12 Best Cash Back Credit Cards in Canada (2024)

Are you tired of using a credit card that doesn’t give you any rewards for your purchases? Then, it’s time to upgrade to a cash back credit card! Not only do you get the convenience of using a credit card, but you also get rewarded for your spending. 

There are so many cash back credit cards in Canada, so how do you know which one is the best fit for you? That’s where we come in. 

In this article, we’ll explore the 12 best cash back credit cards in Canada, comparing their rewards programs, fees, pros, cons, and additional perks. Whether you’re a frequent traveller, a big spender, or just looking for a no-fee option, we’ve got you covered.

Get ready to take your spending to the next level with Canada’s best cash back credit cards. You won’t want to miss these lucrative rewards and exciting benefits. So, let’s dive in and see which card fits you best!

Overview of the 12 Best Cash Back Credit Cards in Canada

12 Best Cash Back Credit Cards in Canada

With so many different cards available in the Canadian market, choosing the right cashback credit card for your needs can be difficult. 

That’s why we’ve compiled a list of Canada’s 12 best cash back credit cards to help you make an informed decision and maximise your rewards. 

Whether you’re looking to save money on your everyday expenses or earn rewards on your big-ticket purchases, from no-fee cards to premium options, we’ve got you covered with a range of choices to suit every lifestyle and budget

Here are the 12 best cash back credit cards in Canada suitable for different spending habits:

1. Scotiabank Momentum Visa Infinite

• Annual Interest Rate on Purchase: 19.99%
• Annual Fee: $120
• Intro offer: Welcome bonus: 10% cash back on purchases for the first three months (capped at $2,000). Pay no annual fee for the first year.
• Cash Back Structure: 4% cash back on groceries and recurring spending. 2% cash back on gas and daily transit purchases. 1% cash back on all other purchases.

The Scotia Momentum Visa Infinite is our overall best cash back credit cards in Canada, offering high-rate cash back on different purchases.

You can easily cover the high-interest rates and annual fees with their stellar reward rates. Scotia Momentum Visa Infinite offers 4% cash back on groceries and recurring purchases, 2% on gas and daily transit purchases, and 1% on every other purchase.

The first-year annual fee is waived for new users, giving you maximum benefits for a start. However, you must have a minimum of $60,000 personal annual income, $100,000 family annual income or $250,000 minimum assets under management to qualify.

Pros

• Offers the highest rate on groceries than any cash-back card in Canada
• Offers the highest earn rate on recurring bills category
• Gas and transit costs can add up quickly, making the 2% cashback rate a welcome reprieve. This rate even applies to ride-share spends, such as Uber.
• The caps on the welcome bonus are quite generous

Cons

• You have to pay an extra $50 annually for additional authorised users.
• You can’t redeem your cash back at any time, as cash back is only rewarded once per year.
• You’ll need to earn at least $60,000 (or $100,000 as a household) annually to qualify

2. Neo Financial Mastercard Essential

• Annual Interest Rate on Purchase: 19.99%
• Annual Fee: $0
• Intro offer: $15
• Cash Back Structure: 5%+ cash back on all eligible purchases.

The Neo Financial Mastercard is one of the best cash back credit cards in Canada, offering competitive cashback with no annual fee. Besides offering up to a 15% welcome bonus, Neo Financial Mastercard tops up cash back that is less than $1, helping you earn more.

However, you can maximise your cashback by paying an annual fee according to the table below:

Pros

• No annual fee
• Earn up to 15% cash back on purchases with select Neo partners.
• The card is accessible to all budgets because of the small $50 minimum deposit.
• Hard credit checks are not made on applications.
• Guaranteed approval as long as you meet eligibility requirements.

Cons

• Interest rates could be as high as 24.99% for some users.
• Although Neo plans to report card activity to TransUnion, this function isn’t fully operational yet. Therefore, the credit-building benefits of this card will be delayed.

