Best Cash Back Credit Cards in Canada for October 2025
Top credit cards that earn you cash back or rewards you can redeem for cash.
It's a competitive category, but we found that the best cash back credit card is the MBNA Rewards World Elite Mastercard. This card has the highest average rate of return and many other valuable features.
Our review of the best cash back cards shows you the best options by category, so you can maximize the cash back you earn based on your actual spending habits. Take a look and you’ll see the best cards for restaurant spending, foreign purchases, everyday expenses, and more.
Key Takeaways
- The best cash back credit card in Canada is the MBNA Rewards World Elite Mastercard, followed closely by the American Express Cobalt Card.
- Cash back credit cards offer simpler rewards but fewer perks, insurance, and welcome bonuses than other credit cards.
- For maximum rewards, find a cash back credit card where the highest-earning categories match your spending habits.
The ten best cash back credit cards in Canada
Cash back credit cards are only as rewarding as your spending habits, so we picked the best card for every kind of spender:
| Category | Credit card | Average rate of return | Annual fee | Current welcome offer |
|---|---|---|---|---|
| Best cash back credit card in Canada | MBNA Rewards World Elite Mastercard | 2.86% | $120 |  $150 GC Boost + 30,000 bonus points (terms) |
| Runner up | American Express Cobalt Card | 4.5% | $155.88 | Up to 15,000 bonus points (terms) |
| Best flat-rate | Rogers Red World Elite Mastercard | 1.5% | $0 | None |
| Most versatile | BMO CashBack World Elite Mastercard | 2.05% | $120 | $150 GeniusCash + Up to $480 cash back in the first year, first year free (terms) |
| Best for boosted rewards | Neo World Elite Mastercard | 2.55% | $125 | None |
| Best for gas and groceries | SimplyCash Preferred Card from American Express | 2.55% | $119.88 | 10% cash back for the first 3 months + $50 (terms) |
| Best for recurring bills | Scotia Momentum Visa Infinite Card | 2.08% | $120 | $20 GeniusCash + 10% cash back for the first 3 months, first year free (terms) |
| Best for newcomers | Tangerine Money-Back Credit Card | 1.14% | $0 | $125 GeniusCash + 10% extra cash back for the first 2 months (terms) |
| Best for foreign purchases | Home Trust Preferred Visa | 1% | $0 | None |
| Best for restaurants | BMO eclipse Visa Infinite Card | 1.61% | $120 | $150 GeniusCash + Up to 70,000 bonus points, first year free (terms) |
| Best for gas | CIBC Dividend Visa Infinite Card | 2.05% | $120 | 10% cash back for the first 4 months, first year annual fee rebate (terms) |
1. Best cash back credit card in Canada
×4 Award winner 
GC: $125 + $25
4x Award winner Top spending categories: Groceries, restaurants, and select recurring bills
Average rate of return: 2.37%
Rewards:
- 5 points for every $1 spent on restaurants, groceries, and select recurring bills (up to $50,000 spent annually per category)
- 1 point per $1 spent on all other purchases
The best cash back card in Canada isn't just about earning rewards — it’s about offering flexibility. Enter the MBNA Rewards World Elite Mastercard: not only is it one of the best cash back cards, but it’s also one of the best rewards cards, the best Mastercards, and the best travel credit cards in Canada.
Save up enough MBNA Rewards points and you can redeem them for cash (deposited into your bank account), a credit card statement credit, or even a charitable donation.
Throw in World Elite Mastercard perks – like concierge services, complimentary Boingo Wi-Fi access, exclusive event tickets, and entry to every DragonPass airport lounge for only $32 USD – and you’ve got a winning rewards card.
Pros:
- 12 types of insurance included
- 10% bonus points on your birthday
- Flexible, cash-like rewards
- World Elite Mastercard benefits
Cons:
- $80,000 personal or $150,000 household income required
- $50 additional card fee
- Must redeem points on travel for maximum value
2. Best Amex cash back credit card
×8 Award winner Transfer points to Aeroplan and 7 other travel partners with Canada's #1 credit card.*
8x Award winner Transfer points to Aeroplan and 7 other travel partners with Canada's #1 credit card.*
Top spending categories: Groceries and restaurants
Average rate of return: 2.25%
Rewards:
- 5 points per $1 spent on eligible groceries and restaurants
- 3 points per $1 spent on eligible streaming services
- 2 points per $1 spent on eligible gas, transit, and ride share purchases
- 1 point per $1 spent on foreign currency purchases
- 1 point per $1 spent on all other purchases
Before you get too excited about the American Express Cobalt Card’s high return rate, just know you can’t use it everywhere in Canada. American Express credit cards aren’t welcome at Costco, Loblaws, or the Real Canadian Superstore, which limits how many Membership Rewards Points you can earn.
