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Best Cash Back Credit Cards in Canada (2026)

We compared 14 cash back cards on what they actually pay a typical household after fees and spending caps. Enter your own spending in the calculator to re-rank them.

Updated . We may earn a commission when you apply through our links; it doesn't change the math. How we make money

Our top picks

Best flat rate

Wealthsimple Visa Infinite+

$288 /yr

after fee, on $2,200/mo spending

Annual fee
$240
Earn rate
2% on everything, no FX fee
Fee note
$0 with $100,000+ at Wealthsimple or $4,000+/month direct deposit
See offer

Best cash back card for…

Start with what you spend most on.

GroceriesNeo World Elite Mastercard5% on the first $1,000 a monthAlso consider: Scotia Momentum Visa Infinite+
Groceries and bills, VisaScotia Momentum Visa Infinite+4% on both, up to $25,000 a yearAlso consider: TD Cash Back Visa Infinite
Groceries under $500/monthBMO CashBack World Elite Mastercard5% at any grocery store, up to $500 a month
GasSimplyCash Preferred Card from American Express4% on gas in CanadaAlso consider: Neo World Elite Mastercard
Flat rate on everythingWealthsimple Visa Infinite+2% on every purchase, no capAlso consider: SimplyCash Preferred Card from American Express
No annual feeSimplii Financial Cash Back Visa4% on dining, 1.5% on gas and groceriesAlso consider: Tangerine Money-Back World Mastercard
No fee, flat rateRogers Red World Elite Mastercard1.5% on everything, 3% in US dollarsAlso consider: Home Trust Preferred Visa
Choosing your own categoriesTangerine Money-Back World Mastercard2% in up to 3 categories, paid monthly
Travel and foreign currencyWealthsimple Visa Infinite+2% back and no 2.5% FX feeAlso consider: Home Trust Preferred Visa
StudentsBMO CashBack Mastercard (Student)3% on groceries, no annual fee

Best cash back credit cards in Canada

Ranked by yearly value after the annual fee on typical household spending.

*Rewards on $2,200/month of typical spending (groceries $700, gas & ev charging $250, restaurants & takeout $250, recurring bills $300, everything else $700), after spending caps and the annual fee. Welcome offers excluded. Points valued as noted in the calculator.

Best no annual fee credit cards

Best travel credit cards

Points valued conservatively; see the calculator notes.

  • Scotiabank Gold American Express

    5x groceries & dining, 3x gas, 1x other

    Fee
    $120
    Yearly value
    $660
    See offer
  • American Express Cobalt

    5x groceries & dining, 2x gas & transit, 1x other

    Fee
    $191.88
    Yearly value
    $558
    See offer
  • TD First Class Travel Visa Infinite

    6x groceries & dining, 4x bills, 2x other

    Fee
    $139
    Yearly value
    $389
    See offer
  • TD Aeroplan Visa Infinite

    1.5x gas, groceries & Air Canada, 1x other

    Fee
    $139
    Yearly value
    $343
    See offer
  • Scotiabank Passport Visa Infinite+

    2x groceries, dining & transit, 1x other

    Fee
    $150
    Yearly value
    $228
    See offer
  • American Express Platinum

    2x dining & travel, 1x other

    Fee
    $799
    Yearly value
    −$505
    See offer

Best premium credit cards

  • TD First Class Travel Visa Infinite

    6x groceries & dining, 4x bills, 2x other

    Fee
    $139
    Yearly value
    $389
    See offer
  • Scotiabank Passport Visa Infinite+

    2x groceries, dining & transit, 1x other

    Fee
    $150
    Yearly value
    $228
    See offer
  • American Express Platinum

    2x dining & travel, 1x other

    Fee
    $799
    Yearly value
    −$505
    See offer

Best balance transfer credit cards

No rewards; these save interest while you pay down a balance.

