FacebookTwitterYouTubeInstagramBloggerRSS Feed

Canada's Top Cash Back Credit Cards 2020

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

Posted: August 18, 2020
Last updated: September 2, 2020

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

A major revamp to our rankings as we dive more in-depth into the actual cash back earnings on Canadian cash back credit cards and then look at all addition benefits these cards provide.

On top of that our rankings will now be 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.

The list of the best cards has definitely shifted this year and 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 can affect which card you go for.
  • 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 cards from CIBC or Scotia. Want quicker access to cash back consider TD or Meridian. 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 for its flat 2% earn rate.

While Rewards Canada takes into account all the aspects of the cards most Canadians get their 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.

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.

Recommended Listening: Rewards Canada Podcast Episode 68: Clash of the Credit Cards - The Ten Percenters

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 2020


CIBC Dividend® Visa Infinite* Card

With a first year annual fee rebate, 10% back on your first $2,000 in spending and a strong 4% return on groceries and gas - two categories almost all Canadians spend the most money on this card comes out on top in terms of cash back earned. Plus you will benefit from a high cap on earn categories ($20K), no limit to the cash back you can earn, and strong insurance benefits!

Cash Back Access (Liquidity): Once per year

2nd


Meridian Visa Infinite* Cash Back Card

A newcomer to our rankings this card issued by Meridian Credit Union also has a first year annual fee waiver saving you $99. It's earn rate of 4% for groceries and gas, 2% on pharmacies and utility bills coupled with being able to access your cash back monthly make this a very strong cash back card.

Cash Back Access (Liquidity): Monthly

3rd


SimplyCash Preferred Card from American Express

Who doesn't want 10% back on all spending in the first fourth months (up to $400 in rewards) and then 2% on all spending after that along with a strong insurance package? The SimplyCash Preferred Card from American Express is the best card if you make a lot of purchases at locations that don't have accelerators on other cards.

Cash Back Access (Liquidity): Once per year

4th

Premium Cash Back
Scotia Momentum® VISA* Infinite card

A veteran card in the Canadian market, the Scotia Momentum Visa Infinite card has always been one of the better cash back cards and even the best a few years ago. It's strong earn rate of 4% on grocery and recurring bill payments along with a 10% welcome bonus and the first year annual fee being waived makes this card one of the top 5 in Canada.

Cash Back Access (Liquidity): Once per year

5th


TD Cash Back Visa Infinite* Card

The TD card is another offering a first year annual fee waiver with 10% cash back on all purchases up to $2,000 in the first three months of having the card if you get the card by September 8, 2020. The card offers 3% back on groceries, gas and recurring bill payments. With higher caps than other cards for those categories if you find yourself spending a lot this card may actually work better for you than thos offering 4% cash back. It also an ideal card if you are looking for quick access to cash back and don't want to wait each month or year to get that reward.

Cash Back Access (Liquidity): Anytime your rewards balance reaches $25
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

CIBC Dividend® Visa Infinite* Card
CIBC Dividend® Visa Infinite* Card
Annual Fee $99 Additional Cards (Up to 3): $30
Annual interest rate 19.99%† on purchases and 22.99%† on cash advances
$60,000 personal or $100,000 household annual income †

Welcome Offer: Get a first-year annual fee rebate and 10% cash back†
For the first 4 statements on total purchases of up to $2,000†.
After that, get 4% cash back on eligible gas and grocery purchases^

· 4% cash back on eligible gas and grocery purchases†
· 2% cash back on Tim Hortons® and TELUS® purchases†
· 1% cash back on all other purchases†

· Earn maximum rewards. No limit on the total cash back you can earn†
· Valuable insurance included with your card†
· Access exclusive benefits. The Visa Infinite program gives you access to luxury worldwide travel and hotel benefits†

Apply Now

†Conditions Apply
Insurance coverage(s) included with CIBC credit cards are underwritten by Royal & Sun Alliance Insurance Company of Canada. You may contact the insurer at 1 866 363-3338 in Canada and the U.S or collect from elsewhere at 905 403-3338 or visit cibccentre.rsagroup.ca. Some insurance coverage(s) require purchase(s), common carrier fares, accommodations and other trip costs to be charged to the card to activate coverage. Other conditions may apply. For important information regarding coverage, eligibility requirements, benefits, pre-existing health/medical conditions, limitations and exclusions, see cibc.com/ca/credit-card/agreements-insurance.html and the insurance certificate(s) in your card package.