Stick with it and you can trade your points for statement credits (at a value of 1 cent per point) and generous travel rewards, including a 1:1 conversion to Aeroplan Points. Best of all, you can enjoy the full range of Amex benefits, including free room upgrades, early check-ins, and late check-outs (where available) at properties in the Amex Hotel Collection; exclusive ticket access through Front of the Line; special offers and invites through American Express Experiences; and discount Amex Offers.
Pros:
- 10 types of insurance included
- Two high-value reward categories
- $0 Additional card fee
- Amex Hotel Collection benefits
- Flexible, cash-like rewards
- No income requirements
- Standard Amex benefits
Cons:
- Lower acceptance for Amex
- Must redeem points on travel for maximum value
3. Best flat-rate cash back credit card
Top spending categories: USD Purchases
Average rate of return: 1.58%
Rewards:
- Earn 2% unlimited cash back on all eligible non-U.S. dollar purchases if you have 1 qualifying service with Rogers, Fido, Comwave, or Shaw
- Earn 1.5% unlimited cash back on eligible non-U.S. dollar purchases
- Earn 3% unlimited cash back on all eligible purchases made in U.S. dollars
The Rogers Red World Elite Mastercard is exactly what a flat-rate cash back credit card should be: easy to use, easy to understand, and easy to get rewards out of. Of course, it doesn’t hurt that it’s one of the few no fee credit cards with a superb insurance package and World Elite Mastercard benefits.
Pros:
- 50% cash back redemption bonus on Rogers bills
- 6 types of insurance included
- $0 additional card fee
- Cash back rewards on demand ($10 minimum)
- World Elite Mastercard benefits
Cons:
- $80,000 personal or $150,000 household income required
- $15,000 annual spending required
- 1.5% cash back rewards without Rogers services
4. Most versatile cash back credit card
GC: $150
Top spending categories: Groceries
Average rate of return: 2.05%
Rewards:
- 5% cash back on groceries, up to $500 in monthly spend
- 4% cash back on transit, up to $300 in monthly spend
- 3% cash back on gas, up to $300 in monthly spend
- 2% cash back on recurring bills, up to $500 in monthly spend
- 1% cash back on all other purchases
Whereas most cash back cards offer high return rates in two to three spending categories, the BMO CashBack World Elite Mastercard gives you four. There is one catch to so many bonus categories: you'll be limited to the high earn rate on $300 – $500 in monthly spend. You can redeem as little as $1 on demand on a statement credit or a deposit straight into your BMO bank account.
Don’t forget, you’re not just getting a versatile cash back card – you’re also getting a top-notch World Elite Mastercard, the largest credit card insurance package on this list, and the very rare perk of complimentary roadside assistance (worth about $69) for $120 per year.
Pros:
- 13 types of insurance included
- Cash back rewards on demand
- Free roadside assistance
- World Elite Mastercard benefits
Cons:
- $80,000 personal or $150,000 household income required
- $300 – $500 monthly category spending caps
- $50 additional card fee
5. Best for boosted rewards
Top spending categories: Groceries
Average rate of return: 5%
Rewards:
- Average of 5% cash back at partner retailers
- 5% cash back on groceries, up to $1,000 spent monthly
- 4% cash back on recurring bills, up to $500 spent monthly
- 3% cash back on gas and EV charging, up to $1,000 spent monthly
- 1% cash back everywhere else
The Neo World Elite Mastercard has some eye-popping cash back rates, but they come with some caveats. The base rate of 5% on groceries is hard to beat – and it can get up to 7% if you have $10,000 in a Neo Everyday Account. Those rates apply to a maximum of $1,000 in groceries per month, which is still a fairly generous cap. You can easily outpace the annual fee of $125 with consistent spending.
As we mentioned, you can boost your earn rates by keeping $5,000 or $10,000 in a Neo Everyday Account – but given the paltry interest that account earns, it’s likely more worth it to invest your excess money in a higher return option. Your cash back rate will be a little lower, but 5% is still nothing to sneeze at.
