Best Credit Cards for Black Friday in Canada
Natasha Macmillan, Business Unit Director - Everyday Banking
With the holidays approaching quickly, retailers are gearing up to offer enticing deals and discounts to attract shoppers. Black Friday is just around the corner, falling on November 24 this year, and it promises to be the biggest sale event of the year, even as the 2023 Holiday Retail Outlook by Deloitte Canada projects a unique holiday season. According to the report, spending is expected to hit a five-year low, with shoppers planning to allocate an average of $1,347 for their holiday expenses, marking an 11% decline from the previous year.
If you’re thinking about taking advantage of these Black Friday offers, make sure to use the best rewards credit card to get even better value on the day. Here, we present our top two cash back credit cards for Black Friday in Canada for 2023:
Best for Everyday spending
based on spending $2,200/mo after $120 annual fee
- Earn rewards
2% – 4% earn rate
- Welcome bonus
$400
- Annual fee
$120
Perks
- In your first 10 months as a new SimplyCash® Preferred Card from American Express Cardmember, you can earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months
- Earn accelerated earn rates on eligible gas and grocery purchases
- Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually) and 2% cash back on all other purchases
- Access events and special offers curated for Cardmembers with American Express® Experiences
- Extensive insurance coverage and 24/7 Customer Service
- American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.
Features
Ratehub’s take
The SimplyCash Preferred Card from American Express offers a standard 2% cash back on everything with 4% on gas and groceries, plus top robust insurance coverage and all the benefits of American Express perks.
Pros
- Generous cash back rewards: Offers an impressive cash back rate of 2% on all purchases, 4% on gas and groceries up to $30,000 annually, and then 2% cash back on those categories
- Robust travel and purchase protection insurance: Comprehensive travel and purchase protection, including travel accident insurance, purchase protection, and extended warranty
- 24/7 concierge services
- Exclusive access: Enjoy privileges such as access to Front of the Line Presale and Reserved tickets to concerts, theatre performances, movie screenings, culinary events, and other special offers
Cons
- Limited acceptance: American Express isn’t as widely accepted in Canada compared to Visa and Mastercard
- Annual fee: The card comes with an annual fee, which could be a drawback for individuals who prefer no-fee credit card options, particularly as this card isn’t seen as the best cash back card on the market
- Low redemption flexibility: Cash back rewards are only redeemable once per year
Eligibility requirements
Minimum credit score: 725
Minimum income: N/A
Interest rates
Purchase interest: 20.99%
Cash advance: 21.99%
The SimplyCash Preferred Card from American Express is a straightforward and no-fuss cash back card that is a great choice for Black Friday shopping. It boasts a high earn rate of 2% on all purchases and offers some great rewards and perks, including exclusive shopping, dining, and travel offers as well as access to Front of the Line experiences. However, if you plan to shop internationally, be sure to watch for foreign transaction fees.
Best for Groceries & bills
based on spending $2,200/mo after $120 annual fee
- Earn rewards
1% – 4% earn rate
- Annual fee
$120 $0 first year waived
Perks
- Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). No annual fee in the first year, including on supplementary cards. Offer ends October 31, 2024.
- Earn 4% for every $1 you spend on grocery store purchases, recurring bill payments, and subscription purchases.
- Earn 2% for every $1 you spend on gas purchases and daily transit purchases.
- Earn 1% cash back on all other purchases with no cash back limit.
Features
Ratehub’s take
The Scotiabank Momentum Visa Infinite Card offers impressive rewards on everyday purchases. This card earns great cash back on many categories – however, its distinguishing feature is the 4% cash back on groceries. This card can help offset rising household expenses and is considered to be one of the best cash back credit cards.
Pros:
- High cash back rate on essentials: Enjoy significantly higher earn rates on groceries and gas than most other cards (4% cash back)
- Comprehensive insurance coverage: Benefit from strong insurance coverage typically is reserved for travel credit cards
- Lucrative welcome offer
Cons:
- Spending cap on bonus categories: Annual total spend limit of $25,000 on the 4% and 2% spending categories; thereafter, the earn rate drops to 1%
- Limited redemption flexibility: Cash back reward is only offered as a statement credit once per year in November and cannot be redeemed in smaller amounts or any other time of year
Eligibility requirements
Minimum credit score: 725
Minimum income: $60,000/yr
Interest rates
Purchase interest: 20.99%
Cash advance: 22.99%
Another excellent choice for Black Friday shopping is the Scotia Momentum Visa Infinite card. This card offers substantial cash back rewards, a valuable welcome bonus, and even waives the annual fee for the first year, saving you $120. As part of the welcome bonus, you can earn 10% cash back on all purchases for the first 3 months, up to $2,000 in total purchases.
The bottom line
Shopping around for the best deal on Black Friday can save you money and so can picking the best credit card! The SimplyCash Preferred and the Scotia Momentum Visa Infinite cash back credit cards aren't just limited to Black Friday; they also excel for holiday season spending, offering 4% cash back in specific categories. Here's a quick breakdown:
- SimplyCash Preferred: 4% on gas and groceries, 2% on all other purchases
- Scotia Momentum Visa Infinite: 4% on groceries and recurring payments and 2% on gas and daily transit, 1% on all other purchases
Remember to consider your spending patterns and priorities when choosing a credit card for Black Friday shopping. Look for a card that aligns with your spending and ensure any annual fees fit within your budget.