The 23 Best Cash Back Credit Cards in Canada for 2024

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Written by SnappyRates Team

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Cash back credit cards give you a percentage of your purchase in cash back rewards.

Many entry-level credit cards give you cash back rewards ranging from 0.5% to 2%, with premium cards offering up to 5% back in top-earning categories.

Whether you’re looking for an entry-level card, a business credit card, or a premium cash back credit card, this list has got you covered.

We cover the 23 best cash back credit cards in Canada, including cards with no annual fees, cards with a fee, and some of the best business cash back credit cards.

Best Cash Back Credit Cards With No Annual Fee

These are some of the best cash back credit cards with a $0 annual fee and low income requirements, meaning almost everyone will be approved.

Tangerine Money-Back Credit Card

  • Annual fee: $0
  • Interest rate: 19.95%
  • Income requirement: $12,000 personal
  • Earn rate: up to 2% cash back

The Tangerine Money-Back Credit Card ($100 bonus offer) is one of the best no-fee credit cards with unlimited cash back earnings.

It allows you to earn 2% cash back on 2 categories of your choice.

If you deposit your cash back into a Tangerine savings account, you can earn 2% cash back in a third category of your choice.

2% cash back categories include groceries, furniture, restaurants, gas, recurring bill payments, and more.

You earn 0.50% cash back on all other purchases. Purchase assurance and extended warranty protection are also included.

Neo Credit Card

  • Annual fee: $0
  • Interest rate: 19.99% to 24.99% on purchases, 21.99% to 26.99% for cash advances
  • Income requirement: N/A
  • Earn rate: up to 15% cash back, an average of 5% cash back

With the Neo Credit Card ($25 bonus offer), you get unlimited instant cash back on all purchases. You can earn an average of 5% cash back at over 7,000 Neo partners and up to 15% instant cash back on your first purchases at many of Neo’s partners.

On all other purchases, you get 0.5% cash back.

Neo has an app where you can view your spending, savings, and cash back offers near you. You can also subscribe to Rewards Bundles for an additional fee and earn more cash back rewards.

Neo Financial also offers a secured credit card that provides all the same benefits with instant approval and quick access to the credit you need.

Simplii Financial Cash Back Visa Card

  • Annual fee: $0
  • Interest rate: 19.99% on purchases, 22.99% on cash advances
  • Income requirement: $15,000 household
  • Earn rate: up to 4% cash back

This no-fee cash back credit card has a tiered earn rate from 0.5% to 4% cash back. You get:

  • 4% cash back on restaurant, bar, and coffee shop purchases (up to $5,000 yearly)
  • 1.5% cash back on groceries, gas, drugstore purchases, and pre-authorized payments (up to $15,000 yearly)
  • 0.5% cash back on everything else (with no limits)

If you refer a friend who signs up for this card, you and your friend could earn $50 – and there’s no limit to the bonus you can earn.

Purchase security and extended protection insurance are also included, which protects your purchases with double the manufacturer’s warranty, up to one additional year.

Learn more about Simplii Financial Cash Back Visa Card here.

Scotia Momentum No-Fee Visa card

  • Annual fee: $0
  • Interest rate: 19.99% on purchases, 22.99% on cash advances
  • Income requirement: $12,000 personal
  • Earn rate: up to 1% cash back

The Scotia Momentum No-Fee Visa card earns you 1% cash back on grocery, drug store, and gas station purchases and recurring bill payments. You earn 0.5% cash back on all other purchases.

With this card, you’ll save up to 25% off base rates at participating AVIS and Budget car rental locations in Canada and the US.

You can also add optional Scotia Credit Card Protection insurance.

KOHO Prepaid Mastercard

  • Annual fee: $0
  • Interest rate: N/A
  • Income requirement: N/A
  • Earn rate: up to 2% cash back

While not a credit card, the free KOHO Prepaid Mastercard ($20 bonus offer)is one of the best cards in Canada, with no annual fees and 1% cash back on gas and groceries.

The KOHO Prepaid Mastercard is a reloadable card (with an app) that helps you budget, save, spend, and earn cash back.

KOHO Extra ($9 monthly fee) charges no FX fees, they offer price protection, and you get one free international ATM withdrawal per month.

BMO CashBack MasterCard

  • Annual fee: $0
  • Interest rate: 20.99% for purchases, 22.99% for cash advances
  • Income requirement: $15,000
  • Earn rate: up to 3% cash back

This no-fee BMO cash back credit card allows you to earn up to 3% cash back on everyday purchases, as per the following:

  • 3% cash back on groceries (up to $500 per statement period)
  • 1% cash back on recurring bill payments (up to $500 per statement period)
  • 0.5% cash back on all other purchases

After spending $500 on groceries and recurring bill payments each statement cycle period, you’ll only earn 0.5% cash back in those categories. This resets every period.

