Best cash-back cards 2012

Want a card that will put some money back into your pocket? We’ll tell you which cards give the most cash back, factoring in sign up bonuses and fees over five years.

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by

From the September/October 2012 issue of the magazine.

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man in suit giving dollars another man
If you’re choosing a cash-back card, be sure to read the fine print. Many cards claim to give you eye-popping rebates, but the offer may only apply for a few months or may be limited to certain types of purchases, says Patrick Sojka from the website RewardsCanada.ca. Look for a card that gives you a good rate for the purchases you make most frequently and you’ll come out on top.

To find the card that best matches your spending and re-payment patterns, try our Credit Card Selector Tool.

In the meantime, here’s our  list of cards that provide the most cash back for every dollar you spend on average:

1.


Scotiabank
Scotia Momentum VISA Infinite
Annual Fee: $99
Current Interest Rate: 19.99%
Card Details: Requires personal income of $60,000 or household income of $100,000; includes car rental insurance, extended warranty.

2.


Capital One
Aspire Cash World MasterCard
Annual Fee: $0
Current Interest Rate: 19.8%
Card Details: Requires personal income of $60,000 or household income of $100,000; includes travel medical insurance.

3.


MBNA
SmartCash Platinum Plus MasterCard
Annual Fee: $0
Current Interest Rate: 19.99%
Card Details: Includes purchase protection and travel insurance.

*MBNA reduced the amount of cash back it awards for purchases on gas and groceries after the first six months from 3% to 2% on Oct. 23 2012, after our 2012 list had been published.

4.


Capital One
Aspire Travel World MasterCard
Annual Fee: $120
Current Interest Rate: 19.8%
Card Details: Requires personal income of $60,000 or household income of $100,000; includes travel medical insurance.

5.


Capital One
Aspire Cash Platinum MasterCard
Annual Fee: $0
Current Interest Rate: 19.8%
Card Details: Requires personal income of $30,000; includes price protection, purchase assurance and travel accident insurance.

6.


Scotiabank
Scotia Momentum VISA
Annual Fee: $39
Current Interest Rate: 19.99%
Card Details: Includes purchase security, extended warranty and rental car discounts.

7.


Canadian Tire
Cash Advantage MasterCard
Annual Fee: $0
Current Interest Rate: 19.99%
Card Details: Includes extra cash back at Canadian Tire and Mark’s Work Wearhouse.

8.


RBC
Cash Back MasterCard
Annual Fee: $0
Current Interest Rate: 19.99%
Card Details: Includes extended warranty and purchase protection.

How much cash back could you get from your credit card?

This chart shows how much you’d earn annually from your card, based on your monthly spending. But if you don’t use your card—and it charges a fee—it will cost you money.*

Learn how we crunched the numbers for Canada’s Best Credit Cards 2012 by reading our methodology.

Also check out our top travel, merchandise, low-rate, student and small business credit cards.

11 comments on “Best cash-back cards 2012

  1. This is great info. I'm sad to see my card isn't one of the best. This information is good, but people need to remember that it is only worth the rewards if the credit card gets paid off each month before it's due.

    Reply

  2. As a small business owner that accept credit cards for payment I find it hard to swallow when the Credit card comanies roll out a new rewards card and then turn around and charge the retailer an extra 1.2% for a cash back card versis the Classic Card. The Credit Card Companies just increase charges to pay for all the give aways. Like it been said before nothing is free some buddy pays and if you thing Banks give away things from goodness of their heart well think again.

    Reply

  3. I wish i`am a Canadian so i can have one of them, Here in our country the credit card issuer has more strict policy when we apply any type of credit card, especially for personal uses.

    Reply

    • Have you tried the Chase Freedom MasterCard? It has a nice cash payback.

      Reply

  4. I have always chosen cards with no annual fee as they really cut into the cash back received. I have also found MBNA cards offer the best sign up bonuses.

    Reply

  5. I have an MBNA mastercard which charges 6.99 % and have had it for many years. There's no fee and has accident insurance, rental car insurance etc. They tried to jack up the interest rate on me once, and I told them that if they did, they would lose a customer and they decided not to increased my interest rate.

    Reply

  6. You are right Harold, Yes we get cash back etc but the person who pays for us is the business owner or the little guy who has to carry a balance forward…. The only way to come out ahead is to pay it off monthly or you end up paying for these "gifts" to the rest of us……Parens please explain this to your teenagers who are entering the workforce and very anxious to get credit cards….. cause they really dont understand….

    Reply

  7. hi i"m new here in canada and soon a lot of bank offers a credit cards so think a lot you must have an idea about the card details, interest rate and the annual fees.. these are the basic thing"s you need to know..

    Reply

  8. what about PC Master Card, it is fantastic and no fees!

    Reply

  9. Pingback: Understanding your credit cards | braedencoulsonblog

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