7+ Best Cash Back Credit Cards in Canada of February 2023
By Nick Robert
Choosing the best cash back credit card can earn you hundreds of dollars a year. If you want the best cash back credit cards available in Canada, then you are in the right place.
This post ranks and reviews the best cash back credit cards in Canada in 2023 based on cash back rewards, annual fees, interest rate, sign up offers and ease of the redemption process. See below for my top picks, in order of best to worst.
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What are the best cash back credit cards in Canada?
With all of the cash back credit cards available in Canada it can be hard to know which is the best one for you. Here is a quick list of my top 8 recommendations followed by a detailed review of each.
- BMO CashBack World Elite Mastercard – Best overall pick for cash back
- CIBC Dividend Cash Back Visa Card – High rewards in many categories
- SimplyCash Preferred Card from American Express – Best cash back for all categories
- HSBC Cash Rewards Mastercard – Best cash back card with no annual fee
- Scotia Momentum Visa Infinite Card – Great card with high cash back in many spending categories
- Tangerine World MasterCard – Great cash back reward on many categories
- Brim World Elite Mastercard – Great card with no annual fee
- RBC Cash Back Preferred World Elite Mastercard – Great flat rate cash back rewards
1 – BMO CashBack World Elite Mastercard
Best overall pick for cash back
- Rewards rate – 10% for the first three months. 1-5% rewards depending on purchase category
- Annual fee – free for 1st year, $120 per year starting in year 2
- Interest rate – 20.99% for purchases, 23.99% for cash advances
- Sign up offer – annual fee waived for the first year and 10% cash back on all purchases
This card gives you 10% cash back for the first three months and no annual fee for the first year, making it my top pick.
- High rewards of 10% for the first three months.
- 5% on groceries, 4% on transit, 3% on gas, 2% recurring payments, & 1% all other
- Easy to redeem
- Requires an annual income of $80,000 or a household income of $150,000
2 – CIBC Dividend Cash Back Visa Card
An excellent choice for high rewards in many categories.
- Rewards rate – 10% for the first 4 statements, 1-4% cash back ongoing
- Annual fee – $120 with the first year free
- Interest rate – 20.99% for purchases, 22.99% on cash
- Sign up offer – save up to 10 cents per litre on gas
Enjoy up to 10% cash back for the first 4 statements (up to $200) + save up to 10 cents per litre on gas.
This card is a great credit card for cash back. I have it ranked as #2 because the rewards are slightly higher in the same categories on the BMO cashback card.
- Strong rewards for the first three months and good rewards permanently
- High rewards for gas & groceries (4%), dining and transportation (2%) and 1% on all others
- Easy to redeem
- Similar card from BMO has slightly better rewards
- Annual fee
- Rewards are lower after the first 4 statements
3 – SimplyCash Preferred Card from American Express
Best cash back credit card regardless of purchase category
- Rewards rate – 10% for first 4 months, 2% on all items afterwards
- Annual fee – $99 for first card, $9.99 for each additional card
- Interest rate – 19.99% on purchases and 21.99% on cash advances
- Sign up offer – 10% for first 4 months
This credit card has slightly lower rewards on groceries, travel and gas than the top picks. However, it offers 2% on all purchases. This is a good option for all purchases and you don’t need to worry about the expense category.
- 10% rewards for the first 4 months
- 2% reward on all categories
- Low annual fee
- Lower rewards than some other cards in the list
4 – HSBC Cash Rewards Mastercard
Best card with no annual fee
- Rewards rate – 13-14% for the first 180 days. After, 0.5-1.5% rewards depending on purchase category
- Annual fee – $0
- Interest rate – 20.99% for purchases, 22.99% on cash
- Sign up offer – 13-14% for the first 180 days
This card has lower ongoing rewards than some of the other picks in this list, but this card has no annual fee and a high reward structure for the first 180 days of 13 to 14% returns.
- No annual fee
- 13-14% rewards for the first 180 days
- Lower rewards
Visit my review of best student credit cards for a list of the best no annual fee credit cards in Canada.
