Money again bank cards are a particularly well-liked kind of rewards card in Canada. Every money again bank card has its personal options and advantages, so that you’ll need to examine the annual payment, earn fee and any further advantages earlier than you apply.
Bank card comparability software
Evaluate your choices with our interactive software and filter bank cards primarily based on rewards worth, annual charges, revenue necessities and extra.
Greatest money again playing cards by class
That can assist you choose the precise card we’ve put collectively an inventory of our favourites primarily based on completely different classes.
Greatest card by class | Why we find it irresistible |
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Greatest total money again bank card SimplyCash Preferred Card from American Express Annual payment: $120 |
4% again on groceries and fuel
2% on all different purchases (all the pieces from on-line buying to journey and extra) |
Honourable point out: Greatest total CIBC Dividend Visa Infinite Annual payment: $120 |
4% again on groceries and fuel, and Visa’s widespread acceptance |
Greatest no-fee money again card SimplyCash from American Express Annual payment: $0 |
2% again on groceries and fuel
At the least 1.25% on all purchases, with no annual payment |
Honourable point out: Tangerine MoneyBack Card Annual payment: $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 |
Greatest flat-rate money again card Rogers Red World Elite Mastercard Annual payment: $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 |
Greatest money again bank card for college kids BMO CashBack Mastercard for students Annual payment: $0 |
3% again on groceries and the power to redeem rewards at any time |
Greatest total money again bank card
At a look: This money again card provides spectacular earn charges on grocery and fuel purchases, two of the most-used spending classes. Crucially, it additionally has the very best base earn fee in Canada, at 2%. Mixed with stable insurance coverage protection, entry to Amex advantages and free supplementary playing cards, that is arms down one of many best credit cards in Canada.
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Amex SimplyCash Most well-liked
Annual payment: $120
Welcome supply: earn a $40 assertion credit score for every month-to-month billing interval through which you spend $750 in purchases in your card.
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 number of the greatest money again charges on groceries and fuel. And there’s no restrict on the full amount of money rewards you may earn.
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CIBC Dividend Visa Infinite
Annual payment: $120
Welcome supply: earn a ten% money again welcome bonus of as much as $250 (first 4 statements). Provide not accessible 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, that means that you just’ll get boosted rewards on extra purchases. The transportation class, for instance, consists of taxis, journey sharing and public transport.
- Once 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 fuel stations. Each time you attain 300 Journie Rewards factors, you’ll get an extra 7 cents off per litre.
- You will get your money again everytime you want it.
Cons
- The bottom earn fee of 1% is fairly normal. Nonetheless, that’s half the bottom fee 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.
Greatest no-fee money again card
At a look: Not like many no-fee cards, the SimplyCash Card doesn’t skimp on the bottom fee. 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 fuel make this a robust contender within the money again class.
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Amex SimplyCash
Annual payment: $0
Welcome supply: earn a $10 assertion credit score for every month-to-month billing interval through which you make a minimum of $300 in purchases (for a complete worth of as much as $100).
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 completely different method to offering a no-fee money again card by permitting you to select as much as three bonus classes, incomes at 2% every, from a potential record of ten. Plus, you may change your classes as wanted, with 90 days’ discover.
Tangerine Cash-Again Card
Annual payment: $0
Welcome supply: 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 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 provides unmatched flexibility. You will 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 somewhat can change them as you need with 90 days’ discover. For instance, if in case you have a renovation developing, you could possibly select dwelling enchancment and furnishings as two of your spending classes.
- Playing cards for extra customers are free and there aren’t any caps in your money again earnings.
- For those who 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 primary coverages.
- Redemptions are solely semi-flexible, with earnings paid out month-to-month.
- This card has an revenue requirement of $12,000 per 12 months. That makes it accessible, however some playing cards, like our prime choose, don’t have a specified revenue requirement.
Greatest flat-rate money again card
At a look: In order for you 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 Supplied 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 Crimson World Elite Mastercard
Annual payment: $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 12 months |
Credit score rating | 725 or larger |
Professionals
- With an earn fee of 1.5% on all purchases in Canada (in-store and on-line), this card provides stable, simple rewards. And as a Mastercard, it’s probably the greatest 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 an extra 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.
- For those who often store within the U.S., it’s like having a no foreign exchange payment card as a result of the accelerated 3% earn fee on purchases in U.S. {dollars} covers the two.5% international transaction payment.
