When you buy something, the best cash back credit cards in Canada give you some of your money back. Say you use a card that gives 2% cash back and spend $100 on an eligible buy. You will get $2 cash back.
If your credit card lets you cash out, you might be able to either take out the cash back you’ve received or use it as a statement credit to lower your balance.
Best Cash Back Credit Cards in Canada – Featured
Tangerine Money-Back Credit Card
Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.
Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value); 1.95% balance transfer rate for 6 months.
Interest rates: 19.95% for purchases, balance transfers, and cash advances.
Annual fee: $0
KOHO Prepaid Mastercard
Rewards: Earn 1% cash back on groceries and transportation, up to 5% unlimited cash back at partner stores in Canada. Get 5% interest on your entire balance. Users also get access to a free budgeting app, 0% APR cash advances and free credit score checks.
Welcome offer: $20 sign-up bonus after first purchase (use CASHBACK promo code during sign-up)
Interest rate fee: N/A
Annual fee: $0*
Best Canadian Cash Back Credit Cards of 2024
| Credit Card | Cash Back Reward | Annual Fee |
| Tangerine Money-Back Credit Card | 2% unlimited cash back in up to 3 spending categories; 0.5% on everything else | $0 |
| Tangerine World Mastercard | 2% unlimited cash back in up to 3 spending categories; 0.5% on everything else | $0 |
| Scotia Momentum Visa Infinite Card | 4% cash back on groceries, recurring bills, and subscriptions; 2% cash back on gas/transit; 1% cash back on everything else | $120 (waived 1st year) |
| KOHO Prepaid Mastercard | 1% cash back on groceries, gas and transportation; up to 5% cash back at partner stores | $0 |
| Neo Credit | Up to 5% cash back at thousands of locations across Canada | $0 |
| SimplyCash Card from American Express | 1.25% to 2% cash back on purchases | $0 |
| SimplyCash Preferred Card from American Express | 2% to 4% cash back on purchases | $119.88 |
| CIBC Dividend Visa Infinite Card | 4% cash back on gas and groceries; 2% on dining and recurring bills; 1% on everything else | $120 (waived 1st year) |
| Scotiabank Gold American Express Card | 5% back on groceries, restaurant, food delivery and entertainment; 3% back on gas; 1% back on everything else | $120 (waived 1st year) |
| Meridian Visa Infinite Cash Back Card | 4% cash back on gas and grocery; 2% cash back on pharmacy and utilities; 1% cash back on everything else | $99 (waived 1st year) |
| Simplii Financial Cash Back Visa | 0.5% to 4% cash back on purchases (spending limits apply) | $0 |
Best No-Fee Cash Back Credit Cards
Here are the best cash-back credit cards with no yearly fee that will save you money.
Tangerine Money-Back Credit Card
Best no-fee cash-back credit card
Annual fee: $0
Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.
Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value).
Interest rates: 19.95% for purchases, balance transfers, and cash advances.
Minimum income requirement: $12,000
Tangerine World Mastercard
Excellent no-fee cash-back card with travel perks
Annual fee: $0
Rewards: Earn up to 2% unlimited cash back in 2-3 spending categories and 0.50% on all other purchases.
Welcome offer: Get an additional 10% cash back valued at $100 in the first 2 months.
Interest rates: 19.95% for purchases, balance transfers, and cash advances.
Minimum income requirement: $12,000
Best Cash Back Credit Card for Groceries and Recurring Bills
The overall best credit card in Canada, Scotiabank Momentum Visa Infinite, shines the most when considering its cash back rate for groceries and recurring bill payments.
In addition to this card are the KOHO Mastercard and Neo Credit.
Scotiabank Momentum Visa Infinite Card
Best for cash-back rewards and premium perks
Annual fee: $120
Rewards: Earn between 1% and 4% cash back on purchases.
Welcome offer: Earn 10% cash back on purchases for the first 3 months up to $2,000 in purchases. Annual fee waiver for the first year.
Interest rates: 20.99% for purchases, and 22.99% for cash advances.
Minimum income requirement: $60,000
Some of the best cash back rates in Canada can be found on the Scotia Momentum Visa Infinite Card. You can get 4% cash back on food and recurring payments, 2% cash back on gas and daily transit purchases, and 1% cash back on everything else.
