Rewards Canada: Top Bonus Offers
Rewards Canada: Tips and Tricks
Rewards Canada: Blog Features
FacebookTwitterYouTubeInstagramBloggerRSS Feed

Canada's Top Cash Back Credit Cards for 2019

I don't need to read all this just show me the rankings!

Posted July 25, 2019

Share this feature:




LATEST TOPICS & NEWS


REWARDS CANADA'S TOP FEATURES



Welcome to Rewards Canada's third annual Top Cash back Credit Card rankings!

The rankings this year see a shift in the second to fifth spots which means only the top spot remained the same! That top spot goes to the SimplyCash Preferred Card for the third year in a row! Featuring a very strong welcome bonus, 2% return on everyday spending and a really good insurance package keeps this card in first place. The card that challenged it, and challenged it closely is the Rogers World Elite Mastercard. Last year's number three card, this card now moves to second place thanks to having no annual fee, the ability to cash out anytime your balance hits $20 and a straight 1.75% return on most spending made on the card. The one perk Rogers has over the SimplyCash Preferred card is acceptance. Being a Mastercard you can use it more places than the SimplyCash card. The beauty in this however is that we always recommend that you carry a Visa, a Mastercard and an American Express card in your wallet. So if you are all about cash back there is no harm in getting both the Rogers World Elite Mastercard and the SimplyCash Preferred card. By doing so you'll know you are always getting at least a 1.75% return, have great travel insurance coverage and pretty much shop anywhere with both cards in hand. The venerable Scotia Momentum Visa Infinite Card makes its way back up to the third spot in our rankings and we see two very similar cards that are best known for Travel Rewards, the American Express Cobalt Card and Scotiabank Gold American Express Card, take home the fourth and fifth spots thanks to their cash back components.

To see all the cards we considered and to learn about all the rewards and benefits on all the cards visit Rewards Canada's Cash Back Credit Card Comparison Chart. You'll also want to visit our Ultimate Cash Back Credit Card Portfolio to see what we think is the best combination of cards for your wallet.

We compared over 40 cash back card options for Canadians for the best of the best and from those comparisons these are our picks for the Top Cash Back Credit Cards in Canada:

Canada's Top Cash Back Credit Cards for 2019


SimplyCash Preferred Card from American Express

Who doesn't want 5% back on all spending in the first six months (up to $300 in rewards) and then 2% on all spending after that along with a strong insurance package? The SimplyCash Preferred Card from American Express grabs our top spot for the third year in a row!

2nd


Rogers World Elite Mastercard

Rogers recently made this card one of the best cash back cards on the market thanks to being able to redeem your cash back instantly at anytime if your rewards balance is $20 or more. The base earn rate on the card is 1.75% cash back but that gets bumped to 2% for Rogers products and services and then it earns 4% on purchases made in a foreign currency, albeit with a 2.5% forex fee but that means you are still earning 1.5% on those purchases. The card also has an excellent insurance package for a no fee card! The main thing holding this card out of top spot is its high minimum income requirement.

3rd

Premium Cash Back
Scotia Momentum® VISA* Infinite card

A long time front runner, the Scotia Momentum Visa Infinite card has always been one of Canada's better cash back cards and even the best a few years ago. It underwent some modifications on August 1, 2019 and while it has strong category bonuses of up to 4% cash back, the 1% on non-category purchases and supplementary card fees makes the card only net third place in our rankings

4th


American Express Cobalt Card

Primarily considered a travel rewards card, the American Express Cobalt Card stormed onto our market in the fall of 2017. Not only has it grabbed the number one spot in Top Travel Rewards Credit Card rankings for 2 years, it also grabs 5th spot in these rankings! The reason why is that the card's Membership Rewards points can be used towards any purchase made on the card at any time. The fact that you can redeem points any time means you are not waiting until the end of the month or end of the year to get cash back. While the base cash back rate is only 0.7% that gets bumped to 1.4% to 3.5% when you shop at the 2 points per dollar and 5 points per dollar categories this card has! And you still have the option to get a full 5% back of if you redeem as cash back towards a travel charge!

5th

Scotiabank Gold American Express Card
Scotiabank Gold American Express Card

Also considered a travel card, the Scotiabank Gold American Express Card has a potentially strong cash back component. While the base cash back rate is only 0.66% to 0.8% that gets bumped to as high as 2.64% to 4% when you shop at the 5 points per dollar categories this card has! And you still have the option to get a full 5% back of if you redeem as cash back towards a travel charge! This card also allows you to redeem points any time which means you are not waiting until the end of the month or end of the year to get cash back

Details on the Top Cash Back Credit Cards
What is a Cash back Credit Card?
A cash back credit card rewards you for your everyday spending with cash. On every purchase you'll earn a percentage back that is paid out either on a monthly or yearly basis depending on the card.
Card Details Previous Rankings
2018: 1st
2017: 1st
2018: 3rd
2017: N/A
2018: 4th
2017: 3rd
2018: 5th
2017: N/A
2018: Out of the rankings
2017: 5th

Spend Comparison for the top two cards:

Card Annual Card Spend Year 1 Cash Earnings* Year 2 and beyond annual earnings*
SimplyCash Preferred Card from American Express $10,000 $281 $101
$30,000 $681 $501
$50,000 $1081 $901
Rogers World Elite Mastercard $10,000 $200 $175
$30,000 $550 $525
$50,000 $900 $875

* Cash earnings include any welcome bonus and subtraction of annual fees.

Care to comment on what we chose as the best cash back rewards credit cards? Want to voice your opinion on the good and the bad of all the cash back Credit Cards in Canada. Share you views and experiences in the comment section below or on Facebook and Twitter for Canada's Top Cash Back Credit Cards 2019!


Rewards Canada can be found on the following social media channels:
Facebook Twitter YouTube Instagram Blogger RSS Feed

 



 

LinkedInFacebookTwitterPinterestGoogle+YouTubeInstagramBloggerRSS Feed
About Us  Media  Consulting  Advertise  Contact Us  Terms of Use / Privacy Policy
Terms of Use / Privacy Policy ©2001 - 2019 Rewards Canada. Part of the FFB Group Inc. All rights reserved.