Best Cash-Back Credit Cards in Canada
Groceries, gas and subscriptions can make a cash-back card pay off quickly. But the highest advertised rate doesn't always leave you with the most money. Fees, spending caps and where you shop matter equally as much. Our top pick is the SimplyCash Preferred Card from American Express for its strong everyday return.
Summary: Best cash-back credit cards in Canada
| Card | NerdWallet rating | Choose for: | Apply Now |
|---|---|---|---|
| BMO CashBack® World Elite®* Mastercard®* | APPLY NOW on BMO's website | ||
 APPLY NOW on BMO's website | 5.0/5 | A $500 grocery shop plus transit | |
| TD Cash Back Visa Infinite* Card | APPLY NOW on TD's website | ||
 APPLY NOW on TD's website | 5.0/5 | Auto-focused perks with cash-back | |
| Neo World Elite® Mastercard* | APPLY NOW on Neo's website | ||
 APPLY NOW on Neo's website | 4.5/5 | Groceries above $500 a month | |
| SimplyCash® Preferred Card from American Express | APPLY NOW on American Express' website | ||
 APPLY NOW on American Express' website | 5.0/5 | High base rate with bonuses in popular categories | |
| Scotia Momentum® Visa Infinite +* Card | APPLY NOW on Scotiabank's website | ||
 APPLY NOW on Scotiabank's website | 5.0/5 | Putting subscriptions and bills on autopay | |
| Simplii Financial™ Cash Back Visa Card | APPLY NOW on Simplii Financial™ 's website | ||
 APPLY NOW on Simplii Financial™ 's website | 5.0/5 | Eating out without paying an annual fee | |
Neo Chequing Account
Make the most of your cash back with an account that helps you manage, save and spend your rewards. No minimum balance, $0 monthly fee. The more you keep in Neo Chequing, the more cashback you earn. Up to 1% on gas and groceries. FOR A LIMITED TIME: Get a $100 bonus when you sign up through NerdWallet Canada. Tap 'Apply Now' to get started.Best overall cash-back credit card
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cash back on eligible gas station purchases in Canada.
Cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually).
Cash back on all other purchases.
Getting 2% back on everything is very rare, which makes this card one of our favourites. It also offers 4% back on gas and groceries, comes with comprehensive travel coverage and offers up to $60 in statement credits with Instacart. But the $119.88 annual fee ($9.99 a month) may be too steep for some users. Best for: People who value earning cash back over extensive travel perks.
Pros
- Unlimited 2% cash back.
- Up to $60 statement credit with Instacart.
- Comprehensive travel insurance.
Cons
- $119.88 annual fee is higher than average for a cash-back card.
- Earn a bonus 10% cash back on all purchases for your first 3 months (up to $2,000 in purchases). Plus, earn a $50 statement credit when you make a purchase in month 13. This could add up to $250 in bonus value in your first 13 months.
- Earn accelerated earn rates on eligible gas and grocery purchases.
- Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually) and 2% cash back on all other purchases.
- Access events and special offers curated for Cardmembers with Amex Experiences™
- Extensive insurance coverage and 24/7 Customer Service.
- American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment
Why we like it:
We rate the SimplyCash® Preferred Card from American Express as the best cash-back credit card in Canada because it pairs a rare 2% back on all eligible purchases with 4% back on gas and groceries, without rotating categories or complicated tiering.
This card is built for people who want strong cash back without managing multiple categories. The flat base rate does the heavy lifting across most spending, while the boosted gas and grocery rates add meaningful upside.
Good for: Someone who wants one strong cash-back card and does not mind paying an annual fee.
Not ideal if: You want to avoid an annual fee or you frequently shop at merchants that do not accept American Express.
Cash back for everyday spending
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Cash back at eligible grocery stores, gas stations and EV charging stations.
Cash back on other eligible purchases.
Uncapped grocery and gas rewards, no annual fee and no foreign transaction fees make this an absurdly appealing everyday card. The first-year cash-back match effectively unlocks 6% on groceries, without limits. That’s bonkers. You just need to qualify for the card’s higher income requirement.
Pros
- No annual fee or foreign transaction fees.
- Uncapped 3% cash back on eligible groceries, gas and EV charging.
