How to Spend Money Wisely » Credit Cards

The Best Cash Back Credit Cards of 2020

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

Scotia Momentum® Visa Infinite Card
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On Scotiabank's Secure Website
Annual Fee: $120
  • 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.