Best cash back credit cards

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If you're looking for the best Visa cash back credit card, you've found it. It's the credit card with the top cash back in Canada.

This CIBC cashback card caters to Canadians that dole out a substantial amount of their funds on eligible gas, EV charging, and grocery purchases, giving high 4% cash back rates for purchases in those categories. Though there are annual caps for earning at the card’s accelerated rates (see ‘Cash Back Restrictions’ below), the limits are quite high, and there’s no cap on how much cash back can be earned overall.

Annual fee: $120 primary cardholder. First year rebated. Each additional card is $30 per year, max 3.

Cash back structure: After that 4% cash back on eligible gas, EV charging, and grocery purchases†; 2% cash back on eligible transportation, dining purchases and recurring payments†; 1% cash back on all other purchases†. Also, get cash back on demand – redeem your cash back at any time when you have a minimum of $25 through CIBC Online and Mobile Banking®†

Cash back restrictions: Bonus cash back rates apply up to high $20,000 worth of annual eligible grocery, gas, EV charging, transportation, dining, and recurring bills; or up to $80,000 in annual purchases overall.† After crossing one of those two milestones all eligible spending earns 1% until the rates are reset in December.

Take a look at your monthly spending. If gas and groceries took the biggest bite out of your budget, which is likely the case for many families and commuters, we recommend applying for the CIBC Dividend® Visa Infinite* Card and calling it a day. If you spend at least $250 on gas and groceries each month, you’ll earn enough cash back in a year to make up for the annual fee.

Note: If you don’t meet the CIBC Dividend® Visa Infinite* Card’s annual income requirements, check out the CIBC Dividend Platinum® Visa* Card instead. Its cash back features are almost as strong as the CIBC Dividend® Visa Infinite* Card’s, but it comes with a less comprehensive insurance package and a lower minimum annual household income requirement.†

Who's eligible?

Minimum credit score: Good

Minimum income: $60,000 individual or $100,000 household

Age: Age of majority in province

Residency: Canadian resident

Other: No bankruptcy for the past 7 years

†Terms and Conditions Apply. This offer is not available for the residents of Quebec.

The information for the CIBC Dividend® Visa Infinite* Card has been collected independently by Money.ca. The card details on this page have not been reviewed or provided by the card issuer.

You want a free credit card with money rewards? The Tangerine Money-Back Credit Card lets you earn 2% cash back in two spending categories, or three spending categories if you deposit your cash back into a Tangerine Savings Account.

These spending categories are flexible enough to reflect your spending habits which, if they happen to change from time to time, you can choose new categories every 90 days. You’ll earn 0.5% cash back on all other purchases, without any tiers, caps, or limits. Your cash back is dispersed monthly, which means you never have to wait to reap the rewards of your spending.

For the first 30 days of card membership, cardholders can transfer a balance to Tangerine and pay just 1.95% interest for 6 months, 1% transfer fee applies* (19.95% after that).

However, if you have aa higher income, it makes sense to consider the Tangerine World Mastercard^® instead, which offers the same rewards rates as the Tangerine Money-Back Credit Card, but it comes with more features like mobile device insurance, airport lounge access, and car rental insurance.

We think the Tangerine Money-Back Credit Card offers the best flexibility in earning cash back. Even though there’s a limit to how often you can change your spending categories, you still get to choose your own and there is no limit to the cash back you can earn, ensuring you’re truly getting the most bang for your buck on all your spending, plus there’s no annual fee.

Tangerine’s Money-Back Credit Card is the perfect option for pure cash back potential without any limits or fees. Tangerine will also give you an extra high earning cash back purchase category if you direct your cash back earned to a Tangerine Savings Account, making this the best card for anyone who’s using cash back towards a financial goal.

Who's eligible?

Minimum credit score: Good

Minimum income: $12,000

Age: 18+/age of majority

Residency: Canadian resident/permanent resident

Other: No bankruptcy for the past 7 years

*Terms and Conditions apply

Any Amex will allow you to earn cash back, but the best cash back credit card from American Express is the Simply Cash Preferred. With Amex, your cash back rewards are earned on purchases less returns and other credits and are applied annually to your account and paid out in September of each year.

To start, they hit you with a nice welcome bonus:

Earn accelerated earn rates on eligible gas and grocery purchases. Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back) and 2% cash back on all other purchases.

The card also offers buyer’s assurance and purchase protection, doubling the manufacturer’s warranty on purchases by up to one year while also insuring them against damage or theft.

Annual fee: $9.99 per month. Additional cards are free. (Equals a total fee of $119.88 annually)

Cash back structure: Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back) and 2% cash back on all other purchases.

