Best Cash Back Credit Cards In Canada For 2020

Last updated on January 19, 2020 | By

Cash back cards are the simplest types of credit card you can get. You make a purchase and get a percentage of that purchase back in the form of cash. You can spend that cash on anything you’d like, such as travel, daily purchases, or just paying back your card bill.

Cash back credit cards don’t offer as many perks, benefits, and insurance as travel and rewards card do. Most of them also don’t have any large welcome bonuses. However, they’re one of the most flexible types of credit cards when it comes to how you spend your rewards.

Every card offers different earn rates in specific categories of spending. The amount of cash back you get can greatly differ depending on your card, so it’s important to choose one that offers the most back for where you make the bulk of your daily purchases. For example, if you mainly spend your card for groceries, you want a card that offers the highest cash back rate for groceries.

We’ve listed the top Canadian cash back credit cards on the market today and listed them according to where you can get the most back depending on where you spend the most.

Summary:
Best overall cash back card: Scotia Momentum Visa Infinite
Best for gas and groceries: Meridian Visa Infinite Cash Back
Best for recurring bill payments: TD Cash Back Visa Infinite Card
Best for travel & foreign purchases: Rogers World Elite Mastercard
Best flat-rate card with easy approval: Amex SimplyCash Preferred Card
Best for flexible cash back: Tangerine Money-Back Credit Card

Best overall cash back card

Scotia Momentum Visa Infinite

Scotia Momentum Visa Infinite

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on Scotia Bank’s website

Welcome Offer: First year fee waived.

Earn Rate: 4% cash back on grocery, recurring bills, and subscription purchases. 2% back on gas and daily transit, and 1% back on everything else.

Annual Fee: $99

Min. Income Required: Personal $60,000 or Household $100,000.

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Cash back rate: The Scotia Momentum Visa Infinite is the best all around cash back credit card in Canada currently on the market. It’s perfect for people who make the majority of their card purchases on groceries, gas, drugstores, and recurring bills. It offers an impressive 4% cash back on groceries and recurring bill payments (the highest regular rate available), 2% on daily transit, gas, and drugstores, and 1% on everything else. Recurring bills also include Netflix and other streaming services, and daily transit also includes Uber. You’ll also receive the first year free, as the $99 annual fee is waved.

Perks, benefits, insurance: What pushes the Scotia Momentum Visa Infinite to the top of our list is the additional perks, benefits, and insurance packages that the card comes with. When travelling, you, your spouse, and your children are covered for up to $1 million in emergency medical coverage for the first 15 days. If you need longer coverage, you also have the option to purchase an extension. You’ll also get access to 24/7 concierge service, and Visa Infinite experiences, which includes their hotel collection, and dining and wine country program.

Click here for more details about the Scotia Momentum Visa Infinite Card

Best for gas and groceries

Meridian Visa Infinite Cash Back

meridian cash back infinite visa

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on Meridian’s website

Welcome Offer: First year fee waived.

Earn Rate: 4% cash back on grocery and gas. 2% back on drugstore and utility bills, and 1% back on everything else.

Annual Fee: $99, first year free

Min. Income Required Personal $60,000 or Household $100,000

Cash back rate: The Meridian Visa Infinite Cash Back card is a close runner up . It gives you the highest cash back rewards for everyday expenses. Like the Scotia Momentum Visa Infinite, this card also offers 4% cash back on groceries and gas, 2% on drugstore purchases and utility bill payments, and 1% on all other eligible purchases.

Perks, benefits, insurance: On top of that, your first year fee is waived. You get access to the basic benefits such as 24/7 concierge, and travel insurance. But where this credit card really goes the extra mile is by offering special benefits such as travel insurance covering you for trips up to 48 days and mobile device insurance, luxury hotel collection, wine country program, and visa infinite dining series.

Click here for more details about the Meridian Visa Infinite Cash Back Card

Best for recurring bill payments

TD Cash Back Visa Infinite Card

TD Cash Back Visa Infinite

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on TD Bank’s website

Welcome Offer: 10% Cash Back on all purchases for the first 3 months up to a total spend of $2,000 + First year fee waived.

Earn Rate: 3% cash back on eligible grocery, gas, drugstores and recurring bills. 1% back for every $1 spent on all other purchases.

Annual Fee: $120

Min. Income Required: Personal $60,000 or Household $100,000

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Welcome offer: While this card doesn’t offer as high a cash back rate as the first two cards, it has one of the largest welcome bonuses of any other cash back card on the market. For the first 3 months of usage, you’ll get 10% cash back in all categories of spending, up to a total spend of $2000. Basically, you’ll get $200 back for your first $2000 spend with the card.

Cash back rate: While gas and grocery purchases are only 3% cash back, the TD Cash Back Visa Infinite Card also offers 3% cash back for recurring bill payments, which is a higher earn rate offered than most cash back cards in this category. On all other purchases, you’ll earn 1% back.

Perks, benefits, insurance: The TD Cash Back Visa Infinite Card also comes with TD Auto Club Assistance package. This is comparable to BCAA and covers you for road-side disasters such as dead battery, tire changes, gas delivery, $200 in towing, $200 in emergency transportation, and more. The travel insurance itself isn’t great as you only get travel medical and delayed or lost baggage insurance for the first 10 days, but if you’re someone who doesn’t fly a lot and prefers road trips, this card is a perfect fit.

Click here for more details about the TD Cash Back Visa Infinite Card

Best for travel & foreign purchases

Rogers World Elite Mastercard

rogers world elite mastercard

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on Rogers Bank’s website

Welcome Offer: $25 in cash back.

Earn Rate: 1.75% cash back on all your purchases, and 2% back for any purchases on Rogers products or services. 4% on purchases made in foreign currencies.

