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.
best-cash-back-credit-card-canada

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.

Table Of Contents
  1. How Does a Cash Back Credit Card Work?
  2. Quick Overview: Best Cash Back Credit Card, Canada
  3. In-Depth Review: Best Canadian Cash Back Credit Card
  4. 1. Highest Cash Back Credit Card → Neo Credit Card
  5. 2. Best No-Fee Cash Back Credit Card in Canada (with Cash Earnings Flexibility) → Tangerine Cash Back Credit Card
  6. 3. Best Cash Back Credit Card for Online Shopping → Amazon.ca MasterCard
  7. 4. Best No Annual Fee Cash Back Credit Card for Students → National Bank mycredit Mastercard
  8. 5. Best No Fee Cash Back Credit Card Canada for Groceries → BMO CashBack Mastercard
  9. 5. Best Cash Back Credit Card Canada for No Foreign Exchange Transaction (FX) Fee → Home Trust Preferred Visa
  10. 6. Best Cash Back Credit Card in Canada for Groceries and Recurring Bills → Scotia Momentum Visa Infinite Card
  11. 7. Best Flat Rate Cash Back Credit Card in Canada → SimplyCash Preferred Card from American Express
  12. 8. Best Canadian Flat Rate No-Fee Cash Back Credit Card → SimplyCash Card from American Express
  13. 9. Best Cash Back Credit Card for High Earners → Rogers World Elite Mastercard
  14. 10. Best Cash Back Credit Card Canada for Easy Redemption → TD Cash Back Visa Infinite Card 
  15. 11. Best Cash Back Credit Card Canada for Groceries and Gas → CIBC Dividend Visa Infinite Card
  16. Recap of the Best Cash Back Credit Cards in Canada
  17. Pro-Tips on Getting the Most Out of Your Cash Back Credit Card, Canada
  18. Cash Back vs Points (Rewards): Which is Better? 
  19. FAQs: Best Credit Cards for Cash Back in Canada
  20. Final Thoughts: Best Cash Back Credit Card, Canada

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!


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.


Quick Overview: Best Cash Back Credit Card, Canada

Credit CardWinnerAnnual Fees
Neo Credit CardOVERALL 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 MastercardBest cash back credit card for online shopping$0
National Bank mycredit MastercardBest no annual fee cash back credit card for students$0
BMO CashBack MastercardBest No-Fee Card for Groceries$0
Home Trust Preferred VisaBest cash back credit card with no FX Fees$0
Scotia Momentum Visa Infinite CardBest cash back credit card for Groceries and Recurring Bills$120
(Free for the first year)
SimplyCash Card from American ExpressBest Flat Rate No-Fee credit Card$0
SimplyCash Preferred Card from American ExpressBest Flat-Rate cash back credit card$99
Rogers World Elite MastercardBest cash back credit card for High Earners$0
TD Cash Back Visa Infinite CardBest cash back credit card for Easy Redemption$120
CIBC Dividend Visa Infinite CardBest Canadian cash back card for Groceries and Gas$99
(Free for the first year)

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

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%
Card Details

The Neo Credit card is a no-fee credit card that replenishes your pocket with rewards as a cardholder.

You’ll receive welcome bonus of up to 15% cashback on your first-time purchases at over 10,000 Neo partners. But the cashback doesn’t end there.

You’ll enjoy an average of 5% cashback and a guaranteed minimum 0.5% cashback.

SEE >> Neo Credit Card Review


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

Welcome Offer: Earn an extra 15% cashback for a limited time with the Tangerine Money-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%
Card Details

Sure, you don’t want cash back cards that come with strict rules and restrictions. A card that is suited to your particular spending habits yet permits you to change the earning scheme when needed is ideal. The best cash back credit cards will also be flexible with regards to redemption and an easy payment process.  

There are several options for the best cashback credit card in Canada. But, the Tangerine Money-back Credit Card stands out for its flexibility and simplicity, which is why it’s our top pick as the best no-fee cash back credit card Canada has for flexibility.

