Tangerine World Mastercard

- Enjoy a 10% cashback welcome bonus
- Earn unlimited cashback with no caps on earning potential
- No annual fee
The best cash back credit cards in Canada let you earn cash back rewards whenever you make purchases. Depending on the cash back 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.
Compare the best cashback credit card options, learn how different types of cashback credit cards work, and compare providers to find the right cashback card for you
Annual Fee | $0 |
---|---|
Purchase APR | 20.99% |
Cash Advance Rate | 22.99% |
Balance transfer APR | 0.99% intro for the first 9 months (then 22.99% ) |
Welcome offer |
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). |
Rewards | Earn cash back at a standard rate of 3% on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases. |
Annual Fee | $0 |
---|---|
Purchase APR | 5.99% |
Cash Advance Rate | N/A |
Balance transfer APR | N/A |
Welcome offer | N/A |
Rewards | Earn 1% cash back on all eligible purchases to get more out of your everyday spending |
Annual Fee | $119.88 |
---|---|
Purchase APR | 20.99% |
Cash Advance Rate | 21.99% |
Balance transfer APR | N/A |
Welcome offer | In your first 10 months, earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases. This could add up to $400 in statement credits in the first 10 months. |
Rewards | Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually), and 2% cash back on all other purchases. |
Annual Fee | $0 intro annual fee for the first year ($120 thereafter) |
---|---|
Purchase APR | 20.99% |
Cash Advance Rate | 22.99% |
Balance transfer APR | 22.99% |
Welcome offer | Earn 10% cash back on all purchases for the first 3 months (up to $2,000 spend). Plus, pay no annual fee in the first year. Apply by April 30, 2023. |
Rewards | 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. |
Annual Fee | $0 |
---|---|
Purchase APR | 19.95% |
Cash Advance Rate | 19.95% |
Balance transfer APR | 1.95% intro for the first 6 months (then 19.95% ) |
Welcome offer | Earn 10% cash back (up to $100) when you spend $1,000 in the first 2 months Valid until May 2, 2023. |
Rewards | Earn 2% cash back in two Tangerine credit card 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. |
Annual Fee | $0 intro annual fee for the first year ($120 thereafter) |
---|---|
Purchase APR | 20.99% |
Cash Advance Rate | 23.99% (21.99% for Quebec residents) |
Balance transfer APR | 22.99% |
Welcome offer | Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year. |
Rewards | 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. |
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:
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.
A cashback credit card is a card that lets you reclaim a small percentage of what you spend on your credit card back in the form of cash. This money accumulates under the rewards section of your credit card statement or online banking, and is usually displayed as a separate cash balance on your account. When you’re ready to redeem your cash, you will typically apply it to your credit card to pay off a portion of the amount you owe.
Basic cashback credit cards. These cards often come with low or no annual fees. They usually let you earn between 0.5% and 2% in cash back, and most come with few additional benefits aside from purchase protection and extended warranty coverage. Examples include the Tangerine Money-Back Credit Card and the Brim Mastercard.
Premium cashback credit cards. Premium cards usually come with fees between $120 and $150 per year. They may let you earn between 3% and 5% cash back on purchases, and many come with extra benefits such as car rental insurance, travel insurance and mobile device protection. Examples include the TD Cash Back Visa Infinite Card and the BMO CashBack World Elite Mastercard.
You’ll typically earn between 0.5% and 5% cash back on purchases – depending on what type of card you have (basic or premium). This percentage may be applied as a flat rate to any amount you spend on your card. You may also earn different percentages for individual purchases depending on which spending category they fall into.
Once you’ve earned enough money on your account, you can redeem your cash back towards a statement credit on your account. Some credit card companies may also let you exchange your cash for rewards such as gift cards or merchandise, though this is less common.
There are three main types of cashback credit card in Canada, each coming with a slightly different rewards structure:
Check the table below to see how often popular banks and credit card providers in Canada allow you to redeem your cash back.
Provider | Redemption frequency |
---|---|
American Express | Once per year in September |
BMO | Any time (in $1 increments) |
CIBC | Once per year in December |
Scotiabank | Once per year in November |
Tangerine | Once every month |
TD | Any time (in $25 increments) |
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.
You can get a cashback credit card from banks, credit unions and private institutions. Check out the table below for samples of the types of cashback cards offered by popular institutions in Canada:
You’ll earn a percentage of any money you spend on your credit card in cash back, with variable rates based on which type of card you have. Here’s a quick comparison of the cash back you might earn from the different card types based on our sample budget:
Remember that signup bonuses and annual fees can change the amount of cash back you earn, as well as any restrictions the provider places on annual allowable earn rates.
Category | Annual spending | Reward rate | Cash back |
---|---|---|---|
Dining and entertainment | $3,000 | 1.4% | $45 |
Groceries | $6,000 | 1.5% | $90 |
Other purchases | $5,000 | 1.5% | $75 |
A flat rate cashback card with a 1.5% flat cashback rate would give you $210 in rewards.
Category | Annual spending | Reward rate | Cash back |
---|---|---|---|
Dining and entertainment | $3,000 | 4% | $120 |
Groceries | $6,000 | 2% | $120 |
Other purchases | $5,000 | 1% | $50 |
A tiered cashback credit card would give you $290 in cash back with a higher rate for dining and groceries and a lower rate for all other purchases.
Category | Annual spending | Reward rate | Cash back |
---|---|---|---|
Dining and entertainment | $3,000 | 2% | $60 |
Groceries | $6,000 | 2% | $120 |
Other purchases | $5,000 | 1% | $50 |
A rotating categories card would give you $230 in cash back. Ultimately, the cash back you earn depends on your preferred categories and how you allocate your spending.
It’s important to note that you’ll only receive cash back for “eligible purchases”. Other transactions such as cash advances, buying gift cards or spending money in a casino may not give you a cashback return.
Find out what else is defined as a cash advance transaction
While the opportunity to earn cash back may sound appealing, cashback credit cards aren’t for everyone. A cash rewards credit card may be ideal for you if you:
You can maximize your cashback credit card rewards in the following ways:
Compare cashback credit cards you can apply for now
You can expect to enjoy the following benefits with a cashback credit card:
Decent return. Earn cash back on purchases (0.5% to 5%).
You should watch out for the following drawbacks with a cashback credit card in Canada:
You can compare the following features to find the best cashback card for your needs:
You may want to consider a cashback credit card if you fall into these categories:
You can redeem cash back by applying it as a credit on your credit card balance. Your total cash back will often be showcased somewhere on your credit card statement or in your online banking app. You simply need to click “Redeem Rewards” to have it applied to your account.
Many providers will pay out your cash rewards on request, while others will transfer your rewards balance onto your statement on a monthly or yearly basis. A handful of providers may also let you exchange your cash for gift cards, merchandise, travel rewards or charitable donations (though this is uncommon).
A cashback credit card may be a good fit for you if you want a simple and transparent way to collect credit card rewards. You can choose from flat rate, tiered and rotating category cashback credit cards. Finding the right cashback credit card will allow you to collect as much as 0.5% to 5% in cash back on every dollar you spend, plus even more when you factor in welcome bonuses and accelerated rewards.
Get up to 4% cashback on your everyday purchases, perks such as travel insurance and access to airport lounges with this premium credit card.
Get a generous welcome bonus and a decent return on cashback with this fee-free credit card.
Get comprehensive travel benefits and earn more cashback when you spend money on your card.
Earn cashback on your purchases with the Simplii Financial Cash Back Visa Card.