Canada’s best cash back credit cards 2022

No two cash back credit cards are identical, so you need to consider the annual fee, earn rate, how much your charge to your card and any additional benefits before you apply. To help you pick the right card we’ve put together a list of what the top options have to offer based on different categories.

The best cash back credit cards in Canada 2022

Here’s a quick overview of essential information. Other important details about each card—like interest rates, welcome offers and additional benefits—are listed below.

• Annual fee: $120
• Interest rates: purchases 20.99%, cash advances 22.99%, balance transfers 22.99%
• Welcome bonus: You can earn 10% cash back on all purchases for the first 3 months (up to $2,000)
• Earn rate: 4% on groceries and recurring bill payments, 2% on gas and transit, and 1% on everything else
• Additional benefits: Comprehensive car rental and travel coverage including travel accident, trip cancellation and interruption, travel emergency medical, delayed and lost baggage, flight delay, and car rental collision/loss damage insurance; new mobile device insurance; up to 25% off on car rentals at Avis and Budget; Visa Infinite Concierge, Hotel Collection, and Dining and Wine Country program

Get more details about the Scotiabank Momentum Visa Infinite*

Best no-fee cash back cards

For flat rate: SimplyCash from American Express*

Not to be confused with its big brother, the SimplyCash Preferred the SimplyCash from American Express trades a slightly lower earn rate for no annual fee. The regular earn rate of 1.25% gets you an above-average return on otherwise general purchases, like clothes, electronics and online purchases—spends that would likely net you between 0.5% and 1% back with another card. While it’s true that American Express can be used less widely than Visa or Mastercard, it is accepted at more places than you might think. If you’re worried about accessibility, consider carrying a second credit card as a backup. 

• Annual Fee: $0
• Interest rates: purchases 19.99%, cash advances 21.99%
• Welcome Bonus: Get a welcome bonus of 4% cash back in the first 6 months (up to $200 cash back)
• Earn rate: Get 1.25% cash back on all purchases regardless of purchase category
• Additional benefits: $100,000 in travel accident coverage; referral bonus; free authorized users; access to virtual events and special offers with American Express Experiences
  

Get more details about the SimplyCash Card*

For bonus categories: Tangerine Money-Back Credit Card*

If you want a cash back card with no fees that is easy to understand, then the Tangerine Money-Back Card is a good choice for you. All cardholders get to choose two categories where they earn 2% cash back. If you opt to have your cash back deposited directly into your Tangerine Savings Account, then you get to choose a third category that earns you 2% cash back. All other purchases earn you 0.5% cash back.

Since this is a basic no-fee, cash back card the other benefits are thin. However, you do get purchase assurance, which protects your purchase from loss, theft or damage within 90 days and an extended warranty that doubles your manufacturer’s warranty up to an additional year.

If you meet the annual income requirement of $60,000, you’ll automatically be considered for the Tangerine World Mastercard, which comes with additional perks such as mobile device and rental car insurance.

• Welcome bonus: Earn 15% cash back (up to $150) when you spend $1,000 on everyday purchases within the first 2 months of having the card. Transfer your balance from another card and receive a low interest rate of 1.95% for the first 6 months (note that a 1% balance transfer fee will be charged). Must apply by Sept. 30, 2022.
• Interest rates: purchases 19.95%, cash advances 19.95%, balance transfers 19.95%
• Earn rate: 2% cash back on up to 3 categories; 0.5% on all other categories
• Income requirement: $12,000

Get more details about the Tangerine Money-Back Card*

For high earners: Rogers World Elite Mastercard

The Rogers World Elite Mastercard often doesn’t get as much love as it deserves. With this card, you earn 1.5% cash back on all your purchases. Best of all, you can redeem that cash back towards most of your purchases made with your card within the last 90 days.

The 3% cash back on purchases made in U.S. currency effectively means you earn 0.5% in cash back on purchases once you factor in the 2.5% foreign exchange fee. In other words, this is a card for online shoppers and U.S. travellers to consider. The one major caveat (aside from its $80,000 annual income requirement): You must charge at least $15,000 in purchases on the card every 12 months to keep it, otherwise you’ll be downgraded to the entry-level Rogers Platinum Card that earns a less impressive 1% cash back on everything.

