Are you looking for a simple way to earn money while doing your everyday purchases? Then a cashback credit card might be the right option for you! There are hundreds of cash-back credit cards on the market. We have gathered the five best based on different aspects.
The Scotia Momentum Visa Infinite
This card provides a 4% cashback on grocery store purchases and any recurring payments or subscriptions, 2% on gasoline and public transportation expenditures (including ridesharing services like Uber), and 1% on all other transactions.
Tangerine Money Back
This card lets you select the categories in which transactions qualify for additional cashback. The categories include cashback: grocery, entertainment, and transportation, furnishings, restaurants, hotels and motels, gasoline, recurring bills, pharmacy, and parking. Those two category will earn you 2% cashback. A welcome offer is available right now where you can get 1.95% interest rate for the first 6 months
American Express SimplyCash™ Preferred Card
This card is perfect if you don’t want to deal with spending categories or income restrictions.
This card offers 2% cash back on all purchase. A special welcome promotion offers you 10% cash back on all purchases for the first four months, up to a maximum of $400 in cash back.
BMO CashBack Mastercard
This card earns 3% cash back on groceries, 1% on recurring bill payments, and 0.5 % on other items. A welcome promotion gives you at least 5% cash back on any purchases made within the first three months of your account. This card gives you also a 1.99% introductory interest rate on balance transfers for 9 months plus 1% fee applies to balance amounts transferred
CIBC Dividend Visa Infinite
This card has a 4% cash back on groceries and gas. Dining (including food delivery), daily transport (ride sharing and bus passes), and recurring bill payments all get double cash back.
| Annual rate | Interest fees | Annual income required | Insurance included | |
The Scotia Momentum Visa Infinite | $120 | 20.99% / 22.99% | $60,000 or $100,000 per household | Mobile device insurance |
| Tangerine Money Back | $0 | 19.95% after welcome offer | $12,000 | Purchase insurance and extended waranty |
| American Express SimplyCash Preferred Card | $99 | 19.99% on purchases and 21.99% on funds advances | No minimal | Travel accident insurance, zero liability, extended warranty, and purchase assurance |
| BMO CashBack Mastercard | $0 | 19.99% on purchases and 22.99% on funds advances (21.99% for Quebec residents) | $15,000 | Purchase insurance and extended waranty |
| CIBC Dividend Visa Infinite | $120 | 19.99% on purchases and 22.99% on funds advances (21.99% for Quebec residents) | $60,000 or $100,000 per household | Mobile device insurance, purchase security and extended warranty, our-of-province emergency travel medical insurance, $500,000 common carrier accident insurance, car rental collision/loss damage insurance |
Conclusion
Because of its versatility, cash back is one of the most appealing credit card rewards alternatives. Instead of being restricted to trip redemptions or item purchases, you have complete freedom to spend your money anyway you choose.
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