What are the Cash Back Credit Cards?

As we all know, Cash Back Credit Cards works the same way like any others, only thing is, they give you back a certain amount of money that you spend on it.

Sometimes it can be 1% or 2%. What to say, there some awesome cards offer 4% cash backs for a limited time.

Let me break that down in detail about the Best Cash Back Credit Cards in Canada.

I don’t want to keep you waiting. I do have a list of the Best Cash Back Credit Cards here.

Summary of the Best Cash Back Credit Cards in Canada.

Premium Cash Back Credit Cards (Annual Fee)

  1. Scotiabank Momentum VISA Infinite Card.
  2. MBNA Rewards World Elite MasterCard.
  3. BMO Cash Back World Elite MasterCard.

No-Annual Fee Cash Back Credit Cards

  1. Tangerine Money-Back Credit Card.
  2. Simply Cash Card from American Express.
  3. BMO Cash Back MasterCard.

This is the list of the Best Cash Back Credit Cards in Canada.

But, when I looked at the other websites, that talks about Credit Cards, I realized that it is really important to categorize these Cards again. As what?

You know, there are people out there who really don’t want to lose any money with their Credit Card. Saving each penny they could, is their ultimate goal.

That thought kicked me to this categorizing part. I realized that it is essential to categorize the Cash Back Credit Cards as offered “with Annual Fee and without Annual Fee”.

Best Annual Fee Cash Back Credit Cards in Canada

Even though you have to pay an annual fee, I must tell you, some of these Premium Credit cards offer the best Cash Back deals.

You pay more, you get more value. That is the way it works.

Summary of “Annual Fee Cash Back Credit Cards in Canada”

(Or Cash Back Credit Cards with Annual Fee).

  1. Scotiabank Momentum VISA Infinite Card.
  2. MBNA Rewards World Elite MasterCard.
  3. BMO Cash Back World Elite MasterCard.

Let me explore them in detail for you

As we discussed before, these Premium Cards offer you great deals, even though they charge you an annual fee for that.

Some of them comes with great promotional offers for a limited time and some with flat rates.

So, let me start with;

#1 Scotia Momentum Visa Infinite Card

Scotia Momentum Visa Infinite Card is the Best Premium Cash Back Credit Card in Canada.

You will see why it is.

Key things about Scotia Momentum Visa Infinite Card

Cash Back Rate: Scotia Momentum offers different cash back rates at different category.

Don’t worry, they knew what you need. If you take a look at the rates, you will understand why.

Scotia Momentum Visa Infinite Card offers;

  • 4% for Gas Stations.
  • 4% for Grocery Stores.
  • 2% for Drug Stores.
  • 2% on recurring bill payments.
  • Plus 1% on everything else.

These are great rates if you compare it with others.

This card would be a great choice to your daily life usages, but not for big purchases out of these categories.

Annual Fee: $99.

But you don’t have to pay the first year annual fee, that comes with the sign-up bonuses.

Sign-up Bonuses: An Introductory 1.99% on Balance Transfer for the first six months. Also, like I mentioned above, first year annual fee waivers – that is cool.

The Balance Transfer offer is a great opportunity to get rid of your Credit Card debts if you already have any.

Months ago, I have posted an article about “ways to clear debts on Credit Cards with balance transfer”.

Surprisingly, when you check the “eligibility to get approved”, the income requirements are less compared to any other premium cash back credit cards out there.

You must have a minimum personal income of $60,000 or household income of $100,000 to get approved – that is great.

And if you qualify, the chances are higher to get a minimum credit limit of at least $5,000.

Why should you get a Scotia Momentum Visa Infinite Card?

As compared to any other premium cash back credit cards in Canada, Scotia Momentum Visa Infinite Card offers the best deals for common people.

As the eligibility requirements are less, compared to others in this category, that you can see later on in this article.

You get the maximum cash back value from where you spend more money and that is what you want right?

Most of our spending is on grocery for sure, then, on gas if you have a car, and then recurring bills comes in many forms.

If you are a person who lives a common lifestyle, then getting the maximum cash back rates on these categories would be great to you.

Some of the perks are;

  • Travel Emergency Medical Insurance (Up to 1 Million).
  • Trip Interruption Insurance.
  • Delayed and Lost Baggage Insurances.
  • Flight Delay Insurance.
  • Rental Car Collision Loss Damage Insurance.
  • Travel Accident Insurance.
  • Purchase Protection.
  • Save on Car Rentals.

#2 MBNA Rewards World Elite MasterCard

I have talked a lot about different MBNA Credit cards in my previous articles.

If we choose a list of Credit Cards in any category, there will be an MBNA MasterCard for sure.

They have the number one Balance Transfer Credit Card offer, Best Reward Program and finally one of the best Student Credit Cards in Canada.

Now, we are going to talk about the Cash Back Credit Card from MBNA.

See.

