Our rankings for 2024 see the addition of a new cash back rewards category! In past years we have ranked the top 5 cash back cards overall whether they had or didn't have an annual fee. Based on reader feedback about no fee cash back cards we have decided to split the rankings into fee and no annual fee cash back rewards cards. You'll find the winners in the two separate categories below!
Looking for a travel card? Check out Canada's Top Travel Rewards Credit Cards for 2024!
While the rankings rely heavily on the actual cash back earned, the best card for you may not be the best card on this list. Some key aspects to take into consideration when choosing a cash back credit card are:
While Rewards Canada takes into account all the aspects of the cards, most Canadians get cash back cards for the cash back rewards first and foremost, with all other features and benefits being secondary to that. Hence our rankings weigh heavily on the cash back earned. You can see our breakdown of the cash back earned below the rankings and card details.
With well over 40 cash back card options, selecting the right one can be a daunting task but we've made that easier by narrowing down the field to the following fee and no fee cash back cards:
The best cash back rewards cards in Canada are:
The SimplyCash Preferred Card from American Express takes the top spot for the third year in a row thanks to up to $400 in statement credits in the first 10 months, 4% back on gas and groceries and 2% back on all other spending. In the first year it blows the competition away with its cash back earning and still eclipses all other cards year after year with its everyday earn rates. We just wish they would move away from awarding the cash back once per year with this card!
Cash back earnings*:
Year 1: $530 to $1,630+
Each year after that: $150 to $1,230+
Cash Back Access (Liquidity): Once per year
After the SimplyCash Preferred Card from American Express, here's how the rest of this category plays out:
Canada's Top Travel Rewards Credit Card for seven years running, the American Express Cobalt Card, is also the number two cash back card in Canada! With a Use Points for Purchases (statement credit) redemption rate of 1,000 points for $10, this card earns a healthy 1%, 2%, 3% and 5% cash back on spending. Even with its $12.99 monthly fee this card's cash back earning beats most of the other cards on the list and many of those cards offer their first year free! The Cobalt Card's welcome bonus of up to 15,000 points is worth $150 in cash back alone.
Cash back earnings*:
Year 1: $254 to $1,294+
Each year after that: $104 to $1,144+
Cash Back Access (Liquidity): Cash out anytime your reward balance reaches 1,000 points ($10)
Click here to apply for the American Express Cobalt Card
In third place is the CIBC Dividend® Visa Infinite* Card which currently features a first year annual fee rebate and 10% cash back for the first 4 statements on net purchases of up to $2000†. Add in a strong 4% cash back on groceries and gas plus 2% cash back on eligible transportation, dining purchases and recurring payments and you have a high earning cash back card. You do want to be aware the 4% and 2% categories are capped $20,000 spend annually, which should be fine for most Canadians. It also has very good insurance benefits for a cash back card!
Cash back earnings*:
Year 1: $365 to $1,197+
Each year after that: $100 to $930+
Cash Back Access (Liquidity): Cash out anytime your reward balance reaches $25.
Click here to apply for the CIBC Dividend Visa Infinite Card
Fourth spot goes to a veteran card in the Canadian market, the Scotia Momentum Visa Infinite card which has always been one of the better cash back cards. It's strong earn rate of 4% on grocery and recurring bill payments and the first year annual fee being waived help this card retain a spot in the top 5 in Canada. Like the number one ranked SimplyCash Preferred Card, we just wish this card would go away from awarding cash back once per year.
Cash back earnings*:
Year 1: $215 to $1,075+
Each year after that: $95 to $955+
Cash Back Access (Liquidity): Once per year
Click here to apply for the Scotiabank Momentum Visa Infinite card
Rounding out the top 5 is the TD Cash Back Visa Infinite* Card which is a decent contender in the cash back market. It makes it into the rankings by offering earn rates of 3% on grocery, gas and recurring bill payments, a very good welcome bonus and the first year annual fee being waived.
Cash back earnings*:
Year 1: $416 to $1,136+
Each year after that: $60 to $720+
Cash Back Access (Liquidity): Cash out anytime your reward balance reaches $25.