Pros:
- 12 types of insurance included
- Earn an average of 5% cash back at Neo retail partners
- Increase your cash back by keeping a balance of $5,000 in a Neo Everyday Account
- Redeem your cash back whenever you want
Cons:
- Caps on bonus categories
- $80,000 personal or $150,000 household income required
- No welcome bonus
6. Best cash back credit card for gas and groceries
Top spending categories: Gas and groceries
Average rate of return: 2.55%
Rewards:
- 4% cash back on gas and groceries
- 2% cash back on all other purchases
The SimplyCash Preferred Card from American Express was a fantastic flat-rate cash back credit card even before it added a 4% return rate to gas and grocery purchases. Now it’s a stellar deal, offering standard benefits and Amex purchase protection insurance with no income requirements.
Pros:
- 10 types of insurance included
- $0 additional card fee
- No income requirements
- Standard Amex benefits
Cons:
- Cash back rewards limited to one annual statement credit
- No Amex Hotel Collection benefits
- Lower acceptance for Amex
7. Best cash back credit card for recurring bills
GC: $20
Top spending categories: Groceries and recurring bill payments
Average rate of return: 2.08%
Rewards:
- 4% cash back on groceries and recurring bill payments
- 2% cash back on gas and transit
- 1% cash back on all other purchases
Plenty of other cards reward grocery purchases, but the Scotia Momentum Visa Infinite Card adds recurring bill payments to its top-earning categories. This includes any pre-authorized payments set to automatically withdraw on a daily, monthly, or annual basis – think gym memberships, phone bills, streaming services, utilities, and more.
As one of the few Visa credit cards on this list, it also includes the Visa Infinite perks package, which offers complimentary concierge services, exclusive dining event access, and upgrades at properties in the Visa Infinite Hotel Collection.
Pros:
- 11 types of insurance included
- Visa Infinite benefits
Cons:
- $60,000 personal or $100,000 household income required
- $50 additional card fee
- Cash back rewards limited to one annual statement credit
8. Best cash back credit card for newcomers
×1 Award winner GC: $125
1x Award winner Top spending categories: Your choice of two to three out of ten spending categories
Average rate of return: 1.14%
Rewards:
- 2% cash back on purchases in up to 3 Money-Back Categories
- 0.5% cash back on all other purchases
The Tangerine Money-Back Credit Card has low income and credit score demands, making it a great choice for newcomers and students. It and its premium cousin, the Tangerine World Mastercard, are also the only cash back credit cards in Canada that let you choose your top spending categories.
Pick any two categories (or three, if you connect a free Tangerine savings account) from a list of ten, including gas, groceries, furniture, public transportation, recurring bills, and restaurants. You can even swap categories at will, although it takes 90 days for any changes to take effect.
Pros:
- $12,000 personal income required
- 1.95% interest on balance transfers for six months
- $0 additional card fee
- Monthly cash back rewards
Cons:
- Only 2 types of insurance included
9. Best cash back credit card for foreign purchases
Average rate of return: 1.00%
Rewards:
- 1% cash back on all purchases
The Home Trust Preferred Visa has the lowest return rate on this list, but it also has a unique perk: no foreign transaction fees and guaranteed hotel reservations even if you show up late. Although you won’t earn cash back on foreign purchases, you’ll enjoy purchase protection and rental car insurance, making this card a modest but valuable shopping and travelling buddy.
Pros:
- $15,000 personal income required
- Flat-rate cash back rewards
- No foreign exchange fees
Considerations:
- $0 additional card fee
- Cash back rewards limited to one annual credit statement
- No cash back rewards on foreign purchases
- Only 1 types of insurance included
10. Best cash back credit card for restaurants
GC: $150
Top spending categories: Gas, groceries, restaurants, and transit
Average rate of return: 1.61%
Rewards:
- 5 BMO Rewards points for every $1 spent on dining, groceries, gas, and transit
- 1 point per $1 spent on all other purchases
Like our two top picks, the BMO eclipse Visa Infinite Card advertises a top return rate of 5 points per $1 spent in no less than four spending categories. While BMO Rewards Points are only worth up to 0.67 cents each, it’s a solid pick for foodies who want to use their Visa Infinite perks to sample the best restaurants from coast to coast.
