Credit card cash Advance

Best Cashback Credit Cards in Canada For 2024

Kevin Shahnazari

Kevin Shahnazari

7 min read


There's nothing quite like the feeling of seeing cashback deposits hit your account after making a series of purchases. So why not choose a card that maximizes your rewards and brings even more joy?
In this post, we'll explore the best credit cards in Canada and compare them to see which ones can earn you the most cashback!

Best Overall Cash Back Credit Card

Rogers Red World Elite® Mastercard®

I currently have or may soon have an eligible Rogers, Fido or Shaw service as the primary or level 1 authorized user

Rogers Red World Elite® Mastercard®

5

Finly Rating

Welcome Bonus

N/A

Net Annual Rewards

$360

Based on $2,000/mo spending. Calculate your rewards.

Annual Fee

$0

Interest Rates

19.99% / 22.99%

RECOMMENDED CREDIT SCORE

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent

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 Cash Back Card in Canada for Rogers, Fido and Shaw customers by FinlyWealth.
  • Voted the Best No Annual Fee Credit 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 favorable benefits for travelers.
  • 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, or Fido services, potentially increasing your rewards.
  • The roam-like benefit is a benefit unique only to this card.
  • 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

  • 3% cash back on all U.S dollar purchases
  • 2% cash back on all regular purchases if you have 1 qualifying Rogers, Fido or Shaw service as the account owner
  • 1.5% cash back on all purchases if you do not have 1 qualifying service

Insurance

Coverage

  • travel accident medical

    Emergency Out of province Medical

    $1M, Up to 10 days
  • travel accident medical

    Emergency Medical Over 65

    $1M, Up to 3 days
  • cancel airplane

    Trip Cancellation

    $1,000/person, $5,000 maximum
  • pause

    Trip Interruption

    $1,000/person, $5,000 maximum
  • car insurance

    Car Rental Damage & Theft

    $65,000
  • purchase protection

    Purchase Protection

    90 days
  • extended warranty

    Extended Warranty

    1 year

Benefits

Details

  • alcohol cheers

    Airport Lounge - Dragon Pass

    Pass only, complimentary visits not included
  • mobile phone wifi

    No Cost roaming

    5 days

Eligibility

  • Credit Score

    Very Good
  • Annual Income

    $80,000 personal or $150,000 household
It may come as a surprise, but the best cashback credit card is actually one with no annual fees! Offering higher cashback on everyday purchases than most other cards, along with free perks typically reserved for annual fee cards, this card takes the top spot for cashback rewards. However, one caveat is that it requires a high credit score and a minimum personal or household income, meaning not everyone will qualify.
If you don't meet these requirements, don't worry—the next card we’ll introduce might be a better fit for you.

SimplyCash™ Preferred Card from American Express

4.5

Finly Rating

Welcome Bonus*

Up to $250 ($200 in first year)

Net Annual Rewards

$393.71

Based on $2,000/mo spending. Calculate your rewards.

Annual Fee*

$119.88

Interest Rates*

21.99% / 21.99%

RECOMMENDED CREDIT SCORE*

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent

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

Cons

  • For a card with an annual fee, the insurance coverage could have been higher
  • 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*

  • travel accident medical

    Emergency Out of province Medical

    $5M/insured Person
  • hourglass timer

    Flight Delay

    $500
  • hourglass timer

    Baggage Delay

    $500
  • burglar

    Hotel Burglary Insurance

    $500
  • lost baggage

    Lost or Stolen Baggage

    $500
  • heart lock

    Travel Accident

    $100,000
  • car insurance

    Car Rental Damage & Theft

    $85K up to 48 days
  • mobile device insurance

    Mobile Device Insurance

    $1000
  • purchase protection

    Purchase Protection

    90 days
  • extended warranty

    Extended Warranty

    1 year

Benefits*

Details*

  • Amex logo

    American Express® Experiences

Eligibility*

  • Credit Score

    Very Good
  • Annual Income

    N/A
*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.
The SimplyCash Preferred, while considering its annual fee, earns almost the same rewards as Rogers for overall purchases. The only reason it didn't get the top spot for the best cashback credit card is that, due to its network, it's not as widely accepted as the Rogers World Elite, which is on the Mastercard network.

Best Cash Back Credit Card Based on Spending Categories

Sometimes, people make large purchases in very specific categories. One strategy some people use is to get a cashback card for these specific categories, and some even get one card per category to maximize their rewards! Let’s go through these categories one by one.

Best Cash Back Credit Cards For Restaurants and Food Purchases

Simplii Financial™ Cash Back Visa* Card

4.2

Finly Rating

Welcome Bonus*

10% cash back on eligible restaurants, food delivery and bar purchases for the first 4 months, up to $500†.

