Best cash back credit cards in Canada for 2022

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Canada’s best cash back credit cards 2022

Cash back credit cards are an extremely popular type of rewards card in Canada. They’re easy to use, don’t require participation in loyalty programs, and they let you earn the most flexible reward of all—cash! When you make purchases with a cash back card, you get a percentage back. When you redeem, you can apply it to your credit card bill, so your cash rewards can be used to buy pretty much anything. 

Each cash back credit card has its own features and benefits, so you’ll want to compare the annual fee, earn rate and any additional benefits before you apply. To help you pick the right card we’ve put together a list of our favourites based on different categories.


Best overall cash back credit card

Scotiabank Momentum Visa Infinite*

At a glance: Particularly rewarding for families or anyone who spends big on groceries, the Scotiabank Momentum Visa Infinite also offers seriously impressive cash back on all your recurring bills (like phone, cable and Netflix subscriptions). It’s ideal for anyone looking for a well-rounded, all-in-one cash back card.

  • Annual fee: $120
  • Earn rate: 4% on groceries and recurring bill payments, 2% on gas and transit, and 1% on everything else
  • Interest rate: purchases at 20.99%, cash advances at 22.99%, balance transfers at 22.99%
  • Welcome bonus: Earn 10% cash back on all eligible purchases for the first three months (up to $2,000). Pay no annual fee for the first year. Offer ends April 30, 2023.

Pros:

Rewards
  • With the Scotiabank Momentum Visa Infinite card, you’ll earn 4% cash back on groceries, the highest rate of any cash-back card on the market in Canada. 
  • You’ll also earn 4% cash back on recurring bills and subscriptions, again the highest earn rate around for this category, too. This means 4% cash back on your phone bill, subscriptions or any other recurring bill set for automatic pre-authorized monthly payments. You can even get 4% back on your gym membership if it’s a recurring bill.
  • Gas and transit costs can really add up, making the 2% cash back rate a welcome reprieve. This rate even applies to ride-share spends, such as Uber. 
  • Although the Scotiabank Momentum Visa Infinite does have earnings caps on bonuses, at $25,000 annually per category, these are quite generous. You can be assured you’ll get 4% cash back on the first $25,000 you spend on groceries or recurring bills, and after that you’ll earn the base 1% cash back rate.
Perks and other factors
  • The Scotiabank Momentum Visa Infinite includes robust travel insurance benefits that beat other comparable premium cash back cards. For example, this card gives you coverage for trips of up to 15 days versus the eight to 10 days offered by other cash back cards from other big banks. Insurance includes travel medical emergency coverage, flight delay and interruption, lost baggage and more.
  • Mobile device insurance, up to $1,000 for newly purchased phone devices, is included with this card.
  • When you get the Scotiabank Ultimate Package chequing account as well, you’ll receive an annual fee rebate.

Cons:

  • The $120 annual fee will be easily offset by your cash back rewards for most, but if you’re a low volume spender, you may be better served by a no-fee alternative.
  • Unlike with BMO, TD or another smaller card issuer, you can’t redeem your cash back at any time. Cash back is only rewarded once per year—in November.
  • You’ll need to earn at least $60,000 (or $100,000 as a household) annually to qualify, which means this card may be out of reach for some.
  • You have to pay an extra $50 annually for additional authorized users.

Best flat rate cash back credit card

SimplyCash Preferred Card from American Express*

At a glance: The highest-earning flat-rate cash back card in Canada, the SimplyCash Preferred card from American Express gets you 4% cash back on eligible gas and grocery purchases up to $1,200 annually.

  • Annual fee: $119.88
  • Earn rate: 4% cash back on eligible gas and grocery purchases up to $1,200 annually; 2% cash back on everything else.
  • Interest rate: purchases at 20.99%, cash advances at 21.99%, balance transfers at 21.99%
  • Welcome bonus: Earn a $40 statement credit for each monthly billing period in which you spend $750 on purchases. This could add up to $400 in your first 10 months of having the card.

