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Cash Back Credit Cards

The Cash Back Credit Cards Trend in Canada

To the point

Cash back credit cards are trendy in Canada. Find out why you should have one and the best offers right now.

Why You Should Use a Cash Back Credit Card?

Most banks in Canada issue cash back credit cards. Easy to use, these credit cards give you cash back for each purchase you made: either instantly, monthly, or yearly.

These credit cards are for those:

  • Who think that “money is king, “more tangible than points whose value can fluctuate, often downwards;
  • Who are not, currently, looking for a welcome bonus for another card;
  • Who have a lot of expenses in a specific store (office supplies, etc.) or looking for the best-earning rate anywhere.

You must know that cash back credit cards are the majority of credit cards issued in Canada! Far ahead of all other types of credit cards (travel points, airline or hotel co-branded credit cards).

The Best Cash Back Credit cards for consumers

These 4 credit cards are great cash back credit cards in Canada.

Note that there is also a great 10% cash back for 4 months offer on this card.

SimplyCash Preferred from American Express

The SimplyCash™ Preferred from American Express is one of the only credit cards in Canada to earn a 2% cashback on all purchases.

Besides, during the first 6 months, you can get a 5% cash back, up to $300, with the SimplyCash™ Preferred from American Express.

SimplyCash™ Preferred from American Express stands out for its premium insurance:

  • Car Rental Theft and Damage Insurance
  • $100,000 travel accident insurance
  • Emergency medical insurance (outside the province or country)
  • Lost or Stolen Baggage Insurance
  • Flight delay insurance and misdirected baggage
  • Hotel or motel burglary insurance
  • Purchase Protection® Plan
  • Purchase Protection® Plan

If you prefer no-annual-fee cash back credit card, here is an option for you: the SimplyCash™ from American Express. With this Card, you earn a 1.25% cashback on all purchases.

Besides, during the first 6 months, you can get a 2.5% cash back, up to $150, with the SimplyCash™ from American Express.

BMO® CashBack® World Elite®* Mastercard®*

The BMO® CashBack® World Elite®* Mastercard®* is one of the best Mastercard credit cards with cash back in Canada.

With the BMO® CashBack® World Elite®* Mastercard®*, you get 1.5% on all your purchases, Costco included, with no annual limit.

Currently, for a limited time, you will get 10% cash back on all your purchases during the first 3 months. In addition, the $120 annual fee is waived in the first year!

And this card has premium insurance.

BMO® CashBack® Mastercard®*

With this no-annual-fee credit card, you can get up to 5% cash back in your first 3 months.

It’s a maximum welcome bonus of $100.

Scotia Momentum® VISA Infinite* card

The Scotia Infinite Momentum Visa Card is recognized year after year as one of the best cashback credit cards in Canada.

Currently, there is no annual fee in the first year, including on additional cards.

With the Scotia Momentum® VISA Infinite* card, you earn:

  • 4% at grocery store and on periodic payments
  • 2% on gasoline and public transit
  • 1% on all other purchases

And this card has outstanding insurance.

The Best Cash Back Credit cards for Businesses

American Express Business Edge™ Card

The American Express Business Edge™ Card is a small business credit card in Canada. The annual fee is only $99 and this credit card offers up to 42,000 Membership Rewards points in the first year, a $420 value.

You can earn 3 times the points on:

  • Office supplies (Staples, etc.)
  • electronic (Apple, Dell, etc.)
  • Rides
  • Gas
  • Eats & Drinks

Besides, you can add up to 99 supplementary cards at no cost.

BMO CashBack® Business Mastercard®*

The BMO CashBack® Business Mastercard®* is one of the best Cash Back business Mastercard credit cards in Canada.

You can get 6% cash back for four months on:

  • Gas
  • office supplies
  • cell phone/internet payments

After that, you’ll get 1.5% on these purchases and 1.75% at Shell.

Conclusion

Cash back credit cards probably won’t offer you a business-class seat to travel around the world.

On the other hand, these cards will offer you flexibility: you will be able to use this cash as you wish!

To discover our monthly ranking of the best credit card offers in Canada, it’s on this page!

HSBC Canada Credit Cards

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