MoneySense curated this record of the perfect money again bank cards in Canada that can assist you maximize your rewards in your on a regular basis purchases. Whether or not you’re searching for excessive earn charges, low charges and/or different advantages, our bank card information will aid you discover the proper card to spice up your financial savings.
Finest money again bank cards in Canada
featured
Gold: Finest money again card
Rogers Pink World Elite Mastercard
Earn a minimal of 1.5% money again on all purchases, and three% on U.S. greenback purchases. Redeem rewards if you need.
LEARN MORE
Curiosity Charges:
20.99% buy, 22.99% money advance, 22.99% stability switch
featured
Silver: Finest money again card
CIBC Dividend Visa Infinite Card
Earn 4% money again on gasoline and groceries, and save on the pump with unique gas reductions.
learn more
Curiosity Charges:
20.99% buy, 22.99% money advance, 22.99% stability switch
Welcome supply:
$300 worth
Earn a ten% money again welcome bonus of as much as $300 (first 4 statements). Supply not out there to QC residents. Phrases and circumstances apply.
featured
Bronze: Finest money again card
Tangerine Cash-Again Credit score Card
The one card in Canada that allows you to decide as much as three classes (amongst ten) during which you’ll earn 2% money again with no limits.
learn more
Curiosity Charges:
20.95% buy, 22.95% money advance, 22.95% stability switch
Welcome supply:
$100 worth
Earn an additional 10% again on as much as $1,000 in on a regular basis purchases throughout the first 2 months. Should apply by January 31, 2025.
Evaluate in style money again bank cards
Evaluate the money again choices of a number of credit score with our interactive device and filter bank cards primarily based on rewards worth, annual charges, earnings necessities and extra. Use the device beneath to check bank card choices, or keep scrolling for our editors’ high picks.
MoneySense award winners
Dive into the professionals and cons of our gold, silver and bronze-winning bank card picks. We’ve included a number of card choices that will additionally fit your wants.
Gold: Rogers Pink World Elite Mastercard
At a look: The Rogers Pink World Elite Mastercard is the perfect money again bank card in Canada, providing a excessive earn charge of 1.5% on all purchases—so there’s no have to strategize spending by maximizing bonus classes. Plus, the accelerated charge of three% on all U.S. purchases is sufficient to cowl foreign transaction fees. This no-fee card additionally gives distinctive journey perks, together with airport lounge entry, and emergency medical and journey cancellation insurance coverage.
featured
Rogers Pink World Elite Mastercard
Annual payment: $0
Welcome supply: None right now.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Revenue required | $80,000 per 12 months |
| Credit score rating | 725 or greater |
Silver: CIBC Dividend Visa Infinite
At a look: The CIBC Dividend Visa Infinite provides excessive earn charges on on a regular basis purchases—you received’t discover a higher charge on groceries or gas (which incorporates EV charging spends). Plus, you’ll be able to redeem your money again anytime and save on the pump with unique gas reductions.
featured
CIBC Dividend Visa Infinite
Annual payment: $120 (rebated first 12 months)
Welcome supply: Earn 10% money again (as much as $300 in money again in your first 4 statements), plus a first-year annual payment rebate. Supply not out there to Quebec residents.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Revenue required | Private earnings of $60,000 or family earnings of $100,000 |
| Credit score rating | 725 or greater |
Bronze: Tangerine Cash-Again Credit score Card
At a look: The Tangerine Cash-Again Credit score Card is among the most flexible-earning money again bank cards in the marketplace, permitting you to select as much as three 2% bonus classes of your selection, from an inventory of 10. Higher but, you’ll be able to change your classes as wanted, with 90 days’ discover.
featured
Tangerine Cash-Again Credit score Card
Annual payment: $0
Welcome supply: Earn an additional 10% money again in the course of the first two months (as much as $100 in money again).
Card particulars
| Rates of interest | 20.95% on purchases, 22.95% on money advances and 22.95% on stability transfers |
| Revenue required | Private or family earnings of $12,000 |
| Credit score rating | 660 or greater |
Finest Amex possibility: American Categorical SimplyCash Most popular
At a look: The American Categorical SimplyCash Most popular provides spectacular earn charges on grocery and gasoline purchases, two of the most-used spending classes. It additionally has the best base earn charge in Canada: at 2%. Mixed with strong insurance coverage protection, entry to Amex advantages and free supplementary playing cards, this can be a robust possibility for individuals who need an Amex card.
featured
Amex SimplyCash Most popular
Annual payment: $120
Welcome supply: Earn a bonus 10% money again on all purchases on your first three months (as much as $2,000 in purchases) and a $50 assertion credit score if you make a purchase order in month 13 (complete worth of as much as $250).
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Revenue required | None specified |
| Credit score rating | 725 or greater |
Learn how to profit from your money again bank card
By no means carry a stability
The massive payoff with a money again bank card is the money—a reward that may be simply cancelled out by any penalties and curiosity accrued when you carry a stability. Like all rewards bank cards, money again playing cards have a tendency to hold annual rates of interest on the greater finish, normally round 19.99%. At this charge, unpaid debt will quickly accumulate curiosity costs that eat up any positive factors you’ve made. So long as you repay your stability in full each month, you’ll keep away from this pitfall. However when you discover you usually carry a stability, contemplate a low interest credit card as a substitute.
Evaluate your money again card choices
It’s straightforward to go together with the money again card provided by your present financial institution, however that’s not at all times the only option. Take the time to check your choices to determine the cardboard that delivers the best return primarily based in your specific spending habits and life-style. Bear in mind: you don’t have to open a chequing or financial savings account with a financial institution with a purpose to get a bank card from there, and you may pay your invoice electronically from any checking account.
