MoneySense curated this list of the best cash back credit cards in Canada to help you maximize your rewards on your everyday purchases. Whether you’re looking for high earn rates, low fees and/or other benefits, our credit card guide will help you find the perfect card to boost your savings.
Best cash back credit cards in Canada
Rogers Red World Elite Mastercard
CIBC Dividend Visa Infinite Card
SimplyCash Preferred Card from American Express
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Compare popular cash back credit cards
Compare the cash back options of multiple credit with our interactive tool and filter credit cards based on rewards value, annual fees, income requirements and more. Use the tool below to compare credit card options, or keep scrolling for our editors’ top picks.
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Dive into the pros and cons of our gold, silver and bronze-winning credit card picks. We’ve included multiple card options that may also suit your needs.
MoneySense editors apply their credit card expertise and knowledge of Canadians’ financial goals to create selection criteria that matches the needs of intended cardholders. For cash back credit cards, we focus heavily on the rate of return on popular spending categories, the annual fee and your redemption options. The addition of links from affiliate partners has no bearing on the results. Read more about our selection process and about how MoneySense makes money.
Gold: Rogers Red World Elite Mastercard
At a glance: The Rogers Red World Elite Mastercard is the best cash back credit card in Canada, offering a high earn rate of 1.5% on all purchases—so there’s no need to strategize spending by maximizing bonus categories. Plus, the accelerated rate of 3% on all U.S. purchases is enough to cover foreign transaction fees. This no-fee card also provides exceptional travel perks, including airport lounge access, and emergency medical and trip cancellation insurance.
Rogers Red World Elite Mastercard
Annual fee: $0
- 3% cash back on all U.S. dollar purchases
- 1.5% on all other purchases (2% for Rogers, Fido and Shaw customers)
Welcome offer: None at this time.
Card details
| Interest rates | 25.99% on purchases, 27.99% on cash advances, 27.99% on balance transfers |
| Income required | $80,000 per year |
| Credit score | 725 or higher |
Pros
- Solid rewards: Earn 1.5% on all purchases made in Canada. And as a Mastercard, this is one of the best cards to use at Costco, which doesn’t accept Visa or American Express.
- Rogers, Fido and Shaw customers earn more: Customers get 2% cash back on all purchases (instead of the standard 1.5%). Plus, when they redeem cash back with Rogers, Fido or Shaw, the rewards are worth 1.5 times more. For example, $100 in cash back becomes $150 when applied to a Rogers bill.)
- Save on roaming fees: The card comes with five Roam Like Home days annually at no cost for Rogers mobile plans, worth up to $80.
- Great for U.S. shopping: Earn 3% cash back on purchases in U.S. dollars, offsetting the typical 2.5% foreign transaction fee.
- No annual fee: This is uncommon for World Elite Mastercards in Canada.
- Flexible redemptions: Redeem rewards against purchases on your card for as little as $10.
Cons
- High income requirement: As a World Elite Mastercard, the eligibility requirements put it out of reach for some.
Silver: CIBC Dividend Visa Infinite
At a glance: The CIBC Dividend Visa Infinite offers high earn rates on everyday purchases—you won’t find a better rate on groceries or gas (which includes EV charging spends). Plus, you can redeem your cash back anytime and save at the pump with exclusive fuel discounts.
CIBC Dividend Visa Infinite
Annual fee: $120 (rebated first year)
- 4% cash back on eligible gas, EV charging and grocery purchases
- 2% on dining, daily transit and recurring payments
- 1% on everything else
Welcome offer: Get up to $400 in value, including a first-year annual-fee rebate. Offer not available to Quebec residents.
Card details
| Interest rates | 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers |
| Income required | Personal income of $60,000 or household income of $100,000 |
| Credit score | 725 or higher |
Pros
- Broad spending categories: Enjoy boosted rewards on more purchases, including transportation, which includes taxis, ride sharing and public transit.
- Fuel discounts: Link your card with Journie Rewards and save 3 cents per litre at Pioneer, Fas Gas, Ultramar and Chevron gas stations. Get an additional 7 cents off per litre every time you reach 300 Journie Rewards points.
- Flexible redemptions: Get your cash back whenever you need it. Many other cards issue cash back only as an annual statement credit.
Cons
- Less competitive base rate: 1% is pretty standard for a minimum earn rate, but it’s still lower than some other cards.