Meridian Visa Infinite* Cash Back Card
Meridian Visa Infinite* Cash Back Card

• No annual fee in the first year on the primary card
• 4% on eligible gas and grocery store purchases
• 2% on eligible pharmacy purchases and utility bill payments
• 1% cash back on all other eligible everyday purchases
• Travel Insurance & Mobile Device Insurance coverage
• Rates, fees and other information are effective as of Jul 2, 2020. Subject to change.
• $60,000 Annual personal income or $100,000 Annual household income

Apply Now



SimplyCash™ Preferred Card from American Express
SimplyCash™ Preferred Card from American Express
Card Type: Credit   
Annual Fee: $99 Additional Card Fee: $0
Annual interest rate 19.99% on purchases and 21.99% on funds advances; Missed payment applicable rates, 23.99% and/or 26.99%

New SimplyCash™ Preferred Card from American Express Cardmembers can earn 10% cash back on all eligible purchases (up to $400 cash back) for the first 4 months of Cardmembership 
• Earn 2.0% cash back when your Welcome Rate ends
• No limit to the amount of cash back you can earn after your Welcome Rate ends
• Access to memorable experiences with American Express Invites®
• 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

Apply Now


Scotia Momentum® VISA* Infinite card
Scotia Momentum® VISA* Infinite card

• Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). Plus, no annual fee in the first year, including on supplementary cards.1 A welcome offer value of $350.†
• 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
• Rates, fees and other information are effective as of Sep 1, 2020. Subject to change.

Apply Now



TD Cash Back Visa Infinite* Card
TD Cash Back Visa Infinite* Card
No Annual Fee for the 1st Year1 during this promotional window then $120 Additional Cards: $0 for subsequent Additional Cardholders then $502
Annual interest rate 20.99% on purchases and 22.99% on funds advances
$60,000 personal or $100,000 household annual income

• Earn 10% Cash Back on all Purchases for the first 3 months1 up to a total spend of $2,000. Plus, first year no Annual Fee for the Primary Cardholder and Additional Cardholders1. Conditions apply. Must apply by December 6, 2020. 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.
• This offer is not available for residents of Quebec. For Quebec residents, please click here.
• Earn 3% in Cash Back Dollars on eligible grocery Purchases and gas Purchases3, and on regularly recurring bill payments4 set up on your Account
• Earn 1% in Cash Back Dollars on all other Purchases made with your Card5
• Redeem your Cash Back Dollars to help pay down your Account balance whenever you please (minimum amount of $25) - the choice is yours!6
• Your Cash Back Dollars never expire as long as your account is open and in good standing.
• Emergency Road Services with the Deluxe TD Auto Club Membership7
• Travel with confidence with Travel Medical Insurance8
• Complimentary Visa Infinite® Concierge service9 available 24/7

Apply Now

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 information on this TD credit card, please click on the Apply Now button.