  • MBNA True Line Mastercard

    No rewards

    Fee
    $0
    See offer
  • Scotiabank Value Visa

    No rewards

    Fee
    $29
    See offer

Best student credit cards

Cash back calculator

Enter what you put on a credit card each month. We apply each card's rates, spending caps and annual fee.

Total: $2,200/month

CardRewardsFeeNet / year
SimplyCash Preferred Card from American Express$756$119.88$636
Neo World Elite Mastercard$768$149$619
Scotia Momentum Visa Infinite+$654$120$534
BMO CashBack World Elite Mastercard$600$139$461
TD Cash Back Visa Infinite$564$139$425
Rogers Red World Elite Mastercard$396$0$396

Best match for your spending

SimplyCash Preferred Card from American Express

About $636 a year after the fee ($9.99 a month)

See offer

Ongoing value only: welcome offers are excluded because they change often. Transit counts as “everything else”.

Caps applied. SimplyCash Preferred Card from American Express: Grocery cash back capped at $1,200 a year ($30,000 in spending). Neo World Elite Mastercard: Top rates apply to the first $1,000 a month in each category. Calculator uses the Gas & Grocery plan. Scotia Momentum Visa Infinite+: 4% and 2% rates drop to 1% after $25,000 a year in each tier. BMO CashBack World Elite Mastercard: Monthly caps: $500 on groceries, $300 on gas, EV charging and transit. TD Cash Back Visa Infinite: 3% rate applies to the first $15,000 a year in combined bonus spending.

Cash back card reviews

Ranked by yearly value on typical spending, with the rates, caps, income requirements and payout timing for each card.

#1 · American Express · Best for one card for everything

SimplyCash Preferred Card from American Express

See offer
Annual fee
$119.88

$9.99 a month

Estimated net return*
$636 /yr

After fee on $2,200/mo spend

Income needed
None listed

Personal or household

Foreign transaction fee
2.5%

On non-CAD purchases

It pays 2% on everything plus 4% on gas and groceries, which gives it the highest yearly value at typical spending in our calculator. Keep a Visa or Mastercard as a backup for stores that do not take Amex.

Earn rates

  • •4% on gas in Canada
  • •4% on groceries in Canada
  • •2% on everything else

Spending caps: Grocery cash back capped at $1,200 a year ($30,000 in spending).

Current welcome offer
10% cash back on the first $2,000 in 3 months, plus $50 in month 13. Offers change; confirm before applying.
Payout schedule
Once a year, on the September statement
Insurance coverage
Travel medical, trip cancellation, rental car, purchase protection

Pros

  • +2% on everything outside gas and groceries
  • +4% on gas with no stated cap
  • +Strong insurance

Cons

  • −Amex is not accepted everywhere (e.g. some grocers)
  • −Cash back paid once a year

#2 · Neo Financial · Best for high grocery spending

Neo World Elite Mastercard

See offer
Annual fee
$149

Waived in year one (current offer)

Estimated net return*
$619 /yr

After fee on $2,200/mo spend

Income needed
$80,000 personal or $150,000 household

Personal or household

Foreign transaction fee
2.5%

On non-CAD purchases

The top grocery earner if you qualify. Pay your balance in full every month: the interest rate can be much higher than at the big banks.

Earn rates

  • •Gas & Grocery plan: 5% groceries, 4% recurring payments, 3% gas and EV charging, 1% other
  • •Shop & Dine plan: 5% dining and food delivery, 3% retail
  • •Everywhere plan: 2% on all purchases
  • •Up to 15% extra at Neo partner merchants

Spending caps: Top rates apply to the first $1,000 a month in each category. Calculator uses the Gas & Grocery plan.