Cash back rewards never expire. They can be redeemed at any time for as little as $1, and you can use them towards a statement credit or deposit them into a BMO chequing, savings, or InvestorLine account.

In addition to cash back, extended warranty and purchase protection are included, as well as 25% off at participating National Car Rental and Alamo Rent a Car locations.

You can also get 15% off admission to touring Cirque du Soleil shows touring Canada and 20% off shows in Las Vegas.

Tangerine World Mastercard

  • Annual fee: $0
  • Interest rate: 19.95%
  • Income requirement: $60,000 personal or $100,000 household
  • Earn rate: up to 2% cash back

One of the best cashback credit cards in Canada, the Tangerine World Mastercard is the premium version of the Money-Back Credit Card with no annual fees.

You earn the same 0.50% cash back on all purchases and can get 2% cash back on up to 3 categories of your choice.

More travel benefits are included with the World Mastercard.

You get Boingo Wi-Fi for Mastercard, Mastercard Travel Rewards, Mastercard Travel Pass by DragonPass, and on-demand and subscription services.

Rental car collision/loss damage insurance and mobile device insurance of up to $1,000 are also included.

Triangle World Elite Mastercard

  • Annual fee: $0
  • Interest rate: 19.99% on purchases, 22.99% for cash advances
  • Income requirement: $80,000 personal or $150,000 household
  • Earn rate: up to 4% in CT Money

With the Triangle World Elite Mastercard, you earn Canadian Tire Money on all purchases, as follows:

  • 4% at participating stores like Canadian Tire, Marks, and Sport Chek
  • 5¢-7¢ per litre at Gas+ and Essence+ locations
  • 3% at grocery stores (on the first $12,000 annually, excluding Costco and Walmart)
  • 1% on all other purchases

$1 in CT Money  = $1 in free stuff at retailers, including Canadian Tire, Sport Check, Atmosphere, Marks, and Party City.

Triangle World Elite Mastercard cardholders get access to a free Roadside Assistance Gold Plan, purchase security insurance, and personal 24/7 concierge services. You can also finance purchases over $150 into equal monthly payments at any participating retailers.

MBNA Smart Cash Platinum Plus Mastercard

  • Annual fee: $0
  • Interest rate: 19.99% for purchases, 24.99% for cash advances, 22.99% for balance transfers & access cheques
  • Income requirement: N/A
  • Earn rate: up to 2% cash back

The ​​MBNA Smart Cash Platinum Plus Mastercard is a no-annual-fee Mastercard that earns you 2% cash back on gas and groceries (up to $500 monthly) and 0.5% cash back on all other eligible purchases.

You can add up to 9 other authorized users with no additional fees. You can take advantage of the MBNA Payment Plan, where you can split purchases of over $100 into 6, 12, or 18-month payment plan terms.

Purchase assurance and extended warranty benefits are included, as well as savings at participating Avis and Budget Rent A Car locations.

Rogers World Elite Mastercard

  • Annual fee: $0
  • Interest rate: 19.99% on purchases, 22.99% on cash advances
  • Income requirement: $80,000 personal or $150,000 household
  • Earn rate: up to 3% cash back

The Rogers World Elite Mastercard is a cash back card with a great earn rate and travel rewards. You earn 1.5% unlimited cash back on all eligible purchases and 3% unlimited cash back on all US dollar purchases.

Insurance benefits include trip cancellation and interruption insurance, out-of-province/country emergency medical insurance, extended warranty and purchase protection, and rental car collision and damage insurance.

Travel benefits include a complimentary membership to Mastercard Travel Pass by DragonPass and access to over 1,300 airport lounges worldwide.

HSBC Cash Rewards Mastercard

  • Annual fee: $0
  • Interest rate: 20.99% on purchases, 22.99% on cash advances
  • Income requirement: N/A
  • Earn rate: up to 1.5% cash back

With the HSBC Cash Rewards Mastercard, you earn cash back in a tiered structure, as follows:

  • 1.5% cash back for every $1 spent on online purchases (up to $6,000 yearly)
  • 1% cash back for every $1 spent on gas, drugstore, and grocery purchases
  • 0.5% cash back for every $1 spent on anything else

You can redeem your cash back as a statement credit, add it to your personal savings account, or use it to pay down your HSBC mortgage.

