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Canada's Top Cash Back
Credit Cards 2024

Last Updated on January 4, 2024




Welcome to Rewards Canada's 8th annual Top Cash Back Credit Card rankings!

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!

The Rankings

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:

  • Where do I use my credit card the most? Groceries, Gas, Travel, Restaurants? We have a set percentage breakdown for our rankings of 30% to groceries, 10% to gas, 5% to dining and so forth. This breakdown may be different for you so it may affect which card you go for.
  • Card acceptance - not all retailers accept Amex nor do places like Costco accept Visa or Amex. Look at your shopping habits to see if you can make the most of an Amex card (remember putting 50% of your spending on a high earning Amex card and 50% on another card can reward you with more cash back more than putting 100% of your spending on just that other card
  • How often do I want to access my cash back? When you get your cash back will depend on the card you have. Some cards only give your cash back once per year while others are monthly and some are even better allowing you to cash out when you hit a small minimum reward balance
  • What insurance and/or other benefits do I require? Cash back cards in Canada vary widely with insurance benefits from almost no coverage on no fee cash back cards to a full suite of benefits on the Visa Infinite and World Elite Mastercard cards.
  • Be sure to take everything into consideration. The amount of cash back earned on the top 5 cards (and even others just outside the list) is very close. A card that earns $50 more in a year but only cashes out in November may not be better than one that allows you to cash out more frequently as it frees up cash for you to use right away.
  • If you want quicker access to cash back consider the American Express Cobalt Card, CIBC, or TD cards. Don't make a lot of purchases on gas and groceries or other accelerator categories offered by some of the cards? Consider the American Express SimplyCash Preferred as its base earn rate is 2%.

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:


Top Cash Back Credit 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

Click here to learn more and to apply for this card

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


Top No Fee Cash Back Credit Cards


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.

Click here to learn more and to apply for this card

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




Wrapping it up

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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The most in-depth and thorough credit card comparison charts you'll find anywhere in Canada

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See how credit cards fare against each other in our head to head Clash of the Credit Card showdowns

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Top 10 Results

 Details on all the top credit cards



SimplyCash Preferred Card from American Express

Top No Fee Travel Rewards Credit Card

SimplyCash® Preferred Card from American Express

2023 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%



Terms & Conditions apply




  • Earn accelerated earn rates on eligible gas and grocery purchases
  • Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually) and 2% cash back on all other purchases
  • Access events and special offers curated for Cardmembers with American Express® Experiences
  • Extensive insurance coverage and 24/7 Customer Service
  • 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. Conditions apply
  • Click here to apply for the SimplyCash® Preferred Card from American Express



American Express Cobalt Card

Top Overall Travel Rewards Credit Card Top Hybrid Travel Credit

American Express Cobalt® Card

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

  • Earn 5x the points on eligible eats and drinks in Canada, including groceries and food delivery. Spend cap applies.
  • Earn 3x the points on eligible streaming subscriptions in Canada
  • Earn 2x the points on eligible ride shares, transit & gas in Canada
  • Earn 1 additional point on eligible hotel and car rental bookings via American Express Travel Online 
  • Earn 1x point for every $1 in Card purchases everywhere else
  • Enjoy access to hotel bookings, and up to $100 USD hotel credit  to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel
  • Transfer points 1:1 to several frequent flyer and other loyalty programs
  • Cobalt Cardmembers receive regular Perks such as bonus reward offers and access to great events
  • Access Front Of The Line® Presale & Reserved Tickets to some of your favourite concerts and theatre performances and special offers and events curated for Cardmembers with American Express® Experiences
  • 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
  • Click here to apply for the American Express Cobalt Card


CIBC Dividend® Visa Infinite* Card



CIBC Dividend® Visa Infinite* Card

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 †



Terms & Conditions apply




  • 4% cash back on eligible gas, EV charging and grocery purchases.†
  • 2% cash back on eligible transportation, dining purchases and recurring payments†
  • 1% cash back on all other purchases†
  • Get cash back on demand - redeem your cash back at any time when you have a minimum of $25 through CIBC Online and Mobile Banking®†

    Save on gas with CIBC and Journie Rewards
  • Link and use your CIBC Dividend® Visa Infinite* Card with Journie Rewards to save up to 10 cents per litre† at participating Pioneer, Fas Gas,
  • Ultramar and Chevron gas stations.†

  • This offer is not available for residents of Quebec.

  • Click here to apply for the CIBC Dividend® Visa Infinite* Card

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



Scotia Momentum® Visa* Infinite card

Scotia Momentum® Visa* Infinite card

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



Terms & Conditions apply




  • 4% on eligible recurring bill payments and grocery store purchases
  • 2% on eligible gas station and daily transit purchases
  • 1% cash back on all other eligible everyday purchases
  • Complimentary Concierge Services 24/7
  • Visa Infinite Dining Series
  • Visa Infinite Music Series
  • Wine Country Wonders
  • Luxury Hotel Privileges
  • Comprehensive Travel Insurance & New Mobile Device Insurance coverage
  • Click here to apply for Scotia Momentum® Visa* Infinite card

*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 Cash Back Visa Infinite* Card

TD Cash Back Visa Infinite* Card

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



Terms & Conditions apply




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.