Current welcome offer
First-year annual fee waived. Offers change; confirm before applying.
Payout schedule
Instantly, from $1
Insurance coverage
Travel medical, trip cancellation, rental car, purchase protection

Pros

  • +Highest grocery rate on this list
  • +Pick one of three earning plans
  • +Cash back available instantly

Cons

  • −$149 fee after year one
  • −Interest up to 29.99% depending on credit
  • −$80,000 income requirement

#3 · Scotiabank · Best for groceries and bills

Scotia Momentum Visa Infinite+

See offer
Annual fee
$120

Waived in year one (current offer)

Estimated net return*
$534 /yr

After fee on $2,200/mo spend

Income needed
$60,000 personal or $100,000 household

Personal or household

Foreign transaction fee
2.5%

On non-CAD purchases

The best all-round cash back card for households that spend most on groceries and monthly bills. If you rarely hit $1,000 a month on the card, a no-fee card will likely net more.

Earn rates

  • •4% on groceries, recurring bills and subscriptions
  • •2% on gas, EV charging, daily transit and food delivery
  • •1% on everything else, no limit

Spending caps: 4% and 2% rates drop to 1% after $25,000 a year in each tier.

Current welcome offer
Up to $300 in bonus cash back, first-year fee waived. Offers change; confirm before applying.
Payout schedule
Any time, $25 minimum
Insurance coverage
Travel medical, trip cancellation, rental car, mobile device

Pros

  • +4% on groceries and recurring bills
  • +Travel and mobile device insurance included
  • +Redeem any time

Cons

  • −$120 fee after year one
  • −1% on dining out (food delivery earns 2%)
  • −$60,000 income requirement

#4 · BMO · Best for moderate grocery spending

BMO CashBack World Elite Mastercard

See offer
Annual fee
$139

Waived in year one (current offer)

Estimated net return*
$461 /yr

After fee on $2,200/mo spend

Income needed
$80,000 personal or $150,000 household

Personal or household

Foreign transaction fee
2.5%

On non-CAD purchases

Excellent if your groceries stay under $500 a month. Above that, the 5% rate drops to 1% and Scotia Momentum pulls ahead.

Earn rates

  • •5% on groceries
  • •4% on transit, rideshare and taxis
  • •3% on gas and EV charging
  • •2% on recurring bill payments
  • •1% on everything else

Spending caps: Monthly caps: $500 on groceries, $300 on gas, EV charging and transit.

Current welcome offer
Up to $650 in value, first-year fee waived. Offers change; confirm before applying.
Payout schedule
Any time, from $1
Insurance coverage
Travel medical, roadside assistance, extended warranty

Pros

  • +5% on groceries at any grocery store
  • +Free roadside assistance
  • +Redeem any time

Cons

  • −Low monthly caps on the 5% and 3% rates
  • −$80,000 income requirement

#5 · TD · Best for td customers, drivers

TD Cash Back Visa Infinite

See offer
Annual fee
$139

First-year rebate (current offer)

Estimated net return*
$425 /yr

After fee on $2,200/mo spend

Income needed
$60,000 personal or $100,000 household

Personal or household

Foreign transaction fee
2.5%

On non-CAD purchases

A broad, easy 3% card with useful roadside coverage. Heavy spenders will hit the $15,000 cap by late in the year.

Earn rates

  • •3% on groceries, gas, EV charging and public transit
  • •3% on recurring bills, streaming, digital gaming and media
  • •1% on everything else

Spending caps: 3% rate applies to the first $15,000 a year in combined bonus spending.

Current welcome offer
10% cash back on the first $3,500 of bonus-category spend in 3 months, first-year fee rebate. Offers change; confirm before applying.
Payout schedule
Any time, $25 minimum
Insurance coverage
Travel medical, baggage, mobile device, Deluxe TD Auto Club

Pros

  • +3% across many everyday categories
  • +Free Deluxe TD Auto Club membership
  • +Redeem any time

Cons

  • −3% capped at $15,000 a year
  • −$139 fee after year one
  • −Not available in Quebec

#6 · Rogers Bank · Best for us shopping

Rogers Red World Elite Mastercard

See offer
Annual fee
$0
Estimated net return*
$396 /yr

After fee on $2,200/mo spend

Income needed
None listed

Personal or household

Foreign transaction fee
2.5%

On non-CAD purchases

Earn rates

  • •3% on purchases in US dollars
  • •1.5% on everything else (2% for Rogers, Fido and Shaw customers)
Insurance coverage
Travel medical, trip insurance

