Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Canada’s best cash back credit cards for 2021

Our picks for the 6 best cash back credit cards in Canada.

Cash back credit cards refund you a small percentage of your spending, usually between 0.5-5%. While it depends on the card, you can either earn a flat-rate of cash back on all spending or a tiered rate of cash back depending on the category you spend in. Some providers allow you to receive your cash back each month, while others will require you to earn a certain amount of cash back before you can redeem it. Depending on the card, you can earn hundreds of dollars back every year based on how much you spend. But to get the biggest bang for your buck, you’ll need to find the best cash back credit card that suits your spending habits and financial needs.

Our picks for the best cash back credit cards right now

BMO CashBack Mastercard

19.99%
Purchase Interest Rate
$0
Annual Fee
660
Min. Recommended Credit Score
The BMO CashBack Mastercard makes switching credit cards convenient with a low interest rate on balance transfers as well as a promotional cash back rate. Get 5% cash back on all eligible purchases in the first three months of card membership (up to a maximum spend of $2,500, after which standard cash back rates apply).
Annual Fee $0
Min. Credit Score 660
Purchase Interest Rate 19.99%
Cash Advance Rate 22.99%
Interest Free Period Up to 21 days
Balance Transfer Rate 22.99%
Foreign Transaction Fee 2.5%
Pros
  • Get 5% cash back on all eligible purchases in the first three months of card membership (up to a maximum spend of $2,500, and earn 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases thereafter). Plus, get a rate of 1.99% on balance transfers with a 1% balance transfer fee for nine months.
  • This card has no annual fee.
  • Earn cash back at a standard rate of 3% on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases.
  • For the first 9 months, new customers can get a 1.99% introductory interest rate with a 1% fee on balance transfers from non-BMO credit cards. After that, balance transfers are subject to a 22.99% cash advance interest rate.
What to watch out for
  • This card has a balance transfer fee of 1%.
  • Each statement cycle period, you can only redeem up to $ cash back on grocery purchases and up to $ cash back on recurring bill payments, after which the base cash back rate of applies.
  • This card has a foreign transaction fee of 2.5%. This will apply on any overseas purchases or any purchases made online with an international retailer.

Desjardins Cash Back Card

19.9%
Purchase Interest Rate
$0
Annual Fee
Unknown
Min. Recommended Credit Score
Earn 2% cash back on entertainment, restaurants, public transportation and pre-authorized payments, and earn 0.5% on everything else.
Annual Fee $0
Additional Cardholder Fee $0
Min. Credit Score Unknown
Purchase Interest Rate 19.9%
Cash Advance Rate 19.9%
Interest Free Period up to 21 days
Foreign Transaction Fee 2.5%

Home Trust Equityline Visa Card

Home Trust Equityline Visa Card logo
5.99%
Purchase Interest Rate
$0
Annual Fee
620+
Min. Recommended Credit Score
Earn 1% cash back on all eligible purchases to get more out of your everyday spending
Annual Fee $0
Min. Credit Score 620+
Purchase Interest Rate 5.99%
Interest Free Period up to 21 days
Foreign Transaction Fee 0%

SimplyCash Preferred Card from American Express

19.99%
Purchase Interest Rate
$99
Annual Fee
700
Min. Recommended Credit Score
Earn 10% cash back on all eligible purchases (up to $400 in cash back) for the first four months of Cardmembership. The card also offers a suite of travel insurance benefits and exclusive offers on dining and entertainment. Just watch out for the annual fee of $99.
Annual Fee $99
Additional Cardholder Fee $0
Min. Credit Score 700
Purchase Interest Rate 19.99%
Cash Advance Rate 21.99%
Interest Free Period Up to 21 days
Foreign Transaction Fee 2.5%
Pros
  • Earn 2% cash back on all eligible card purchases.
  • Earn 10% cash back on all eligible purchases (up to $400 in cash back) for the first four months of Cardmembership.
  • Get up to $100,000 travel insurance coverage for delayed flights, lost or stolen baggage, car rentals and accidents. Plus, enjoy up to up to $5,000,000 Out-of-Province/Country Emergency Medical Insurance in emergency medical coverage.
What to watch out for
  • This card has an annual fee of $99.
  • When you spend overseas, you'll face a foreign transaction fee of 2.5%.

