome offers. 

Why Get A Store Credit Card?

You should get a store credit card in Canada if you often shop at a specific store. However, reward points and cash back benefits may only be worthwhile if you spend a minimum amount every year – especially if the store credit card has an annual fee. Store credit cards usually offer insurance coverage, discounts, and rebates, but each specific offer will depend on the issuer.  

Rewards To Look For In A Store Credit Card

Store credit cards are mainly designed for one store or its chain stores. The points or cash back earned are likely higher than traditional credit cards. Here are some of the benefits you can expect from store credit cards:

  • Up to 5% cashback from eligible purchases
  • Bonus reward points from eligible purchases
  • Rewards points can be used to purchase store items or redeemed with other offers
  • Exclusive benefits such as insurance coverage, travel discounts, and more.

If you want even more rewards, a general-purpose everyday card like the Cobalt will be your new best friend.

Types Of Store Credit Cards In Canada

#1 Closed Loop Credit Cards

Closed Loop Credit Cards are credit cards used to purchase from a single store or merchant. It is typically issued by the store and carries its logo on the card. It’s not provided by leading payment networks such as Mastercard, Visa, or American Express. 

#2 Open Loop Credit Cards

Open Loop Credit Cards can be used in eligible stores and works similarly to traditional credit cards. It’s the opposite of closed-loop credit cards, as cardholders can use them at stores that accept payment networks such as Visa and Mastercard.

How To Choose A Store Credit Cards In Canada

Welcome Bonus

Store credit cards offer cashback or rewards points for new cardholders. You should check out this feature when you inquire about the store. President’s Choice Financial World Elite Mastercard is an excellent example of a store credit card with a good introductory offer. That said, more premium general-purpose reward credit cards like the Gold Card or premium cards like the Amex Platinum offer much better welcome bonuses than most store cards.

Annual Fee

Most store credit cards on our list don’t have an annual fee. It is a relatively major drawback to cardholders because they are tasked to pay it yearly. Ensure you pick a decent credit card that doesn’t charge expensive annual fees.

Earning Rate

Earning rate of store credit cards is essential. Each time you purchase from the eligible store, you will earn cash back or rewards points. Rewards Mastercard provides an excellent starting cashback of up to 5%. 

Insurance Coverages

Some of the store credit cards don’t usually offer insurance coverage. However, it’s a huge advantage if it can protect your purchases. Without it, you are at risk for losses, damages, and theft of eligible purchases. 

Rewards Flexibility

Store credit cards offer rewards in the form of reward points and cash back. Most store credit cards offer the option to redeem your points for gift cards, discounts, and more.

How To Redeem Your Store Credit Cards Rewards

Store credit card rewards redemption is based on the store’s terms and conditions. When you get your store credit card, the issuer usually introduces how their rewards or cashback program works. You can redeem the rewards to the eligible stores or merchants partnered with the credit card issuer.

Rewards programs work using points. Cardholders earn points from the purchases in the store. You can redeem the accumulated points through discounts, gift cards, store purchases, and more. 

Meanwhile, cashback programs are real money earned from your store purchases. Most cashback is automatically applied to the balance of the card charges. For example, if you earned a total of $5 from your purchases, the card issuer will use it to reduce the total amount of your annual or monthly statement. 

How To Apply For Store Credit Cards in Canada


Credit cards in Canada require applicants to pass specific eligibility requirements. These include Canadian residency, Canadian credit file, and the age of the majority in your province; 18 years old in Manitoba, Alberta, Ontario, Quebec, Saskatchewan, and Prince Edward Island. 19 years old in all other provinces.

Credit Score

The credit score requirement will depend on the store. However, store credit cards may typically require a credit score of at least 600.  


Some store credit cards may require a minimum personal – or household – income. Relatively, the high-income requirements apply to the World Elite Mastercard. It requires the following income.

  • $80,000 personal annual income or
  • $150,000 or more household annual income

Store Credit Cards FAQs

Are store credit cards worth it?

Store credit cards are only worth it if you purchase frequently at that particular store. Most store credit cards don’t charge annual fees. Meanwhile, insurance coverages are not typically provided on some of the cards. Additionally, a high earning rate is an excellent feature since it is one of the primary benefits cardholders offer. 

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