Canada's Top Cash Back Credit Cards May 2023
Welcome to Rewards Canada's seventh annual Top Cash back Credit Card rankings!
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.
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 and places like Costco don't 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 earnning Amex card (which is very easily accomplished) and 50% on another card will reward you 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 very little 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 are fine with getting your cash back once per year consider a card like the Scotia Momentum Visa Infinite Card. 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 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:
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Expanded details for the top 5 cards
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%
- 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
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
- Earn 5x the points on eligible eats and drinks in Canada, including groceries and food delivery
- Earn 3x the points on eligible streaming subscriptions in Canada
- Earn 2 points for every $1 spent on eligible transit & gas purchases in Canada and eligible travel purchases. That's 2X the points on purchases that get you from point A to B
- Earn 1 point for every $1 in Card purchases everywhere else. We won't tell you where to spend, we'll just reward you on your Card purchases
- 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, current product information and Terms and Conditions, click the Apply now link. Conditions Apply
- Click here to apply for the American Express Cobalt 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 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 †
- 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 automatically 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, you must apply for a new eligible card using the “Learn More” link available on this webpage.†
†Conditions Apply
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, 2023
Annual Fee: $120 | Additional Cards: $50
- 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
TD Cash Back Visa Infinite* Card
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
- 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†
- 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.
Spend and Earn Comparison for the top five cards:
| 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 |
| $30,000 | $1090.12 | $690.12 | |
| $50,000 | $1630.12 | $1230.12 | |
| American Express Cobalt Card | $10,000 | $240 | $140 |
| $30,000 | $760 | $660 | |
| $50,000 | $1280 | $1180 | |
| CIBC Dividend® Visa Infinite* Card | $10,000 | $465 | $100 |
| $30,000 | $905 | $540 | |
| $50,000 | $1297.50 | $930 | |
| Scotia Momentum® VISA* Infinite card | $10,000 | $215 | $95 |
| $30,000 | $645 | $525 | |
| $50,000 | $1075 | $955 | |
| TD Cash Back Visa Infinite* Card | $10,000 | $416 | $60 |
| $30,000 | $776 | $420 | |
| $50,000 | $1136 | $780 |
Spending assumption broken down as follows:
- 30% Groceries
- 5% Dining
- 5% Gas
- 10% Travel
- 5% Recurring bills
- 5% Transit
- 5% Entertainment
- 35% other (Meridian is 30% + 5% for pharmacies)
* Cash earnings include any welcome bonus and subtraction of annual fees.