You can get up to $200 in bonus cash back every three months for the first three months.
This high-end card also comes with eight different types of travel insurance, as well as perks like purchase security, extended warranty coverage, and insurance for new mobile devices.
How to redeem cash back: Cash back is added to your account balance once a year, in November.
Income requirements: To be eligible, you must make at least $60,000 a year or $100,000 a year as a family. Our in-depth look at the card can be read here.
KOHO Prepaid Mastercard
Annual fee: $0* monthly for Essential card.
Rewards: Earn up to 5% unlimited cash back on debit purchases and earn 5% savings interest on your entire balance.
Welcome Offer: $20 welcome bonus after your first purchase (use CASHBACK promo code when signing up).
Interest rates: 0%
Minimum income requirement: None
It’s not likely that the free KOHO Prepaid Mastercard will win when it comes to cash back on groceries and regular bills. You get 1% cash back on all grocery sales and bill payments, and there are no annual fees. It also gives you 5% interest on your savings account amount.
Neo Credit
Excellent credit card for cash back
Annual fee: $0
Rewards: Earn up to 15% cash back for first purchases at eligible partners, 5% average cash back at partner stores for subsequent purchases, and 0.5% cash back on average on all purchases.
Welcome offer: $25 bonus on approval.
Interest rates: 19.99% – 22.99% for purchases.
Minimum income requirement: None
SimplyCash Card from American Express
Excellent credit card for students
Annual fee: $0
Rewards: Earn up to 2% cash back on eligible purchases and 1.25% unlimited cashback on other purchases.
Interest rates: 20.99% for purchases, 21.99% for cash advances.
Minimum income requirement: None
The AMEX SimplyCash Card gives 2% cash back on gas and food (up to $300 per year at this rate; 1.25% after that), and 1.25% cash back on everything else. There is no limit to how much you can earn.
If you pay for all of your trip with this card, you can get up to $100,000 in travel accident insurance.
In addition, it comes with normal purchase security and an extended warranty.
Cash back redemption: Every year in August, cash back is added to your account.
Income requirements: There is no minimum income required for this card. Find out more here.
SimplyCash Preferred Card from Amex
If you like American Express cards and the SimplyCash Card from Amex, this card has better benefits for a fee every year.
SimplyCash Preferred Card from American Express
Excellent cash back credit card
Annual fee: $119.88
Rewards: Earn up to 4% cash back on everyday purchases.
Interest rates: 20.99% on purchases and 21.99% on cash advances.
Minimum income requirement: None
Scotiabank Gold American Express Card
Best travel credit card in Canada
Annual fee: $120
Rewards: Earn up to 6x Scene+ points on groceries, 5x pts. on dining, food delivery, & entertainment, 3x pts. on gas, and 1x pts. on everything else.
Welcome offer: Get up to 40,000 bonus Scene+ points in the first 12 months.
Interest rates: 20.99% for purchases, 22.99% for cash advances.
Minimum income requirement: $12,000
It’s not like other cash-back cards that the Scotiabank Gold American Express Card is. But it’s on this list because it has high earn rates, a bonus offer, and prizes that are easy to cash in.
People with Cards Get:
Five points for every dollar spent on groceries, fast food, food service, restaurants, and entertainment.
3 points for every $1 spent on streaming services, gas, and daily riding
For every $1 spent on other things, you get one point.
When you buy something abroad with this card, you don’t have to pay the 2.5% foreign transaction fees that you usually do.
It also comes with eight different types of travel insurance and a discounted Priority Pass membership that lets you use VIP airport bars around the world.
For a short time, new cardholders can get up to 45,000 bonus points that can be redeemed for travel and are worth $450:
25,000 extra points when you spend $1,000 in the first three months
20,000 extra points when you spend at least $7,500 in the first year
To get cash back, you can exchange your points for gift cards, ticket purchases, or merchandise. You can also get a statement credit.
Qualifications based on income: A person must make at least $12,000 a year.
CIBC Dividend Visa Infinite Card
CIBC Dividend Visa Infinite Card
Best for students and fair credit
Annual fee: $120
Rewards: Earn up to 4% cash back on high-spend categories.
Welcome offer: Get a rebate on the annual fee for the first year.
Interest rates: 20.99% on purchases and 22.99% on cash advances.
Minimum income requirement: A minimum annual personal income of $60,000 or household income of $100,000.
You can get a lot of cash back with the CIBC Dividend Visa Infinite Card.
Users get 4% cash back on groceries and gas, 2% cash back on eating out, transportation, and monthly bills, and 1% cash back on everything else.
The following types of protection are also available with this card:
Insurance for mobile devices
Emergency medical insurance for trips outside of your province
Accident insurance for common carriers
Insurance for rental cars
Cash back redemption: If your amount is $25 or more, you can cash in your cash back at any time.
At least $60,000 a year in single income or $100,000 a year for a family.
The CIBC Dividend Visa Infinite Card has 4% and 2% earn rates, but you can only use them to make purchases worth a total of $80,000.
Meridian Visa Infinite Cash Back Card
One of the best cards in Canada for cash back is the Meridian Visa Infinite Cash Back Card.
Users get:
4% cash back on gas and food items
2% cash back when you buy things at the drugstore and pay your bills.
1% cash back on everything else
In addition, the card comes with full trip insurance.
Keep in mind that the 4% and 2% cash back rates only work for sales up to $25,000. After this amount, a 1% rate is applied.
Redemption of cashback: You can get your cash back every month, and you can start redeeming it for things like gift cards, event tickets, or an account credit for $50.
To be eligible, you must have a personal income of at least $60,000 or a family income of $100,000.
Simplii Financial Cash Back Visa Card
Simplii Financial Cash Back Visa Card
Excellent credit card for students and newcomers
Annual fee: $0
Rewards: Earn up to 4% cash back on high-spend categories.
Welcome offer: For your first 3 months, enjoy 20% cash back on eligible gas, groceries, drugstore purchases and pre-authorized payments (up to $500 spend).
Interest rates: 19.99% on purchases and 22.99% on cash advances.
Minimum income requirement: Minimum annual household income is $15,000.
Last but not least, the Simplii Financial Cash Back Visa Card is a great cash back credit card.
What Is a Cash Back Credit Card?
When you use a cash back credit card, you get some of the money you spend back in cash.
Say you have a card that gives you 1% cash back on purchases of $100 or more that qualify. In this case, you’d get $1 back.
As the weeks and months go by, you get cash back. You can check your account to see how much you’ve made.
This is the main idea, but there are a lot of other things you need to know as well. These include what kinds of things you can buy to get cash back, how to get your cash back, any limits on how much you can earn, and more.
Types of Cash Back Credit Cards in Canada
In Canada, different kinds of credit cards give you cash back. The idea behind them is the same, but there are some small changes.
First, you should think about the diverse ways you can get cashback.
Some cards give you cash back at a set rate. This could be something like 1% of everything bought.
Some have both a flat rate and bonus areas. There are some types of buying where you can make more money. That means you could get 2% back on all food purchases that qualify and 1% back on everything else.
Some cards may even let you pick which areas (like groceries and restaurants) where you want to earn the most cash back.
Canada’s credit cards offer a number of different types of cash back bonuses. These are the most common:
- Groceries – Usually at major grocery stores in Canada, and you may be limited to certain stores.
- Entertainment – Earn cash back when you buy tickets to the cinema, concerts, theatres, etc.
- Gas – Earn cash back for purchases at gas stations for your travel costs.
- Dining – This could include eating out at restaurants, takeout, food delivery services, or all of them.
- Transportation – Some cards allow you to earn cash back for the money you spend on different types of transportation, including public transport.
- Monthly subscriptions – These include subscriptions like Netflix and recurring bills like internet and utility bills.
- Travel – Including hotels and car rentals.
For instance, some will give you cash back for eating out, even if you order food online, while others will only do that at places.
You might only be able to buy groceries at certain places, and some monthly plans might not cover your bills.
How To Choose a Cash Back Credit Card
When you ask for a cash-back credit card, you should think about a few things:
Rewards categories: Always consider how much you can earn on specific categories of purchases. If you regularly shop at a particular store, find out whether you can earn more cash back by shopping there. If you primarily use your credit card to purchase gas, ensure you get a better rate.
Additional rewards: Premium cash back cards typically offer extra perks alongside cash back. These include travel insurance, rewards points, discounts, and more.
Annual fee: Premium credit cards often come with high annual fees. In return, they often provide higher cash back rates or additional perks. You have to decide whether the additional fee is worth it. If you don’t need travel insurance benefits, a no-fee cash back credit card can save you on fees.
Promotions: Many cash back credit cards offer juicy promotional rates as welcome bonuses. You may be able to earn significantly more cash back in the first few months, or you may find a card that waives the annual fees for the first year.
Income eligibility: Check whether you are eligible for the card based on your income. While American Express cards do not have a minimum income requirement, for the Visa Infinite Cards on this list, you need to earn at least $60,000 per year to qualify.
Interest rate: While cash back and other rewards may be your primary concern, don’t forget to check the interest rate for purchases and cash advances. If you carry a balance, a low interest rate can help you pay less and repay your debt sooner.
How To Redeem Cash Back Rewards
When your card gives you cash back, you’ll want to get it. So what should you do to get it back?
This is usually easy, but the way each card works is a little different.
Most of the time, you can pay off your credit card debt with the cash back you earn. There is, however, a minimum cash back amount that you need to hit with some cards before you can cash it in.
For some, there may be limits on how often you can get your cash back. This might happen once a month or once a week. Some may only give money out once a year.
You can get cash back on some cards by putting your points straight into a linked savings account. You can then cash out the money.
To get your cash back, here is a list of the big credit card companies and how to do it normally:
- BMO – You can redeem anything over $1 as statement credit and set up automatic direct deposits from $25 to your BMO accounts.
- American Express – Cash back is paid out on an annual basis.
- CIBC – You can redeem cash back from $25 and over.
- TD – The minimum cash back earnings before you can redeem is $25, or you can redeem it annually without any minimum requirements.
- Scotiabank – The cash back you earn is credited to your account once a year.
- Tangerine – Cash back is paid directly to your savings account every month or applied directly to your balance.
- RBC – You can redeem your cash back once you have earned a minimum of $25. Or it is automatically credited to your account once a year.
Cash Back Credit Cards Pros and Cons
It’s easier to understand how to get cash back than points. With cash back, you know exactly how much you’re getting, like $50 back is $50 back.
The value of points changes depending on how you choose to use them. For instance, 5000 points might be worth $50 when redeemed for travel and $35 when redeemed for goods or a credit on your account.
Bad Things About Cash Back Credit Cards
There are big fees every year for many of the best cash-back credit cards.
Some also need you to have a certain amount of personal or household income each year in order to be qualified.
How To Apply for a Cash Back Credit Card
To get a cash-back credit card in Canada, it’s easy to apply. For this kind of credit card, the steps are the same as for most others.
First, pick the right credit card by looking at things like interest rates, yearly fees, the amount of cash back you can earn, and how you can cash it in.
Once you’ve found a card you like, make sure you meet the standards to get it.
There is usually a minimum age and proof that you live in the country. Most of them need you to live in Canada and be at least the legal age of majority in your state.
For most cards, you’ll also need good credit. Being turned down for a credit card or cash back credit card is almost impossible if you have bad credit.
This means getting more than 660 points. If your credit score isn’t very good, you might want to try getting a protected credit card instead.
Last, check to see how much money you need to make. The card company might say that you need a certain amount of personal or family income, but this isn’t always the case.
It’s as low as $12,000 a year sometimes. But for special cards, it can be more, like $80,000 more.
When you are ready to apply, you should be able to do so online by giving the necessary information. You might also be able to apply by phone or in person at a store near you.
How To Maximize Credit Card Cash Back
There are a few things you can do to get the most cash back from your cash back credit card once you have it. You can do this in a number of different ways.
First, pick a credit card that gives you the most cash back based on how much you spend. If you go to the same food store every week, for example, pick a card that gives you more cash back when you shop there.
With some cards, you can pick the type of buying that gives you the most cash back. In general, it may give you 1% cash back, but in some areas, you could get 3% or more.
Look for welcome offers, and if you’re going to make a big buy, think about getting a new card. For the first few months, you might get more cash back, but make sure there aren’t any limits.
To get the most cash back, use more than one credit card. For instance, one card might give you more cash back for certain things, like trips, while you could use a different card for shopping for food.
You can also let people who aren’t you, like your spouse or kids, earn cash back.