Whenever we talk about the benefits associated with credit cards in Canada, the first thing we consider is credit card rewards. Credit card applicants especially look for credit card cash backs offered before they go to buy it. Hence, our blog post will share a few of the top-rated Canadian credit cards, which offer lucrative cash back to their users.
CIBC Dividend Visa Infinite Credit Card
The CIBC Dividend Visa Infinite Card works well for long-distance commuters and families. It gives a high cash-back rate on groceries and gas supplies. The card mandates you to pay an annual fee of $120 to receive cash-back cards with the same level of benefits or services. The CIBC Dividend Visa Infinite Card is commendable for everyone who usually spends a minimum of $250 per month on groceries and gas. In this way, users may earn enough cash back yearly to cover the credit card’s annual fees.
Pros of the Credit Card
● Credit card holders will get a lucrative 10% cashback as a welcome offer.
● The credit card offers 4% of cash back on groceries and gas supplies.
● Users of this card may get Visa Infinite benefits during their journey
● CIBC Dividend Visa Infinite Card offers both travel insurance and mobile device insurance
Cons of the Credit Card
● A major drawback is that the CIBC Dividend Visa Infinite Card charges $120 as an annual fee. Indeed, the charge is relatively high than the charge of its competitor credit cards in Canada.
● The credit card is for all, who meet high-income requirements. Accordingly, the earning of an individual should be $60,000, and of a household must be $100,000.
Cashback Features and Benefits
● Opportunity to win 10% cash back on net purchases of $2000 during your first four statements
● Win 4% cash back on gas purchases and grocery items to a maximum of $20,000 yearly in such purchases or to a maximum of $80,000 in your yearly credit card purchases (whatever will be the first)
● Earn 2% cash back on recurring bills/payments, transport, and dining to up to $20,000 in respective expenses or net credit purchases to a maximum of $80,000 (whatever will be the first)
● 1% cash back on every other purchase without any limit
● Once you get cashback of $25, you may redeem it at any time via CIBC online and mobile banking. Users may also claim cash back yearly on their January statement
● Link your CIBC credit card to Journey Rewards to save $0.10 in one liter at selected gas stations
● Get emergency travel medical insurance of $5 million if you travel out of province for up to 10 days
● Get carrier accident insurance to a maximum of $500,000.
Neo Cashback Credit Card
Neo cashback credit card is a highly rewarding cashback credit card available for people in Canada. It offers an outstanding cashback rate while shopping at any Neo Financial Partner. The average cashback offer is 5% and it is according to the existing offers. However, the percentage may vary based on the term of the offer and the involved partners. Many retailers even give bonus cashback to first-time visitors, repeated visitors, and thresholds for specific purchases.
Pros of the Credit Card
● A prime benefit of the Neo cashback credit card is that it offers outstanding bonus offers.
● The credit card does not issue any limit or cap on the amount you earn, because of which you will get unlimited cashback.
● Facility to redeem the earned rewards anytime you want
● Operates everything via a digital and a user-friendly app
Cons of the Credit Card
● Neo cashback credit card does not offer extended warranty, travel insurance, or any other benefit to users.
● The card has a relatively low credit limit of up to $10,000.
● Restaurants and cafes are usually the Neo partners. Hence, offers are available from there only.
Scotia Momentum Visa Infinite Card
Scotia Momentum Visa Infinite Card is also a demanding cash-back credit card in Canada. It offers massive cash-back rates in certain categories, like groceries, utility bills, and gas supplies. It also boasts a few robust travel insurance coverages associated with various credit cards.
Pros of the Credit Card
● The card offers a cashback of 10% for the first spending of $2000 during its initial three months period so that you receive a $200 value.
● Scotia Momentum Visa Infinite Card offers 4% cash back on groceries and gas supplies.
● The card offers mobile devices and about ten other varieties of insurance to its users.
Cons of the Credit Card
● The main drawback of the Scotia Momentum Visa card is that it charges $120 as an annual fee.
● Users must fulfill high-income requirements, which are $100,000 for households and $60,000 for individuals.
Cashback Features and Benefits
● Scotia Momentum Visa Infinite credit card will waive the initial annual fee for the first year.
● The credit card allows you to earn 4% cash back on gas purchases and groceries to a maximum of $25,000 yearly
● You will earn 2% cash back on transport, dining, recurring payments, or bills to a maximum of $25,000 yearly.
● The Visa Infinite credit card lets you gain 1% cash back on every other purchase without any limit.
● The card lets users save 25% approximately on base rates at any participating Budget and Avis car rentals in Canada.