- Check whether you’re pre-approved without affecting your credit score.
- Includes rental car, flight delay and baggage coverage.
Cons
- Walmart and Costco purchases don’t qualify for the grocery bonus.
- Requires $80,000 in personal income or $150,000 in household income.
- No travel emergency medical, trip cancellation or trip interruption insurance.
- Earn unlimited 3% cash back at eligible grocery stores, gas stations and EV charging stations, and 1% on other eligible purchases.
- Pay no annual fee or foreign transaction fees.
- Eligible new cardholders receive a dollar-for-dollar match of cash back earned during their first 365 days.
- Redeem rewards as a statement credit through online banking, the mobile app or customer service.
- Use Capital One Quick Check to see whether you’re pre-approved before submitting a full application, with no impact to your credit score.
- Includes purchase assurance, extended warranty, rental car, flight delay, baggage delay, lost baggage and common carrier travel accident insurance. Coverage requirements and exclusions apply.
- Purchase, balance transfer and cash advance interest rate: 20.9%.
- Minimum annual income: $80,000 personal or $150,000 household.
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Cash back on everything: no categories to track, no cap.
The Wealthsimple Visa Infinite+ Credit Card is one of Canada’s strongest flat-rate cash-back cards if you can avoid the fee. You’ll earn 2% cash back on eligible purchases, pay no foreign transaction fees and get a useful package of travel and purchase insurance.
Pros
- Earn 2% cash back on eligible purchases.
- No foreign transaction fees.
- Cash back can be deposited into eligible Wealthsimple accounts.
- Includes travel, purchase and mobile phone insurance.
Cons
- High eligibility requirements.
- No traditional welcome bonus.
- Earn 5% cash back for your first 35 days on the first $10,000 net purchases, then 2% every month after. No complex categories.
- No fees – No annual fee (if you have $100K with us, or a qualifying direct deposit) no FX fees
- Premium insurances and benefits, plus 24/7 travel concierge and access to 1,200 airport lounges, and lifestyle perks like Visa’s Luxury Hotel Collection benefits, the Visa Infinite Dining series events and access to prime-time reservations
- Insurance benefits - Out-of-province travel medical insurance ($1MM); Trip cancellation/interruption insurance (up to $3,000 per trip); Delayed and lost baggage insurance (up to $1,000 per trip); Flight delay insurance; Purchase protection; Mobile phone insurance; Extended warranty; Fraud protection
- Metal card & no digital tap limit
- Free 15-day, 1GB global mobile data plan with Gigsky
- Protection + Security – lock your card instantly, view and change your pin in app, and get notified for every transaction
- Airport lounge access: Enrollment in Visa Airport Companion Program
- Access to prime-time reservations at top-tier restaurants via OpenTable
Groceries, bills and commuting
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Cash back on groceries.*
Cash back on transit including ride sharing, taxis and public transportation.*
Cash back on gas and electric vehicle charging.*
Cash back on recurring bill payments.
Cash back on all other purchases*.
A category-strong cash-back card that shines on essential spending categories, including a whopping 5% back on groceries, 4% on transit and 3% on gas. Lofty annual income criteria could be a dealbreaker, though. Best for: Canadians who spend big on groceries or commutes seeking simple cash-back returns.
Pros
- Redeem cash back at any time.
- Discounted airport lounge access for $32 USD per visit.
Cons
- $80,000 individual or $150,000 household annual income requirement.
- Get up to $650 in value and the annual fees waived in the first year. Plus, get a 0% introductory interest rate on Balance transfers for 12 months with a 2% transfer fee.*
- Earn more cash back on the categories that mean the most: 5% on groceries.* 4% on transit including ride sharing, taxis and public transportation.* 3% on gas and electric vehicle charging.* 2% on recurring bill payments like your monthly phone bill or favourite streaming service.* 1% unlimited cashback on all other purchases.*
- Extended warranty and purchase protection*
- Complimentary membership in Mastercard Travel Pass provided by DragonPass.*
- Complimentary Roadside Assistance Program*; Including battery boosts, flat-tire change, lockout service and towing – a $75/year value.
- BMO CashBack World Elite Travel and Medical Protection.*
- Unlock Mastercard Travel Rewards cashback offers when you travel and shop outside of Canada.
