1.Tangerine Money-Back Credit Card
Tangerine
- 2%Cash back in customizable categories
- 0.5%Cash back on all other purchases
Get an extra 10% cash back on everyday purchases up to $100 during your first 2 months.
Earn 2% cash back in up to three customizable categories + 0.5% back on all other purchases.
20.95%
22.95%
The Tangerine Money-Back Credit Card stands out as the top choice because it offers customizable cash back categories, allowing users to tailor their rewards to their spending habits. With no annual fee and a generous welcome bonus, it provides excellent value for everyday purchases.
Pros:
- No annual fee
- Customizable reward categories
Cons:
- Limited to three categories
- Lower cash back on non-category purchases
2.Canadian Tire Triangle Mastercard
Canadian Tire
- 4%Cash back at Canadian Tire, Sport Chek, and Mark's
- 5¢Cash back per litre on fuel
- 0.5%Cash back on all other purchases
Typically offers $150 in electronic Canadian Tire Money (CT Money).
Earn 4% back at Canadian Tire, Sport Chek, and Mark's, up to 5¢ per litre back on fuel, and 0.5% back everywhere else.
21.99%
22.99%
What sets the Canadian Tire Triangle Mastercard apart is its high cash back rate at Canadian Tire and its affiliates, making it an excellent choice for frequent shoppers at these stores. The no annual fee and substantial welcome bonus further enhance its appeal.
Pros:
- No annual fee
- High rewards at Canadian Tire and affiliates
Cons:
- Limited to specific retailers
- Lower rewards on non-affiliated purchases
3.Walmart Rewards Mastercard
Walmart
- 3%Cash back on eligible Walmart purchases
- 1%Cash back on all other purchases
Welcome bonus of up to $25 in Reward Dollars.
Earn 3% back on eligible Walmart purchases and 1% back on all other purchases.
21.99%
22.99%
This card shines for its straightforward rewards structure, offering a high cash back rate on Walmart purchases. With no annual fee and a welcome bonus, it is particularly appealing for regular Walmart shoppers.
Pros:
- No annual fee
- High rewards on Walmart purchases
Cons:
- Limited to Walmart for higher rewards
- Lower rewards on non-Walmart purchases
4.PC Financial Mastercard
PC Financial
- 2.5%Cash back at Shoppers Drug Mart
- 1%Cash back on all other purchases
50,000 bonus PC Optimum points (equal to $50 in value).
Earn 1% back in points on all purchases and 2.5% back at Shoppers Drug Mart.
21.99%
22.97%
The standout feature here is the ability to earn significant rewards at Shoppers Drug Mart, making it a great option for those who frequently shop there. The no annual fee and welcome bonus add to its attractiveness.
Pros:
- No annual fee
- High rewards at Shoppers Drug Mart
Cons:
- Limited to Loblaw-affiliated stores for higher rewards
- Lower rewards on non-affiliated purchases
5.Neo Financial Secured Mastercard
Neo Financial
- 1%Cash back on gas and groceries
- 5%Average cash back at Neo partner brands
Get a $25 welcome bonus when you fund your security deposit with $50 or more.
Earn 1% cash back on gas and groceries, and up to 15% back at Neo partner brands.
19.99%-29.99%
22.99%-31.99%
A key differentiator is its guaranteed approval, making it accessible for those looking to build their credit. The cash back on everyday purchases and partnerships with various brands enhance its value proposition.
Pros:
- No minimum income or credit score requirements
- Guaranteed approval
Cons:
- Requires a security deposit
- Monthly membership fee for full benefits
Did you know?
A no-fee credit card can beat a premium card if you do not use the extras. Match the card to your spend before chasing a bonus.
Final Words
As you consider your options for credit cards suitable for fair credit, remember that selecting a card with beneficial rewards and manageable fees can significantly enhance your financial journey. Take time to compare the features of various cards and choose one that aligns with your spending habits and goals.
Frequently Asked Questions
Get an extra 10% cash back on everyday purchases up to $100 during your first 2 months.
Earn 4% back at Canadian Tire, Sport Chek, and Mark's, up to 5¢ per litre back on fuel, and 0.5% back everywhere else.
The Walmart Rewards Mastercard offers a welcome bonus of up to $25 in Reward Dollars and allows you to earn 3% back on eligible Walmart purchases and 1% back on all other purchases.
Many cash back credit cards, including the top options for fair credit in Canada, have no annual fee, making them more accessible for users. Always check the specific card details to confirm any fees.
When selecting a credit card for fair credit, consider factors such as the welcome bonus, cash back rates, and any fees associated with the card. It's also helpful to evaluate your spending habits to choose a card that maximizes rewards.
To apply for a cash back credit card, you'll typically need to fill out an online application, providing your personal and financial information. Approval may take a few minutes, but some applications may require additional verification.
To maximize cash back rewards, focus on using your card for purchases in categories that offer higher cash back rates. Additionally, take advantage of any welcome bonuses and promotions during your first few months of use.
Customizable cash back categories allow cardholders to select specific spending categories where they can earn a higher cash back rate. This feature lets you tailor your rewards to better fit your spending habits.
