Canada's best cash-back credit cards of 2016

Best cash-back credit cards of 2016

Here’s our winning pick plus an option for small spenders


For our most up-to-date ranking of cash back credit cards, go here.

Not sure what you’re collecting points for? Consider getting a cash-back card instead. It’s not as exciting as receiving a free toaster or overseas flight, but there’s no mistaking the value.

Best cash-back credit card

MBNA Rewards World Elite MasterCard

MBNA Rewards World Elite Credit Card best cash-back credit cards
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Annual rewards*: $429

A cash-back card in hiding

This card isn’t marketed as a cash-back card but it acts like one giving you 2% back on every purchase

Premium for less

The annual fee for this card is $89 a year, cheaper than for most premium cards

Free money

You won’t pay a cent for this card in the first year, plus you’ll get 10,000 bonus points (worth $100) when you sign up

Care-free rental

With this card in your wallet you’ll never have to pay for the damage waiver on a car rental

Insurance lite

While this card is a little light on travel insurance benefits, it will give you peace of mind if your luggage ever gets lost


Scotiabank Momentum Visa Infinite

best cash-back credit cards

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Annual rewards*: $405

If you primarily pay for gas and groceries with plastic then this is the card for you. You’ll earn 4% back on that spending, plus you’ll earn 2% on recurring bills paid through the card. At $99, the annual fee is typical for a premium card but each supplemental card costs $30, which can water down the benefit of combining household spending on a single account.

Only spend $500/month?

Best cash-back credit cards

These no-fee cards offer the same rewards when put to the test. The Tangerine Money-Back credit card earns 2% on two spending categories of your choice and 1% on everything else. Customers with a Tangerine savings account can also add a third cash-back category earning 2% (as we assume here). Contrast that with the Amex’s SimplyCash card, which earns a flat 1.25% on every purchase. The Amex card also offers insurance perks like car rental insurance, which you don’t often see on a no-fee card.

Find the perfect card for you with the MoneySense Credit Card Finder »

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—Updated to reflect that the Tangerine Money-Back Credit Card does offer purchase assurance and extended warranty—