Best Cash Back Credit Cards
4% at gas stations and grocery stores
On Scotiabank’s Secure Website
1.75% cash back on all purchases
On BMO’s Secure Website
2% cash back on up to 3 categories, no high income requirement
On Tangerine’s Secure Website
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.
- The best card for families with large grocery bills.
- 24/7 complimentary concierge service.
- 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 gas station and grocery store purchases. Additionally, you receive 2% cash back on your recurring payments and on drug store 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 19.99% 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 20% 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 $99 annual fee, but it 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.
- Get 4% cashback (up to $250) in the first 4 months.
- 1.75% cashback, without any limits or categories.
- Roadside assistance program covers flat tires, battery boosts, and help when you’ve locked your keys in the car.
- Concierge service to help you find great restaurants and entertainment.
- $2 million out of province medical insurance for trips of up to 8 days.
- Rental car collision insurance when paid for with this card.
- Doubles the manufacturer’s warranty, to a maximum of two additional years.
- Theft and damage insurance on items for 180 days from purchase date.
BMO CashBack World Elite Mastercard: With the BMO CashBack World Elite Mastercard, you get one of the highest flat cash back rates — 1.75% — of any cash back credit card out there. There are no caps, categories, tiers or limits with this card. Everything you spend earns you cash back. This can be a great way to get on top of your situation. You can use the money for anything from buying a new smartphone to boosting your TFSA contribution.
There is a $120 annual fee, but with the right strategy, you are likely to easily make up for that fee over time. In fact, if you spend $3,500 on your card each month, you will end up with $735 in cash back. Subtract the annual fee, and that’s still a “profit” of $615.
This cash back credit card also comes with perks generally associated with travel cards, including out of province and country travel medical insurance, free roadside assistance, and car rental and trip insurance. These perks can help you if you are a frequent traveler. You’ll also have access to extended warranty protection and purchase protection.
The regular APR is 19.99% for purchases and 22.99% for cash advances. This means you want to be sure to pay off the balance each month to avoid paying hefty interest charges.
Right now, there is a 4% cash back on every purchase in the first four months, capped at $250.
Finally, there is a minimum income required for this credit card. You need $70,000 as an individual or $120,000 annual household income. (You can read the full review.)
- 2% bonus cash back on two categories YOU choose. Third category if you connect to your Tangerine savings account.
- 0.5% cash back on all other purchases in other categories.
- 2.5% foreign currency transaction fee.
- Cash is redeemed automatically each month.
- No limits on how much cash you can earn, and no tiers or rotating categories.
- APR: 19.95%.
- No annual fee.
Tangerine Money-Back Credit Card: One of the latest entries into the world of cash back cards is the Tangerine Money-Back credit card. This card is already a major contender. First of all, you can choose two of your higher 2% cash back categories. You can also choose a third category if you connect your card to your Tangerine savings account, agreeing to have your cash back deposited there. All other categories receive 0.5% cash back.
This credit card doesn’t impose limits on how much cash back you earn, and you don’t have to worry about rotating categories or tiers. It’s very simple and straightforward. If you connect your Tangerine savings account, you get even more bonuses and ease of redemption. Review your spending choices and choose categories where you spend the most for the best results with this credit card.
You can also enjoy the fact that there is no annual fee with this credit card.
President’s Choice Financial World Elite Mastercard: If you are looking for a way to redeem your points for something you know you’ll buy — groceries — the President’s Choice Financial World Elite Mastercard is the cash back card for you. You can earn PC Optimum points for every dollar you spend. Your points are then redeemable at participating stores where President’s Choice products are sold. Plan your shopping around partners that offer more points:
- 30 PC Optimum points per $1 at participating stores selling President’s Choice products
- 30 PC Optimum points per $1 at Shoppers Drug Mart and Pharmaprix.
- 30 PC Optimum points per $1.50 at pctravel.ca
- 30 PC Optimum points per $1.60 at PC mobile
- Bonus of up to three cents per litre at Esso
Every other purchase offers you 10 PC Optimum points per dollar spent. You can start redeeming points at 20,000, for $20 worth of groceries.
Other great perks that come with this credit card include travel emergency medical insurance, rental car insurance, and identity theft assistance. You can also get access to a 24/7 concierge service that can help you make dinner reservations, get event tickets, and do more.
The purchase rate for this credit card is 19.97% for purchases and 22.97% for cash back. You can take advantage of a 0.97% balance transfer rate for the first six months if you are new President’s Choice credit card customer. There is also a grace period of 21 days on this credit card. There is no annual fee.
You do need to meet income requirements of a personal income of $70,000 a year, or an annual household income of $120,000.
SimplyCash Preferred Card from American Express: If you are looking to earn a flat, no-hassle rate on everything that you buy, the SimplyCash Preferred Card from American Express is a great choice. You will earn 1.5% cash back on all your purchases, with no need to remember to sign up to earn special category rates. Right now, American Express is also offering you the chance to get 5% cash back on all the purchases you make in the first six months, up to $400.
If you use the SimplyCash card for all of your purchases, you can easily earn plenty of cash back each year. If you spend $1,750 each month using your card, you can get about $315 cash back each year, at the 1.5% rate. That more than offsets the $79 annual fee, and you could easily get even more cash back. While the 1.5% rate only lasts until you reach $100,000 in purchases, you can still make a tidy sum up to that point. Afterward, you still earn 1.25% cash back, with no cap.
Other perks of the card include insurance coverage, fraud protection, 24/7 customer service, and access to exclusive experiences through American Express Invites.
The APR on this card is 19.99% for purchases and 21.99% for cash advances. There is also an introductory 0% APR on balance transfers for the first six months. You will need to pay a 1% balance transfer fee.
Capital One Aspire Cash Platinum Mastercard: If you have average credit but still want to earn cash rewards without paying an annual fee, you might benefit from the Capital One Aspire Cash Platinum Mastercard. This credit card features 1% cash back on all purchases. There is no need to keep track of rotating categories or sign up for cash back. These rewards are made easy, and there is no limit to the amount of cash back you can earn.
This card is meant for those with average credit. You can find credit cards with more generous cash back rewards, but they are harder to qualify for. This is a card that is easier to get. As long as you use this card for most of your purchases, you can get a good amount in cash back, since there are no caps on earnings.
The Capital One Aspire Cash Platinum Mastercard has no annual fee, and comes with price protection, purchase assurance, extended warranty, and car rental insurance. These perks increase the value of the card, as does the fraud protection. You can also add an authorized user free of charge.
You will see a fairly standard 19.80% APR on this card, and it applies to balance transfers and cash advances as well as purchases. This is a little different for cash back cards, many of which charge higher rates for cash advances.
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.