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Canada's 8 Best Cash back Credit Cards of September 2025
Published Sep 10, 2025 2:44 AM UTC • 7 min read
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EditorCashback is the simplest and most straightforward way of earning rewards, as you usually get a percentage of your purchase amount back in rewards. Some cards give a fixed amount on all purchases, while others might offer a higher amount in specific purchase categories. Choosing a card that matches your spending habits can help you earn more in the long run.
Data-driven rankings of 120+ credit cards using a proprietary algorithm
Comprehensive analysis using 25+ data points including terms and conditions, points programs, and more
Objective editorial approach - we strive for unbiased reviews following our editorial guidelines
FinlyWealth's credit cards content, including rankings and recommendations, is overseen by a team of engineers and writers who specialize in credit cards, banking, and personal finance. Our work has been featured in The Globe and Mail, GoBankingRates, and AOL. Our proprietary analysis systems evaluate product features, terms, and conditions to deliver comprehensive reviews and comparisons while maintaining strict editorial standards for accuracy and integrity.
Neo World Elite® Mastercard®: Best Overall Cashback Credit Card
SimplyCash™ Preferred Card from American Express: No Income Requirements
Rogers Red World Elite® Mastercard®: Rogers, Shaw, or Fido Customers
Simplii Financial™ Cash Back Visa* Card: For Restaurant purchases
BMO CashBack® World Elite® Mastercard®: For Grocery purchases
Tangerine Money-Back Credit Card: With No annual fee
Scotia Momentum® Visa Infinite* Card: For Recurring Purchases and Subscriptions
CIBC Dividend® Visa Infinite* Card: For Gas purchases
Our choice for: Best Overall Cashback Credit Card
APPLY NOW
on Neo Financial's website
Welcome Bonus
N/A
Rewards Rate
1% - 7% cashback
Cash Back
Annual Fee
$125
Interest Rates
19.99% - 26.99%□ / 22.99% - 28.99%
This card offers one of the highest cash back rates in Canada for gas (up to 4%), grocery (up to 7%) and recurring purchases (up to 5%) which is pretty hard to beat. While the cash back rates are very high, you need to mind the spend caps set for each category to see if your earning potential is really that high compared to most other credit cards. However, for a typical person who's spending is generally below $12k per year in grocery, $6k per year in recurring bills and $12k per year in gas then you'll be doing pretty well, especially with the great insurance and benefit offers as outlined in our neo world elite mastercard review below.
Pros
- Highest cash back rates in Canada for highest spending categories like Grocery (up to 7%), especially if you keep at least $5k in a Neo everyday account
- 12 different types of insurance coverage
- Airport lounge access with DragonPass with $32 USD per visit
- Additional cash back earning at over 10,000 Neo partners
Cons
- High income requirements of $80,000 personal or $150,000 household
- Cash back spend caps can limit your rewards
- Having to keep at least $5k in an everyday account to boost your cash back tier
Rewards
- 5% cash back on grocery purchases up to $1,000 spending per month (6% cash back if you have $5k in a Neo everyday account, or 7% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 4% cash back on recurring purchases up to $500 spending per month (4.5% cash back if you have $5k in a Neo everyday account, or 5% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 3% cash back on EV charging and gas purchases up to $1,000 spending per month (3.5% cash back if you have $5k in a Neo everyday account, or 4% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 1% cash back on all other purchases with no spending caps
- 5% average cash back at Neo Partners
Insurance
Coverage
Emergency Medical Term
Up to $1,000,000
Trip Cancellation
$1,000
Trip Interruption
$1,000
Flight Delay
$500Baggage Delay
$1,000
Lost or Stolen Baggage
$1,000
Hotel Burglary Insurance
$1,000
Car Rental Accident
$100,000 for cardholder, up to $10,000 per Spouse or Dependent Child.svg)
Car Rental Damage & Theft
Yes.svg)
Car Rental Personal Effects
$1,000
Purchase Protection
90 days
Extended Warranty
1 year
Benefits
Details
Airport Lounge - Dragon Pass
Pass only - pay $32 USD per visit
Eligibility
Credit Score
GoodAnnual Income
$80,000 personal or $150,000 household
Our choice for: No Income Requirements
APPLY NOW
on American Express' website
Welcome Bonus
Up to $250 ($200 in first year)
Rewards Rate
2% - 4%
Cash Back
Annual Fee
$119.88⁕
$9.99 Paid Monthly
⁕ For Quebec, $119/year
Interest Rates
21.99%* / 21.99%*
The Simply Cash Preferred is one of the best cashback credit cards in Canada. The base cashback rate of 2% is great for all purchases, but the 4% on groceries and gas, which are two of the highest expenses for most people is the cherry on top of their great cashback program.