Pros

  • +No annual fee
  • +3% on USD purchases offsets the 2.5% FX fee
  • +Extra value for Rogers customers

Cons

  • −Still charges the FX fee
  • −Best value requires redeeming on Rogers services

#7 · Simplii Financial · Best for no fee, dining out

Simplii Financial Cash Back Visa

See offer
Annual fee
$0
Estimated net return*
$387 /yr

After fee on $2,200/mo spend

Income needed
$15,000

Personal or household

Foreign transaction fee
2.5%

On non-CAD purchases

Our pick for no annual fee. It works best as a second card for restaurants or as a first card if your income is under $60,000.

Earn rates

  • •4% on restaurants, bars and coffee shops
  • •1.5% on gas, groceries, drugstores and pre-authorized payments
  • •0.5% on everything else

Spending caps: 4% on the first $5,000 of dining a year; 1.5% on the first $15,000 a year.

Current welcome offer
8% on dining for the first 3 months (up to $1,000 spend). Offers change; confirm before applying.
Payout schedule
Once a year, on the December statement
Insurance coverage
Purchase security and extended warranty

Pros

  • +No annual fee
  • +Best no-fee dining rate
  • +Low $15,000 income requirement

Cons

  • −0.5% base rate
  • −No travel insurance
  • −Not available in Quebec

#8 · Neo Financial · Best for no fee, recurring bills

Neo World Mastercard

See offer
Annual fee
$0
Estimated net return*
$357 /yr

After fee on $2,200/mo spend

Income needed
$50,000 personal or $80,000 household

Personal or household

Foreign transaction fee
2.5%

On non-CAD purchases

Earn rates

  • •Gas & Grocery plan: 2% on gas, groceries and recurring payments
  • •Shop & Dine plan: 2% dining and retail
  • •Everywhere plan: 1% on all purchases

Spending caps: Calculator uses the Gas & Grocery plan.

Payout schedule
Instantly, from $1

Pros

  • +No annual fee
  • +2% on recurring bills is rare for a no-fee card
  • +Instant approval and virtual card

Cons

  • −Interest up to 29.99% depending on credit
  • −0.5% base rate

#9 · CIBC · Best for cibc customers, groceries

CIBC Dividend Visa

See offer
Annual fee
$0
Estimated net return*
$306 /yr

After fee on $2,200/mo spend

Income needed
None listed

Personal or household

Foreign transaction fee
2.5%

On non-CAD purchases

Earn rates

  • •2% on groceries
  • •1% on gas, EV charging, transportation, dining and recurring payments
  • •0.5% on everything else
Current welcome offer
5% on the first $2,000 for 4 statements (up to $100). Offers change; confirm before applying.
Payout schedule
Any time, $10 minimum
Insurance coverage
Limited

Pros

  • +No annual fee
  • +Redeem any time from $10
  • +Up to 10¢/L off at Journie gas stations

Cons

  • −0.5% base rate
  • −Limited insurance

#10 · Tangerine · Best for no fee, flexible categories

Tangerine Money-Back World Mastercard

See offer
Annual fee
$0
Estimated net return*
$303 /yr

After fee on $2,200/mo spend

Income needed
$50,000

Personal or household

Foreign transaction fee
2.5%

On non-CAD purchases

The most flexible no-fee card. Put rewards into a Tangerine Savings Account to unlock the third 2% category.

Earn rates

  • •2% in two categories you choose from 13 (groceries, gas, restaurants, recurring bills and more)
  • •A third 2% category if rewards go to a Tangerine Savings Account
  • •0.5% on everything else

Spending caps: No caps. Calculator assumes you pick groceries and gas.

