Best cash back credit cards in Canada for 2024

Money.ca rates credit cards on a scale of 1 to 5 (with 5 being the best) and are based on the following criteria: annual percentage rate (APR), annual fee, balance transfer fee, foreign transaction fee, penalty fee and APR, rewards programs, sign-up bonuses, customer service, security, additional features, acceptance, and credit score requirements. For more, read Money.ca’s complete review methodology.

Different categories of cards are rated using different weightings and each card is rated according to its primary category. Money.ca’s business relationships have no effect on ratings. For the best cash back credit cards in Canada, read on!

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.

The CIBC Dividend Visa Infinite 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 after the welcome offer ends†. 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, $30 each authorized user (up to 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: 4% and 2% cash back rates apply up to high $20K worth of annual eligible grocery, gas, EV charging, transportation, dining, and recurring bills; or up to $80K 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 minimum annual household income requirement of just $15,000.^†

Who's eligible?

Minimum credit score: Excellent

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

This is a digital-exclusive offer^.†

To be eligible for this offer:

1) this offer must have been directly communicated to you from CIBC or from a partner/affiliate; and

2) you must apply for the eligible card through the link provided in the CIBC or partner/affiliate communication to you.^†

This offer is reserved for you. Please do not forward it to anyone else. If you have opened, transferred or cancelled another eligible card within the last 12 months, we may approve your application, but you may not receive this offer^.†

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).

It’s important to note that if you have an annual personal income of $60K or household income of $100K, 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.

Annual fee: $0

Cash back structure: 2% cash back on two personal spending categories you select (can be changed every 90 days), 0.5% on all other purchases

Cash back perk: An extra purchase category (totaling three) to earn 2% cash back if you deposit the cash back you earn to a Tangerine Savings Account

Additional perks: Extended warranty doubles the manufacturers’ original warranty by up to one additional year

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: Fair/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

The SimplyCash® Preferred Card from American Express provides you with a nice welcome bonus: 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. Conditions apply. 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 annually) 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/month (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 annually) and 2% cash back on all other purchases

Additional perks: Access events and special offers curated for Cardmembers with American Express® Experiences, $100,000 Travel Accident Insurance, Buyer’s Assurance Protection Plan and Purchase Protection Plan

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: Good/Excellent

Minimum income: N/A

Age: 18+/age of majority

Residency: Canadian resident

The Rogers™ 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.

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

Annual fee: $0

Cash back structure: 3% cash back on purchases made in U.S. dollars and 1.5% cash back on all other purchases

Additional perks: purchase protection and extended warranties on purchases you make with the card.

For a no-fee card, the Rogers™ World Elite® Mastercard® truly delivers. Their earn rate on U.S. dollar purchases and everyday rate all purchases means this card puts money in your pocket, no matter where you’re shopping. Moreover, the sweet travel perks make it the perfect trip companion.

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!

Who's eligible?

Minimum credit score: Good/Excellent

Minimum income: $80,000 (personal)

Age: 18+

Residency: Canadian resident

With the Scotia Momentum Visa Infinite card, you’ll earn 4% for every $1 you spend on groceries, recurring bills, and subscription services, 2% on gas purchases and daily transit, and 1% on everything else with no cash back limit.

The 4% cash back at grocery stores as well as on subscriptions like Netflix, HelloFresh, or Chefs Plate is the highest earn rate for these budget items we pay. With 2% on on gas purchases and daily transit (including Uber) and 1% on everything else, the Scotia Momentum^® Visa Infinite* card is an urban professional’s dream.

Annual fee: $120 (waived in the first year¹)

Cash back structure: 4% cash back on all grocery, recurring bills, and subscription services, 2% cash back on gas purchases and daily transit, and 1% cash back on everything else with no cash back limit

Additional perks: New mobile Device Insurance, Trip Cancellation and Trip Interruption Insurance, plus Travel Emergency Medical Insurance, Flight Delay Insurance, Delayed and Lost Baggage Insurance

If you think about how many recurring bills you have, from cellphone bills to your gym membership, you can see how the Scotia Momentum® Visa Infinite* card will let you earn a ton of cash back easily. Few credit cards can keep up with the cash back earn rate of the Scotia Momentum® Visa Infinite* card.

