10+ Best Cash Back Credit Cards in Canada For 2023

It’s no secret that using a credit card can be a great way to earn cash back rewards and save money.

But with so many different cards on the market, it can be tough to know which one is right for you.

To make your life easier, we have put together this list of the best Canadian cash back credit cards and what they offer based on different categories.

Whether you’re looking for a card with no annual fee or one that offers a high rate of cash back, we’ve got you covered. Let’s get into it!

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How Does a Cash Back Credit Card Work?

It’s pretty simple. You’ll get a percentage on every purchase you make using the card. The reward comes back in the form of cash, that is, money.

The fantastic thing is cash back rewards are flexible, and you can spend them however you please. However, there are several cash back credit cards in Canada, and no two are the same. You need to consider different factors like the earn rate, annual fee, benefits, and more before you apply.

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Quick Overview: Best Cash Back Credit Card, Canada

Credit Card	Winner	Annual Fees
Neo Credit Card	OVERALL BEST: Highest Cash Back Credit Card	$0
Tangerine Cash Back Credit Card Options: ✔ Tangerine Money-Back Credit Card ✔ Tangerine World Mastercard	RUNNER-UP: No-Fee Cash Back Credit Card Promo: Earn an extra 15% cashback for a limited time with the Tangerine Money-Back Credit Card	$0
Amazon.ca Mastercard	Best cash back credit card for online shopping	$0
BMO CashBack Mastercard	Best No-Fee Card for Groceries	$0
Home Trust Preferred Visa	Best cash back credit card with no FX Fees	$0
Scotia Momentum Visa Infinite Card	Best cash back credit card for Groceries and Recurring Bills	$120 (Free for the first year)
SimplyCash Card from American Express	Best Flat Rate No-Fee credit Card	$0
SimplyCash Preferred Card from American Express	Best Flat-Rate cash back credit card	$99
Rogers World Elite Mastercard	Best cash back credit card for High Earners	$0
TD Cash Back Visa Infinite Card	Best cash back credit card for Easy Redemption	$120
CIBC Dividend Visa Infinite Card	Best Canadian cash back card for Groceries and Gas	$99 (Free for the first year)

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In-Depth Review: Best Canadian Cash Back Credit Card

1. Highest Cash Back Credit Card → Neo Credit Card

✅ Perks: Instant, Unlimited Cashback
✅ Welcome Bonus: Exclusive $25 sign-up offer plus earn up to 15% cashback on first-time purchases at over 10,000 Neo partners
✅ Minimum Income Required: N/A
✅ Annual Fee: $0

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Key Features

• Annual Fee: $0
• Welcome offer: $25 cashback bonus when you sign up for a Neo Credit card
• Rewards: Up to 15% cashback on first-time purchases and average 5% cashback at thousands of partners, plusa guaranteed minimum 0.5% cashback
• Purchase interest rates: 19.99% – 24.99%
• Cash advance interest rate: 21.99% – 26.99%
• Foreign Transaction Fees: 2.5%

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2. Best No-Fee Cash Back Credit Card in Canada (with Cash Earnings Flexibility) → Tangerine Cash Back Credit Card

Eligibility Criteria

• Good to excellent credit score.
• Age: 18+ or majority age.
• Residency: Canadian permanent resident or citizen.
• Minimum income of $12,000.

Key Features

• Annual Fee: $0
• Unlimited monthly money-back rewards.
• Personalized categories.
• Interest on Cash Advances: 19.95%; Interest on Purchases: 19.95%

Promo: Earn an extra 15% cashback for a limited time with the Tangerine Money-Back Credit Card.

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3. Best Cash Back Credit Card for Online Shopping → Amazon.ca MasterCard

Key Features

• Annual Fee: $0
• Amazon Prime members earn 2.5% back on purchases at Amazon .ca and Whole Foods Market
• Prime members earn an additional 2.5% back on foreign currency transactions to help cover transaction fees when travelling or shopping abroad
• Earn 1% back on every other purchase – from groceries to gas stations and everywhere in between

Welcome Offer: Get a $50 Amazon Gift Card and earn 5% cash back for a limited time with the Amazon Canada Mastercard

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4. Best No Fee Cash Back Credit Card Canada for Groceries → BMO CashBack Mastercard

Eligibility Criteria

• Residency: Canadian resident
• Minimum Credit Score Required: Fair to Good.
• Minimum Income Required: $15,000
• Age: Age of majority in the territory or province.

Key Features

• Annual Fee: $0
• Earn rate: 3% on groceries; 1% on recurring bills; 0.5% on every other purchase.
• Balance Transfer Promo: 1.99% interest on your balance transfers for 9 months and 1% transfer fee.
• Welcome Bonus: Up to 5% cash back for your first three months.