It comes with zero annual fees and no complicated limits. You earn your cash back automatically, and it is either redeemed monthly into your savings account or paid to your credit card balance monthly. 

The process is simple: You get two categories where you can earn 2% cashback. You get a third 2% category if you decide to deposit your Money-Back Rewards directly into your Tangerine Savings Account. All your other card purchases will earn you a 0.5% cash back.

Pros and Cons

Pros

  • Unlimited cash back.
  • You get automatic reimbursement to your credit card balance, or savings account monthly.
  • Purchase assurance. This protects your purchase from theft, loss, or damage within 90 days.
  • You get an extended warranty, which gives you twice your manufacturer’s warranty up to an extra year.

Cons

  • If you do not have a savings account with Tangerine bank, you will only get two 2% cash back categories instead of three.
  • The 0.5% cash back on other purchases outside of your 2 ‒ 3 pre-selected categories leaves something to be desired.

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


Also, consider:

The Best Premium No-Fee Cash Back Credit Card in Canada → Tangerine World Mastercard

If you want more perks and you meet the $60,000 annual income requirement, you’ll want to go for the Tangerine World Mastercard instead of the Tangerine Money-Back Credit Card. It comes with additional perks that you will typically find in premium cards with an annual fee, like rental car and mobile device insurance.

Key Features

  • Annual Fee: $0.
  • Rewards: 2% cash back in 2-3 personalized categories, 0.5% cash back for other categories.
  • Unlimited monthly money-back rewards.
  • Boingo Wi-Fi for Mastercard.
  • Mobile device insurance.
  • Rental car collision/loss damage insurance.
  • On-demand and subscription services.
  • Mastercard travel rewards.
  • Mastercard airport experiences are provided by LoungeKey.
  • Interest on Cash Advances: 19.95%; Interest on Purchases: 19.95% 

Welcome Offer: Earn an extra 15% cashback for a limited time with the Tangerine World Mastercard.


Compare the Two Tangerine Credit Cards

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
Card Details

The Amazon.ca Mastercard is a great way to earn cash back on everyday purchases, and it’s especially valuable for those who frequently shop at Amazon .ca and Whole Foods Market.

This no-fee cash back credit card has no limit to the amount of rewards you can earn. Plus, you’ll get access to exclusive cardholder benefits, like extended warranty protection and purchase protection insurance. And because there’s no annual fee, you can use your rewards to buy the things you love without having to worry about an annual credit-card bill.

Pros and Cons

Pros

  • Earn extra 2.5% cash back on foreign currency transactions to help cover foreign transaction fees
  • You get an automatic $20 Amazon gift card in your Amazon account for every 2,000 points earned
  • Travel benefits: Trip assistance and legal assistance, lost luggage assistance, lost document and ticket replacement, savings with Avis and Budget Rent a Car
  • Additional benefits: Extended warranty benefit and purchase assurance

Cons

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


4. Best No Annual Fee Cash Back Credit Card for Students → National Bank mycredit Mastercard

✅ Perks: Cashback
WELCOME OFFER: $75 Cashback
✅ 1% cashback on restaurant transactions and recurring automatic transfers
✅ 0.5% on all other eligible purchases
✅ Free protection for your mobile phone
✅ Annual Fee: $0
✅ No minimum income required

Eligibility Criteria

  • Canadian resident
  • Must be of the age of majority in the province or territory where you live
Card Details

The National Bank mycredit Mastercard is a great choice for anyone (especially students) looking to benefit from no-annual-fee cash back credit card.

Have you heard of National Bank of Canada? It is the sixth largest commercial bank in Canada. As of 2020, the bank had assets exceeding $332 billion and more than 26,500 employees.

With this card, you’ll earn 1% cash back on pre-authorized payments and restaurant purchases and 0.5% on everything else. You’ll also get a free mobile insurance plan that covers your device up to $1,000 in case of loss, theft, or breakage for up to 2 years from the date of purchase.

