What are the top Canadian cash back credit cards?
Cash back credit cards are a popular choice for Canadian consumers looking for a little extra money in their pockets. But with so many options on the market, it can be tough to know which one is right for you. In this article, we'll take a look at some of the top Canadian cash back credit cards and what makes them stand out.
Scotiabank Momentum Visa Infinite Card
The Scotiabank Momentum Visa Infinite Card is a top contender in the Canadian cash back credit card market. With 4% cash back on gas and groceries, 2% on recurring bills and drugstore purchases, and 1% on everything else, this card is perfect for families and individuals looking to save on everyday expenses. There is an annual fee of $120, but the first-year fee is waived, and the card comes with a host of other perks, including travel insurance and concierge services.
TD Cash Back Visa Infinite Card
The TD Cash Back Visa Infinite Card is another great option for those looking to earn cash back on everyday purchases. With 3% cash back on gas, groceries, and recurring bills, and 1% on everything else, this card offers a slightly lower cash back rate than the Scotiabank card but has a lower annual fee of $120. The card also comes with travel insurance and other perks, including access to exclusive events and experiences.
BMO CashBack World Elite Mastercard
The BMO CashBack World Elite Mastercard is a popular choice for those who want to earn cash back on all their purchases, not just specific categories. With 1.5% cash back on all purchases, this card is great for those who want a simple and straightforward rewards program. The annual fee is $120, but it's waived for the first year, and the card comes with other perks, including roadside assistance and extended warranty coverage.
RBC Cash Back Preferred World Elite Mastercard
The RBC Cash Back Preferred World Elite Mastercard is another excellent option for those looking for a simple and straightforward cash back program. With 1.5% cash back on all purchases, this card is great for those who want to earn cash back on everything they buy. The annual fee is $99, and the card comes with other perks, including travel insurance and concierge services.
Tips for Applying for a Cash Back Credit Card
When applying for a cash back credit card, there are a few things to keep in mind. First, make sure you understand the terms and conditions of the card, including any annual fees, interest rates, and rewards programs. It's also a good idea to check your credit score before applying to ensure that you're eligible for the card and to avoid any negative impacts on your credit score.
To maximize your cash back rewards, it's important to use your credit card for all your everyday purchases and to pay off your balance in full each month. This will help you avoid interest charges and ensure that you're earning the full cash back rewards available.
Finally, be sure to monitor your credit card statements regularly to ensure that there are no unauthorized charges or errors. This will help you avoid any potential fraud or identity theft and ensure that you're earning the rewards you deserve.
In conclusion, there are many great cash back credit cards available to Canadian consumers, each with its own unique benefits and rewards programs. By understanding your spending habits and choosing the right card for your needs, you can earn cash back on all your purchases and save money in the long run. Just be sure to read the fine print, use your card responsibly, and monitor your statements regularly to ensure that you're getting the most out of your cash back credit card.