Scotia Momentum Visa Infinite Card

20.99%
Purchase Interest Rate
$120
Annual Fee
750
Min. Recommended Credit Score
Pay no annual fee in the first year, including on supplementary cards. Apply by January 1, 2022. The card also offers a great suite of travel insurance benefits, an introductory balance transfer rate and exclusive offers on dining and entertainment – just watch out for the annual fee of $120.
Annual Fee $120
Additional Cardholder Fee $50
Min. Credit Score 750
Purchase Interest Rate 20.99%
Cash Advance Rate 22.99%
Interest Free Period Up to 21 days
Balance Transfer Rate 22.99%
Foreign Transaction Fee 2.5%
Pros
  • Earn 4% cash back for every $1 spent on eligible grocery purchases & recurring bill payments, 2% per $1 spent on eligible gas purchases & public transit, and 1% per $1 spent on all other eligible purchases.
  • Pay no annual fee in the first year, including on supplementary cards. Apply by January 1, 2022.
  • Pay for your flight with your card and get complimentary insurance for emergency medical situations up to {{ DETAILS.COMPLIMENTARY_INSURANCE_COVER }}, trip interruptions and cancellations, flight delays, lost and delayed baggage.
  • You won't be held liable for fraudulent charges on your account with Zero Liability coverage.
  • Interest rates for balance transfers are in your first .
What to watch out for
  • This card has an annual fee of $120.
  • When you spend overseas, you'll face a foreign transaction fee of 2.5%.

Tangerine Money-Back Credit Card

19.95%
Purchase Interest Rate
$0
Annual Fee
600
Min. Recommended Credit Score
Earn 2% cash back in two categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and 0.5% cash back on everything else. Categories include groceries, restaurants, hotels, gas, recurring bill payments, drug store, home improvement and entertainment.
Annual Fee $0
Min. Credit Score 600
Purchase Interest Rate 19.95%
Cash Advance Rate 19.95%
Interest Free Period Up to 21 days
Balance Transfer Rate 19.95%
Foreign Transaction Fee 2.5%
Pros
  • Earn accelerated cash back in 2 categories (with an optional third category).
  • No annual fee.
  • Earn an extra 15% cash back (up to $150) on up to $1,000 of everyday purchases in the first 2 months Until January 31, 2022.
What to watch out for
  • Receive only cash back on all other categories of spending.
  • You'll pay a foreign transaction fee of 2.5% on all overseas purchases.
  • Pay a balance transfer fee of 3% of the total transferred amount or $5, whichever is greater.

Please note: All information about TD Cash Back Visa Infinite Card has been collected independently by Finder and this card is not available through this site.

TD Cash Back Visa Infinite Card

20.99%
Purchase Interest Rate
$120
Annual Fee
Good
Min. Recommended Credit Score
Earn 3% cash back when you make eligible purchases of up to $15,000.00 per year on each of groceries, gas and recurring bill payments on your credit card. Earn 1% for eligible purchases above $15,000.00 and for all other spending.
Annual Fee $120
Additional Cardholder Fee $50
Min. Credit Score Good
Purchase Interest Rate 20.99%
Cash Advance Rate 22.99%
Interest Free Period Up to 21 days
Balance Transfer Rate 22.99%
Foreign Transaction Fee 2.5%
Pros
  • Earn 6% cash back on all purchases for the first 3 months (up to a total spend of $2,000). Plus, get the first year annual fee waived for the Primary and additional cardholders. Conditions apply. Apply by May 29, 2022.
  • Earn 3% cash back when you make eligible purchases of up to $15,000.00 per year on each of groceries, gas and recurring bill payments on your credit card. Earn 1% for eligible purchases above $15,000.00 and for all other spending.
  • Your cash back never expires so you can choose to redeem it annually or more frequently.
  • Request an emergency cash advance up to your available credit limit. (A cash advance fee will apply along with a cash advance interest rate of 22.99%
What to watch out for
  • This card has an annual fee of $120.
  • The purchase APR for this card is 20.99%, while the cash advance APR is 22.99%.
  • This card has a foreign transaction fee of 2.5%. This will apply on any overseas purchases or any purchases made online with an international retailer.
  • You'll need to earn a personal income of at least $60,000, or a combined household income of at least $100,000 annually.
  • You'll need to accrue at least $25 in cash back before you can redeem.

