Welcome to our full guide on the best cash back credit cards in Canada. If you’re looking to earn money back on your purchases, cash back credit cards are an excellent option.
Our Top 3 Picks For The Best Cash Back Credit Cards
Scotia Momentum Visa Infinite Card
- $120 Annual Fee
- 20.99% – 22.99% Interest
- Additional Benefits
Offer: Enjoy 10% cash back for the first 2 months (up to $200). Annual Fee waived first year.
Tangerine World Mastercard
- $0 Annual Fee
- 19.95% Interest
- Additional Benefits
Offer: Enjoy an addition 10% cash back for the first 2 months (up to $100)
SimplyCash Preferred American Express
- $120 Annual Fee
- 20.99% – 21.99% Interest
- Additional Benefits
Offer: Earn up to $400 in statement credits
Best Cash Back Credit Cards
Best For Groceries and Bills
Scotiabank Momentum Visa Infinite Card
- $120 Annual Fee – First year waived
- 20.99% on Purchases, 22.99% on Cash Advance
- Rewards Rate: 1% – 10%
- 2-4% cash back on eligible purchases, 1% on everything else
- $50/Year for Additional Card Holders
- Plus, additional benefits
Welcome Offer
10% cash back for the first 3 months
Best No Fee Cash Back
Tangerine World Mastercard
- $0 Annual Fee
- 19.95% interest on purchases and cash advance
- Rewards rate: 0.5% – 12%
- 2% on up to 3 categories, 0.5% on everything else
- Add up to 5 cardholders for free
- Plus, additional benefits
Welcome Offer
10% cash back for the first 2 months
Best For Everyday Purchases
SimplyCash Preferred Card from American Express
- $9.99 Monthly ($119.88 annually)
- 20.99% interest on purchases, 21.99% interest on cash advance
- Rewards rate: 2% – 4%
- 4% cash back on eligible purchases and groceries, 2% on everything else
- No Fee For Additional Card Holders
- Plus, additional benefits
Welcome Offer
Up to $400 statement credit
Best For Petro Points
RBC CashBack Mastercard
- $0 Annual Fee
- 20.99% on Purchases, 22.99% on Cash Advance
- Rewards rate: 2% on groceries
- Save $0.03/L at Petro Canada and earn 20% more Petro Points
- Free additional cardholders
- Plus, additional benefits
Welcome Offer
None at this moment
Best For TD Rewards
TD Cash Back Visa Infinite Card
- $139 Annual Fee
- 20.99% on Purchases, 22.99% on Cash Advance
- Rewards rate: 1% – 10%
- 3% cash back on eligible purchases, 1% on everything else
- $50 for first additional cardholder
- Plus, additional benefits
Welcome Offer
10% cashback for the first 3 months
Best For Electric Vehicle Charging
CIBC Dividend Cash Back Visa Infinite Card
- $120 Annual Fee – First year waived
- 20.99% on Purchases, 22.99% on Cash Advance
- Rewards rate: 1% – 10%
- 2-4% cash back on eligible purchases, 1% on everything else
- $30 for each additional card holder
- Plus, additional benefits
Welcome Offer
10% cashback for the first 4 statements
Summary of The Best Cash Back Credit Cards
Scotiabank Momentum Visa Infinite Card: This card offers up to 4% cash back on eligible grocery store, gas station, and recurring bill payments. You’ll also earn 2% cash back on eligible drugstore purchases and recurring bill payments, and 1% cash back on all other purchases.
Tangerine Money-Back Credit Card: With this card, you can earn up to 2% cash back on your everyday purchases. Plus, you can choose two bonus categories where you can earn 2% cash back, and one bonus category where you can earn 0.5% cash back.
SimplyCash Preferred Card from American Express: With this card, you can earn 2% cash back on all your purchases. Plus, for the first six months, you’ll earn 10% cash back on eligible purchases up to $400.
RBC CashBack Mastercard: This Mastercard allows you to save $0.03/L at Petro Canada gas stations, plus earn 20% more points when you link your card. Additionally, you can earn 2% cash back on groceries.
TD Cash Back Visa Infinite Card: This card offers up to 3% cash back on eligible grocery and gas purchases. You’ll also earn 1% cash back on all other eligible purchases.
CIBC Dividend Visa Infinite Card: With this card, you can earn up to 4% cash back on eligible gas and grocery purchases. Plus, you’ll earn 1% cash back on all other eligible purchases.
Comparing The Best Cash Back Credit Cards In Canada
| CREDIT CARD NAME | BEST FOR | ANNUAL FEE | SIGNUP OFFER |
|---|---|---|---|
| Scotiabank Momentum Visa Infinite Card | Overall Best Cash Back Credit Card | $120 | 10% cash back |
| Tangerine World Mastercard | Best for customized spending preferences | $0 | Additional 10% cash back |
| SimplyCash Preferred Card from American Express | Best for everyday purchases | $9.99 monthly ($119.88) | Up to $400 |
| RBC Cash Back Mastercard | Best for Petro Points | $0 | N/A |
| TD Cash Back Infinite Visa | Best for TD rewards | $139 | $500 value |
| CIBC Dividend Visa Infinite Card | Best for Gas | $120 | 10% cash back |
Best No Fee Cash Back Credit Card Canada
For budget-conscious individuals looking to earn cash back rewards without the burden of annual fees, no-fee cash back credit cards are an amazing choice. These cards offer the opportunity to earn money back on purchases without any annual fee. Let’s explore the top options in Canada:
Best No Fee Cash Back
Tangerine World Mastercard
- $0 Annual Fee
- 19.95% interest on purchases and cash advance
- Rewards rate: 0.5% – 12%
- 2% on up to 3 categories, 0.5% on everything else
- Add up to 5 cardholders for free
- Plus, additional benefits
More Options
SimplyCash American Express
- $0 Annual Fee
- 20.99% – 21.99% Interest
- Additional Benefits
Offer: Earn up to $100 in statement credits
RBC Cash Back Mastercard
- $0 Annual Fee
- 20.99% – 22.99% Interest
- Additional Benefits
Offer: None Available
BMO
- $0 Annual Fee
- 20.99% – 22.99% Interest
- Additional Benefits
Offer: Earn 5% cash back for the first 3 months.
Best Gas and Restaurant Cash Back Credit Card Canada
Imagine earning cash back every time you fill up your gas tank or stock up on groceries. With the top cash back credit cards for groceries and gas, it’s not just a dream – it’s a reality. These cards are designed to provide generous rewards specifically for these essential spending categories.
Best For Gas & Electric Vehicle Charging
CIBC Dividend Cash Back Visa Infinite Card
- $120 Annual Fee – First year waived
- 20.99% on Purchases, 22.99% on Cash Advance
- Rewards rate: 1% – 10%
- 2-4% cash back on eligible purchases, 1% on everything else
- $30 for each additional card holder
- Plus, additional benefits
Scotia Momentum Visa Infinite Card
- $120 Annual Fee
- 20.99% – 22.99% Interest
- Additional Benefits
Offer: Enjoy 10% cash back for the first 2 months (up to $200). Annual Fee waived first year.
RBC Cash Back Mastercard
- $0 Annual Fee
- 20.99% – 22.99% Interest
- Additional Benefits
Offer: None Available
BMO
- $0 Annual Fee
- 20.99% – 22.99% Interest
- Additional Benefits
Offer: Earn 5% cash back for the first 3 months.
Best Cash Back Credit Card For Everyday Use Canada
When choosing a cash back credit card, it’s important to look beyond just the rewards rates. Many cash back credit cards offer additional features and perks that can enhance your overall experience as a cardholder. By comparing these extra benefits, you can find a card that not only provides great cash back rewards but also offers additional value and protection.
Best For Groceries and Bills
Scotiabank Momentum Visa Infinite Card
- $120 Annual Fee – First year waived
- 20.99% on Purchases, 22.99% on Cash Advance
- Rewards Rate: 1% – 10%
- 2-4% cash back on eligible purchases, 1% on everything else
- $50/Year for Additional Card Holders
- Plus, additional benefits
SimplyCash Preferred American Express
- $120 Annual Fee
- 20.99% – 21.99% Interest
- Additional Benefits
Offer: Earn up to $400 in statement credits
Tangerine World Mastercard
- $0 Annual Fee
- 19.95% Interest
- Additional Benefits
Offer: Enjoy an addition 10% cash back for the first 2 months (up to $100)
RBC Cash Back Mastercard
- $0 Annual Fee
- 20.99% – 22.99% Interest
- Additional Benefits
Offer: None Available
Best Online Cash Back Credit Card Canada
Best No Fee Cash Back
Tangerine World Mastercard
- $0 Annual Fee
- 19.95% interest on purchases and cash advance
- Rewards rate: 0.5% – 12%
- 2% on up to 3 categories, 0.5% on everything else
- Add up to 5 cardholders for free
- Plus, additional benefits
Neo Cash Back Credit Card
- $0 Annual Fee
- 19.99% – 22.99% Interest
- Additional Benefits
Offer: Up to 15% cash back on eligible purchases
Simplii Financial Cash Back Visa
- $0 Annual Fee
- 20.99% – 22.99% Interest
- Additional Benefits
Offer: Up to 20% cash back on eligible purchases for the first 3 months
SimplyCash Preferred American Express
- $120 Annual Fee
- 20.99% – 21.99% Interest
- Additional Benefits
Offer: Earn up to $400 in statement credits
Understand Cash Back Credit Card Rewards
Cash back credit cards are a popular choice for many Canadians because they offer the opportunity to earn money back on purchases. In this section, we will delve into the workings of cash back credit card rewards, providing you with a comprehensive understanding of how these rewards function and how you can make the most of them.
How Cash Back Credit Cards Work In Canada
Cash back credit cards allow cardholders to earn a percentage of their purchases back as cash rewards. Every credit card issuer will have a predetermined percentage of cashback you can earn with the card across all sorts of categories There are two primary types of cash back rewards: flat-rate and tiered.