Pros and Cons

Pros

  • 1% cash back on restaurant purchases and recurring pre-authorized payments
  • Mobile phone protection: Free insurance coverage against damage and theft of your mobile phone for up to 2 years after purchase of the device
  • Purchase protection and extended warranty

Cons

  • 0.5% cashback on all other purchases

Also, consider:

Best Cash Back Credit Card for Students and Newcomers to Canada → National Bank ECHO Cashback Mastercard

✅ Perks: Cashback
✅ Earn up to 1.5% cashback on your day-to-day purchases
✅ Urban experiences
✅ Annual Fee: $30
✅ No minimum income required

Key Features

  • Annual fee: $30
  • Minimum Income Required: $0 (None)
  • 1.5% cash back on gas, grocery and online purchases
  • Unlimited 1% cash back on all other purchases

5. 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.
Card Details

This no fee card is usually recommended for students. However, with the recent changes made to it, it’s now more appealing to a broader range of people. Some of these changes are a 3% cash back on groceries, 1% cash back on recurring bill payments, and an unlimited 0.5% on every other purchase. 

To top this, they added a 5% cash back welcome bonus for the first three months, which can go up to $100. So if, like most people, groceries are a huge recurring expense for you, then getting a credit card that pays back on your grocery purchases will be a smart move. 

The BMO CashBack Mastercard is arguably the best cash back credit card Canada has that helps you maximize your grocery spendings without paying an annual fee or meeting income requirements.

Pros and Cons

Pros

  • No annual fee.
  • For a no-fee card, it offers one of Canada’s highest grocery cash back rates at 3%. 
  • No minimum income is required.
  • Extended warranty and purchase protection.   
  • You get discounts at Avis and National Car Rentals, and Cirque du Soleil.
  • You can add authorized cardholders for free.  

Cons

  • The 3% and 1% cash back rates on groceries and recurring bill payments have a $500 monthly limit.

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
Card Details

The Home Trust Preferred Visa is a great way you can save on foreign transaction fees. It is a no-fee card that also offers a 1% cash back on all eligible purchases. For travellers, having to pay an additional 2.5% fee on purchases outside the country or in another currency is not pleasing. However, the Home Trust Preferred Visa Card ticks off this box. When you use this card, that 2.5% fx fee is waived. 

That’s not all. It also comes with car rental and purchases protection insurance. So if you are looking for the best no-fee cash back credit card Canada has that offers free fx fees, this card is worth considering.

Pros and Cons

Pros

  • No annual fee
  • Zero foreign transaction fees on purchases made abroad or in another currency.
  • 1% cash back on all purchases in Canada.
  • There’s no cap on the amount you can earn.
  • No minimum income requirement.
  • Rental car collision/loss/damage insurance of up to $48,000 for 48 days.

Cons

  • No welcome bonus.
  • You’ll be hit with a $12 inactivity fee if you don’t charge a minimum of one purchase on the card within a year. 
  • No cash back on purchases you make in a foreign currency.
  • Not available to residents of Quebec.

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.
Card Details

If you are concerned about your several recurring bills, worry no more. The Scotia Momentum Visa Infinite Card is a great cash-back card with highly competitive benefits and rewards. It allows you to earn a ton of cash back effortlessly. 

You can earn an attractive 4% cash back on groceries, recurring bill payments, and subscription services. Large households and families can take advantage of this. You can also earn a 2% cash back on transport bills (public transit and gas), while your other expenses will come in at 1%. 

Only a few out of the best cash back credit cards can match this cash back visa infinite card’s earn rate. However, a $25,000 cap applies to your eligible spending in each category. If you exceed that amount, the earn rate will be the base 1%.

Since this card is a Visa Infinite card, it comes with a minimum annual income requirement of $60,000 or a minimum household income requirement of $100,000. The $120 annual fee can be waived during the first year for new applicants.