Click here to apply for the TD Cash Back Visa Infinite* Card
The best no annual fee cash back rewards cards in Canada are:
The Rogers World Elite Mastercard takes the top spot in our first ever ranking of no fee cash back cards. This card offers a flat 1.5% cash back on all purchases with no annual caps. Purchases in US$ get bumped up to 3% cash back making it an excellent card for travelling to the U.S. and for online shopping out of the U.S.. With it being a World Elite Mastercard it also comes with an airport business class lounge membership which provides discounted entry fees and free global Wi-Fi via Boingo. It also has a very good insurance benefits package for a no fee cash back card.
Cash back earnings*:
Year 1: $175 to $775+
Each year after that: $150 to $750+
Cash Back Access (Liquidity): Cash out anytime your rewards balance reaches $10.
After the Rogers World Elite Mastercard, here's how the rest of this category plays out:
Coming a close second is the SimplyCash Card from American Express. This card actually earns slightly more cash back than the Rogers World Elite Mastercard based on our spending breakdown but the Rogers Card with a better acceptance rate and more benefits edges it out for the top spot. Still the SimplyCash Card is an excellent choice that offers 2% cash back on gas and grocery purchases (grocery is capped at $12,000 in spend annually) and then 1.25% on all other purchases. It's welcome bonus also provides up to $100 extra in cash back rewards.
Cash back earnings*:
Year 1: $251.25 to $856.25+
Each year after that: $151.25 to $756.25+
Cash Back Access (Liquidity): Once per year
Click here to apply for the SimplyCash Card from American Express Card
In third place is the very popular Tangerine Money-Back Credit Card. This card is at its best when you combine it with a free Tangerine savings accounts so that you can earn 2% cash back in three categories of spending instead of two if you do not have a savings account. Being able to select which categories you can earn 2% cash back is great as you can really maximize your returns on the places where you spend the most. All other spending on the card earns 0.5% cash back which is what keeps this card from being even higher up the ranks. The cards offers a welcome bonus of 10% cash back on up to $1,000 of spending in the first two months of having it.
Cash back earnings*:
Year 1: $180 to $630+
Each year after that: $110 to $550+
Cash Back Access (Liquidity): Cash back is awarded automatically on a monthly basis
Click here to apply for the Tangerine Money-Back Credit Card
The recently enhanced Rogers Mastercard takes fourth spot in the rankings, However, it can rank even higher (the best no fee card actually) if you are a Rogers/Shaw/Fido customer as your cash back earnings are doubled (or even tripled if you redeem cash back towards Rogers/Shaw/Fido purchases or bills). The card is not limited to Rogers customers however, any one who gets the card will enjoy 1% cash back on all purchases plus 2% cash back on purchases made in US$. All approved applicants will also earn 10% cash back on up to $1,000 in spending in the first three months.
Cash back earnings (see below for more details):
Year 1: $190 to $590+ ($280 to $1,080+ for Rogers/Shaw/Fido customers)
Each year after that: $100 to $500+ ($200 to $1,000+ for Rogers/Shaw/Fido customers)
Cash Back Access (Liquidity): You can cash out anytime your rewards balance reaches $10.
Click here to apply for the Rogers Mastercard
Rounding out the top 5 is the Simplii Financial Cash Back Visa Card which provides an excellent 4% cash back on restaurant, bar and coffee shop purchases (up to $5,000 spend annually). It also earn 1.5% cash back on gas, groceries, drug stores and and pre-authorized payments (up to $15,000 spend annually) and then 0.5% on all other spending.
Cash back earnings*:
Year 1: $230 to $630+
Each year after that: $112.50 to $487.50+
Cash Back Access (Liquidity): Once per year
Click here to apply for the Simplii Financial Cash Back Visa Card
There you have it! Canada's Top Cash Back Rewards Credit Cards for 2024! With well over 40 cash back credit cards to choose from our rankings should definitely help narrow down the selection to find the right card or cards to add to your portfolio. By using any of the cards listed above you will be ensuring you are earning the most cash back possible on your everyday spending.
Not interested in cash back rewards or want to supplement the cash back cards in your wallet with travel rewards? Be sure to check out our Top Travel Credit Card rankings!