- Enjoy six months of Instacart+ and a $10 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
- *Terms and conditions apply.
- BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
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Cashback on groceries.
Cashback on recurring payments.
Cashback on gas & electric vehicle charging.
Cashback on everything else.
Neo’s top-tier cash-back Mastercard earns 5% on groceries, 4% on recurring payments, 3% on gas and electric vehicle charging, and 1% on everything else. Boosted offers at participating Neo partners can pay as much as 15% cash back. The card also comes with broad travel insurance and a DragonPass airport lounge membership, though each lounge visit costs $32 USD. Its $149 annual fee and $80,000 personal income requirement may put it out of reach for some applicants. Best for: Travellers who spend heavily on groceries and prefer cash back to travel points.
Pros
- High $1,000/month spending caps on top earn rates.
- Robust travel insurance.
- Secured option available.
Cons
- Interest rates can reach 29.99%, depending on credit history.
- Steep $80,000 minimum income requirement.
- Majority of travel insurance not available in Quebec.
- 5% cashback on groceries
- 4% cashback on recurring payments
- 3% cashback on gas & electric vehicle charging
- 1% on everything else
- Up to 15% boosted cashback at thousands of partners across Canada - on top of base cashback rates
- Mastercard Zero Liability
- Extended Warranty
- Purchase Protection
- Auto Rental Collision Loss Damage Coverage
- Rental Car Theft, Damage, Accident, Personal Effects Coverage
- Out-of-Province & Country Emergency Medical Coverage
- Trip Interruption & Cancellation Coverage
- Flight & Baggage Delay Coverage
- Hotel & Motel Burglary Coverage
- World Mastercard Benefits including discounting with participating partners and DragonPass airport lounge access.
- Premium insurance coverage
- Track your monthly spending with real-time insights
- Instant cashback that can be redeemed anytime
- Pay your bill instantly with Neo's #1 rated financial app
- Also available as a secured credit card for those looking to build their credit history in Canada
- International IDs accepted
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Cash back on every $1 you spend on grocery store purchases, recurring bill payments, and subscription purchases.
Cash back on every $1 you spend on gas, daily transit purchases, and food delivery.
Cash back on all other purchases with no cash back limit.
Strong grocery rewards and travel insurance make this card useful for everyday spending and occasional trips. Earn up to $1,000 back annually on $25,000 in eligible groceries and subscriptions, and redeem your cash back anytime, starting at $25.
Pros
- High 4% cash-back rate on eligible groceries and subscriptions.
- Comprehensive travel insurance and mobile device coverage.
- Cash-back redemptions available anytime, with a $25 minimum.
Cons
- The $120 annual fee is higher-than-average for a cash-back card.
- The 4% and 2% bonus rates each drop to 1% after $25,000 in annual category spending.
- Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases).¹ Plus, get a 0% introductory interest rate on balance transfers for the first 12 months (2% fee per cash advance, 22.99% after that). And, no annual fee in the first year, including on additional cards.¹
- No annual fee in the first year, including on additional cards.¹
- 4% for every $1 you spend on grocery store purchases, recurring bill payments, and subscription purchases.
- 2% for every $1 you spend on gas and daily transit purchases.
- 1% cash back on all other purchases with no cash back limit.
- Visa Infinite* Concierge Services
- Visa Infinite* Hotel Collection
- Visa Infinite* Dining and Wine Country program
- Comprehensive Travel Insurance & New Mobile Device Insurance coverage
- New 2% Cash Back earn category: You will earn 2% on all eligible purchases of Food Delivery¹.
- Get up to 7¢/L in value on fuel purchases at Shell stations*
- Rates, fees and other information are effective as of July 2, 2026. Subject to change.
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Cash back on all purchases², with no limit to the total cash back you earn¹.
This card earns a straightforward 1.5% back on everything — taking away the need to strategize your spending habits around earn rates. That said, there’s no travel coverage, and steep income criteria make it tougher to qualify for. Best for: Anyone seeking an uncomplicated cash-back card.
Pros
- Moderately low $99 annual fee.
- Straightforward 1.5% back on everything.
- Discounted airport lounge access for $32 USD per visit.