• Welcome bonus: $25 in cash back rewards when you make your first card purchase
• Interest rates: purchases 19.99%, cash advances 22.99%
• Earn rate: 3% cash back on purchases in U.S. currency; 1.5% on all other purchases
• Income requirement: $80,000 (personal) or $150,000 (household)
• Additional benefits: Travel insurance; cash back on foreign purchases

Best cash back credit card for groceries and bills

Scotia Momentum Visa Infinite*

The Scotia Momentum Visa Infinite is a strong cash back card that offers competitive perks and rewards and comes with an excellent welcome offer. Cardholders can earn an impressive 4% cash back on groceries, recurring bills and subscription services—a structure that may well suit large families or households. Transportation expenses—gas and public transit—earn at 2%, and everything else comes in at 1%. Note that there is a $25,000 cap on qualifying spends in each category; any purchases exceeding that amount will earn the base 1%. There’s also $1,000 in mobile device insurance and $1,500 per person in trip cancellation protection.

Since this is a Visa Infinite card, there is a minimum annual income of $60,000 or a minimum household income of $100,000 requirement to be approved for the card. The annual fee—now $120—will be waived for new applicants for the first year.

• Annual fee: $120 (waived the first year)
• Interest rates: purchases 20.99%, cash advances 22.99%, balance transfers 22.99%
• Welcome bonus: You can earn 10% cash back on all purchases for the first 3 months (up to $2,000)
• Earn rate: 4% cash back on groceries, recurring bills and subscription services; 2% on public transit and gas; and 1% on everything else
• Income requirement: $60,000 (personal) or $100,000 (household)
• Additional benefits: Mobile device insurance; travel insurance; concierge service; Visa Infinite Dining and Wine Country Series

Get more details about the Scotia Momentum Visa Infinite*

Best cash back credit cards for groceries and gas

CIBC Dividend Visa Infinite Card

The CIBC Dividend Visa Infinite is on our list for its generous earn rates. Not only does this card earn bonus cash back across five popular spending categories, including gas, groceries, dining, transit and recurring bills, it quadruples the cash back earned on groceries and gas purchases. As for other things you pay for, you will get 2% when you use this card for dining (even with takeout and delivery), public transit, Uber rides, taxis and recurring bills. This all adds up, especially when considering recurring payments can include everything from cell phone and internet bills to streaming services. We also like that you can redeem for cash back at any time of the year in increments of just $25.

• Annual fee: $120 (rebated for the first year)
• Interest rates: purchases 20.99%, cash advances 22.99%, balance transfers 22.99%
• Rewards on other purchases: 4% cash back on groceries and gas, 2% on dining, daily transit, and recurring bills, and 1% back on everything else
• Welcome bonus: Get 10% cash back for all purchases (up to $300). After that, the earn rate becomes 4% on eligible gas and grocery purchases.
• Additional benefits: Emergency travel medical insurance, t car rental collision and loss damage insurance; mobile device insurance; and 
• save up to $0.10 per litre at participating Chevron, Ultramar and Pioneer gas stations when you link your card with Journie Rewards.

Income required: $60,000 or $100,000 as a household

Meridian Visa Infinite Cash Back

For many Canadians, the largest and most regular expenses are gas and groceries. For them, finding a cash back card that rewards well on these spends is just good money management. With 4% back in both these categories, the Meridian Visa Infinite Cash Back card tops the list. You’ll receive 2% on drug store purchases and recurring bills, and the 1% base earn rate on all other purchases sweetens the deal. 

The Meridian card also offers a few extra features like mobile device insurance and up to 48 days of travel insurance.

• Annual fee: $99 (first year free)
• Interest rates: purchases 19.50%, cash advances 21.99%
• Earn rate: 4% cash back on gas and groceries; 2% on drug stores and recurring bills; 1% on everything else
• Income requirement: $60,000 (personal) or $100,000 (household)
• Additional benefits: Mobile device insurance; travel insurance; concierge service; Visa Infinite Dining and Wine Country Series

Honourable mentions

TD Cash Back Visa Infinite*

With an annual fee of $120 (which is rebated for the first year for you and one other cardholder) and an earn rate of 3% cash back on gas, grocery and recurring bill payments, the TD Cash Back Visa Infinite Card is worth considering seriously.

The welcome bonus of 10% on all purchases is great, as is the included TD Auto Club membership which is basically a roadside assistance package. TD Auto Club is comparable to CAA and covers you for things such as a dead battery, tire changes, gas delivery, $200 in accident towing, $200 in emergency transportation and more.

When it comes to travel insurance, you only get travel medical coverage and delayed and lost baggage insurance which is not very comprehensive, however the welcome offer and the TD Auto Club membership are excellent perks in their own right.

