The Best Cash Back Credit Cards of 2023
Who doesn’t like free cash? If you are looking for a way to get a little extra back at the end of each month or year, a good cash back card could be right for you. Most cash back cards offer you a percentage of your regular, planned purchases as a reward. The best cash back credit cards can help you make the most of your everyday purchases.
Look for a cash back card that is likely to provide you with maximum rewards in the spending categories you use most. These credit cards are most effective when you use them to make everyday purchases, and then pay off the balance each month.
Before you use a cash back credit card, make it a point to create your own budget. You should only spend on things you would buy anyway for best results. Track your spending to make sure you don’t overspend on your credit card. If you carry a balance, the interest rate you pay will offset your rewards, and you could find yourself deep in debt.
Scotiabank Momentum VISA Infinite Card
Scotia Momentum® Visa Infinite Card
- The best card for families with large grocery bills.
- 24/7 complimentary concierge service.
- $1,000 mobile phone insurance.
- Emergency medical coverage of $1 million for up to 15 consecutive days out of home province.
- Travel insurance for trip interruption, flight delay, lost baggage, and accidental loss of life, or dismemberment.
- Rental car insurance, covering collision, damage, and theft.
- Items purchased on the card are insured for 90 days against damage, loss, and theft.
- An extended warranty doubled the manufacture’s warranty for items paid for with this card.
- Special offers exclusive to Visa Infinite cardholders.
Scotiabank Momentum VISA Infinite Card: The Scotia Momentum VISA Infinite card is designed to reward you for your everyday purchases. I believe it’s the best credit card available in Canada for families with large grocery bills. You receive a full 4% cash back on grocery store purchases and recurring payments. Additionally, you receive 2% cash back on your gas station and daily transit purchases. All other purchases earn 1% cash back. You are limited to earning the higher cash back rate for gas and groceries to $25,000 in annual spend.
There is a 21-day grace period before interest starts accruing. The Scotia Momentum VISA Infinite Card comes with a 20.99% interest rate on purchases and 22.99% interest rate on cash advances and balance transfers. Right now, you can also get an introductory 1.99% APR on balance transfers for the first six months and have your annual fee waived for the first year.
You also get additional perks, like travel insurance with this credit card. This credit card comes with purchase protection and extended warranty protection as well. It’s also possible to get 25% off on your Avis car rentals.
There is a minimum income requirement for this card: $60,000 a year for an individual and $100,000 for a household. This card comes with a $120 annual fee, but the first year is waived and future years can easily be overcome if you are smart about your spending, taking full advantage of the tiered system to get a higher cash back rate on common purchases.
If you spend a lot of money on groceries and gas each month, this credit card is right for you. This is truly getting rewarded for the most important purchases in your life.
DISCLAIMER: While we attempt to keep all credit card details current, the rates, fees, rewards and benefits may have changed since the last update. Please visit the credit card supplier through the “Apply Now” links to ensure you have the latest details for that card.
I love the Scotia Momentum Visa Infinite card. Just got my first cash back reward for our first year. $1203! Totally worth the hefty annual fee (which was waived for the first year). I think any family who drives and eats would benefit from this cash back card.
Good card, Meridian Infinite VISA is nearly identical as well.
the MBNA Smart Cash MasterCard card is garbage, they impose alot of limits so if say spend $2000 a month only $1250 counts towards the cash back, here is the convo i had with the rep:
Ethan: For the first 6 months you will get 5% cash back rewards on all your eligible gas and groceries purchases made up to $400 per billing cycle and 1% cash back rewards on rest of your purchases made up to $1250 per billing cycle.
Ethan: After 6 months you will get 2% cash back rewards on all of your eligible gas and grocery purchases made up to $400 per billing cycle and 1% cash back rewards on rest of your purchases made up to $1250 per billing cycle.
you: ok so if i spend $5000 per month, only $1250 will qualify for the cash back?
Eathan: It means in a given month the maximum 5% cash or 2% cash back you can earn is up to $400, that is say for e.g. the first month you spend $1650 on gas and groceries you will get 5% cash back for $400 and for the remaining $1250 you will only get 1%.
You state the “Capital One Aspire Cash Platinum MasterCard” has no annual fee and features 1% cash back on all purchases. Is this not the same as “PC Financial MasterCard” or “Walmart Rewards MasterCard”?
How about the Costco Mastercard. With no annual fee, the cashback rewards, no limit on how much you can earn and all the perks affiliated with it. How does this card compare to other no annual fee mastercard?
I covered the Capital One Platinum Mastercard here, but it might not be a great deal, depending on how much you spend. If you can spend enough on a single card, the higher rewards and other benefits can negate the annual fees that these other cards carry.
MBNA is really my favorite. No other cash back cards beats in terms of how fast we get our cash back. 2% on grocery and gas is also awesome. Thanks for sharing.
I was checking out the MBNA Rewards World Elite. It’s points based – 2 points for each $1 spent. Points can converted to cash at 10,000 points = $100. So 2% overall. No Limit on points.
– $89 fee, 2 cards included.
Just got this card and it’s awesome. Got away from the Smartcash as it had too low a cap on purchases. The $100 you get after the first purchase is also pretty sweet.
What about the new CIBC Dividend Infinite card, it gives you 4% on gas and groceries with no limit and they waive the $99 annual fee the first year..??
Regarding the American Express SimplyCash Preferred Card you say that spending “$1,750 each month using your card…more than offsets the $79 annual fee”. I calculate that you would need to spend $2,633 per month just to break even on the annual fee compared to the no fee “regular” SimplyCash card. ($2633.33 x 12 x 0.25% = $79)
Hi Bob, I didn’t mean that it offsets the fee in comparison to the regular card, just that you’ll earn more than the cost of the fee. Your comparison is a good point though, especially if you’re mainly concerned about the rewards.
