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Best Cash Back Credit Card 2024

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 In Canada

Scotia Momentum Visa Infinite Card

Offer: Enjoy 10% cash back for the first 2 months (up to $200). Annual Fee waived first year.

Tangerine World Mastercard

Offer: Enjoy an addition 10% cash back for the first 2 months (up to $100)

SimplyCash Preferred American Express

Offer: Earn up to $400 in statement credits
Best Cash Back Credit Cards

Best Cash Back Credit Cards

Scotiabank Momentum Visa Infinite Card

Welcome Offer

Best Cash Back Credit Cards

Best No Fee Cash Back

Tangerine World Mastercard

Welcome Offer

10% cash back for the first 2 months

Best For Everyday Purchases

SimplyCash Preferred Card from American Express

Welcome Offer

Up to $400 statement credit

Best For Petro Points

RBC CashBack Mastercard

Welcome Offer

None at this moment

Best For TD Rewards

TD Cash Back Visa Infinite Card

Welcome Offer

10% cashback for the first 3 months

Best For Electric Vehicle Charging

CIBC Dividend Cash Back Visa Infinite Card

Welcome Offer

10% cashback for the first 4 months

Types of Credit Cards

Table of Contents

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

More Options

SimplyCash American Express
Offer: Earn up to $100 in statement credits

RBC Cash Back Mastercard

Offer: None Available

BMO

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

Scotia Momentum Visa Infinite Card

Offer: Enjoy 10% cash back for the first 2 months (up to $200). Annual Fee waived first year.

RBC Cash Back Mastercard

Offer: None Available

BMO

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

SimplyCash Preferred American Express

Offer: Earn up to $400 in statement credits

Tangerine World Mastercard

Offer: Enjoy an addition 10% cash back for the first 2 months (up to $100)

RBC Cash Back Mastercard

Offer: None Available

Best Online Cash Back Credit Card Canada

Best No Fee Cash Back

Tangerine World Mastercard

Neo Cash Back Credit Card

Offer: Up to 15% cash back on eligible purchases

Simplii Financial Cash Back Visa

Offer: Up to 20% cash back on eligible purchases for the first 3 months

SimplyCash Preferred American Express

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

  1. 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.
  2. 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.
  3. 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.
  4. 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

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.

FAQ

Cash back credit cards are a type of rewards credit card that allows you to earn a percentage of your purchases back as cash rewards.
Cash back credit card rewards are earned based on the amount you spend on your credit card. The percentage of cash back you earn varies depending on the credit card and the specific category of purchases.
There are two main types of cash back rewards: flat-rate cash back and tiered cash back. Flat-rate cash back cards offer a consistent percentage of cash back on all purchases, while tiered cash back cards offer different percentages of cash back depending on the spending category.
To maximize your cash back rewards, it’s important to choose a credit card that aligns with your spending habits and offers high rewards rates in categories you frequently spend in. Additionally, consider using multiple cash back credit cards to take advantage of different rewards rates for different purchases.
The benefits of using a cash back credit card include earning money back on everyday purchases, the flexibility to use cash back rewards however you choose, and potentially saving money on expenses by using cash back rewards to offset costs.
Yes, there are cash back credit cards available in Canada that have no annual fees. These cards offer cash back rewards without the added cost of an annual fee, making them a great choice for budget-conscious individuals.
Yes, there are cash back credit cards that offer specialized rewards for groceries and gas purchases. These cards typically offer higher rewards rates for spending in these categories, allowing you to earn more cash back on your everyday essentials.
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