Pros and Cons

Pros

  • Mobile device ($1,000), and travel insurance ($1,500).
  • Access to Visa Infinite Dining and Wine Country Series.
  • Concierge service. 

Cons

  • Although your cash back builds up monthly, it is only paid out once yearly. So, if you’d like to get your rewards sooner, having to wait for the whole year can be a total bummer.

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%.
Card Details

Our pick for the best cash back credit card Canada has for flat-rate is the SimplyCash Preferred Card from American Express. It is your best bet if you are looking for the best cash back credit cards that allow you to keep things simple. 

You won’t be dealing with tiered earn rates or different bonus categories. You get 2% flat cash back rate on all your purchases, including gas, online, electronics, or grocery purchases

This cash back credit card also allows you to add more authorized users to your card for free. This is especially fitting for couples or families intending to share an account and accumulate their rewards. The amount you can earn is limitless. 

However, while you can use Amex cards at thousands of locations, including most restaurants, major grocery stores, and retail chains, they are not as generally accepted as a Visa or Mastercard. So, it will be best if you go around with a second credit card or a debit card from Mastercard or Visa or Mastercard as an alternative.

Pros and Cons

Pros

  • Referral bonus for each approved friend referral.
  • You get access to all American Express Invites offers, such as exclusive access to tickets, deals, and events.
  • You are entitled to comprehensive car rental and travel insurance.
  • You can add free authorized users to your card.

Cons

  • Amex cards may not be accepted everywhere. 
  • You won’t be approved for this card without good credit.

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.
Card Details

Another one of the best no fee cash back credit card Canada has. This card is different from the SimplyCash Preferred Cash mentioned above. For the SimplyCash Card from American Express, the earn rate is lower, but it compensates with the absence of annual fees.

The standard 1.25% earn rate allows you to get an above-average return on your general purchases like electronics, clothes, and online purchases. If you were using another card, you’d likely have gotten between 0.5% and 1% back instead. 

The SimplyCash also offers new customers a welcome bonus of 2.5% cash back on all purchases during the first three months, to a $150 cash back maximum.

Pros and Cons

Pros

  • You get $100,000 in travel accident insurance coverage.
  • Free American Express Invites and $50 bonus cash back on every approved referral.
  • You can add free authorized users to your card
  • No minimum income requirement.
  • You get three types of insurance.

Cons

  • Amex cards may not be accepted everywhere.

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.
Card Details

The Rogers World Elite Mastercard offers  1.5% cash back on all purchases and the chance to redeem hat cash back to most of the purchases you made with your card in the last 90 days.

It has a 3% earn rate on purchases made in the U.S. dollar which means you are earning 0.5% in cash back on purchases after you consider the 2.5% foreign exchange fee. In other words, the card is putting money in your pocket. 

If you are an online shopper or a  U.S. traveller, this is one of the best cash back credit cards you should consider.

Pros and Cons

Pros

  • No annual fee.
  • Purchase protection and extended warranties on card purchases. 
  • A welcome bonus of $25 in cash back rewards after your first card purchase.
  • A 3% earn rate on purchases in U.S. currency and 1.5% on every other purchases.
  • Travel insurance.

Cons

  • It has a $80,000 minimum annual income requirement
  • To keep the card, you have to charge at least $15,000 in purchases every 12 months; else you’ll be downgraded to the entry-level Rogers Platinum Card with a pretty low 1% cash back on all purchases.

10. Best Cash Back Credit Card Canada for Easy Redemption → TD Cash Back Visa Infinite Card 

Eligibility Criteria

  • Minimum Income Requirement: $60,000 annual personal income or $100,000 household income.
  • Credit Score: Good to Excellent

Key Features

  • Annual Fee: $120 (It can be waived for the first year if you apply latest by May 30, 2021)
  • Welcome Bonus: 6% cash back on all your purchases for the first 3 months till you spend $2,000 (You must apply by May 30, 2021, to enjoy this).
  • The welcome bonus of 6% also includes TD Auto Club membership, which is basically a roadside assistance package.
    Interest on Cash Advances: 22.99%; Interest on Purchases: 20.99%.
Card Details

The best cash back credit cards should allow you to cash out effortlessly. To determine the best cash back credit card Canada has that fits into this description, we looked for a card with both a great cash back rate and an easy redemption process. That card is the TD Cash Back Visa Infinite Card.