1 Welcome Bonus: Must apply December 6, 2020. Welcome Bonus of 10% in Cash Back Dollars ("Welcome Bonus Rebate") applies to new TD Cash Back Visa Infinite* Accounts ("Account") in the first 3 months of Account opening ("First 3 Months") to a maximum total collective spend of $2000 ("Welcome Bonus Cap") on all purchases charged to your TD Cash Back Credit Card Account ("Account"), and recurring bill payments set up on your Account ("Pre-Authorized Payments"). Rebate of the Annual Fee is only for the first year for the Primary Cardholder and the 1st Additional Cardholder added to the Account. 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. To receive the 1st Additional Cardholder Annual Fee Rebate you must add your first Additional Cardholder by December 7, 2020. Rebate will be applied within 2 monthly statements from the date of the statement with the first Annual Fee charge. The Primary Cardholder is responsible for all charges to the Account, including those made by any Additional Cardholder. Any returned items, refunds, rebates or other similar credits on any Purchases or Pre-Authorized Payment made during the First 3 Months will reduce or cancel the Cash Back Dollars earned at the Welcome Bonus Rebate on the original Purchase or Pre-Authorized Payment, as applicable. Welcome Bonus Cap: Once the Welcome Bonus Cap is reached, any further Purchases and Pre-Authorized Payments made in the First 3 Months will earn Cash Back Dollars at the regular accelerated 3% rebate that applies to each of Gas Purchases, Grocery Purchases and Pre-Authorized Payments as set out in your Cardholder Agreement ("Accelerated Rebate"). Applicability of Welcome Bonus Rebate: Welcome Bonus Rebate is in place of, and not in addition to, the Accelerated Rebate. $15,000 Cap on each of Gas Purchases, Grocery Purchases and Pre-Authorized Payments: After the First 3 Months, the Accelerated Rebate will apply to all Gas Purchases, Grocery Purchases and Pre-Authorized Payments charged to your Account up to a $15,000 maximum net annual spend ("$15,000 Cap") for each of Gas Purchases, Grocery Purchases and Pre-Authorized Payments. Once the $15,000 Cap is reached for any of Gas Purchases, Grocery Purchases or Pre-Authorized Payments, then any further Gas Purchases, Grocery Purchases and Pre-Authorized Payments made on the Account will only earn Cash Back Dollars at the standard rebate of 1% that applies to all other Purchases on the Account as set out in your Cardholder Agreement. First Year Reduction of $15,000 Cap: During the first year that the Account is open, the $15,000 Cap for each of Gas Purchases, Grocery Purchases and Pre-Authorized Payments will be reduced by the actual corresponding amount of Gas Purchases, Grocery Purchases and Pre-Authorized Payments made in the First 3 Months. For example, if you spend $2,000 in Gas Purchases in the First 3 Months, the $15,000 Cap for Gas Purchases will be reduced by $2,000 to $13,000 for the remaining 9 months of the first year the Account is open. Merchant Category Codes: To earn the Welcome Bonus Rebate on Gas Purchases and Grocery Purchases, the Gas Purchase or Grocery Purchase must be made at merchants classified through the Visa network with a Merchant Category Code ("MCC") that identifies them in the "gas" or "grocery" category. Some merchants may sell gas or gas station services or products, or groceries or grocery items, or have separate merchants located on their premises that also sell gas or gas station services or products, or groceries or grocery items, but may not be classified with a gas or grocery MCC and such Purchases will not earn the Welcome Bonus Rebate. If you have questions about the MCC that applies to a Purchase, contact TD at 1-800-983-8472. Other Conditions: Welcome Bonus may be changed, withdrawn or extended at any time and cannot be combined with any other offer unless otherwise indicated. This offer is not available customers who have activated and/or closed a TD Cash Back Visa Infinite* Account in the last 12 months.
2 Primary Cardholder remains liable for all charges to the Account, including those made by any Additional Cardholder. Maximum of 3 Additional Cardholders on the Account.
3 Earn 3% in Cash Back Dollars ("Gas Rebate") for each $1.00 in Purchases of gas or gas station services or products ("Gas Purchases") charged to your TD Cash Back Credit Card Account ("Account") and earn 3% in Cash Back Dollars ("Grocery Rebate") for each $1.00 in Purchases of groceries or grocery items ("Grocery Purchases") charged to your Account. Any returned items, refunds, rebates or other similar credits will reduce or cancel the Cash Back Dollars earned on the original Gas Purchase or Grocery Purchase, as applicable. $15,000 Cap: Each of the Gas Rebate and the Grocery Rebate is only available to a $15,000 maximum net annual spend ("$15,000 Cap"). Once the $15,000 Cap has been reached for either Gas Purchases or Grocery Purchases, then any further Gas Purchases and Grocery Purchases made on the Account will only earn Cash Back Dollars at the standard rebate of 1% that applies to all other Purchases on the Account as set out in your Cardholder Agreement ("Standard Rebate"). Applicability of Gas Rebate and Grocery Rebate: Each of the Gas Rebate and the Grocery Rebate is in place of, and not in addition to, the Standard Rebate. First Year Reduction of $15,000 Cap: During the first year that the Account is open, the $15,000 Cap for each of Gas Purchases and Grocery Purchases will be reduced by the actual corresponding amount of Gas Purchases and Grocery Purchases made in the first 3 months of Account opening ("First 3 Months") that are subject to the Welcome Bonus in Cash Back Dollars. For example, if you spend $2,000 in Gas Purchases in the First 3 Months, the $15,000 Cap for Gas Purchases will be reduced by $2,000 to $13,000 for the remaining 9 months of the first year the Account is open. Merchant Category Codes: To earn the Gas Rebate and/or Grocery Rebate, the Gas Purchases and/or Grocery Purchases must be made at merchants classified through the Visa network with a Merchant Category Code ("MCC") that identifies them in the "gas" or "grocery" category. Some merchants may sell gas or gas station services or products, or groceries or grocery items, or have separate merchants located on their premises that also sell gas or gas station services or products, or groceries or grocery items, but may not be classified with a gas or grocery MCC and such Purchases will not earn the Gas Rebate or Grocery Rebate, as applicable. If you have questions about the MCC that applies to a Purchase, contact TD at 1-800-983-8472. Other Conditions: Offer may be changed, withdrawn or extended at any time and cannot be combined with any other offer.
