Best Cashback Credit Card Canada
This year, the Mandarin Money-Back credit card had to be our choice, and it won out by a slim margin. Why we made the most of it: Since its launch in 2016, there has been much talk about including it in our list of the best cashback credit cards in Canada, but this year we had a slightly different view, so why not?
The Cash Rewards credit card is a good choice for consumers looking for a credit card with an annual fee and a generous welcome bonus. The high flat cash-back rate combined with a fantastic welcome offer makes it the best cashback card in Canada. Cash credit cards are also ideal for those who want a high-back, low fee for their money back. If you prefer a cash-back card with an easy-to-use interface and low fees, the Citi (r) double debit card is hard to beat.
Credit cards are a great option if you want to earn money back on your spending. The great thing about high cash payments – the repayment for everyday expenses can be coupled with a credit card that offers it again in a particular category – is that Canada has many different categories of cashback cards. You will find that some will give you extra cash for specific categories, and in particular, you will find the Citi Cash Rewards credit card with the highest cashback rate in the country.
The card has an annual fee but offers the highest cashback rate of any credit card in the country and the lowest monthly fee. So if you look at the list above, the American Express SimplyCash Preferred Card will offer you the most benefits of any credit card without getting upset. This includes a cash withdrawal of up to 10% on your monthly payments and a 2.5% bonus on purchases over $500.
If your income is low, the Tangerine Money-Back credit card offers the highest cashback rate of any credit card in the country and the lowest monthly fee. However, if you’re looking for a great cashback credit card, you also need to be aware of the $1,000 annual fee on American Express’ SimplyCash Preferred Card.
Many of the best cash credit cards come with annual fees, so start by comparing the rewards rate and annual fee. Earning rates, bonus features are lower than the annual fee of other cards, but the fee comes with a higher monthly fee of $1,000 per year. There are many additional excellent cash back credit card options in the country, and some of them also have high earning rates, but they are all fee-based and not as good as the Tangerine Money-Back card.
Tangerine is undoubtedly one of the best digital banks currently operating in the country, so it makes sense that it would find a place in this assessment. The annual fee is annoying, but it is essential to consider it before applying for a credit card for cashback. For the following reasons, the cashback card is an excellent no-fee option for those with an annual fee. First, given the considerable return, there’s no need to top up the $1,000 monthly fee on top of your monthly earnings.
To help you, we’ve compiled a list of the best cashback credit cards in Canada with a minimum of $1,000 in annual fees.
If you have opted for rewards with credit cards in the form of cash-back payments, you should consider one of the Tangerine Cash MasterCards with an annual minimum amount of $1,000. If you’re looking for the best cashback credit cards in Canada with an annual fee of less than $500, you’ll need to find another that won’t be as expensive as the one on the list below. Mile Cash credit card is the only one on this list with no monthly fee and minimum fee. Its no-cashback card makes it cheaper than any other cashback card.
If you’re looking for food and gas, take the CIBC Dividend Visa Infinite card, rewards you for spending. If you spend at least $2,000 a month on credit cards, the Visa signature card may suit you. However, the $1,500 monthly fee is hard to top if you’re looking for a high-fee cashback credit card with no monthly fees.
It seems counter-productive – intuitively paying an annual fee for a cashback credit card, but it’s worth it if the card offers a good amount of cash – to repay rewards such as an annual bonus of $1,000. If you already have a high fee credit card such as the Visa Signature Card or MasterCard Platinum, it may be helpful to get a high fee credit card that offers cash refunds to complement it. But, again, it may seem counter-productive to pay an annual fee with a cashback credit card. Still, it is worth taking advantage of the extra cashback rewards it offers, particularly for those with high spending habits.