Cons
- No travel insurance.
- High $80,000 individual or $150,000 household annual income requirement.
- Get 15% extra cash back on your first $2,000 in spend for 3 months. Apply by March 1, 2027.¹
- Earn UNLIMITED cash back¹³ – Earn 3% cash back on groceries, dining, and food delivery¹. Earn 3% cash back on gas, EV charging, rideshare, and transit¹. Earn 3% cash back on streaming and digital gaming¹. Earn 1% cash back on all your other everyday purchases¹.
- Get exclusive access to The Mastercard Collection, experience exceptional global access to dining, entertainment and travel benefits⁷.
- Shop, dine and relax with partners to receive Mastercard Travel Rewards cash back offers⁸. Simply use your RBC Cash Back Preferred World Elite Mastercard when you travel outside Canada.
- Mastercard Travel Pass provided by Dragon Pass Membership gives you access to 1,300+ airport lounges worldwide, and access to exclusive offers from luxury retailers⁹.
- Save 3¢/L on fuel and earn 20% more Petro-Points when you pay with an eligible linked RBC Credit Card³
- Get 3x Canadian Tire Money when you link your eligible RBC card to your Triangle Rewards account, scan your Triangle Rewards card and pay with your linked RBC card⁴
- Link your RBC Credit Card and earn 50 Be Well™ points on every $1 spent on eligible purchases at Rexall⁵
- Add your RBC Credit Card to your DoorDash account and get a free 12 month DashPass subscription⁶
- Out of Province/Country Emergency Medical Insurance²
- Flight Delay and Delayed Baggage Insurance²
- Mobile Device Insurance²
- Purchase Security and Extended Warranty Insurance automatically protects eligible card purchases against loss, theft or damage for up to 120 days, and triples the manufacturer’s original Canadian warranty for up to two years.
- Protection for your rental car with Auto Rental Collision/Loss Damage Waiver Insurance.
- Corresponding legal references and product terms are available on the RBC website, which will be available and agreed upon in the customer onboarding process.
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Cash back on gas & electric vehicle charging.†
Cash back on groceries.†
Cash back on dining.†
Cash back on transportation.†
Cash back on recurring payments.†
Cash back on everything else.†
Earn attractive cash-back rates of up to 4% on groceries, gas and EV charging, but you’ll net less value once you hit the spending caps or venture outside the bonus categories. Best for: Cost-conscious households that spend big on fuel and groceries, seeking flexible cash-back rewards.
Pros
- Generous cash back rates of up to 4%.
- Car rental discounts of up to 35% with Avis and Budget.
- Gas discounts of up to 10 cents per litre at Pioneer, Fas Gas, Ultramar and Chevron stations.
Cons
- Limited travel insurance coverage.
- Higher than average $120 annual fee for a points card.
- Welcome Offer: Join and earn up to $400 in value including a first year annual fee rebate.† Here's how you can earn up to $400 in value: Earn a 10% cash back welcome bonus of up to $250 (first 4 statements†). A $50 cash back bonus for setting up one pre-authorized payment within the first 4 monthly statements.† First year annual fee rebate valued at $120.†
- After that, get 4% cash back on eligible gas, EV charging, and grocery purchases.†
- 2% cash back on eligible transportation, dining purchases and recurring payments.†
- 1% cash back on all other purchases.†
- Get cash back on demand - redeem your cash back at any time when you have a minimum of $10 through CIBC Online and Mobile Banking®.†
- Get a free Skip+ membership when you link your eligible CIBC credit card. Plus, enjoy $0 delivery fees and earn a $10 monthly voucher.†
- Fuel up for less - Link your card with Journie Rewards to save up to 10 cents per litre at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.†
- Get 50% off Disney+ for 6 months - Use an eligible CIBC credit card to pay for your Disney+ Standard with Ads subscription, and automatically receive $4.50 each month in statement credits.†
- This is a digital-exclusive offer.† To be eligible for this offer: 1) this offer must have been directly communicated to you from CIBC or from a partner/affiliate; and 2) you must apply for the eligible card through the link provided in the CIBC or partner/affiliate communication to you.† This offer is reserved for you. Please do not forward it to anyone else.
