The Cash Back Credit Cards Trend in Canada

Why You Should Use a Cash Back Credit Card?

The Best Cash Back Credit cards for consumers

SimplyCash Preferred from American Express

The SimplyCash® Preferred Card from American Express is the only credit card in Canada to earn 2% cash back on all purchases. Plus, you can get:

• 4% cash back on gas purchases
• 4% cash back on grocery purchases

And with this welcome offer, you can earn a $40 statement credit for every $750 in purchases charged to your Card in your first 10 months (up to $400 in statement credits).

The SimplyCash® Preferred Card from American Express Card is especially popular with those who have significant purchases to make: home improvement, furniture or appliance purchases since it offers 2% cash back at all stores.

This Card stands out for its numerous coverages offered: Theft and damage to rental cars, $100,000 travel accident, emergency medical expenses (out-of-province or out-of-country), lost or stolen baggage, flight delay and misdirected baggage, hotel/motel burglary, Purchase Security, Purchase Protection.

Like all American Express Canada Cards, there is no minimum income requirement.

Do you want a cash back credit card with no annual fee and a great earning rate for everyday purchases? Here’s an option for you: the SimplyCash® Card from American Express.

With this no-annual-fee credit card, you earn:

• 2% cash back on gas purchases
• 2% cash back on grocery purchases
• 1.25% cash back on all other purchases

And with this welcome offer, you can earn a $10 statement credit for each monthly billing period in which you spend $300 in purchases on your Card in the first 10 months ( up to $100 in statement credits).

And you benefit from several coverages: $100,000 travel accident, Purchase Protection, and Buyer’s Assurance® Protection Plan.

Like all American Express Canada Cards, there is no minimum income requirement.

American Express Cobalt^® Card

The American Express Cobalt® Card is the best credit card from American Express, whether you want points for travel or cash back.

The welcome bonus is distributed monthly for the first 12 months. You earn 2,500 Membership Rewards points for every $500 in purchases charged to your card during the month (whether in the 1X, 2X, 3X or 5X category). That’s up to 30,000 Membership Rewards points.

You can easily use these points as statement credits for everyday or travel purchases. The value is the same for both: 1,000 points = $10.

Or, you can transfer your points to Aeroplan, Flying Blue, Marriott Bonvoy or Hilton Honors points. With the American Express Cobalt® Card, you can earn between 1 and 5 points per dollar:

This is a 1 to 5% return on all these purchases.

In addition, this card provides excellent insurance coverage: rental car theft and damage, baggage delay, lost or stolen baggage, flight delay, $250,000 travel accident, hotel or motel burglary, Mobile Device Insurance, Purchase Security, Purchase Protection Insurance.

Like all American Express Canada Cards, there is no minimum income requirement.

CIBC Dividend^® Visa Infinite* Card

The CIBC Dividend® Visa Infinite* Card is one of the best Visa credit cards with cash back in Canada.

With this CIBC Cash Back Credit Card, you get:

• 4% cash back on eligible gas, electric vehicle charging and grocery purchases
• 2% cash back on eligible transportation, dining purchases and recurring payments
• 1% on all other purchases

Here’s a digital exclusive offer from CIBC to Milesopedia readers:

For a limited time, earn a 15% cash back welcome bonus of up to $300 (first 4 statements). And you’ll get a first-year annual fee rebate!

And this CIBC Cash Back Credit Card offers many insurance coverages:

• Auto Rental Collision/Loss Damage Insurance
• $500,000 Common Carrier Accident Insurance
• Flight Delay and Baggage Insurance
• Trip Interruption Insurance
• Out-of-Province Emergency Travel Medical Insurance
• Purchase Security and Extended Protection Insurance

BMO^® CashBack^® World Elite^®* Mastercard^®*

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

For a limited time, you will earn up to 10% cash back on select purchases for the first 3 months (that’s up to $260 cash back). Besides, the annual fee is waived in the first year!

With the BMO® CashBack® World Elite®* Mastercard®*, you earn between 2% and 5% cash back on many spending categories:

• 5% on grocery purchases (on the first $500 you spend monthly)
• 4% on transit (on the first $300 you spend monthly)
• 3% on gas and electric vehicle charging (on the first $300 you spend monthly)
• 2% on recurring bill payments (on the first $500 you spend monthly)

Everywhere else, you’ll earn 1% cash back, including at Costco.

Finally, it is one of the only credit cards in its category to offer an extended warranty of 2 additional years.

Scotia Momentum^® VISA Infinite* card

The Scotia Momentum® VISA Infinite* Card is recognized year after year as one of the best cash back credit cards in Canada.

Currently, there is no annual fee in the first year, including on additional cards. And you can earn 10% cash back on all purchases for the first three months (up to $2,000 in total purchases).

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

• 4% on groceries and recurring payments
• 2% on gas and daily transit
• 1% on all other purchases

The Scotia Momentum® VISA Infinite* card is an excellent Visa credit card for cash back rewards.

And its insurance benefits are excellent!

Tangerine World Mastercard

If you have an individual income of $60,000 or a family income of $100,000, you may want to consider the World Mastercard Tangerine.

This credit card has no annual fee and offers cashback. With this limited-time welcome offer, you can earn an additional 10% back (up to $100) when you spend up to $1,000 on everyday purchases during the first 2 months.

You can choose two to three categories that interest you (groceries, gas, furniture, home improvement, recurring bills, pharmacy, etc.) to earn 2% cash back ! And there is no annual cash back limit.

In addition, the Tangerine World Mastercard comes with several insurance coverages for your purchases and travel :

• 90 days purchase insurance
• One year extended warranty
• Mobile Device Insurance
• Rental Car Collision/Loss Damage Insurance

Finally, during your first 30 days, transfer balances and pay only 1.95% interest on the transferred balance for the first 6 months.

BMO^® CashBack^® Mastercard^®*

The BMO® CashBack® Mastercard®* is a cash-back credit card with no annual fee. With the BMO® CashBack® Mastercard®*, you can earn 5% cash back for the first 3 months. It’s a maximum welcome bonus of $100.

Then you get:

• 3% cash back on grocery purchases, including at Walmart Supercenters
• 1% cash back on recurring bill payments

Finally, you can also get a 0.99% introductory rate on balance transfers for nine months.

The Best Cash Back Credit cards for Businesses

American Express Business Edge™ Card

The American Express Business Edge™ Card is a great small business credit card in Canada. The annual fee is only $99 and this American Express credit card offers up to 67,000 Membership Rewards points in the first year, a value of $670.

You can also transfer your points to airline partners (Aeroplan, British Airways Executive Club, Flying Blue, etc.) and hotel partners (Marriott Bonvoy, Hilton Honors).

With this Card, you can get 3x the points on purchases:

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

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

Like all American Express Canada Cards, there is no minimum income requirement.

BMO CashBack^® Business Mastercard^®*

The BMO CashBack® Business Mastercard®* is one of Canada’s best business cash-back Mastercard credit cards.

You can get 10% cash back for three months on:

• gas purchases
• office supply purchases
• cell phone/internet payments

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

You can also enjoy a 0% introductory interest rate on balance transfers for nine months (with a 3% transfer fee).

Conclusion