MoneySense curated this checklist of the very best money again bank cards in Canada that can assist you maximize your rewards in your on a regular basis purchases. Whether or not you’re on the lookout for excessive earn charges, low charges and/or different advantages, our bank card information will assist you to discover the right card to spice up your cash-back financial savings.
Featured money again bank cards
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Gold: Finest money again card
Rogers Purple World Elite Mastercard
Earn a minimal of 1.5% money again on all purchases, and three% on U.S. greenback purchases. Redeem rewards whenever you need.
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Curiosity Charges:
25.99% buy, 27.99% money advance, 27.99% steadiness switch
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Silver: Finest money again card
CIBC Dividend Visa Infinite Card
Earn 4% money again on fuel and groceries, and save on the pump with unique gas reductions.
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Curiosity Charges:
20.99% buy, 22.99% money advance, 22.99% steadiness switch
Welcome supply:
$250 worth
Be part of and earn over $400 in worth together with a primary 12 months annual charge rebate.†
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Bronze: Finest money again card
SimplyCash Most well-liked Card from American Categorical
Get a minimal of two% money again on all of your purchases—one of many highest base charges in Canada.
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Curiosity Charges:
21.99% buy, 21.99% money advance, N/A steadiness switch
Welcome supply:
$250 worth
Earn a bonus 10% money again on all purchases on your first 3 months (as much as $2,000 in purchases). Plus, earn a $50 assertion credit score whenever you make a purchase order in month 13. This might add as much as $250 in bonus worth in your first 13 months.
Evaluate in style money again bank cards
Evaluate the very best journey bank card choices in Canada with our interactive device and filter bank cards primarily based in your spending wants, together with rewards worth, annual charges, earnings necessities and extra. Use this device to check bank card choices, or maintain scrolling for our editors’ high picks.
MoneySense award winners
We break down the professionals and cons of our gold, silver and bronze-winning journey bank card picks. Scroll additional for different good choices, together with the very best airline bank card and finest no-fee various.
Gold: Rogers Purple World Elite Mastercard
At a look: The Rogers Purple World Elite Mastercard is the very best money again bank card in Canada, providing a excessive earn charge of 1.5% on all purchases—so there’s no must strategize spending by maximizing bonus classes. Plus, the accelerated charge of three% on all U.S. purchases is sufficient to cowl international transaction charges. This additionally gives distinctive journey perks, together with airport lounge entry, and emergency medical and journey cancellation insurance coverage, all with out an annual charge. The Roger Purple World Elite Mastercard is our choose for finest no charge money again bank card in Canada.
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Rogers Purple World Elite Mastercard
Annual charge: $0
Welcome supply: None right now.
Card particulars
| Rates of interest | 25.99% on purchases, 27.99% on money advances, 27.99% on steadiness transfers |
| Earnings required | $80,000 per 12 months |
| Credit score rating | 725 or increased |
Professionals
- Strong rewards: Earn 1.5% on all purchases made in Canada. And as a Mastercard, this is without doubt one of the finest playing cards to make use of at Costco, which doesn’t settle for Visa or American Categorical.
- Rogers, Fido and Shaw prospects earn extra: Prospects get 2% money again on all purchases (as an alternative of the usual 1.5%). Plus, after they redeem money again with Rogers, Fido or Shaw, the rewards are price 1.5 instances extra. For instance, $100 in money again turns into $150 when utilized to a Rogers invoice.)
- Save on roaming charges: The cardboard comes with 5 Roam Like Dwelling days yearly for free of charge for Rogers cellular plans, price as much as $80.
- Nice for U.S. purchasing: Earn 3% money again on purchases in U.S. {dollars}, offsetting the everyday 2.5% international transaction charge.
- No annual charge: That is unusual for World Elite Credit cards in Canada.
- Versatile redemptions: Redeem rewards in opposition to purchases in your card for as little as $10.
Cons
- Excessive earnings requirement: As a World Elite Mastercard, the eligibility necessities would possibly put it out of attain for some Canadians.
Silver: CIBC Dividend Visa Infinite
At a look: The CIBC Dividend Visa Infinite affords excessive earn charges on on a regular basis purchases. You gained’t discover a higher charge on groceries rewards or fuel rewards (which incorporates EV charging spends), making it one of many highest money rewards bank cards round. Plus, you may redeem your money again anytime and save on the pump with unique gas reductions.
