Best Cash Back Credit Cards in Canada for 2025

Cash back credit cards reward you with a percentage of your everyday spending back in cash, whether you’re buying groceries, filling up the gas tank or shopping online. However, with so many options available, selecting the right card for you can be challenging. We’ve removed the guesswork by carefully researching over 15 cash back credit cards and selecting what we believe are the six best cards in Canada for 2025.  

How Do Cash Back Credit Cards Work?

Earning 

Cash back credit cards are very straightforward: you spend money and receive a percentage back. For example, if your card gives you 3% back on groceries, a $300 trip to Loblaws or Sobey’s will net you $9 in cash. 

Most cash back cards offer bonus cash back on specific spending categories, such as groceries, gas, dining out and entertainment. Any spending that falls outside of the bonus categories earns cash back at the base rate, which is usually between 0.5% and 1.5%, with occasional exceptions. 

Cash back cards can also have monthly or annual spending caps for the various bonus categories. For example, you might be limited to $500 in monthly grocery spending or $20,000 per year in a different category. 

Redeeming 

Credit card issuers have different rules for redeeming your cash back. Some provide you with an annual statement credit, while others offer more frequent redemptions, including monthly redemptions or redemptions as soon as you reach a specific rewards amount. 

Here are the redemption options for various credit card issuers:

Types of Cash Back Credit Cards

Bonus category cards

Bonus category cards are often premium cash back credit cards that offer higher cash back rates in certain spending categories, such as groceries, gas, restaurants or transit. These cards are ideal for people who spend a lot of money in one or two key areas each month. Spending beyond the bonus categories still earns cash back, but at a much lower rate. For example, the CIBC Dividend Visa Infinite offers 4% cash back on groceries, gas and EV charging, as well as 2% on dining, transportation and recurring bills. However, all other purchases only earn 1%. 

Flat-rate cards

Flat-rate cash back cards offer the same cash back percentage on every purchase — there are no bonus spending categories. These cards are ideal for people who either don’t spend large amounts in a specific category or who want simplicity and don’t want to track bonus categories. These cards typically offer anywhere from 0.5% to 2% across the board.  

Flexible bonus category cards

Flexible bonus category cards let you choose the bonus category (or categories) where you will earn a higher rate. While not as common, these cards are well-suited for people whose spending habits change throughout the year, or who prefer to have more control over their rewards. The Neo World Elite Mastercard is a good example of a flexible bonus category card, as cardholders can earn additional cash back through personalized offers at thousands of Neo partners. You can also earn a cash back “boost” of up to 2% extra (see details in card summary below). 

Best Cash Back Credit Cards in Canada

Based on our research, here are the 6 best travel credit cards in Canada for 2025. Each card has one or more standout features:

Best Overall Cash Back Card 

TD Cash Back Visa Infinite

Overview 

• Annual Fee: $139

• Supplementary Card: 21.99%

• Purchase Interest Rate: 22.99%

• Cash Advance Interest Rate: $50

Rewards and Perks

• Earn 3% cash back on groceries, gas, EV charging and public transit

• Earn 3% cash back on recurring bill payments and streaming, digital gaming and media purchases 

• Earn 1% cash back on all other purchases

• Free TD Deluxe Auto Club membership 

• Travel Medical Insurance and Delayed and Lost Baggage Insurance

• Auto Rental Collision/Loss Damage Insurance

• Mobile device insurance 

Pros 

• 3% cash back on a wide range of spending categories 

• Extensive insurance coverage

• Complimentary Visa Infinite benefits 

Cons 

• Some cards offer a higher bonus cash back rate 

• The $139 annual fee is higher than some competitors

Borrowell’s Take

The TD Cash Back Visa Infinite is our pick for the best overall cash back card for 2025. Although it might not be the best card in any single category, it scored well across the board. In addition to a generous 3% cash back on several spending categories, the card offers valuable insurance benefits and a substantial welcome offer, including an annual fee waiver for the first year. Speaking of the annual fee, it’s a respectable $139, though some comparable cards are slightly lower.  

Visit the TD website to apply.

