Best Credit Cards for Black Friday in Canada
Natasha Macmillan, Senior 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% / dollar spent
- Welcome bonus
$250
- Annual fee
$120
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% / dollar spent
- Annual fee
$120 $0 first year waived
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). Offer ends June 30, 2025.
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.