3. BMO CashBack Mastercard

• Annual Interest Rate on Purchase: 20.99%
• Annual Fee: $0
• Intro offer: 5% cash back on all eligible purchases within the first three months capped at $2,500 (Spend up to $500 on grocery, up to $500 on recurring bill payments, and up to $1,500 on all other purchases)
• Cash Back Structure: 5% cash back on the first three months.

The BMO Cashback Mastercard is our best no-fee cashback credit card in Canada with competitive offers. This card offers a 5% cashback as a welcome bonus for the first three months. 

It also offers 3% cashback on grocery purchases, 1% cash back on recurring bills purchases, and 5% cashback on all other purchases.

You can save hundreds of dollars in a year with this $0 annual fee. It is ideal for value-seekers and big grocery shoppers.  Also, the card has lenient approval criteria for students looking to pick their first credit card.

Pros

• BMO CashBack Mastercard earns more in straight cash back with its 3% on groceries than any other no-fee cash back credit card in Canada.
• BMO Cashback Mastercard is accepted virtually everywhere, including Costco, and allows you to earn a bonus of 2% on your purchases from the mass, big box retailer.

Cons

• The card has reward caps on its bonus categories. You earn 3% on the first $500 spent on groceries per month and 0.5% on every other purchase after that.
• No travel insurance or side perks.

4. TD Business Cash Back Visa Card

• Annual Interest Rate on Purchase: 19.99%
• Annual Fee: $0
• Cash Back Structure: 2% cash back on gas and office supplies purchases, 2% on recurring purchases, and 0.5% on all other purchases.

The TD Business Cash Back Visa Card is Canada’s overall best business cash back credit card. This card doesn’t charge an annual fee or additional card fees. As a result, you can earn hundreds of thousands in a year, accumulating competitive cashback.

You can earn 2% in Cash Back Dollars when you purchase eligible Office Supply Purchases and Gas, 2% in Cash Back Dollars on any regularly recurring bill payment, 0.5% in Cash Back Dollars on all other Purchases, and 50% more Stars at participating Starbucks® stores.

In addition, this card offers Purchase Security and Extended Warranty Protection with comprehensive insurance coverage.

Pros

• No annual fee
• Amazing cash-back rates
• Your Cash Back Dollars don’t expire
• Offers Purchase Security and Extended Warranty Protection

5. Brim World Elite Mastercard

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• Annual Interest Rate on Purchase: 19.99%
• Annual Fee: $199
• Cash Back Structure: 2% cash back on all purchases.

The Brim World Elite Mastercard is another competitive cashback credit card in Canada worthy of mention.

By waiving the first-year annual fee for new users, you can maximise your cashback earnings with 2% cashback on all eligible purchases.

Also, this card has no foreign exchange fees, helping you save more.

Pros

• No foreign exchange fees
• Mastercard Travel Pass by DragonPass
• Complimentary Boingo Wi-Fi
• You’ll get access to 13 types of insurance coverage
• World Elite Mastercard benefits include Mastercard priceless cities, World Elite Mastercard concierge, and Mastercard World Experiences.
• Brim Installment plans
• Advanced security
• Top-of-the-line mobile wallet access

Cons

• High annual fees
• High-income requirements

6. Tangerine Money-Back Credit Card

• Annual Interest Rate on Purchase: 19.95%
• Annual Fee: $0
• Cash Back Structure: 2% cashback on everyday purchases and 0.50% cashback on every other purchase.

You can earn unlimited cashback with the Tangerine Money-Back Credit Card without an annual fee.

Overall, you can save hundreds of dollars in a year by earning 2% cashback on everyday purchases and 0.50% cashback on every other purchase.

However, you must have a minimum of $12,000 personal annual income without the latest bankruptcy history to qualify.

RELATED: Tangerine Money-back Credit Card Review (2024)

Pros

• The card lets you pick your own bonus categories.
• This Mastercard is accepted virtually everywhere, including Costco
• You can choose up to three bonus categories to earn cash back based on your own spending habits, and you can change your chosen bonus categories at any time.
• There are no limits or caps for the bonus categories
• Cashback is automatically redeemed monthly, so you won’t need to wait for an annual payout.

