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What Are the Best Cash Back Credit Cards in Canada?

Emma MarroneVerified
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Summary：Discover the best cash back credit cards in Canada and start earning rewards on your everyday purchases. From Scotia Momentum Visa Infinite to Tangerine Money-Back Credit Card, find the card that fits your spending habits.

What Are the Best Cash Back Credit Cards in Canada?

Cash back credit cards are an excellent way to earn rewards while making everyday purchases. In Canada, there are many options available, each with their own unique benefits. Here are some of the best cash back credit cards in Canada, along with the benefits they offer.

1. Scotia Momentum Visa Infinite

The Scotia Momentum Visa Infinite is an excellent cash back credit card for those who spend a lot on groceries, gas, and recurring bills. Cardholders earn 4% cash back on gas and groceries, 2% cash back on recurring bills and pharmacy purchases, and 1% cash back on all other purchases. The card also comes with comprehensiveTravel insuranceand concierge services.

2. Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit Card is a great option for those who want to earn cash back on all their purchases. Cardholders can choose up to three categories to earn 2% cash back on, and 0.5% cash back on all other purchases. There areNo annual feesand no limits on the amount of cash back that can be earned.

3. American Express SimplyCash Preferred

The American Express SimplyCash Preferred card is another great option for those who want to earn cash back on all their purchases. Cardholders earn 2% cash back on all purchases, with no limits on the amount that can be earned. The card also comes with travel insurance and purchase protection.

4. BMO CashBack World Elite Mastercard

The BMO CashBack World Elite Mastercard is an excellent option for those who want to earn cash back on travel and dining purchases. Cardholders earn 3% cash back on travel, 2% cash back on dining, and 1% cash back on all other purchases. The card also comes with travel insurance and concierge services.

Tips for Choosing a Cash Back Credit Card

When choosing a cash back credit card, it's important to consider your spending habits and the rewards offered. Look for cards that offer highCash back rewardson the categories you spend the most on. It's also important to consider any annual fees and interest rates associated with the card.

Saving Money with a Cash Back Credit Card

Using a cash back credit card can help you save money on everyday purchases. Make sure to pay off your balance in full each month to avoid interest charges. Some cards also offer additional perks, such as discounts on travel or purchases at specific retailers.

Avoiding Fees and Risks

When applying for a cash back credit card, it's important to read the terms and conditions carefully. Make sure to understand any annual fees or interest rates associated with the card. It's also important to use your card responsibly and avoid carrying a balance, as this can lead to high interest charges and damage to your credit score.

Recommended Credit Card Companies

Some of the top credit card companies in Canada include Scotiabank, Tangerine, American Express, and BMO. It's important to research different card options and choose the one that best fits your spending habits and financial goals.

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