4 Earn 3% in Cash Back Dollars ("PAP Rebate") on each $1.00 in payments made on a monthly or other regularly recurring basis for merchant bills, including insurance premiums, magazine/newspaper/online streaming subscriptions, membership fees and telecommunication fees, that are set up by the merchant with your consent to be automatically charged to your TD Cash Back Credit Card Account ("Account") and that are classified through the Visa network as "recurring payments" ("Pre-Authorized Payments"). You must confirm with your merchant if they can accept Pre-Authorized Payments. Any returned items, refunds, rebates or other similar credits will reduce or cancel the Cash Back Dollars earned on the original Pre-Authorized Payment. $15,000 Cap: The PAP Rebate is only available to a $15,000 maximum net annual spend ("$15,000 Cap"). Once the $15,000 Cap has been reached, then any further Pre-Authorized Payments made on the Account will only earn Cash Back Dollars at the standard rebate of 1% that applies to all other Purchases on the Account as set out in your Cardholder Agreement ("Standard Rebate"). Applicability of PAP Rebate: The PAP Rebate is in place of, and not in addition to, the Standard Rebate. First Year Reduction of $15,000 Cap: During the first year that the Account is open, the $15,000 Cap for Pre-Authorized Payments will be reduced by the actual corresponding amount of Pre-Authorized Payments made in the first 3 months of Account opening ("First 3 Months") that are subject to the Welcome Bonus in Cash Back Dollars. For example, if you set up $2,000 in Pre-Authorized Payments in the First 3 Months, the $15,000 Cap for Pre-Authorized Payments will be reduced by $2,000 to $13,000 for the remaining 9 months of the first year the Account is open. Other Conditions: Offer may be changed, withdrawn or extended at any time and cannot be combined with any other offer.
5 Earn 1% in Cash Back Dollars ("Standard Rebate") on each $1.00 for all other Purchases ("Other Purchases") charged to your TD Cash Back Credit Card Account ("Account"). Any returned items, refunds, rebates or other similar credits will reduce or cancel the Cash Back Dollars earned on the original Other Purchase. Other Conditions: Offer may be changed, withdrawn or extended at any time and cannot be combined with any other offer. 6 Account must be open and in good standing to earn and redeem Cash Back Dollars. Redemptions of Cash Back Dollars at any time on request must be for a minimum amount of $25. Where Cash Back Dollars are redeemed on an annual basis, the annual earnings period will start from when the Card is used to make Purchases until the Account’s January billing cycle of the following year, after which time the annual earnings period will continue each year from the Account’s January billing cycle to the January billing cycle of the following year. Cash Back Dollars will continue to accrue until redemption instructions are provided. There is no maximum annual amount of Cash Back Dollars that can be earned. For complete details on how to redeem Cash Back Dollars, please see the “TD Cash Back Program Terms and Conditions” section of the TD Cash Back Visa Infinite Cardholder Agreement available at www.tdcanadatrust.com/products-services/banking/credit-cards/agreements.jsp
7 TD Auto Club is provided by AXA Assistance Canada Inc. The Toronto-Dominion Bank and its affiliates accept no responsibility in respect of these services.
8 Underwritten by TD Life Insurance Company. Medical and claims assistance, claims payment and administrative services are provided by our Administrator. Benefits, features and coverages are subject to conditions, limitations and exclusions, including a pre-existing condition exclusion, that are fully described in the Certificate of Insurance included with your TD Credit Cardholder Agreement. The day of departure from and the day of return to your province or territory of residence each count as one full day. 10-day coverage if you're under 65 and 4-day coverage if you're 65 or older. Note that this insurance offers different benefits, with different terms and conditions, than the optional Travel Medical Insurance that may be medically underwritten and is available to all TD customers, which you may be eligible to top-up with.
9 The goods and services Cardholders request or otherwise choose to obtain through the Visa Infinite Concierge Service are provided by various third-party service providers unrelated to Visa. Visa does not endorse, review or qualify these service providers. Visa makes no representations or warranties (either express or implied) about and assumes, no responsibility or liability for these service providers or the goods and services that may be obtained through the Visa Infinite Concierge. Neither Visa nor the Issuer is responsible for any claims or damages arising from use of any benefits or services provided by a third party. Visa cannot guarantee the successful fulfillment of Cardholders’ requests in all instances. There is no fee for the Concierge’s services; however, Cardholders are responsible for the cost of any goods or services (including any related fees or costs) authorized by the Cardholder and purchased by the Visa Infinite Concierge on the Cardholder’s behalf. All costs will be charged directly to the Cardholder’s Visa Infinite card.
Trademark of Visa International Service Association and used under license. Coin image© 2017 Royal Canadian Mint. All rights reserved.

Spend and Earn Comparison for the top five cards:

Card Annual Card Spend Year 1 Cash Earnings* Year 2 and beyond annual earnings*
CIBC Dividend® Visa Infinite* Card $10,000 $378 $123.50
$30,000 $823 $568.50
$50,000 $1268 $1013.50
Meridian Visa Infinite* Cash Back Card $10,000 $225 $126
$30,000 $675 $576
$50,000 $1125 $1026
SimplyCash Preferred Card from American Express $10,000 $421 $101
$30,000 $821 $501
$50,000 $1221 $901
Scotia Momentum® VISA* Infinite card $10,000 $372 $95
$30,000 $802 $525
$50,000 $1232 $955
TD Cash Back Visa Infinite* Card $10,000 $342.50 $70
$30,000 $732 $450
$50,000 $1112 $830

Spending assumption broken down as follows:

  • 30% Groceries
  • 5% Dining
  • 10% Gas
  • 10% Travel
  • 5% recurring bills
  • 40% other

* 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 2020!

LATEST TOPICS & NEWS

REWARDS CANADA'S TOP FEATURES

SHARE THIS FEATURE


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

Disclaimers:
Our goal at RewardsCanada.ca is to present readers with reliable financial advice and product choices that will help you achieve your financial goals.
Rewards Canada receives compensation from some companies issuing financial products, like credit cards and bank accounts, that appear on this site.
Unless a post is clearly marked “Sponsored”, however, products mentioned in editorial articles and reviews are based on the author’s subjective assessment of their value to readers, not compensation. For full details and current product information click the Apply now link / learn more link.




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

 



 

FacebookTwitterYouTubeInstagramBloggerRSS Feed
About Us  Media  Consulting  Advertise  Contact Us  Terms of Use / Privacy Policy
Terms of Use / Privacy Policy ©2001 - 2020 Rewards Canada. Part of FFB Group Inc. All rights reserved.