Net Annual Rewards

$342.92

Based on $2,000/mo spending. Calculate your rewards.

Annual Fee*

$0

Interest Rates*

20.99% / 22.99%

RECOMMENDED CREDIT SCORE*

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent

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

    Purchase Protection

    Up to 90 days†
  • extended warranty

    Extended Warranty

    Up to 1 year†

Eligibility*

  • Credit Score

    Very Good
  • Annual Income

    $15,000 household
*This offer is not available for residents of Quebec. Check here for full details and current product information.
Simplii's credit card offers one of the highest earning rates for food and restaurant purchases at a high rate of 4%! The best part is that it comes with no annual fees. One small thing to keep in mind is that you can earn that cashback rate on the first $5,000 spent in that category. If you exceed that limit, another great card to consider is the Desjardins Cash Back World Elite Mastercard.

Best Cash Back Credit Cards For Groceries

BMO CashBack® World Elite® Mastercard®

4.2

Finly Rating

Welcome Bonus

Up to $200

Net Annual Rewards

$370.46

Based on $2,000/mo spending. Calculate your rewards.

Annual Fee

$120

Interest Rates

20.99% / 23.99%

RECOMMENDED CREDIT SCORE

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent

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.

Rewards

  • 5% cashback on groceries (maximum $25 per statement)
  • 4% cashback on daily transit (maximum $12 per statement)
  • 3% cashback on gas (maximum $9 per statement)
  • 2% cashback on recurring payments (maximum $10 per statement)
  • 1% cashback on all other credit card purchases.

Insurance

Coverage

  • travel accident medical

    Emergency Out of province Medical

    $5M up to 8 days per covered person
  • heart lock

    Travel Accident

    $500,000
  • hourglass timer

    Flight Delay

    $500 After 4 hours delay
  • lost baggage

    Lost or Stolen Baggage

    $500/person, $1000 maximum
  • hourglass timer

    Baggage Delay

    $500/person, $1000 maximum After 6 hours
  • burglar

    Hotel Burglary Insurance

    $1000
  • car insurance

    Car Rental Damage & Theft

    $65,000 up to 48 days
  • purchase protection

    Purchase Protection

    90 days
  • extended warranty

    Extended Warranty

    Up to a year

Benefits

Details

  • alcohol cheers

    Airport Lounge - Dragon Pass

    Pass only, complimentary visits not included
  • tire

    Roadside Assistance

    Includes free battery boosts, flat-tire change, lockout service and towing
  • car rental

    Car Rental Discount

    25% off base rate of participating National Car Rental and Alamo Rent a Car
  • gas station

    Gas Discount

    Get up to seven cents off per litre on Shell® fuel
  • discount

    Hotel Booking Discount

    Save up to 7% on your Booking.com prepaid hotel or property rental bookings
  • wifi signal

    Boingo Wi-Fi hotspot

Eligibility

  • Credit Score

    Good
  • Annual Income

    $80,000 personal or $150,000 household
This card earns a massive 5% on your grocery purchases, and since it's from the Mastercard network, purchases at Walmart are counted as groceries too (unlike Visa and Amex, which consider Walmart a department store). There is a limit of $500 per month for that reward rate, but it's a threshold most people don’t reach.
If you are looking for a No fee card for grocery purchases then your best choice would be:
Tangerine Money-Back Credit Card

I currently have or may soon have a Tangerine Savings account

Tangerine Money-Back Credit Card

3.6

Finly Rating

Welcome Bonus

10% Cash Back up to $100 value

Rewards Rate

0.5% - 2%

Annual Fee

$0

Interest Rates

19.95% / 19.95%

RECOMMENDED CREDIT SCORE

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent

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
  • 0.5% cashback on all other credit card purchases.

Insurance

Coverage

  • purchase protection

    Purchase Protection

    90 days
  • extended warranty

    Extended Warranty

    Up to a year

Eligibility

  • Credit Score

    Fair
  • Annual Income

    N/A
You can choose groceries as one of your category options and earn more rewards on your purchases there.

Best Cash Back Credit Card For Recurring Purchases

Finding the best credit card for recurring purchases could help you earn a substantial amount of rewards each year, and it's a category you definitely shouldn't ignore.

Scotia Momentum® Visa Infinite* Card

4

Finly Rating

Welcome Bonus

10% Cash Back (up to $200 value)

Rewards Rate

1% - 4%

Annual Fee

$120

Interest Rates

20.99% / 22.99%

RECOMMENDED CREDIT SCORE

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent

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.