• Annual fee: $120 (rebated  first year)
• Interest rates: purchases 20.99%, cash advances 22.99%, balance transfers 22.99%
• Welcome bonus: Earn 10% cash back on all purchases for the first 3 months (up to total spend of $2,000) when you apply for the card online. After that continue to earn 6% cash back on gas and grocery purchases, and pre-authorized payments for the first three months (up to a total spend of $3,500). Must apply before September 5, 2022. Quebec residents, please click here.
• Earn rate: 3% cash back on gas, grocery and recurring bill payments; 1% on all other purchases
• Income requirement: $60,000 (personal) or $100,000 (household)

Additional benefits: Deluxe TD Auto Club membership; some medical insurance

Get more details about the TD Cash Back Visa Infinite*

BMO CashBack Mastercard*

Recent changes to this no-fee card, often recommended for students, have made it more interesting to a wider range of value-seekers. Cardholders now earn 3% cash back on groceries, 1% on recurring bill payments and an unlimited 0.5% on everything else. And the welcome bonus—5% back for the first three months—can rack up to $100.

• Annual fee: $0
• Interest rates: purchases 20.99%, cash advances 22.99%, balance transfers 22.99%
• Earn rate: 3% cash back on groceries; 1% on recurring bills; 0.5% on everything else
• Welcome bonus: You can earn 5% cash back on all purchases for the first 3 months up to $2,500, including up to $500 spend on grocery, up to $500 spend in recurring bill payments, and up to $1,500 qualified spend on all other purchases.
• Additional perks: Purchase protection and extended warranty; discounts at Avis and National Car Rentals and Cirque du Soleil; free to add authorized cardholders
• Income required: None specified

Get more details about the BMO CashBack Mastercard*

SimplyCash Preferred Card from American Express*

The SimplyCash Preferred Card from American Express is ideal if you use your credit card a lot and you want to keep things simple. You won’t have to worry about different bonus categories or tiered earn rates. With the Amex SimplyCash, you’ll earn an industry-leading 2% cash back on all your purchases, regardless of whether it’s gas, groceries, electronics or online purchases. Even better, there is no limit to how much you can earn. Your cash back accumulates automatically and you can redeem it as a balance credit at any time. Simple. Still undecided? New members will earn a whopping 10% cash back (up to $400) on all purchases for the first four months.

• Annual fee: $99
• Interest rates: purchases 19.99%, cash advances 21.99%
• Earn rate: 2% cash back on all purchases
• Welcome bonus: Earn 10% cash back in your first four months (up to $400 cash back)
• Additional perks: American Express Invites; comprehensive car rental and travel insurance; referral bonus, free authorized users

Get more details about the SimplyCash Preferred Card*

How to make the most of your cash back credit card

Never carry a balance

The payoff with a cash back credit card is the cash—a reward that is easily cancelled out by the penalties and interest accrued if you carry a balance. Like all rewards credit cards, cash back cards tend to carry annual interest rates at the higher end, usually around 19.99%. At this rate, unpaid debt will rapidly accumulate interest charges that eat up any gains you’ve made. As long as you pay off your balance in full every month, you’ll avoid this pitfall, but if you find you regularly carry a balance, you might consider a low interest credit card instead.

Compare your cash back card options

It’s easy to go with the cash back card offered by your current bank, but that’s not always the best choice. Take the time to compare your options to identify the card that delivers the highest return based on your particular spending habits and lifestyle. Remember: you don’t need to open a chequing or savings account with a bank in order to get a credit card, and you can pay your bill electronically from any bank account.

Don’t dismiss cash back cards with an annual fee

While it might seem counterintuitive to pay an annual fee on a cash back card, be aware that cards with a fee generally deliver better rewards and perks. If these perks are worth more than the annual fee (and if the card fits your spending habits in other ways), you might choose a cash back card with a fee.

Consider using multiple credit cards

Using too many credit cards at once is generally frowned upon, as this can be a sign of insolvency. However, a strong credit-card strategy can involve pairing cards to maximize benefits. For example, the TD Cash Back Visa Infinite offers 3% back on gas, groceries and recurring bills, but only 1% on everything else, while the Tangerine Money Back Card has no annual fee and offers 2% back in up to three spending categories of your choice. Strategically it would make sense to select drug stores, parking/public transit and restaurants to fill in the gaps on everyday spends without having to pay more for the better earn rate.