Other benefits include mobile device insurance of up to $1,000, extended warranty insurance, purchase assurance, and optional travel and medical insurance for $69/year.

image showing man enjoying cash back

Best Cash Back Credit Cards With An Annual Fee

The following cash back credit cards have an annual fee and a higher minimum income requirement, but offer greater cash back rewards.

Scotia Momentum Visa Infinite Card

  • Annual fee: $120 (first year free)
  • Interest rate: 20.99% on purchases, 22.99% on cash advances
  • Income requirement: $60,000 personal or $100,000 household
  • Earn rate: up to 4% cash back

The Scotia Momentum Visa Infinite Card earns you up to 4% cash back on a few categories. Using this card, you earn:

  • 4% cash back on groceries and recurring payments (up to $25,000 annually)
  • 2% cash back on daily transit and gas purchases (up to $25,000 annually)
  • 1% cash back on everything else (no limits)

With the high cash back earn rate, this card is one of the best cash back credit cards for groceries.

Besides earning cash back, the Scotia Momentum Visa Infinite Card also includes Visa Infinite perks, like a concierge service, Visa Infinite Hotel Collection, and Visa Infinite Dining and Wine Country program.

You can save up to 25% off base rates at participating AVIS and Budget car rental locations.

You’re also covered with New Mobile Device Insurance and a whole suite of travel insurance, including trip cancellation and interruption insurance, emergency medical insurance, flight delay insurance, and travel accident insurance.

CIBC Dividend Visa Infinite Card

  • Annual fee: $120 (first year free)
  • Interest rate: 20.99% on purchases, 22.99% on cash advances
  • Income requirement: $60,000 personal or $100,000 household
  • Earn rate: up to 4% cash back

The CIBC Dividend Visa Infinite Card earns you 4% cash back on groceries and gas purchases, 2% cash back on dining, recurring payments, and transportation purchases, and 1% cash back on everything else with no limits.

Note that the 4% cash back offer only applies to the first $80,000 spent annually, and the 2% cash back offer only applies to the first $20,000 spent annually.

After that, you’ll earn cash back at the regular rate of 1%.

You can redeem your cash back at any time through the CIBC app or online banking.

If you link your card with Journie Rewards, you can save up to 10 cents per litre at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.

This top CIBC cash back credit card includes valuable insurance, including mobile device insurance, $500,000 common carrier accident insurance, and more.

BMO CashBack World Elite Mastercard

  • Annual fee: $120 (first year free)
  • Interest rate: 20.99% on purchases, 23.99% on cash advances
  • Income requirement: $80,000 personal or $150,000 household
  • Earn rate: up to 5% cash back

The BMO CashBack World Elite Mastercard gives you up to a competitive 5% cash back on groceries. The earn rate is as follows:

  • 5% cash back on groceries (up to $500 per statement period)
  • 4% cash back on transit purchases (up to $300 per statement period)
  • 3% cash back on gas purchases and electric vehicle charging (up to $300 per statement period)
  • 2% cash back on recurring bill payments (up to $500 per statement period)
  • 1% unlimited cash back on everything else

After you reach the cash back limits in each statement period, you earn an unlimited 1% cash back.

You can redeem your cash back at any time for as little as $1, or you can set up recurring redemptions for cash back over $25.

Additional benefits include Boingo Wi-Fi for Mastercard, on-demand apps and subscription services, a 24/7 concierge service, Mastercard Travel Pass by DragonPass, and 25% off car rentals at participating Alamo and National Car Rental locations.

TD Cash Back Visa Infinite Card

  • Annual fee: $120
  • Interest rate: 20.99% on purchases, 22.99% on cash advances
  • Income requirement: $60,000 personal or $100,000 household
  • Earn rate: up to 3% cash back

This TD cash back credit card earns you Cash Back Dollars on every purchase. You get 3% cash back on groceries, gas purchases, and recurring bill payments up to $15,000 annually. On all other purchases, you earn 1% cash back.

Your Cash Back Dollars never expire, and you can redeem them at any time for a minimum of $25.

Visa Infinite benefits include a 24/7 concierge service, Visa Infinite Luxury Hotel Collection, and Food and Wine Experiences.

Travel benefits include travel medical insurance, delayed and lost baggage insurance, and access to emergency travel assistance services.

You also get automotive benefits like auto rental collision/loss damage insurance, a free Deluxe TD Auto Club Membership, and 5% to 10% off Avis and Budget Rent a Car locations.