Pros
- Highest cashback rate on groceries and gas in Canada
- Great base cashback rate for all purchases
- 10 different insurance types included
Cons
- Cash back is only paid out to you once a year
- American Express has a lower merchant acceptance compared to Visa or Mastercard
Rewards
- 4% cash back on eligible gas station purchases in Canada
- 4% cash back on eligible grocery purchases in Canada (up to $1,200 cash back annually)
- 2% cash back on all other eligible purchases
Insurance
Coverage
Emergency Medical Term
$5M/insured PersonFlight Delay
$500Baggage Delay
$500Hotel Burglary Insurance
$500Lost or Stolen Baggage
$500
Travel Accident
$100,000Car Rental Damage & Theft
$85K up to 48 days
Mobile Device Insurance
$1,000Purchase Protection
90 daysExtended Warranty
1 year
Benefits
Details
Amex Experiences™
Access events and special offers curated for Cardmembers with Amex Experiences™
Eligibility
Credit Score
GoodAnnual Income
N/A
**Terms and conditions apply.
If you have 2 separate missed Payments, the applicable rates for your account will be 25.99%. If you have 3 or more separate missed payments, the applicable rates will be 29.99%.
American Express is not responsible for maintaining or monitoring the accuracy of information on this website. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment. Check here for full details and current product information.
Our choice for: Rogers, Shaw, or Fido Customers
Welcome Bonus
N/A
Rewards Rate
1.5% - 3%
Cash Back
Annual Fee
$0
Interest Rates
20.99% - 25.99%* / 22.99% - 27.99%*
This card is one of the best in Canada, especially if you are a Rogers, Fido, or Shaw customer. With those services, you can effectively get a 3% cashback rate, which is higher than what almost any other card offers, even those with annual fees! Additionally, for a no-fee card, you gain access to an extensive list of travel benefits, many of which are typically offered only with cards that have annual fees. Therefore, we recommend this card to anyone who meets the income requirements, even if you are not a Rogers customer!
Pros
- Voted the Best No Annual Fee Cash Back Card in Canada by FinlyWealth.
- There is no annual fee which is a notable benefit for a card with such high rewards. Most cards with slightly lower reward rates typically include yearly fees.
- Many benefits, such as trip cancellation insurance, are only available on credit cards with an annual fee. It is rare to see these benefits on a no-annual-fee card!
- Offers the flexibility to redeem cash towards Rogers, Shaw, Comwave or Fido services, potentially increasing your rewards.
- The Roam Like Home benefit is a benefit unique only to this card through an eligible Rogers mobile plan.
- It is accepted at nearly all locations as it's a Mastercard.
Cons
- Harder to qualify due to the high credit score and income requirements.
- Out of all possible travel insurances, this card is missing Baggage delay and Hotel Burglary insurance. If these two insurances are essential to someone, this card needs to be paired with another travel card to cover them.
