Last updated on January 1, 2023
The recently revamped SimplyCash Preferred Card from American Express keeps the position as the best cash back card in Canada! In late 2021 it knock down the American Express Cobalt Card which held top spot for about a year.
Outside of that very little has changed in the cash back market in Canada so the rest of the rankings remain as they have been for the better part of 2021.
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 apply for and use cash back cards for the cash back and all other features and benefits are 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.
Remember that our rankings are dynamic and not set in stone for one year as of the release date like our previous rankings. This list will be updated as required when welcome offers, card offerings and/or benefits change. Therefore cards can and will shift on this list.
You'll also want to visit our Ultimate Cash Back Credit Card Portfolio or Ultimate No Fee Cash Back Credit Card Portfolio to see what we think are 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
These are the five best cash back cards in Canada.
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%
2023 Top Overall Travel Rewards Card | 2023 Top Hybrid Travel Rewards Card
In your first year as a new Cobalt Cardmember, you can earn 2,500 Membership Rewards® points for each monthly billing period in which you spend $500 in net purchases on your Card. This could add up to 30,000 points in a year. That’s up to $300 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 15% cash back welcome bonus of up to $300 (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, you must apply for a new eligible card using the “Learn More” link available on this webpage.†
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, 2023
Annual Fee: $120 | Additional Cards: $50
Limited Time Offer
Apply online by May 28, 2023 and earn 10% Cash Back on all Purchases for the first 3 months† up to a total spend of $2,000. After your first $2,000 in Purchases, Gas Purchases, Grocery Purchases and Pre-Authorized Payments will continue to earn 6% up to a total spend of $3,500 for the first 3 months. Plus, no Annual Fee† for the first year for the Primary and Additional Cardholders. 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.
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
This offer is not available for residents of Quebec. For Quebec residents, please click here
† Terms and Conditions apply.
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|Card||Annual Card Spend||Year 1 Cash Earnings*||Year 2 and beyond annual earnings*|
|SimplyCash Preferred Card from American Express||$10,000||$550.12||$150.12|
|American Express Cobalt Card||$10,000||$240||$140|
|CIBC Dividend® Visa Infinite* Card||$10,000||$465||$100|
|Scotia Momentum® VISA* Infinite card||$10,000||$215||$95|
|TD Cash Back Visa Infinite* Card||$10,000||$416||$60|
Spending assumption broken down as follows:
* Cash earnings include any welcome bonus and subtraction of annual fees.