Canada's Best Cash-Back Credit Cards 2017 - MoneySense

Canada’s Best Cash-Back Credit Cards 2017

Fee or no fee, these cards will put money back in your pocket

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Want a card that will put some money back in your pocket—even if you have to pay a small fee for the privilege? We’ve run the numbers and these charge an annual fee but they still outperform their no-fee counterparts as long as you’re spending $2,000 a month or more. (Scroll down to see best no-fee cash-back credit cards.)

Winner: Scotiabank Momentum Visa Infinite Card

Scotia-Momentum-Visa1Generous cash back: 4% cash back for every dollar you spend on gas and groceries up to $25,000 annually. Plus: 2% cash back per dollar spent at drug stores and on reoccurring bills, 1% cash back on other purchases.

Wine country wonders: Show your card at over 60 wineries in British Colombia and Ontario and you can enjoy complimentary tastings, private vineyard tours and discounts on wine purchases.

Access to VISA Infinite Luxury Hotel Collection: save with the best available rates – guaranteed. Plus, when you check in, you’ll get an automatic room update when it’s available and free Wi-Fi in your room.

Unique dining experiences: with the VISA Infinite Dining Series in some of Canada’s top restaurants.

Click here to see everything the Scotiabank Momentum Visa Infinite Card has to offer.


Second place: MBNA Rewards World Elite

  • MBNA rewards world eliteFlexible– can redeem your points for cash back, travel, merchandise, gift cards or charity
  • Earn 2 points per dollar (when redeeming for cash back or travel, each MBNA point is worth $0.1)
  • $100 welcome bonus
  • World Elite Benefits – price protection, concierge service, world offers
  • Lower annual fee of $89

Click here to see everything the MBNA Rewards World Elite card has to offer.


Third place: SimplyCash Preferred Card from American Express

  • american express simply cash preferred5% cash back on all eligible purchases for first 6 months (up to $6000 in purchases)
  • 2% cash back thereafter
  • Balance transfer bonus: 1.99% interest rate for 6 months on balance transfers
  • American Express Front of the Line Service: advanced and reserved ticket access, special offers, e-updates, and experiences
  • Refer a friend and you could earn a bonus of $200 cash back for each approved referral

Click here to see everything the SimplyCash Preferred Card from American Express has to offer.


How much would you receive in rewards in one year*?

Net reward (excluding 1st year sign-up bonus
Scotia Momentum Visa Infinite Card  $417
MBNA Rewards World Elite  $391
SimplyCash Preferred Card from American Express  $381

*Based on $2,000 of monthly spending

Honorary Mention: Scotia Momentum VISA

  • Low annual fee: $39
  • 2% cashback on the first $25,000 on eligible gas station, grocery store and drug store purchases and on recurring bills per year; earn 1% cash back per dollar thereafter.
  • Introductory 3.99% on balance transfers for the first six months
  • 20% AVIS rental car discount

Click here to see everything the Scotia Momentum VISA has to offer.

Best no-fee cash back credit cards

For many, the ultimate reward is cold, hard cash—and we don’t want to pay a penny in annual fees for the privilege. Below we list Canada’s top no fee cash-back cards, ranked by the size of the reward they offer when you spend $2,000 per month.  

Winner: SimplyCash Card from American Express

american express simply cashHighest no fee flat cash back rate in Canada: 5% cash back for first 6 months (up to $250 back, plus 1.25% cash back thereafter.

Low interest rate transfers: 1.99% interest rate on balance transfer for 6 months

Apple Pay: Available. For American Express Invites.

Jump to the front of the line: American Express Front of the Line Service: advanced and reserved ticket access, special offers, and experiences.

Peace of mind in travel emergencies: with Emergency medical travel insurance included.

Click here to see everything the SimplyCash Card from American Express has to offer.


Second: Tangerine Money-Back Credit Card

  • tangerine money back credit card2% cash back in 3 categories of your choice, and 0.5% everywhere else
  • No limits to how much cash back you can earn
  • Convenience and choice – you choose the 2-3 categories that you want to earn 2% in based on your spending habits (you can change your selections at any time)
  • Money-back rewards are earned automatically and paid monthly

Click here to see everything the Tangerine Money-Back Credit Card has to offer.


Third: BMO CashBack MasterCard

  • bmo cashback mastercardWelcome offer: get up to 4% cash back on every credit card purchase in your first 4 months
  • 1% cash back on all purchases thereafter
  • Up to 25% off rentals at participating National Car Rental and Alamo Rent a Car locations

Click here to see everything the BMO CashBack MasterCard has to offer.


How much would you receive in rewards in one year*?

Net reward (excluding 1st year sign-up bonus
SimplyCash Card from American Express $300
Tangerine Money-Back Credit Card $286
BMO CashBack MasterCard $240

*Based on $2,000 of monthly spending

Honorary Mention:  ECHO CashBack MasterCard

  • 5% cashback on 3 categories (online purchases, gas, and groceries)
  • 1% cashback on all other purchases
  • Flexible — redeem cash back anytime, anywhere

Click here to see everything the ECHO CashBack MasterCard has to offer.


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