● Scotia Momentum Visa Infinite credit card offers about 11 diverse insurance coverage plans.
BMO Cashback World Elite Mastercard
BMO CashBack World Elite Mastercard secures third position in the list of the best credit cards for cashback in Canada. The reason is that it is the only card that lets you earn 5% cash back for buying groceries.
Pros of the Card
● Users may win the highest 10% cash back as a welcome bonus from BMO Cashback World Elite Mastercard.
● The credit card waives the annual fee of $120 for the first year.
● You will get 5% cash back on groceries, which is the highest income rate in Canada for the respective category.
● The credit card provides the highest cashback earning rates across multiple purchase categories.
● Users will get roadside assistance and travel insurance.
Cons of the Card
● BMO Cashback World Elite Mastercard mandates you to pay an annual fee of $120.
● The credit card is for high-income groups, as households and individuals with incomes of $150,000 and $80,000 are the right applicants.
● The credit card has a limit of $500 as per billing cycle.
Cashback Features and Benefits
● You will earn 10% cashback on $2600 in a few qualified purchases in the initial 3 months. Especially, groceries purchases will account for $50 of potential cashback up to $260.
● Earn 4% cash on every eligible purchase related to ground transportation on your first $300 in one billing cycle
● Earn 5% cash back on your eligible purchases of grocery items to up to $500 in one billing cycle
● Get 3% cash back on purchases related to electric vehicles and gas charging on your initial $300 in one billing cycle
● Win 2% cashback on your recurring bill payments on your initial $500 every billing cycle.
● Get 1% cash back on every miscellaneous purchase without any limit.
● Facility to redeem cash without any minimum limit and at any time you want
● Roadside assistance combined with out-of-country and out-of-province emergency-based travel medical benefits to up to $2 million for 8 days.
American Express-powered SimplyCash Preferred Card
American Express-powered SimplyCash Preferred Card is also a cashback credit card. It has zero spending limit and offers rewards in diverse categories. Moreover, the card provides a straightforward and reliable means to win cashback benefits on each purchase.
Pros of the Card
● SimplyCash credit card offers the highest value of welcome bonus in Canada with a maximum of $400.
● Facility to make a monthly payment of $9.99 to cover the annual fee of $119.88.
● Win 4% cashback on gas and groceries, which would be a maximum of $1,200 annual cashback.
● Offers coverage for 9 diverse insurance policies, including $5 million of emergency travel medical insurance for 2 weeks
Cons of the Card
● The major drawback of the card is that the annual fee may go to $119.88 in one year.
● SimplyCash credit card never covers any emergency medical travel insurance for anyone who exceeds 65 years of age.
Cashback Features and Benefits
● Users of the credit card will receive a $40 statement credit for the initial 10 months when they spend $750 in one month to receive $400 value.
● Earn cashback of 4% on gas supplies and groceries, which would be $1,200 cashback annually.
● Earn 2% cashback on every purchase with zero limit on your spent dollars.
● Get emergency travel insurance for up to 15 days both out-of-country and out-of-province journeys. However, you should be less than 65 years of age.
● $500 in baggage and flight delay insurance with $500 in stolen or lost baggage insurance
● $100,000 in dismemberment and accidental death insurance is available
Rogers World Elite Mastercard
The Rogers World Elite Mastercard provides a maximum of 3% cashback to become a preferable cashback credit card in Canada. It has competitive rates of cashback on every purchase with no foreign transaction fee on your purchased US dollars.
Pros of the Card
● The credit card has a zero annual fee
● Rogers World Elite Mastercard gives a $25 welcome bonus without any spending requirement.
● Users may receive 3% cashback on their US dollar purchases.
● Offers 5 diverse insurance coverage with travel and consumer protection
● Complimentary access to about 1,300 global airport lounges
Cons of the Card
Mandates the requirement of high income to qualify for the credit card
The cashback rate by Rogers World Elite Mastercard remains available only for US purchases.
Involves low welcome bonus
Mandates a minimum expense of $15,000 yearly to meet the eligibility criteria
Cashback Features and Benefits
● Rogers World Elite Mastercard offers a $25 as a welcome bonus while you go for your first purchase within the initial 3 months.
● The card has zero annual fee
● Opportunity to win 3% cash back on US dollar purchases and 1.5% cash back on other purchases without any spending cap.
● Users should meet the annual income requirements to get the credit card. Accordingly, the income of households must be $150,000 while that of a single person should be $80,000.
Conclusion
Cashback credit cards in Canada are rewarding, as they let you earn certain percentages for your made purchases. However, you should check and ensure that your selected credit card matches your spending habits and income.