However, if you see a benefit in the buyers’ assurance, purchase protection, and better travel insurance, (and not everyone takes advantage of these perks) then it becomes a bit more apples and oranges when trying to compare the two cards based on rewards and fees alone.
the tangerine cash back is better than all of these.
No fee, no chard for 2nd + users.
No cash back limit
2% on 3 defined categories (i use gas, groceries, and restaurants).
The $99 fee on the momentum and charging for 2nd users make this card not worth it.
MoneyMan – depends on spending, you’ll reach a point where even with the yearly fee, the 2% will earn more cash. Like Tom say above in the previous comment.
I’m interested in how the categories work for tangerine, are you able to change them as you wish? Does tangerine offer any sort of report that shows how your spending for the month / quarter / year lines up with these categories – basically, do they give you a tool to help with the decision?
Hey Mike, The reporting is pretty good. You can report by 30 60 90 days etc. and it breaks down 1% and you 3 2% categories. You can change the categories at any time. One caveat, to get the 3rd 2% category you need to setup auto deposit of report $$ into your Tangerine Savings account. No biggie, can do whatever you want with it from there.
My problem with the momentum (I’ve had one) and they charge for additional cards on top of the yearly fee so the math doesn’t work out for me.
The 1% cash back is being reduced to 0.5% effective April 29th do the Tangerine card is no longer worth considering.
I’m looking at a card that will give cash back and points for rewards (travel hotels restaurants ) Any interesting suggestions?
Are there any good cruise line travel cards?
I have also looked at the Marriott card but is there affiliation for points not supposed to end in 2 years?
SPG vs Marriott?
After a lot of thought and because our location and where we shop we decided to get the PC elite master card…..the points for groceries add up quickly. the money we save on groceries goes into savings. It wouldn’t be the best choice for everyone but is working for us.
Shouldn’t the MBNA Rewards World Elite Mastercard be at the top of this list? 2% cash back on everything (or you can use their travel options), no limits – you can get your cash back anytime via deposit to your bank account, applied to your statement, or via cheque sent to your residence, 10,000 point welcome bonus which equals $100, $89 yearly fee (mine was waved for the first year). I don’t think there is a better option out there right now.
I did add it as my top travel rewards card, and it probably deserves to be here as well. However, weather it’s the top card depends on your spending… for a family with large grocery and gas expenses and very little other spending, the 4% can make a difference. Or, have two cards (or more) like I do!
How about Rogers mastercard? 2%
On everything plus 4% on foreign transactions
Thanks for the credit card summary, it’s great to have someone explain the pros and cons of the more popular cards. I wonder why there is a minimum individual and/or family income requirement. When I retire I likely won’t meet the minimum income requirements for some of the credit cards I use now. If you have a good credit rating that should be enough.
Most credit cards upcharge for any US$ purchases by 2.5%. I spend a lot of time and money in the US. Are there any cards that do not charge a “currency conversion fee”?
HomeTrust Preferred Visa! No annual fee and no foreign exchange fees! PLUS 1% cash back.
Check out the Rogers card. 1.75% for all purchases and 4% for non-Canadian $ purchases (which offsets the 2.5% currency fee). Payout is either towards Rogers-related items (if applicable) or can go towards your credit card statement charges (once per year on January). The low annual fee is also waived if you are a Rogers customer and set up auto payment via the card.
Visa Desjardins Infinite Privilege
2% on everything no conditions plus 20% year end Bonus Cash back on all purchases
300$ annual fees / no fee for 2nd card
All airports lounge / valet parking free entry and more …
Only downside this card only available on special invite unless you earn over 200 000$ yearly income …
Hi i am quite happy with my cibc platinum visa 4% cash back gas & grocery 2% timmies and 1% all other purchases
I luckily was able to get the 99$ a year fee waved.
Tangerine gives you alot of BS I have phone and internet as a recurring bill and Bulk Barn and Giant Tiger are not considered groceries so instead of getting 2% I only get.5% looking for an honest CC co.
Costco MasterCard. Double cash back. One from the card and one from Costco.
MBNA Rewards World Elite is changing their structure (just got a letter from them)
Fee is increasing from $89 to $120
Rewards are decreasing – you still earn 2 points per $1 spent – but redemption changes.
Currently 12,000 points gets you $120, with the change 12,000 points will get you $100
Essentially – currently you get 2% cash back on purchases and this change will reduce it to %1.67 cash back on purchases
redemption doesn’t change on travel credits – still 2%
Wondering why this card is missing? TD Cash Back Visa Infinite
3% on grocery, gas, and recurring bills (9% first 3 months; $3500 cap so $315 max – and annual cap @ $15,000); 1% on everything else
$120 a year
Any good or no?
I didn’t see any information for the World Elite Rogers MasterCard which some say provides the best rewards with their new program update in 2019. Would love to see your analysis of this card.
Hi Candice, I do need to cover that card, but can say right now that I have it myself and love it. Even before recent changes, I’ve used it for business expenses since the majority of my costs are in USD.
Why aren’t you mentioning Rogers Bank MasterCard? (https://www.rogersbank.com/en)
cashback: 3% foreign transactions, 2% Rogers, 1.25% anything else
It’s a great card that I use for foreign currency transactions and will be covered in a future currency article. Otherwise, it’s basically a 1.25% card, which can be beaten by any of the top 3 cards for most spending patterns.
Hey thanks for this article. We bank with Scotia so I am going to look into this offer.
Any updates on Credit Cards, I use mine a lot for fuel and home improvement stores.