It is also a fantastic choice for maximizing the payout for your regular bills, gas, and grocery purchases. For eligible gas and grocery purchases, and recurring bill payments on your card, the card offers 3% cash back. Every other purchase gets a 1% cash back. 

As a welcome bonus, there’s a time-specific offer of 6% on all your purchases with the TD Cash Back Visa Infinite Card for the first 3 months (caps at $2,000), a first-year full yearly fee rebate for the primary and first additional card holder on the $120 annual fee. This offer is for a limited time only.

Pros and Cons

Pros

  • You can redeem your earnings whenever you like without having to wait for a monthly or yearly statement.
  • You can earn up to 3% cash back on eligible daily purchases.
  • It comes with Emergency Road Services with the Deluxe TD Auto Club Membership and travel insurance.
  • There’s no expiry on your cash back funds.

Cons

  • The TD Auto Club Membership offer is not available for Quebec residents. 
  • The travel insurance coverage is not comprehensive. You get just travel medical coverage and lost and delayed baggage insurance.

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%
Card Details

Yearly, households in Canada spend an average of $2,000 annually to gas up their automobiles. If you often use your vehicle, it is only wise to get a credit card that’ll give you huge cash back on your fuel purchases.

There’s no better card than the CIBC Dividend Visa Infinite Card for this. It offers an impressive 4% cash back on eligible gas and grocery purchases and 1% cash back on other purchases. And, the total cash back you can earn has no limit. 

That’s not all. New cardholders also get a welcome bonus offer─ a rebate on the first year annual fee and a 10.99% introductory interest rate on all purchases. (lasts till August 2021). Add the shopping protection, car rental insurance, and travel accident insurance, and it secures its spot as one of the best cash back credit card Canada has from a big bank.

Pros and Cons

Pros

  • Every dollar you spend earns cash back. 
  • Travel insurance coverage and shopping protection.
  • Concierge service
  • You get access to Visa Infinite Dining and Wine Country Series.

Cons

  • You can’t apply your earned cash back whenever you please. You have to wait till December for it to be applied as a statement credit. 
  • The 4% cash back rate only applies up to $20K worth of annual gas and grocery purchases, or up to $80K  total yearly purchases. After you cross these two benchmarks, your earn rate becomes 1% until December, when they reset the rates.

Recap of the Best Cash Back Credit Cards in Canada

Credit CardRewards
SimplyCash Preferred Card from American Express10% cashback for the first 4 months.
2% subsequently.
Scotia Momentum Visa Infinite Card4% 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 Express1.25% on everything
Rogers World Elite Mastercard3% cash back on purchases in U.S. dollars.
1.5% cashback on other things.
TD Cash Back Visa Infinite Card3% on groceries, gas & recurring bill payments.
1% on other purchases
Home Trust Preferred Visa1% cash back on all purchases in Canada.
2.5% fee on purchases outside Canada is waived.
CIBC Dividend Visa Infinite Card4% cash back on eligible gas and grocery purchase.
1% cash back on other things.
BMO CashBack Mastercard3% cash back on groceries.
1% on recurring bills.0.5% on other purchases.

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.


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.


FAQs: Best Credit Cards for Cash Back in Canada


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.


More: Best Credit Cards in Canada

  • Best Travel Credit Card in Canada
  • Best Cash Back Credit Cards in Canada
  • Best Rewards Credit Card in Canada
  • Best Student Credit Cards in Canada
  • Best Low-Interest Credit Cards in Canada
  • Best No-Fee Credit Cards in Canada
  • Best Business Credit Cards in Canada
  • Best Credit Card for Online Shopping
  • Best Balance Transfer Credit Cards in Canada
  • Best Credit Cards for Bad Credit, Canada
  • Best Credit Card for Shopping on Amazon
  • Best Prepaid Credit Card in Canada

More: Canadian Banks Credit Card


AUTHOR

Charity (Charee) Oisamoje is the founder of TheFinanceKey - TFK. She leads the editorial team, which is comprised of subject-matter experts.