That is why TD Bank still holding the number one MasterCard issuer position in Canada since they acquired MBNA.

Key things about MBNA Rewards World Elite MasterCard

Annual fee: $89

Cash Back rates: You get 2 reward points for each $1 you spend. That gives you a value of 2% cash back for each $1 in all eligible purchases unlimited.

There is no special spending categories or tiers defined to earn points and you can redeem your benefits whenever and however you want (either Cash Back or Travel).

Sign-up Bonuses: You get 10,000 bonus reward points after your first eligible purchase.

Do you know how much that 10,000 reward points worth? That is a $100 value if you redeem it for cash back or travel.

Yes, travel too.

That is the coolest thing about MBNA Reward program. For each $1 you spend on your World Elite MasterCard, you get 2 reward points. And, that you can redeem as either Cash Back or Travel rewards.

That means, if you make a list of the best Travel Credit Cards in Canada, this Card will definitely come into the picture.

Why should you get MBNA Rewards World Elite MasterCard?

In short,

  • You can use it as a Cash Back Credit card and Travel Credit Card as well. The ability to redeem your points either ways, makes it more comfortable to use.
  • It gives the best flat cash back rate in the market that is 2%. And there are no limits, you can earn as much as points you can in any category.
  • A Great welcome bonus worth $100, that is pretty good.
  • Additional benefits such as;
    • Rental Vehicle Collision Damage Waiver Benefits.
    • Travel benefits such as Lost Document and Ticket Replacements, Luggage assistance and travel assistance.
    • Extended warranty and purchase assurance.

What else you want from a Cash Back Credit Card?

But, before we move on to the next section, I need to mention one competitor of MBNA in the Premium Cash Back Credit Card Category.

Even though this card has no competitive cash back rates compared to MBNA and Scotia, it does offer some great perks, that most of you would like.

Let’s dive into that.

#3 BMO Cash Back World Elite MasterCard

BMO competes with MBNA in the Cash Back category with this particular card.

As you can see, it has a similar name and pretty much the same features as the MBNA World Elite Card, that you will see later on.

The reason why MBNA is better (as per my research), is the 2% cash back value offered by MBNA reward program, whereas BMO offers 1.75% cash back, which is a little bit less than what MBNA offers.

Also, the cost of Annual Fee is a little bit more expensive than MBNA and Scotia Momentum card.

Let me show you the features of this Card in detail.

Key things about BMO Cash Back World Elite Card

Annual Fee: $120 and that is not so cool.

Cash Back Rate: 1.75% cashback on all purchases without any restrictions.

Sign-up Bonuses: You get up to $150 in cash back bonuses.

I know you want me to compare BMO with MBNA

I want to show you some of the no cool features of BMO World Elite Card, when it comes to a comparison with MBNA card.

First thing is, of course, the annual fee, which is pretty high.

Secondly, BMO card requires a minimum personal annual income of $80,000 or $150,000 household income, whereas MBNA requires $70,000 (personal) or $120,000 (household).

For me, it is a huge difference, I don’t know about you.

Another thing that I noticed is, BMO offers a Complimentary Road Side Assistance Program, which I could not find anywhere else.

That includes free battery boosts, flat-tire change, lockout service and towing that worth a $69/year value.

Why do you need to Compare it with Rogers Platinum MasterCard?

There is one reason to pull Rogers Platinum MasterCard into the competitor list here.

That is the Cash Back rates offered by Rogers Platinum MasterCard.

It is 1.75% which is same by BMO and the coolest thing is that, you pay annual fee only $29 whereas BMO charges you $120.

Why should you get a BMO World Elite MasterCard?

Now you see that, BMO holds 2 steps below, when you compare it with MBNA World Elite MasterCard, in terms of cash back rate, annual fee and eligibility requirements.

Nonetheless, it has some advantages when it comes to the perks it offers. But it always your choice to find the best one for you.

Next, let me show you,

The Best No-Annual Fee Cash Back Credit Cards in Canada.

What do they offer to you?

It is already in their names, no-annual-fee cash back credit cards.

You pay, absolutely no annual fee to get the cash back benefits. Let’s dive into the details.

Summary of “No Annual Fee Cash Back Credit Cards in Canada”

  1. Tangerine Money-Back Credit Card.
  2. Simply Cash Card from American Express.
  3. BMO Cash Back MasterCard.

These are the best cash back credit cards in no-annual fee category.

Let’s learn more about each of them in detail and find the best one for you.

#1 Tangerine Money Back Credit Card 

I can undoubtedly say that; Tangerine Money Back Credit Card holds the number one position in the no-annual fee category.

The funniest part is that Tangerine has only one Credit Card so far, and they put the best into it.

Let us check,

Key things about Tangerine Money Back Credit Card

Of course, there is No annual fee, that I’m not going to mention again and again in this category.

Cash Back Rate: 2% Money-Back Rewards on chosen category and 1% Money-Back Rewards on all other purchases.