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Check them out here2023 Top Cash Back Rewards Credit Card
Earn accelerated earn rates on eligible gas and grocery purchases
In your first 10 months as a new SimplyCash® Preferred Card from American Express Cardmember, you can earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months
Monthly Fee: $9.99 ($119.88 annually) | Additional Card Fee: $0 | Annual interest rate 20.99% on purchases and 21.99% on funds advances; Missed payment applicable rates, 24.99% - 26.99%
2024 Top Overall Travel Rewards Card | 2024 Top Hybrid Travel Rewards Card
In your first year as a new Cobalt Cardmember, you can earn 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 in net purchases on your Card. This could add up to 15,000 points in a year. That’s up to $150 towards a weekend getaway or concert tickets
Monthly Fee $12.99/month of Cardmembership ($155.88 annually) | Additional Cards: $0 | Annual interest rate 20.99% on purchases and 21.99% on funds advances
The best cash back rewards Visa card in Canada
Welcome Offer: Get a first-year annual fee rebate and earn a 10% cash back welcome bonus of up to $250 (first 4 statements)!† After that, get 4% cash back on eligible gas, EV charging and grocery purchases.†
Annual Fee $120 | Additional Cards (Up to 3): $30 | Annual interest rate 20.99%† on purchases and 22.99%† on cash advances and 22.99% † on balance transfers | $60,000 personal or $100,000 household annual income †
This is a digital-exclusive offer.†
To be eligible for this offer:
1) this offer must have been directly communicated to you from CIBC or from a partner/affiliate; and
2) you must apply for the eligible card through the link provided in the CIBC or partner/affiliate communication to you.†
This offer is reserved for you. Please do not forward it to anyone else.
CIBC may approve your application, but you are not eligible to receive this Offer if you have opened, transferred or cancelled another Dividend card within the last 12 months.†
† Terms & Conditions Apply
Ranked the 4th best cash back rewards credit card in Canada
SPECIAL OFFER: Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases).
No annual fee in the first year, including on supplementary cards. Offer ends Oct 31, 2024
Annual Fee: $120 | Additional Cards: $50
*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information
Earn up to $500 in value†, including 10% in Cash Back Dollars in the first 3 months on Bonus Eligible Purchases up to a total spend of $3,500†.
Conditions apply. Account must be approved by June 3, 2024.
Annual Fee: $139 | Additional Cards: $50 † | Annual interest rate 20.99% on purchases and 22.99% on funds advances | $60,000 personal or $100,000 household annual income
Earn up to $500 in value†, including 10% in Cash Back Dollars in the first 3 months on Bonus Eligible Purchases up to a total spend of $3,500†. Conditions apply. Account must be approved by June 3, 2024.
This offer is not available for residents of Quebec. For Quebec residents, please click here
† Terms and Conditions apply.
Sponsored advertising. The Toronto-Dominion Bank (TD) is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete and current information on any TD product, please click the Apply Now button.
$25 Welcome Bonus in cash back rewards upon first card purchase within 3 months of receiving your card
Annual Fee: $0 | Additional Card Fee: $0 | Annual interest rate 19.99% on purchases and 22.99% on funds advances | $80,000 personal or $100,000 annual household income
Earn accelerated earn rates on eligible gas and grocery purchases
In your first 10 months as a new SimplyCash® Card from American Express Cardmember, you can earn a $10 statement credit for each monthly billing period in which you spend $300 in purchases on your Card. This could add up to $100 in statement credits in the first 10 months
Annual Fee: $0 | Additional Card Fee: $0 | Annual interest rate 20.99% on purchases and 21.99% on funds advances; Missed payment applicable rates, 24.99% - 26.99%
Apply for the Tangerine Money-Back Credit Card by April 30, 2024. If you’re approved, you’ll earn an extra 10% back on up to $1,000 in everyday purchases made within your first 2 months*.
Annual Fee: $0 | Additional Cards: $0 |
Earn 10% cash back for the first 3 months up to $100
Annual Fee: $0 | Additional Card Fee: $0 | Annual interest rate 19.99% on purchases and 22.99% on funds advances |
Earn up to $150 of value in your first 4 months on eligible purchases with a Simplii Cash Back Visa! Apply by Feb 29, 24!
Annual Fee: $0 | Additional Card Fee: $0 | Annual interest rate 19.99% on purchases and 22.99% on funds advances | $15,000 annual household income
Our cash back earning is based on spending assumptions of $10,000, $30,000 and $50,000 annually broken down as follows:
Legal disclaimers:
American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment
MBNA: Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.
Scotiabank: *See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information
TD: Sponsored advertising. The Toronto-Dominion Bank (TD) is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete and current information on any TD product, please click the Apply Now button