One of the best money again bank cards in Canada for 2024

Recognized for his or her simplicity and flexibility, money again playing cards eradicate the trouble of monitoring loyalty factors and provide the last word reward—a share of what you spend again in money.

If you wish to maximize your money again rewards, begin with certainly one of these three playing cards, which swimsuit the preferences and habits of most Canadians. Or preserve scrolling for a curated record of suggestions throughout much more classes.

Every money again bank card has its advantages and downsides. Right here we break down the highest playing cards in Canada for various classes, and spotlight what units every card aside.

Greatest general money again bank card

At a look: This money again card provides spectacular earn charges on grocery and fuel purchases, two of the most-used spending classes. Crucially, it additionally has the very best base earn price in Canada, at 2%. Mixed with strong insurance coverage protection, entry to Amex advantages and free supplementary playing cards, that is palms down one of many greatest bank cards in Canada.

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SimplyCash Most well-liked from American Specific

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• Annual charge: $120
• Earn price: 4% money again on eligible fuel and grocery purchases; 2% money again on all the pieces else
• Welcome provide: You may earn a $40 assertion credit score for every month-to-month billing interval wherein you spend $750 in purchases in your card.
• Annual revenue requirement: None

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Execs

• This card pairs wholesome earn charges with spending caps that the everyday consumer received’t ever attain, so you may get essentially the most out of each greenback spent. The true profit right here is the minimal 2% money again on each single buy you make. 
• There’s no specified revenue 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 Affords tailor-made to your spending habits might be downloaded by means of your Amex app or on-line account. 
• Free supplementary playing cards assist 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 wish to carry a secondary card.
• Redemptions aren’t versatile. You’ll obtain your money again as a press release 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 fuel. And there’s no restrict on the full amount of money rewards you may earn.

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CIBC Dividend Visa Infinite

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• Annual charge: $120
• Earn charges: 4% money again on eligible fuel, EV charging and grocery purchases; 2% on eating, each day transit and recurring funds; and 1% on all the pieces else
• Rates of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers

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Execs

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

Cons

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

Greatest no-fee money again card

At a look: Not like many no-fee playing cards, the SimplyCash Card doesn’t skimp on the bottom price. 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 fuel make this a robust contender within the money again class.

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SimplyCash from American Specific

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• Annual charge: $0
• Earn price: 2% money again on fuel and groceries; 1.25% money again on all different purchases
• Welcome provide: You may earn a $10 assertion credit score for every month-to-month billing interval wherein you make no less than $300 in purchases (for a complete worth of as much as $100).
• Annual revenue requirement: None

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Execs

• Any purchases outdoors 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 price of 0.5%.

Cons

• American Specific is much less broadly accepted in Canada than Visa or Mastercard, so that you may wish to additionally carry a secondary card for purchases at sure shops.
• Your earnings are utilized as a press release credit score as soon as per yr quite than on an as-needed foundation.
• The cap of $300 money again on groceries and fuel (on the primary $15,000 spent) is comparatively low for bonus classes, however this card makes up for it with a beneficiant earn price on all subsequent purchases.

Honourable point out

At a look: The Tangerine Cash-Again Credit score Card takes a barely completely different method to offering a no-fee money again card by permitting you to choose as much as three bonus classes, incomes at 2% every, from a doable 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 charge: $0
• Earn charges: 2% in as much as 3 classes of your alternative (together with groceries, fuel and eating) and 0.5% money again on all the pieces else
• Welcome bonus: You may 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 October 31, 2024.
• Annual revenue requirement: Private or family revenue of $12,000

Get a $100 Money Bonus upon approval on ratehub.ca

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Execs

• By letting you decide your 2% bonus classes, this card provides unmatched flexibility. You may get a 3rd bonus class at 2% by routinely depositing your earnings right into a Tangerine account.
• You aren’t locked into your bonus classes, however quite can change them as you need with 90 days’ discover. For instance, you probably have a renovation arising, you could possibly select residence 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.
• In case you meet the revenue necessities of $60,000 personally or $100,000 for the family, you’ll routinely be thought of 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 revenue requirement of $12,000 per yr. That makes it accessible, however some playing cards, like our prime decide, don’t have a specified revenue requirement.

Greatest 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 effective 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 Crimson World Elite Mastercard

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• Annual charge: $0
• Earn price: 1.5% money again on all purchases, or 2% again for Rogers, Fido and Shaw clients; 3% money again on all purchases in USD
• Welcome bonus: This card doesn’t have a welcome bonus right now.
• Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

GET A $50 CASH BONUS UPON APPROVAL ON RATEHUB.CA

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Execs 

• With an earn price of 1.5% on all purchases in Canada (in-store and on-line), this card provides 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 Specific.
• Rogers, Fido and Shaw clients earn much more: Get a further 0.5% money again on all purchases, plus a 1.5x redemption bonus whenever you redeem for Rogers, Fido or Shaw purchases—that’s equal to three% again.
• In case you ceaselessly store within the U.S., it’s like having a no foreign exchange charge card as a result of the accelerated 3% earn price on purchases in U.S. {dollars} covers the two.5% international transaction charge. 
• Not like most World Elite Credit cards in Canada, this card has no annual charge.
• You may redeem your rewards towards purchases in your card as quickly as you have got $10 banked.