5 – Scotia Momentum Visa Infinite Card
Great card with high cash back options
- Rewards rate – 10% for the first 3 months. Afterwards 1-4% rewards depending on purchase category
- Annual fee – $120 for first card (first year waived) & $49.99 for each additional card
- Interest rate – 20.99% for purchases, 22.99% on cash
- Sign up offer – 13-14% for the first 180 days
This card has strong rewards for the first 3 months at 10% and 1-4% afterwards. It also comes with other benefits for hotels, concierge and insurance coverage.
- First year fee waived
- 10% rewards for the first 3 months
- 4% rewards on groceries & recurring payments, 2% on gas & daily transit, 1% on all others
- Similar cards with better benefits are listed above
6 – Tangerine World MasterCard
Best card for rewards on other categories
- Rewards rate – 2% on categories of your choice
- Annual fee – $0
- Interest rate – 19.95%
- Sign up offer – 15% back on $2,000 spent in first 2 months
This card has no annual fee and you can get 2% on any categories of your choice. Additionally you can get 15% back during the first 2 months on the first $2,000 spent.
- No annual fee
- 2% rewards on your selected categories
- 15% back on $2k spent in the first 2 months
- Lower rewards than other credit cards on groceries, gas & transit
7 – Brim World Elite Mastercard
Best rewards with no annual fee
- Rewards rate – 2 points for every 1$ spent
- Annual fee – $0
- Interest rate – 20.99%
- Sign up offer – Loyalty rewards
At 2 a rewards rate of 2 points for every $1 spent, this is a solid choice. The online platform gives you many options to maximize your credit card. With a $0 annual fee, this card is a good choice for cash back rewards.
- 2 points per $1 spent
- $0 annual fee
Cons
- Other cards in this list have higher rewards on categories like groceries, gas and transit
8 – RBC Cash Back Preferred World Elite Mastercard
1.5% rewards on all purchases
- Rewards rate – 1.5% on all purchases
- Annual fee – $99
- Interest rate – 19.99% for purchases, 22.99% on cash
- Sign up offer – 3 cents/litre off of fuel purchases
This pick isn’t the best cash back credit card but it does offer 1.5% cash back on all purchases regardless of categories as well as unlimited cash back. It also offers an additional 3 cents per litre on fuel purchases.
- 1.5% reward on all purchases
- Lower rewards compared to other credit cards
- Higher fee than other cards that have higher reward on all cash purchases
Link to sign up: https://www.rbcroyalbank.com/credit-cards/cash-back/rbc-preferred-world-elite-mastercard.html
Benefits of getting a cash back credit card
Cash back
Cash back credit cards are a great way to take advantage of paying with a credit card. While you can earn high rewards with cash back credit cards, usually there are higher rewards on other credit cards (example – travel credit cards). Click here to learn more about the best credit cards in Canada (not just for cash back!)
Welcome bonus & sign-up rewards
Most cards have significantly higher returns on credit cards in the first 2 to 4 months. By taking advantage of a welcome bonus or sign-up rewards, you can earn a lot more cash back.
Building your credit
By using credit cards and paying them off in full you are building up your credit score. The higher your credit score, the better the credit card you can get. Additionally, by getting a credit card, the additional credit you have but don’t use will also improve your credit utilization and help to build your credit score. Click here to learn more about how to improve your credit score
Conclusion – Best cash back credit cards in Canada
Cash back credit cards are a great and convenient way to use your credit card rewards, build your credit and save money on everyday purchases. My top pick for best cash back credit card is the BMO cash back World Elite Mastercard. Just be aware that you could earn even higher rewards with non cash back specific credit cards.
If you want to learn more about this, visit my post on Personal Finance in Canada here
About the Author
Nick Robert is the founder and creator of Nickrobert.com. I created this website to educate Canadians about everything related to personal finance. As a Chartered Professional Accountant & Chartered Accountant, I have worked with many Canadians to achieve their personal finance goals.
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