Yes, you can just choose the categories from the account, as you like.

That makes the Tangerine Money-Back Credit Card unique among all credit cards out there.

Sign-up Bonuses: Tangerine offers a great chance to earn 4% Money-Back rewards for the first 3 months in your chosen category – that is cool.

2% cash back – How it works?

This is another key point.

In reality, this might be hidden to at least some of you.

Let me clear that for you.

It is important to realize that, in the 2% Money-Back category, you can have only 2 choices.

But, if you are willing to deposit your Money-Back rewards to a Tangerine Savings account, you get the third 2% category.

In short, it is not a big deal as long as you deposit the Money-Back Rewards to your Tangerine Savings account.

Income Requirements: I don’t see any minimum income requirements anywhere. Anything that found will be included here.

Why should you get a Tangerine Money-Back Credit Card?

Tangerine is in the first place when it comes to No-Annual Fee Cash Back Credit Cards in Canada.

In reality, the 2% categories – makes it more comfortable to use.

Because you know where you spend all your money, right?

If you do, then why not just save something from that. For that purpose, Tangerine Money-Back Credit Card is the Best.

You can fine-tune your savings with it.

I personally have used Tangerine Money-Back Card myself and I’m a satisfied user of it.

#2 Simply Cash Card from American Express

Key things to know about Simply Cash Card from American Express

Sign-Up Bonuses: Up to 5% cash back in the first 6 months.

(A maximum of $250 cash backs from eligible purchases at gas stations, grocery stores and restaurants in Canada.)

Once your bonus rate ends, you can get 1.25% cash back on all purchases.

The coolest thing is that it offers supplementary cards for no annual fees.

Also, if you really want to balance transfer at time of online application, you can get 0% rate for the first six months.

Moreover, there is a chance to win some bonus cash backs if you refer your friends to Amex.

You know what, you can get up to $100 per each approved referral. You can refer up to 15 people a year and make up to $1500 cash back bonus – That is cool I guess.

Why should you get Simply Cash Card from American Express?

If you are not bothering about long term benefits and want to get the best even for a short period of time, this card would be a great option.

Because, it gives you up to 5% on cash back for the first six months, and even after that you get 1.25%, that also a competitive rate in the No-Annual Fee Cash Back category.

Coolest thing- Refer your friends and get $100 for each approved referral, is a great way to make up to $1500 in a year.

If you have a great friend circle, this would be a great opportunity to make some money. 

Before you choose your Cash Back Credit Card

You need to make sure, you got the perfect card for your use.

How do you do that?

That is not a big deal. Just figure out, what exactly you want.

I can give you some examples.

Are you looking to;

  • Save as much as you can, with the best cash back credit card, no matter how long?
  • A long term use of great cash back credit card?
  • Get the best deal for a long time, never mind paying an annual fee?
  • A Great Cash Back Offer in a Special Category?

Any one of these in your mind?

Then, I can suggest you the Best Cash Back Credit Card that matches your needs.

If you are looking to;

*Save as much as you can, with the best cash back credit card, no matter how long? 

I know, some people look for the best deals, even though it is for a short period.

For those, Tangerine Money-Back Credit Cards would be a great choice.

Reasons are; You can choose 3 different categories that give you 4% cash backs for the first 3 months.

Afterward, you get 2% cash backs on those categories, which is great.

*A long term use with great cash back credit card?

As you all know, most of these Cards offer promotional rates for a limited time. After that, the rates will drastically cut down.

If you are looking for a long term use of Cash Back Credit Cards, you must see;

Summary of the Best “Flat Rate Cash Back Credit cards in Canada”

  1. Simply Cash Card from American Express.

  2. MBNA Rewards World Elite MasterCard.

These flat rate credit cards offer the same rates for long term and without any limits on collecting cash backs.

* Get the best deal for a long time, never mind paying annual fee?

No doubt, Scotia Momentum Infinite Visa Card.

*A Great Cash Back Offer in a Special Category?

Roger’s Platinum MasterCard is one of the best specialty Credit Card. It gives you 1.75% cash back on all purchases and a 4% cash back on foreign currencies.

In Conclusion

What was the Goal?

The main intention of this article was not to give you a massive list of cash back credit cards in Canada.

My intention was to introduce you to The Best Cash Back Credit Cards out there so that you can easily pick one from them without any confusion.

And I hope that I stick to the point from start to end.

The “Best Cash Back Credit Card in Canada” – Our Pick

This is just our opinion and it is based on our experience using the cards.

We think, in the No-Annual Fee Cash Back Credit Card Category, Tangerine Money-Back Credit Card is the best.

And in the Annual Fee Cash Back Credit Cards Category, Scotiabank Momentum VISA Infinite Card is our best pick.

Now, it is your turn to decide.

If you have any questions or suggestion, please write us on the comment section.

 

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