Working to make money is a reality that everyone knows. Doing your daily shopping while earning money is a dream that many would love to realize. Fortunately, acting as a bearer of good news, the Hardbacon team is happy to announce that your dreams can come true more easily than you had imagined! Indeed, some credit cards available in Canada allow you to get cash back based on your daily spending.
- SimplyCash® Card from American ExpressCard
- SimplyCash® Preferred Card from American Express
- American Express Cobalt Credit Card
- BMO Cash Back Mastercard Credit Card
- BMO Cashback World Elite Mastercard Credit Card
- Tangerine Money-Back Credit Card
- Tangerine World Mastercard Credit Card
- TD Cash Back Visa Infinite* Credit Card
- Scotia Momentum Visa Infinite Credit Card
- CIBC Dividend Visa Infinite Credit Card
- CIBC Dividend Platinum Visa Credit Card
You’ve probably already heard of reward credit cards. We often think of travel rebates and discounts at the grocery store. However, it is also possible to earn money back with some cards! These discounts are usually in the form of a cheque or discount directly on your credit card statement. The discount percentage may differ depending on the category of your purchase and, of course, the card you use. Since the locations where you can get discounts vary according to the cards, it’s best to choose an option that corresponds to your spending habits. If you want a credit card that meets your expectations, we invite you to use our credit card comparison tool. It is a completely free and customizable tool that lets you compare different credit cards to find the best one for you. Additionally, if you are new to Canada and would like to learn more about how credit scores work, check out our Ultimate Guide to Personal Finance for Canadian Immigrants.
In short, in order to help you choose the best cash back credit card, we have identified the 11 best cards of this kind! Happy reading and, above all, happy savings!
SimplyCash® Card from American ExpressCard
- Annual Interest Rate: 20.99% on purchases, 21.99% on funds advances*
- Annual Fee: No annual fee
- Insurance coverage and 24/7 Customer Service
The SimplyCash® Card from American Express offers attractive cash back without having to pay any annual fees, making it a great choice. There is currently a welcome offer that allows you to get $10 back in account credits for each month you spend $300 in purchases on your card. The offer is valid for the first 10 months you have the Car. For this offer, that could mean $100 back in credits.
In addition to the great cash back, the American Express SimplyCash card comes with several insurances. These include an additional guarantee on purchases and $100,000 in travel accident insurance. Cardholders also benefit from American Express Experiences, which provides access to shows and special events.
Finally, there is no minimum annual income required to get this credit card. All you need is an acceptable credit score in order to be eligible. This card has no annual fee and additional cards are also free of charge.
SimplyCash® Preferred Card from American Express
- Annual Interest Rate
- 20.99% on purchases
- 21.99% on funds advances*
- Monthly Fee
- $9.99 (Equals a total fee of $119.88 annually)
- Extensive insurance coverage and 24/7 Customer Service
The SimplyCash® Preferred Card from American Express is good to use for everything. The card has a lot of similarities to the SimplyCash® card but it offers a higher discount rate.
Obviously, since there are more benefits, the fees and eligibility requirements are different; we will come back to this shortly.
The SimplyCash® Preferred Card from American Express is the only credit card in Canada that offers 4% cash back on all grocery and gas purchases, up to $1200 cash back annually. In addition, there is no annual limit for rewards.
So, if the cardholder uses their card for virtually all their daily purchases and recurring bill payments, they can expect some pretty amazing cash back. To convince consumers, American Express also offers a rather interesting welcome offer: for the first 10 months after joining, cardholders can earn a $40 account statement credit for each month they charge $750 to their card. That adds up to a potential $400 in credits.
This card is known for its wide variety of insurance benefits, including car rental theft and damage insurance, $100,000 travel accident insurance, out-of-province or out-of-country emergency medical insurance for people under the age of 65, baggage loss or theft insurance, flight and baggage delay insurance, and even hotel burglary insurance. Additionally, the card provides an extended warranty on certain purchases, which allows the cardholder to extend the manufacturer’s protection for up to an additional year and 90 days protection on theft or damage for up to $1,000. The products must 100% be paid for with the credit card.
Finally, with this card, cardholders have access to the American Express by Invitation Only program. They also have access to pre-sale tickets for events. It is also possible to make reservations for shows, restaurants, or popular events in advance. Also, they have exclusive access to reserved seating only for American Express credit card holders.
The annual card fee is $99 for the primary card, but additional cards are free. There is no minimum income to be eligible for this card.