BMO CashBack World Elite Mastercard

20.99%
Purchase Interest Rate
$120
Annual Fee
760
Min. Recommended Credit Score
This card offers a wide range of benefits including an attractive signup bonus and the chance to earn cash back on eligible everyday purchases. Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year. After the promotional period ends, continue to enjoy rewards at the regular rate. Earn 5% cash back on groceries, 4% on transit including ride sharing, taxis and public transportation, 3% on gas and electric vehicle charging, 2% on recurring bill payments and 1% unlimited cash back on all eligible purchases. Plus, cardholders can enjoy a host of travel and entertainment perks.
Annual Fee $120
Additional Cardholder Fee $50
Min. Credit Score 760
Purchase Interest Rate 20.99%
Cash Advance Rate 23.99%
Interest Free Period Up to 21 days
Balance Transfer Rate 22.99%
Foreign Transaction Fee 2.5%
Pros
  • Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year.
  • Earn 5% cash back on groceries, 4% on transit including ride sharing, taxis and public transportation, 3% on gas and electric vehicle charging, 2% on recurring bill payments and 1% unlimited cash back on all eligible purchases.
  • Get access to extensive travel perks.
  • You'll get rental car discounts. Get up to a 25% discount at National Car Rental and Alamo Rent A Car locations with complimentary Collision Damage Waiver benefits (MSRP of up to $65,000).
  • Get 15% off admission to Cirque du Soleil shows touring Canada, and 20% off resident shows in Las Vegas.
  • You'll get up to $2 million Out-of-Province/Out-of-Country Emergency Medical benefits
What to watch out for
  • This card has an annual fee of $120.
  • You'll need to accrue at least $50 in cash back before you can redeem.
  • This card has a foreign transaction fee of 2.5%. This will apply on any overseas purchases or any purchases made online with an international retailer.
  • You’ll need to earn a personal income of at least $80,000, or a combined household income of at least $150,000 annually to apply.

How we chose the best cash back credit cards

We’ve chosen the cards on this page based on the credit cards available in our Credit Card Finder. These cards may not be representative of the entire market. None of these picks are sponsored – we also take into account providers and cards that we aren’t partnered with – so that our winners for each category are chosen without bias.

We take these factors into account when choosing our winners:

  • Welcome deals and promotional offers for new cardholders.
  • Cash back earn rate and any earning caps.
  • Type of cash back (flat rate, accelerated, tiered)
  • Annual fees and interest rates on purchases, cash advances and balance transfers.
  • Additional notable features offered such as complimentary travel insurance coverage and airport lounge access.

No single card will be the best choice for everyone, so compare your options before picking your new card. Learn more about how we rate and choose the best credit cards in our credit card methodology guide here.

What is a cash back credit card?

A cash back credit card offers rewards in the form of cash, which usually gets put on to your credit card balance to help pay it down.

For the most part, your return is based on a percentage of the amount you spend. For example, if you have a 2.00% cash back rate on your card and you spend $1,200.00 on new furniture, you’ll get a return of $24.00, which you can apply to your next statement.