Cons

• The base earning rate of 0.5% is low compared to other no-fee cards.
• Though the Tangerine Money-Back card is accepted at Costco, Costco purchases don’t fall under any of the card’s available bonus categories.

7. SimplyCash Preferred Card from American Express

• Annual Interest Rate on Purchase: 20.99%
• Annual Fee: $119.88
• Cash Back Structure: 2% cashback on all eligible purchases.

SimplyCash Preferred Card from American Express offers unlimited flat-rate cash back on all eligible purchases.

It has a monthly fee of $9.99, which adds up to an annual fee of $119.88. You can earn up to $400 cashback in a year with the welcome bonus of 10% cashback for your initial four months of registration.

his card also offers 4% cash back on gas for all eligible gas station purchases in Canada, 4% cash back on grocery for all eligible grocery purchases in Canada, up to $1,200 cash back annually, and 2% cash back on everything else, with no limit to the amount of cash back you can earn.

You can earn up to $1,500 cashback as a maximum annual referral bonus with the SimplyCash Preferred Card from American Express.

Pros

• More earning potential
• Stellar welcome bonus
• Below-average annual fee
• Good travel insurance
• Earn from referrals

Cons

• No mobile device insurance
• Rebates arrive annually
• American Express is not as widely accepted as Visa or Mastercard in Canada

8. Rogers World Elite Mastercard

• Annual Interest Rate on Purchase: 19.99%
• Annual Fee: $0
• Intro offer: $25
• Cash Back Structure: 1.5% cashback on all eligible regular purchases. 3% unlimited cash back on every eligible US dollar purchase.

The Rogers World Elite Mastercard is Canada’s best cashback credit card for travel, offering unlimited cashback on eligible purchases. With zero annual fees, you can earn up to $360 in a year using the Rogers World Elite Mastercard to make regular purchases.

In addition to a $25 cashback welcome bonus, this card offers comprehensive travel and insurance benefits. However, to qualify, you must have an average of $80,000 personal annual income or $150,000 household annual income.

Pros

• No annual fee
• An impressive 1.5% cash back on everything you buy
• The Rogers World Elite is a definite contender for the best card with big hauls at Costco since it’s a Mastercard.
• Offers an accelerated 3% cash back on purchases made in U.S. dollars, which effectively offsets any foreign-transaction fees to attention, snowbirds and online shoppers.
• Using the Rogers app, you can redeem cash-back rewards in increments of $10 at any time.

Cons

• You must charge at least $15,000 in purchases annually to keep the card
• The annual income requirement of at least $80,000 per year (or $150,000) is expensive
• The Roger World Elite is meant to only save you on purchases made in U.S. dollars

9. CIBC Dividend Visa Infinite Card

• Annual Interest Rate on Purchase: 20.99%
• Annual Fee: $120
• Intro offer: 10% cash back on all purchases (capped at $250 in value) for the first four statements (up to a maximum of $2,500 in purchases), and the annual fee is waived for the first year
• Cash Back Structure: 4% cash back on gas and groceries. 2% cash back on dining, transportation, and recurring payments. 1% cashback back all other purchases.

There’s no complete mention of Canada’s best cashback credit cards without the CIBC Dividend Visa Infinite Card. This card offers unlimited category-based cashback, helping you maximise your earnings.

Despite the above-average interest rates on purchases and the $120 annual fee, you can earn hundreds of dollars with this card because it waives your first-year annual fee.

Furthermore, the CIBC Dividend Visa Infinite Card offers comprehensive insurance coverage with emergency travel medical and mobile devices. However, you must have an average of $60,000 personal annual income of $100,000 household annual income to qualify.

Pros

• CIBC Dividend Visa Infinite card gets you the highest earning rate on groceries in Canada
• The 4% cash back on gas is also the highest available
• The card offers a 2% bonus on dining, recurring bills and any modes of transit in Canada
• Also offers flexible redemptions and access your cash in $25 increments whenever you want.

