Cashback credit cards offer incentives and cashback rewards for store, gas, and other purchases. Cashback cards are available through credit unions, mainstream banks, online banks, and other establishments.
Cash Back Credit Cards
Canadian issuers offer specialty cards with cash rewards, no annual fees, fee waivers, and excellent earn rates. Free additional cards and discounts are added benefits. There are Canadian credit cards with multiple benefits such as exclusive experiences, annual rebates, automatic redemptions, and more. To customers shopping for specialty credit cards Canada offers a wide array of products with cash rewards. They are offered on everyday spending and accumulate with purchases made. Issuers specify the amount of cashback that customers get on eligible purchases at participating retailers and other establishments. Some cards offer 1 percent cash back while others offer up to 4 - 5 percent. High earn rates usually apply to drug store and gas purchases. Cash back is also offered on recurring bills. Issuers also advertise exclusive offers, food events, reserved tickets, and pre-sales and discounts on concerts, sporting events, etc. Advertising the best credit cards Canada based financial establishments offer plenty of added benefits such as zero introductory interest, no annual fee, and annual reward options. Some issuers offer cash back on travel purchases and dining at participating restaurants, and rewards are redeemable for goods and cash. Promotional rates usually apply to eligible purchases and transactions. Some fees apply as well, including cash advance, access check, balance transfer, and wire transfer fees. To apply for a cashback card, customers present details such as types of cards currently used, monthly payments, housing status, address, and employment status (employed, unemployed, retired, permanently disabled, homemaker, etc.)
Best Cashback Credit Card
Issuers such as RBC, Toronto-Dominion, MBNA, and other banks advertise attractive card offers with unlimited cash back and higher earn rates at select locations. Rewards start from 0.5 percent. With the best Canadian credit card offers, the rate varies from 2 to 4 percent. Some issuers also offer calculators to help customers calculate their cashback rewards. At a rate of 1.25 percent, for example, you will get $450 in cashback if you spend $3,000 in purchases. You will earn $600 if you spend $4,000 on your card. The sum of $735 will be credited toward your card account if you spend $5,000. The best rewards credit card offers go with no redemption restrictions and no caps on the amount earned.
Customers with high income of $70,000 - $80,000 and excellent credit have access to attractive offers with shopping and travel benefits. Extras include complementary authorized user cards, affordable fees, and assistance with shopping, business, and travel arrangements. For those shopping for the best rewards credit card Canada is a large market, with many issuers competing for customers. To find the best cash back credit card Canada residents compare different offers and key benefits. Some products go with anniversary and first purchase bonuses, low rates, discounts, and other extras. There are some restrictions. For example, customers who obtain a personal cashback card are not allowed to use it for commercial or business purchases. They can use the card for everyday purchases and household and personal purposes. When applying for specialty cards with exclusive offers, customers are asked about their annual and household income, monthly rent, mortgage payments, length of time at their current address, social insurance number, and other details.
MBNA Smart Cash MasterCard
MBNA also offers cashback products with free supplementary cards, no annual fee, and rewards that vary from 1 perMBNA also offers cashback products with free supplementary cards, no annual fee, and rewards that vary from 1 percent to 5 percent. Smart Cash Platinum Plus is a MBNA credit card with a low introductory rate of 1.99 percent and 5 percent cashback on gas purchases. Customers also get 5 percent on drugstore purchases. The MBNA Smart Cash MasterCard offers generous cash back but there are minimum income requirements. It is a good choice for consumers with high spending levels who want to earn cash rewards.
MBNA advertises excellent redemption values and cash rewards on common purchases. The bank offers different types of rewards, including specialty, automotive, travel, and cashback. Specialty rewards can be redeemed for merchandise, CFL memorabilia, Montreal Canadiens merchandise and memorabilia, Melaleuca merchandise, games, electronics, and more. Some cards even offer credit toward your vehicle or home insurance policy. Most cards have a grace period of 21 days.