- CIBC may approve your application, but you are not eligible to receive this Offer if you have opened, transferred or cancelled another Dividend card within the last 12 months.†
- †Terms and Conditions Apply. Select Apply Now to learn more.
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Cash back on all purchases for the first 3 months†.
Cash Back Dollars on Grocery, Gas & Electric Vehicle Charging, Public Transit Purchases†.
Cash Back Dollars on Recurring Bill Payments, and Streaming, Digital Gaming & Media Purchases†.
Cash Back Dollars on all other Purchases.†
This card offers a good selection of perks, such as travel insurance, rental car discounts and free roadside assistance. Plus, you can earn 3% on a range of everyday purchases — from groceries to digital gaming. But the insurance offerings are limited and the 3% earn rate is capped at $15,000 a year. Best for: Occasional travellers who want to earn accelerated cash back across multiple categories.
Pros
- Medical, baggage and car rental coverage.
- Free Deluxe TD Auto Club Membership.
- Solid 3% earn rate on everyday categories.
Cons
- Higher than average $139 annual fee for a cash-back card.
- 3% earn rate is capped at $15,000 per year.
- Earn up to $600 in value† including an Annual Fee rebate for the first year†. Conditions apply.
- 24/7 Emergency Roadside Assistance with Free Deluxe TD Auto Club membership†.
- Get an annual fee rebate for the first year†.
- To receive the first-year annual fee rebate for the Primary Cardholder, you must activate your Card and make your first Purchase on the Account within the first 3 months after Account opening. To receive the first Additional Cardholder first-year annual fee rebate, you must add your first Additional Cardholder while the offer is in effect.
- Offer may be changed, withdrawn, or extended at any time and cannot be combined with any other offer unless otherwise indicated.
- Earn 3% in Cash Back Dollars on Grocery, Gas & Electric Vehicle Charging, Public Transit Purchases†.
- Earn 3% in Cash Back Dollars on Recurring Bill Payments, and Streaming, Digital Gaming & Media Purchases†.
- Earn 1% Cash Back Dollars on all other Purchases.†
- Redeem your Cash Back Dollars to help pay down your Account balance whenever you please - the choice is yours!†
- Earn more at Starbucks: Link your eligible Card to earn more Starbucks Stars at participating Starbucks stores. Conditions apply.
- Your Cash Back Dollars never expire as long as your account is open and in good standing.
- Interest Rates: 21.99% on purchases and 22.99% on cash advances.
- Travel Medical Insurance† - Up to $2 million of coverage for the first 10 days. If you or your spouse is aged 65 or older, you are covered for the first 4 days of your trip. Additional top-up coverage is available.
- Delayed and Lost Baggage Insurance† - Up to $1,000 overall coverage per insured person toward the purchase of essentials such as clothes and toiletries if your baggage is delayed more than 6 hours or lost.
- Emergency Travel Assistance Services† - Help is just a call away. Toll-free access to help in the event of a personal emergency while travelling.
- Complimentary Visa Infinite* Concierge†: On call, 24 hours a day, seven days a week, to help you get the most from life whenever you travel, shop and use your Card.
- Emergency Road Services with Deluxe TD Auto Club Membership† is included with the product.
- To be eligible, $60,000 (individual) or $100,000 (household) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
- †Terms and conditions apply.
- This offer is not available for residents of Quebec.
- The Toronto-Dominion Bank (TD) is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete and current information on any TD product, please click the Apply Now button.
Custom categories and dining
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Cash back in two 2% categories of your choice.
Cash back on all your other everyday purchases.
The Tangerine Money-Back World Mastercard has the same flexible 2% cash-back structure as Tangerine’s regular Money-Back card, but adds mobile device and rental car coverage at no annual fee. It also includes a Mastercard Travel Pass membership and an annual FlexiRoam data benefit, though lounge visits cost extra and the card does not include comprehensive travel insurance. Its 0.5% base rate means it works best when your chosen categories cover a meaningful share of your spending. Best for: People who qualify and want flexible no-fee cash back with practical insurance perks.
Pros
- No annual fee.
- Choose up to three 2% cash-back categories.
- Mobile device and rental car coverage.
- Mastercard Travel Pass membership and FlexiRoam data benefit.