Cons

• The annual fee is high
• To qualify, an annual income of at least $60,000 (or $100,000 as a household) may be unaffordable for some applicants.
• Credit cards for additional authorised users cost $30 each per year.

10. HSBC Cash Rewards Mastercard

• Annual Interest Rate on Purchase: 20.99% / 22.99%
• Annual Fee: $0
• Intro offer: Up to 12.5% cash back on all purchases for the first 180 days
• Cash Back Structure: 1.5% cash back on up to $6,000 online purchases, including online subscriptions, food delivery, and streaming services, 1% cash back on grocery, gas, and drugstore purchases, and 0.5% cash on other purchases.

The HSBC Cash Rewards Mastercard is a credit card offered by HSBC Bank USA. It is designed to give cardholders cashback rewards for their purchases and is accepted worldwide wherever Mastercard is accepted.

The card has no annual fee, making it a low-cost option for those looking to earn rewards on their purchases.

Cardholders earn cash back on all purchases, with no limit to the amount of cashback they can earn. New cardholders can earn a cash bonus after spending a certain amount on purchases within the first few months of account opening.

Pros

• Mobile device insurance.
• Lucrative welcome offer
• Great earning rate
• Low redemption threshold, unlike most cashback credit cards in Canada
• Earn cash back on all purchases.

Cons

• You can only earn cashback rewards for up to $6,000 in online purchases annually.

11. RBC Cash Back Preferred World Elite Mastercard

• Annual Interest Rate on Purchase: 20.99% / 22.99%
• Annual Fee: $99 (waived for the first year)
• Intro offer: 10% cash back on all purchases (capped at $2,000) for the first three months.
• Cash Back Structure: 3% cash back on eligible gas and grocery purchases and 1% cashback on all other purchases.

The RBC Cash Back Preferred World Elite Mastercard is a Royal Bank of Canada (RBC) credit card. It is designed to give cardholders cashback rewards for purchases and other benefits.

This RBC cashback credit card has no annual fee for the first year and a low annual fee afterwards. Cardholders can earn up to 3% cash back on gas and grocery purchases without limit to their earnings.

New cardholders can earn a cashback bonus after spending a certain amount on purchases within the first few months of account opening.

RELATED: 7 Best RBC Credit Cards in Canada: Rewards, Cash Back and Fees

Pros

• Fantastic welcome offer
• Earn up to $2 million of Travel Medical Insurance coverage for the first ten days of your trip. 

Cons

• A $99 annual fee
• The accelerated earning rate of 3% cash back is limited to $15,000 annual spend across all categories and a flat rate of 1% cash back on all purchases after that.

12. BMO CashBack World Elite Mastercard

• Annual Interest Rate on Purchase: 20.99% / 23.99%
• Annual Fee: $120 (waived for the first year)
• Intro offer: 10% cash back on all purchases in your first three months, and the annual fee is waived in the first year.
• Cash Back Structure: 5% on groceries, 4% cash back on transit, 3% on gas and electric vehicle charging, 2% cash back on recurring bill payments, and 1% on every other purchase.

The BMO CashBack World Elite Mastercard is a credit card offered by the Bank of Montreal (BMO). It is designed to give cardholders cashback rewards for purchases and other benefits.

The card has no annual fee for the first year and a low annual fee afterwards. It also comes with premium benefits such as travel insurance, concierge service, and access to airport lounges.

New cardholders can earn a cashback bonus after spending a certain amount on purchases within the first few months of account opening.

Pros

• Generous cashback rates for popular spending categories
• Offers up to 13 types of insurance and fantastic travel benefits.

Cons

• Spending categories have easily-hit spending caps
• The $120 annual fee is steep.

How I Reviewed the Best Cash Back Credit Cards in Canada

Below are the factors I considered when determining Canada’s best cashback credit cards.