Scotia Momentum Visa Infinite
Scotia Momentum is another cashback card with good travel coverage and cash rebates that can be earned on three types of purchases:
- Everyday purchases (1 percent)
- Bill payments and drug store purchases (2 percent)
- Grocery shopping and gas purchases (4 percent)
The bank offers flexible redemption options, and points can be deposited as statement credit or into the customer's checking account. Redeeming rewards is a straightforward process whichever option you choose to use.
Annual cash rebates if you spend $1,800 a month on groceries: $864
- Annual fee: $99
While the annual fee looks steep, this is a top tier card that offers great value as long as you charge at least $800 in purchases.
Customers benefit from access to exclusive events, travel upgrades, dining experiences, wine events, and advanced screenings.
Scotia Momentum Visa
The Scotia Momentum Visa returns only 1 percent cashback on regular purchases and 2 percent on drugstore purchases, gas, and groceries. The annual rebates total $240 if you spend $1,000 a month on groceries and gas. On the good side, this card features a low annual fee of $39. The Scotia Momentum No-Fee Visa features no annual fee but grocery, gas, and drugstore purchases earn just 1 percent. All other purchases earn 0.5 percent.
Interest rate: 19.99 percent
Introductory rate: 1.99 percent
Capital One Aspire Travel World MasterCard
This is a premium travel rewards card for customers who like to earn rewards on purchases. Cardholders earn rewards miles on all qualifying purchases.
Each dollar in purchases earns two rewards points. Customers also enjoy a generous anniversary bonus (10,000 miles) and welcome bonus (35,000 miles). Annual points for spending $2,500 a month: $105,000 rewards miles.
Customers earn rewards on car rentals and airline and hotel bookings and everyday purchases. The downside is that only customers with high annual income and excellent credit qualify.
Annual fee: $120
American Express Gold Credit Card with Cash Back
The Gold Credit Card earns cash back in the following categories:
- All purchases: 2 percent cash back
- The first $2,500 in purchases earn 0.5 percent
- Between $2,500 and $5,000+ in purchases - 1 percent cash back
Customers enjoy the fact that this card offers unlimited cash back
Annual fee: $99
Some customers are taken aback by the high annual fee, but AMEX offers multiple benefits such as:
- Free supplementary cards
- Additional cards earn cash back
- Buyers assurance
HSBC Premier World MasterCard
The main benefit for customers is that the bank offers a choice between two programs - a cashback and rewards program. To obtain a premier card, however, customers must maintain a minimum annual income of $60,000.
- Purchases in foreign currency: 2 percent
- Drugstore, grocery, and gas: 1.5 percent
- Other purchases: 1 percent
Points are redeemed as statement credit once a year.
As a premium card, HSBC Premier World features plenty of exclusive benefits such as travel protection, preferred interest rate, access to entertainment, dining privileges and culinary adventures, and discounts on home and garden accessories, hobbies and sports, fashion and clothing, and other categories.
- No annual fee
- APR: 12.9 percent
- Interest-free period: 23 days
BMO CashBack World MasterCard
This is a similar card that features cashback, and all purchases earn at a rate of 1.25 percent. Car rentals and gas purchases at Shell locations earn 3 percent. Annual rebates for $2,500 in monthly purchases: $375. Rebates are redeemed as statement credit.
- Concierge service with entertainment and travel recommendations
- Purchase and travel protection
- Baggage insurance
- Car rental collision coverage
- Roadside assistance
- Optional balance protection
Fees and Charges
Annual fee: $79
Interest rate: 19.9 percent
Interest-free period: 21 days
RBC Cash Back MasterCard
This is another cashback card that offers modest cash rebates on grocery store and everyday purchases. The card returns 1 percent on pre-authorized payments and regular purchases and 2 percent on your grocery shopping. Customers are free to request their cashback credits at any time. Automatic redemption and the fact that there is no annual fee are major benefits. Supplementary cards are available free of charge.
Interest rate: 19.99 percent
Benefits for Cardholders
- Tap and go
- Subsistence allowance insurance
- Trip interruption coverage
- Trip cancellation
- Emergency medical insurance
- Total disability insurance
Sign-up bonuses are not offered.