MoneySense curated this listing of the very best money again bank cards in Canada that will help you maximize your rewards in your on a regular basis purchases. Whether or not you’re in search of excessive earn charges, low charges and/or different advantages, our bank card information will make it easier to discover the proper card to spice up your financial savings.
Greatest money again bank cards in Canada
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Gold: Greatest money again card
Rogers Purple World Elite Mastercard
Earn a minimal of 1.5% money again on all purchases, and three% on U.S. greenback purchases. Redeem rewards whenever you need.
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Curiosity Charges:
20.99% buy, 22.99% money advance, 22.99% stability switch
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Silver: Greatest 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). Supply not accessible to QC residents. Phrases and situations apply.
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Bronze: Greatest money again card
Tangerine Cash-Again Credit score Card
The one card in Canada that permits you to choose as much as three classes (amongst ten) wherein 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 throughout the first 2 months. Should apply by January 31, 2025.
Evaluate common money again bank cards
Evaluate the money again choices of a number of credit score with our interactive instrument and filter bank cards based mostly on rewards worth, annual charges, earnings necessities and extra. Use the instrument beneath to check bank card choices, or keep 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 that will additionally fit your wants.
Gold: Rogers Purple World Elite Mastercard
At a look: The Rogers Purple World Elite Mastercard is the very best money again bank card in Canada, providing a excessive earn fee of 1.5% on all purchases—so there’s no have to strategize spending by maximizing bonus classes. Plus, the accelerated fee of three% on all U.S. purchases is sufficient to cowl foreign transaction fees. This no-fee card additionally gives distinctive journey perks, together with airport lounge entry, and emergency medical and journey cancellation insurance coverage.
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Rogers Purple World Elite Mastercard
Annual price: $0
Welcome supply: None at the moment.
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 increased |
Silver: CIBC Dividend Visa Infinite
At a look: The CIBC Dividend Visa Infinite presents excessive earn charges on on a regular basis purchases—you received’t discover a higher fee on groceries or gas (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 price: $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 price rebate. Supply not accessible 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 increased |
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 in the marketplace, permitting you to select as much as three 2% bonus classes of your selection, from an inventory 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 price: $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 increased |
Greatest Amex possibility: American Categorical SimplyCash Most popular
At a look: The American Categorical SimplyCash Most popular presents spectacular earn charges on grocery and gasoline purchases, two of the most-used spending classes. It additionally has the best base earn fee in Canada: at 2%. Mixed with strong insurance coverage protection, entry to Amex advantages and free supplementary playing cards, this can be a sturdy possibility for individuals who need an Amex card.
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Amex SimplyCash Most popular
Annual price: $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 whenever 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 increased |
The right way to profit from 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 increased finish, normally round 19.99%. At this fee, 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 should you discover you frequently carry a stability, take into account a low interest credit card as a substitute.
Evaluate your money again card choices
It’s straightforward to go together with the money again card supplied by your present financial institution, however that’s not at all times your best option. Take the time to check your choices to determine the cardboard that delivers the best return based mostly 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 to be able to get a bank card from there, and you may pay your invoice electronically from any checking account.
Don’t dismiss money again playing cards with an annual price
Whereas it might sound counterintuitive to pay an annual price on a money again card, bear in mind that playing cards with a price typically ship higher rewards and perks. If these perks are price greater than the annual price (and if the cardboard suits your spending habits in different methods), you may select a money again card with a price.
Think about using a number of bank cards
Having too many energetic bank cards with balances, all of sudden, is mostly frowned upon, as this could be a signal of unhealthy funds and insolvency. Nevertheless, having a couple of 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 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 price and presents 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 could be a cost-effective (and even free!) strategy 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 price, 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—no further annual price. It does bear mentioning that this requires some thought, as solely the first cardholder will likely be accountable for paying off the stability—not the approved 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 common and have worthwhile 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 know 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 generally completely different earn charges and redemption values. These variables can have an effect on how or whenever you wish 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 best ways to go, in any other case you possibly can’t high money for its simplicity and adaptability.
Rewards and bonus classes
The way you earn might be simply as vital as what you earn. Journey rewards bank cards normally supply a really extensive breadth of spending classes to earn in, whereas money again playing cards might be extra restrictive.
Apart from 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 possibly can doubtlessly earn extra factors on extra varieties of purchases.
Cashback vs. journey bank cards: You’re doubtless 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, akin to on a regular basis spending on gasoline and groceries. In distinction, the factors earned on journey playing cards are normally geared towards journey rewards and supply the very best worth when redeemed for flights and lodge stays.
Cashback vs. journey bank cards: Money is probably the most liquid reward there may be, however should you’re trying to save on flights and lodge stays, a journey card can supply significantly extra worth.
Welcome bonuses
Usually, journey rewards playing cards can supply tons of of {dollars} in rewards as a welcome bonus promotion, whereas money again playing cards normally supply an elevated incomes proportion for a brief introductory time. One factor to notice: bonuses on money again playing cards are normally simpler to earn—whereas journey rewards playing cards normally 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.
Cashback vs. journey bank cards: The welcome bonuses on money again playing cards are usually price much less however are simpler to get than the presents accessible on journey playing cards.
Aspect perks
Perks are advantages accessible to you as a cardholder. These are normally issues like airport lounge access, longer and extra complete travel insurance coverage, or refunds on sure bills like a Nexus entry price. As you possibly can 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.
Cashback vs. journey bank cards: In some ways, money is the perk on a money again card. In case you’re in search of little extras, your finest guess is a journey rewards card.
Different methods to earn cash-back rewards
Bank cards aren’t the one strategy to earn cash-back rewards. Contemplate a money again debit card (learn our best debit cards ranking). It’s a means utilizing your personal cash and never falling to threat 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. Test your banking app to see if that’s an possibility with the cash-back financial savings account (learn our best high interest savings accounts ranking).
