- 4%Cash back on gas, EV charging, and groceries
- 2%Cash back on dining, transportation, and recurring bills
- 1%Cash back on all other purchases
Earn a 10% cash back welcome bonus of up to CA$250 for the first 4 statements on net purchases up to CA$3,000; A CA$50 cash back bonus for setting up one pre-authorized payment, and a first-year annual fee rebate.
Earn 4% cash back on gas, EV charging, and groceries; 2% on dining, transportation, and recurring bills; and 1% on everything else.
21.99%
22.99%
The CIBC Dividend Visa Infinite Card stands out as the top choice because it offers a robust cash back structure with 4% on essential spending categories like gas and groceries, making it ideal for high spenders in these areas.
Pros:
- High cash back on essential categories
- No limits on total cash back earned
Cons:
- Annual fee applies
- Income requirements may limit eligibility
2.SimplyCash Preferred Card from American Express
American Express
- 4%Cash back on eligible gas and groceries
- 2%Cash back on all other purchases
Earn a bonus 10% cash back on all purchases for the first 3 months (up to CA$2,000 in purchases) plus a CA$50 statement credit in the 13th month.
Earn 4% cash back on eligible gas and groceries, and 2% on all other purchases.
21.99%
21.99%
What sets the SimplyCash Preferred Card apart is its high cash back rate of 4% on groceries and gas, making it a fantastic option for those who prioritize these spending categories.
Pros:
- High cash back on groceries and gas
- Flexible redemption options
Cons:
- Annual fee applies
- Requires careful management to avoid interest
3.TD Cash Back Visa Infinite Card
TD Canada Trust
- 3%Cash back on groceries, gas, EV charging, public transit, streaming, and recurring bills
- 1%Cash back on all other purchases
Earn up to CA$600 in value, including 10% in Cash Back Dollars in the first 3 months on Bonus Eligible Purchases up to a total spend of CA$3,500.
Earn 3% cash back on groceries, gas, EV charging, public transit, streaming, and recurring bills; 1% on everything else.
21.99%
22.99%
The TD Cash Back Visa Infinite card shines for its comprehensive cash back structure, offering 3% on a wide range of essential spending categories, making it a versatile choice for everyday expenses.
Pros:
- High cash back on multiple categories
- Includes travel and purchase insurance
Cons:
- Annual fee applies
- Minimum income requirement
4.American Express Cobalt Card
American Express
- 5%Points on eligible grocery stores, restaurants, and bars
- 3%Points on eligible streaming subscriptions
- 1%Points on all other purchases
Earn up to 15,000 Membership Rewards points by spending CA$750 each month for 12 months.
Earn 5x points on eligible grocery stores, restaurants, and bars; 3x points on eligible streaming subscriptions; 1x points on all other purchases.
21.99%
21.99%
The American Express Cobalt Card is the best option for those who frequently spend on food and entertainment, offering an impressive 5x points on eligible purchases, making it a top choice for maximizing rewards.
Pros:
- High rewards on food and entertainment
- Flexible redemption options
Cons:
- Monthly fee applies
- Requires careful management to maximize rewards
- 5%Cash back on groceries
- 4%Cash back on transit
- 3%Cash back on gas/EV charging
- 2%Cash back on bills
- 1%Cash back on all other purchases
Earn up to CA$480 in cash back in the first year plus a first-year annual fee rebate.
Earn 5% on groceries, 4% on transit, 3% on gas/EV charging, 2% on bills, and 1% on everything else.
21.99%
23.99%
The BMO CashBack World Elite Mastercard is a standout choice for those with high spending in groceries and transit, offering a robust cash back structure that maximizes rewards without waiting for redemption.
Pros:
- High cash back on essential categories
- No waiting for cash back redemption
Cons:
- Annual fee applies
- High income requirement
6.Neo World Elite Mastercard
Neo Financial
- 5%Cash back on groceries
- 4%Cash back on recurring payments
- 3%Cash back on gas
- 1%Cash back on all other purchases
N/A
Earn 5% on groceries, 4% on recurring payments, 3% on gas, and 1% on everything else.
19.99%-29.99%
22.99%-28.99%
The Neo World Elite Mastercard offers some of the highest cash back rates in Canada, particularly for groceries and recurring payments, making it an excellent choice for those looking to maximize their rewards.
