Cash back credit cards 2021

Cash back credit cards are the most basic type of rewards card, and if you know how to use a cash back card to your advantage, you can see fantastic rewards. Learn more about the benefits of cash back credit cards in our expert guide below.

Tangerine Money-Back Credit Card

Tangerine Money-Back Credit Card

19.95 % APR

Purchase interest rate

Eligibility criteria, terms and conditions, fees and charges apply

Tangerine Money-Back Credit Card

Apply today and earn 2% cash back in up to three spending categories of your choice.

• Purchase interest rate: 19.95%
• Cash advance rate: 19.95%
• Balance transfer rate: 1.95% for the first 6 months, 19.95% thereafter
• Annual fee: $0
• Credit score: 680

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Compare cash back credit cards

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Name	Product	Welcome Offer	Cash Back Rate	Purchase Interest Rate	Annual Fee		Min. Credit Score	Reward Description
Tangerine World Mastercard		Balance transfer offer	Up to 2% cash back	19.95%	$0	Apply now More Info	Min. recommended credit score: 680	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.	Compare	loading Fetching your data...
BMO CashBack Mastercard		5% cash back	Up to 3% cash back	19.99%	$0	Apply now More Info	Min. recommended credit score: 660	Earn 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases.	Compare	loading Fetching your data...
SimplyCash Card from American Express		1.25% cash back	Up to 2.5% cash back	19.99%	$0	Apply now More Info	Min. recommended credit score: 700	Earn 1.25% cash back on all eligible purchases.	Compare	loading Fetching your data...
Tangerine Money-Back Credit Card		Balance transfer offer	Up to 2% cash back	19.95%	$0	Apply now More Info	Min. recommended credit score: 680	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.	Compare	loading Fetching your data...
SimplyCash Preferred Card from American Express		10% cash back	2% cash back	19.99%	$99	Apply now More Info	Min. recommended credit score: 700	Earn 2% cash back on all eligible purchases	Compare	loading Fetching your data...
BMO CashBack World Elite Mastercard		Up to 10% cash back	1% cash back	20.99%	$0 annual fee for the first year ($120 thereafter)	Apply now More Info	Min. recommended credit score: 760	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.	Compare	loading Fetching your data...
Shell CashBack Mastercard from BMO		$50 in cash back + 1% cash back	Up to 1.5% cash back	19.99%	$0	Apply now More Info	Min. recommended credit score: 660	Get 1.5% cash back at participating Shell locations in Canada (up to a maximum spend of $2,500 in any monthly billing period), and get 0.5% cash back everywhere else.	Compare	loading Fetching your data...
BMO Cashback Business Mastercard		10% cash back	Up to 1.75% cash back	19.99%	$0	Apply now More Info	Min. recommended credit score: 650	Earn 1.5% cash back on eligible gas purchases, office supplies and on cell phone and internet recurring payments, earn 1.75% cash back at participating Shell stations, and earn 0.75% on all other eligible card purchases.	Compare	loading Fetching your data...
BMO CashBack Mastercard For Students		5% cash back	Up to 3% cash back	19.99%	$0	Apply now More Info	Min. recommended credit score: 660	Earn 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases.	Compare	loading Fetching your data...
Shell CashBack World Mastercard from BMO		N/A	Up to 3% cash back	19.99%	$79	Apply now More Info	Min. recommended credit score: 760	Get 3% cash back per $1 spent at Shells stations, 1.25% cash back on all other spend.	Compare	loading Fetching your data...
Scotia Momentum No-Fee Visa Card		Up to 5% cash back	1% cash back	7.99% intro APR for the first 6 months, 19.99% thereafter	$0	Apply now More Info	Min. recommended credit score: 650	Get 1% cash back on all eligible gas station, grocery store and drug store purchases and recurring bill payments, and get 0.5% cash back on all other eligible purchases.	Compare	loading Fetching your data...
Scotia Momentum Mastercard		Balance transfer offer	Up to 1% cash back	7.99% intro APR for the first 6 months, 20.99% thereafter	$0	Apply now More Info	Min. recommended credit score: 650	Get 1% cash back on all eligible gas station, grocery store and drug store purchases and recurring bill payments, and get 0.5% cash back on all other eligible purchases.	Compare	loading Fetching your data...
Scotia Momentum Visa Infinite Card		10% cash back	Up to 4% cash back per $1 spent	20.99%	$0 annual fee for the first year ($120 thereafter)	Apply now More Info	Min. recommended credit score: 750	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.	Compare	loading Fetching your data...
Scotiabank GM Visa Card		N/A	Up to 5% cash back	19.99%	$0	Apply now More Info	Min. recommended credit score: 650	Earn 5% in GM Earnings on all eligible purchases on the first $5,000 annual spend, and 2% in GM Earnings on all eligible purchases thereafter.	Compare	loading Fetching your data...
Scotiabank GM Visa Infinite Card		No first year annual fee	Up to 5% cash back	19.99%	$0 annual fee for the first year ($79 thereafter)	Apply now More Info	Min. recommended credit score: 650	Earn 5% in GM Earnings on the first $10,000 annual spend, and earn 2% in GM Earnings thereafter.	Compare	loading Fetching your data...
Scotia Momentum Visa Card		7.5% cash back	Up to 2% cash back	19.99%	$39	Apply now More Info	Min. recommended credit score: 650	Earn 2% cash back on all eligible gas station, grocery store and drug store purchases and on recurring bill payments (up to a $25,000 annual spend), and earn 1% cash back on all other eligible purchases (and on all eligible purchases once the $25,000 annual spend is reached).	Compare	loading Fetching your data...

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How do cash back credit cards work?

