Money again bank cards are a particularly standard sort of rewards card in Canada. Every money again bank card has its personal options and advantages, so that you’ll wish to examine the annual charge, earn charge and any further advantages earlier than you apply.
Bank card comparability device
Evaluate your choices with our interactive device and filter bank cards based mostly on rewards worth, annual charges, revenue necessities and extra.
Finest money again playing cards by class
That can assist you choose the proper card we’ve put collectively an inventory of our favourites based mostly on totally different classes.
| Finest card by class | Why we find it irresistible |
|---|---|
| Finest general money again bank card SimplyCash Most well-liked Card from American Categorical Annual charge: $120 |
4% again on groceries and gasoline
2% on all different purchases (every little thing from on-line procuring to journey and extra) |
| Honourable point out: Finest general CIBC Dividend Visa Infinite Annual charge: $120 |
4% again on groceries and gasoline, and Visa’s widespread acceptance |
| Finest no-fee money again card SimplyCash from American Categorical Annual charge: $0 |
2% again on groceries and gasoline
No less than 1.25% on all purchases, with no annual charge |
| Honourable point out: Tangerine MoneyBack Card Annual charge: $0 |
2% again in as much as 3 bonus classes (select your personal bonus classes, from choices together with groceries, eating, and extra)
Get $100 money bonus upon approval with Ratehub.ca |
| Finest flat-rate money again card Rogers Purple World Elite Mastercard Annual charge: $0 |
A flat 1.5% again on all of your Canadian purchases (or 2% again for Rogers, Fido and Shaw prospects), plus sufficient again on all U.S.-dollar purchases to cowl foreign exchange charges |
| Finest money again bank card for college kids BMO CashBack Mastercard for college kids Annual charge: $0 |
3% again on groceries and the power to redeem rewards at any time |
Finest general money again bank card
At a look: This money again card presents spectacular earn charges on grocery and gasoline purchases, two of the most-used spending classes. Crucially, 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, that is palms down one of many greatest bank cards in Canada.
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Amex SimplyCash Most well-liked
Annual charge: $120
Welcome supply: Earn a bonus 10% money again on all purchases to your first three months (as much as $2,000 in purchases) and a $50 assertion credit score once 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 larger |
Honourable point out
At a look: Just like the SimplyCash Most well-liked Card, this one comes with a few of the greatest money again charges on groceries and gasoline. And there’s no restrict on the full amount of money rewards you’ll be able to earn.
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CIBC Dividend Visa Infinite
Annual charge: $120 (rebated first yr)
Welcome supply: earn a ten% money again welcome bonus of as much as $250 (first 4 statements). Provide not out there to QC residents. Phrases and situations apply.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Revenue required | Private revenue of $60,000 or family revenue of $100,000 |
| Credit score rating | 725 or larger |
Professionals
- Spending classes are very broadly outlined with this card, which means that you simply’ll get boosted rewards on extra purchases. The transportation class, for instance, contains taxis, trip sharing and public transport.
- Whenever you hyperlink your card with Journie Rewards, you’ll save 3 cents per litre each time you refill at Pioneer, Fas Fuel, Ultramar and Chevron gasoline stations. Each time you attain 300 Journie Rewards factors, you’ll get a further 7 cents off per litre.
- You may get your money again everytime you want it.
Cons
- The bottom earn charge of 1% is fairly normal. Nevertheless, that’s half the bottom charge of the SimplyCash Most well-liked Card.
- With a $60,000 minimal annual revenue ($100,000 family), it might be harder to qualify for this card than some others.
Finest no-fee money again card
At a look: Not like many no-fee playing cards, the SimplyCash Card doesn’t skimp on the bottom charge. At 1.25%, it’s among the many highest on this class so that you’ll have extra incomes energy. Accelerated charges of two% again on groceries and gasoline make this a robust contender within the money again class.
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SimplyCash from American Categorical
Annual charge: $0
Welcome supply: Earn a bonus 5% money again in your first $2,000 in purchases throughout your first three months (as much as $100 in bonus money again).
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Revenue required | None specified |
| Credit score rating | 725 or larger |
Honourable point out
At a look: The Tangerine Cash-Again Credit score Card takes a barely totally different method to offering a no-fee money again card by permitting you to choose as much as three bonus classes, incomes at 2% every, from a potential listing of ten. Plus, you’ll be able to change your classes as wanted, with 90 days’ discover.
Tangerine Cash-Again Card
Annual charge: $0
Welcome supply: earn an additional 10% again on as much as $1,000 in on a regular basis purchases inside the first 2 months. Should apply by October 31, 2024.
Card particulars
| Rates of interest | 19.95% on purchases, 19.95% on money advances and 19.95% on stability transfers |
| Revenue required | Private or family revenue of $12,000 |
| Credit score rating | 660 or larger |
Professionals
- By letting you choose your 2% bonus classes, this card presents unmatched flexibility. You may get a 3rd bonus class at 2% by robotically depositing your earnings right into a Tangerine account.
- You aren’t locked into your bonus classes, however relatively can change them as you need with 90 days’ discover. For instance, when you have a renovation developing, you can select house enchancment and furnishings as two of your spending classes.
- Playing cards for added customers are free and there aren’t any caps in your money again earnings.
- In case you meet the revenue necessities of $60,000 personally or $100,000 for the family, you’ll robotically be thought-about for the no-fee Tangerine World Mastercard, which comes with the identical earn charges, however extra perks like free Boingo Wi-Fi and rental automotive insurance coverage.
Cons
- The one insurance coverage protection is buy assurance and prolonged guarantee, that are two of essentially the most fundamental coverages.
- Redemptions are solely semi-flexible, with earnings paid out month-to-month.
- This card has an revenue requirement of $12,000 per yr. That makes it accessible, however some playing cards, like our prime choose, don’t have a specified revenue requirement.
Finest flat-rate money again card
At a look: If you’d like the simplicity of a constant and excessive 1.5% return on all of your Canadian purchases, with out worrying about bonus classes or spending limits, this no-fee card is an efficient possibility. Plus, as a World Elite Mastercard, you’ll get entry to extras like free Boingo Wi-Fi and Mastercard Journey Cross Offered By DragonPass, which will get you entry to airport lounges. The one factor to be careful for are the eligibility necessities.
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Rogers Purple World Elite Mastercard
Annual charge: $0
Welcome supply: This card doesn’t have a welcome bonus at the moment.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Revenue required | $80,000 per yr |
| Credit score rating | 725 or larger |
Professionals
- With an earn charge of 1.5% on all purchases in Canada (in-store and on-line), this card presents strong, simple rewards. And as a Mastercard, it’s among the best playing cards to make use of at Costco, a retailer that doesn’t settle for Visa or American Categorical.
- Rogers, Fido and Shaw prospects earn much more: Get a further 0.5% money again on all purchases, plus a 1.5x redemption bonus once you redeem for Rogers, Fido or Shaw purchases—that’s equal to three% again.
- In case you incessantly store within the U.S., it’s like having a no foreign exchange charge card as a result of the accelerated 3% earn charge on purchases in U.S. {dollars} covers the two.5% international transaction charge.
- Not like most World Elite Credit cards in Canada, this card has no annual charge.
- You possibly can redeem your rewards in opposition to purchases in your card as quickly as you’ve gotten $10 banked.
Cons
- As a World Elite Mastercard, the $80,000 private and $150,000 family revenue necessities places it out of attain for some.
- You’ll have to spend $15,000 yearly to take care of eligibility or your account could also be switched to a different Rogers Financial institution bank card.
Finest money again bank card for college kids
At a look: With a 3% return on groceries, versatile redemptions and no annual charge, our choose for the greatest pupil bank card for money again is the BMO CashBack Mastercard. An extra boosted spending class of 1% on recurring payments presents extra assist to cash-strapped college students.
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BMO CashBack Mastercard
Annual charge: $0
Welcome supply: earn 5% money again in your first 3 months Situations apply.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Revenue required | None specified |
| Credit score rating | None specified |
How we decide the perfect money again playing cards
Our editors apply their bank card experience and data of Canadians’ monetary targets to give you choice standards that matches the wants of the meant cardholder. With money again playing cards, what issues most is usually the return in your spending—the perfect playing cards have excessive earn charges, throughout a number of classes, with few or unnoticeable caps on spending. Past that, we contemplate annual charges, eligibility standards and different components, particular to the class. The addition of hyperlinks from affiliate companions has no bearing on the outcomes. Learn extra about our choice course of and about how MoneySense makes cash.
Video: 5 causes to swap your debit card for a pay as you go money again card
How you can benefit from your money again bank card
By no means carry a stability
The payoff with a money again bank card is the money—a reward that’s simply cancelled out by the penalties and curiosity accrued in case you carry a stability. Like all rewards bank cards, money again playing cards have a tendency to hold annual rates of interest on the larger finish, often round 19.99%. At this charge, unpaid debt will quickly accumulate curiosity expenses that eat up any positive aspects you’ve made. So long as you repay your stability in full each month, you’ll keep away from this pitfall, however in case you discover you usually carry a stability, you may contemplate a low curiosity bank card as a substitute.