Cons
- Just 0.5% cash back outside chosen categories.
- Must have a Tangerine Savings Account to unlock a third 2% category.
- No comprehensive travel insurance.
- Get $120 with a Money-Back World Mastercard®* Spend $1,500 in your first 3 months to enjoy this Bonus. It’s the no annual fee Credit Card with the most cash back categories to choose from ††. Offer Expires November 30, 2026.
- Two Categories – 2% Money-Back Rewards on purchases in two categories of your choice. OR Three categories Deposit your Rewards into a Tangerine Savings Account and get a third 2% Money-Back category. 13 Categories to explore – Groceries, gas, and beyond, choose from 13 categories to suit your spending. And change them up every 90 days to match your purchases.◊
- 0.5% on everything else.
- With Mastercard Travel Rewards, you can unlock cashback offers and get a rebate applied directly to your statement, by using your Tangerine® Money-Back World Mastercard®* at select merchants that accept Mastercard while travelling outside of Canada.
- Save on the things you love with your Tangerine® Money-Back World Mastercard®*. Enjoy special benefits and offers from a growing lineup of on-demand apps and subscription services made available to you as a Tangerine® Money-Back World Mastercard®* cardholder.
- Make the most of your travel with Mastercard® Travel Pass Provided by DragonPass. Your complimentary membership gives you exclusive dining, retail and spa offers in over 650 airports worldwide, along with access to over 1,300 airport lounges at $32 USD per visit. Learn more at Mastercard® Travel Pass.
- Rental Car Collision/Loss Damage Insurance**: Damage and theft protection for your car rental when you rent for up to 31 consecutive days and charge the full cost of your rental to your Card.
- Mobile Device Insurance**: Protection on new cell phones, smartphones or tablets when you charge the full cost to your Card, or when you purchase it through a plan and charge all of your wireless bill payments to your Card. Covers up to $1,000 if your mobile device is lost, stolen, accidentally damaged or experiences mechanical failure.
- Preferred rates: 20.95% for purchases, 22.95% for cash advances (including balance transfers).
- To be eligible, a $50,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
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Cash back† for your first 3 months up to $1,000 in eligible spend on restaurants, dining, coffee shops, and bars.
Cash back on eligible restaurant, bar and coffee shop purchases up to $5,000 spend per year†.
Cash back on eligible gas purchases (up to $15,000 per year†).
Cash back on eligible grocery purchases (up to $15,000 per year†).
Cash back on eligible drugstore purchases (up to $15,000 per year†).
Cash back on eligible pre-authorized payments (up to $15,000 per year†).
Cash back on all other credit card purchases with no limit on how much you can earn†.
With no annual fee, no fees on global money transfers and up to 4% back on purchases, this card offers solid rewards for people on a budget. But the top cash-back rate of 4% on restaurants, bars and coffee shops is capped at $5,000 a year, which may be too restrictive for people who spend big on dining out. Best for: Foodies who send money overseas and don’t want to pay an annual fee.
Pros
- No annual fee.
- 4% back on restaurants, bars and coffee shops.
- Get cash back on fee-free global money transfers.
Cons
- Low 0.5% cash-back base rate.
- No complimentary travel insurance.
- Double your cash back on Restaurants, Bars and Coffee Shops in your first 3 months. Earn 8% cash back† for your first 3 months up to $1,000 in eligible spend on restaurants, dining, coffee shops, and bars.
- Earn 4% on eligible restaurant, bar and coffee shop purchases up to $5,000 spend per year†.
- Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year†.
- Earn 0.5% on all other credit card purchases with no limit on how much you can earn†.
- Redeem cash back as a statement credit in December.†
- No annual fee.
- Cash back when you send money abroad with a Simplii Financial Global Money Transfer. No transaction fees and no interest charges.†
- Purchase security and extended protection insurance provided.†
- Interest rates: 20.99% for purchases‡, 22.99% for cash advances‡.
- To be eligible, a $15,000 (individual/household) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident (excluding Quebec) that is the age of majority in the province or territory where you live.
- †Terms and conditions apply. Click ‘Apply Now’ for complete details. Banking services are not available in Quebec.
- ‡ “Purchase” means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. “Cash” means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.