Pros:

Rewards
  • Most premium cards offer a base rate of 1%, so the SimplyCash Preferred card from American Express effectively doubles your everyday rate. This makes the card a particularly good pick for purchases that fall outside of the bonus categories, since you can earn 2% on things like clothes, online shopping, appliances and more.
  • You’ll get an above-average earn rate of 4% cash back on eligible gas and grocery purchases up to $1,200 annually.
  • Thanks to its flat-rate structure, you won’t have to think about optimizing your spending for bonus categories.
Perks and other factors
  • This premium card has no specific income requirements for eligibility, unlike its Visa or Mastercard alternatives, both of which require an annual income of $60,000.
  • You can add additional authorized users for free, so you won’t have to pay an additional $30 to $50 to pick up supplementary cards for your partner, spouse and/or child.
  • This card comes with perks you’d expect from an American Express card, including Amex Experience, which grants early access to presale tickets to a wide range of events (think concerts and sports events) and Amex Offers (additional discounts and savings through the app). 
  • It comes with robust travel insurance, with up to $5,000,000 in emergency travel medical coverage for trips up to 15 days, for cardholders aged 65 or younger.
  • You could earn up to $1,500 cash back annually by referring your friends and family to have this card, too.

Cons:

  • American Express is accepted at thousands of locations across Canada, but it’s less widely accepted than Visa or Mastercard. You can’t use your Amex at Loblaw banner stores and at some smaller independent shops and services. Tip: For more access, consider carrying a Visa or Mastercard in your wallet as a backup.
  • With no bonus categories, this card doesn’t get you premium rates on categories like groceries, gas or recurring bills. If you spend big in common bonus categories, like groceries, travel and gas, this card might not be the best option for you.  
  • Your cash back is redeemable only once per year in September, rather than when as wanted.

Best no-fee cash back cards

For bonus categories: Tangerine Money-Back*

At a glance: Tailored to lower volume spenders who won’t earn enough rewards to offset an annual fee, the Tangerine Money-Back credit card gives you the unique ability to choose and switch up your own 2% bonus categories.

  • Annual fee: $0
  • Earn rate: 2% cash back on up to three categories of your choice; 0.5% base rate on everything else
  • Interest rate: purchases 19.95%, cash advances 19.95%, balance transfers 19.95%
  • Welcome bonus:  Earn 15% cash back (up to $150) when you spend $1,000 on everyday purchases within the first two months of having the card. Transfer your balance from another credit card to receive a low interest rate of 1.95% for the first six months (1% balance transfer fee applies). Must apply by December 29, 2022.

Pros:

Rewards
  • The Tangerine Money-Back credit card is the only card in Canada that lets you pick your own bonus categories. You can choose up to three bonus categories to earn 2% cash back based on your own spending habits. Choose from restaurants, groceries, gas, recurring bills, entertainment, furniture, hotel/motel, home improvement, drug store and parking/transit. 
  • And you can change your chosen bonus categories at any time. It takes one billing cycle for any changes to apply, so use this feature strategically. For example, if you’re planning on a road trip, opt for dining, gas and hotels. Moving? Choose furniture, groceries and recurring bills. 
  • Typically, no-fee cash back cards from the big banks only offer two bonus categories, while the Tangerine Money-Back credit card has three. 
  • There are no limits or caps for the bonus categories, so you’ll earn 2% year-round (if you choose to keep those categories) regardless of how much you spend.
  • As a Mastercard, this card is accepted virtually everywhere, including Costco. (The warehouse club retailer only accepts Mastercard). 
  • Unlike with Visa or American Express, most Walmart Superstore locations are considered a “grocery store” by Mastercard, so you can earn 2% on your purchases with this card, provided you choose groceries as a bonus category.
  • Cash back is automatically redeemed every month, so you won’t need to wait for an annual payout.
Perks and other factors
  • The annual income required for the Tangerine Money-Back card is just $12,000, which makes this an extremely accessible credit card. Plus, if you have an annual income of $60,000 (or $100,000 as a household), you may automatically qualify for the Tangerine World Mastercard which offers additional perks, like mobile device insurance.
  • With no annual fee for primary or supplementary cardholders, all your rewards go back directly to you.

