We generally recommend travel credit cards due to their (generally) higher earning potential, insurance coverage and travel perks. However, if you don't travel often a cashback credit card may be a good choice for you. We compared all the cashback credit cards available to Canadians and found which produced the most annual cashback rewards based on our standard monthly spending amounts.
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The Best Cashback Card in Canada
After comparing the annual rewards generated by all the available cashback cards, we found the best cashback credit card in Canada to be the Rogers World Elite Mastercard (even after its devaluation on June 2nd). This is no surprise as it is also our top pick for the best credit card with no annual fee. It not only earns an amazing 1.5% cashback on everything (with no annual fee), but it also features some travel insurance coverage (although it is not extensive).
Rogers World Elite Mastercard Annual Fee: $0 (Requires $80,000 Household Income) |
|
|---|---|
| Sign-up Bonus | $25 in cashback rewards upon making first purchase |
| Rewards | - Earn 3% cashback on all purchases in USD- Earn 1.5% cashback on all other purchases |
| Insurance | See all insurance coverage |
| Other Perks | - Mastercard Airport Experiences LoungeKey Membership (does not include lounge passes) - Boingo Wi-Fi for Mastercard Cardholders |
In the table below you can see the top 5 cards in Canada for earning cashback based on our calculations. Note: the 1st Year Net Cashback Earned column includes any sign-up bonuses. We did not factor these into our decision as we are focused on long-term cashback earning potential.
| Top Cashback Credit Cards | |||
|---|---|---|---|
| Card | Annual Fee | 1st Year Net Cashback Earned | 2nd+ Year Net Cashback Earned |
| Rogers World Elite Mastercard | $0 (Minimum Income: $80,000) | $277 | $252 |
| Simplycash Preferred Card from American Express | $99 | $537 | $237 |
| Simplii Cash Back Visa | $0 | $419 | $219 |
| CIBC Dividend Visa Infinite Card | $99 (Minimum Income: $60,000) | $312 | $213 |
| Scotia Momentum Visa Infinite Card | $120 (Minimum Income: $60,000) | $560 | $210 |
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The Best Cashback Card with No Income Requirement
The Rogers World Elite Mastercard is a great card, but it is out of reach for many Canadians with its $80,000 minimum annual income requirement. We compared all the cashback cards with no income requirement and determined the best card to be the SimplyCash Preferred Card from American Express. Not only is this card provide an amazing 2% cashback on everything, but it also comes with a reasonable suite of travel insurance (although it is missing trip cancellation and trip interruption insurance).
SimplyCash Preferred Card from American Express Annual Fee: $99 (Requires $80,000 Household Income) |
|
|---|---|
| Sign-up Bonus | Earn 5% cashback in your first 6 months (That's up to a $300 value) |
| Rewards | Earn 2% cashback on all purchases |
| Insurance | See all insurance coverage |
| Other Perks | - American Express Front Of The Line |
If you'd like a card with no annual fee, another great option is the Simplii Cash Back Visa. This card is also one of our top no annual fee credit cards, so it's no surprise it's also one of the best cashback cards.
Simplii Cash Back Visa Annual Fee: $0 |
|
|---|---|
| Sign-up Bonus | None |
| Rewards | - Earn 4% cashback on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year- Earn 1.5% cashback on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year- Earn 0.5% cashback on all other purchases |
| Insurance | - Purchase Assurance and Extended Warranty Benefits |
| Other Perks | - None |