Best Cash Back Credit Cards in Canada

The Tangerine Money-Back Credit Card allows its users to choose two of several categories for 2% cash back, while all other purchases earn you 0.5%. 

Interest Rates and Fees

Tangerine has zero annual fees. Some of its fees include:

• Over limit: $25
• Currency conversion: 2.5%
• Dishonoured payment: $25
• Balance transfer: min. 3% or $5
• Cash advance: $3.5 ($5 outside Canada)

The regular interest rate is 19.95%.

Rewards Rates

With this credit card, you can choose two cash back categories for a maximum 2% refund while earning 0.5% for everything else. The categories you can choose from are:

• Gas
• Furniture
• Groceries
• Drug store
• Hotel/motel
• Restaurants
• Entertainment
• Recurring bills
• Home improvement
• Public transportation and parking

You earn rewards for an unlimited time and redeem them monthly with this credit card.

Credit Score

The recommended credit score for this card is at least 660. 

Extra Information

You need at least $12,000 in gross annual income to qualify for the Tangerine credit card. Also, keep an eye on special offers, which may earn you a higher cash back rate for a time.

Pros

• No annual fee
• Cardholders tailor rewards to their needs
• Monthly payments

Cons

• No physical branches

This card offers cash back on every purchase, regardless of what you’re buying. However, it primarily caters to consumers spending a lot on groceries, transit, and gas.

The minimum annual income required to qualify for this card is $80,000.

Interest Rates and Fees

The annual fee for the BMO CashBack World Elite Mastercard is $120. However, the welcome offer waives the first annual fee for new cardholders. 

The other fees that come with this credit card are:

• Over limit: $29
• Dishonoured payment: $48
• Duplicate monthly statement: $5

Interest rates are as follows:

• 20.99% for purchases
• 21.99% for Quebec residents
• 23.99% for cash advances

Rewards Rates

You’ll benefit the most from this card if you spend a lot in one or more of the following categories:

• Groceries: 5%
• Transit: 4%
• Gas: 3%
• Recurring bills: 2%

Plus, you get 1% cash back for any other purchase, without limitations.

Credit Score

The recommended credit score for applying for this money-saving card is at least 660, which falls into the good credit score range. If your score is below that, you should probably learn how to improve your credit score. 

Extra Information

Another benefit of the BMO CashBack World Elite Mastercard is that you can redeem your cash back whenever you want for $1. Moreover, card provides you with travel protection and roadside assistance. 

So, you can have a flat tyre changed or get a tow service in case of an emergency. Travel and medical protection cover you with $2 million for eight days out of the province or country. 

Finally, keep in mind spending limits for maximum returns, which you may reach in no time if you’re spending a lot. Once you get there, the 1% base rate continues to apply. 

Pros

• High money-back rates for groceries and transit
• No annual fee for the first year
• Ability to redeem credits for $1 whenever you wish
• Travel protection and roadside assistance

Cons

• Low spending limit
• High annual fee

Besides attractive money-back rates for groceries and gas, this card comes with no annual fee for the first year. 

Interest Rates and Fees

The annual cost is $120, starting from the second year. Some other fees you should know about are:

• Over limit: $29
• Balance transfer and credit card cheque: $5
• Dishonoured payment and non-sufficient funds: $48
• Cash-advance ABM (for Scotiabank and non-Scotiabank ABMs): $5

Interest rates are as follows:

• 20.99% on purchases
• 22.99% on cash advances

Rewards Rates

With this card, you get a refund for the following categories:

• 4% on recurring payments and groceries; the former applies for Netflix, truLOCAL, and music streaming services
• 2% on everyday transit (Uber, for example) and gas
• 1% on any other expenditure

Credit Score

The minimum credit score you need to consider getting the Scotia Momentum Visa Infinite Card is 660. It would help, though, if your score is 725 or above. 

If you're unsure what your score is, you can learn how to check your credit score for free. 

Extra Information

The minimum annual income for applying for this card is $60,000. Travellers should benefit from various perks, since this card provides the following extras:

• Concierge services for travel planning
• Room upgrade when available with the Visa Infinite Hotel Collection

Moreover, gourmands benefit from restaurant reservations and the Dining and Wine Country program. 

Some downsides you should keep in mind are:

• A steep annual fee after the first year ($120)
• A potentially high credit-score eligibility requirement

Finally, you receive your cash back in the form of a credit statement on your balance every November.

Pros

• Exceptional cash back for recurring bills
• No annual fee for the introductory year
• Travel planning concierge services
• Membership to the Visa Dining and Wine Country program

Cons

• High annual fee after the first year
• Redemption once a year (in November)

One of the best things about this credit card is that it boasts high-security procedures for efficient protection from credit card fraud. The minimum yearly income required to be eligible for this card is $60,000. 

Interest Rates and Fees

Some expenses related to this card are:

• Annual fee: $120
• Purchase interest: 20.99%
• Cash advance interest: 22.99%

Rewards Rates

You earn 3% on eligible grocery and gas purchases and regular recurring bills. Other purchases earn you 1% cash back. Also, keep an eye on special cash back offers that may earn you higher refunds for some time.

Credit Score

The recommended credit score is 725. 

Extra Information

You choose when to redeem the rewards, and cash back dollars don't expire if your account is in good standing. 

Pros

• Redemption whenever you wish
• Attractive money-back offers for a few categories
• Premium security

Cons

• High annual fee

The minimum annual income for this card is $60,000 ($100,000 for households). It offers competitive rates for a few cash back bonus categories.

Interest rates and Fees

Fees and interest rates related to the card are:

• Purchase rate: 20.99%
• Cash rate: 22.99% (21.99% for Quebec residents)
• Withdrawals at other banks’ machines in Canada: $2

Rewards Rates

Cash-back rewards are as follows:

• Gas and groceries: 4%
• Transportation and dining: 2%
• Other purchases: 1%

Credit Score

The recommended credit score for this card is 725.

Extra Information

With this credit card, you can get an affordable annual fee of $30 for three additional cards, and the first year is rebated. You also get several insurance offers including auto, medical, and a few other types. 

Pros

• Attractive cash back for a few purchase categories
• Medical, auto rental, and a few other fields of insurance
• Small annual fees for extra cards

Cons

• High annual fee for the Visa Infinite* Card