Pros:
- $50 annual lifestyle credit
- 10% bonus points for adding an authorized user
- Flexible, cash-like rewards
- Save up to seven cents per litre at Shell
- Visa Infinite benefits
Cons:
- $60,000 personal or $100,000 household income required
- $50 additional card fee
- Only 6 types of insurance included
11. Best cash back credit card for gas
×1 Award winner Join and earn over $400 in value including a first-year annual fee rebate.†
1x Award winner Join and earn over $400 in value including a first-year annual fee rebate.†
Top spending categories: EV charging, gas, and groceries
Average rate of return: 1.90%
Rewards:
- 4%† cash back on eligible gas, EV charging, and groceries
- 2%† cash back on eligible restaurants, transportation, and recurring bills/payments
- 1%† cash back on all other purchases
Whether you’re running on diesel, electricity, or gasoline, the CIBC Dividend Visa Infinite Card will reward you – especially if you visit Journie Rewards gas stations like Fas Gas, Pioneer, and Ultramar.
Although it doesn’t offer as much insurance as other cards with a similar annual fee, it’s still one of CIBC’s best credit cards, and the Aventura Rewards program can yield up to 2.29 cents per point.
Pros:
- Cash back on demand ($25 minimum)
- Flexible, cash-like rewards
- Save up to 10 cents per litre at Journie gas stations
- Visa Infinite benefits
Cons:
- $60,000 personal or $100,000 household income required
- Only 6 types of insurance included
- $30 additional card fee
How we get our rankings
To identify the best cash back cards in Canada, we examined over 120 credit card features in seven main categories:
- Rewards: 54%
- Fees: 13%
- Perks: 11%
- Insurance: 11%
- Interest: 5%
- Approval: 3%
- Acceptance: 3%
Since we’re talking about cash back credit cards, we gave the most weight to the rewards category. Our algorithm calculated and scored every entry on this list out of five using a typical $2,000 monthly budget.
Learn more about our Genius Rating methodology
What is a cash back credit card?
Cash back credit cards are a type of rewards card that puts cash back in your pocket with every purchase, hence the name.
The value of what you earn – also known as your rate of return – is expressed as a percentage: 2% means you get $2 back for every $100 you spend, 3% equals $3, and so on.
Purchase eligibility depends on the card. You can either sign up for a flat-rate card that earns a low, set rate on every transaction or a card that earns a high rate on a small number of specific spending categories.
Value of credit card rewards / amount of money spent = rate of return
Types of cash back credit cards
Cash back cards can vary in terms of how you earn cash back, but there are generally three types of cards:
- Flat rate cash back cards: These earn a flat rate for purchases regardless of the spending category. These credit cards typically offer low earn rates but have no or low annual fees.
- Bonus category cash back cards: These cards offer higher returns for specific purchase categories. Many cards place limits on how much you can earn.
- Flexible category cash back cards: These allow you to select or adjust which categories offer the best return, so your rewards are tailored to your spending habits, even as they change.
Many savvy credit card users have multiple cards in their wallets, usually a combination of these types.
For instance, if you have a travel credit card that earns excellent returns on flights, but little to nothing for gas or groceries, you might consider a bonus category card with a high return rate for your weekly shopping trips.
How cash back credit cards work in Canada
As straightforward as they appear, cash back credit cards have a few quirks you should know about.
For one, if you’re trying to earn rewards in a particular spending category, you need to pay more attention to where you buy than what you buy. For another, you can’t always get cash back on demand – some issuers only provide rebates you can use at a particular time of year.
Making the best use of a cash back card depends on knowing a few key things.
How to earn cash back
American Express, Mastercard, and Visa use Merchant Category Codes (MCCs) to classify stores based on how they earn the majority of their money. MCCs would be trivial if it weren’t for the fact that they decide how all your purchases are categorized and how many rewards you earn.
For example, let’s say you earn 4% cash back on groceries with the BMO CashBack World Elite Mastercard. Most people think of Costco as a grocery store, but because it also sells electronics, furniture, pet food, vitamins, and more, it actually falls under general merchandise – meaning you only get 1% back on what you spend in-warehouse.
Neither banks, payment networks, nor stores have the power to change the MCCs that appear on your credit card statement. Instead, shop smart by:
- Noting how your credit card categorizes your favourite stores
- Shopping at your credit card’s list of official partners
- Signing up for promotional emails from your credit card issuer and taking advantage of special offers and bonuses
- Using the checkout in the store department that matches the spending category you want to target
- Using your credit card’s web portal to shop online
Cash back redemption options
Credit card issuers may award cash back on a purchase-by-purchase, monthly, or yearly basis.
You can usually track how much cash back you’ve earned by logging onto your bank’s mobile app or website. If your credit card issuer offers cash back on demand, your online account is the place to request it. It’s crucial to understand whether your card automatically applies cash back to statements (typically every statement cycle or once a year on the card’s anniversary) or if you need to initiate cash back manually.