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5. Best Cash Back Credit Card Canada for No Foreign Exchange Transaction (FX) Fee → Home Trust Preferred Visa

Key Features

• Annual fee: $0
• Interest: 19.99% on purchases, 19.99% on cash advances
• No foreign exchange transaction (FX) fee

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6. Best Cash Back Credit Card in Canada for Groceries and Recurring Bills → Scotia Momentum Visa Infinite Card

Eligibility Criteria

• Residency: Canadian Permanent Resident/Citizen
• Good to Excellent Minimum Credit Score
• Minimum Income Requirement: Minimum personal annual income of $60,000 or a household income minimum of $100,000, or minimum assets under management worth $250,000
• Age: 18+ or majority age in the province

Key Features

• Annual fee of $120. It is usually waived the first year.
• The earn rate is 4% cash back on groceries, subscription services, recurring bills; 2% money back on gas and public transit; and 1% on every other purchase.
• As a welcome bonus, you get 10% cash back for all your purchases up to a $2,000 cap in your first three months.
• Income requirement: $60,000 minimum annual personal income or $100,000 minimum household income.

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7. Best Flat Rate Cash Back Credit Card in Canada → SimplyCash Preferred Card from American Express

Eligibility Criteria

• Residency: Canadian Resident.
• Age: 18+ or majority age. 
• Minimum Credit Score: Good to Excellent
• Minimum Income: $0

Key Features

• Annual Fee: $99
• Credit Score: Good to Excellent
• Welcome Bonus Offer: 10% cash back on all your purchases for the first four months (up to $400 cash back limit).
• Minimum Income Eligibility: Nil
• Earn rate: 2% flat cash back rate on all your purchases.
• Additional Benefits:  Comprehensive car rental and travel insurance, exclusive access to entertainment, American Express Invites, free authorized users, bonus on referrals.
• Cash Advance APR: 21.99%; Purchase APR: 19.99%.

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8. Best Canadian Flat Rate No-Fee Cash Back Credit Card → SimplyCash Card from American Express

Key Features

• Annual Fee: $0
• Welcome Bonus: 2.5% cash back on all purchases for the first 3 months (up to $150 cash back)
• Earn rate: 1.5% cash back on every purchase after the first 3 months
• It comes with 3 types of insurance: Travel accident insurance, Buyer’s Assurance Protection Plan, and Purchase Protection Plan.

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9. Best Cash Back Credit Card for High Earners → Rogers World Elite Mastercard

Eligibility Criteria

• Residency: Canadian Resident
• Minimum Income: $80000
• Credit Score: Good to Excellent
• Age: 18+ or majority age

Key Features

• Annual Fee: $0
• Welcome Bonus: $25 bonus cash back after first purchase
• Cash Back Structure: 3% cash back on purchases made in U.S. dollars and 1.5% cash back on all other purchases
• $80,000 minimum personal income requirement or $150,000 minimum household income.

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11. Best Cash Back Credit Card Canada for Groceries and Gas → CIBC Dividend Visa Infinite Card

Eligibility Criteria

• Residency: Canadian resident.
• Minimum Credit Score Required: Excellent
• Minimum Income Requirement: $60,000 individual annual income or $100,000 household income.
• Age: Age of majority in the province.

Key Features

• Annual Fee: $99 (rebate on the first-year fee as a welcome bonus).
• Welcome Bonus: A first-year annual fee rebate, and 10.99% introductory interest rate on all your purchases until August 2021.
• Earn rate: 4% cash back on groceries and gas purchase, 1% on every other purchase.
• Annual Interest on Cash Advances: 22.99%†
• Annual Interest on Purchases: 19.99%

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Recap of the Best Cash Back Credit Cards in Canada

Credit Card	Rewards
SimplyCash Preferred Card from American Express	10% cashback for the first 4 months. 2% subsequently.
Scotia Momentum Visa Infinite Card	4% on groceries & recurring bill payments. 2% on gas & transport1% on every other purchase.
Tangerine Cash Back Credit Card Options: ✔ Tangerine Money-Back Credit Card ✔ Tangerine World Mastercard	2% cash back in up to three selected categories. 0.5% on every other purchase. OUR TOP PICK: Best for Cash Back Earnings Flexibility. Promo: Earn an extra 10% cashback for a limited time with the Tangerine Money-Back Credit Card.
SimplyCash Card from American Express	1.25% on everything
Rogers World Elite Mastercard	3% cash back on purchases in U.S. dollars. 1.5% cashback on other things.
TD Cash Back Visa Infinite Card	3% on groceries, gas & recurring bill payments. 1% on other purchases
Home Trust Preferred Visa	1% cash back on all purchases in Canada. 2.5% fee on purchases outside Canada is waived.
CIBC Dividend Visa Infinite Card	4% cash back on eligible gas and grocery purchase. 1% cash back on other things.
BMO CashBack Mastercard	3% cash back on groceries. 1% on recurring bills.0.5% on other purchases.

