The very best money again bank cards in Canada for 2024

Finest general money again bank card

At a look: This money again card affords spectacular earn charges on grocery and gasoline purchases, two of the most-used spending classes. Crucially, 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, that is fingers down one of many greatest bank cards in Canada.

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SimplyCash Most well-liked from American Categorical

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• Annual price: $120
• Earn fee: 4% money again on eligible gasoline and grocery purchases; 2% money again on every part else
• Welcome supply: You possibly can earn a $40 assertion credit score for every month-to-month billing interval wherein you spend $750 in purchases in your card.
• Annual earnings requirement: None

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Execs

• This card pairs wholesome earn charges with spending caps that the everyday consumer gained’t ever attain, so you will get essentially the most out of each greenback spent. The actual profit right here is the minimal 2% money again on each single buy you make. 
• There’s no specified earnings requirement for approval, making this a brilliant accessible money again card.
• The cardboard comes with Amex advantages like eating and retail experiences, in addition to Amex Entrance of the Line, which provides you early entry to occasion tickets. Month-to-month Amex Gives tailor-made to your spending habits may be downloaded by your Amex app or on-line account. 
• Free supplementary playing cards allow you to maximize the cardboard’s money again potential.

Cons

• Amex isn’t accepted at as many locations as Visa or Mastercard. Those that store at Loblaw banner shops, for instance, like Actual Canadian Superstore and No Frills, would possible need to carry a secondary card.
• Redemptions aren’t versatile. You’ll obtain your money again as an announcement credit score as soon as yearly, in September.

Honourable point out

At a look: Just like the SimplyCash Most well-liked Card, this one comes with a few of the greatest money again charges on groceries and gasoline. And there’s no restrict on the entire amount of money rewards you may earn.

CIBC Dividend Visa Infinite

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• Annual price: $120
• Earn charges: 4% money again on eligible gasoline, EV charging and grocery purchases; 2% on eating, day by day transit and recurring funds; and 1% on every part else
• Welcome bonus: You possibly can Earn 10% money again welcome bonus of as much as $200 (first 4 statements). Provide not out there to QC residents. Phrases and circumstances apply.
• Annual earnings requirement: Private earnings of $60,000 or family earnings of $100,000

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Execs

• Spending classes are very broadly outlined with this card, that means that you just’ll get boosted rewards on extra purchases. The transportation class, for instance, contains taxis, journey sharing and public transport.
• While you hyperlink your card with Journie Rewards, you’ll save 3 cents per litre each time you refill at Pioneer, Fas Fuel, Ultramar and Chevron gasoline stations. Each time you attain 300 Journie Rewards factors, you’ll get an extra 7 cents off per litre.  
• You will get your money again everytime you want it.

Cons

• The bottom earn fee of 1% is fairly normal. Nevertheless, that’s half the bottom fee of the SimplyCash Most well-liked Card.
• With a $60,000 minimal annual earnings ($100,000 family), it might be tougher to qualify for this card than some others.

Finest no-fee money again card

At a look: In contrast to many no-fee playing cards, the SimplyCash Card doesn’t skimp on the bottom fee. At 1.25%, it’s among the many highest on this class so that you’ll have extra incomes energy. Accelerated charges of two% again on groceries and gasoline make this a powerful contender within the money again class.

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SimplyCash from American Categorical

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• Annual price: $0
• Earn fee: 2% money again on eligible gasoline and grocery purchases as much as $300 yearly; 1.25% money again on every part else
• Welcome supply: You possibly can earn a $10 assertion credit score for every month-to-month billing interval wherein you make at the least $300 in purchases (for a complete worth of as much as $100).
• Annual earnings requirement: None

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Execs

• Any purchases exterior or past these in accelerated classes will get you a return of 1.25% with no limits. It is a significantly stellar return contemplating most no-fee playing cards have a base earn fee of 0.5%.

Cons

• American Categorical is much less extensively accepted in Canada than Visa or Mastercard, so that you would possibly need to additionally carry a secondary card for purchases at sure shops.
• Your earnings are utilized as an announcement credit score as soon as per 12 months reasonably than on an as-needed foundation.
• The cap of $300 money again on groceries and gasoline (on the primary $15,000 spent) is comparatively low for bonus classes, however this card makes up for it with a beneficiant earn fee on all subsequent purchases.

Honourable point out

At a look: The Tangerine Cash-Again Credit score Card takes a barely totally different method to offering a no-fee money again card by permitting you to select as much as three bonus classes, incomes at 2% every, from a attainable record of ten. Plus, you may change your classes as wanted, with 90 days’ discover. 