Cons:

  • The base earn rate of 0.5% is quite low, though on par with some other no-fee cards. 
  • The Tangerine Money-Back card is accepted at Costco, but Costco purchases don’t fall under any of the card’s available bonus categories. So you’ll earn only 0.5% on your spends there. (See our full list of the best credit cards for Costco here).

For flat rate: SimplyCash card from American Express*

At a glance: The no-fee SimplyCash card from American Express is well-suited to lower volume spenders (those who spend less than $500 per month on their card) who are unlikely to earn enough rewards to offset an annual fee.

  • Annual fee: $0
  • Earn rate: 2% cash back on eligible gas and grocery purchases up to $300 annually; 1.25% cash back on everything else.
  • Interest rate: purchases at 20.99%, cash advances at 21.99%, balance transfers at 21.99%
  • Welcome bonus: Earn a $10 statement credit for each monthly billing period in which you spend $300 on purchases. This could add up to $100 in your first 10 months of having the card.

Pros:

  • You’ll get an above-average earn rate of 1.25% on all everyday purchases, with no limits or caps. With most no-fee cards offering 0.5% to 1% as a base rate on items not in bonus categories, the 1.25% rate gives you an edge with the rewards. 
  • Thanks to its flat rate structure, you don’t have to think about optimizing bonus categories.
Perks and other factors
  • With no annual fee for primary or supplementary cardholders, all cash back rewards will go directly to you, not to offset fees.
  • The SimplyCash card from American Express comes with Amex perks, including Amex Experience, which grants early access to presale tickets to a wide range of events, like concerts and sports events, and Amex Offers gives you discounts through the app. 
  • Are you a traveller? Good news for you: While most no-fee cash back cards offer little to no travel insurance, the SimplyCash card includes $100,000 in travel accident insurance.

Cons:

  • American Express cards aren’t as widely accepted across Canada as Visa or Mastercard. Notably, you can’t use Amex at Loblaw-banner stores (Loblaws, Great Canadian Superstore, etc.) and you might have troubles at some smaller independent shops. Consider a second card that’s a Visa or Mastercard for when Amex isn’t accepted. 
  • There are no bonus categories with this card, so it might not be best for someone who spends a lot on groceries and/or gas, which are bonus categories on other cards. 
  • You can only redeem your cash back once annually, every September.

For high earners: Rogers World Elite

At a glance: The impressive flat earn rate particularly on U.S. purchases makes the no-fee Rogers World Elite Mastercard a card to consider for high-earning snowbirds or online shoppers.

  • Annual fee: $0
  • Earn rate: 3% cash back on U.S. currency purchases; 1.5% back for all other purchases
  • Interest rate: purchases at 19.99%, cash advances at 22.99%, balance transfers at 22.99%
  • Welcome bonus: Earn $25 cash back when you make your first purchase

Pros:

Rewards
  • In addition to not charging an annual fee, the card also earns an impressive 1.5% cash back on everything you buy—a rate usually reserved for annual fee-based cards. 
  • The Rogers World Elite is a definite contender for the best card to use with big hauls at Costco, since it’s a Mastercard. 
  • Attention, snowbirds and online shoppers. The Rogers World Elite Mastercard earns an accelerated 3% cash back on purchases made in U.S. dollars, which effectively offsets any foreign-transaction fees. 
  • You can redeem cash back rewards in increments of $10, anytime, when you use the Rogers app.
Perks and other factors
  • Rental car collision damage insurance and travel insurance, which is a rarity for a card that doesn’t have an annual fee.

Cons:

  • The glaring drawback is that you must charge at least $15,000 in purchases annually to keep the card, otherwise you’ll be downgraded to the entry-level Rogers Platinum Card that earns a less impressive 1% cash back on everything.
  • The annual income requirement of at least $80,000 per year (or $150,000) may be an issue for many Canadians.
  • Unlike other true no foreign transaction fee credit cards, which help you save on all non-Canadian currency purchases, the Roger World Elite is meant to only save you on purchases made in U.S. dollars. So, consider that before your trip to Europe.

Best cash back credit cards for groceries and gas (tie)

CIBC Dividend Visa Infinite

At a glance: With inflation and shrinkflation, here’s some good news from the grocery store and at the pumps. The CIBC Dividend Visa Infinite earns you an impressive 4% bonus category for groceries and gas. You also get a 2% rate on dining, transportation and recurring bills, which makes this a well-rounded, all-in-one cash back card.

  • Annual fee: $120
  • Earn rate: 4% cash back on groceries and gas; 2% on dining, daily transit and recurring bills; and 1% back on everything else
  • Interest rate: purchases at 20.99%, cash advances at 22.99%, balance transfers at 22.99%
  • Welcome bonus: Earn 10% cash back on all purchases (up to $250 in value) for the first four statements (up to a maximum of $2,500 in purchases), plus an annual fee rebate for the first year. To be eligible, you must apply online.

Pros:

Rewards
  • With an earn rate of 4% for groceries, the CIBC Dividend Visa Infinite card gets you the highest earn rate on this spend category in Canada, and it is matched only by the Meridian Cash Back Visa Infinite and the Scotia Momentum Visa Infinite.
  • Again, the 4% cash back rate on gas is the highest available on a cash back card.
  • The 2% bonus covers dining, recurring bills and virtually all modes of transit including taxis and rideshares.
  • The CIBC Dividend Visa Infinite card offers flexible redemptions so you can access your cash in $25 increments whenever you want.
Perks and other factors
  • Save up to $0.10 per litre on top of your cash-back savings at participating Chevron, Ultramar and Pioneer gas stations when you link this credit card with a Journie Rewards account.
  • The CIBC Dividend Visa Infinite card includes a sweet suite of travel and car rental insurance, as well as up to $1,000 in mobile device coverage.
  • The annual fee is rebated in the first year of having the card, but you can earn an annual fee rebate again when you open a Smart Plus chequing account with CIBC.

Cons:

  • The $120 annual fee may not be worth the cost for low volume spenders, but there are a couple of ways to avoid paying it, including its welcome offer and opening chequing account with CIBC. 
  • You’ll need to earn an annual income of at least $60,000 (or $100,000 as a household) to qualify, which could put the card out of reach for some applicants.
  • Cards for additional authorized users will cost $30 each per year.

Meridian Cash Back Visa Infinite

Meridian Visa Infinite

At a glance: The Meridian Cash Back Visa Infinite Has a below-average annual fee, but it still offers the most competitive rates on groceries and gas spends. Also, its notable travel insurance coverage manages to beat out most travel cards, too.

  • Annual fee: $99 (first year is free)
  • Earn rate: 4% cash back on gas and groceries; 2% on drug stores and recurring bills; 1% on everything else
  • Interest rate: purchases 19.50%, cash advances 21.99%, balance transfers 21.99%
  • Welcome bonus: Annual fee is free in the first year

Pros:

Rewards

  • Like mentioned above with the Scotia Momentum Visa Infinite and CIBC Dividend Visa Infinite cards, the Meridian Cash Back Visa Infinite card earns 4% on groceries.
  • Earn 4% on gas, which is the highest rate on a cash back card.
  • Earn 2% cash back on pharmacy purchases and utility bills.
  • There’s flexibility for redeeming, as you can redeem cash back in increments of $25 whenever you want.

Perks and other factors

  • The $99 annual fee is below the $120 average charged by other comparable rewards cards.
  • The Meridian Cash Back Visa Infinite comes with solid travel insurance benefits, including up to $5,000,000 in emergency travel coverage for up to 48 days, which manages to beat out travel coverage offered, even by the best travel credit cards.
  • The emergency travel insurance coverage applies to those who are up to 75 years old, as opposed to the 65-year-age cap on most credit card insurance. 
  • Includes up to $1,000 in mobile device insurance.

Cons:

  • The Meridian Cash Back Visa Infinite doesn’t offer bonus cash-back earnings on dining nor on daily transit, instead opting to offer 2% on pharmacies. Depending on your spending habits, you may not earn as much as you would with a card with better earn rates on transit and dining.
  • To qualify for the card, you’ll need to be a member of Meridian Credit Union. It doesn’t mean additional fees, but you’ll likely have to open a bank account. So, you will have to take some extra steps when applying for this card.
  • You’ll need to earn an annual income of at least $60,000 (or $100,000 as a household) to qualify, so this card may be out of reach for some Canadians.
  • Additional cards for authorized users are $30 each.

Honorable mention

TD Cash Back Visa Infinite*

TD Cash back Visa Infinite

At a glance: The TD Cash Back Visa Infinite features a strong range of bonus categories but is particularly suited to auto owners thanks to its built-in road assistance benefits.

  • Annual fee: $139, first year is waived
  • Earn rate: 3% cash back on gas, grocery and recurring bill payments; 1% on all other purchases
  • Interest rate: 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 a total spend of $2,000) when you apply for the card online. After that, continue to earn 6% cash back on gas, groceries, and pre-authorized payments for the first three months (up to a total spend of $3,500). Must apply before May 28, 2023. Not available in Quebec. QC residents, please click here.

Pros:

Rewards
  • The TD Cash Back Visa Infinite earns 3% back on gas, groceries and recurring bills–some of the most commonly used spending categories for Canadians.
  • Redeem cash-back rewards any time of the year in increments of $25.
Perks and other factors
  • The card’s biggest differentiator is its roadside assistance coverage, which is basically a roadside assistance package. TD Auto Club is comparable to the Canadian Automobile Association (CAA) and covers incidents such as a dead battery, tire changes, gas delivery, $200 in accident towing, $200 in emergency transportation and more.
  • For those aged 65 years or younger, the TD Cash Back Visa Infinite includes travel insurance benefits with up to $2 million in emergency coverage for trips up to 10 days. It also covers lost/delayed baggage coverage.
  • In addition to the annual being waived for the first year, with the All-Inclusive Banking Plan chequing account with TD, the annual fee will be rebated.

Cons:

  • Compared to the alternatives from Scotia, CIBC and Meridian, which offer up to 4% on bonus categories, the TD CashBack Visa Infinite’s 3% falls a little short. 
  • The annual income requirement is a $60,000 minimum (or at least $100,000 as a household) to qualify which could be out of reach for some.
  • The TD Cash Back Visa Infinite has an annual fee of $139, which may not be suitable for low volume spenders. That said it can be waived in the first year and rebated again if you open a TD chequing account
  • The travel insurance benefits don’t include trip cancellation or interruption coverage, and travel medical emergency insurance only covers up to 10 days of a trip.

Best no fee card for groceries

BMO CashBack Mastercard*

At a glance: The BMO CashBack Mastercard offers 3% cash back rewards on groceries and doesn’t charge an annual fee, making it ideal for value-seekers and big grocery shoppers. It also has lenient approval criteria for students looking to pick their first credit card (if you’re a student, click here).

  • Annual fee: $0
  • Earn rate: 3% cash back on groceries; 1% on recurring bills; 0.5% on everything else
  • Interest rate: purchases 20.99%, cash advances 22.99%, balance transfers 22.99%
  • 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. Get an introductory interest rate of 0.99% on balance transfers for the first nine months. A 2% fee applies to balance amounts transferred.

Pros:

Rewards:
  • At 3%, the BMO CashBack Mastercard earns more in straight cash back on groceries than any other no fee cash back credit card in Canada.
  • As a Mastercard, the card is accepted virtually everywhere including Costco. Plus, unlike Visa or American Express, most Walmart Superstore locations qualify as a “grocery store” for cash-back rewards by Mastercard. So, you’ll earn the bonus 2% on your purchases from the mass, big box retailer.
Perks and other factors
  • Aside from having a low annual income requirement of $15,000, if you’re a student looking to open up your first-ever card, you can be eligible to be approved for this card (use this link to apply).

Cons:

  • The most obvious drawback is the card’s reward caps on bonus categories. You’ll earn 3% on the first $500 you spend on groceries per month, with everything over earning the base 0.5% earn rate. However, this cap resets every month. 
  • Like most cards that don’t charge an annual fee, the BMO CashBack Mastercard does not have travel insurance or side perks.

More on the best credit cards


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.


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.

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