Top Cash Back Credit Cards in Canada for 2024

Are you looking for Best Cash back Credit Card in Canada which offers cash back, to make the most of your credit card purchases and earn cash back rewards in Canada in 2024? Cash-back credit cards are a fantastic way to put money back in your pocket while enjoying the convenience of card payments. In this blog post, we’ll dive into the world of cash-back credit cards and present a curated list of the best options available in Canada. Whether you’re a frequent traveller, a savvy shopper, or someone who loves earning rewards, we’ve got you covered! We have added a Cash Back Reward calculator for you to asses which cash back card would work best for you, check our Credit Card Reward Calculator

Here is the list of Top Cash Back Credit Cards in Canada for 2024

1. Scotia Momentum Visa Infinite Card: If you want to earn substantial cash back rewards on essential expenses like groceries, gas, and recurring bills, the Scotia Momentum Visa Infinite Card is an excellent choice. With cashback rates of up to 4% and comprehensive insurance coverage, this card helps you save money and offers valuable benefits. This Card has won many awards in the last couple of years. In 2024 they are the Winner of the 2024 MoneySense Best Cash Back Credit Card. Currently, Scotia Bank is running a special offer Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). No annual fee in the first year, including on additional cards.
2. Tangerine Money-Back Credit Card: For those seeking simplicity and customization, the Tangerine Money-Back Credit Card is a perfect fit. Personalize your cash-back rewards by choosing up to two spending categories, such as groceries, gas, and restaurants. With no annual fee, this card offers flexibility and straightforward cash-back rewards. .
3. American Express SimplyCash Preferred Card: With an impressive 2% cash back on all purchases, 2% Cash Back on groceries and 2% cash back on Gas. The American Express SimplyCash Preferred Card is a top contender in the cashback game. It not only provides high cashback rates but also offers extensive insurance coverage, making it a popular choice among cashback enthusiasts. Currently, they are running offer where they are offering up to $400 in Statement Credits In your first 10 months as a new SimplyCash Preferred Card from American Express Cardmember, you can earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months. This Card has monthly fees of $9.99 which equals a total fee of $119.88 annually.
4. BMO CashBack World Elite Mastercard: World Elite Mastercard offers highest cash back earn rate on groceries in Canada, it provides 5% cash back on groceries. Redeem your cash back any time and for as little as $1. It also offers a range of travel perks. 4% on transit¹⁰, 3% on gas¹¹, 2% on recurring bill payments and 1% unlimited cash back on all other purchases and enjoy travel insurance, and exclusive concierge services to enhance your travel experiences. One of the rare benefits is that it provides a Complimentary Roadside Assistance Program.
5. CIBC Dividend Visa Infinite Card: The CIBC Dividend Visa Infinite Card combines competitive cash-back rates with additional benefits. Earn cash back on various categories like 4% cash back on groceries & gas, 2% cash back on Dinning, Transportation and recurring bills, and 1% cash back on all other purchases with no limits, while enjoying travel insurance, and mobile device insurance. The current offer, as of June 2023:Earn a 10% cash back welcome bonus of up to $200, For the first 4 statements on net purchases of up to $2,000. Plus, get a first-year annual fee rebate.
6. Simply Cash Preferred Card from American Express: The SimplyCash Preferred Card from American Express offers 4% Cash back on grocery and 4% back gas purchases in Canada, (up to $1,200 cash back annually), and an unlimited 2% cash back on all other purchases. This card comes with fees, but this fee can be recovered if your major monthly/annual spend is on groceries and fuel. This card comes with a lot of travel and other insurance benefits.

Use our Cash Back Reward Calculator to Know which card works for you. You can use the below calculator to compare your existing cards as well.

Credit Card Reward Calculator: Credit Card Reward Calculator

Conclusion

Choosing the right cash-back credit card in Canada can significantly impact your savings and rewards potential. The top cash-back credit cards mentioned in this blog post offer a variety of options to suit different preferences and lifestyles. Whether you prioritize high cash-back rates, personalized spending categories, or additional travel perks, there’s a cash-back credit card that aligns perfectly with your needs.

Remember to carefully review the terms and conditions of each credit card, including cash-back rates, annual fees, and any extra benefits. Using a cash-back credit card responsibly by paying off your balance in full each month will maximize your rewards and avoid unnecessary interest charges. Please check the Credit Card provider’s website for the latest offer.

Unlock the power of cash-back rewards and start earning on your everyday purchases with these top cash-back credit cards in Canada. Take advantage of the benefits they offer and watch your savings grow while enjoying the convenience of card payments. Happy spending and saving!

Also, Read How to save bank fees in Canada? Let’s start saving.