Best Cash Back Credit Cards

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Cash-back credit cards can be a great way to earn flexible rewards on purchases you make every day. But with so many credit cards out there, it can be hard to know how to choose the best card. To help you wade through the many cash-back credit cards, the team at LendingArch has compiled a list of the best cash-back credit cards in Canada, along with a few tips on how they work and what to consider before applying for one. Read on to learn more.

Quickly navigate through the Best Cash Back Credit Cards

American Express Preferred Credit Card from SimplyCash
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SimplyCash™ Preferred Card from American Express

Recommended Credit Score:

info icon

A credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

below 560
Poor
560-659
Fair
660-725
Good
725-759
Very Good
760+
Excellent
.
Not Sure
Annual Fee $99
Purchase Interest Rate 19.99%
Sign Up BonusEarn 5% cashback in your first 6 months (up to $300)
Rewards Earning Rate -
Apply Now  
On SimplyCash™ Preferred Card from American Express server website
Scotia Momentum VISA Infinite Credit Cards
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Scotia Momentum Visa Infinite Card

Recommended Credit Score:

info icon

A credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

below 560
Poor
560-659
Fair
660-725
Good
725-759
Very Good
760+
Excellent
.
Not Sure
Annual Fee $99
Purchase Interest Rate 19.99%
Sign Up Bonus---
Rewards Earning Rate 4% with $25,000 annual limit
Apply Now  
On Scotia Momentum Visa Infinite Card server website
More details
Read our Review

BMO® CashBack® World Elite®* MasterCard®*

Recommended Credit Score:

info icon

A credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

below 560
Poor
560-659
Fair
660-725
Good
725-759
Very Good
760+
Excellent
.
Not Sure
Annual Fee $120
Purchase Interest Rate 19.99%
Sign Up BonusGet 5% cash back in your first 3 months and the $120 annual fee waived in the first year*
Rewards Earning Rate ---
Apply Now  
On BMO® CashBack® World Elite®* MasterCard®* server website
More details

 

 

A Quick Overview of Cash-Back Credit Cards

Cash-back credit cards tend to be more straightforward than travel credit cards. While some offer a flat rewards rate on all purchases and others grant you bonus rewards on certain purchases, they all give you cold hard cash that you can use for anything.

Cash-back rewards are typically issued in one of three ways: in the form of a cheque, a deposit into your bank account or as a statement credit.

The credit card company issues your cash back on a monthly, quarterly or annual basis.

Cash-back credit cards don’t generally offer the same big sign-up bonuses that you might see with travel credit cards. But in contrast, they typically charge lower annual fees. So, if you’re generally fee-averse, a cash-back credit card may be worth your while.

Also, travel credit cards don’t give you as much flexibility as cash-back credit cards when it comes time to redeem. For example, if you get air miles or hotel points with a travel credit card, you typically have to redeem your rewards with that particular airline or hotel brand.

How to Choose the Right Cash-Back Credit Card

Cash-back credit cards offer various combinations of rewards, features and fees. As a result, there’s no single best cash-back credit card in Canada. The right card one for you will be based on your spending habits and preferences.

Before you apply for a cash-back credit card, it’s important to know the advantages of using one and some of the drawbacks. Take a look at the pros and cons.

Pros of Cash-Back Credit Cards

  • You can use your rewards however you want to.
  • Some cash-back cards offer bonus rewards on everyday spending categories like groceries, gas and restaurants.
  • You’ll generally get a lower annual fee than with a travel credit card.

Cons of Cash-Back Credit Cards

  • Your rewards may not be as readily accessible as with travel credit cards, especially if the credit card company issues them only just once a year.
  • You likely won’t get much in the way of sign-up bonuses.
  • Cash-back credit cards tend to require good or excellent credit.

As you review the cards we’ve listed below, consider how they might fit in with your spending habits. Also, keep track of the other cards’ features so that you can compare the benefits. On that note, let’s review some of the best cash-back credit cards in Canada from the credit card team at LendingArch.

The Best Cash-Back Credit Cards

Remember, there’s no one best cash-back credit card in Canada, so as you read these reviews, compare the rewards, features and fees before picking your favourite.

Conclusion

The best cash-back credit cards offer bonus rewards rates during a promotional period after you get the card, then high cash-back rates going forward. That said, it’s important to review all of your options before settling on one. Compare these credit cards with other top credit cards that offer cash back and other features. The more time you spend researching, the easier it will be to find the best cash-back credit card in Canada — at least for you.

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