Cobalt Credit Card
- Annual fee: $155.88
- Interest rate on purchase: 20.99%
- Interest rate on cash advances: 21.99%
- 🍴 5x points on eats & drinks
- 💻 3x points on streaming services
- ✈️ 2x points on travel & transit
- 💳 1x points on everything else
The American Express Cobalt Credit Card consistently makes the best-of lists in the country. That is because it offers an excellent balance between rewards, welcome offers, insurance, and accessibility. Unlike the other cards featured in this list, this card allows you to accumulate points that you can convert into cash; with 1,000 points accumulated, the holder can get ten dollars back. Considering the accumulation of points, the cash back rate can therefore be up to 5%.
With this card, the cardholder earns five points for every dollar spent at restaurants, bars, and bistros, as well as grocery stores and food delivery services, up to a maximum of $30,000 per year. They also earn three points for every dollar spent on an eligible streaming service in Canada like Spotify, Netflix, Apple Music, etc., and two points for travel and transportation purchases. All other purchases earn one point per dollar spent. In addition, for purchases made from Amex’s online travel services, the cardholder also earns an additional point for every dollar spent.
As a welcome offer, it is possible to earn up to 30,000 reward points. During the first year, the cardholder will receive 2,500 points per month if they spend at least $500 per billing period, for a total of 30,000 points. Then, if they make $3,000 in purchases during the first three months after joining, they receive 20,000 bonus points. The points earned are redeemable for an account credit, with a minimum of 1,000 points at a time, which therefore earns $10.
The American Express Cobalt card has a monthly fee of $12.99, or $155.88 annually. On the other hand, it does not require any minimum income, and additional cards are free. It is also interesting for travellers, as it comes with a range of insurance that includes flight delays and lost or stolen baggage.
In addition to access to the American Express Experiences program, cardholders are also entitled to exclusive
BMO Cash Back Mastercard Credit Card
Cash back rate: Up to 3%
Welcome offer: 5% cash back for the first 3 months and 1.99% interest rate on balance transfers for 9 months
The BMO Cash Back Mastercard is particularly interesting because it is easy to use and it is possible to take advantage of the cash back rate on all purchases made with the card. It earns 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other purchases. In addition, there is currently a welcome offer that will make many happy; during the first three months after opening an account, the cash back rate is 5%. However, there is a limit to this offer up to a maximum of $2,500 in spending. You are also entitled to a promotional rate of 1.99% on balance transfers for the first nine months.
As an added benefit, the BMO Cash Back Mastercard offers savings of up to 25% on all rentals made at participating National Car Rental and Alamo Rent a Car locations. There is also purchase insurance and extended warranty insurance. Finally, cardholders also have access to exclusive discounts for certain events and shows.
This card has no annual fee and no minimum annual income is required to be eligible, which makes it interesting for many. Indeed, it is possible to have a good discount rate without the need to pay an annual fee.
BMO Cashback World Elite Mastercard Credit Card
Fee: $120 annually
Cash back rate: Up to 5%
Welcome offer: 10% cash back during the first 3 months and no annual fee in the first year
We reviewed the BMO Cash Back World Elite Credit Card and were impressed with its offer. The BMO Cash Back World Elite Mastercard offers an excellent cash back rate on purchases: 5% on groceries, 4% on transportation, 3% on gas, 2% on recurring bill payments and 1% on all other purchases. There is also a well-appreciated welcome offer that allows you to get 10% cash back on all purchases made during the first three months of opening the account. The best part is that you can redeem your cash back as soon as you accumulate $1.
As a benefit, cardholders benefit from BMO World Elite Total Travel Insurance coverage. This includes coverage for damage, theft, accident, dismemberment and even death when renting a vehicle while travelling. In addition, if it is necessary to end a trip urgently and return home, there is coverage for the expenses of the unexpected return. This goes up to $2,000 per person. There is, also, insurance for all flight delays of more than six hours. This means that all expenses incurred by this delay are reimbursed. Additionally, there is lost and delayed baggage coverage of $750 per person. Finally, for cardholders under the age of 65, there is out-of-province and out-of-country insurance for hospital medical expenses; however, the duration of the trip must be less than eight days.
For purchase protection, there is purchase insurance and an extended warranty. The advantage with this card is that it covers damage and loss of purchases for 180 days. The retail warranties are doubled to a maximum of two years.
BMO Cashback World Elite Mastercard holders also automatically become members of the Dominion Automobile Association (DAA). Finally, as with many BMO credit cards, cardholders benefit from attractive discounts to several events and shows. These offers even apply to Cirque du Soleil shows!
The annual fee for this card is $120, but the first year is free. If the cardholder has a BMO chequing account and their plan is the Performance Plan, they have the option to reduce the annual fee to $80 instead of $120. There is also a $50 annual fee for each additional card. The minimum annual income to obtain the BMO Cashback World Elite Mastercard is $100,000 per person, or $150,000 per household. So, this is not a card for everyone. Finally, the minimum credit limit is $5,000.