Meridian Visa Infinite Cash Back Card

  • Annual fee: $99 (first year free)
  • Interest rate: 19.50% on purchases, 21.99% on cash advances
  • Income requirement: $60,000 personal or $100,000 household
  • Earn rate: up to 4% cash back

With the Meridian Visa Infinite Cash Back Card, you earn rewards points for every dollar spent. The earning structure is as follows:

  • 4 rewards points for every $1 spent on groceries and gas purchases
  • 2 rewards points for every $1 spent on pharmacy purchases and utility bill payments
  • 1 rewards point for every $1 spent on everything else

The 4% and 2% cash back apply to the first $25,000 in purchases. After that, you’ll earn 1% in cash back. 

You can redeem your Meridian rewards points for gift cards, merchandise, or account credit.

This card doesn’t offer much in terms of rewards or insurance benefits besides Visa Infinite benefits.

Desjardins Cash Back World Elite Mastercard

  • Annual fee: $100
  • Interest rate: 19.99%
  • Income requirement: $80,000 personal, $150,000 household
  • Earn rate: up to 4% cash back

The Desjardins Cash Back World Elite Mastercard earns you a tiered rate of 1% to 4% cash back on everyday purchases.

Cash back is credited to your account automatically when you reach $100.

You’ll earn 4% cash back on eligible grocery store purchases, 3% cash back on restaurant, entertainment, and alternative transportation purchases, and 1% cash back on all other purchases.

The 4% and 3% cash back is only available with participating merchants.

This credit card comes with a host of benefits other than just cash back.

You get travel insurance for trips up to 3 days, access to airport lounges with the Mastercard Travel Pass by DragonPass, and Boingo Wi-Fi for Mastercard.

For car rentals, you get discounts at Hertz, Thrifty, and Dollar, and auto rental collision and loss damage insurance.

Mobile device insurance, purchase protection, and extended warranty are also available for some items.

Best Flat Rate Cash Back Credit Cards

These are some of the best flat-rate cash back credit cards in Canada, ranging from 1% to 2% unlimited cash back on all purchases.

SimplyCash Card from American Express

  • Annual fee: $0
  • Interest rate: 20.99% on purchases, 21.99% on funds advances
  • Income requirement: N/A
  • Earn rate: 1.25% flat rate cash back

The SimplyCash Card from American Express is a cash back credit card with a flat rate of 1.25% cash back on most purchases and up to 2% cash back on groceries ($300 annual cash back cap).

This is a great earn rate, considering it doesn’t have any annual fees.

Refer a friend, and you could earn up to $750 cash back for approved referrals.

With any American Express card, you also get access to AMEX Experiences and Events.

This credit card includes $100,000 travel accident insurance and buyer’s assurance and purchase protection plans.

American Express also has an installment payment program where you can pay your statement balance in monthly installments.

SimplyCash Preferred Card from American Express

  • Annual fee: $119.88
  • Interest rate: 20.99% on purchases, 21.99% on cash advances
  • Income requirement: N/A
  • Earn rate: 2% flat rate cash back

The SimplyCash Preferred Card from American Express is a premium version of the regular SimplyCash card. It has all the perks of the regular card, plus a few extra benefits.

You can earn 2% cash back on most purchases instead of the 1.25% rate (and up to 4% cash back on groceries, with a $1,200 annual cap). If you refer friends, you can earn up to a maximum bonus of $1,500 cash back.

On top of the $100,000 travel accident insurance, this card includes the following travel benefits:

  • Out of province/country emergency medical insurance
  • Flight delay insurance
  • Baggage delay insurance
  • Lost or stolen baggage insurance
  • Hotel burglary insurance
  • Car rental damage and theft insurance

No-Fee Home Trust Preferred Visa Card

  • Annual fee: $0
  • Interest rate: 19.99% on purchases and cash advances
  • Income requirement: $15,000 personal
  • Earn rate: 1% cash back

With this card, you earn a flat rate of 1% cash back in all spending categories.

Foreign transaction fees are waived, meaning you can use this card worldwide without incurring a 2.5% to 3% FX fee.

It includes purchase security insurance for 90 days from the date of purchase and promises guaranteed hotel reservations anywhere in the world.

Best Business Cash Back Credit Cards

Looking for a cash back credit card for your business? The following 3 credit cards can earn you up to 3% cash back on your business purchases.

Meridian Visa Infinite Business Cash Back Plus Card

  • Annual fee: $110 (first year free)
  • Interest rate: 19.50% for purchases and cash advances
  • Income requirement: $60,000 personal or $100,000 household
  • Earn rate: up to 3% cash back

The Meridian Visa Infinite Business Cash Back Plus Card is ideal for businesses that spend between $10,000 to $500,000. They have a 25-day grace period on all purchases, and offer consolidated or individual billing.

You can redeem cash back for gift cards, merchandise, travel, or account credit.