Methodology
BACK TO TOPHow did we select cards for this roundup?
For this roundup, we focused on cash-back cards that match common spending patterns. Our evaluation put the most emphasis on:
Earn rates and category caps: where you earn the most, and for how long.
Annual fee tradeoffs: whether the value can justify the cost.
Redemption rules: minimums, timing and payout method.
Practical benefits: insurance, statement credits or other features that can increase real-world value.
How cash-back credit cards deliver value
Cash-back credit cards return a percentage of eligible purchases to you, usually as a statement credit or direct deposit. The biggest differences between cards come down to how rewards are earned and redeemed.
The 3 main cash-back structures
Flat-rate cash back
Flat-rate cards earn the same rate on most purchases. This is the simplest setup and often the best fit if your spending is spread across many categories.
Bonus-category cash back
These cards offer higher earn rates in select categories like groceries, gas, dining, transit or recurring bills. They work best when your spending is predictable and concentrated in a few areas.
Flexible or dynamic categories
Some cards let you pick the categories that earn the most cash back. Others automatically boost the categories where you spend most.
Issuers use merchant category codes to define spending categories, and these can vary. Some merchants won’t fall into the category you expect (for example, warehouse clubs are often not “grocery”). If you’re unsure, your card issuer can confirm how a specific merchant is categorized.
Watch for spending caps
Many cash-back cards limit how much you can earn at the highest rate. If you regularly exceed a cap, a strong base-rate card can sometimes beat a card with a higher advertised bonus rate.
How to choose the right cash-back card
If you have decided cash back is your preferred rewards style, focus on three things.
Your top spending categories
Look at the last two or three months of spending and choose a card that pays more where you already spend. Do not choose a card based on categories you rarely use.
Annual fee vs. return
A card with an annual fee can be worth it if the higher earn rates, insurance or perks outweigh the cost. If they do not, a no-fee cash-back card may be the better long-term fit.
Redemption rules
Cash-back redemption rules vary more than many people expect. Some cards let you redeem anytime, while others pay out monthly, annually or only after you hit a minimum threshold.
Redemption requirements by issuer
Issuer | Minimum redemption | Redemption timing | Redemption method |
|---|---|---|---|
American Express (SimplyCash / SimplyCash Preferred) | No minimum. | Annual (appears on September statement). | Statement credit. |
BMO CashBack | $1 (auto deposits start at $25). | Any time. | Statement credit or deposit to eligible accounts. |
CIBC Adapta points | 1,500 points for a $10 payment. | Any time. | Apply to purchases / pay down balance. |
CIBC Dividend cash back | $10. | Any time (credited within ~5 days). | Statement credit. |
MBNA Smart Cash (MBNA Dollars) | 50 MBNA Dollars. | Any time. | Statement credit, electronic deposit, or donation. |
Neo cash back | $1. | Any time. | Cash out to Neo credit account or Neo Everyday account. |
Scotiabank Momentum cash back | $25. | Any time via “Cash Back Anytime”. | Statement credit or deposit to eligible accounts. |
Simplii cash back | N/A (auto redemption). | Annual (end of December statement). | Statement credit (next statement). |
Tangerine Money-Back | No minimum. | Monthly (credited around billing date). | Statement credit or deposited into eligible accounts. |
TD Cash Back | $25 (no minimum if redeemed annually). | Any time, or annual (January). | Statement credit. |
Frequently asked questions
What is a cash-back credit card?
A cash-back credit card earns a percentage back on eligible purchases, typically redeemable as a statement credit or deposit.
Are cash-back rewards taxable in Canada?
Generally, cash-back rewards earned on personal credit card spending are treated as a rebate or discount, not taxable income.
When should I redeem my cash back?
Redeem whenever it is useful for you: monthly, after you hit a minimum threshold or annually, depending on the card. If your account is not kept in good standing, you may forfeit accumulated rewards.
Groceries, gas and subscriptions can make a cash-back card pay off quickly. But the highest advertised rate doesn't always leave you with the most money. Fees, spending caps and where you shop matter equally as much. Our top pick is the SimplyCash Preferred Card from American Express for its strong everyday return.
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Shannon Terrell
Jordan Lavin