Best No Fee Cash Back Card 

Rogers Red World Elite Mastercard

Overview 

• Annual Fee: $0

• Supplementary Card: Free

• Purchase Interest Rate: 20.99% - 25.99%

• Cash Advance Interest Rate: 22.99% - 27.99%

Rewards and Perks

• Earn 2% unlimited cash back on all eligible purchases (must have 1 qualifying service with Rogers, Fido or Shaw), otherwise; 

• Earn 1.5% unlimited cash back on all other non-U.S. dollar purchases

• Earn 3% cash back on all U.S. dollar purchases 

• Earn 1.5X cash back when you redeem for Rogers, Fido or Shaw purchases 

• Additional travel and insurance benefits for Rogers customers 

 Pros 

• Very high cash back rate for a no-fee credit card 

• Offers massive value if you’re a Rogers customer 

• Exclusive Rogers benefits

Cons

• Must be a Rogers, Fido or Shaw customer to fully benefit from rewards and features

• High minimum annual income requirement for a no fee card 

• No welcome offer

Borrowell’s Take

The Rogers Red World Elite Mastercard is one of the best cash back credit cards on our list — if you’re a Rogers, Fido or Shaw customer. If not, it still ranks as the best no fee cash back card, with a base earning rate of 1.5% cash back on all non-U.S. dollar purchases and 3% on U.S. dollar purchases. Rogers customers get the elevated 2% cash back on non-U.S. dollar purchases, comprehensive insurance coverage and exclusive Rogers benefits. One drawback is the minimum income requirement ($80,000 for an individual or $150,000 for a household), which is high for a no fee credit card.

Visit the Rogers website to apply.

Best Cash Back Card for Groceries 

BMO CashBack ® World Elite ® Mastercard ®

Overview 

• Annual Fee: $120

• Supplementary Card: $50

• Purchase Interest Rate: 21.99%

• Cash Advance Interest Rate: 23.99% 

Rewards and Perks

• Earn 5% cash back on grocery purchases 

• Earn 4% cash back on transit, including ridesharing, taxis and public transit 

• Earn 3% cash back on gas and EV charging 

• Earn 2% on recurring bill payments 

• Earn 1% cash back on all other purchases 

• Purchase protection and extended warranty 

• Car rental and gasoline discounts 

• Emergency Travel/Medical Insurance coverage included

Pros 

• High bonus earnings, including 5% cash back on groceries

• Generous welcome offer 

• Complimentary roadside assistance 

Cons 

• $500 monthly spending cap on groceries (for 5% cash back)

• High annual income requirement ($80,000 per individual or $150,000 per household)

Borrowell’s Take

The BMO CashBack World Elite Mastercard almost edged out the TD Cash Back Visa Infinite as our pick for best overall, with the latter getting the nod for its superior insurance coverage. That said, if you spend a significant amount on groceries, the BMO CashBack might be a better choice. It offers an astounding 5% cash back on grocery purchases, along with 4% cash back on transit and 3% cash back on gas. It also features an attractive welcome bonus with up to 10% cash back over the first three months, a $75 cash back bonus if you spend $25,000 in the first year and an annual fee waiver for the first year ($120 value). 

Visit the BMO website to apply.

Best Cash Back Card for Gas

CIBC Dividend Visa Infinite

Overview 

• Annual Fee: $120

• Supplementary Card: $30

• Purchase Interest Rate: 20.99%

• Cash Advance Interest Rate: 22.99%

Rewards and Perks 

• Earn 4% cash back on gas, EV charging and groceries 

• Earn 2% cash back on dining, transportation and recurring payments or bills

• Earn 1% cash back on all other purchases 

• Auto Rental Collision/Loss Damage insurance 

• Emergency travel medical insurance 

• Mobile device insurance 

• Purchase security and extended warranty coverage

• Common carrier accident insurance 

• Exclusive Skip+ benefits

• Gasoline discounts

Pros 

• High cash back on gas and groceries 

• Attractive welcome bonus (Over $400 value)

• Lower annual income threshold than comparable cards

Cons 

• Less insurance coverage than some competing cards

• High minimum annual income threshold ($60,000 individual or $100,000 household)

Borrowell’s Take

The CIBC Dividend Visa Infinite is one of the top-rated cards on our list, mainly due to its excellent bonus earning rates on gas and groceries. In fact, the 4% cash back it offers on gasoline purchases is the highest among all the cards we compared. If you spend a significant amount on gas for your vehicle, this might be the card for you. The card also comes with several types of insurance and a generous welcome offer worth up to $400 or more.

Visit the CIBC website to apply.