• Cash Back Caps: Not all cashback credit cards have the same limit. While some cash back has unlimited earning limits, others have certain limits. Most of the above cashback credit cards have unlimited earning limits. This means getting a reward on all your purchases 24/7. However, it’s essential to consider the cashback rate when deciding between limited and unlimited cashback caps.
• Interest rate: An interest rate can undermine a cashback rate. We choose the best cash back credit cards in Canada with competitive interest rates. Most cashback credit cards have 19.99% annual interest rates. However, you can avoid this interest rate by paying your complete monthly balance. Failure to meet your monthly balance payment may increase the interest rate and consume your cashback earnings.
• Annual Fees: Like interest rates, cashback annual fees can undermine your cashback earnings. That’s what we considered when selecting these Canada’s best cashback credit cards. Most of these cashback credit cards in Canada have zero annual fees. This means earning more with less. However, some cashback credit cards have an annual fee but with a competitive cashback rate and perks. You can earn more with this type of cashback.
• Perks: If you’re looking for a reward card with special offers, our list of Canada’s best cash back credit cards got you covered. These cashback credit cards offer competitive perks from purchase assurance to the extended warranty. Getting cashback rewards with perks makes the best cashback credit cards a luxurious alternative to other credit cards in Canada.
• Welcome Offers: Not all credit cards offer a welcome bonus. However, most of Canada’s best cash back credit cards offer a welcome bonus. The above cash-back credit cards have various attractive welcome offers, from introductory interest to special cash-back rates. A welcome offer helps boost your earnings within a given time frame while giving you the luxurious feeling of the best cash-back credit card.

3 Types of Cash Back Credit Cards in Canada

The type of credit card you use determines how much you will make. Hence, it’s essential to know the various types of cashback to choose the perfect one.

Here are three types of cashback credit cards in Canada:

• Flat-Rate Cash Back Credit Card: This type of cashback credit card offers flat-rate cash back on every purchase. This makes it possible to earn the same cashback on all purchases. So regardless of your spending habits, flat-rate cash back offsets a portfolio of all purchases with the same cashback rate.

• Bonus Cash Back Credit Card: This type of cashback credit card is based on certain purchases. Unlike flat-rate cashback, this cashback rewards you differently, improving your earning potential. A bonus cashback credit card is the most popular type of cashback credit card in Canada, perfect for everyday shoppers.

• Flexible Cash Back Credit Card: This type of cashback credit card is customized based on your spending habits. As a result, you can choose your cashback according to your spending habits. You can easily align flexible cash-back credit cards to your spending habits – from groceries, entertainment parking, and hotels to transportation.

RELATED: The 25 Best Credit Cards in Canada (2024)

Cash Back Vs. Points: Which is Better?

Cashback and points are two common types of rewards offered by credit cards. Cashback rewards provide you with a percentage of the amount spent on purchases as cashback.

They are usually credited to your account as a statement credit or deposited into a bank account. They are easy to understand and use and can be used for any purpose. Cashback rewards are typically more flexible than points, as they can be used for anything you want.

On the other hand, Points rewards provide you with a certain number of points for every dollar spent on purchases. They can be redeemed for various rewards, such as merchandise, travel, or gift cards. Depending on how you redeem them, they can have different values, making them more complicated to use than cashback rewards.

Points may be more beneficial for people who want to use their rewards for specific things like travel but less useful for people who want more flexibility.

RELATED: 8 Best Travel Credit Cards Canada: Pros, Fees & Features

Final Thoughts on the Best Cash Back Credit Card in Canada

Cashback credit cards are a great way to earn rewards for everyday purchases. With so many options available in Canada, choosing the right one for you can be tough. 

Whether you’re looking for a card with no annual fee, a high cashback rate, or premium benefits, there’s a card out there that will fit your needs.

Look at our list of the best cash back credit cards in Canada, and find the one that works best for you. And remember, with responsible use, credit cards can be a great tool to help you reach your financial goals.

So don’t wait any longer. Start comparing and applying for the best cash back credit card that suits you. Happy shopping!