MoneySense curated this listing of one of the best 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 on the lookout for excessive earn charges, low charges and/or different advantages, our bank card information will enable you to discover the proper card to spice up your financial savings.
Finest money again bank cards in Canada
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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.
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Curiosity Charges:
20.99% buy, 22.99% money advance, 22.99% stability switch
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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.
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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). Provide not obtainable to QC residents. Phrases and circumstances apply.
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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) through which you’ll earn 2% money again with no limits.
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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 inside the first 2 months. Should apply by January 31, 2025.
Evaluate standard money again bank cards
Evaluate the money again choices of a number of credit score with our interactive software and filter bank cards primarily based on rewards worth, annual charges, earnings necessities and extra. Use the software under to check bank card choices, or hold 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 which will additionally fit your wants.
Gold: Rogers Pink World Elite Mastercard
At a look: The Rogers Pink World Elite Mastercard is one of the best 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 international transaction charges. This no-fee card additionally supplies distinctive journey perks, together with airport lounge entry, and emergency medical and journey cancellation insurance coverage.
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Rogers Pink World Elite Mastercard
Annual charge: $0
Welcome supply: None presently.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Earnings required | $80,000 per yr |
| Credit score rating | 725 or greater |
Silver: CIBC Dividend Visa Infinite
At a look: The CIBC Dividend Visa Infinite affords excessive earn charges on on a regular basis purchases—you received’t discover a higher charge on groceries or gasoline (which incorporates EV charging spends). Plus, you possibly can redeem your money again anytime and save on the pump with unique gas reductions.
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CIBC Dividend Visa Infinite
Annual charge: $120 (rebated first yr)
Welcome supply: Earn 10% money again (as much as $300 in money again in your first 4 statements), plus a first-year annual charge rebate. Provide not obtainable to Quebec residents.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Earnings 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 likely one of the most flexible-earning money again bank cards available on the market, permitting you to choose as much as three 2% bonus classes of your selection, from a listing of 10. Higher but, you possibly can change your classes as wanted, with 90 days’ discover.
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Tangerine Cash-Again Credit score Card
Annual charge: $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 |
| Earnings required | Private or family earnings of $12,000 |
| Credit score rating | 660 or greater |
Finest Amex possibility: American Specific SimplyCash Most popular
At a look: The American Specific SimplyCash Most popular affords 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 stable insurance coverage protection, entry to Amex advantages and free supplementary playing cards, it is a sturdy possibility for many who need an Amex card.
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Amex SimplyCash Most popular
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 if you make a purchase order in month 13 (whole worth of as much as $250).
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Earnings required | None specified |
| Credit score rating | 725 or greater |
Methods to take advantage of your money again bank card
By no means carry a stability
The large payoff with a money again bank card is the money—a reward that may be simply cancelled out by any penalties and curiosity accrued should 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, often round 19.99%. At this charge, unpaid debt will quickly accumulate curiosity prices that eat up any features you’ve made. So long as you repay your stability in full each month, you’ll keep away from this pitfall. However should you discover you frequently carry a stability, take into account a low curiosity bank card as an alternative.
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 all the time your best 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 way of life. Bear in mind: you don’t have to open a chequing or financial savings account with a financial institution as a way to get a bank card from there, and you’ll 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, bear in mind that playing cards with a charge usually ship higher rewards and perks. If these perks are price greater than the annual charge (and if the cardboard suits your spending habits in different methods), you would possibly select a money again card with a charge.
Think about using a number of bank cards
Having too many lively bank cards with balances, suddenly, is mostly frowned upon, as this could be a signal of dangerous funds and insolvency. Nonetheless, having multiple card and a robust credit-card technique could be a good factor, together with pairing playing cards to maximise advantages. For instance, the TD Money Again Visa Infinite affords 3% again on gasoline, groceries and recurring payments, however only one% on every part else, whereas the Tangerine Cash Again Card has no annual charge and affords 2% again in as much as three spending classes of your selection. Strategically it could 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 companion as a certified person
Including a certified person, sometimes your companion, to your account could be a cost-effective (and even free!) method 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 would possibly have the ability to get an extra licensed person for as little as $30 extra. Some premium playing cards, just like the SimplyCash Most popular from American Specific, even allow you to add licensed customers totally free—no extra annual charge. It does bear mentioning that this requires some thought, as solely the first cardholder can be chargeable for paying off the stability—not the licensed customers.
Money again playing cards 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 worthwhile strengths. Right here we break down each card varieties that can assist you determine which card is best for you.
Simplicity
It’s vital to grasp how your bank card rewards program works. Money again playing cards are about as clear as you may get. In case you 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 typically completely different earn charges and redemption values. These variables can have an effect on how or if you need to acquire or redeem.
Cashback vs. journey bank cards: 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 possibly can’t high money for its simplicity and suppleness.
Rewards and bonus classes
The way you earn will be simply as vital as what you earn. Journey rewards bank cards often supply a really extensive breadth of spending classes to earn in, whereas money again playing cards will be extra restrictive.
Except for just a few exceptions, the vast majority of money again bank cards supply the identical restricted choice of bonus classes (specifically gasoline, groceries and utility payments). Compared, journey bank cards have a far bigger choice of bonus classes (like eating places, lodge stays, flights, Uber rides and public transit, along with the groceries and gasoline), which implies you possibly can probably earn extra factors on extra sorts of purchases.
Cashback vs. journey bank cards: 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 explanation they are saying “Money is king” as a result of cash can be utilized for something you need, resembling on a regular basis spending on gasoline and groceries. In distinction, the factors earned on journey playing cards are often geared towards journey rewards and supply one of the best worth when redeemed for flights and lodge stays.
Cashback vs. journey bank cards: Money is probably the most liquid reward there’s, however should you’re trying to save on flights and lodge 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 often supply an elevated incomes share for a brief introductory time. One factor to notice: 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 may 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.
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 affords obtainable on journey playing cards.
Aspect perks
Perks are advantages obtainable 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 possibly can 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. In case you’re on the lookout for little extras, your greatest guess is a journey rewards card.
Different methods to earn cash-back rewards
Bank cards aren’t the one method to earn cash-back rewards. Contemplate a money again debit card (learn our greatest debit playing cards rating). It’s a manner 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 good for journey or on-line purchasing. Test your banking app to see if that’s an possibility with the cash-back financial savings account (learn our greatest excessive curiosity financial savings accounts rating).