The Best Cash-Back Credit Cards of 2017 In Canada
November 9, 2017
Cash-back credit cards are a great type of credit card because they are incredibly easy to use and understand. Rewards cards and travel are a good choice if you’re saving up for something specific, but the various rewards programs can be complicated.
Cash-back programs are simple because they are in terms that everyone understands: dollars! If you’re just looking to make some money back on your purchases, then a cash-back credit card is a great option. Many cards have a different rate of return for different spending categories, so it’s a good idea to weigh your options and choose a card that matches your spending habits. Here are our top three cash-back credit card picks of 2017!
- 2% Cash-back on eligible gas stations, grocery stores, and drug store purchases
- 1% Cash-back on all other eligible everyday purchases
- 2.99% Introductory interest rate for first 6 months
The Scotia Momentum®Visa is one of the best cash-back cards on the Canadian market. As discussed above, different cards have a different rate of return for different spending categories – and the Scotia Momentum®Visa is a good example.
You will receive 2% cash-back when you shop at eligible gas stations, grocery stores, and drug stores. You’ll also receive cash-back when you use this card to pay your household bills and 1% cash-back on all other eligible everyday purchases.
There is an annual fee – but it’s relatively low at $39. The interest rate is 19.99% on purchases and 22.99% on cash advances. There is also a balance transfer option for new card owners of a 2.99% interest rate for the first six months. This means that if you have an existing balance on a credit card to pay off, you can move the balance to the Scotia Momentum Visa card to pay less interest. However, your interest rate will jump to 19.99% after the introductory period.
The Bottom Line: If you drive frequently, or have a balance on your current credit card – the Scotia Momentum®Visa may be a good pick for you.
- 4% cash-back on net purchases for 4 statements ($5,000 max)
- 99$ Annual fee with first-year rebate
- 4% cash-back on all net purchases
The CIBC Dividend® Visa Infinite™ Card is a great cash-back card, although there is a $99 annual fee. CIBC does offer a first-year rebate for up to three secondary cards for new cardholders.
The card also offers 4% cash back on all net purchases for four statements, up to a total spend of $5,000, which works out to $200. Once this offer period is over, you can earn cash-back on every purchase with no limit on the total cash-back you can earn.
Again, different spending categories will earn you a different percentage of cash-back. With this credit card, you will earn 4% back on eligible gas and grocery purchases, 2% on cash-back at Tim Hortons and Telus purchases, and 1% back on all other purchases.
As for interest rates, you’ll receive a 19.99% rate on purchases and 22.99% interest rate on cash advances.
Perks include being a part of the Visa Infinite program, which includes access to luxury worldwide travel and hotels. There is, however, a minimum personal income requirement of $60,000 or a household minimum income of $100,000 to qualify as a cardholder.
The bottom line: The 4% cash-back on gas and groceries make the CIBC Dividend® Visa Infinite™ Card a great cash-back credit card choice.
- Earn 5% cash-back on all eligible purchases at gas stations, grocery stores and restaurants ($250 max) for first 6 months
- Earn 1.25% cash-back on all other purchases
- Optional Balance Transfer Offer – 1.99% introductory interest rate for first 6 months.
- Purchase APR: 19.99% and Cash Advance Rate: 22.99%
American Express®SimplyCash Card is a great cash-back credit card if you’re looking for a card with some flexibility. There’s no annual fee, which is a great bonus.
Next, it offers a competitive welcome rate of 5% cash-back on all eligible purchases for the first six months at gas stations, grocery store, and restaurants – but there is a $250 maximum. During the welcome period, you will receive 1.25% cash-back on all other purchases and this will become your standard cash-back rate once the welcome period is over.
The Optional Balance Transfer is also a great option if you have an existing balance on a high-interest credit card. You will receive a 1.99% introductory interest rate for the first six months. The purchase APR is 19.99% and the cash advance rate is 22.99%.
Perks include access to theatre and dining with American Express Invites, insurance coverage, and 24/7 Customer Service.
The Bottom Line: If you love going out to restaurants or theatre, the card American Express®SimplyCash Card may be a great card to suit your lifestyle.
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.
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