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CIBC Dividend Visa Infinite
Annual charge: $120 (rebated first 12 months)
Welcome supply: Rise up to $400 in worth, together with a first-year annual-fee rebate. Provide not out there to Quebec residents.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers |
| Earnings required | Private earnings of $60,000 or family earnings of $100,000 |
| Credit score rating | 725 or increased |
Bronze: Tangerine Cash-Again Credit score Card
At a look: The Tangerine Cash-Again Credit score Card is without doubt one of the most flexible-earning money again bank cards available on the market, permitting you to choose as much as three 2% bonus classes of your selection, from a listing of 10. Higher but, you may change your classes as wanted, with 90 days’ discover.
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Tangerine Cash-Again Credit score Card
Annual charge: $0
Welcome supply: Earn an additional 10% money again throughout the first two months (as much as $100 in money again).
Card particulars
| Rates of interest | 20.95% on purchases, 22.95% on money advances and 22.95% on steadiness transfers |
| Earnings required | Private or family earnings of $12,000 |
| Credit score rating | 660 or increased |
Extra Canadian money again playing cards with aggressive charges and perks
Finest Amex money again bank card: American Categorical SimplyCash Most well-liked
At a look: The American Categorical SimplyCash Most well-liked affords spectacular earn charges on grocery and fuel purchases, two of the most-used spending classes. It additionally has the best base earn charge in Canada: at 2%. Mixed with stable insurance coverage protection, entry to Amex advantages and free supplementary playing cards, this can be a sturdy possibility for individuals who need an Amex card.
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Amex SimplyCash Most well-liked
Annual charge: $120
Welcome supply: Earn a bonus 10% money again on all purchases on your first three months (as much as $2,000 in purchases) and a $50 assertion credit score whenever you make a purchase order in month 13 (whole worth of as much as $250).
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Earnings required | None specified |
| Credit score rating | 725 or increased |
Finest prompt approval money again card: SimplyCash Most well-liked Card
At a look: If you wish to get going with the most effective cashback bank cards in Canada with out ready out the usual approval time, take a look at the SimplyCash Most well-liked from American Categorical.With a robust again charge of two% on every part you purchase plus an accelerated 4% money again charge for fuel and grocery costs, this bank card makes money again straightforward to know and even simpler to earn.
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SimplyCash from American Categorical
Annual charge: $0
Welcome supply: Earn a bonus 5% money again in your first $2,000 in purchases throughout your first three months (as much as $100 in bonus money again).
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Earnings required | None specified |
| Credit score rating | 725 or increased |
Finest scholar money again bank card: BMO CashBack Mastercard
At a look: It’s not typically you get excessive money again charges with a free card however the BMO CashBack Mastercard gives simply that. Combining no annual charge with a powerful 3% money again charge on grocery purchases, this card is ideal for college kids seeking to earn money rewards in a high-spend class.
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BMO CashBack Mastercard
Annual charge: $0
Welcome supply: Earn as much as 5% money again throughout your first three months.
Card particulars
| Rates of interest | 21.99% on purchases, 23.99% on money advances, 23.99% on steadiness transfers |
| Earnings required | $15,000 per 12 months |
| Credit score rating | None specified |
Ceaselessly requested questions on evaluating Canadian money again playing cards
Why isn’t Wealthsimple’s money again card on this checklist?
As editors and individuals who care you can apply for the playing cards on this checklist, we wish you to have entry to the very best money again playing cards in Canada. Nevertheless, the discharge of Wealthsimple Visa Infinite is a gradual one. There was a mushy launch in April 2025, giving entry of the cardboard to pick purchasers. Then the fintech opened up purposes to a different 20,000 Canadians. However till the Wealthsimple money again bank card is broadly out there for Canadians to use, we gained’t be capable to advocate it for Canadians.
Learn: Is Wealthsimple a financial institution? Not precisely, nevertheless it’s launching new “banking” companies
What’s the distinction between money again and journey rewards?
Many Canadians discover themselves torn between money again and journey bank cards. In each instances, you may earn rewards primarily based in your spending, however there are some key variations. For those who’re attempting to decide on between the 2, it’s useful to check them primarily based on a number of key components.
