Best Credit Cards in Canada with the Highest Cash Back Rebates

Are you looking to make the most of your everyday spending? Cash-back credit cards can help you earn rewards for purchases you already make, from groceries and gas to streaming subscriptions. With so many options available, it’s important to choose the card that fits your lifestyle. In this guide, we’ll explore the best cash-back credit cards in Canada, focusing on the ones with the highest cash-back rebates.

What Are Cash Back Credit Cards?

Cash-back credit cards reward you by returning a percentage of what you spend as cash. For instance, if your card offers 2% cash back and you spend $500 on groceries, you’ll earn $10 back. This rebate is usually credited to your account or can be redeemed as a statement credit, gift card, or direct deposit.

The best cards offer higher cash-back rates on specific categories like groceries, dining, or gas while still providing a base rate for other purchases.

Top Cash Back Credit Cards in Canada (2024)

Here’s a rundown of the best credit cards in Canada with the highest cash-back rebates:

1. Scotia Momentum® Visa Infinite

• Annual Fee: $120 (waived for the first year)
• Cash Back Rates:
  • 4% on groceries and recurring payments
  • 2% on gas and transit
  • 1% on everything else
• Why It’s Great:
  This card is perfect for families and anyone with recurring monthly bills. With one of the highest rates on groceries and recurring payments, you’ll maximize your savings on everyday essentials.

2. CIBC Dividend® Visa Infinite

• Annual Fee: $120 (rebated for the first year)
• Cash Back Rates:
  • 4% on groceries and gas
  • 2% on dining, transportation, and recurring payments
  • 1% on all other purchases
• Why It’s Great:
  The CIBC Dividend® Visa Infinite caters to those who spend heavily on groceries and gas. The first-year annual fee rebate makes it easy to test the card’s benefits risk-free.

3. SimplyCash™ Preferred Card from American Express

• Annual Fee: $119.88
• Cash Back Rates:
  • 4% on all eligible purchases (up to $30,000 annually)
  • 2% after the cap is reached
• Why It’s Great:
  If you want simplicity, this card delivers. There’s no need to track spending categories, making it ideal for those who value straightforward rewards.

4. TD Cash Back Visa Infinite

• Annual Fee: $139 (rebated for the first year)
• Cash Back Rates:
  • 3% on groceries, gas, and recurring bill payments
  • 1% on everything else
• Why It’s Great:
  This card provides robust cash-back rates for the average household, plus perks like travel insurance and roadside assistance.

5. BMO CashBack® World Elite Mastercard®

• Annual Fee: $120 (waived for the first year)
• Cash Back Rates:
  • 5% on groceries (up to $500 monthly)
  • 4% on transit and rideshare services
  • 3% on dining and recurring bills
  • 1% on everything else
• Why It’s Great:
  The BMO CashBack® World Elite Mastercard® has one of the highest cash-back rates on groceries. If you’re a commuter or frequent diner, the elevated transit and dining rewards are icing on the cake.

How to Choose the Right Cash Back Card

Choosing the best credit card depends on your spending habits. Here are a few tips:

• Analyze Your Spending: Look at your monthly expenses to see where you spend the most. If groceries and gas are significant expenses, pick a card with high rebates in those categories.
• Consider Fees: Some cards come with annual fees, but the extra rewards often outweigh the cost. Be sure the rewards you earn justify the fee.
• Perks and Benefits: Beyond cash back, some cards offer travel insurance, extended warranties, or purchase protection. These extras can add significant value.

Tips to Maximize Cash Back Rewards

• Use Your Card for Everyday Expenses: Charge regular expenses like groceries, gas, and utility bills to your card to rack up rewards quickly.
• Pay Your Balance in Full: Avoid interest charges by paying your credit card balance on time each month. Interest can quickly negate your cash-back earnings.
• Watch for Promotions: Many cards offer introductory bonuses or higher cash-back rates for a limited time when you sign up.

Why Cash Back Rebates Are Worth It

The beauty of cash-back rebates is their simplicity. Unlike travel points, which often come with restrictions, cashback is straightforward. You can use your rewards to lower your credit card balance, save for a rainy day, or treat yourself to something special.

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Conclusion

Finding the best credit card in Canada with the highest cash-back rebates depends on your spending patterns and financial goals. Whether you prioritize groceries, gas, or simplicity, there’s a card out there for you. Remember to evaluate the annual fee, cash-back rates, and added perks before making your choice.

With the right card, you’ll turn everyday purchases into significant savings—one cash-back rebate at a time.