Current welcome offer
$120 when you spend $1,500 in 3 months (ends Nov 30, 2026). Offers change; confirm before applying.
Payout schedule
Monthly, automatically
Insurance coverage
Rental car, mobile device

Pros

  • +No annual fee
  • +You choose the 2% categories
  • +Paid out every month

Cons

  • −0.5% outside your categories
  • −No travel medical insurance

#11 · BMO · Best for students

BMO CashBack Mastercard (Student)

See offer
Annual fee
$0
Estimated net return*
$300 /yr

After fee on $2,200/mo spend

Income needed
None listed

Personal or household

Foreign transaction fee
2.5%

On non-CAD purchases

Earn rates

  • •3% on groceries
  • •1% on recurring bills
  • •0.5% on everything else

Spending caps: 3% on the first $500 of groceries a month.

Current welcome offer
5% cash back for the first 3 months (up to $125). Offers change; confirm before applying.
Payout schedule
Any time, from $1

Pros

  • +No annual fee
  • +3% on groceries is high for a no-fee card

Cons

  • −0.5% base rate
  • −No travel insurance

#12 · Wealthsimple · Best for flat rate, travel spending

Wealthsimple Visa Infinite+

See offer
Annual fee
$240

$0 with $100,000+ at Wealthsimple or $4,000+/month direct deposit

Estimated net return*
$288 /yr

After fee on $2,200/mo spend

Income needed
$80,000 personal or $150,000 household

Personal or household

Foreign transaction fee
None (0%)

On non-CAD purchases

Great value if your fee is waived; then it beats most cards on simplicity alone. At $240, you need about $1,000 a month of spending just to break even against a 1% card.

Earn rates

  • •2% on every purchase, no categories and no cap
  • •No foreign transaction fee
Current welcome offer
New Wealthsimple clients: 5% for 35 days on the first $10,000. Offers change; confirm before applying.
Insurance coverage
Travel medical, trip cancellation, baggage, mobile phone

Pros

  • +Flat 2% with no cap
  • +No foreign exchange fee
  • +Fee waived for many existing clients

Cons

  • −$240 fee if you do not meet the waiver
  • −Requires a Wealthsimple Chequing account

#13 · Home Trust · Best for no-fee travel card

Home Trust Preferred Visa

See offer
Annual fee
$0
Estimated net return*
$264 /yr

After fee on $2,200/mo spend

Income needed
None listed

Personal or household

Foreign transaction fee
None (0%)

On non-CAD purchases

Earn rates

  • •1% on purchases in Canada, no cap
  • •No foreign transaction fee (but no cash back on foreign purchases)
Payout schedule
Once a year, in January
Insurance coverage
Rental car

Pros

  • +No annual fee and no FX fee
  • +No income requirement

Cons

  • −$12 fee if unused for 12 months
  • −No cash back on foreign currency purchases
  • −Not available in Quebec

#14 · PC Financial · Best for loblaw and shoppers shoppers

PC Mastercard

See offer
Annual fee
$0
Estimated net return*
$264 /yr

After fee on $2,200/mo spend

Income needed
None listed

Personal or household

Foreign transaction fee
2.5%

On non-CAD purchases

Earn rates

  • •10 points per $1 everywhere (1%)
  • •25 points per $1 at Shoppers Drug Mart
  • •30 points per litre at Esso and Mobil
Current welcome offer
20,000 points ($20) when you spend $50 at participating stores in 60 days. Offers change; confirm before applying.
Payout schedule
At Loblaw stores, Shoppers and Esso, from $10

Pros

  • +No annual fee or income requirement
  • +Points never expire

Cons

  • −Points only redeem at PC Optimum stores

*On $2,200/month of typical spending after caps and the annual fee. Welcome offers excluded.

Is an annual fee worth it?

Usually yes, once you put more than a few hundred dollars a month on the card. Here is what four popular cards return each year at different spending levels, using the same spending mix as our table.

Monthly spendSimplii Cash Back Visa$0 feeTangerine Money-Back World Mastercard$0 feeScotia Momentum Visa Infinite+$120 feeSimplyCash Preferred Card$119.88 fee
$500$88$69$29$52
$1,000$176$138$177$224
$2,200$387$303$534$636
$3,500$527$482$920$1,083

Net yearly cash back after the fee. Highest in each row in green.

On this mix, Scotia Momentum overtakes the no-fee Simplii card at about $1,000 a month. Wealthsimple's $240 fee needs about $4,000 a month to beat a free 1.5% card, unless your fee is waived. First-year fee waivers on the Scotia, BMO, TD and Neo cards make them cheap to try: you can switch to a no-fee card before the second year.

How cash back cards work

You earn a percentage of each purchase back. $100 of groceries on a 4% card earns $4. The bank pays it as a statement credit or a deposit, depending on the card. There are three common designs:

Bonus categories

Higher rates on groceries, gas or bills and 0.5–1% on everything else. Scotia Momentum, Neo World Elite, BMO CashBack World Elite and TD Cash Back are built this way. Best when most of your spending lands in the bonus categories.

Flat rate

One rate on everything. Wealthsimple Visa Infinite+ pays 2%, Rogers Red World Elite pays 1.5%. Best when your spending is spread out or you don't want to think about which card to use.

Pick your own categories

Tangerine lets you choose two 2% categories (three if rewards go to a Tangerine Savings Account) and change them every 90 days. Neo lets you pick one of three earning plans.

Watch the spending caps

The headline rate rarely applies to every dollar. Once you hit a cap, that spending drops to the base rate.

  • BMO CashBack World Elite pays 5% on groceries only up to $500 a month. A $900 grocery month earns 5% on $500 and 1% on $400.
  • TD Cash Back Visa Infinite pays 3% on the first $15,000 a year across all its bonus categories combined.
  • Scotia Momentum's 4% stops after $25,000 a year, which most households never reach.
  • Simplii's 4% dining rate covers the first $5,000 a year, about $415 a month.

Caps are why a card with a lower headline rate can earn more. Our calculator applies every cap above.

Category matching matters too. Issuers use the store's merchant code, so Costco and Walmart often don't count as groceries. Check with the issuer if a store you use a lot is borderline.

When you get your cash back

Some cards pay any time, others once a year. If you want the money sooner, it matters.

CardHow it pays
Scotia Momentum Visa Infinite+Any time, $25 minimum
Neo World Elite MastercardInstantly, from $1
BMO CashBack World Elite MastercardAny time, from $1
TD Cash Back Visa InfiniteAny time, $25 minimum
SimplyCash Preferred Card from American ExpressOnce a year, on the September statement
Simplii Financial Cash Back VisaOnce a year, on the December statement
Tangerine Money-Back World MastercardMonthly, automatically
CIBC Dividend VisaAny time, $10 minimum
Neo World MastercardInstantly, from $1
Home Trust Preferred VisaOnce a year, in January
PC MastercardAt Loblaw stores, Shoppers and Esso, from $10
BMO CashBack Mastercard (Student)Any time, from $1

Before you apply

Income requirements

Visa Infinite cards generally need $60,000 personal or $100,000 household income. World Elite Mastercards like Neo and BMO ask for $80,000 personal or $150,000 household. Simplii needs $15,000, and Home Trust and PC list no minimum.

Credit score

Premium cards on this list typically expect a score around 725 or higher. Simplii, Home Trust and the MBNA True Line list a recommended score of about 660. Each application adds a hard inquiry, so apply for the card you actually want.

Amex acceptance

American Express is accepted at most large chains but not everywhere. Costco only takes Mastercard in Canada, and many smaller shops skip Amex. If you choose an Amex card, carry a Visa or Mastercard as well.

Foreign transaction fees

Most cards add 2.5% to purchases in other currencies, which wipes out a 1–2% reward. Wealthsimple Visa Infinite+, Home Trust Preferred Visa and the Scotiabank Gold Amex and Passport cards charge no FX fee.