  • Bonus Eligible Purchases are Gas Purchases, Grocery Purchases & Pre-authorized payments, until a total collective spend of $3,500 of such purchases have been made†.
  • Get an Annual Fee Rebate for the first year†.
  • To receive the first-year annual fee rebate, you must activate your Card and make your first Purchase on the Account within the first 3 months after Account opening and you must add your Additional Cardholders by June 4, 2024.
  • Earn Cash Back Dollars on every eligible purchase.
  • Emergency Road Services with Deluxe TD Auto Club Membership
  • Travel with confidence with Travel Medical Insurance †
  • Complimentary Visa Infinite* Concierge service † available 24/7
  • Mobile Device Insurance†
Earning Cash Back
  • Earn 3% in Cash Back Dollars on eligible grocery Purchases and gas Purchases† and on regularly recurring bill payments† set up on your account.
  • Earn 1% Cash Back Dollars on all other Purchases made with your Card †
  • Redeem your Cash Back Dollars to help pay down your Accounts balance whenever you please - the choice is yours! †
  • Your Cash Back Dollars never expire as long as your account is open and in good standing

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.



Rogers World Elite Mastercard

Rogers World Elite Mastercard

$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



Terms & Conditions apply




  • Rogers Bank cardholders who tap any Rogers credit card using a mobile wallet can get five free rides on the TTC between Nov 1 and Dec 31.
  • Earn 3% in on all eligible U.S. currency purchases
  • 1.5% on all other eligible purchases
  • Complimentary membership in Mastercard TravelPass by DragonPass - Access to over 1,300 airport lounges worldwide ($32 USD per person per visit)
  • Extended Warranty and Purchase Protection
  • Rental Car Collision/Damage
  • Out-of-Province/Out-of-Country Emergency Medical
  • Trip Interruption and Trip Cancellation.
  • Minimum Income: $80,000 Personal or $150,000 Household
  • Click here to apply for Rogers World Elite Mastercard



SimplyCash Card from American Express


SimplyCash® Card from American Express

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%



Terms & Conditions apply




  • Earn accelerated earn rates on eligible gas and grocery purchases
  • Earn 2% cash back on eligible gas purchases in Canada, 2% cash back on eligible grocery purchases in Canada (up to $300 cash back annually), and 1.25% cash back on all other eligible purchases
  • Access events and special offers curated for Cardmembers with American Express® Experiences
  • Insurance coverage and 24/7 Customer Service
  • 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. Conditions apply
  • Click here to apply for the SimplyCash® Card from American Express



Tangerine Money-Back Credit Card

Tangerine Money-Back Credit Card

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 |



Terms & Conditions apply




  • Earn 2% cashback on your choice of up to 2 categories, 0.5% money back on all other purchases
  • Have your Money-Back Rewards deposited into a Tangerine Savings Account, and get a 3rd 2% Money-Back Category.
  • Money-Back Rewards are earned automatically and paid monthly, and can either be applied towards your Credit Card balance or redeemed into your Savings Account.
  • Click here to apply for Tangerine Money-Back Credit Card


Rogers Connections Mastercard

Rogers Mastercard®

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 |



Terms & Conditions apply




  • Rogers Bank cardholders who tap any Rogers credit card using a mobile wallet can get five free rides on the TTC between Nov 1 and Dec 31.
  • 2% cash back - no limits. Exclusively for eligible Rogers, Fido or Shaw customers
  • 2% unlimited cash back on U.S. dollar purchases (for all other customers)
  • 1% unlimited cash back on all other eligible purchases (for all other customers)
  • 50% more cash back every time you redeem for Rogers, Fido or Shaw purchases
  • 5 Roam Like Home days at no cost with an eligible Rogers mobile plan (up to $75 value).
  • Click here to apply for the Rogers Mastercard®



Simplii Financial™ Cash Back Visa* Card

Simplii Financial™ Cash Back Visa* Card

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



Terms & Conditions apply




  • $50 of statement credit after your first qualifying purchase by March 31 with your new Simplii Cash Back Visa Card.‡
  • $50 of statement credit when you spend $2,000 or more or a $25 statement credit when you spend at least $1,000 within your first 3 months.
  • 10% cash back on eligible restaurants, bars and takeout for your first 4 months. Up to $500 spend.†
  • Earn 4% on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year
  • Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year
  • Earn 0.5% on all other credit card purchases with no limit on how much you can earn.
  • Purchase Security and Extended Protection Insurance
  • Click here to apply for Simplii Financial™ Cash Back Visa* Card


 

* Cash Back Earning Calculation

Our cash back earning is based on spending assumptions of $10,000, $30,000 and $50,000 annually broken down as follows:

  • 30% Groceries
  • 5% Dining
  • 5% Gas
  • 10% Travel
  • 5% Recurring bills
  • 5% Transit
  • 5% Entertainment
  • 35% other
  • Calculations include the welcome bonus in the first year and subtraction of annual fees in every year

 


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

 

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