The Well

Rachel Surman | Blog

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! 

1. Scotia Momentum®Visa

Scotiabank Momentum Visa

  • 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.

2. CIBC Dividend® Visa Infinite™ Card

CIBC Cash-back Card

  • 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.

3. American Express®SimplyCash Card

Simply Cash - American Express

  • 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

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, but the interest rate will jump to 19.99%. Cash advances are standard, at 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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