Rewards
- Earn 3% unlimited cash back on all eligible purchases made in U.S. dollars.^
- Earn 2% unlimited cash back on all eligible non-U.S. dollar purchases if you have 1 qualifying service with Rogers, Fido, Comwave or Shaw.^
- Otherwise earn 1.5% unlimited cash back on eligible non-U.S. dollar purchases.^
- Get 1.5 times more cash back every time you redeem for Rogers, Fido, Comwave or Shaw purchases.^
- 5 Roam Like Home days at no cost with an eligible Rogers mobile plan every year (up to $90 value).^
Insurance
Coverage
Emergency Medical Term
Up to 10 daysEmergency Medical (65+)
Up to 3 daysTrip Cancellation
$1,000/person, $5,000 maximumTrip Interruption
$1,000/person, $5,000 maximumCar Rental Damage & Theft
31 days, $65,000 car MSRPPurchase Protection
90 daysExtended Warranty
1 year
Benefits
Details
Airport Lounge - Dragon Pass
Pass only, complimentary visits not included
No Cost roaming
5 days with eligible Rogers mobile plan
Eligibility
Credit Score
GoodAnnual Income
$80,000 personal or $150,000 household
**, ^, Terms and conditions apply. Rogers Bank is not responsible for maintaining or controlling the accuracy of the information published on this website. For full and up-to-date product information, visit Rogersbank.com. Standard rate on Purchases and Fees: 20.99%. Standard rate on Cash Advances, Cash-like Transactions and Balance Transfers: 22.99%. If you are not approved for an Account at the above rates and you reside outside Quebec, we (Rogers Bank) may still issue you an Account at our alternate interest rates, as follows: Standard Rate for Purchases and Fees: 25.99%, Standard Rate for Cash Advances, Cash-like Transactions and Balance Transfers: 27.99%. ®/TM Mastercard and World Elite are registered trademarks and the circles design is a trademark of Mastercard International Incorporated. Used under license. TM Rogers and Mobius Design, Rogers Bank and related marks, logos and brand names are trademarks of Rogers Communications Inc., or an affiliate, used under license. © 2025 Rogers Bank. Rogers Bank is the issuer of this credit card. Check here for full details and current product information.
Our choice for: For Restaurant purchases
APPLY NOW
on Simplii Financial™'s website
Welcome Bonus
8% cash back† up to $1,000 in spending
Rewards Rate
0.5% - 4%
Cash Back
Annual Fee
$0
Interest Rates
20.99%* / 22.99%*
If you dine out a lot and don't want to pay an annual fee for your credit card, the Simplii Financial™ Cash Back Visa* Card will undoubtedly be one of your best friends with its 4% cashback. Additionally, the card offers a decent cashback rate (1.5%) for gas, pharmacy, and groceries, making it one of the best no-annual-fee cashback credit cards in Canada. However, there are limits on how much you can earn in these categories. Therefore, you need to be careful not to exceed those limits; otherwise, your cashback rate will drop to 0.5% after those spending limits are reached.
Pros
- Highest cashback rate on restaurant purchases in Canada!
- Decent cashback rate on high spent categories such as groceries and gas.
- No annual fee for a card with great rewards.
Cons
- No insurance and benefits other than the standard purchase protection and extended warranty.
- Cap on the rewards that can be earned on each category.
Rewards
- 4% cash back on eligible restaurant, bar, and coffee shop purchases up to $5,000 spent per year†
- 1.5% cash back on gas, groceries, drugstore, and pre-authorized payments up to $15,000 spent per year†
- 0.5% cashback on all other purchases†
Insurance
Coverage
Purchase Protection
Up to 90 daysExtended Warranty
Up to 1 year
Eligibility
Credit Score
GoodAnnual Income
$15,000 personal or $15,000 household
*†Terms and conditions apply. Click ‘Apply Now’ for complete details. Banking services are not available in Quebec. *“Purchase” means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. “Cash” means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time. Check here for full details and current product information.
Our choice for: For Grocery purchases
APPLY NOW
on BMO's website
Welcome Bonus
Get up to $335 in additional cash back**
Rewards Rate
1% - 5%
Cash Back
Annual Fee
$120 $0
Interest Rates
21.99% / 23.99%□
If you're seeking a cashback credit card, the BMO CashBack® World Elite® Mastercard® stands out for its excellent balance between rewards and benefits. It offers a robust rewards program and a comprehensive benefits list, making it a solid choice. The high first-year value is enhanced by the annual fee waiver, and those with a BMO Premium Chequing Account can enjoy continued fee waivers. While it's highly ranked for rewards alone, it may not be the absolute top choice if benefits are less important to you.