Best Cash Back Card For Flexible Rewards

Neo World Elite Mastercard

Overview 

• Annual Fee: $125

• Supplementary Card: $49

• Purchase Interest Rate: 19.99 - 29.99%

• Cash Advance Interest Rate: 22.99 - 31.99%

Rewards and Perks

• Earn 5% cash back on grocery spending 

• Earn 4% cash back on recurring bills 

• Earn 3% cash back on gas purchases 

• Earn 1% on all other purchases 

• Opportunity to boost your cash back up to an additional 2%

• Auto rental collision/Loss damage insurance

• Emergency travel medical insurance 

• Delayed and lost baggage insurance 

• Trip cancellation/interruption insurance 

• Flight delay insurance 

• Hotel and motel burglary insurance 

• Purchase protection and extended warranty coverage 

Pros 

• High cash back rates on groceries, gas and recurring bills 

• Cash back offers from thousands of Neo retail partners

• Opportunity to boost cash back earnings

Cons 

• High annual fee

• High yearly minimum income threshold ($80,000 individual or $150,000 household)

Borrowell’s Take

The Neo World Elite Mastercard is a premium cash back rewards card from Neo Financial, an emerging Canadian fintech. It offers high earning rates on groceries (5%), recurring bills (4%) and gas purchases (3%). However, what sets the card apart is the opportunity to earn even higher cash back rates in several different ways. You can take advantage of personalized cash back offers when you shop at Neo partner stores. Additionally, you can earn up to a 2% cash back boost by either adding funds to a Neo Everyday spending account or subscribing to a Premium plan ($9.99/month). The card also includes other perks, such as comprehensive insurance coverage.  

Visit the Neo website to apply.

Best Cash Back Card for Insurance

Scotiabank Momentum Visa Infinite Card

Overview

• Annual Fee: $120

• Supplementary Card: $50

• Purchase Interest Rate: 20.99%

• Cash Advance Interest Rate: 22.99%

Rewards and Perks 

• Earn 4% cash back on groceries and recurring payments 

• Earn 2% cash back on gas and daily transit 

• Earn 1% cash back on all other purchases 

• Travel emergency medical insurance 

• Rental car collision/Loss Damage insurance

• Trip cancellation and interruption insurance 

• Flight delay insurance 

• Lost baggage insurance 

• Travel accident insurance 

• New mobile device insurance 

• Purchase protection and extended warranty 

• Car rental discounts 

Pros 

• Excellent insurance coverage 

• Attractive welcome bonus (value of up to $300 or more)

• High cash back on groceries and recurring payments 

Cons 

• Redemption flexibility is limited

• High minimum income threshold ($60,000 per individual or $100,000 per household)

Borrowell’s Take

The Scotiabank Momentum Visa Infinite is an excellent all-around cash back card, with high bonus cash back for groceries and recurring payments and a solid welcome bonus. However, the card stands out for its insurance offerings, which include as many as eight different types of coverage. If you prefer earning cash back rewards but want the travel protections, the Momentum Visa Infinite is an excellent choice. 

Visit the Scotiabank website to apply.

The Bottom Line

Cash back credit cards are best suited for people who pay off their balance in full each month and want to earn rewards on their everyday spending. They can be particularly useful for people who spend a significant amount on groceries and gas, as those categories tend to have the highest bonus cash back rates on most cards. These cards are also good for people who prefer simple, flexible rewards. Unlike with many travel rewards credit cards, cash back rewards are redeemed as statement credits or a direct bank deposit.   

Methodology 

We reviewed over 15 popular Canadian cash back credit cards to determine which ones offer the best overall value to consumers. Our selections are based on the following criteria: 

Bonus Cash Back Rates 

Many cards offer elevated cash back rates in specific spending categories, like groceries, gas, restaurants, or recurring bills. We assigned higher scores to cards that offer generous bonus rates, especially those with high monthly spending caps.

Base Cash Back Rates 

We also looked at the base earning rate each card offers on all purchases. This is the guaranteed return you receive, regardless of the spending category, and typically falls between 0.5% and 1.5%. Cards with higher base rates ranked better, especially those offering 1% or more on every dollar spent. 

First-Year Value

The First Year Value is the estimated value you can get through your credit card features in the first year. We calculate this amount based on available information. Please visit the partner’s website for the most up-to-date value estimate.

Annual Fee

We considered a card’s annual fee in our rankings. Lower-fee and no-fee cards generally scored higher, unless a higher fee was clearly offset by a greater-than-average reward value, perks, or insurance. 

Additional Card Benefits

We evaluated each card’s additional features, including purchase protection, extended warranty coverage, insurance coverage, car rental or gasoline discounts, and exclusive partner offers. Cards with more benefits earned higher marks.