Figuring out what the best cash back credit cards in Canada should be an easy process right? You take a look at what’s the earn rate for each card and then you apply for it right? Well, that’s one of the factors that would help you pick a card, but you also need to think about the additional benefits such as insurance or experiences that are offered before you put in an application. To help you narrow down your choices, I’ve compiled a list of the best cash back credit cards in Canada.

Credit cardAnnual feeEarn rate
Meridian Visa Infinite Cash Back Card$99 - FYF4% gas & grocery, 2% pharmacy & bills, 1% all else
Scotia Momentum VISA Infinite Card$120 - FYF4% groceries & bills, 2% gas & tranist, 1 % all else
Tangerine Money-Back Card$02% on 3 categories, 0.5% all else
Tangerine World Mastercard$02% on 3 categories, 0.5% all else
BMO Cashback World Elite Mastercard$120 - FYF5% on all purchases for 6 months, 1.5% after
Amex SimplyCash Preferred Card$995% on all for 6 months, 2% after
Rogers World Elite Mastercard$04% on foreign purchases, 2% Rogers products, 1.75% all else

How do cash back credit cards work?

With cash back credit cards, you earn a set % back in cash on all your purchases. This isn’t physical cash that can be cashed in right away. It’s basically stored in your account until you reach a certain threshold or date where you’ll be paid out. How much cash back you earn depends on the credit card. Some credit cards give you additional cash back depending on the category of your spending, which is why you need to look at your spending when picking one of the best cash back credit cards in Canada.

The amount of cash back you can earn also varies. Despite the fact that some cards offer higher earn rates on some categories, they might cap the cash back that you can earn. For example, you may only earn 4% on the first $20,000 of spending. Generally speaking, this isn’t a huge deal, but it can make a big difference for people who spend a lot on their cards. 

When is cash back paid out?

Every cash back credit card in Canada has different rules when it comes to payouts. Some pay out in the form of a statement credit while others pay out based on a date. This date could be monthly or once a year. Some of these credit cards also have a minimum requirement before they’ll cash you out. 

The best cash back credit Cards in Canada

Meridian Visa Infinite Cash Back Card

  • $99 annual fee – first year free
  • Earn 4% cash back on gas and grocery purchases
  • Earn 2% cash back on pharmacy and utility bill payments
  • Earn 1% cash back on all other purchases
  • Mobile device insurance up to $1,000
  • Comprehensive travel insurance included
  • Purchase protection and extended warranty
  • Price protection

In my opinion, the Meridian Visa Infinite Cash Back card is the best cash back credit card in Canada. You get an incredible 4% cash back on gas and grocery purchases, 2% cash back on pharmacy and utility bill payments, and 1% on all other purchases. What really makes this card stand out is the insurance that’s included. The mobile device insurance covers devices up to $1,000 while the travel medical insurance is good up to 48 days per trip. You also get price protection which is not a common benefit. Read my Meridian Visa Infinite Cash Back card review now and find out why it’s one of the best Meridian credit cards.

Apply Now for the Meridian Visa Infinite Cash Back card


Scotia Momentum VISA Infinite Card

  • $120 annual fee – first year free
  • No foreign transaction fees
  • 10% cash back for the first three months on all purchases (Must apply before March 1, 2020)
  • 4% cash back on groceries and recurring bill payments
  • 2% cash back on gas and transit purchases
  • 1% cash back on all other purchases
  • Comprehensive travel insurance
  • Mobile device insurance
  • Purchase protection and extended warranty

The Scotia Momentum VISA Infinite Card is extremly popular since it’s one of the best Scotiabank credit cards in Canada. The current sign up offer is 10% cash back for three months on all purchases up to $2,000 in spending ($200 in cash back). The regular earn rate is 4% cash back on groceries and recurring bills, 2% on gas and transit purchases, and 1% on all other purchases which is fantastic. The additional benefits include travel insurance, mobile device insurance, purchase protection and extended warranty. You can read my full Scotia Momentum VISA Infinite card review to find out why .

Apply Now for the Scotiabank Passport Visa Infinite card


Tangerine Money-Back Card

  • No annual fee
  • 2% money-back on up to 3 categories
  • 0.5% cash-back on all other purchases
  • Automatic monthly redemption with no minimum balance required
  • Instantly pause your card
  • Adjust your credit limit online
  • Automatic pay my balance feature
  • Purchase assurance and extended warranty

What makes the Tangerine money-back card unique is that you have the option to select up to three categories where you can earn 2% cash back. No other credit card in Canada allows you to pick your categories so this card be extremely valuable depending on the categories you choose. What’s also nice is how the cash back rewards can be applied immediately to your statement or deposited directly into your Tangerine account. If you want to learn more about the Tangerine money-back card, you can read my review here.

Apply Now for the Tangerine Money-Back credit card

Tangerine World Mastercard

  • No annual fee
  • 4% cash back in up to 3 categories for 3 months (until January 31, 2020)
  • 2% cash back on up to 3 categories
  • 0.5% cash back on all other purchases
  • Automatic monthly redemption with no minimum balance required
  • Optional 1.95% on balance transfers for six months
  • Rental car collision/loss damage insurance – 31 days
  • Mobile device insurance up to $1,000
  • Mastercard Airport Experiences Provided by LoungeKey
  • Purchase assurance and extended warranty
  • Priceless cities, exclusive experiences and offers

The Tangerine World Mastercard is one of the best cash back credit cards in Canada since it’s an upgraded version of the Tangerine Money-Back Card and it still has no annual fee. There are two major differences when you compare the Tangerine World Mastercard to the Tangerine Money-Back Card. With the World version, you get added benefits such as mobile device insurance, rental car collision/loss damage insurance, Mastercard Airport Experiences Provided by LoungeKey (no passes) and priceless cities, exclusive experiences and offers. The other major difference is the minimum income requirement to qualify for the card. With the original Tangerine Money-Back Card, you only need a personal income of $12,000, but for the Tangerine World Mastercard, you need to have a personal income of $60,000 or a household income of $100,000.

Apply Now for the Tangerine World Mastercard

BMO Cashback World Elite Mastercard

  • $120 annual fee – First year free
  • 5% cash back on all purchases for three months (when you apply by Mar. 31, 2020)
  • 1.5% cash back on all card purchases
  • Mastercard Airport Experiences provided by LoungeKey
  • Complimentary roadside assistance program
  • Some travel insurance
  • Price protection
  • Extended warranty

The BMO Cashback World Elite Mastercard often gets overlooked as one of the best cash back credit cards in Canada but that would be a huge mistake. The regular earn rate of 1.5% on all card purchases is good, but there’s often a promotion where you’ll earn 5% cash back on all your purchases for the first three months. You could argue that the included roadside assistance is the best benefit since it’s worth about $150, which is more than the annual fee of $120. Although this card comes with some travel insurance, it’s pretty limited. If travel insurance is important to you, consider one of the best credit cards with travel assistancebest credit cards with travel assistance

Apply Now for the BMO Cashback World Elite Mastercard


American Express SimplyCash Preferred Card

  • $99 annual fee
  • 5% cash back on purchases for the first 6 months (up to $300)
  • 2% cash back on purchases after the first 6 months (no limit)
  • 1.99% interest rate on balance transfers for the first 6 months
  • Earn $200 cash back for approved referrals (up to $3,000)
  • Extensive insurance coverage

The American Express SimplyCash Preferred card consistently ranks as one the best cash back credit cards in Canada since you’ll earn 5% cash back on purchases for the first 6 months and then 2% cash back on all purchases after the promotional period ends. Although you don’t get a higher earn rate for specific categories, the higher base earn rate is appealing to many people. One other benefit of the American Express SimplyCash Preferred card is the $200 cash back bonus for approved referral. The American Express SimplyCash Preferred card also comes with additional benefits which you can read about in my review.

Apply now for the American Express SimplyCash Preferred Card


Rogers World Elite Mastercard

  • No annual fee
  • Earn 2% cash back on Rogers products and services
  • Earn 1.75% cash back on all other purchases made in Canadian dollars
  • Earn 4% cash back on purchases made in foreign currencies
  • Comprehensive travel insurance package for 10 days (3 days for those aged 65+)
  • Purchase Protection and Extended Warranty

Rounding out the list of the best cash back credit cards in Canada is the Rogers World Elite Mastercard. This card often gets overlooked but it has no annual fee, a 1.75% cash back rate on all purchases which makes this a really attractive card. In addition, you’ll earn 4% cash back on purchases made in foreign currencies which makes this card one of the best credit cards without foreign transaction fees in Canada.