- High income requirement: It may be more difficult to qualify for this card than some others.
Bronze: Tangerine Money-Back Credit Card
At a glance: The Tangerine Money-Back Credit Card is one of the most flexible-earning cash back credit cards on the market, allowing you to pick up to three 2% bonus categories of your choice, from a list of 10. Better yet, you can change your categories as needed, with 90 days’ notice.
Tangerine Money-Back Credit Card
Annual fee: $0
- 2% in up to 3 categories of your choice (including groceries, gas and dining)
- 0.5% cash back on everything else
Welcome offer: Earn an extra 10% cash back during the first two months (up to $100 in cash back).
Card details
| Interest rates | 20.95% on purchases, 22.95% on cash advances and 22.95% on balance transfers |
| Income required | Personal or household income of $12,000 |
| Credit score | 660 or higher |
Pros
- Customizable bonus categories: Pick two bonus categories for unlimited 2% cash back, and get a third 2% category by automatically depositing your earnings into a Tangerine account. Change your categories any time with 90 days’ notice.
- Free supplementary cards: Maximize earnings at no added cost.
- Monthly redemptions: Rewards are paid out once a month, instead of once per year, like with some other cashback credit cards in Canada.
Cons
- Limited insurance offerings: It only offers the two of the most basic coverages: purchase assurance and extended warranty.
- Income requirement: Although the requirement is low, some great cash back cards have no requirement at all.
Best Amex option: American Express SimplyCash Preferred
At a glance: The American Express SimplyCash Preferred offers impressive earn rates on grocery and gas purchases, two of the most-used spending categories. It also has the highest base earn rate in Canada: at 2%. Combined with solid insurance coverage, access to Amex benefits and free supplementary cards, this is a strong option for those who want an Amex card.
Amex SimplyCash Preferred
Annual fee: $120
- 4% cash back on eligible gas and grocery purchases
- 2% cash back on everything else
Welcome offer: Earn a bonus 10% cash back on all purchases for your first three months (up to $2,000 in purchases) and a $50 statement credit when you make a purchase in month 13 (total value of up to $250).
Card details
| Interest rates | 21.99% on purchases, 21.99% on cash advances |
| Income required | None specified |
| Credit score | 725 or higher |
Pros
- Generous earn rates: Get 4% cash back on gas and groceries and a strong 2% cash back on all other purchases.
- No income requirement: This cash back card is super accessible.
- Exclusive Amex perks: Includes dining and retail experiences, Amex Front of the Line event access, and tailored monthly Amex Offers.
- Free supplementary cards: This allows the account to maximize the card’s cash back potential at no added cost.
Cons
- Limited acceptance: Amex is not as widely accepted as Visa or Mastercard, especially at certain stores like Loblaw banners.
- Yearly redemptions: Cash back is issued as a statement credit once a year in September.
How to make the most of your cash back credit card
Never carry a balance
The big payoff with a cash back credit card is the cash—a reward that can be easily cancelled out by any 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, 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 from there, 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
Having too many active credit cards with balances, all at once, is generally frowned upon, as this can be a sign of bad finances and insolvency. However, having more than one card and a strong credit-card strategy can be a good thing, including 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—no additional annual fee. 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 cards 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 understand how your credit card rewards program works. 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 calculations 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.
Cashback vs. travel credit cards: 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 for its simplicity and flexibility.
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.
Cashback vs. travel credit cards: 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 money can be used for anything you want, such as everyday spending on gas and groceries. In contrast, the points earned on travel cards are usually geared toward travel rewards and offer the best value when redeemed for flights and hotel stays.
Cashback vs. travel credit cards: Cash is the most liquid 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 welcome bonus promotion, while cash back cards usually offer an increased earning percentage for a short introductory time. One thing to note: 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.
Cashback vs. travel credit cards: 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 benefits 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.
Cashback vs. travel credit cards: 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.
Other ways to earn cash-back rewards
Credit cards aren’t the only way to earn cash-back rewards. Consider a cash back debit card (read our best debit cards ranking). It’s a way using your own money and not falling to risk of owing any interest or not paying the balance off on time—which could negate some of your rewards. Another hack: Use your cash back bank account and transfer money to a prepaid credit card. That’s perfect for travel or online shopping. Check your banking app to see if that’s an option with the cash-back savings account (read our best high interest savings accounts ranking).