This credit card comes with comprehensive travel protection and insurance, including trip cancellation and interruption insurance, baggage insurance, common carrier accident protection, and 24/7 travel assistance.

RBC Business Cash Back Mastercard

  • Annual fee: $0
  • Interest rate: 19.99% for purchases, 22.99% for cash advances
  • Income requirement: N/A
  • Earn rate: 1% cash back

The RBC Business Cash Back Mastercard is a great card for business owners who prefer cash back over rewards points and who want to build a credit history.

With this card, you earn 2% cash back on all purchases for the first 3 months, then 1% cash back after that, up to a maximum annual spend of $650.

Once you reach $25 in cash back, it can be credited to your account at any time.

Link your card to save 3¢/L on fuel and earn 20% more Petro-Points at Petro-Canada locations.

You also get a free 3-month DashPass membership, which gets you unlimited deliveries with a $0 delivery fee on orders over $12.

Purchase security and extended warranty protection are also included with this RBC cash back credit card.

TD Business Cash Back Visa Card

  • Annual fee: $0
  • Interest rate: 19.99% on purchases, 22.99% on cash advances
  • Income requirement: N/A
  • Earn rate: up to 2% cash back

The TD Business Cash Back Visa Card earns you and your business cash back on everyday purchases.

You earn 2% in Cash Back Dollars on eligible gas and office supply purchases as well as recurring bill payments, and 0.5% in Cash Back Dollars on all other purchases.

Once you reach a maximum annual spend of $15,000 in the 2% categories, you’ll earn 0.5% cash back on all purchases.

Your Cash Back Dollars never expire and will be credited to your account on an annual basis.

Other perks include earning 50% more Stars at Starbucks and purchase security and extended warranty protection.

Methodology:
The Snappy Rates team assesses the best cash back credit cards based on their annual fees, interest rates, welcome bonuses, rewards, top features, categories, insurance coverage, and other perks. We carefully evaluate each credit card and place more weight on the value of the long-term rewards each card offers. Only credit cards we would personally use are recommended. While these credit cards are some of the best on the market, but may not be right for you. Always do your own research before choosing a credit card.

Pros of Cash Back Credit Cards

Cash back credit cards reward you on your everyday spending.

If you spend a lot in certain categories, like groceries, transportation, or furniture, some credit cards offer an accelerated earn rate of 2% to 5% cash back up to a certain amount.

Many also offer generous sign-up bonuses, allowing you to earn more cash back within your first few months of card membership.

Some cash back credit cards include other perks and a few insurance benefits, like extended warranty and purchase protection.

Cons of Cash Back Credit Cards

Each cash back credit card has its own earning scheme, meaning that some have a flat rate of 1% or 2%, while others give you more cash back on certain spending categories like groceries or transportation.

Thus, you should do your research on which is best for you, as they’re all different.

Also, many credit cards stop giving you an accelerated amount of cash back after you spend a certain amount.

For example, the BMO CashBack World Elite Mastercard only gives you 5% cash back up to $500 on each statement period.

Few cash back credit cards offer travel rewards or much travel insurance alongside the cash back benefits.

Thus, you should look for another credit card if you want travel benefits and insurance. 

FAQs

How do cash back credit cards work?

Cash back credit cards give you a percentage of money back on each purchase. For most credit cards, cash back ranges from 0.5% to 5% on qualifying purchases. Some credit cards offer a flat rate of cash back, while others give you more money back on categories like gas and groceries.

Is cash back free money?

Cash back can feel like free money, but for each percentage of cash back you earn, you must have purchased something. Some cash back programs also have a monthly or yearly spend cap, meaning that if you spend over a certain amount, you’ll earn a low cash back amount for the rest of the period.

Does CIBC have a cash back credit card?

Yes, CIBC cash back credit cards include the CIBC Dividend Visa Card, CIBC Dividend Visa Infinite Card, CIBC Dividend Platinum Visa Infinite Card, CIBC Dividend Visa Card for Students, and the CIBC Costco Mastercard.

What credit score is needed for a CIBC credit card?

In general, you must have a good credit score of at least 670 to apply for any credit card, including CIBC.

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SnappyRates Team

The SnappyRates Team comprises personal finance writers who have reviewed and personally tested hundreds of financial products in the Canadian space. With over 20 years of combined experience to draw from and expertise in all things credit cards, banking, insurance, and mortgages, our goal is to provide you with the most comprehensive guides and resources to help you on your financial journey.

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  • Get 4.00% interest rate* on every dollar.
  • No monthly fees and unlimited free transactions.
*Terms and conditions apply. Limited time offer.