Quick answer
A welcome bonus is extra points or cash you get for opening a new card and spending a set amount within a set time, called the minimum spend. A bonus can be worth more than a year of normal earning, but only if you reach the minimum spend with purchases you would make anyway and you meet the issuer’s eligibility rules.
Last updated: October 2026. Card terms and program rules change. Figures come from issuer pages and published reviews checked in October 2026. Confirm details with the issuer before you apply.
How a welcome bonus works
The usual sequence
Bonuses often post a few weeks after you meet the requirement. Check the offer terms for timing.
Common offer structures
- One-time spend target: spend a set total within the first few months.
- Monthly bonuses: earn part of the bonus each month you reach a monthly spend amount.
- Tiered offers: part of the bonus early, more after a larger spend later in the first year.
- First-year fee waiver or rebate: the annual fee is waived or refunded in year one.
Who qualifies
Issuers limit who can get a bonus. Examples from current terms:
- American Express says its welcome offers aren’t available to current or former cardmembers of the same card.
- TD won’t pay a welcome bonus if you opened a TD Aeroplan card in the past 12 months.
- Aeroplan allows one new-card bonus per card tier across issuers, so a TD and a CIBC card in the same tier won’t both pay one.
Read the offer terms before applying. Paying the annual fee without getting the bonus is a common and avoidable mistake. To compare a points bonus with a cash bonus, convert it using cents per point. For Aeroplan bonuses, see what an Aeroplan point is worth.
How to plan the minimum spend
- Add up your normal spending over the offer period, including bills you could move to the card.
- Apply when a large planned expense is coming up anyway.
- Put a reminder in your calendar a few weeks before the deadline.
- Returns usually reduce your qualifying spend, so don’t count purchases you may send back.
- Pay the balance in full every month. Interest costs more than most bonuses are worth.
Mistakes to avoid
- Spending extra to hit the target. A bonus doesn’t make an unnecessary purchase worth it.
- Paying bills through fee-charging services. A fee of a few percent can wipe out the bonus value. Card surcharges in Canada can be up to 2.4%, and they aren’t allowed in Quebec.
- Applying for several cards at once. Each application usually adds a hard inquiry, which the FCAC says stays on your file for about 3 years with Equifax and 6 years with TransUnion.
- Ignoring the second-year fee. Decide before the anniversary whether the card is still worth keeping.
Frequently asked questions
How long do I have to meet the minimum spend?
It depends on the offer. Many give three months; some measure spending month by month. The deadline is in the offer terms.
Do bill payments count toward the minimum spend?
Usually, if they’re regular purchases on the card. Cash advances and balance transfers usually don’t.
Can I get the same welcome bonus twice?
Often not. Many issuers exclude current or former holders of the same card, or set a waiting period.
Related: the short definition of welcome bonus in our credit card rewards glossary.