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Pro-Tips on Getting the Most Out of Your Cash Back Credit Card, Canada

Pay Off Your Full Balance Monthly

You should never carry over a balance. Why? The reward of a cash back credit is the cashback. However, if you carry over a balance, the penalties and accumulated interest will cancel this reward. Like any rewards credit card, a cashback card has high annual interest rates (around 19.99%). 

So, if you have unpaid debt, it’ll accumulate your interest charges, and you might end up losing all your gains. The key is to pay off your full balance every month because even if you have the best cashback credit card Canada has, regularly carrying a balance won’t let you get the most out of it. 

However, if you find yourself carrying a balance regularly, you should consider getting a low-interest card instead. 

Don’t Overlook Cash-Back Credit Cards With an Annual Fee

Sure, it’s natural to want to save money. It might even seem counterproductive to pay a fee for a cashback card. However, the fees mean you get additional benefits and rewards. So, don’t be quick to dismiss a card that comes with an annual fee, especially if the perks are more than the fee.

Remember, the card has to fit your spending habits. So, if the best cashback credit card Canada has that fits your spending habits comes with an annual fee, you should go for it. 

Compare and Weigh Your Cash-back Credit Card Options

Your current bank may not have the best cash-back card for you. So rather than just taking the easy way out and accepting whatever they offer you, you should take the time to compare all available options.

Compare the best cash back credit cards and go for the card that will give you the most return based on your lifestyle and spending habits. This shouldn’t be a problem since you don’t need to open a savings or chequing or savings account with a bank to get a credit card.

Add an Authorized User

Adding your partner or another relative as an authorized user is an effective way to boost your earnings if you own a premium card. Both cardholders can accumulate rewards or cash back and not have to pay double the annual fees.

Some premium cards, like the SimplyCash Preferred from American Express, allows you to add authorized users to your card for free. However, do not forget that only the primary cardholder will pay off the monthly balance.

Consider Pairing Multiple Credit Cards

Although using multiple credit cards can be a sign of insolvency and is widely frowned at, you can use this strategy to your advantage. For instance, the TD Cash Back Visa Infinite Card offers 3% cash back on groceries, gas, and recurring bills, but only 1% on other purchases.

In comparison, the Tangerine Money-Back Card has no annual fee and offers 2% cash back in up to three selected spending categories. It would be smart to select restaurants, drug stores, and parking/public transit for everyday spending without paying more for the better rate.

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Cash Back vs Points (Rewards): Which is Better? 

There is no straightforward answer to this question. 

Cash Back:

The cash back comes with simple, consistent, and flexible rewards. For example, 2% in cash back will always be $0.02. Cash back rewards also give you the opportunity to save money on all your daily purchases that are charged to your credit card, not only on travel or gift cards from certain retailers. 

Finally, you can redeem your rewards easily and they are often added automatically to your card’s statement balance.

Points (Rewards):

Points are potentially more lucrative, especially for travellers, but less straightforward.

Unlike cash back, points don’t have a consistent value. They vary based on what you are redeeming and the loyalty program. 

For instance, 1 Scotia Rewards point is worth $0.01 when you redeem it for travel rewards, but worth around 25% less when you redeem it for a gift card, and even 30% less when redeemed for cash credits. 

For other points programs, like Aeroplan and Air Miles and your points’ value varies when redeeming for travel depending on factors like your destination or weather. 

The major benefit of travel cards is they have more bonus categories and benefits, as well as bigger welcome offers. In addition, depending on your travel card, you can be strategic while redeeming and get above the standard $0.01 per point.

Overall, travel points can offer amazing value when you redeem them for travel rewards like flights. But if you don’t travel often and you want simple rewards, plus the chance to use your credit card rewards to save on all your daily spending, then a cash back card will suit you better.

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FAQs: Best Credit Cards for Cash Back in Canada

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Final Thoughts: Best Cash Back Credit Card, Canada

One of the most enticing credit card rewards options is cash-back. This is because apart from the money it helps you save, it is pretty flexible.

You can use your cash as you please without being limited to travel redemptions or merchandise purchases. However, the concern is how to choose the right one out of the best cash-back credit cards. 

The best cash-back card for you depends on your spending behaviour and earning preferences. We have done the heavy lifting and have researched the best cash-back credit card Canada has. So, you can feel confident choosing anyone that suits your needs best.

The Finance Key Recommends >> Tangerine Cash Back Credit Card or Tangerine World Cash Back Mastercard.

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