Tangerine Money-Back Credit Card
Cash back rate: Up to 2%
The Tangerine Money-Back Card is unique in that it allows you to choose from a list of purchase categories that qualify for enhanced cash back. A 2% cash back is available on any two categories from the following list: groceries, entertainment and transportation, furniture, restaurants, hotels and motels, gas, recurring bill, pharmacy, and parking. This card offers the option of a third category at 2% if cash back is deposited into a Tangerine savings account.
Whether the cash back is deposited on the credit card statement or directly into the Tangerine savings account, it is automatically paid monthly instead of annually like some credit cards. All other purchases earn 0.5% cash back. Users of this card are entitled to an unlimited amount of cash back for the Tangerine Money-Back Credit Card.
This card is free of charge, as are additional cards issued to other authorized users. However, you must have an annual income of at least $12,000 to be eligible for this card. It comes with purchase insurance, which covers damage and loss of products purchased with the credit card for the first 90 days of ownership. The extended warranty doubles the retailer’s warranty for up to an additional year.
Tangerine World Mastercard Credit Card
Cash back rate: Up to 2%
The Tangerine World Mastercard makes earning cash back something a bit more personalized. A 2% cash back is available on any two categories from the following list: groceries, entertainment and transportation, furniture, restaurants, hotels and motels, gas, recurring bill, pharmacy, and parking. This card offers the option of a third category at 2% if cash back is deposited into a Tangerine savings account. All other purchases earn a 0.5% cash back.
As a World Mastercard, this credit card offers several benefits, including $1,000 insurance in case of theft or loss of a phone or tablet, damage insurance for short-term rental vehicles and free access to Boingo Wi-Fi hotspots around the world. It is these benefits that justify the annual income required to qualify for the Tangerine World Mastercard. This no-fee card is only available to people with a minimum individual annual income of $60,000 or $100,000 per household.
TD Cash Back Visa Infinite* Credit Card
Annual Fee: $139, waived for the first year†
Welcome Offer: Earn up to 10% Cash Back on all purchases for the first 3 months†.
Offer valid until May 28, 2023. †Conditions apply.
The TD Cash Back Visa Infinite* Card offers 3% cash back for every dollar spent on gas†, groceries† and recurring bill payments†, and 1% on all other purchases†. If you apply by May 28, 2023, you can benefit from a Welcome Bonus of 10% Cash Back on all purchases in the first 3 months† up to a maximum total spend of $2,000.
In addition, the annual fee† is waived in the first year, provided you make a first purchase within 3 months of opening the account†. Those who hold the TD Cash Back Visa Infinite* card have the option to receive their rewards at any time of the year, provided their accounts are open, in good standing and the minimum amount of the return is $25. †Conditions apply so see the TD website for all of the terms and conditions.
The benefits are the same as the Scotia Momentum Visa Infinite Card but this card also comes with a free Deluxe TD Auto Club membership† that provides roadside assistance in the event of a problem on the road, both day and night. By using this credit card for all Avis and Budget car rentals†, cardholders save 10% in Canada and the United States and 5% internationally. Cardholders also receive collision damage waiver on rental vehicles†, which applies only if the rental was paid for with the credit card†.
The card also provides travel medical insurance†, which is combined with $2,000,000 coverage for stays of 10 days or less for those 65 and under and for stays of 4 days or less for those 65 and over†. Cardholders also receive $1,000 per person in coverage for any delayed or lost luggage†.
The annual fee† for the primary cardholder is $139. For the first additional card†, the fee is $50, but for subsequent additional cards, there is no additional fee. The minimum annual income to obtain this card is $60,000 per person or $100,000 per household.
†Terms and conditions apply.
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Scotia Momentum Visa Infinite Credit Card
Pay no annual fee for the first year, including additional cards*.
- Annual fee: $120
- Interest rate on purchases: 19.99
- Interest rate on cash advances: 22.99
The Scotia Momentum Visa Infinite Card offers attractive cash back that varies by purchase category. There is 4% cash back for grocery store purchases as well as for all recurring payments or subscriptions: 2% cash back on the purchase of gas and public transit including car-sharing services such as Uber and 1% back on all other types of purchases.
This card offers the Visa Infinite program, which includes three major benefits. Cardholders have access to what is called a concierge service, which is a 24-hour telephone service, seven days a week; this service is designed to help in many ways, such as finding a gift for Father’s or Mother’s Day, finding tickets for a show, etc. There are also several hotels where Visa Infinite cardholders can have discounted prices, in addition to having the option to upgrade their hotel room. They also have access to free Wi-Fi in hotel rooms.