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Tangerine Cash-Again Credit score Card

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• Annual price: $0
• Earn charges: 2% in as much as 3 classes of your alternative (together with groceries, gasoline and eating) and 0.5% money again on every part else
• Welcome bonus: You possibly can earn an additional 10% again on as much as $1,000 in on a regular basis purchases inside the first 2 months. Should apply by April 30, 2024.
• Annual earnings requirement: Private or family earnings of $12,000

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Execs

• By letting you choose your 2% bonus classes, this card affords unmatched flexibility. You will get a 3rd bonus class at 2% by mechanically depositing your earnings right into a Tangerine account.
• You aren’t locked into your bonus classes, however reasonably can change them as you need with 90 days’ discover. For instance, when you’ve got a renovation arising, you possibly can select house enchancment and furnishings as two of your spending classes.
• Playing cards for extra customers are free and there aren’t any caps in your money again earnings.
• Should you meet the earnings necessities of $60,000 personally or $100,000 for the family, you’ll mechanically be thought-about for the no-fee Tangerine World Mastercard, which comes with the identical earn charges, however extra perks like free Boingo Wi-Fi and Mastercard Journey Move Offered By DragonPass which will get you entry to airport lounges.

Cons

• The one insurance coverage protection is buy assurance and prolonged guarantee, that are two of essentially the most primary coverages. 
• Redemptions are solely semi-flexible, with earnings paid out month-to-month. 
• This card has an earnings requirement of $12,000 per 12 months. That makes it accessible, however some playing cards, like our high choose, don’t have a specified earnings requirement.

Finest flat-rate money again card

At a look: If you need the simplicity of a constant and excessive 1.5% return on all of your Canadian purchases, with out worrying about bonus classes or spending limits, this no-fee card is an efficient choice. Plus, as a World Elite Mastercard, you’ll get entry to extras like free Boingo Wi-Fi and Mastercard Journey Move Offered By DragonPass, which will get you entry to airport lounges. The one factor to be careful for are the eligibility necessities.

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Rogers World Elite Mastercard

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• Annual price: $0
• Earn fee: 1.5% money again on all purchases; 3% money again on all U.S.-dollar purchases
• Welcome bonus: You possibly can earn $25 welcome bonus in money again rewards upon first card buy inside 3 months of receiving your card.
• Annual earnings requirement: Private earnings of $80,000 or family earnings of $150,000

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Execs 

• With an earn fee of 1.5% on all purchases in Canada (in-store and on-line), this card affords strong, straightforward rewards. And as a Mastercard, it’s one of many greatest playing cards to make use of at Costco, a retailer that doesn’t settle for Visa or American Categorical.
• Should you continuously store within the U.S., it’s like having a no foreign exchange price card as a result of the accelerated 3% earn fee on purchases in U.S. {dollars} covers the two.5% international transaction price. 
• In contrast to most World Elite Credit cards in Canada, this card has no annual price.
• You possibly can redeem your rewards towards purchases in your card as quickly as you will have $10 banked.

Cons

• As a World Elite Mastercard, the $80,000 private and $150,000 family earnings necessities places it out of attain for some. 
• You’ll have to spend $15,000 yearly to take care of eligibility or your account could also be switched to a different Rogers Financial institution bank card.

Finest money again bank card for college students

At a look: With a 3% return on groceries, versatile redemptions and no annual price, our choose for the greatest scholar bank card for money again is the BMO CashBack Mastercard. An extra boosted spending class of 1% on recurring payments affords extra assist to cash-strapped college students.

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BMO CashBack Mastercard for College students

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• Annual price: $0
• Earn charges: 3% money again on groceries (on the primary $500 per 30 days), 1% on recurring payments and 0.5% on every part else
• Welcome supply: You possibly can earn 5% money again in your first 3 months. Situations apply.
• Annual earnings requirement: None

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Execs

• Grocery purchasing is without doubt one of the most necessary bonus classes for college students, and three% money again is the best return on groceries for a no-fee bank card in Canada. 
• You possibly can redeem your money if you want it (with a $25 minimal) as an announcement credit score or deposit it into your BMO chequing, financial savings or InvestorLine account.

Cons

• You’ll solely earn rewards on the primary $500 you spend in every bonus class. That ought to be sufficient for many college students, however it’s nonetheless extra restrictive than different playing cards. For instance, when you spend $200 per week on groceries ($800 per 30 days), you’ll earn 3% on the primary $500 and 0.5% on the opposite $100, for a complete of $15.50 in money again per 30 days.