You might also be able to redeem cash for merchandise, gift cards, travel points or charitable donations, depending on what your credit card issuer offers.

Types of cash back credit cards

There are usually three types of cash back cards: flat-rate cash back, tiered cash back and rotating categories.

  • Flat-rate cards give you the same cash back rate for all purchases.
  • A tiered cash back cards give you a higher rate for specific types of purchases (like gas, groceries or dining out). They are sometimes referred to as accelerated cash back categories.
  • Much like a tiered cash back card, a rotating categories cash back card offers a higher reward rate for certain categories, however with these cards you can usually choose the spending categories yourself and change them monthly. This can come in handy if you anticipate spending high in certain categories from one month to the next.

Perks of cash back credit cards

  • Flexible rewards. You can use cash to pay off your credit card balance, purchase merchandise or simply add it to your savings account.
  • Fee-free versions. There are many cash back cards that offer a return on spending for no annual fee.
  • Quick rewards. Some providers will set a minimum redemption limit on your cash back (usually $25), while others will set no minimum which means you could see cash coming back each month.

How to choose the best cash back credit card for you

  • Fee-free vs extra benefits. Pay an annual fee for a higher rate of cash back and perks or search for a fee-free card to save money up-front.
  • Flat-rate vs accelerated cash back. Figure out if you want to get a flat return rate on all spending categories, or if you want a higher rate on some purchases (like gas, groceries or dining out). Some providers let you choose your own categories too.
  • Generous welcome bonus. Optimize your cash back with a card that offers a generous welcome bonus.
  • Comprehensive benefits. Find out about extra perks on offer like travel insurance coverage, airport lounge access, concierge services, roadside assistance and more.

How to redeem your cash back

Check the table below to see how often popular banks and credit card providers in Canada allow you to redeem your cash back.

ProviderRedemption frequency
American ExpressOnce per year in September
BMOAny time (in $1 increments)
CIBCOnce per year in December
ScotiabankOnce per year in November
TangerineOnce every month
TDAny time (in $25 increments)

What else should I know about cash back credit cards?

  • Annual fee. For the most part, if you pay more for your annual fee, you’ll get a higher rate of cash back.
  • High interest rates. Many cash back cards come with high interest rates, so you should try to pay your balance off in full every month.
  • Cash back limits. Some credit cards cap the amount of cash back you can earn per year.
  • Expiration dates. Your cash back rewards may expire if you don’t use them within a certain time period.
  • Excluded purchases. Some purchases aren’t eligible for cash back, such as cash advance transactions, so you should look into your rewards program to find out where you stand to earn the most.

Cash back cards are some of the most popular on the market because they offer flexible rewards and can offer a high-end return on spending, particularly if you spend a lot on your card and clear your balance each month.

Compare more cash back credit cards

Name Product Welcome Offer Cash Back Rate Purchase Interest Rate Annual Fee Min. Credit Score Reward Description
Neo Financial Credit Card
Get $25.00
Average 5% cash back
19.99% - 24.99%
$0
Min. recommended credit score: 600
Tangerine World Mastercard
15% cash back
Up to 2% cash back
19.95%
$0
Min. recommended credit score: 600
Earn 2% cash back in two categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and 0.5% cash back on everything else.
BMO CashBack Mastercard
5% cash back
Up to 3% cash back
19.99%
$0
Min. recommended credit score: 660
Earn 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases.
Tangerine Money-Back Credit Card
15% cash back
Up to 2% cash back
19.95%
$0
Min. recommended credit score: 600
Earn 2% cash back in two categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and 0.5% cash back on everything else.
Simplii Financial Cash Back Visa Card
10% cash back
Up to 4% cash back
9.99% intro APR for the first 6 months, 19.99% thereafter
$0
Min. recommended credit score: 650
Earn 10% cash back on dining experiences when you spend up to $500 in your first 4 months.
loading

Compare up to 4 providers

Frequently asked questions

More guides on Finder

Go to site