Don’t dismiss money again playing cards with an annual payment
Whereas it might sound counterintuitive to pay an annual payment on a money again card, bear in mind that playing cards with a payment usually ship higher rewards and perks. If these perks are price greater than the annual payment (and if the cardboard suits your spending habits in different methods), you may select a money again card with a payment.
Think about using a number of bank cards
Having too many energetic bank cards with balances, abruptly, is mostly frowned upon, as this is usually a signal of dangerous funds and insolvency. Nevertheless, having a couple of card and a robust credit-card technique is usually a good factor, together with pairing playing cards to maximise advantages. For instance, the TD Money Again Visa Infinite provides 3% again on gasoline, groceries and recurring payments, however only one% on all the pieces else, whereas the Tangerine Cash Again Card has no annual payment and provides 2% again in as much as three spending classes of your selection. Strategically it will make sense to pick drug shops, parking/public transit and eating places to fill within the gaps on on a regular basis spends with out having to pay extra for the higher earn charge.
Add your companion as a licensed person
Including a licensed person, sometimes your companion, to your account is usually a cost-effective (and even free!) solution to increase your earnings on a premium card. With this setup, each cardholders accrue rewards or money again on their spends with out paying double the annual charges. If, for instance, your card has a $120 annual payment, you may have the ability to get a further approved person for as little as $30 extra. Some premium playing cards, just like the SimplyCash Preferred from American Express, even allow you to add approved customers without cost—no further annual payment. It does bear mentioning that this requires some thought, as solely the first cardholder shall be liable for paying off the stability—not the approved customers.
Money again playing cards versus journey bank cards
When selecting a rewards bank card, many Canadians discover themselves torn between two sorts: Money again and journey. This shouldn’t come as a shock—each are in style and have helpful strengths. Right here we break down each card sorts that can assist you resolve which card is best for you.
Simplicity
It’s necessary to know how your bank card rewards program works. Money again playing cards are about as clear as you will get. If you happen to earn 2% again, you completely know you’re going to obtain $0.02 on each $1—no sophisticated calculations required. With journey rewards bank cards, there are generally completely different earn charges and redemption values. These variables can have an effect on how or if you wish to accumulate or redeem.
Cashback vs. journey bank cards: If you happen to’re invested in incomes journey rewards, acquainting your self together with your card’s program could also be one of the best ways to go, in any other case you’ll be able to’t high money for its simplicity and adaptability.
Rewards and bonus classes
The way you earn might be simply as necessary as what you earn. Journey rewards bank cards normally supply a really large breadth of spending classes to earn in, whereas money again playing cards might be extra restrictive.
Apart from a number of exceptions, the vast majority of money again bank cards supply the identical restricted collection of bonus classes (particularly gasoline, groceries and utility payments). As compared, journey bank cards have a far bigger collection of bonus classes (like eating places, resort stays, flights, Uber rides and public transit, along with the groceries and gasoline), which implies you’ll be able to doubtlessly earn extra factors on extra forms of purchases.
Cashback vs. journey bank cards: You’re doubtless going to earn extra factors or miles, in additional spending classes, with a journey rewards card than money with a money again card.
Flexibility
The explanation they are saying “Money is king” as a result of cash can be utilized for something you need, corresponding to on a regular basis spending on gasoline and groceries. In distinction, the factors earned on journey playing cards are normally geared towards journey rewards and supply the perfect worth when redeemed for flights and resort stays.
Cashback vs. journey bank cards: Money is probably the most liquid reward there may be, however when you’re trying to save on flights and resort stays, a journey card can supply significantly extra worth.
Welcome bonuses
Sometimes, journey rewards playing cards can supply tons of of {dollars} in rewards as a welcome bonus promotion, whereas money again playing cards normally supply an elevated incomes share for a brief introductory time. One factor to notice: bonuses on money again playing cards are normally simpler to earn—whereas journey rewards playing cards normally are price extra however have stricter spending necessities.
For instance, with the BMO World Elite Mastercard, you will get 3,000 bonus factors ($240 worth) solely after you spend $3,000 on the cardboard inside your first three months. In distinction, the BMO CashBack World Elite’s welcome supply enables you to earn 5% money again proper out of the gate on all of your purchases for the primary three months but it surely maxes out at simply $200.
Cashback vs. journey bank cards: The welcome bonuses on money again playing cards are sometimes price much less however are simpler to get than the provides out there on journey playing cards.
Aspect perks
Perks are advantages out there to you as a cardholder. These are normally issues like airport lounge access, longer and extra complete travel insurance coverage, or refunds on sure bills like a Nexus entry payment. As you’ll be able to see, perks are fairly often tied on to journey, so it ought to come as no shock that you simply’re extra prone to discover them on journey rewards playing cards than on money again playing cards.
Cashback vs. journey bank cards: In some ways, money is the perk on a money again card. If you happen to’re searching for little extras, your finest wager is a journey rewards card.
Different methods to earn cash-back rewards
Bank cards aren’t the one solution to earn cash-back rewards. Take into account a money again debit card (learn our best debit cards ranking). It’s a means utilizing your personal cash and never falling to danger of owing any curiosity or not paying the stability off on time—which may negate a few of your rewards. One other hack: Use your money again checking account and switch cash to a pay as you go bank card. That’s good for journey or on-line procuring. Examine your banking app to see if that’s an possibility with the cash-back financial savings account (learn our best high interest savings accounts ranking).