Rankings
Best Cash Back Credit Cards in Canada
Every Canadian cash back credit card ranked in dollars. Top first-year value: BMO CashBack World Elite Mastercard ($1,049). Best every year after: SimplyCash Preferred Card from American Express ($516 net).
What is the best cash back credit card in Canada?
By first-year value at typical spending, the BMO CashBack World Elite Mastercard leads at $1,049, followed by the Scotia Momentum Visa Infinite + ($776) and the SimplyCash Preferred Card from American Express ($663).
| Card | Annual fee | First-year value | Net annual rewards |
|---|---|---|---|
| TopBMO CashBack World Elite Mastercard | $139 | $1,049 | $430 |
| Scotia Momentum Visa Infinite + | $120 | $776 | $400 |
| SimplyCash Preferred Card from American Express | $120 | $663 | $516 |
| TD Cash Back Visa Infinite | $139 | $659 | $324 |
| RBC Cash Back Preferred World Elite Mastercard | $120 | $643 | $343 |
| CIBC Dividend Platinum Visa | $99 | $616 | $355 |
| CIBC Dividend Visa Infinite | $120 | $604 | $266 |
| Neo World Elite Mastercard – Gas & Grocery | $149 | $439 | $439 |
| Simplii Financial Cash Back Visa | $0 | $403 | $311 |
| BMO CashBack Mastercard | $0 | $380 | $282 |
Values use WalletReturn’s standard $2,000 a month of typical Canadian spending. First-year value = welcome bonus + a year of rewards − the annual fee; net annual rewards = a normal year of rewards − the fee.
Put it into practiceAll cash back cardsWhich cash back card earns the most every year?
Ignoring welcome bonuses, the SimplyCash Preferred Card from American Express earns the most: about $516 a year after its $120 fee. Next are the Neo World Elite Mastercard – Gas & Grocery ($439) and the BMO CashBack World Elite Mastercard ($430).
| Card | Annual fee | Net annual rewards |
|---|---|---|
| TopSimplyCash Preferred Card from American Express | $120 | $516 |
| Neo World Elite Mastercard – Gas & Grocery | $149 | $439 |
| BMO CashBack World Elite Mastercard | $139 | $430 |
| Scotia Momentum Visa Infinite + | $120 | $400 |
| Rogers Red World Elite Mastercard | $0 | $360 |
| CIBC Dividend Platinum Visa | $99 | $355 |
| RBC Cash Back Preferred World Elite Mastercard | $120 | $343 |
| Neo World Elite Mastercard – Everywhere | $149 | $331 |
| SimplyCash Card from American Express | $0 | $329 |
| TD Cash Back Visa Infinite | $139 | $324 |
Keep a card for years, not months: rank by net annual rewards once the bonus is spent.
Which cash back card is best for groceries?
The highest grocery rates are 5%: MBNA Rewards World Elite Mastercard, National Bank World Elite Mastercard, BMO CashBack World Elite Mastercard. Most cap the bonus at a monthly or yearly spending limit.
* Bonus rate stops after an annual or monthly spending cap, or applies only at eligible merchants. Points are converted at WalletReturn’s point values (most travel points ≈ 1¢).
How is cash back paid in Canada?
Most cards credit cash back once a year (often in January or on your account anniversary); some let you redeem any time above a minimum such as $25. It arrives as a statement credit, not a bank deposit, unless the issuer offers a deposit option.
Is a cash back card with an annual fee worth it?
Usually, if you spend more than about $1,500 a month. The SimplyCash Preferred Card from American Express earns $516 after its fee at $2,000 a month, more than any no-fee card we track ($364).
Test your own spending with the annual fee calculator.
Official sources and further reading
Terms vary by product. Confirm the provider’s current terms before acting. This guide does not predict approval, realized value or credit-score changes. How WalletReturn calculates value