Interest

Most of these cards charge about 20% to 30% on purchases. Carrying a $1,000 balance at 21% costs about $210 a year in interest, which eats most of what a no-fee card earns. Cash back only comes out ahead if you pay the full balance every month.

Cash back or travel points?

Cash back is worth exactly what it says. Points can be worth more if you redeem them for flights, but their value depends on how you use them. Scene+ points are worth 1¢ each toward travel, TD Rewards points about 0.5¢, and Aeroplan points vary by flight. If you don't travel at least once or twice a year, cash back is usually the better deal. Switch the calculator to “Include points cards” to compare both.

How we rank cards

We rank cash back cards by ongoing yearly value: each card's published rates applied to $2,200 a month of typical household spending, with its caps, minus its annual fee. We leave welcome offers out of the ranking because they change every few months and only last one year. We list income requirements, FX fees and payout rules because they decide whether a card works for you.

Card terms were last checked against current issuer offers on the date at the top of this page. Rates change, so confirm the details on the issuer's site before you apply. We earn a commission from some links, and it does not affect the ranking: the order comes from the formula above. Read our affiliate disclosure.

Cash back credit card FAQ

What is the best cash back credit card in Canada?

On $2,200 a month of typical spending, the SimplyCash Preferred Card from American Express returns about $636 a year after its fee, the most of the 14 cash back cards we compared. The best Visa is the Scotia Momentum Visa Infinite+ at about $534. The right card depends on where you spend, so try your own numbers in the calculator.

Which credit card gives the most cash back on groceries?

The Neo World Elite Mastercard pays 5% on the first $1,000 of groceries a month. The BMO CashBack World Elite also pays 5%, but only on the first $500 a month. Scotia Momentum Visa Infinite+ pays 4% on up to $25,000 a year of groceries and bills combined.

What is the best cash back card with no annual fee?

We pick the Simplii Financial Cash Back Visa: 4% on restaurants, 1.5% on gas, groceries and bills, and a $15,000 income requirement. On our typical spending mix, the Rogers Red World Elite Mastercard returns slightly more (about $396 a year) because it pays 1.5% on everything. Tangerine is the best choice if you want to pick your own 2% categories.

Are cash back cards worth the annual fee?

Usually, if you put more than about $500 to $1,000 a month on the card. Our fee comparison table shows the exact crossover for popular cards. Many fee cards waive the fee in the first year, so you can try one and switch to a no-fee card before the second year.

Is there a 2% cash back card in Canada?

Yes. The Wealthsimple Visa Infinite+ pays 2% on everything with no cap and no foreign transaction fee; its $240 fee is waived with $100,000 at Wealthsimple or a $4,000 monthly direct deposit. The SimplyCash Preferred Card from American Express pays 2% on everything plus 4% on gas and groceries for $9.99 a month.

Is credit card cash back taxable in Canada?

Cash back earned on personal spending is generally treated as a rebate on what you bought, not as income, so it is not taxed. Rewards earned on business spending can be different; ask an accountant if that applies to you.

What income and credit score do I need?

Visa Infinite cards generally need $60,000 personal or $100,000 household income, and World Elite Mastercards $80,000 or $150,000. Premium cards typically expect a credit score around 725 or higher. No-fee cards like Simplii ($15,000 income) are easier to get.

When do I get my cash back?

It depends on the card. Tangerine pays monthly. BMO, Neo, CIBC, Scotiabank and TD let you redeem any time (Scotiabank and TD from $25). American Express pays once a year in September and Simplii once a year in December.

Can I have more than one cash back card?

Yes, and it often pays more. A common setup is a high grocery card plus a flat 1.5–2% card for everything else, or an Amex card plus a Visa or Mastercard for stores that do not take Amex. Each application is a hard credit check, so space them out.

Is cash back better than travel points?

Cash back is better if you want a guaranteed value. Travel points can be worth more if you redeem them for flights, but their value varies. If you travel less than once or twice a year, cash back usually wins.

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