Before you cash out your rewards, check your terms and conditions to see if there are minimum reward requirements. For instance, some cards require you to earn at least $10 in cash back before you can redeem the rewards.
Yearly cash back usually takes the form of a bank deposit, statement credit, or (as in the case of the CIBC Costco Mastercard) a rebate coupon you use at a store register. If you’re using a rewards credit card, you can pick cash-like redemption options like charitable donations, gift cards, or statement credits, but travel rewards often offer more value.
Cash back earning caps
Earning caps are an often-overlooked condition of credit card spending. Although some credit cards don’t put a limit on the rewards you can earn, some do, and cap your rewards once you reach a specific spending threshold.
For example, if your card earns 5 points per $1 on groceries up to $15,000 in spending, you’ll earn the extra points on that $15,000. After that, all other grocery purchases only earn the base spending rate.
Some credit cards have low spending caps, so it’s important to pay attention to these terms when comparing credit card earn rates.
When can you redeem your cash back?
Some companies put you in control of deciding when to cash in your rewards, while others only let you redeem at a certain interval.
To help you keep track of when you can enjoy your hard-earned rewards, take a look at the chart below:
| Card issuer | Credit card | When you can redeem |
|---|---|---|
| American Express | American Express Cobalt Card | Whenever you like, as long as you redeem a minimum of $10 |
| SimplyCash Preferred Card from American Express | Statement credit issued once per year in September | |
| BMO | BMO CashBack World Elite Mastercard | Whenever you like, as long as you redeem a minimum of $25 |
| BMO eclipse Visa Infinite Card | Points credited to your statement once per month | |
| CIBC | CIBC Dividend Visa Infinite Card | Whenever you like, as long as you redeem a minimum of $25 |
| Home Trust | Home Trust Preferred Visa | Statement credit issued once per year in January |
| MBNA | MBNA Rewards World Elite Mastercard | Whenever you like |
| Rogers | Rogers Red World Elite Mastercard | Whenever you like, as long as you redeem a minimum of $10 |
| Scotiabank | Scotia Momentum Visa Infinite Card | Statement credit issued once per year in November |
| Tangerine | Tangerine Money-Back Credit Card | Rewards paid once per month |
Pros and cons of cash back credit cards
Cash back credit cards are useful spending tools that help you save a little on everyday purchases. For modest spenders with little credit history or experience with credit card rewards, they offer:
- Easy-to-understand rewards: You don’t have to worry about points or how to redeem them with a traditional cash back credit card. The bank will simply deposit the returns in your account or issue you a statement credit.
- Guaranteed rewards value: Cash back means cash back, plain and simple. You don’t have to worry about finding the most valuable way to redeem your points – just take your returns and apply them to your next purchase!
- Low annual fees: Cash back credit cards seldom cost more than $150 per year and many are completely free!
- Potential balance transfer savings: Cash back cards like the BMO CashBack Mastercard can help you consolidate your debt with a balance transfer rate as low as 0.99% for the first nine months.
But they aren’t premium credit products. High spenders looking for maximum rewards and luxurious bonuses will likely be disappointed by their:
- Lacklustre insurance packages: Cash back credit cards often lack competitive insurance packages, making them less appealing for business owners and frequent travellers.
- Low rewards value: There’s a reason our top two picks use rewards points, not cash back: cash back cards simply can’t match the value offered by a top-tier reward or travel credit card.
- Low perks value: In addition to solid insurance, cash back cards lack perks and benefits like airport lounge access or concierge services. The perks of the top travel credit cards in Canada add an average value of $625 – those of the top ten cash back cards are only an average of $150.
- Low sign-up bonuses: Don’t expect a big payout after you sign up for a cash back credit card. You’re more likely to get a promotional return rate with a minimum spending requirement for the first few months.
Cash back cards are like stepping stones to greater things. If you have the budget and credit score to do better, you probably should.
Learn more: How many credit cards should you have?
How to choose the right cash back credit card
It’s time to put everything together and find the best cash back credit card for you! From most to least important, ask yourself:
- How do I spend my money? For more rewards, match the most rewarding spending categories of any potential cards to your current spending categories. If your spending is all over the place, choose a flat-rate card.
- How do I want to claim my rewards? If you don’t mind a learning curve, pick a flexible rewards credit card with at least three redemption options that appeal to you. Otherwise, pick a cash back card whose rewards you can use on-demand, monthly, or yearly, or that goes straight into your bank account.
- How much do I want to pay in annual fees? Cards with high annual fees usually include more insurance and perks – but they also subtract from your total rewards. Cards with low fees are usually light on insurance, perks, and overall profit.
