Because nothing beats straight-up cash back.
In theory cash back credit cards are simple. You buy things, you get cash back – easy right?
The fact of the matter is, not all cash back cards are created equal. With the best cash back credit cards on the list,
you can rack up to 2% cash back on
all purchases, whereas some of the lower end cards will only give you a 0.5% return.
You can even get up to 4% cash back on select purchases or up to 9% for a limited time as a sign up bonus.
When it comes to insurance coverage and premium perks, they are more rare with cash back cards than
travel rewards credit cards. Many cash back cards don’t even give you the most basic of travel insurance ‒ but others
can actually be just as good as a travel card.
All that to say, there is no need to be stuck with whatever credit card the bank offers you.
So we review 50+ features of each card, put them into our advanced algorithm, and give every credit card a rating out
of 5 – we call it our
Genius Rating. And what’s more? With one click of the card, you get instant access to our detailed review.
So, if you think cash is king, and you don’t mind paying an annual fee to get the best net annual return on your spending…
Then this top 10 best cash back credit cards list is the place to start.
When it comes to choosing a credit card that is right for you, sometimes it’s easy to get distracted by those “cash back"
numbers...But the features can be just as important. Consider details, like:
Let’s take a closer look at some of the best cash back credit cards on the market right now.
Despite rewarding cardholders with points and not direct cash back, the
MBNA Rewards World Elite is the best cash back credit card in Canada, hands down.
Why? This card will give you a straight 2% return – no matter what you’re buying and no matter how much your spending.
It’s dead simple. And the best part? You can redeem your rewards whenever you like. You don’t have to wait for high
redemption limits or for once a year statement credits.
You can also redeem your cash however you want to. Choose from:
Unfortunately, this card does have a minimum income requirement of $80K, so not everyone can qualify, but with one of
the lowest annual fees of all the top 10, it really stands out.
The Best Visa In Canada For Cash Back
Or perhaps you’re looking for the Visa card that will give you the most cash back, if so, look no further than the
Scotia Momentum Visa Infinite.
You’ll find one of the highest average returns on spending, because it gives cardholders 1% cash back on most purchases,
2% cash back on drugstore purchases and recurring bills, and the highest available cash back rate on gas and groceries
On top of a great return on spending, this card also comes with benefits like solid insurance, 24/7 concierge service,
and Visa Infinite experiences.
However, one thing that really makes it stand out among its other top 10 cash back competitors, is the fact that Scotiabank
will waive the annual fee for you for the first year – so you have a chance to try it out and really evaluate if the
Scotia Momentum Visa Infinite is worth the $99/year price tag for you personally.
The #3 card on the best cash back card list is the
SimplyCash Preferred Card from American Express.
This is another card that will give cardholders a straight 2% cash back on all purchases…and that’s after the introductory
5% cash back for the first 6 months (capped at $300).
While the annual fee for this card is $10 more than the MBNA Rewards World Elite, and it isn’t as widely accepted as
a Mastercard, there are
no minimum income requirements.
This card also comes with a decent insurance package, free secondary cards and an introductory balance transfer rate
of only 1.99% for 6 months.
As a recap, here are the top 5 cash back credit cards in Canada, head to head. We included the average return on spending
you can expect to get (assuming a reasonably optimal redemption), as well as the ways you can expect to earn your cash