Pros:
- High cash back on essentials
- No foreign transaction fees
Cons:
- Annual fee applies
- Income requirements may limit eligibility
7.Rogers World Elite Mastercard
Rogers Bank
- 3%Cash back on USD purchases
- 2%Cash back on eligible purchases with Rogers service
- 1.5%Cash back on all other purchases
N/A
Earn 3% on USD purchases and 2% on eligible purchases (1.5% otherwise).
20.99%-25.99%
22.99%-27.99%
The Rogers World Elite Mastercard is particularly appealing for Rogers customers, offering high cash back on USD purchases and no annual fee, making it a great option for frequent travelers.
Pros:
- No annual fee
- High cash back on USD purchases
Cons:
- Limited to Rogers customers for higher rewards
- Cash back redemption may vary
8.Tangerine Money-Back Credit Card
Tangerine
- 2%Cash back in chosen categories
- 0.5%Cash back on all other purchases
Get a bonus 10% cash back on everyday purchases made within the first two months, up to CA$100.
Earn 2% cash back in up to three customizable categories and 0.5% back on all other purchases.
20.95%
22.95%
The Tangerine Money-Back Credit Card is an excellent choice for those who want flexibility in their cash back categories, allowing users to earn 2% in their preferred spending areas without any annual fee.
Pros:
- No annual fee
- Customizable cash back categories
Cons:
- Lower cash back on non-category purchases
- Limited to three categories
9.SimplyCash Card from American Express
American Express
- 2%Cash back on eligible purchases
- 1.25%Cash back on all other purchases
Earn up to CA$100 in bonus cash back by earning a bonus 5% cash back on all purchases (up to CA$2,000 in purchases) in your first 3 months.
Earn 2% cash back on eligible purchases and 1.25% on all other purchases.
21.99%
21.99%
The SimplyCash Card from American Express is a straightforward option for those looking to earn cash back without an annual fee, offering a solid 2% on eligible purchases.
Pros:
- No annual fee
- Simple cash back structure
Cons:
- Lower cash back on non-eligible purchases
- Limited to specific categories for higher rewards
10.Home Trust Preferred Visa
Home Trust
- 1%Cash back on all eligible purchases
N/A
Earn 1% cash back on all eligible purchases.
21.99%
21.99%
The Home Trust Preferred Visa is ideal for those seeking a simple rewards card with no annual fee, offering a straightforward 1% cash back on all purchases, making it a practical choice for everyday spending.
Pros:
- No annual fee
- No foreign transaction fees
Cons:
- Low cash back rate
- No welcome bonus
Final Words
As you explore the best cashback credit cards this January, remember to evaluate your spending habits and financial goals to choose the most beneficial option for your lifestyle. Take time to compare the cards available, ensuring you make an informed decision that maximizes your rewards and suits your needs.
Frequently Asked Questions
The CIBC Dividend Visa Infinite Card offers a welcome bonus of 10% cash back of up to CA$250 for the first 4 statements on net purchases up to CA$3,000; a CA$50 cash back bonus for setting up one pre-authorized payment, and a first-year annual fee rebate. You can earn 4% cash back on gas, EV charging, and groceries; 2% on dining, transportation, and recurring bills; and 1% on everything else.
The SimplyCash Preferred Card from American Express offers a welcome bonus of 10% cash back on all purchases for the first 3 months (up to CA$2,000 in purchases) plus a CA$50 statement credit in the 13th month. You can earn 4% cash back on eligible gas and groceries, and 2% on all other purchases.
The TD Cash Back Visa Infinite Card has a welcome bonus that allows you to earn up to CA$600 in value, including 10% in Cash Back Dollars in the first 3 months on Bonus Eligible Purchases up to a total spend of CA$3,500. This makes it an attractive option for those looking to maximize their cash back earnings.
Cashback credit cards can be worth the annual fee if you spend enough in bonus categories to earn rewards that exceed the fee. Always calculate your potential cash back earnings based on your spending habits to determine if a card’s benefits justify its cost.
When choosing a cashback credit card, consider your spending habits, the card's reward rates, and any associated fees. Look for cards that offer higher rewards in categories where you spend the most, and check for welcome bonuses that can provide immediate value.
Many cashback cards do not impose limits on the total cash back you can earn, especially premium cards. However, some cards may have caps on bonus categories, so it's essential to read the terms carefully to understand any potential restrictions.
To apply for a cashback credit card, visit the card issuer's website or a financial institution's branch. You will typically need to provide personal information, financial details, and possibly proof of income to assess your eligibility.