Video: 5 causes to swap your debit card for a pay as you go money again card

Find out how to benefit from your money again bank card

By no means carry a steadiness

The payoff with a money again bank card is the money—a reward that’s simply cancelled out by the penalties and curiosity accrued when you carry a steadiness. 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 prices that eat up any positive aspects you’ve made. So long as you repay your steadiness in full each month, you’ll keep away from this pitfall, however when you discover you commonly carry a steadiness, you would possibly think about a low curiosity bank card as an alternative.

Evaluate your money again card choices

It’s straightforward to go together with the money again card provided by your present financial institution, however that’s not at all times the only option. Take the time to match your choices to establish the cardboard that delivers the best return primarily based in your specific spending habits and way of life. Keep in mind: you don’t have to open a chequing or financial savings account with a financial institution with a view to get a bank card, 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 value greater than the annual price (and if the cardboard suits your spending habits in different methods), you would possibly select a money again card with a price.

Think about using a number of bank cards

Utilizing too many bank cards directly is mostly frowned upon, as this could be a signal of insolvency. Nevertheless, a powerful credit-card technique can contain pairing playing cards to maximise advantages. For instance, the TD Money Again Visa Infinite affords 3% again on gasoline, groceries and recurring payments, however just one% on every part else, whereas the Tangerine Cash Again Card has no annual price and affords 2% again in as much as three spending classes of your alternative. Strategically it could make sense to pick 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 associate as a licensed consumer

Including a licensed consumer, usually your associate, to your account could be a cost-effective (and even free!) strategy to enhance 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 would possibly have the ability to get an extra approved consumer for as little as $30 extra. Some premium playing cards, just like the SimplyCash Most well-liked from American Categorical, even allow you to add approved customers free of charge. It does bear mentioning that this requires some thought as solely the first cardholder will probably be accountable for paying off the steadiness—not the approved customers.

Money again 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 well-liked and have helpful strengths. Right here we break down each card varieties that will help you resolve which card is best for you.

Simplicity

It’s necessary to have the ability to perceive your bank card rewards program, and money again playing cards are about as clear as you will get. Should you earn 2% again, you completely know you’re going to obtain $0.02 on each $1—no difficult math required. With journey rewards bank cards, there are typically totally different earn charges and redemption values. These variables can have an effect on how or if you need to accumulate or redeem. 

Backside line: Should 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 may’t high money in relation to simplicity.

Rewards and bonus classes

The way you earn may be simply as necessary 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 may be extra restrictive.

Other than just a few exceptions, nearly all of money again bank cards supply the identical restricted choice of bonus classes (specifically gasoline, groceries and utility payments). As compared, journey bank cards have a far bigger choice of bonus classes (like eating places, lodge stays, flights, Uber rides and public transit, along with the groceries and gasoline), which implies you may probably earn extra factors on extra kinds of purchases. 

Backside line: You’re possible 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 it may be used for something you need, comparable to on a regular basis spending on gasoline and groceries. In distinction, the factors you earn on journey playing cards are normally geared in the direction of journey rewards and supply the most effective worth when redeemed for flights and lodge stays.

Backside line: Money is essentially the most versatile reward there’s, however when you’re seeking to save on flights and lodge stays, a journey card can supply significantly extra worth.

Welcome bonuses

Sometimes, journey rewards playing cards can supply lots of of {dollars} in rewards as a sign-on bonus, whereas money again playing cards normally supply an elevated incomes proportion for a brief introductory time. One factor to notice is that bonuses on money again playing cards are normally simpler to earn—whereas journey rewards playing cards normally are value extra however have stricter spending necessities. 

For instance, with the BMO World Elite Mastercard, you will 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 however it maxes out at simply $200. 

Backside line: The welcome bonuses on money again playing cards are usually value much less however are simpler to get than the affords out there on journey playing cards.  

Facet perks

Perks are little extras out there to you as a cardholder. These are normally issues like airport lounge entry, longer and extra complete journey insurance coverage protection, or refunds on sure bills like a Nexus entry price. As you may see, perks are fairly often tied on to journey, so it ought to come as no shock that you just’re extra more likely to discover them on journey rewards playing cards than on money again playing cards.

Backside line: In some ways, money is the perk on a money again card. Should you’re on the lookout for little extras, your greatest wager is a journey rewards card.

Different methods to earn cash-back rewards

Bank cards aren’t the one strategy to earn cash-back rewards. Think about a money again debit card. It’s a method utilizing your personal cash and never falling to danger of owing any curiosity or not paying the steadiness 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 good for journey or on-line purchasing. Verify your banking app to see if that is an choice with the cash-back financial savings account.

Video: 5 causes to swap your debit card for a pay as you go money again card

Extra of Canada’s greatest bank cards: