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Canada's Top Cash Back Credit Cards for 2017

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

Posted April 11, 2017

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For nine years we've ranked the top travel rewards credit cards here on Rewards Canada and many years ago we started providing coverage on cash back cards as well. What we never did was rank them. Well that has all changed now as Canada's leading loyalty and rewards resource, we are proud to announce our first ever Canada's Top Cash back Credit Card rankings!

We'll be honest with you, these rankings were supposed to come out at the start of March but we learned about changes to two cash back cards in our market and that screwed everything up. Now that we know what the changes are that happened to the Tangerine Money Back Mastercard and the SimplyCash Preferred Card from American Express we're glad we waited. If we didn't we would have ranked the SimplyCash Preferred in fourth place and the mbna Rewards World Elite Mastercard in first. However as of today, April 11th, the SimplyCash Preferred Card became a whole lot better and knocks the mbna card out of the first place ranking that we were going to award it. It was close however. Both cards now offer a straight 2% Cash back. A very strong offering from both. Both have similar annual fees, SimplyCash at $99 (up from $79 with the changes today) and the mbna card $89. Where the SimplyCash card gets mbna is on the sign up bonus and the insurance package. mbna gives you 10,000 points as a sign up offer which is worth $100 while SimplyCash gives you 5% back for the first 6 months capped at $300 which is the equivalent of a $180 sign up bonus. Then you look at the insurance benefits and the SimplyCash blows away mbna with travel medical, flight delay, baggage delay and hotel/motel burglary insurance, all of which mbna does not offer. The one perk mbna 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 mbna Rewards World Elite Mastercard and the SimplyCash Preferred card. By doing so you'll know you are always getting a 2% return, have great travel insurance coverage and pretty much shop anywhere with both cards in hand. Rounding out the top 5 are the Scotia Momentum Visa Infinite Card, the BMO CashBack World Elite Mastercard and the Scotiabank Gold American Express Card.

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 well over 20 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 2017

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 newly updated SimplyCash. Preferred Card from American Express grabs our top spot for 2017!


mbna rewards World Elite Mastercard

10,000 points worth $100 on your first purchase, the ability to cash out monthly and a straight 2% return is why the mbna Rewards World Elite Mastercard is one of the best cash back cards in Canada


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. 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 first rankings


BMO CashBack World Elite Mastercard

A relative newcomer to the cash back reward world, the BMO CashBack World Elite makes it into our top 5 due to its flat 1.75% return on all spending.
It has a decent insurance package that comes with it but also one of the highest annual fees for a cash back card and it is for that reason we rank it lower than the Scotia Momentum card.


20,000 Scotia Rewards bonus points with first purchase
Scotiabank Gold American Express Card

Up until November of last year this card would not have been considered, but now that you can redeem Scotia Rewards points towards any purchase made on the card, this strong travel rewards cards also now has a strong cash back component. 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 0.66% to 0.8% that gets bumped to 2.64% to 3.2% when you shop at the 4 points per dollar categories this card has! And you still have the option to get a full 4% back of if you redeem as cash back towards a travel charge!
Details on the Top Cash Back Credit Cards


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 2017!

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