Simplicity: With money again playing cards, you earn a reimbursement in your purchases. Though there will be some variation relying on charges and spending classes, money is simple to know. Some journey bank cards have sophisticated charts, earn charges, and redemption values. Nevertheless, they typically supply excellent worth on travel-related bills.
Rewards and bonuses: Nearly all of money again bank cards supply the identical restricted number of bonus classes (specifically fuel, groceries and utility payments). As compared, journey bank cards have a far bigger number of bonus classes (like eating places, resort stays, flights, Uber rides and public transit, along with the groceries and fuel), which implies you may doubtlessly earn extra factors on extra forms of purchases.
Flexibility: Money is king and you need to use it to purchase something–together with journey. Nevertheless, for those who’re seeking to save on flights and resort stays, a journey card can supply significantly extra worth.
Perks and extras: With a a reimbursement bank card, the reward is money.For those who’re on the lookout for little extras, your finest wager is a journey rewards card.
How can I earn money again quicker?
If you wish to earn money again quicker, there are some things you are able to do. Step one is to decide on a card that matches properly along with your spending patterns–and needless to say this may occasionally or will not be a no-fee card. For instance, if a card affords boosted charges in a high spending class for you and your loved ones, it would make sense to pay an annual charge. When you’ve obtained the fitting cashback card in your pockets, use it for all of your on a regular basis purchases, particularly in accelerated spending classes, and particularly throughout promotions or particular occasions. Lastly, you can provide supplementary playing cards to your (trusted) family and friends so that you maximize their spending energy.
Which bank cards supply 5% money again or extra? Which card offers 5% money again?
An earn charge of 5% is excellent in Canada, however it may be discovered. The BMO CashBack World Elite affords 5% again on groceries with an annual charge of $120. For $125 per 12 months, you need to use the Neo World Elite Mastercard which begins with 5% cashback on groceries and affords 7% as a boosted charge for individuals who financial institution with them. Additionally control welcome promotions as lots of them supply money again charges of 5% and better for a restricted time.
Which Costco card has 3% money again?
You’ll be able to store at Costco with quite a lot of playing cards together with the CIBC Costco Mastercard which supplies you a 3% money again charge at eating places and Costco fuel stations. You would possibly use another card on your Costco purchases. The Roger Purple World Elite Mastercard, for instance, is accepted at Costco and affords 3% on all U.S. greenback purchases and has a 1.5% money again base charge which is bumped as much as 2$ for Rogers or Fido prospects..
Does Buyers Drug Mart supply money again rewards?
Buyers is a part of the PC Optimum rewards program, which helps you to earn factors redeemable for merchandise in companion shops. There are many methods to earn factors whenever you store, and you’ll redeem 10,000 PC Optimum factors for $10 off just about something by telling the cashier. The financial savings come off on the until. You’ll be able to construct up your factors quicker by purchasing at Buyers with a PC Monetary Mastercard.
What are the disadvantages of a money again card?
Money again playing cards are a superb device for some individuals and a few spending profiles however they arrive with drawbacks. For instance, cashback bank cards usually include few advantages like included insurance coverage or airport lounge entry. For those who want a card that gives these extras, a journey card is likely to be a better option. One other downside is likely to be that whenever you take your rewards in money, you is likely to be getting much less on your buck. Many rewards playing cards beef up the worth of their factors so that you get extra whenever you redeem than you would possibly by shopping for a reward instantly. For those who’re excited about particular forms of rewards, it typically pays to analysis factors applications.
Are cashback playing cards price it?
Regardless of any drawbacks, cashback playing cards reward you with money which is versatile and simple to redeem with out blackout dates, sophisticated charts, or different restrictions. For those who’re on the lookout for a strategy to put your spending to give you the results you want, a money again card is a robust selection.
Are you taking advantage of your money again bank card
If you need extra cash-back rewards, it would imply making use of for a brand new money again card or taking a look at your money again bank card habits. Take a look at the following pointers that can assist you get more cash again.
By no means carry a steadiness
The large payoff with a money again bank card is the money—a reward that may be simply cancelled out by any penalties and curiosity accrued for those who 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 charge, unpaid debt will quickly accumulate curiosity prices that eat up any positive factors you’ve made. So long as you repay your steadiness in full each month, you’ll keep away from this pitfall. However for those who discover you repeatedly carry a steadiness, think about a low curiosity bank card as an alternative.
