Best Cash Back Credit Cards in Canada
- Best for groceries and bills: Scotia Momentum Visa Infinite
- Best welcome offer: TD Cash Back Visa Infinite Card
- Best flat-rate cash back: SimplyCash Preferred Card
- Best for no annual fee: Tangerine Money-Back Credit Card
- Best for no foreign transaction fees: Home Trust Preferred Visa
For in-depth card descriptions, read our blog on the best cash back credit cards in Canada for 2019.
If you need any help comparison shopping, read our frequently asked questions below:
How do cash back credit cards work?
As the name suggests, cash back credit cards provide a cash rebate for every dollar you spend on your credit card. The amount of cash back you can earn varies from around 1%, with some of the best Canadian cash back credit cards offering 4%, or occasionally more.
When do I get my cashback?
The cash can be returned to you in a couple ways: either as a credit on one of your monthly statements or as a cheque in the mail every time you reach a specific milestone. One thing to be aware of is when you will receive your cashback. It might be monthly, annually or when you hit a milestone.
|Top Cash Back Credit Cards
||Cash Back Redemption Timeline
|Tangerine Money-Back Credit Card
||Once per month
|Meridian Visa Infinite Cash Back Card
||Monthly (redemption minimum of $50)
|Scotia Momentum Visa Infinite
||Once per year
How much cash back can I earn?
How much cash back you can earn depends on the card you choose and your spending habits. While you can earn an unlimited amount of cash back for certain cards, there are some cash back credit cards which have a maximum cash back amount that you can receive each month. For example, a card could pay 1.00% cash back on all purchases up to $2,000 spending per month, but nothing above that limit. If you spent the maximum, you would earn $20 per month or $240 per year.
Why do some cash back credit cards come with an annual fee?
The best cash back credit cards in Canada have an annual fee because they offer higher cash back rebate percentages, potentially higher spending limits than other cards and special perks like extensive purchase and/or travel insurance. Before applying for a cash back credit card, use our tool to enter your monthly spending and find the card that will offset the annual fee and give you the most cash back.
What else should I consider before applying for a cash back credit card?
While getting rewards back is awesome, being in debt isn’t. Because you earn money every time you make purchases with your card, you could be tempted to overspend and wind up in credit card debt in order to maximize your cash back rebate. But, to receive the full benefits of this type of rewards credit card, you should be in the habit of paying off your balance in full and on time each month. Otherwise, the rewards you receive from spending on your credit card are no longer “free”; you’ll be paying for them in the form of interest payments.
How do I choose the best cash back credit card?
When selecting the best cash back credit card for you, you need to look at the following: your financial preferences (i.e. do you want to pay an annual fee?), financial situation (i.e. what is your income?) and where you spend your money (i.e. do you spend more on specific things than others?). By understanding these factors, you’ll be able to receive the personalized recommendations from Ratehub.ca’s comparison tool since it will take all this information into consideration and display the best cash back cards which will maximize your net reward.
How can I maximize cash back rewards?
The best cash back credit card will vary per person because not all cash back cards offer a standard cash back return. Some cash back credit cards will offer higher cash back returns for specific purchases (e.g. Scotia Momentum Visa Infinite offers 4% on gas and recurring payments, 2% on gas and public transit, and 1% on everything else). Therefore, by understanding where you spend your money while you’re searching for a new credit card, you can maximize the amount of cash back you receive.
Other Types of Credit Cards