Best Cashback Credit Cards in Canada

If you’re looking to make the most out of your everyday spending, cashback credit cards are an excellent choice. These cards reward you with cash back on purchases like groceries, gas, dining, and more. In this blog, we’ll cover some of the best cashback credit cards in Canada for 2024. Whether you’re a big spender or just looking for a simple way to save, there’s a card out there for you.

What Are Cashback Credit Cards?

Cashback credit cards let you earn a percentage of your spending back in cash. For example, if your card offers 2% cash back on groceries, spending $500 on groceries would earn you $10 back. These rewards can be applied as a statement credit, direct deposit, or even gift cards.

The beauty of cashback cards is their simplicity—no need to worry about complicated point systems. Plus, they’re perfect for those who want straightforward savings.

Top Cashback Credit Cards in Canada

Here are some of the best options to consider for 2024:

1. Tangerine Money-Back Credit Card

• Cashback Rate: Earn 2% cash back in up to 3 spending categories of your choice (e.g., groceries, restaurants, or recurring bills).
• Annual Fee: $0.
• Why It’s Great: With no annual fee and flexible reward categories, this card is perfect for those who want to tailor their cashback to their lifestyle.

2. CIBC Dividend® Visa Infinite

• Cashback Rate:
  • 4% on groceries and gas.
  • 2% on transportation, dining, and recurring payments.
  • 1% on all other purchases.
• Annual Fee: $120 (waived for the first year).
• Why It’s Great: If you spend a lot on essentials like food and fuel, this card can maximize your rewards.

3. Scotia Momentum® Visa Infinite

• Cashback Rate:
  • 4% on groceries and recurring bills.
  • 2% on gas and daily transit.
  • 1% on everything else.
• Annual Fee: $120 (waived for the first year).
• Why It’s Great: This card offers a high cashback rate on recurring bills, making it ideal for households with predictable monthly expenses.
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4. BMO CashBack® World Elite® Mastercard®

• Cashback Rate:
  • 5% on groceries (for the first 3 months, then 3%).
  • 4% on transit.
  • 1% on everything else.
• Annual Fee: $120 (waived for the first year).
• Why It’s Great: The elevated cashback on groceries and transit makes this card a top pick for families and commuters.

5. Rogers World Elite® Mastercard®

• Cashback Rate:
  • 3% on U.S. dollar purchases.
  • 1.5% on all other purchases.
• Annual Fee: $0.
• Why It’s Great: If you frequently shop in the U.S. or online in U.S. dollars, this card’s high cashback rate on foreign currency spending is hard to beat.

How to Choose the Right Cashback Card

Before applying for a cashback credit card, here are some factors to consider:

1. Spending Habits

Look at where you spend the most money. If groceries and gas are your largest expenses, choose a card that offers a high cashback rate in these categories.

2. Annual Fees

Some cards have annual fees, but they often come with higher cashback rates. Consider whether your spending justifies paying the fee.

3. Perks and Features

Many cashback cards include additional perks like travel insurance, extended warranties, or access to airport lounges.

4. Cash Back Rebates vs. Other Rewards

If simplicity is your goal, cashback rebates are an easy way to earn rewards without dealing with complicated points systems or redemption rules.

Tips to Maximize Your Cashback Rewards

1. Use Your Card for Everyday Purchases: The more you spend, the more cash back you earn. Just ensure you can pay off your balance in full each month to avoid interest charges.
2. Pick the Right Card Categories: Some cards let you choose your top-earning categories. Tailor these to your spending habits for maximum rewards.
3. Combine Cards: If you have multiple cashback cards, use each one where it offers the highest rewards. For example, use one card for groceries and another for gas.
4. Keep an Eye on Promotions: Many credit card providers offer sign-up bonuses or promotional cashback rates for new customers.

Are Cashback Credit Cards Worth It?

Yes, cashback credit cards are worth it for anyone looking to save money on everyday purchases. They’re particularly valuable for families, frequent shoppers, and anyone who spends a significant amount on groceries, gas, or dining out.

The key is to use them responsibly by paying off your balance in full each month. This way, you’ll avoid interest charges and truly benefit from the rewards.

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Final Thoughts

Canada offers a wide range of cashback credit cards tailored to different needs. From no-fee options to premium cards with added perks, there’s something for everyone. Take the time to evaluate your spending habits and choose a card that fits your lifestyle.

Start saving today and enjoy the benefits of cash-back rebates on your purchases!

By understanding your spending habits and comparing the best options, you’ll be on your way to earning rewards that actually make a difference.