Pros
- Offers one of the highest cashbacks on groceries and gas, two of the most frequently spent categories, compared to other credit cards in Canada.
- Includes roadside assistance, a rare but valuable benefit for people on the road.
- Provides a comprehensive list of insurance coverage and benefits.
- High first-year value.
Cons
- Does not include restaurant purchases as a reward category, which is one of the most important spending categories.
- Monthly limits on cash back could be higher
Rewards
- 5% cash back on groceries (capped at $500 spending per statement, maximum of $25 in cashback per statement cycle)
- 4% cash back on daily transit (capped at $300 spending per statement, maximum of $12 in cashback per statement cycle)
- 3% cash back on gas (capped at $300 spending per statement, maximum of $9 in cashback per statement cycle)
- 2% cash back on recurring payments (capped at $500 spending per statement, maximum of $10 in cashback per statement cycle)
- 1% cash back on all other eligible purchases.
Insurance
Coverage
Emergency Medical Term
$5M up to 8 days per covered personTravel Accident
$500,000Flight Delay
$500 After 4 hours delayLost or Stolen Baggage
$500/person, $1,000 maximumBaggage Delay
$500/person, $1,000 maximum After 6 hoursHotel Burglary Insurance
$1,000Car Rental Damage & Theft
$65K MSRP up to 48 daysPurchase Protection
90 daysExtended Warranty
1 year
Benefits
Details
Airport Lounge - Dragon Pass
Complimentary membership in Mastercard Travel Pass provided by DragonPass. As a member enjoy lounge access for a fee of just US$32 per person, per visit.
Roadside Assistance
Including battery boosts, flat-tire change, lockout service and towing – a $69/year value.
Car Rental Discount
Save up to 20% on National Car Rental® and Alamo Rent A Car® and up to 5% on Enterprise Rent-A-Car® at locations worldwide using the Car Rental Booking tool
Hotel Booking Discount
Save up to 7% on your Booking.com prepaid hotel or property rental bookings at booking.com/mastercardcanada.Global Data Roaming plan
With FlexiRoam, stay connected around the world without a SIM card and get up to 15% off a Global Data Roaming plan plus up to 3GB of data, without any additional charges, if apply..svg)
Gas Discount
Get up to 7 cents off per litre on Shell® fuel, only for BMO cardholders.
Eligibility
Credit Score
GoodAnnual Income
$80,000 personal or $150,000 household
*BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information. Check here for full details and current product information.
Our choice for: With No annual fee
APPLY NOW
on Tangerine's website
Welcome Bonus
10% Cash Back (up to $100 value) + 1.95% balance transfer promo rate for 6 months
Rewards Rate
0.5% - 2%
Cash Back
Annual Fee
$0
Interest Rates
20.95%* / 22.95%*
While we think Tangerine isn't the best single credit card to own, it's still a valuable card to have in your arsenal for maximizing your rewards. It offers one of the highest cashback rates for pharmacy and recurring bill payments, areas where your other credit cards might not provide significant rewards. This card only requires a Fair credit score, making it an excellent choice for people who don't have a high credit score yet.
Pros
- Allows you to change the categories, and you get a 2% reward depending on how your spending is changing every 90 days.
- 2% cashback on recurring Transactions and pharmacy purchases. One of the highest cashback rates on these categories among credit cards in Canada.
- Has cashback on Furniture and Home Improvement categories. Two categories that are not covered by any other card in Canada.
- Easy credit score requirements needed for this card.
- Overall, it is a good no-annual-fee cashback credit card, especially if you have a Tangerine Savings account.
Cons
- Insurance coverage is the most basic.
- Very low cashback rate on the other categories not selected.
Rewards
- 2% on the choice of two categories chosen from the 10 offered by Tangerine (Grocery, Restaurants, Gas, Entertainment, Furniture, Hotel-Motel, Drug Store, Reoccurring Bill Payments, Home Improvement, Public Transportation and Parking).