- Not like most World Elite Credit cards in Canada, this card has no annual payment.
- You may redeem your rewards in opposition to purchases in your card as quickly as you will have $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 keep up eligibility or your account could also be switched to a different Rogers Financial institution bank card.
Greatest money again bank card for college kids
At a look: With a 3% return on groceries, versatile redemptions and no annual payment, our choose for the best student credit card for money again is the BMO CashBack Mastercard. An extra boosted spending class of 1% on recurring payments provides extra assist to cash-strapped college students.
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BMO CashBack Mastercard
Annual payment: $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 most effective money again playing cards
Our editors apply their bank card experience and information of Canadians’ monetary objectives to provide you with choice standards that matches the wants of the supposed cardholder. With money again playing cards, what issues most is usually the return in your spending—the most effective playing cards have excessive earn charges, throughout a number of classes, with few or unnoticeable caps on spending. Past that, we take into account annual charges, eligibility standards and different elements, particular to the class. The addition of hyperlinks from affiliate companions has no bearing on the outcomes. Learn extra about our selection process and about how MoneySense makes money.
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 fee, unpaid debt will quickly accumulate curiosity fees that eat up any good points 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 repeatedly carry a stability, you may take into account 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 supplied by your present financial institution, however that’s not all the time the only option. Take the time to match your choices to determine the cardboard that delivers the very best return primarily based in your specific spending habits and way of life. Keep in mind: you don’t must open a chequing or financial savings account with a financial institution so as to get a bank card, and you’ll pay your invoice electronically from any checking account.
Don’t dismiss money again playing cards with an annual payment
Whereas it may appear counterintuitive to pay an annual payment on a money again card, remember that playing cards with a payment typically ship higher rewards and perks. If these perks are price greater than the annual payment (and if the cardboard matches your spending habits in different methods), you may select a money again card with a payment.
Think about using a number of bank cards
Utilizing too many bank cards directly is usually frowned upon, as this generally is a signal of insolvency. Nonetheless, a robust credit-card technique can contain pairing playing cards to maximise advantages. For instance, the TD Money Again Visa Infinite provides 3% again on fuel, groceries and recurring payments, however just 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 might 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 fee.
Add your accomplice as a licensed consumer
Including a licensed consumer, usually your accomplice, to your account generally is 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 payment, you may have the ability to get an extra approved consumer 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 spending a dime. It does bear mentioning that this requires some thought as solely the first cardholder can be chargeable for paying off the stability—not the approved 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 well-liked and have useful strengths. Right here we break down each card varieties that can assist you determine which card is best for you.
Simplicity
It’s essential to have the ability to perceive your bank card rewards program, and money again playing cards are about as clear as you may get. For those who earn 2% again, you completely know you’re going to obtain $0.02 on each $1—no difficult math 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 once you need to gather or redeem.
Backside line: For those who’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 may’t prime money relating to simplicity.
Rewards and bonus classes
The way you earn might be simply as essential as what you earn. Journey rewards bank cards often supply a really huge breadth of spending classes to earn in, whereas money again playing cards might be extra restrictive.
Except for just a few exceptions, nearly all of money again bank cards supply the identical restricted collection of bonus classes (specifically fuel, 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 fuel), which implies you may probably earn extra factors on extra varieties of purchases.
Backside line: You’re seemingly 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 it may be used for something you need, resembling on a regular basis spending on fuel and groceries. In distinction, the factors you earn on journey playing cards are often geared in direction of journey rewards and supply the most effective 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 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 a whole lot of {dollars} in rewards as a sign-on bonus, whereas money again playing cards often supply an elevated incomes proportion 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 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 permits 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 usually price much less however are simpler to get than the provides accessible on journey playing cards.
Aspect perks
Perks are little extras accessible to you as a cardholder. These are often issues like airport lounge access, longer and extra complete journey insurance coverage protection, or refunds on sure bills like a Nexus entry payment. As you may see, perks are fairly often tied on to journey, so it ought to come as no shock that you just’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. For those who’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. Think about a money again debit card. It’s a approach utilizing your personal cash and never falling to threat 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 prepaid credit card. That’s excellent for journey or on-line buying. Verify your banking app to see if that is an possibility with the cash-back savings account.
Video: 5 causes to swap your debit card for a pay as you go money again card
Extra of Canada’s greatest credit cards:
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