Rewards
How Much Cash Back Can You Earn in Canada?
A 1% card returns $240 a year on $2,000 a month of spending. The highest first-year value we track is the BMO CashBack World Elite Mastercard at $1,049, including its welcome offer.
Which cards earn the most cash back?
Ranked by first-year value on our example profile, the BMO CashBack World Elite Mastercard leads at $1,049, followed by the Scotia Momentum Visa Infinite + at $676 and the SimplyCash Preferred Card from American Express at $663.
| Card | Annual fee | First-year value | Net annual rewards |
|---|---|---|---|
| TopBMO CashBack World Elite Mastercard | $139 | $1,049 | $430 |
| Scotia Momentum Visa Infinite + | $120 | $676 | $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 |
WalletReturn example spending of $2,000/month: groceries $500, dining $200, gas $150, transit $80, travel $100, recurring bills $200, entertainment $100, drugstore $40, online $300, other $330.
First-year value includes any welcome offer the card supports, so it pays once. Net annual rewards — the fourth column — are what the card is worth in a normal year after its annual fee, and that is the number to compare for a card you plan to keep.
Put it into practiceFind My CardHow much is 1%, 2% or 5% back worth?
Multiply your yearly spending by the rate. On $2,000 a month, 1% returns $240 a year, 2% returns $480 and 5% on the same amount would return $1,200.
| Monthly spending | 1% back | 2% back | 3% back | 5% back |
|---|---|---|---|---|
| Top$500 a month | $60 | $120 | $180 | $300 |
| $1,000 a month | $120 | $240 | $360 | $600 |
| $2,000 a month | $240 | $480 | $720 | $1,200 |
| $3,000 a month | $360 | $720 | $1,080 | $1,800 |
Real cards rarely pay one rate on everything. The realistic total comes from applying each category rate to the spending that qualifies for it, which is what our estimates do.
The table below is arithmetic, not a card offer: a flat 5% on all spending is not a product we track.
What stops cash back from growing?
Caps. A bonus rate that stops after a fixed amount of spending is the most common reason two cards with the same headline rate pay different amounts.
| Card | Grocery rate | Cap | After the cap | Rewards on $500/mo |
|---|---|---|---|---|
| TopMBNA Rewards World Elite Mastercard | 5.00% | $50,000 a year | 1.00% | $300 |
| National Bank World Elite Mastercard | 5.00% | $2,500 a month of total spending | 2.00% | $300 |
| BMO CashBack World Elite Mastercard | 5.00% | $500 a month | 1.00% | $300 |
| Scotiabank Gold American Express | 5.00% | $50,000 a year | 1.00% | $300 |
| American Express Cobalt | 5.00% | $2,500 a month | 1.00% | $300 |
The table shows the grocery rate, the recorded cap, the rate that applies afterwards and the rewards a $500-a-month grocery spend earns at that card’s rate.
Read the cap with its period: an annual limit is reached once, and a monthly limit resets twelve times. Some limits are shared with other categories, so grocery spending can use up the allowance for gas or bills on the same card.
How much spending covers an annual fee?
Between $250 and $420 a month of bonus-category spending, depending on the card.
That figure is the grocery spend at which the card’s extra rewards over a 1% no-fee card cover its annual fee. It assumes the fee is not waived and that no other category contributes to the same cap.
If you would not reach the break-even spending, the fee is being paid for benefits rather than rewards — which can still be worth it, but it is a different calculation.
How much cash back can I earn on my own spending?
Enter your monthly amounts by category in Find My Card and the estimates use your numbers, with each card’s caps, post-cap rates and welcome offer applied.
The Rewards Calculator shows the same arithmetic for a single card, including what the annual fee takes back. Compensation never changes an estimate or a ranking.
Keep reading
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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