Evaluate your money again card choices
It’s simple to go along with the money again card provided by your present financial institution, however that’s not all the time the only option. Take the time to match your choices to establish the cardboard that delivers the best return based mostly 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 to be able to get a bank card, and you may pay your invoice electronically from any checking account.
Don’t dismiss money again playing cards with an annual charge
Whereas it may appear counterintuitive to pay an annual charge on a money again card, remember that playing cards with a charge typically ship higher rewards and perks. If these perks are price greater than the annual charge (and if the cardboard matches your spending habits in different methods), you may select a money again card with a charge.
Think about using a number of bank cards
Utilizing too many bank cards without delay is usually frowned upon, as this could be a signal of insolvency. Nevertheless, a robust credit-card technique can contain pairing playing cards to maximise advantages. For instance, the TD Money Again Visa Infinite presents 3% again on gasoline, groceries and recurring payments, however just one% on every little thing else, whereas the Tangerine Cash Again Card has no annual charge and presents 2% again in as much as three spending classes of your selection. Strategically it will make sense to pick out 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 associate as a certified person
Including a certified person, sometimes your associate, to your account could be a cost-effective (and even free!) option 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 charge, you may be capable of get a further licensed person for as little as $30 extra. Some premium playing cards, just like the SimplyCash Most well-liked from American Categorical, even allow you to add licensed customers totally free. It does bear mentioning that this requires some thought as solely the first cardholder can be answerable for paying off the stability—not the licensed customers.
Money again versus journey bank cards
When selecting a rewards bank card, many Canadians discover themselves torn between two varieties: Money again and journey. This shouldn’t come as a shock—each are standard and have precious strengths. Right here we break down each card varieties that will help you resolve which card is best for you.
Simplicity
It’s vital to have the ability to perceive your bank card rewards program, and money again playing cards are about as clear as you will get. In case you earn 2% again, you completely know you’re going to obtain $0.02 on each $1—no sophisticated math required. With journey rewards bank cards, there are typically totally different earn charges and redemption values. These variables can have an effect on how or once you wish to gather or redeem.
Backside line: In case you’re invested in incomes journey rewards, acquainting your self together with your card’s program could also be one of the simplest ways to go, in any other case you’ll be able to’t prime money relating to simplicity.
Rewards and bonus classes
The way you earn could be simply as vital as what you earn. Journey rewards bank cards often supply a really large breadth of spending classes to earn in, whereas money again playing cards could be extra restrictive.
Except for a number of exceptions, nearly all of money again bank cards supply the identical restricted collection of bonus classes (particularly gasoline, groceries and utility payments). Compared, journey bank cards have a far bigger collection of bonus classes (like eating places, lodge stays, flights, Uber rides and public transit, along with the groceries and gasoline), which suggests you’ll be able to probably earn extra factors on extra kinds of purchases.
Backside line: You’re probably 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 rationale they are saying “Money is king” as a result of it may be used for something you need, akin to on a regular basis spending on gasoline and groceries. In distinction, the factors you earn on journey playing cards are often geared in direction of journey rewards and supply the perfect worth when redeemed for flights and lodge stays.
Backside line: Money is essentially the most versatile reward there may be, however in case you’re seeking to save on flights and lodge stays, a journey card can supply significantly extra worth.
Welcome bonuses
Usually, journey rewards playing cards can supply a whole lot of {dollars} in rewards as a sign-on bonus, whereas money again playing cards often supply an elevated incomes share for a brief introductory time. One factor to notice is that bonuses on money again playing cards are often simpler to earn—whereas journey rewards playing cards often 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 nevertheless it maxes out at simply $200.
Backside line: The welcome bonuses on money again playing cards are sometimes price much less however are simpler to get than the presents out there on journey playing cards.
Aspect perks
Perks are little extras out there to you as a cardholder. These are often issues like airport lounge entry, longer and extra complete journey insurance coverage protection, or refunds on sure bills like a Nexus entry charge. 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.
Backside line: In some ways, money is the perk on a money again card. In case you’re searching for little extras, your greatest wager is a journey rewards card.
Different methods to earn cash-back rewards
Bank cards aren’t the one option to earn cash-back rewards. Take into account a money again debit card. It’s a method utilizing your personal cash and never falling to danger of owing any curiosity or not paying the stability off on time—which might 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 excellent for journey or on-line procuring. Verify your banking app to see if that is an possibility with the cash-back financial savings account.
Video: 5 causes to swap your debit card for a pay as you go money again card
Extra of Canada’s greatest bank cards:
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