- Do I often carry a balance from month to month? If you don’t always pay off your credit card completely, seek a low interest card so your purchases don’t snowball into debt.
- How much am I going to spend in the next six months? Seeing as most cash back credit cards offer promotional rates for the first few months, it pays to sign up before Christmas, wedding, or vacation season.
If you prefer a simpler and more comprehensive approach, the creditcardGenius quiz can help you gather and evaluate your most important spending information. It only takes a few minutes to receive a tailor-made recommendation and see how many rewards you can earn per year.
How to maximize your cash back rewards
If you’re a spend-and-forget-about-it kind of consumer, you might be missing out on valuable cash back rewards. To ensure you’re squeezing the most value from your card, try a few of these strategies.
- Hit the spending requirements: If your card has a cash back welcome bonus, read the fine print to see how much you might have to spend within a specific period of time. For instance, you might have to spend $3,000 within the first six months to earn a $300 welcome bonus.
- Add authorized users: Not every issuer lets you do this, but if you can, add authorized users so their purchases earn you rewards. Be sure to check if you’ll need to pay an additional card fee, though!
- Keep your cash back cards paid off: If you’re carrying a balance from month to month, you’re losing money – your rewards won’t offset the interest you’re charged.
- Watch for bonus rewards offers: Credit card issuers occasionally run promotions where they encourage you to spend a specific amount or shop with a partner. You might see these offers when you log into your account, or you might get a promotional email.
- Use a card that matches your spending habits: Track your spending habits for a few months to see where you spend the most money. Then, try to use a card that gives you a high rate of return in that category. You’ll boost cash back without adjusting your shopping habits!
Savvy spenders often have more than one cash back card, which allows them to customize their earnings even better. You could charge travel to an airline reward card, make your grocery purchases with a card that has a high earn rate for that category, and use a card with a solid flat-earn rate for all your other purchases.
The GeniusCash app is the easiest way to ensure that you’re earning max cash back on what you’re already spending. When you download GeniusCash and connect your cards, you’ll receive custom recommendations to help you make the most of your everyday expenses. Imagine knowing exactly where to shop to maximize your rewards for things like groceries, gas, and travel. That’s what the GeniusCash app can do for you!
Are cash back credit cards worth it?
Cash back credit cards can be worth it depending on your spending habits and financial goals. If you use your card wisely and pay off the balance regularly, it can be a great way to earn everyday rewards on your everyday spending.
Here are some things to consider when you decide on whether a cash back credit card is right for you:
- Monitor your spending: Look at where you spend most of your money and see if a cash back card aligns with those categories.
- Pay off your balances: To maximize your rewards, you have to pay your balance in full each month to avoid interest charges.
- Compare offers: Different cards offer different cash back rates, perks, restrictions, and so on. Make sure you look for cards that fit your lifestyle.
FAQ
Is 5% cash back on a credit card good?
A 5% return is fantastic, though this is typically only offered as a welcome bonus. Generally, getting a 4% return rate with your cash back card is ideal, a 2- 3% return is average, and 1% or below is low.
Is there a catch to cash back credit cards?
Cash back credit cards sometimes limit rewards to one yearly or monthly payout or require you to save up a minimum amount before cashing out. There may also be monthly or annual caps on how much you can earn.
Is a 2% cash back card worth it?
A 2% return rate is average, but a card must earn enough to cover its annual fee. Add up what you spend, multiply the result by 0.02, multiply by 12, and compare it to your card’s annual fee.
What is the best cash back card for everyday spending?
The best card for everyday spending is the Rogers Red World Elite Mastercard, a no fee card with a 1.5 – 2% return on every purchase. It could also be complemented by another card that earns more for a specific category.
What credit card gives the highest cash back?
The MBNA Rewards World Elite Mastercard gives the most cash back. You’ll earn up to 5 points per $1 spent and get an average reward value of 2.37, which is higher than any other card on our list.
What are common bonus categories for a cash back card?
Popular categories that earn bonus cash back usually include things like groceries, dining, entertainment, gas, transit, recurring bills, travel, and streaming services. The best cards have some combination of several of these categories.
Editorial Disclaimer: The content here reflects the author's opinion alone. No bank, credit card issuer, rewards program, or other entity has reviewed, approved, or endorsed this content. For complete and updated product information please visit the product issuer's website. Our credit card scores and rankings are based on our Rating Methodology that takes into account 126+ features for each of 229 Canadian credit cards.