Evaluate your money again card choices
It’s straightforward to go along with the money again card supplied by your present financial institution, however that’s not at all times your best option. Take the time to check your choices to determine the cardboard that delivers the best return primarily based in your specific spending habits and way of life. Bear in mind: you don’t must open a chequing or financial savings account with a financial institution with a purpose to get a bank card from there, and you’ll pay your invoice electronically from any checking account.
Don’t dismiss money again playing cards with an annual charge
Whereas it might sound 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 price greater than the annual charge (and if the cardboard matches your spending habits in different methods), you would possibly select a money again card with a charge.
Think about using a number of bank cards
Having too many energetic bank cards with balances, all of sudden, is usually frowned upon, as this could be a signal of dangerous funds and insolvency. Nevertheless, having a couple of card and a robust credit-card technique could be a good factor, together with pairing playing cards to maximise advantages. For instance, the TD Money Again Visa Infinite affords 3% again on fuel, groceries and recurring payments, however only one% on every part else, whereas the Tangerine Cash Again Card has no annual charge and affords 2% again in as much as three spending classes of your selection. 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 charge. Suppose exterior the field when establishing your spending technique with money again bank cards in Canada.
Add your companion as a certified consumer
Including a certified consumer, usually your companion, to your account could be a cost-effective (and even free!) strategy 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 would possibly be capable 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 without spending a dime—no further annual charge. It does bear mentioning that this requires some thought, as solely the first cardholder will likely be chargeable for paying off the steadiness—not the approved customers.
Money again playing cards 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 in style and have helpful strengths. Right here we break down each card sorts that can assist you determine which card is best for you.
Simplicity
It’s vital to know how your bank card rewards program works. Money again bank cards are about as clear as you will get. For those who earn 2% again, you completely know you’re going to obtain $0.02 on each $1—no sophisticated calculations required. With journey rewards bank cards, there are generally totally different earn charges and redemption values. These variables can have an effect on how or whenever you need to gather or redeem.
Cashback vs. journey bank cards: For those who’re invested in incomes journey rewards, acquainting your self along with your card’s program could also be the easiest way to go, in any other case you may’t high money for its simplicity and suppleness.
Rewards and bonus classes
The way you earn will be simply as vital as what you earn. Journey rewards bank cards normally supply a really huge breadth of spending classes to earn in, whereas money again playing cards will be extra restrictive.
Except for a couple of exceptions, the vast majority of a reimbursement bank cards supply the identical restricted number of bonus classes (specifically fuel, groceries and utility payments). As compared, journey bank cards have a far bigger number of bonus classes (like eating places, resort stays, flights, Uber rides and public transit, along with the groceries and fuel), which implies you may doubtlessly earn extra factors on extra forms of purchases.
Flexibility
The explanation it’s mentioned that “Money is king” is as a result of cash can be utilized for something you need, corresponding to on a regular basis spending on fuel and groceries. In distinction, the factors earned on journey playing cards are normally geared towards journey rewards and supply the very best worth when redeemed for flights and resort stays.
Cashback vs. journey bank cards: Money is essentially the most liquid reward there may be, however for those who’re seeking to save on flights and resort stays, a journey card can supply significantly extra worth.
Welcome bonuses
Sometimes, journey rewards playing cards can supply a whole bunch of {dollars} in rewards as a welcome bonus promotion, whereas money again playing cards normally supply an elevated incomes share for a brief introductory time. One factor to notice: bonuses on money again bank cards are normally simpler to earn—whereas journey rewards playing cards normally are price 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 allows 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.
Cashback vs. journey bank cards: The welcome bonuses on money again bank cards in Canada are usually price much less however are simpler to get than the affords out there on journey playing cards.
Facet perks
Perks are advantages out there to you as a cardholder. These are normally issues like airport lounge entry, longer and extra complete journey insurance coverage protection, and 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.
Cashback vs. journey bank cards: In some ways, money is the perk on a money again card. For those who’re on the lookout for little extras, your finest 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 (learn our finest debit playing cards rating). It’s a method utilizing your personal cash and with out the chance of owing 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 excellent for journey or on-line purchasing. Examine your banking app to see if that’s an possibility with the cash-back financial savings account (learn our finest excessive curiosity financial savings accounts rating).