Cash back credit cards are a type of rewards credit card that pays cash rewards on purchases. With a cash back credit card, cash is rewarded as a percentage of each purchase made. If your cash back credit card paid 1% cash back on all purchases, for example, you would earn $1 for every $100 in credit card purchases you make.

If you use a credit card for everyday purchases, such as groceries, gas, dining or online shopping, you may as well get a little something back. With the right rewards credit card, you could even earn cash back on those purchases. But that’s not the only cool perk that comes with cash back credit cards: often, you’ll get a long intro APR period on balance transfers, purchases, or both, and you likely won’t pay an annual fee.

Most providers will automatically send your cash back to you – either monthly or annually – by making a direct deposit into your bank account or by sending you a cheque in the mail. This means you can typically use your cash back however you please.

Types of cash back rewards programs

Cash back rewards programs are set up in three basic ways:

1. Flat rate rewards. With flat rate rewards, the credit card pays a flat percentage as a reward on all purchases. This kind of reward program is easy to understand and earning rewards is almost effortless.
2. Tiered rewards. This type of program pays different percentages of rewards on different categories of purchases. This type of rewards program will require a little more calculation and strategy in using your credit card if you want to earn the maximum amount of rewards.
3. Rotating categories. A rotating categories cash back credit card offers a higher reward rate for certain categories. With these cards, you may even be able to choose the spending categories yourself and change them monthly. Much like tiered rewards, you’ll need to analyze your spending and choose categories accordingly.

How to maximize your rewards

• Spend enough to earn the signup bonus. You may need to make purchases more aggressively to reach the spending requirement by the bonus’s expiration date. The clock starts ticking the day you open your account, which may be a few days before you receive your card in the mail. If your credit limit isn’t high enough, you may have to pay off your balance a few times to make room for additional spending.
• Sign up for special categories in advance. If you choose a rotating-bonus-category cash back card, you may need to activate your categories before you earn elevated rewards.
• Spend more in categories that earn more rewards. If you won’t earn elevated rewards for certain purchases, consider using a different card.
• Pay your balance in full each month. Paying interest on a cash back credit card eats into your rewards. Avoid late fees by setting up automatic payments.
• Use your credit card for purchases only. Cash advances and balance transfers don’t earn rewards. In fact they can cost you a lot more in interest and fees and they usually start accruing interest immediately.

What are the pros and cons of cash back credit cards?

Cash back credit cards can come with many benefits, but there are also some drawbacks you need to consider.

How to choose the best cash back credit card for your needs

While the opportunity to earn cash back may sound appealing, cash back credit cards aren’t for everyone. Still, this type of card can serve you well if you carefully choose the right product.

1. Decide whether a cash back card is the right choice.
   A cash back credit card may be a good fit if you want rewards that are easy to redeem and you’re okay with not having top-of-the-line perks such as travel credits and elite status in loyalty programs. If you want a card with more features, consider a premium travel card.
2. Decide if you want to pay an annual fee.
   Cards with the highest cash back rates may have annual fees. However, you can find many excellent cash back cards with no annual fees. If you decide to pay this cost, consider whether you’ll earn enough rewards to cover what you pay.
3. Analyze your spending and find a rewards structure that fits.
   Think about what you typically spend on. If your spending is concentrated in certain categories, you might like a card that offers bonus rewards for those purchases. If you spend relatively evenly throughout many categories, a flat rate cash back card might fit the bill. This is a card that offers the same cash back rate on all purchases, no matter the category.
4. Look at other benefits.
   When you’ve narrowed your potential picks, look into other features such as signup bonuses, balance transfer offers and travel insurance coverage. You may be able to easily pick a winner among cards that are seemingly identical.

Who are cash back credit cards best for?

cash back credit cards could be worth considering if you want to save money on interest payments with a long 0% intro APR period on purchases, balance transfers or both; or if you want to earn accelerated cash back on categories, such as:

Most credit cards let you earn accelerated cash back on multiple categories. But if you can’t pinpoint an exact category where you spend most of your money, consider a cash back credit card with unlimited cash back on all purchases. Most such cards have a flat reward rate around 1% or 2%.

Compare cash back apps to help you earn even more rewards

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Name	Product	Reward	Fees	Participating Brands	Min. to Cash Out
Ampli		1-10% cash back, or a set $ amount	$0	50+	$15	Link your debit and credit cards to the Ampli app and earn cash back at 50+ big retailers across Canada. Enter promo code AMPLI5 to receive a $5.00 cash back bonus on signup.	Go to site More Info	Compare	loading Fetching your data...

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Frequently asked questions

• What does cash back mean?

  This means you earn back some of the money you spent on your purchases. For example, if you earn 2% cash back on gas and you spent $100 to fill up your tank, you would get $2 back for your purchase. This may not seem like much, but it can very quickly add up.

• Is there a limit to the amount of cash back that I can earn?

  It depends on the card. Some providers set limits, while others don’t. If your card comes with unlimited cash back, be wary of any caps on welcome bonuses.

  Typically, you can get your cash back as a statement credit or a deposit to your eligible account. Depending on the card, you could get other redemption options such as gift cards or merchandise.

• How do I redeem my cash back rewards?

  Typically, you can get your cash back as a statement credit or a deposit to your eligible account. Depending on the card, you could get other redemption options such as gift cards or merchandise.

• Can I redeem for something other than cash?

  It depends on the provider. Some providers will directly deposit cash back into your account, while others may allow you to redeem your cash back for gift cards.

• Do cash back rewards expire?

  No, your cash back rewards don’t expire as long as your account remains open and in good standing. Any rewards not redeemed by account closing will be lost.

• Do cash back credit cards build credit?

  If the card provider reports your card activity to credit bureaus (Equifax and TransUnion) then yes, you can build your credit with responsible card use.