Additional perks: Access events and special offers curated for Cardmembers with American Express® Experiences^TM, $100,000 Travel Accident Insurance, Buyer’s Assurance Protection Plan and Purchase Protection Plan. With this card you'll get extensive insurance coverage and 24/7 Customer Service.

We love that with the SimplyCash® Preferred Card from American Express, you’ll get value everywhere, all the time, with the base earn rate. The annual fee, although not the highest we’ve seen, is still an annual fee that other cards may forego.

Who's eligible?

Minimum credit score: Excellent

Minimum income: N/A

Age: 18+/age of majority

Residency: Canadian resident

The Rogers Red World Elite® Mastercard® gives you $25 in cash back rewards as soon as you make your first purchase. You’ll earn 3% cash back on purchases made in U.S. dollars, either online or abroad and 1.5% cash back on all other purchases.

It's arguably the best cash back Mastercard in Canada if you shop at Costco. That flat rate 1.5% cash back applies to Costco even if Costco isn't labelled as a grocery store bu

There is a foreign transaction fee of 2.5%, but there are some additional perks like the travel insurance coverage and complimentary membership to Mastercard Travel Pass provided by DragonPass

Cardholders will earn 3% cash back on each of their purchases made in U.S. dollars, which nets them 0.5% after factoring out the foreign transaction fee (2.5%). If you’re a U.S. frequent traveler and cash back is your favorite credit reward, this is the only card you should have in your wallet!

To start, you get a high 5% cash back rate on groceries and you can redeem that cash any time you like.

It's a long standing winner of the best overall cash back cards and needed a mention here.

You'll also get 3% back on gas, 4% back on transit (ride sharing, bus, and taxis), and 2% cash back on recurring bills (e.g. Spotify, Netflix, Gym membership).

It also throws in roadside assistance which is a pretty sweet perk you just never want to pay for. And, it has pretty decent travel insurance which is rare for cash back cards.

While you will have to pay the $120 annual fee, at least it's waived in the first year. However, you'll need to a minimum of $80,000 individual or $150,000 household income to qualify.

Welcome offer: Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first anniversary*.

Cash back structure: After that 5% cash back on groceries (up to $500 per month); 4% cash back on eligible transit (up to $300 per month); 3% cash back on gas (up to $300 per month); 2% cash back on recurring bills (up to $500 spent per month); 1% cash back on all other purchases†.

Who's eligible?

Minimum credit score: Excellent

Minimum income: $80,000 individual or $150,000 household

Age: Age of majority in province

Residency: Canadian resident/permanent resident

Other: No bankruptcy for the past 7 years

*Terms and conditions apply

†Statement based on a comparison of the non-promotional grocery rewards earn rate on Canadian cash back credit cards as of June 1, 2024

No credit card “has it all,” but some come pretty close. The Desjardins Odyssey World Elite Mastercard makes sure you get what you want out of your credit card by, well, giving you a well-rounded rewards platform without a foreign transaction fee.

The Desjardins Odyssey® World Elite® Mastercard isn't the most well-known credit card in Canada but it provides a reliable earning platform and plenty of additional perks that make it one of the best cash back credit cards for those who want simplicity but hate to pay additional fees when traveling abroad.

Cardholders earn up to 3% cash back on groceries, 2% back on transit, dining and entertainment, and an unlimited 1.5% back on all other purchases. Additionally, cardholders enjoy no FX fees, comprehensive travel insurance and lounge access all for a reasonable $130 annual fee.

Annual fee: $130

Additional perks: No foreign transaction fees, mobile device insurance, trip cancellation coverage, baggage protection and DragonPass lounge access.

Who's eligible:

Minimum credit score: Fair

Minimum income: $80,000 personal; $150,000 household

Age: Age of majority in province/territory

Residency: Canadian citizen/permanent resident

First and foremost, there's no limit on cash back you can earn at 0.5% cash back with the RBC Mastercard.

With groceries, you can spend up to $6,000 per year and get cash back at 2%. After $6,000, it drops to 1%. But therein lies the good news. After $6,000 spend, your average cash back jumps up to 1% from 0.5%.

Unfortunately, there's no welcome bonus or travel perks, but you do get purchase security and extended warranty protection.

It's great for students as a shared cash back credit card because there are no fees for additional cards.

Depending on the card you choose, you can either redeem the cash back as statement credit or as rewards, which you'll have to complete another action in order to redeem. Most cash back can be redeemed online, some credit issuers do it by phone.

Some issuers allow you to redeem your cash back at certain intervals (monthly/quarterly/yearly) where others allow you to set up automatic redemption whenever you reach a certain balance.

Although the time will vary depending on the card you have, it can take an average of immediate to 14 business days to see your cash back in your account. *Note that some credit card providers might take longer.

You can earn cash back from Shopper drug mart with any of our recommended cash back credit cards on this list.