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Cashback Credit Cards in Canada

The Best Cashback Credit Cards in Canada: How to Maximize Your Rewards

Cashback credit cards are one of the easiest ways for Canadians to earn money on everyday purchases. Whether you’re spending on groceries, gas, dining, or online shopping, the right cashback card can help you save hundreds of dollars per year. In this guide, we’ll explore some of the best cashback credit cards in Canada and how you can maximize your rewards.

How Cashback Credit Cards Work

Cashback credit cards reward you with a percentage of your spending back in cash. The amount you earn depends on the card and the category of spending. Some cards offer a flat-rate cashback on all purchases, while others provide higher rewards for specific categories like groceries or travel.

Most cashback rewards can be redeemed as a statement credit, direct deposit, or gift card, depending on the card provider.

Top Cashback Credit Cards in Canada

Here are some of the best cashback credit cards available in Canada today:

1. Scotia Momentum Visa Infinite

  • 4% cashback on groceries and recurring bills
  • 2% cashback on gas and daily transit
  • 1% cashback on all other purchases
  • Annual fee: $120 (often waived for the first year)

2. Tangerine Money-Back Credit Card

  • 2% cashback on two categories of your choice (e.g., groceries, gas, dining, entertainment, etc.)
  • 0.5% cashback on all other purchases
  • No annual fee
  • Option to add a third 2% category if you set up cashback deposits into a Tangerine Savings Account

3. CIBC Dividend Visa Infinite

  • 4% cashback on groceries and gas
  • 2% cashback on dining, transportation, and recurring bills
  • 1% cashback on everything else
  • Annual fee: $120 (often waived for the first year)

4. SimplyCash Preferred Card from American Express (my personal fav! 😍)

  • 2% unlimited cashback on all purchases
  • Welcome bonus: Earn 4% cashback for the first 6 months (up to $300)
  • Annual fee: $120

5. BMO CashBack World Elite Mastercard

  • 5% cashback on groceries
  • 4% cashback on transit, 3% on gas, 2% on recurring bills
  • 1% on everything else
  • Annual fee: $120 (often waived for the first year)

6. Rogers Red World Elite Mastercard

  • 1.5% cashback on all purchases
  • No annual fee

7. TD Cash Back Visa Infinite Card

  • 3% cashback on eligible grocery and gas purchases, and on regularly recurring bill payments
  • 1% cashback on all other purchases
  • Annual fee: $139 (rebated for the first year)

How to Maximize Your Cashback Rewards

To make the most of your cashback credit card, follow these strategies:

  1. Choose the Right Card for Your Spending Habits – If you spend a lot on groceries, go for a card that offers higher rewards in that category.
  2. Use Multiple Cashback Cards – Combining cards can help you maximize rewards in multiple spending categories.
  3. Take Advantage of Welcome Bonuses – Many cards offer enhanced cashback rates for the first few months.
  4. Pay Off Your Balance in Full – Interest charges can quickly eat into your cashback savings.
  5. Use Your Cashback Wisely – Redeem your rewards for statement credits or deposits rather than gift cards, which may offer lower value.

Final Thoughts

Cashback credit cards are a smart way for Canadians to earn rewards on everyday spending. By choosing the right card and using it strategically, you can save hundreds of dollars per year. Whether you prefer no-fee cards or premium cashback rates, there’s a cashback card that fits your lifestyle.