The Best Rewards Cards in Canada

Take a look at these reward cards in Canada offering up to 5% or even 10% cash back on your purchases.

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Credit cards have become an incredibly convenient way to make purchases, with many companies offering rewards programs to incentivize customers to use their cards. Canada is no exception, with many credit cards available that offer great rewards and cash back programs. In this article, we’ll highlight some of the best rewards and cash back credit cards available in Canada.

BMO CashBack World Elite  Mastercard

The BMO CashBack World Elite Mastercard is a top cash back credit card available in Canada. It offers a very lucrative sign-up bonus, as well as a market-leading cash back rate of 5% on groceries, 4% on transit (including ride-sharing, taxis, and public transportation), 3% on gas and electric vehicle charging, 2% on recurring bill payments like your monthly phone bill or favorite streaming service, and 1% unlimited cashback on all other purchases.

The card also features an impressive roadside assistance package, and the best extended warranty and purchase protection terms offered by any Canadian credit card. This card is a great fit for high-income singles ($80,000+) who can maximize the card’s cash back rates without chafing under its strict spending caps. However, it’s not well-suited to couples or families, who have more to gain from competing cards with higher spending ceilings.

HSBC Cash Rewards Mastercard

The HSBC Cash Rewards Mastercard is a straightforward cash back credit card that offers a clear advantage in its welcome bonus, with an additional 12.5% cash back on all purchases for the first 180 days (up to $1,000 in total purchases). The card has no annual fee and offers strong cash back bonus categories with easy redemptions. Cardholders can earn 1.5% back on eligible online purchases, 1% back on grocery, gas, and drugstore purchases, and 0.5% back almost everywhere else (conditions apply) – all with no annual fee.

Scotia Momentum Visa Infinite Card

The Scotia Momentum Visa Infinite Card is a cash-back credit card that offers a few perks usually associated with travel rewards cards. Cardholders earn cash back on every purchase, while the Visa Infinite program provides access to exclusive hotel, dining, and wine experiences. It shouldn’t be difficult to get your money’s worth out of the Scotia Momentum Visa Infinite Card, which has an annual fee of $120 (which may be waived for the first year).

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Cardholders receive 4% cash back on grocery store purchases and recurring bill payments, 2% cash back on gas and transit purchases, and complimentary room upgrades, Wi-Fi, and breakfast at 900 hotels worldwide. The cash back component of the Scotia Momentum Visa Infinite Card is quite attractive. Receiving 4% cash back on grocery store purchases, eligible subscriptions, and recurring bill payments could really add up; so could the 2% cash back offered on transit purchases, including gas, buses, taxis, and ride-share services like Uber. Cardholders earn 1% cash back on all other purchases.

CIBC Dividend Visa Infinite Card

The CIBC Dividend Visa Infinite Card rewards customers on their daily purchases with generous cash back and a full suite of travel benefits. New cardholders receive a first-year annual fee rebate and 10% cash back on everything for the first four months, up to a $2,000 spending limit. When the welcome bonus ends, cardholders can still collect up to 4% cash back on groceries, fuel, transportation, dining, recurring payments, and more.

SimplyCash Preferred Card by American Express

The SimplyCash Preferred Card from American Express is currently one of the top cash back credit cards available in Canada. Its straightforward formula combines some of the best rewards you can get for a cash back credit card with no income requirements and a reasonable annual fee. As an all-around strong cash back option, here’s what you can expect if you have this card in your wallet.

This credit card is a great option for Canadians who want a high-value rewards credit card. Cardholders can earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada, and 2% cash back on all other purchases. Additionally, cardholders can access events and special offers curated for Cardmembers with American Express Experiences. However, it’s worth noting that this card comes with a $120 annual fee, but this is a fair price to pay for the full value of rewards that cardmembers are eligible to receive. It’s also worth noting that there are no income requirements to be approved for this credit card, which means that pretty much everybody in Canada qualifies.

In Conclusion

Using a rewards credit card offers many benefits, including earning cash back, points, or miles on purchases that can be redeemed for rewards like travel, merchandise, or statement credits. Some rewards credit cards also offer sign-up bonuses and additional perks such as travel insurance or airport lounge access. By using a rewards credit card responsibly and paying off the balance in full each month, cardholders can earn valuable rewards while building credit and avoiding interest charges.

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