Rewards

  • 4% cashback on groceries, recurring payments (maximum $1000 cashback per year)
  • 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

    Mobile Device Insurance

    $1,000
  • heart lock

    Travel Accident

    $500,000
  • travel accident medical

    Emergency Out of province Medical

    15 days
  • pause

    Trip Interruption

    $2,000
  • cancel airplane

    Trip Cancellation

    $1,500
  • hourglass timer

    Flight Delay

    $500
  • lost baggage

    Lost or Stolen Baggage

    $500
  • hourglass timer

    Baggage Delay

    $500
  • car insurance

    Car Rental Damage & Theft

    48 days
  • purchase protection

    Purchase Protection

    90 days
  • extended warranty

    Extended Warranty

    1 year

Benefits

Details

  • car rental

    Car Rental Discount

    25% off base rate of Avis Rent A Car and Budget Rent A Car
  • exclusive

    Visa Infinite Exclusive Benefits

    Yes

Eligibility

  • Credit Score

    Good
  • Annual Income

    $60,000 personal or $100,000 household
With 4% earned on recurring payments, this card surpasses others in this category by a huge margin. In addition, the card earns 4% on groceries and comes with many benefits, making it an overall excellent choice.

Best Cash Back Credit Card For Gas Purchases

CIBC Dividend® Visa Infinite* Card

3.5

Finly Rating

Welcome Bonus

Up to $200

Net Annual Rewards

$324.98

Based on $2,000/mo spending. Calculate your rewards.

Annual Fee

$120

Interest Rates

20.99% / 22.99%

RECOMMENDED CREDIT SCORE

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent

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

  • travel accident medical

    Emergency Out of province Medical

    $5 Million per person, per trip. 10 day coverage
  • car insurance

    Car Rental Damage & Theft

    $65K
  • heart lock

    Travel Accident

    $500K
  • mobile device insurance

    Mobile Device Insurance

    $1000 per person, per occurrence
  • purchase protection

    Purchase Protection

    90 days
  • extended warranty

    Extended Warranty

    Up to a year

Benefits

Details

  • gas station

    Gas Discount

    save up to 10¢/L on fuel at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations
  • car rental

    Car Rental Discount

    Get up to 25% off auto rentals at participating Avis and Budget locations worldwide.

Eligibility

  • Credit Score

    Very Good
  • Annual Income

    $60,000 personal or $100,000 household
This card earns 4% on gas, making it one of the best cards to use at the pump. One factor that makes it even better is the ability to link a Journie rewards card, allowing you to earn additional points and discounts at participating Pioneer, Fas Gas, Ultramar, and Chevron gas stations, further boosting your overall earnings in this category.
Additionally, the card earns 4% on groceries, helping you maximize rewards in that category as well.

Best Cash Back Credit Card For Select Retail Purchases

Neo Credit Card

3.2

Finly Rating

Welcome Bonus

N/A

Rewards Rate

1% - 15%

Annual Fee

$0

Interest Rates

19.99% - 29.99% / 22.99% - 31.99%

RECOMMENDED CREDIT SCORE

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent

The Neo Credit Card is special because it earns rewards based on whether the merchant is a partner or not. Most of the time, the cashback earned at these partners is the highest possible compared to all other credit cards. However, we don't recommend using this card as your main credit card and suggest using it only at partner merchants. This is because the rewards at non-partner merchants are very small, and most merchants are not partnered with Neo.

Pros

  • Unique cashback program which earns cashback based on partner instead of purchase category.
  • Massive cashback at some partners that any other credit card couldn't beat.
  • Unique benefit system where perks could be bought with a monthly fee and cancelled after use.

Cons

  • Almost no cashback or very little cashback is available at non-Neo partners, which comprise most merchants.
  • No built-in purchase protection and extended warranty benefit.

Rewards

  • Average of 5% cashback at Neo Partners
  • Up to 15% cashback on first purchases at Neo partners
  • 1% cashback on gas and grocery
  • 0% at Neo non-partners but with a 0.5% cashback guarantee on overall purchases
  • With all these condition, the average estimated cashback on all purchases came to 1.2% by FinlyWealth

Benefits

Details

  • red diamond

    Neo Premium ($4.99/month)

  • travel

    Neo Travel Benefits ($4.99/month)

  • food location

    Neo Food Cashback boost ($1.99/month)

  • care day

    Neo Mind and Body Perks ($9.99/month)

Eligibility

  • Credit Score

    Good
  • Annual Income

    N/A
The Neo Credit Card stands out because its reward rates are not based on categories but on merchants. It offers cashback at certain merchants not covered by other cards, including some popular clothing brands. You can review Neo's partner list to see if earning more cashback at these specific retailers fits your spending habits.

Best Overall No Fee Cash Back Credit Card

SimplyCash® Card from American Express

3.5

Finly Rating

Welcome Bonus*

Up to $100 in Statement Credits

Net Annual Rewards

$301.46

Based on $2,000/mo spending. Calculate your rewards.

