BEST CASH BACK CREDIT CARD CANADA

Last Updated: March, 2020

Cashback credit cards are among the most user-friendly rewards cards you can get. Designed for consumers who would rather earn money than points or travel miles, cashback cards award a certain percentage of every transaction that you make. For example, if you charge $1,000 to a 1% cashback card, you’ll get $10 in return.

If you have good to excellent credit, you could get even more cashback with every purchase. The highest cashback credit cards in Canada award anywhere from 1.5% to 2% cashback on every purchase or up to 5% cash back on select purchases. Some cashback cards even offer a temporary 10% cashback rate.

CREDIT CARD

CASHBACK

ANNUAL FEE

WELCOME BONUS

Tangerine Money-Back Credit Card

2% on two spending categories


0.5% on all other purchases

$0

$250 after spending $5000 in your first three months

Rogers World Elite Mastercard

4% on foreign transactions

2% on Rogers products

1.75% on everything else

$0

None

TD Cashback Visa Infinite Card

3% on groceries, gas and reoccurring bills

1% on everything else

$120

6% cashback for the first three months up to $2000 spent


Annual fee waived the first year

SimplyCash Card from American Express

1.25% on everything

$0

2.5% cashback for the first three months up to $150 cashback

Scotia Momentum Visa Infinite

4% on groceries, reoccurring bills and subscription services

2% on public transit and gas

$120

10% cashback on all your purchases for the first three months up to $2000 spent

First-year annual fee waived

TANGERINE MONEY-BACK CREDIT CARD

Tangerine’s Money-Back Credit Card is an excellent option for a no-fee cashback card. The card comes with a welcome bonus of $250 after spending $5000 in the first three months.

As well, the card has an aggressive cashback regime that works with your spending habits. Users get 2% cash back on two personal categories, with all other purchases earning 0.5%.

Finally, the card has access to other perks, such as an extra year of warranty on certain high-ticket items. With its flexible cash back options and generous welcome bonus, the card is one of the best prospects in Canada.

ROGERS WORLD ELITE MASTERCARD

If you travel overseas, the Rogers World Elite Mastercard is worth a look at for your next cash back card. The card comes with one of the highest cash back on this list at 4% for foreign transactions. Plus, the card offers 2% cash back for Rogers purchases and 1.75% on everything else.

As well, although there is no welcome bonus, the perks are great with this card. Users get access to the Mastercard Airport Experience and insurance benefits.

Finally, the card has no fee, which only adds to the savings! With the highest cash back percentage on foreign transactions on this list, this card is a good choice for travellers. Even for the average consumer, the Rogers World Elite Mastercard is a solid cash back card.

TD CASHBACK VISA INFINITE CARD

The TD Cashback Visa Infinite is a cashback card from one of the big five! The card comes with 3% cash back on gas, groceries and any reoccurring bill that you pay with the card. Any other purchases are a 1% cashback.

As well, the card comes with a two-pronged welcome bonus. First, you will have the first year annual fee waived. Second, you can enjoy 6% cash back for the first three months up to $2000 spent.

Finally, the card has an annual fee of $120. Some of the perks include access to the TD Auto Club and 24/7 access to the Visa Infinite Concierge service. For a big five-card, you will be hard-pressed to find a better cashback card than the TD Cashback Visa Infinite.

SIMPLYCASH CARD FROM AMERICAN EXPRESS

With its simple structure, the SimplyCash Card from American Express is solid. The card comes with a flat 1.25% cashback on all purchases.

As well, the real benefit of this card is its perks. The card has Front of the Line Access, which gets you pre-sale concert, musical tickets. Plus, the card provides users with unique dining and shopping perks.

Finally, the welcome bonus doubles the cashback to 2.5% for the first three months up to $150 in cash back. For a no-fee card, the benefits are top-notch for the SimplyCash Card from American Express.

SCOTIA MOMENTUM VISA INFINITE

The Scotia Momentum Visa Infinite may just be the best cashback card in Canada right now. The card comes with 4% cash back on groceries, reoccurring bills and subscription services. Plus 2% cash back on public transit and gas, and 1% cashback on everything else.

As well, the card has two welcome promos for new clients. The first is 10% cash back in the first three months up to $2000 spent. Also, Scotia waives the annual fee of $120 for the first year.

Finally, the card has some great perks, including access to the Visa Infinite program, and insurance coverage. If you are looking for a cashback card, the Scotia Momentum Visa Infinite should be at the top of your list.

THE BOTTOM LINE

Cashback cards are here to make you money on your purchases. From travel expenses to regular bills, these cashback cards will earn you cash. The cards on this list are reliable cashback options and will provide you with many options to consider. There is no one right card, but chances are, your next cashback card is right here on this list!

Best overall cashback credit card: Scotia Momentum Visa Infinite
Best cashback credit card for no annual fee: Rogers World Elite Mastercard
Best cashback credit card for travel: Rogers World Elite Mastercard
Best cashback credit card for groceries: Scotia Momentum Visa Infinite
Best cashback credit card for gas: TD Cashback Visa Infinite
Best cashback credit card for perks: SimplyCash Card from American Express
Best cashback credit card for the welcome bonus: Scotia Momentum Visa Infinite

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