The card also comes with several included insurances. Cardholders benefit from protection on new mobile devices, available for all mobile phones or tablets under contract with a mobile carrier.
Additionally, the card provides protection against trip interruptions or cancellations, as long as 75% of the cost of the trip has been charged to the Scotia Momentum Visa Infinite Card. If the cardholder is under 65 years old and the travel lasts a maximum of 15 consecutive days, they have access to emergency medical travel coverage due to an accident or illness of up to $1,000,000. In addition, if the plane is delayed, the user can be reimbursed for all expenses incurred while waiting for the next flight (hotel room, food, etc.). For all lost or late baggage of more than four hours, there is insurance that can reimburse losses of up to $500 or expenses for first aid items if the luggage is late. Cardholders are also covered for accidents on public transport or in rental cars.
Finally, there is insurance on purchases made with the card, that covers damage or loss of items within 90 days of the date of purchase. Lastly, there is an extended warranty that doubles the manufacturer’s warranty on products purchased with the card for a maximum of one additional year.
The annual fee is $120 for the primary cardholder and $50 for each additional card. However, there are no annual fees in the first year. To be eligible, you must have an annual income of $60,000 per person or $100,000 per household. The minimum credit limit is $5,000 with this credit card.
CIBC Dividend Visa Infinite Credit Card
Fee: $120 annually
Cash back rate: Up to 4%
Welcome offer: No annual fees in the first year
The CIBC Dividend Visa Infinite card is definitely one of the best cash- back Visa cards in Canada. It offers different discount rates that vary according to the categories of purchases. It offers 4% cash back per dollar spent on all gas and grocery purchases, 2% back on spending at Tim Hortons and TELUS, and 1% back on all other purchases. To qualify for the 4% cash back, the annual purchase limit is $80,000 in groceries and gas spending. If the cardholder exceeds this amount, all other gas and grocery spending will receive 1% cash back. This also applies to the 2% cash back on expenses at Tim Hortons and TELUS; after exceeding $20,000 in expenditures, the cash back rate drops to 1%.
There is also a reduction of 3¢ per liter of gas at Chevron, Ultramar, and Pioneer gas stations, regardless of the type of gas. This gas discount applies to all CIBC cards.
Finally, it also offers a wide variety of travel insurance. It offers out-of-country or out-of-province emergency dental coverage for the cardholder, spouse, and children, this coverage is set at a maximum of $5,000,000 per person. The trip must last 15 days, and the cardholder must be under the age of 64 to be eligible. In addition, if it is necessary to cancel a flight due to injury or illness, there is insurance with this card of up to $ 2,000 per person. There is also coverage on lost or delayed baggage of more than six hours. In both cases, coverage is $500 per person.
Expenses for food, accommodation, public transport, and even entertainment are reimbursed if the flight is delayed by more than four hours, up to a total of $700. CIBC Dividend Visa Infinite cardholders are also covered for rental vehicles during a trip if the value of the car is less than $65,000. Coverage of up to $500,000 is available if there is a traffic accident on public transportation.
Lastly, there is extended warranty and purchase insurance, which covers all accidental damage, theft, and loss during the first 90 days of ownership and doubles the retailer’s warranty for up to one year.
This card has an annual fee of $99 and $30 for each additional card. However, there are no fees for the first year. To qualify for this card, the primary cardholder must have a minimum salary of $60,000 per year or $100,000 per household.
CIBC Dividend Platinum Visa Credit Card
Fee: $99 annually
Cash back rate: Up to 3%
Welcome offer: 10% discount for the first four months and no annual fees for the first year
The CIBC Dividend Platinum Visa card is sort of like the little sister of the CIBC Dividend Visa Infinite Card offering essentially the same discount rates and charging the same annual fee. As you may have noticed from reading this article, when the minimum annual income is smaller than another card of the same type, it’s because it doesn’t offer as many insurance or benefits as the card with the higher income requirement. This card does not offer travel medical insurance, out-of-province emergency medical insurance, trip interruption insurance, flight delay insurance or baggage insurance.
This card provides 3% cash back on all gas and grocery purchases, 2% back on Tim Hortons and TELUS spending, and 1% back on all other purchases. Like the last card, there is also a 3¢ per liter discount on gas at Chevron, Ultramar, and Pioneer gas stations, regardless of the type of gas. As a welcome offer, you get 10% back on all your purchases up to $2,500.
This card has an annual fee of $99 and $30 for each additional card. However, the first year is free of charge. The main difference with this card compared to the previous CIBC card is that the minimum income to get a CIBC Dividend Platinum Visa Card is just $15,000.