Annual Fee*

$0

Interest Rates*

21.99 / 21.99

RECOMMENDED CREDIT SCORE*

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent

The SimplyCash® Card from American Express stands out for its no annual fee and strong cash-back earning potential, offering up to $100 in statement credits within the first 10 months. What makes it even more appealing are the unique perks, such as early access to concert tickets and extra layers of security for online shopping. These extra benefits, along with the affordability, make it a strong contender for those looking for a reliable cash-back card with no annual fee. It's an excellent choice for everyday spending while still enjoying exclusive Amex advantages.

Pros

  • No annual fee: The card does not charge an annual fee, making it accessible and cost-effective.
  • Attractive cash-back rates: Offers a solid structure for earning cash-back on eligible purchases.
  • Exclusive Amex perks: Provides benefits such as access to concert tickets and enhanced security for online shopping.
  • Cons

  • Annual cash-back cap: Limits the total amount of cash-back you can earn within a year.
  • Limited travel and shopping insurance: The card lacks comprehensive travel and shopping coverage compared to other premium cards.
  • American Express acceptance: Amex is not accepted as widely as Visa or Mastercard.
  • Rewards*

    • 2% cash back on eligible gas and grocery purchases in Canada (up to $300 cash back annually)
    • 1.25% cash back on all other eligible purchases

    Insurance*

    Coverage*

    • heart lock

      Travel Accident

      Up to $100,000
    • purchase protection

      Purchase Protection

      90 days or theft up to $1,000 per occurrence
    • extended warranty

      Extended Warranty

      1 year

    Benefits*

    Details*

    • Amex logo

      American Express® Experiences

      Front Of The Line® Presales, Front Of The Line® Reserved tickets and more.

    Eligibility*

    • Credit Score

      Good
    • Annual Income

      N/A
    *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.
    If you don't have specific categories you want to optimize for and also want to avoid paying any fees, this card offers a solid base cashback rate along with extra cashback on gas and groceries—two categories you definitely want to optimize for. Great value for a no-fee card!

    FAQ

    What is a cashback credit card?

    A cashback credit card is a type of credit card that rewards users by giving back a percentage of their purchases as cash. The cashback 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 cashback rates for specific spending categories. The earned cashback can usually be redeemed as a statement credit, direct deposit, or sometimes even gift cards or merchandise.

    Why choose a cashback credit card?

    Choosing a cashback credit card offers more flexibility compared to a points-based card. With cashback, you earn a straightforward percentage of your purchases as cash, which can be easily redeemed for statement credits, bank deposits, or even checks, giving you more control over how you use your rewards. Unlike points cards, where rewards are often tied to specific categories like travel or merchandise, cashback doesn’t require complex conversions or restrictions on how or when you can redeem. This makes cashback cards ideal for people who want simple, hassle-free rewards with no need to plan around redemption rules or fluctuating point values.

    How can cashback rewards be redeemed?

    Cashback rewards can be redeemed in a variety of ways, depending on your credit card provider. Typically, the most common method is receiving a statement credit, which reduces your outstanding balance. If you have a chequing or savings account with the same financial institution, many providers offer the option to deposit your cashback directly into your account. Some providers even allow redemption via check or gift cards.
    The frequency of redemption also varies. Some cards let you redeem your cashback monthly, quarterly, or annually, while others have an automatic redemption feature when your cashback balance reaches a certain threshold. Additionally, many credit card issuers now offer flexible redemption options, letting you choose when to redeem your rewards based on your needs. This flexibility allows you to use your cashback to cover unexpected expenses or save for larger purchases, making it a versatile reward option.

    What are the different cashback reward structures?

    Cashback 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 cashback 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 cashback cards offer higher rewards in specific spending categories like groceries, gas, or dining. For example, some cards provide 3% or 5% cashback 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 cashback, 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 cashback on groceries or travel, depending on your needs at the time. Lastly, certain cards have rotating categories, where the bonus cashback categories change quarterly, giving you opportunities to earn more in different areas throughout the year.
    Each cashback 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.

    We may earn a commission for some of the products featured on this site. The content and reviews on FinlyWealth are independent and not influenced by advertisers. For the latest details on any product, please visit the advertiser's official website. The content provided on this website, including any credit card recommendations, is for informational and entertainment purposes only and does not constitute financial, legal, or tax advice. The owner and author(s) of this website are not financial, legal, or tax professionals. All views and opinions expressed herein are solely those of the author(s) and may not reflect the best choice for your unique situation. Always consult with a qualified professional before making any financial decisions. The owner and author(s) of this website shall not be held liable for any inaccuracies, errors, or omissions in the content or any resulting actions taken by readers.Copyright © FinlyWealth 2024 All Rights Reserved.

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