Best cash back credit cards in Canada for 2022

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.

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.

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).

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.

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.

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.

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.

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.

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.