- Have your cash back Reward deposited in a Tangerine Savings Account and get a third 2% Money-Back Category.
- 0.5% cashback on all other credit card purchases.
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
Up to a year
Eligibility
Credit Score
GoodAnnual Income
N/A
*11 Balance Transfer Promotional Offer at 1.95% for 6 months (1% Balance Transfer Fee)
A Promotional Rate of 1.95% will apply to any and all Balance Transfers made within 30 days of the Account opening, and will remain in effect for 6 Statement Periods from the date the last such Balance Transfer was posted to the Account (the “Promotional Rate Period”). To take advantage of this Promotional Offer, you must complete the Balance Transfer request within 30 days of Account approval. You must also activate your Card within 45 days of Account approval for the requested Balance Transfer to be processed, or the Balance Transfer will be automatically cancelled. Balance Transfers are treated as Cash Advances on your Card and do not have an interest-free grace period. Balance Transfers may not exceed the available credit on the Account. If the Balance Transfer exceeds the available credit, the Balance Transfer transaction will not be processed. A 1% Balance Transfer Fee will be charged on each Balance Transfer amount and will be immediately charged to your Credit Card. This Balance Transfer Fee is waived by Tangerine if you are a resident of the province of Quebec at the time you accept this offer. Interest does not accrue on the Balance Transfer Fee, however it is included in the Minimum Payment amount on your monthly statement. You must continue to make all of your monthly Minimum Payments by the Payment Due Dates shown on your monthly statements. If you still have an amount owing from your Balance Transfer when the Promotional Rate Period ends, the Cash Advance interest rate of 22.95% will apply to that amount. You must continue to make the Minimum Payments on your Account, regardless of whether the Balance Transfer has been processed to your Account. We don’t charge interest on new Purchases that appear on your statement for the first time if we receive full payment of the Balance on your statement (including payment of any Balance Transfers included in that Balance), by the Payment Due Date on your statement. This means you will pay interest on new purchases that appear on your statement for the first time unless we receive payment of your entire balance each month by the payment due date. For example, if you do a promotional (or non-promotional) balance transfer for $7,000 and spend $500 in new purchases during the same statement cycle, we must receive payment of the entire balance of $7,500 on or before your payment due date to avoid paying interest on your new purchases that month of $500. Balance Transfers may not be used to transfer money to or from another Tangerine Account. See the Tangerine Credit Card Cardholder Agreement for more information about how we apply payments to your Account. Check here for full details and current product information.
Our choice for: For Recurring Purchases and Subscriptions
APPLY NOW
on Scotiabank's website
Welcome Bonus
10% Cash Back (up to $200 value)
Rewards Rate
1% - 4%
Cash Back
Annual Fee
$120 $0
Interest Rates
20.99% / 22.99%
The 4% cashback offered on groceries and recurring purchases is the highest among all other credit cards. With the first year's annual fee waived, and with the right transactions used on this credit card, a high amount of cashback could be earned.
Pros
- Highest Cashback rates on Groceries and Recurring purchases compared to other cashback credit cards.
- High insurance coverage.
- First year annual fee waived.
Cons
- The base cashback rate (1%) is low for most high spent categories, especially after the first year when the card's annual fee kicks in.
- Cashback is paid out once per year in November
Rewards
- 4% cashback on groceries, recurring payments (up to $25,000 in purchases, equals to $1000 cashback per year then drops to 1%)
- 2% cashback on gas, daily transit (maximum $500 cashback per year)
- 1% cashback on all other credit card purchases (unlimited).
Insurance
Coverage
Mobile Device Insurance
$1,000Travel Accident
$500,000Emergency Medical Term
15 daysTrip Interruption
$2,000Trip Cancellation
$1,500Flight Delay
$500Lost or Stolen Baggage
$500Baggage Delay
$500Car Rental Damage & Theft
48 daysPurchase Protection
90 daysExtended Warranty
1 year
Benefits
Details
Car Rental Discount
25% off base rate of Avis Rent A Car and Budget Rent A Car
Visa Infinite Exclusive Benefits
Yes
Eligibility
Credit Score
GoodAnnual Income
$60,000 personal or $100,000 household
*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information. Check here for full details and current product information.
Our choice for: For Gas purchases
Welcome Bonus
Up to $200
Rewards Rate
1% - 4%
Cash Back
Annual Fee
$120 $0
Interest Rates
20.99% / 22.99%□
The CIBC Dividend® Visa Infinite Card* is an excellent choice for those who spend heavily on gas, EV charging, and groceries, offering one of the best cash back rates in those categories. The 10% cash back welcome offer sweetens the deal for new cardholders, though the high income requirements and annual fee may not make it the best fit for everyone. If you can meet the spending and income criteria, it provides solid value, especially with no limits on the total amount of cash back you can earn.
Pros
- High Cash Back Rates: Get 4% cash back on gas, EV charging, and groceries, plus 2% on restaurants, transportation, and recurring bill payments.
- No Limit on Total Cash Back: No maximum limit on the amount of cash back you can earn annually.
- Fuel Savings: Save up to 10 cents per litre at Journie Rewards gas stations like Ultramar, Pioneer, Fas Gas, and Chevron.
Cons
- High Income Requirement: Personal income of $60,000 or household income of $100,000 is required to qualify.
- Annual Fee: The card comes with a $120 annual fee, which might reduce the overall value for some users.
- Lower Insurance Coverage: Compared to similar cards, the insurance offerings are less comprehensive.
Rewards
- 4% cashback on Gas and Groceries if they are in the first $80K transactions of the year and $20K of categorical spends
- 2% cashback on Transportation, Dining and Recurring payments if they are in the first $80K transactions of the year and $20K of categorical spends
- 1% cashback on all other credit card purchases.
Insurance
Coverage
Emergency Medical Term
$5 Million per person, per trip. 10 day coverageCar Rental Damage & Theft
$65KTravel Accident
$500KMobile Device Insurance
$1000 per person, per occurrencePurchase Protection
90 daysExtended Warranty
Up to a year
Benefits
Details
Gas Discount
save up to 10¢/L on fuel at participating Pioneer, Fas Gas, Ultramar and Chevron gas stationsCar Rental Discount
Get up to 25% off auto rentals at participating Avis and Budget locations worldwide.
Eligibility
Credit Score
GoodAnnual Income
$60,000 personal or $100,000 household
From our editors: The full list of Best Cash back Credit Cards in Canada For 2025
Best overall cash back credit card: Neo World Elite® Mastercard®
The Neo World Elite Mastercard is a premium cash back card designed for high-income earners. It offers strong base cash back on groceries, gas, and recurring bills, with the ability to boost these rates by maintaining savings in a Neo everyday account. Cardholders can also earn extra cash back by shopping at Neo partner retailers. With broad Mastercard acceptance, high earning potential, and solid benefits, it stands out as the best overall cash back card for most Canadians who meet the eligibility requirements. Learn more in our Neo World Elite Mastercard review.
Best for no income requirements: SimplyCash™ Preferred Card from American Express
The SimplyCash Preferred Card from American Express is the best cash back card with no income requirement, offering top-tier rewards without the usual eligibility hurdles. It earns high cash back on gas and groceries, plus a strong base rate on all other purchases. With a generous welcome bonus, valuable perks, and solid insurance coverage, it delivers premium value in both the first year and long term, all without requiring a minimum income. Learn more in our SimplyCash Preferred Card from American Express review.
Best for Rogers, Shaw, or Fido customers: Rogers Red World Elite® Mastercard®
The Rogers World Elite Mastercard is a top no-fee cash back card that delivers strong rewards on everyday purchases and includes premium perks rarely seen on cards without an annual fee. Cardholders can unlock the highest cash back rate when they have an eligible Rogers, Fido, or Shaw account, making it especially rewarding for existing customers. While it offers impressive value and affordability, it does have stricter eligibility criteria, making it best suited for qualified applicants within the Rogers ecosystem. Learn more in our Rogers Red World Elite Mastercard review.
Best for restaurant purchases: Simplii Financial™ Cash Back Visa* Card
The Simplii Financial Cash Back Visa Card is one of the top no-fee credit cards in Canada for dining and food-related purchases, offering strong cash back on restaurants, groceries, and gas. It’s especially rewarding for everyday spending, helping cardholders save more on meals and essentials. While the elevated rates apply up to an annual spending limit, the card still delivers excellent value for those who spend moderately within these categories. Learn more in our Simplii Financial Cash Back Visa Card review.
Best for grocery purchases: BMO CashBack® World Elite® Mastercard®
The BMO Cashback World Elite Mastercard offers one of the highest cash back rates on grocery purchases, making it one of the best grocery cards of Canada. As a Mastercard, it treats many Walmart store purchases as groceries—unlike Visa and Amex, which always categorize Walmart as a department store—giving cardholders an extra edge. Learn more in our BMO CashBack World Elite Mastercard review.
Best with no annual fee: Tangerine Money-Back Credit Card
The Tangerine Money-Back Credit Card is one of the best no annual fee cash back card in Canada thanks to its unmatched flexibility. Cardholders can choose two spending categories from a list of ten to earn elevated cash back. Those with a Tangerine Savings Account can unlock a third bonus category, making the program even more customizable. With no annual fee and the ability to tailor rewards to your spending habits, this card stands out as a top choice for flexible, everyday cash back. Learn more in our Tangerine Money-Back Credit Card review.
Best for recurring purchases and subscriptions: Scotia Momentum® Visa Infinite* Card
The Scotia Momentum Visa Infinite Card stands out as one of the best credit cards for recurring transactions, making it a top choice for covering monthly bills. It also earns strong rewards on groceries and includes valuable benefits, creating a well-balanced mix of everyday savings and premium perks. While it may not be as easy to qualify for as some no-fee cards, it remains a strong contender for those seeking reliable, high-return categories in a single card. Learn more in our Scotia Momentum Visa Infinite Card review.
Best for gas purchases: CIBC Dividend® Visa Infinite* Card
The CIBC Dividend Visa Infinite Card is one of the best cash back options for gas purchases, offering high rewards at the pump along with the added benefit of being linkable to your Journie Rewards account. This partnership allows you to earn extra points and enjoy fuel discounts at participating stations like Pioneer, Fas Gas, Ultramar, and Chevron, boosting your overall savings. In addition to its gas perks, the card also delivers strong cash back on groceries, making it a valuable choice for maximizing rewards on essential everyday spending. Learn more in our CIBC Dividend Visa Infinite Card review.
How we picked these cards
Multiple factors were considered in choosing the best cash back credit cards. The first factor was how much cash back is earned, and whether the more important categories such as dining and groceries offered a high rate, along with a strong base rate for other categories. Then, the annual fee was taken into account, as well as whether the cards came with extra perks, insurance coverage, and ease of cash back redemption.
What are the different cash back reward structures?
Cash back credit cards come in a variety of reward structures designed to suit different spending habits. The two primary types are flat-rate and category-based rewards. With flat-rate cash back cards, you earn a consistent percentage—such as 1.5% or 2%—on all purchases, regardless of the category. This simplicity makes it ideal for people who prefer straightforward rewards without tracking spending categories. Flat-rate rewards are usually applied as a statement credit or can be deposited directly into your bank account.
On the other hand, category-based cash back cards offer higher rewards in specific spending categories like groceries, gas, or dining. For example, some cards provide 3% or 5% cash back in these categories, while offering a lower rate, like 1%, on all other purchases. These cards are great for maximizing rewards in areas where you spend the most, but require more attention to category limits or rotating offers.
Additionally, some cards feature customizable or flexible bonus cash back, allowing you to select which categories you want to earn higher rewards in, helping you tailor the card to your spending patterns. For instance, you might choose higher cash back on groceries or travel, depending on your needs at the time. Lastly, certain cards have rotating categories, where the bonus cash back categories change quarterly, giving you opportunities to earn more in different areas throughout the year.
Each cash back structure offers different levels of flexibility, making it important to choose based on your spending habits and how much attention you want to devote to tracking rewards.
Should you go for a points card or a cash back credit card?
Whether you should apply for a points credit card or a cash back credit card depends entirely on your spending habits.
Generally, points credit cards are often more beneficial for frequent travellers who want to take advantage of travel rewards that can be redeemed at high values towards trip expenses like flights, accommodations, and experiences. These cards also tend to have better travel insurance and added perks like airport lounge access and hotel upgrades, depending on the card.
Alternatively, cash back credit cards are better suited to the everyday shopper, offering competitive rates on popular spend categories like gas, groceries, and dining. Of course there are plenty of points credit cards designed for day-to-day errands as well, but these cards are bit more limiting when it comes to how you can ultimately redeem your rewards. Overall, the cash back rewards system is much more flexible and straightforward. Once you cash in your cash back as a statement credit or deposit, you can use it towards any type of purchase, unlike points cards that limit you to specific redemption categories with varying reward values.
Bottom line: Travellers often get more out of travel points credit cards that earn them rewards redeemable towards their next trip. These cards also tack on better travel protections and benefits. On the other hand, everyday shoppers will appreciate the simplicity and flexibility of a cash back credit card.
Read More: Cashback vs. Travel Rewards Credit Cards
Frequently Asked Questions
A cash back credit card is a type of credit card that rewards users by giving back a percentage of their purchases as cash. The cash back amount typically varies based on the card and the category of the purchase, such as groceries, dining, or gas. Some cards offer a flat rate on all purchases, while others have higher cash back rates for specific spending categories. The earned cash back can usually be redeemed as a statement credit, direct deposit, or sometimes even gift cards or merchandise.
When it comes to cash back cards, there are a couple of key pros and cons to consider:
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In most cases, as long as you keep your credit card account open, active, and in good standing, your cash back rewards won't expire. That said, you should always check your credit card agreement for exceptions.
The cash back you earn on your credit card is typically credited digitally, so you won't receive physical cash in hand.
The most common ways to receive cash back are through statement credits, when cash back is applied directly to your credit card balance, or bank deposits, when cash back is deposited into a linked bank account. Sometimes, cash back can be redeemed as gift cards or merchandise. Redemption options will vary by card.
Cash back credit cards earn you a percentage of money back on eligible purchases. Cash back rates can range anywhere from 1-4% with the potential to be boosted even higher during promotional periods.
Eligible purchases are outlined by your card's specific reward categories. For example, your card might earn you cash back on gas, groceries, and dining. This means that each time you fuel up, stock the fridge or go out to eat, you'll earn some money back on your bill.
Let's say your card optimizes dining and you spend $100 at a restaurant. If your card's cash back rate on restaurant purchases is 4%, then you'll pocket $4 dollars on the cheque.
The redemption process for cash back varies by card. In some cases, you can request your earned cash back through your credit card account's rewards portal. This portal is usually accessible through online banking or your card's mobile app. Other times, you'll need to wait until you collect enough cash back (for example $25) for your rewards to be auto-deposited into your account. There are also cards that only pay out your cash back once per year. You can often select whether your cash back is deposited as a statement credit, into a bank account, or even into an investment or savings account (depending on the issuer). Always check your credit card's terms and conditions for full details.
About the author
Kevin Shahnazari
Credit Card Expert
Kevin started FinlyWealth and juggles a bit of everything—digging into data, running our marketing, and keeping the finances on track. Before this, he spent years as a data scientist at tech companies...
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Since graduating from the University of Western Ontario, Sara has built a diverse writing portfolio, covering topics in the travel, business, and wellness sectors. As a self-started freelance content ...
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Faith is a seasoned finance professional with over six years of experience specializing in credit analysis, financial risk assessment, and business/personal lending. My background includes extensive w...
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