Cons

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

Greatest money again bank card for college kids

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

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BMO CashBack Mastercard for College students

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• Annual charge: $0
• Earn charges: 3% money again on groceries (on the primary $500 per 30 days), 1% on recurring payments and 0.5% on all the pieces else
• Welcome provide: You may earn 5% money again in your first 3 months. Situations apply.
• Annual revenue requirement: None

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Execs

• Grocery procuring is without doubt one of the most vital bonus classes for college kids, and three% money again is the very best return on groceries for a no-fee bank card in Canada. 
• You may redeem your money whenever you want it (with a $25 minimal) as a press release 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, nevertheless 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

How you can take advantage of your money again bank card

By no means carry a stability

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 stability. Like all rewards bank cards, money again playing cards have a tendency to hold annual rates of interest on the increased finish, often round 19.99%. At this price, unpaid debt will quickly accumulate curiosity prices that eat up any positive factors you’ve made. So long as you repay your stability in full each month, you’ll keep away from this pitfall, however when you discover you usually carry a stability, you may take into account a low curiosity bank card as an alternative.

Examine your money again card choices

It’s straightforward to go together with the money again card supplied by your present financial institution, however that’s not all the time your best option. Take the time to match your choices to determine the cardboard that delivers the very best return based mostly in your explicit 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 purpose to get a bank card, and you’ll pay your invoice electronically from any checking account.

Don’t dismiss money again playing cards with an annual charge

Whereas it may appear counterintuitive to pay an annual charge on a money again card, bear in mind that playing cards with a charge typically ship higher rewards and perks. If these perks are value greater than the annual charge (and if the cardboard suits your spending habits in different methods), you may select a money again card with a charge.

Think about using a number of bank cards

Utilizing too many bank cards directly is mostly frowned upon, as this generally is a signal of insolvency. Nonetheless, a robust credit-card technique can contain pairing playing cards to maximise advantages. For instance, the TD Money Again Visa Infinite provides 3% again on fuel, groceries and recurring payments, however just one% on all the pieces else, whereas the Tangerine Cash Again Card has no annual charge and provides 2% again in as much as three spending classes of your alternative. Strategically it will make sense to pick out 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 price.

Add your companion as a certified consumer

Including a certified consumer, sometimes your companion, to your account generally is a cost-effective (and even free!) method to increase 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 charge, you may be capable of get a further approved consumer for as little as $30 extra. Some premium playing cards, just like the SimplyCash Most well-liked from American Specific, even allow you to add approved customers without cost. It does bear mentioning that this requires some thought as solely the first cardholder can be liable for paying off the stability—not the approved customers.

Money again versus journey bank cards

When selecting a rewards bank card, many Canadians discover themselves torn between two sorts: Money again and journey. This shouldn’t come as a shock—each are well-liked and have precious strengths. Right here we break down each card sorts that will help you determine which card is best for you.

Simplicity

It’s vital to have the ability to perceive your bank card rewards program, and money again playing cards are about as clear as you may get. In case 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 completely different earn charges and redemption values. These variables can have an effect on how or whenever you wish to accumulate or redeem. 

Backside line: In case you’re invested in incomes journey rewards, acquainting your self along with your card’s program could also be one of the simplest ways to go, in any other case you may’t prime money relating to simplicity.

Rewards and bonus classes

The way you earn might be simply as vital as what you earn. Journey rewards bank cards often provide a really broad breadth of spending classes to earn in, whereas money again playing cards might be extra restrictive.

Apart from a couple of exceptions, the vast majority of money again bank cards provide the identical restricted choice of bonus classes (specifically fuel, groceries and utility payments). As compared, journey bank cards have a far bigger choice of bonus classes (like eating places, resort stays, flights, Uber rides and public transit, along with the groceries and fuel), which suggests you may doubtlessly 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 rationale they are saying “Money is king” as a result of it may be used for something you need, resembling on a regular basis spending on fuel and groceries. In distinction, the factors you earn on journey playing cards are often geared in direction of journey rewards and provide the most effective worth when redeemed for flights and resort stays.

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

Welcome bonuses

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

For instance, with the BMO World Elite Mastercard, you may 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 provide permits you to earn 5% money again proper out of the gate on all of your purchases for the primary three months nevertheless it maxes out at simply $200. 

Backside line: The welcome bonuses on money again playing cards are sometimes value much less however are simpler to get than the provides accessible on journey playing cards.  

Facet perks

Perks are little extras accessible to you as a cardholder. These are often issues like airport lounge entry, longer and extra complete journey insurance coverage protection, or refunds on sure bills like a Nexus entry charge. As you may see, perks are fairly often tied on to journey, so it ought to come as no shock that you simply’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. In case you’re searching for little extras, your greatest wager is a journey rewards card.

Different methods to earn cash-back rewards

Bank cards aren’t the one method to earn cash-back rewards. Take into account a money again debit card. It’s a manner utilizing your personal cash and never falling to danger of owing any curiosity or not paying the stability off on time—which may 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 procuring. Test 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: