Best Cashback Credit Cards in Canada For 2024
Kevin Shahnazari
Author7 min read
There's nothing quite like the feeling of seeing cashback deposits hit your account after making a series of purchases. So why not choose a card that maximizes your rewards and brings even more joy?
In this post, we'll explore the best credit cards in Canada and compare them to see which ones can earn you the most cashback!
Best Overall Cash Back Credit Card
I currently have or may soon have an eligible Rogers, Fido or Shaw service as the primary or level 1 authorized user
Rogers Red World Elite® Mastercard®
4.8
Finly Rating
Welcome Bonus
N/A
Annual Fee
$0
Interest Rates
19.99% / 22.99%
Why we like it
Why we like it
This card is one of the best in Canada, especially if you are a Rogers, Fido, or Shaw customer. With those services, you can effectively get a 3% cashback rate, which is higher than what almost any other card offers, even those with annual fees! Additionally, for a no-fee card, you gain access to an extensive list of travel benefits, many of which are typically offered only with cards that have annual fees. Therefore, we recommend this card to anyone who meets the income requirements, even if you are not a Rogers customer!
Pros & Cons
Pros & Cons
Pros
- Voted the Best Cash Back Card in Canada for Rogers, Fido and Shaw customers by FinlyWealth.
- Voted the Best No Annual Fee Credit Card in Canada by FinlyWealth.
- There is no annual fee which is a notable benefit for a card with such high rewards. Most cards with slightly lower reward rates typically include yearly fees.
- Many favorable benefits for travelers.
- Many benefits, such as trip cancellation insurance, are only available on credit cards with an annual fee. It is rare to see these benefits on a no-annual-fee card!
- Offers the flexibility to redeem cash towards Rogers, Shaw, or Fido services, potentially increasing your rewards.
- The roam-like benefit is a benefit unique only to this card.
- It is accepted at nearly all locations as it's a Mastercard.
Cons
- Harder to qualify due to the high credit score and income requirements.
- Out of all possible travel insurances, this card is missing Baggage delay and Hotel Burglary insurance. If these two insurances are essential to someone, this card needs to be paired with another travel card to cover them.
Product Details
Product Details
Rewards
- 3% cash back on all U.S dollar purchases
- 2% cash back on all regular purchases if you have 1 qualifying Rogers, Fido or Shaw service as the account owner
- 1.5% cash back on all purchases if you do not have 1 qualifying service
- 1.5x redemption bonus on your earned cash back value when used on Rogers, Fido and Shaw purchases – that’s a 3% cash back value
Insurance
Coverage
Emergency Out of province Medical
$1M, Up to 10 daysEmergency Medical Over 65
$1M, Up to 3 days
Trip Cancellation
$1,000/person, $5,000 maximum
Trip Interruption
$1,000/person, $5,000 maximum.svg)
Car Rental Damage & Theft
$65,000
Purchase Protection
90 days
Extended Warranty
1 year
Benefits
Details
Airport Lounge - Dragon Pass
Pass only, complimentary visits not included
No Cost roaming
5 days
Eligibility
Credit Score
Very GoodAnnual Income
$80,000 personal or $150,000 household
It may come as a surprise, but the best cashback credit card is actually one with no annual fees! Offering higher cashback on everyday purchases than most other cards, along with free perks typically reserved for annual fee cards, this card takes the top spot for cashback rewards. However, one caveat is that it requires a high credit score and a minimum personal or household income, meaning not everyone will qualify.
If you don't meet these requirements, don't worry—the next card we’ll introduce might be a better fit for you.
SimplyCash™ Preferred Card from American Express
4.6
Finly Rating
Welcome Bonus*
Up to $250 ($200 in first year)
Annual Fee*
$119.88
Interest Rates*
21.99% / 21.99%
Why we like it
Why we like it
The Simply Cash Preferred is one of the best cashback credit cards in Canada. The base cashback rate of 2% is great for all purchases, but the 4% on groceries and gas, which are two of the highest expenses for most people is the cherry on top of their great cashback program.
Pros & Cons
Pros & Cons
Pros
- Highest cashback rate on groceries and gas in Canada
- Great base cashback rate for all purchases
- 10 different insurance types included
Cons
- Cash back is only paid out to you once a year
- American Express has a lower merchant acceptance compared to Visa or Mastercard
Product Details
Product Details
Rewards*
- 4% cash back on eligible gas station purchases in Canada
- 4% cash back on eligible grocery purchases in Canada (up to $1,200 cash back annually)
- 2% cash back on all other eligible purchases
Insurance*
Coverage*
Emergency Out of province Medical
$5M/insured Person
Flight Delay
$500Baggage Delay
$500
Hotel Burglary Insurance
$500
Lost or Stolen Baggage
$500
Travel Accident
$100,000Car Rental Damage & Theft
$85K up to 48 days
Mobile Device Insurance
$1,000Purchase Protection
90 daysExtended Warranty
1 year
Benefits*
Details*
Amex Experiences™
Access events and special offers curated for Cardmembers with Amex Experiences™
Eligibility*
Credit Score
GoodAnnual Income
N/A
The SimplyCash Preferred, while considering its annual fee, earns almost the same rewards as Rogers for overall purchases. The only reason it didn't get the top spot for the best cashback credit card is that, due to its network, it's not as widely accepted as the Rogers World Elite, which is on the Mastercard network.
Best Cash Back Credit Card Based on Spending Categories
Sometimes, people make large purchases in very specific categories. One strategy some people use is to get a cashback card for these specific categories, and some even get one card per category to maximize their rewards! Let’s go through these categories one by one.
Best Cash Back Credit Cards For Restaurants and Food Purchases
Simplii Financial™ Cash Back Visa* Card
4.4
Finly Rating
Welcome Bonus*
10% cash back† up to $1,000 in spending
Annual Fee*
$0
Interest Rates*
20.99% / 22.99%
Why we like it
Why we like it
If you dine out a lot and don't want to pay an annual fee for your credit card, the Simplii Financial™ Cash Back Visa* Card will undoubtedly be one of your best friends with its 4% cashback. Additionally, the card offers a decent cashback rate (1.5%) for gas, pharmacy, and groceries, making it one of the best no-annual-fee cashback credit cards in Canada. However, there are limits on how much you can earn in these categories. Therefore, you need to be careful not to exceed those limits; otherwise, your cashback rate will drop to 0.5% after those spending limits are reached.
Pros & Cons
Pros & Cons
Pros
- Highest cashback rate on restaurant purchases in Canada!
- Decent cashback rate on high spent categories such as groceries and gas.
- No annual fee for a card with great rewards.
Cons
- No insurance and benefits other than the standard purchase protection and extended warranty.
- Cap on the rewards that can be earned on each category.
Product Details
Product Details
Rewards*
- 4% cash back on eligible restaurant, bar, and coffee shop purchases up to $5,000 spent per year†
- 1.5% cash back on gas, groceries, drugstore, and pre-authorized payments up to $15,000 spent per year†
- 0.5% cashback on all other purchases†
Insurance*
Coverage*
Purchase Protection
Up to 90 daysExtended Warranty
Up to 1 year
Eligibility*
Credit Score
Very GoodAnnual Income
$15,000 personal or $15,000 household
Simplii's credit card offers one of the highest earning rates for food and restaurant purchases at a high rate of 4%! The best part is that it comes with no annual fees. One small thing to keep in mind is that you can earn that cashback rate on the first $5,000 spent in that category. If you exceed that limit, another great card to consider is the Desjardins Cash Back World Elite Mastercard.
Best Cash Back Credit Cards For Groceries
BMO CashBack® World Elite® Mastercard®
4.2
Finly Rating
Welcome Bonus
Up to $200
Annual Fee
$120
Interest Rates
20.99% / 23.99%
Why we like it
Why we like it
If you're seeking a cashback credit card, the BMO CashBack® World Elite® Mastercard® stands out for its excellent balance between rewards and benefits. It offers a robust rewards program and a comprehensive benefits list, making it a solid choice. The high first-year value is enhanced by the annual fee waiver, and those with a BMO Premium Chequing Account can enjoy continued fee waivers. While it's highly ranked for rewards alone, it may not be the absolute top choice if benefits are less important to you.
Pros & Cons
Pros & Cons
Pros
- Offers one of the highest cashbacks on groceries and gas, two of the most frequently spent categories, compared to other credit cards in Canada.
- Includes roadside assistance, a rare but valuable benefit for people on the road.
- Provides a comprehensive list of insurance coverage and benefits.
- High first-year value.
Cons
- Does not include restaurant purchases as a reward category, which is one of the most important spending categories.
Product Details
Product Details
Rewards
- 5% cashback on groceries (maximum $25 per statement)
- 4% cashback on daily transit (maximum $12 per statement)
- 3% cashback on gas (maximum $9 per statement)
- 2% cashback on recurring payments (maximum $10 per statement)
- 1% cashback on all other credit card purchases.
Insurance
Coverage
Emergency Out of province Medical
$5M up to 8 days per covered personTravel Accident
$500,000Flight Delay
$500 After 4 hours delayLost or Stolen Baggage
$500/person, $1000 maximumBaggage Delay
$500/person, $1000 maximum After 6 hoursHotel Burglary Insurance
$1000Car Rental Damage & Theft
$65,000 up to 48 daysPurchase Protection
90 daysExtended Warranty
Up to a year
Benefits
Details
Airport Lounge - Dragon Pass
Pass only, complimentary visits not included
Roadside Assistance
Includes free battery boosts, flat-tire change, lockout service and towing
Car Rental Discount
25% off base rate of participating National Car Rental and Alamo Rent a Car.svg)
Gas Discount
Get up to seven cents off per litre on Shell® fuel
Hotel Booking Discount
Save up to 7% on your Booking.com prepaid hotel or property rental bookings
Boingo Wi-Fi hotspot
Eligibility
Credit Score
GoodAnnual Income
$80,000 personal or $150,000 household
This card earns a massive 5% on your grocery purchases, and since it's from the Mastercard network, purchases at Walmart are counted as groceries too (unlike Visa and Amex, which consider Walmart a department store). There is a limit of $500 per month for that reward rate, but it's a threshold most people don’t reach.
If you are looking for a No fee card for grocery purchases then your best choice would be:
Tangerine Money-Back Credit Card
4
Finly Rating
Welcome Bonus
10% Cash Back up to $100 value
Annual Fee
$0
Interest Rates
20.95% / 22.95%
Why we like it
Why we like it
While we think Tangerine isn't the best single credit card to own, it's still a valuable card to have in your arsenal for maximizing your rewards. It offers one of the highest cashback rates for pharmacy and recurring bill payments, areas where your other credit cards might not provide significant rewards. This card only requires a Fair credit score, making it an excellent choice for people who don't have a high credit score yet.
Pros & Cons
Pros & Cons
Pros
- Allows you to change the categories, and you get a 2% reward depending on how your spending is changing every 90 days.
- 2% cashback on recurring Transactions and pharmacy purchases. One of the highest cashback rates on these categories among credit cards in Canada.
- Has cashback on Furniture and Home Improvement categories. Two categories that are not covered by any other card in Canada.
- Easy credit score requirements needed for this card.
- Overall, it is a good no-annual-fee cashback credit card, especially if you have a Tangerine Savings account.
Cons
- Insurance coverage is the most basic.
- Very low cashback rate on the other categories not selected.
Product Details
Product Details
Rewards
- 2% on the choice of two categories chosen from the 10 offered by Tangerine
- 0.5% cashback on all other credit card purchases.
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
Up to a year
Eligibility
Credit Score
GoodAnnual Income
N/A
You can choose groceries as one of your category options and earn more rewards on your purchases there.
Best Cash Back Credit Card For Recurring Purchases
Finding the best credit card for recurring purchases could help you earn a substantial amount of rewards each year, and it's a category you definitely shouldn't ignore.
Scotia Momentum® Visa Infinite* Card
4
Finly Rating
Welcome Bonus*
10% Cash Back (up to $200 value)
Annual Fee*
$120
Interest Rates*
20.99% / 22.99%
Why we like it
Why we like it
The 4% cashback offered on groceries and recurring purchases is the highest among all other credit cards. With the first year's annual fee waived, and with the right transactions used on this credit card, a high amount of cashback could be earned.
Pros & Cons
Pros & Cons
Pros
- Highest Cashback rates on Groceries and Recurring purchases compared to other cashback credit cards.
- High insurance coverage.
- First year annual fee waived.
Cons
- The base cashback rate (1%) is low for most high spent categories, especially after the first year when the card's annual fee kicks in.
Product Details
Product Details
Rewards*
- 4% cashback on groceries, recurring payments (maximum $1000 cashback per year)
- 2% cashback on gas, daily transit (maximum $500 cashback per year)
- 1% cashback on all other credit card purchases (unlimited).
Insurance*
Coverage*
Mobile Device Insurance
$1,000Travel Accident
$500,000Emergency Out of province Medical
15 daysTrip Interruption
$2,000Trip Cancellation
$1,500Flight Delay
$500Lost or Stolen Baggage
$500Baggage Delay
$500Car Rental Damage & Theft
48 daysPurchase Protection
90 daysExtended Warranty
1 year
Benefits*
Details*
Car Rental Discount
25% off base rate of Avis Rent A Car and Budget Rent A Car
Visa Infinite Exclusive Benefits
Yes
Eligibility*
Credit Score
GoodAnnual Income
$60,000 personal or $100,000 household
With 4% earned on recurring payments, this card surpasses others in this category by a huge margin. In addition, the card earns 4% on groceries and comes with many benefits, making it an overall excellent choice.
Best Cash Back Credit Card For Gas Purchases
CIBC Dividend® Visa Infinite* Card
3.5
Finly Rating
Welcome Bonus
Up to $200
Annual Fee
$120
Interest Rates
20.99% / 22.99%
Why we like it
Why we like it
The CIBC Dividend® Visa Infinite Card* is an excellent choice for those who spend heavily on gas, EV charging, and groceries, offering one of the best cash back rates in those categories. The 10% cash back welcome offer sweetens the deal for new cardholders, though the high income requirements and annual fee may not make it the best fit for everyone. If you can meet the spending and income criteria, it provides solid value, especially with no limits on the total amount of cash back you can earn.
Pros & Cons
Pros & Cons
Pros
- High Cash Back Rates: Get 4% cash back on gas, EV charging, and groceries, plus 2% on restaurants, transportation, and recurring bill payments.
- No Limit on Total Cash Back: No maximum limit on the amount of cash back you can earn annually.
- Fuel Savings: Save up to 10 cents per litre at Journie Rewards gas stations like Ultramar, Pioneer, Fas Gas, and Chevron.
Cons
- High Income Requirement: Personal income of $60,000 or household income of $100,000 is required to qualify.
- Annual Fee: The card comes with a $120 annual fee, which might reduce the overall value for some users.
- Lower Insurance Coverage: Compared to similar cards, the insurance offerings are less comprehensive.
Product Details
Product Details
Rewards
- 4% cashback on Gas and Groceries if they are in the first $80K transactions of the year and $20K of categorical spends
- 2% cashback on Transportation, Dining and Recurring payments if they are in the first $80K transactions of the year and $20K of categorical spends
- 1% cashback on all other credit card purchases.
Insurance
Coverage
Emergency Out of province Medical
$5 Million per person, per trip. 10 day coverageCar Rental Damage & Theft
$65KTravel Accident
$500KMobile Device Insurance
$1000 per person, per occurrencePurchase Protection
90 daysExtended Warranty
Up to a year
Benefits
Details
Gas Discount
save up to 10¢/L on fuel at participating Pioneer, Fas Gas, Ultramar and Chevron gas stationsCar Rental Discount
Get up to 25% off auto rentals at participating Avis and Budget locations worldwide.
Eligibility
Credit Score
Very GoodAnnual Income
$60,000 personal or $100,000 household
This card earns 4% on gas, making it one of the best cards to use at the pump. One factor that makes it even better is the ability to link a Journie rewards card, allowing you to earn additional points and discounts at participating Pioneer, Fas Gas, Ultramar, and Chevron gas stations, further boosting your overall earnings in this category.
Additionally, the card earns 4% on groceries, helping you maximize rewards in that category as well.
Best Cash Back Credit Card For Select Retail Purchases
Neo Mastercard®
2.7
Finly Rating
Welcome Bonus
N/A
Annual Fee
$0
Interest Rates
19.99% - 29.99% (for Quebec 19.99% - 24.99%) / 22.99% - 31.99% (for Quebec 22.99% - 25.99%)
Why we like it
Why we like it
The Neo Credit Card is special because it earns rewards based on whether the merchant is a partner or not. Most of the time, the cashback earned at these partners is the highest possible compared to all other credit cards. However, we don't recommend using this card as your main credit card and suggest using it only at partner merchants. This is because the rewards at non-partner merchants are very small, and most merchants are not partnered with Neo.
Pros & Cons
Pros & Cons
Pros
- High cash back on grocery and gas if you're willing to hold at least $5k in a Neo everyday account
- Unique cashback program which earns cashback based on partner instead of purchase category.
- Massive cashback at some partners that any other credit card couldn't beat.
- Unique benefit system where perks could be bought with a monthly fee and cancelled after use.
Cons
- Base Cash back is very low when you do not hold any money in a Neo everyday account
- No built-in purchase protection and extended warranty benefit.
Product Details
Product Details
Rewards
- 1% cash back on grocery purchases up to $6,000 spending per year (1.5% cash back with $1k in a Neo everyday account, 2% cash back with $3k in a Neo everyday account, 3% cash back with $5k in a Neo everyday account, and 4% cash back with $10k in a Neo everyday account) - drops to 0.5% cash back after hitting spend cap
- 2% cash back on gas purchases up to $12,000 spending per year (1.5% cash back with $1k in a Neo everyday account, 2% cash back with $3k in a Neo everyday account, 3% cash back with $5k in a Neo everyday account, and 4% cash back with $10k in a Neo everyday account) - drops to 0.5% cash back after hitting spend cap
- 0% cash back on all other purchases with $0 in a Neo everyday account, however you get 0.5% cash back with $1-3k in a Neo everyday account, and 1% cash back with $5k+ in a Neo everyday account - drops to 0% cash back again after spending $20,000 in this "other" category
- +5% earned on average at Neo Partners.
Note: our reward calculations use the assumption that you hold $1k in a Neo everyday account to earn 1.5% on grocery and gas, and 0.5% on everything else. Your true reward estimates may be lower or higher depending on the amount of money held in a Neo everyday account.
In addition, the extra cashback rate from transactions made at Neo partners has been estimated at 0.7% in the calculator.
Insurance
Coverage
Balance Protection
optional add on
Benefits
Details
Neo Premium ($4.99/month)
.svg)
Neo Travel Benefits ($4.99/month)
Neo Food Cashback boost ($1.99/month)
Neo Mind and Body Perks ($9.99/month)
Eligibility
Credit Score
GoodAnnual Income
N/A
The Neo Credit Card stands out because its reward rates are not based on categories but on merchants. It offers cashback at certain merchants not covered by other cards, including some popular clothing brands. You can review Neo's partner list to see if earning more cashback at these specific retailers fits your spending habits.
Best Overall No Fee Cash Back Credit Card
SimplyCash® Card from American Express
3.8
Finly Rating
Welcome Bonus*
Up to $100 in Statement Credits
Annual Fee*
$0
Interest Rates*
21.99 / 21.99
Why we like it
Why we like it
The SimplyCash® Card from American Express stands out for its no annual fee and strong cash-back earning potential, offering up to $100 in statement credits within the first 10 months. What makes it even more appealing are the unique perks, such as early access to concert tickets and extra layers of security for online shopping. These extra benefits, along with the affordability, make it a strong contender for those looking for a reliable cash-back card with no annual fee. It's an excellent choice for everyday spending while still enjoying exclusive Amex advantages.
Pros & Cons
Pros & Cons
Pros
- No annual fee: The card does not charge an annual fee, making it accessible and cost-effective.