Annual Fee: $0

Min. Income Required: Personal $80,000 or Household $150,000

Cash back rate: With the Rogers World Elite Mastercard, you’ll earn 1.75% cash back on all your purchases, and 2% back for any purchases on Rogers products or services. That number isn’t great compared to the other cards, but where this card shines is foreign purchases. Instead of offering no FX fees on foreign purchases, it actually gives you cash back. You get a whopping 4% cash back on all purchases made in foreign currencies. Once you factor in the 2.5% exchange fee, that means you’ll earn 1.5% cash back. Most credit cards don’t offer cash back for purchases in foreign currencies, so this card is great for travellers, and people who make a lot of online purchases in USD.

Welcome bonus: You get $25 in cash back when you make your first card purchase within 3 months of receiving your card.

Perks, benefits, insurance: The Rogers World Elite Mastercard doesn’t offer too much in terms of perks or benefits. The main attraction is the no annual fee, and cash back rate on foreign purchases. The card comes with basic travel assistance and insurance, but you’re only covered for the first 10 days.

Click here for more details about the Rogers World Elite Mastercard

Best flat-rate card with easy approval

SimplyCash Preferred Card from American Express

Apply Now

on American Express’ website

Welcome Offer: 5% cashback in your first 6 months (up to $300).

Earn Rate: Flat rate of 2% back on purchases when your welcome period ends.

Annual Fee: $99

Min. Income Required: $0

Cash back rate: The SimplyCash Preferred Card from American Express makes our top cash back credit card list because they offer an initial 5% cash back for the first 6 month of use (up to $300 max received in rewards), and you don’t need a minimum income requirement to apply. After the first 6 months, it offers one of the best flat rates on all categories of spending at 2% back, making this one of the most versatile cash back cards on the market. There’s no cap on the amount of cash back you can earn and there’s a special perk that you can get an extra $150 of cash back for each friend you refer. And, if you want to get an additional card, you won’t need to worry about an annual fee.

Perks, benefits, insurance: The travel insurance offered by The SimplyCash Preferred Card is also really good compared to some of the other cash back cards. You can get $100,000 in travel accident insurance, $5 million coverage for emergency medical (for the first 15 days), flight and baggage delay, car rental theft and damage, and lost or stolen baggage insurance. You’ll also get access to American Express Invites, which gives you special access to shopping and entertainment offers, and front of the line access to promoted concerts, theatre productions, restaurants and special events.

Learn more about The SimplyCash Preferred Card

Best for flexible cash back

Tangerine Money-Back Credit Card

tangerine credit card

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on Tangerine’s website

Welcome Offer: choose up to 3 categories and receive a 4% cash back on those for the first 3 months.

Earn Rate: 2% cash back on your selected categories, and 0.5% on everything else.

Annual Fee: $0

Min. Income Required: Personal $15,000

Cash back rate: The Tangerine Money-back Card offers a unique way to earn money back on your purchases. You’ll be able to pick and choose what you’d like to get the most cash back on, making this the most flexible cash back credit card. You can choose up to 3 categories and receive a 4% cash back on those for the first 3 months. After that, you’ll earn 2% on your selected categories, and 0.5% on everything else. And, there’s no limit on the amount of cash back you can earn on everyday purchases.

Perks, benefits, insurance: The Tangerine Money-back Card is strictly a cash back card, and doesn’t come with any benefits or travel insurance. However, it’s still one of the most popular cards in Canada because of its high earn rate in whatever categories you prefer, and no annual fees. Another interesting perk from this credit card is that if you have an owing balance on another credit card with a higher interest rate, you can transfer it to the Tangerine Money-Back card and pay a lower interest rate of 1.95% for up to 6 months. A balance fee of 1% of the amount transferred will apply.

Click here to learn more about the Tangerine Money-Back Credit Card

Honorable mentions

BMO CashBack World Elite Mastercard

BMO CashBack World Elite Mastercard

Apply Now

on BMO’s website

Welcome Offer: 5% cash back in your first 3 months + First year fee waived.

Earn Rate: Get 1.5% cash back on all purchases.

Annual Fee: $120

Min. Income Required: $80,000 personal or $150,000 household

Read review

Cash back rate: The BMO Cash Back World Elite Mastercard doesn’t offer the highest earn rates. For the first 3 months, you’ll get 5% cash back on all purchases as a welcome bonus. After that, you get 1.5% cash back on all credit card purchases.

Perks, benefits, insurance: Where this card shines is the perks and benefits when travelling. You get complimentary membership in Mastercard Airport Experiences provided by LoungeKey, as well as exceptional travel medical insurance with coverage up to 2 million dollars, 25% discount on car rentals, concierge service, and like the TD cash back card, this card offers a complimentary roadside assistance program.

Click here to learn more about the BMO Cash Back World Elite Mastercard

SimplyCash Card from American Express

Apply Now

on American Express’ website

Welcome Offer: 2.5% cashback in your first 3 months (up to $150 cashback).

Earn Rate: Flat rate of 1.25% back on purchases when your welcome period ends.

Annual Fee: $0

Min. Income Required: $0

Cash back rate: The Simply Cash card is like the Simply Cash Preferred card, but there’s no annual fee. So as you might expect, the benefits are thinner. But you still get a chance to make a decent cash back with a 2.5% cash back on all purchases for the first 6 months (up to $150 cash back). After your first 6 months, you’ll earn 1.25%.

Perks, benefits, insurance: This card offers decent insurance. You can get $100,000 in travel accident insurance, as well as some shopping insurance like buyer’s assurance protection and purchase protection. These are good to have if you’re buying more expensive, harder to replace items. ou’ll have the option to make a balance transfer at the time of application with a promotional interest rate of 1.99% for 6 months.

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