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Barry Choi | Credit Cards,Blog

The Best Cash-Back Credit Cards of 2018 In Canada

November 24, 2018

If you don’t like to travel and don’t really care for earning points that can be redeemed for merchandise, then a cash-back credit card is the perfect choice for you. That’s why we’ve rounded up the best cash-back credit cards in Canada! With cash-back cards, there’s no need to worry about a complicated rewards system because you earn a fixed amount on all your spending. It’s that simple. 

Although the concept of cash-back is easy to understand, no two credit cards are alike. You need to consider the annual fee (if any), the percentage in cash-back you’re getting, and any higher rates of return you get when spending on certain categories. Here are our top three picks for the best cash-back credit cards in Canada.

Top Three Best Cash-Back Credit Cards In Canada

American Express® SimplyCash CardTM

  • No annual fee
  • 2.5% cash-back in your first 3 months (up to $150 cash-back)
  • 1.25% cash-back on purchases the promotional rate ends
  • Optional Balance Transfer Offer – 1.99% introductory interest rate for the first 6 months

The American Express SimplyCash Card is often ranked as the best cash-back credit card in Canada since you’ll earn 1.25% cash-back on all purchases and there is no annual fee. There’s no need to worry about multipliers or specific categories, you’re getting the same great rate regardless of where you spend your money.

Best of all, the card gives you 2.5% cash-back (up to $150 cash-back) on all purchases made in the first three months of card membership. You also have the option to balance transfer at a 1.99% rate for the first six months of cardmembership. This rate is incredible since that’s one of the lowest balance transfer interest rates on the market. Check your credit score with Borrowell to see if you could qualify for this awesome credit card! 

Check your free credit score through Borrowell and visit the “My Recommendations” tab on your credit dashboard to see all the financial products available to you.

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Scotia Momentum® No-Fee Visa* Card

best cash back credit cards

  • No annual fee
  • 1% cash-back on eligible purchases made at gas stations, grocery stores, drug stores, and recurring bill payments
  • 0.5% cash-back on all other eligible purchases
  • Up to 25% off base rates at participating AVIS and Budget car rental locations

When shopping at gas stations, grocery stores, drug stores or making recurring bill payments with your Scotia Momentum No-Fee Visa, you’ll earn 1% cash-back. All other purchases get you 0.5% cash-back. This rate of return is lower than the American Express SimplyCash credit card, but some people prefer the Scotia Momentum No-Fee Visa since Visa cards are more widely accepted around the world.

Supplementary cards are free and you also get up to 25% off base rates at participating AVIS and Budget car rental locations.

MBNA Smart Cash Platinum Plus® Mastercard®

best cash-back credit cards

  • No annual fee
  • Earn 5% cash-back on gas and groceries for your first 6 months ($500 monthly cap in each category)
  • Earn 2% cash-back thereafter on gas and groceries thereafter ($500 monthly cap in each category)
  • 0.5% cash-back on all purchases after the promotional period ends

Of all the best cash-back credit cards in Canada, the MBNA Smart Cash Platinum Plus Mastercard has the best sign up bonus. You’ll 5% earn cash-back on gas and groceries for your first 6 months, which caps at $500 for each category. Once you reach that cap, you’ll earn 2% cash-back thereafter on the same categories with another monthly cap of $500 in each category. This may sound a bit complicated, but if you’re like many Canadians and plan on spending a lot on gas and groceries in the next six months, you should definitely consider applying for this card.

Once your promotional period ends, you’ll earn 0.5% cash-back on all purchases so keep that in mind when you’re trying to determine which card is best for you.

There you have it – Borrowell’s top three picks for the best cash-back credit cards in Canada. Hopefully, you’ll be able to find the best cash-back card to suit your needs. 

Check your free credit score through Borrowell and visit the “My Recommendations” tab on your credit dashboard to see all the financial products available to you.

Get My Free Credit Score

Editorial Note: Our editors’ opinions are their own and content is accurate to the best of our knowledge when it is posted. Borrowell does receive compensation from third-party advertisers, but it does not affect our editors’ opinions.

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