Add your partner as an authorized user

Adding an authorized user, typically your partner, to your account can be a cost-effective (or even free!) way to boost your earnings on a premium card. With this setup, both cardholders accrue rewards or cash back on their spends without paying double the annual fees. If, for example, your card has a $120 annual fee, you might be able to get an additional authorized user for as little as $30 more. Some premium cards, like the SimplyCash Preferred from American Express, even let you add authorized users for free. It does bear mentioning that this requires some thought as only the primary cardholder will be responsible for paying off the balance—not the authorized users.

Cash back versus travel credit cards

When choosing a rewards credit card, many Canadians find themselves torn between two types: Cash back and travel. This shouldn’t come as a surprise—both are popular and have valuable strengths. Here we break down both card types to help you decide which card is right for you.

Simplicity

It’s important to be able to understand your credit card rewards program, and cash back cards are about as clear as you can get. If you earn 2% back, you absolutely know you’re going to receive $0.02 on every $1—no complicated math required. With travel rewards credit cards, there are sometimes different earn rates and redemption values. These variables can affect how or when you want to collect or redeem. 

Bottom line: If you’re invested in earning travel rewards, acquainting yourself with your card’s program may be the best way to go, otherwise you can’t top cash when it comes to simplicity.

Rewards and bonus categories

How you earn can be just as important as what you earn. Travel rewards credit cards usually offer a very wide breadth of spending categories to earn in, while cash back cards can be more restrictive.

Aside from a few exceptions, the majority of cash back credit cards offer the same limited selection of bonus categories (namely gas, groceries and utility bills). In comparison, travel credit cards have a far larger selection of bonus categories (like restaurants, hotel stays, flights, Uber rides and public transit, in addition to the groceries and gas), which means you can potentially earn more points on more types of purchases. 

Bottom line: You’re likely going to earn more points or miles, in more spending categories, with a travel rewards card than cash with a cash back card. 

Flexibility

The reason they say “Cash is king” because it can be used for anything you want, such as everyday spending on gas and groceries. In contrast, the points you earn on travel cards are usually geared towards travel rewards and offer the best value when redeemed for flights and hotel stays.

Bottom line: Cash is the most flexible reward there is, but if you’re looking to save on flights and hotel stays, a travel card can offer considerably more value.

Welcome bonuses

Typically, travel rewards cards can offer hundreds of dollars in rewards as a sign-on bonus, while cash back cards usually offer an increased earning percentage for a short introductory time. One thing to note is that bonuses on cash back cards are usually easier to earn—while travel rewards cards usually are worth more but have stricter spending requirements. 

For example, with the BMO World Elite Mastercard, you can get 3,000 bonus points ($240 value) only after you spend $3,000 on the card within your first three months. In contrast, the BMO CashBack World Elite’s welcome offer lets you earn 5% cash back right out of the gate on all your purchases for the first three months but it maxes out at just $200. 

Bottom line: The welcome bonuses on cash back cards are typically worth less but are easier to get than the offers available on travel cards.  

Side perks

Perks are little extras available to you as a cardholder. These are usually things like airport lounge access, longer and more comprehensive travel insurance coverage, or refunds on certain expenses like a Nexus entry fee. As you can see, perks are very often tied directly to travel, so it should come as no surprise that you’re more likely to find them on travel rewards cards than on cash back cards.

Bottom line: In many ways, cash is the perk on a cash back card. If you’re looking for little extras, your best bet is a travel rewards card.

More on the best credit cards

• Best credit cards in Canada
• Best rewards credit cards
• Best travel credit cards
• Best no fee credit cards
• Best low interest credit cards
• Best balance transfer credit cards
• Best student credit cards

Our methodology

For the best cash back credit cards 2022 ranking, MoneySense tapped into Ratehub.ca’s‡ credit card tool and calculated the numbers for both fee and no-fee, cash back rewards credit cards based on $2,000 in monthly spending. We used the following scenario: $500 on groceries, $200 on gas, $200 on restaurants, $125 on bill payments, $175 on travel, $225 on entertainment, $75 on pharmacy purchases and $500 on everything else.

The end game was a magic number—that is, the annual net reward in dollar terms to identify the top cash back credit cards for each type of spender, along with an honorary mention. Our methodology also took into consideration other factors, including limited-time accelerated earn rates, the range of spending bonus categories, annual fee waivers, purchase protections and travel insurance perks.

‡MoneySense.ca and Ratehub.ca are both owned by parent company Ratehub Inc. We may be partnered with some financial institutions, but this does not influence the “Canada’s Best Credit Card” rankings. You can read more about this in our Editorial Code of Conduct.