Her professional competencies and expertise make her qualified on this topic. She is an expert at collecting details, verifying facts, and making complex subjects easy to understand.

Backed by Solid Credentials: ✔️MBA in Finance ✔️Canadian Investment Funds (IFIC) Graduate ✔️Masters Degree in International Business ✔️Chartered Professional Accountant (CPA) Candidate ✔️Chartered Insurance Professional (CIP) ✔️BSc Accounting

Learn More >> About Page

🏆 Best Credit Card Offers This Month

📌 Best No-Fee Cashback Credit Card with $150 Bonus

✔️ Get 2% unlimited cash back on all your purchases in three spending categories.
✔️ Receive a $150 welcome bonus for spending $1,000 in the first 2 months.
✔️ 0.5% unlimited cash back on all other purchases.
✔️ 1.95% low-interest rate on balance transfers.
✔️ Upgrade to the World Mastercard and receive mobile device insurance and travel benefits.


📌 Best No-Annual-Fee Cashback Credit Card with $25 Bonus

✔️ Get 5% unlimited cash back on all your purchases at 8,000+ partners.
✔️ Receive a $25 welcome bonus immediately upon approval.
✔️ 0.5%-1% unlimited cash back on all other purchases.
✔️ No minimum income requirement.
✔️ Add perks to make your card an all-in-one cashback card. Travel Cashback Card? Gas and Grocery Cashback Card? Increased Cashback? Yes!


📌 Best Travel Rewards Credit Card with up to $583 Bonus

✔️ Get up to 70,000 rewards points bonus (a value of $583).
✔️ Get a World Elite Mastercard with no annual fees for the first year.
✔️ Receive benefits and rewards over the first year valued at $1,750.


📌 Best No-Annual-Fee Secured Cashback Credit Card with $25 Bonus

✔️ Guaranteed & Instant Approval regardless of bad or no credit score.
✔️ Get 5% unlimited cash back on all your purchases at 8,000+ partners. 0.5%-1% unlimited cash back on all other purchases.
✔️ Receive a $25 welcome bonus.
✔️ The lowest security deposit requirement in the industry at only $50.
✔️ Requires no hard credit check to apply. New To Credit or Bad Credit? No Problem!


2 thoughts on “10+ Best Cash Back Credit Cards in Canada For 2023”

    1. William,

      The credit card that is best for flights (travel) with no annual fees that I recommend is the Neo Card™️. A unique feature of the Neo Card is that adding perks to your credit card creates the best rewards experience.

      In this case, you simply add the Travel Perks to your Neo Card to make it a Travel Card. You’ll get 2% cashback on all foreign transactions, access to airport lounges worldwide, and all-inclusive travel insurance protection, including trip cancellation, flight delay, emergency travel medical, car rental protection, and more.

      The Neo Travel Perks cost only $4.99 per month (valued at $40), and you can cancel the subscription anytime.

      So, what you’ll want to do is to add the Travel Perk to your card just before you purchase your flight ticket, then once you are back from your trip and you know you don’t need the travel benefits anymore, simply cancel the subscription and continue using your Neo No-Annual-Fee Cashback Credit Card as usual.

      → Learn more about Neo Financial and the Neo Card.

      ✔️ Apply Now for the Neo Card using this link and Get $25 Sign-up Bonus.

Leave a Comment

Your email address will not be published. Required fields are marked *

SUBSCRIBE NOW

Learn How to Build Wealth and Attain Financial Freedom! 

For the latest financial wisdom, straight to your inbox.

No thanks, I don't want to build wealth
Scroll to Top