However, there is one major downside: your cash back accumulates monthly but is only paid out once per year. If you like to get your hands on your rewards sooner rather than later, waiting for your annual payout can be a major bummer.

Nevertheless, the extra perks of the card including travel insurance and new mobile device insurance can make waiting for your cash back payout worth it.

Who's eligible?

Minimum credit score: Excellent

Minimum income: You must have a minimum annual income of $60,000 or a minimum household income of $100,000 or a minimum assets under management of $250,000

Age: 18+

Residency: Canadian resident/permanent resident

¹ Conditions Apply. Visit here for the Scotia Momentum® Visa Infinite* Card to learn more.

The BMO CashBack MasterCard offers the highest cash back on groceries in Canada without paying an annual fee†, at 3%*. That’s competitive with a number of upper-tier cards charging annual fees in excess of $100+. It also offers a second accelerated earn rate of 1% on recurring bills, as well as a more standard 0.5% on all other eligible purchases*.

Annual fee: $0

Regular cash back structure: 3% on groceries*; 1% on recurring bills*; 0.5% on all other purchases*

Balance transfer promotion: 0.99% introductory interest rate on Balance Transfers for nine months, 2% fee applies to balance amounts transferred*.

If groceries represent a huge, ever-present expense for you (as they do for most people), it’s a smart move to get a credit card that pays back on your repeated trips to the market. The BMO CashBack® Mastercard®* is an accessible way to maximize return on spending for those who can’t stomach paying an annual fee, or who don’t meet the income requirements for some of the upper-tier cards on this list.

The card’s only real shortcoming is that the enhanced cash back rates are limited: You can earn at the 3% and 1% rates only on the first $500 worth of grocery and recurring bill payments respectively each month*. If your monthly expenditures in those categories exceed $500, you should probably shell out for a card with an annual fee, but with a higher ceiling on the amount of cash back you can accrue.

Who's eligible?

Minimum credit score: Good

Minimum income: $15,000

Age: Age of majority in province/territory

Residency: Canadian resident

*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 January 4, 2023.

No credit card “has it all,” but some come pretty close. The Neo Credit Card makes sure you get what you want out of your credit card by, well, letting you choose what you want.

Everybody will earn up to an average of 5% cash back on qualifying purchases with more than 10,000 Neo partners. These include your favourite restaurants, stores, and even utilities companies (although that last one probably isn’t your “favourite” anything) so cash back below or above that advertised average depends on current offers and partners. There are no limits on how much cash back you can earn. Plus, you can get up to 15% back in welcome bonuses for first-time purchases at certain Neo partners.

As for the benefits, those can be up to you. You’ll be able to choose from more than six different subscription packages that include benefits and perks like cash back boosts, insurance, and more. For example, the Travel package helps you earn boosted cash back at travel partners and includes comprehensive travel insurance, and the Everyday Essentials package gives you a 1.5x cash back boost when you buy groceries or gas at partners.

You can choose all of these, none of these, or stack a few and switch things up whenever by just subscribing or unsubscribing to perks. Perks range from $0.99 to $9.99 a month.

Annual fee: $0

Cash back structure: Earn an average of 5% cash back at more than 10,000 partners

Cash back perk: Unlimited cash back, up to 15% cash back on first-time purchases at select Neo partners

Additional perks: Varies depending on which subscriptions you choose

All-in-all, we think Neo Credit is a terrific card, and it probably doesn’t need our help showing you that. This is the card for anyone who’s ever felt like they need to choose between two cards because you like the rewards better for one and the perks better for the other. This card gives you great base rewards with the option to pay extra for a more premium experience.

Obviously, our favourite thing about Neo Credit is the monthly perk subscriptions. The subscriptions are flexible, convenient and varied enough that this card can cover most of the top spending categories including dining, travel, shopping, and more. And for the value a subscription can offer you if you take full advantage, we think the prices are more than fair.

Who's eligible:

Minimum credit score: Fair/Good

Minimum income: N/A

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.

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 $80k individual or $150k household income to qualify.

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.