- Attractive cash-back rates: Offers a solid structure for earning cash-back on eligible purchases.
- Exclusive Amex perks: Provides benefits such as access to concert tickets and enhanced security for online shopping.
Cons
- Annual cash-back cap: Limits the total amount of cash-back you can earn within a year.
- Limited travel and shopping insurance: The card lacks comprehensive travel and shopping coverage compared to other premium cards.
- American Express acceptance: Amex is not accepted as widely as Visa or Mastercard.
Product Details
Product Details
Rewards*
- 2% cash back on eligible gas and grocery purchases in Canada (up to $300 cash back annually)
- 1.25% cash back on all other eligible purchases
Insurance*
Coverage*
Travel Accident
Up to $100,000Purchase Protection
90 days or theft up to $1,000 per occurrenceExtended Warranty
1 year
Benefits*
Details*
Amex Experiences™
Access events and special offers curated for Cardmembers with Amex Experiences™
Eligibility*
Credit Score
GoodAnnual Income
N/A
If you don't have specific categories you want to optimize for and also want to avoid paying any fees, this card offers a solid base cashback rate along with extra cashback on gas and groceries—two categories you definitely want to optimize for. Great value for a no-fee card!
FAQ
What is a cashback credit card?
A cashback credit card is a type of credit card that rewards users by giving back a percentage of their purchases as cash. The cashback amount typically varies based on the card and the category of the purchase, such as groceries, dining, or gas. Some cards offer a flat rate on all purchases, while others have higher cashback rates for specific spending categories. The earned cashback can usually be redeemed as a statement credit, direct deposit, or sometimes even gift cards or merchandise.
Why choose a cashback credit card?
Choosing a cashback credit card offers more flexibility compared to a points-based card. With cashback, you earn a straightforward percentage of your purchases as cash, which can be easily redeemed for statement credits, bank deposits, or even checks, giving you more control over how you use your rewards. Unlike points cards, where rewards are often tied to specific categories like travel or merchandise, cashback doesn’t require complex conversions or restrictions on how or when you can redeem. This makes cashback cards ideal for people who want simple, hassle-free rewards with no need to plan around redemption rules or fluctuating point values.
How can cashback rewards be redeemed?
Cashback rewards can be redeemed in a variety of ways, depending on your credit card provider. Typically, the most common method is receiving a statement credit, which reduces your outstanding balance. If you have a chequing or savings account with the same financial institution, many providers offer the option to deposit your cashback directly into your account. Some providers even allow redemption via check or gift cards.
The frequency of redemption also varies. Some cards let you redeem your cashback monthly, quarterly, or annually, while others have an automatic redemption feature when your cashback balance reaches a certain threshold. Additionally, many credit card issuers now offer flexible redemption options, letting you choose when to redeem your rewards based on your needs. This flexibility allows you to use your cashback to cover unexpected expenses or save for larger purchases, making it a versatile reward option.
What are the different cashback reward structures?
Cashback credit cards come in a variety of reward structures designed to suit different spending habits. The two primary types are flat-rate and category-based rewards. With flat-rate cashback cards, you earn a consistent percentage—such as 1.5% or 2%—on all purchases, regardless of the category. This simplicity makes it ideal for people who prefer straightforward rewards without tracking spending categories. Flat-rate rewards are usually applied as a statement credit or can be deposited directly into your bank account.
On the other hand, category-based cashback cards offer higher rewards in specific spending categories like groceries, gas, or dining. For example, some cards provide 3% or 5% cashback in these categories, while offering a lower rate, like 1%, on all other purchases. These cards are great for maximizing rewards in areas where you spend the most but require more attention to category limits or rotating offers.
Additionally, some cards feature customizable or flexible bonus cashback, allowing you to select which categories you want to earn higher rewards in, helping you tailor the card to your spending patterns. For instance, you might choose higher cashback on groceries or travel, depending on your needs at the time. Lastly, certain cards have rotating categories, where the bonus cashback categories change quarterly, giving you opportunities to earn more in different areas throughout the year.
Each cashback structure offers different levels of flexibility, making it important to choose based on your spending habits and how much attention you want to devote to tracking rewards.