Flat-rate cash back rewards offer a consistent cash back rate on all purchases, regardless of the spending category. For example, the Tangerine World Mastercard offers a flat rate of 2% in two categories of your choice.
Tiered cash back rewards provide different cash back rates based on the spending category. These categories may include groceries, gas, dining, and more. For instance, the Scotiabank Momentum Visa Infinite Card offers 4% cashback on groceries and recurring bill payments, 2% for gas and daily transit, and 1% on everything else.
Maximizing Your Cash Back Rewards
To maximize your cash back credit card rewards, it’s essential to understand the terms and conditions associated with your card. Some cards may have restrictions or limitations on eligible purchases, spending caps, or expiration dates for cash back rewards. By familiarizing yourself with these details, you can strategize your spending to optimize your rewards.
Additionally, consider your spending habits and choose a card that aligns with your lifestyle. If you frequently make purchases in specific categories, such as groceries or dining, a card with higher cash back rates in those categories may provide you with greater benefits. On the other hand, if you prefer a simple rewards structure, a card with a flat-rate cash back rate could be the right choice.
It’s also essential to regularly review your credit card statement and track your cash back rewards accumulation. This way, you can monitor your progress and ensure that you’re taking full advantage of the rewards offered by your card.
Benefits and Drawbacks of a Cash Back Credit Card
Advantages
- Cash back credit cards allows you to earn money back on everyday expenses you have to make.
- Cash back rewards are flexible and gives you the option to use them how you want. You can apply the cash back to your statement balance, receive it as a direct deposit into your bank account, or redeem them for merchandise with the TD CashBack Visa Infinite card.
- Some cards may come with addional benefits such as purchase protection, extended warranties, travel perks, and more.
- Signup offers typically allow you to earn 10% cash back for the first few months.
Disadvantages
- Accumulating cash back can be slow depending on how much you spend each month.
- Sometime the signup offer requires a minimum pend over a certain amount of months.
- You may want to earn travel points instead, in which case a travel credit card would suite you better
Choosing The Right Cash Back Card
When it comes to choosing the right cash back credit card, there are several factors to consider. By comparing different cash back credit cards, you can find the card that best suits your financial needs and spending habits.
Factors to Consider When Comparing Cards
- Rewards Rates: Compare the cash back rewards rates offered by each financial institution. Look for cards that offer higher rewards rates for categories that align with your spending habits and lifestyle. This will ensure that you get the most out of your credit card.
- Annual Fees: Consider the annual fees associated with the cash back credit cards you are looking at. While some cards have no annual fees, others may charge a fee in exchange for enhanced rewards or additional benefits. Evaluate whether the rewards earned outweigh the cost of the annual fee to determine if at the end it is worth it.
- Additional Benefits: Look into any additional benefits or perks offered by the cash back credit cards. These may include travel insurance, purchase protection, and/or extended warranties. Assess these benefits to see if they align with your needs and preferences.
- Eligibility Requirements: Check the eligibility requirements for each cash back credit card. Some cards may have specific income or credit score requirements that you need to meet in order to be approved.
Annual Fee vs Cash Back Rewards
One critical factor when choosing a cash back credit card with an annual fee is finding a balance between annual fees and cash back rewards. If the rewards out-weigh the annual fee then it might make sense to go with that card, depending on your current situation. However, if the fee outweighs the rewards you expect to earn, a no-annual-fee cash back credit card may be a better choice.
Every individual’s spending habits and preferences are different, so it’s important to assess your own needs when comparing cash back credit cards.
Additional Features and Protection
One of the key benefits of cash back credit cards is the additional features and protections that some of them offer. These can include purchase protection from unauthorized transactions, extended warranties, and travel perks.
- Purchase protection can reimburse you if your purchases are lost, stolen, or damaged within a certain time frame.
- Extended warranties can extend the manufacturer’s warranty on eligible items, providing you with peace of mind.
- Travel insurance can cover you for trip cancellations, emergency medical expenses, and lost baggage when you use your cash back credit card to book travel.
By comparing the additional features and protections offered by different cash back credit cards, you can find a card that best suits your needs and provides the level of protection you’re looking for.
Best For Groceries and Bills
Scotiabank Momentum Visa Infinite Card
- $120 Annual Fee – First year waived
- 20.99% on Purchases, 22.99% on Cash Advance
- Rewards Rate: 1% – 10%
- 2-4% cash back on eligible purchases, 1% on everything else
- $50/Year for Additional Card Holders
- Plus, additional benefits
Summary
In summary, choosing the best cash back credit card in Canada requires careful consideration and thorough research. Cash back credit cards offer a variety of rewards and benefits, making them an attractive option for many Canadians. By comparing the features and rewards rates of different cards, consumers can find the right fit for their needs.
When comparing cash back credit cards, it’s important to weigh the rewards against any applicable annual fees. Finding the right balance between rewards and costs can help maximize the overall benefit of the card. Additionally, considering specialized rewards for groceries and gas can further enhance the cash back potential.
