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31 Oct, 2016
Savvy Tips

Comparing Canada's top cash back cards

In order to make different credit cards that much more attractive, banks have added a number of benefits. Different packages and benefits suit different needs, which is why it's so important to consider your lifestyle before making a choice. Cash back credit cards are a popular choice for a number of reasons. If you tend to lead a fairly routine lifestyle and you don't do much traveling, then the benefit of cash back in your pocket is certainly more appealing than accumulating points to offset the cost of your next flight.

There are a number of cash back card options for Canadians, and we have compiled a list of our favorite 5. The most important thing to note is that each of these cards sounds great on its own. However, when you compare them to one another, you will undoubtedly find that at least one will cater more specifically to your needs than the rest.

Scotia Momentum Visa Infinite

This card has a relatively higher annual fee of $99. It does, however, offer great cash back incentives as well as other rewards. When you opt or this card, you will enjoy the following benefits:

4% cash back on gas and groceries
2% cash back on purchases from drug stores and recurring bills
1% cash back on all other purchases
$100 sign up bonus*

All of the above cash back rates apply to the first $25,000 spent on each category over the period of one year. Once this $25,000 spend is reached, you will continue earning 1% on your purchases until the 12 month period comes to an end and you will earn up to 4% once again. You will also receive a $100 sign up bonus provided you meet certain criteria as stipulated in the agreement.

MBNA Rewards World Elite

With a somewhat lower annual fee of $89, this card offers some of the highest returns. The annual fee is also waived for the first year which is another reason why so many people choose this option. The main benefits of this card include:

2% cash back on all purchases
10,000 bonus points (valued at $100) applied to your account once you make your first purchase on this card.

This card offers amazing flexibility by providing a reasonable amount of cash back on all purchases. Therefore, you need not worry about balancing your purchases in such a way that you can maximize your cash back. All purchases will prove equally advantageous. 

SimplyCash Preferred Card from American Express

American Express is well-known on an international level, and this often encourages a greater level of trust. The annual fee on this card is just $79 which is a fair bit lower than other options and reasonable when you calculate the value of these benefits:

1.5% cash back on all purchases
5% cash back on all purchase for first 6 months (up to $400)
No limit to cash back after introductory period
0% interest on balance transfers for first 6 months
1.5% cash back is earned on the first $100,00 spent during the period of one year. Hereafter, you will continue to earn 1.25% until the 12 month period is completed and you can continue earning 1.5% again. If you refer a friend and they are approved, you will also receive an amazing $200 bonus! New cardmembers with balances on other credit cards can transfer these balances to this card during the application process. You will not be charged any interest on transferred credit for the first 6 months.

SimplyCash Card from American Express

Another great option from American Express, this card offers amazing benefits to cardholders. Some of the main advantages include:

No annual fee
1.25% cash back on all purchases

5% cash back on all gas, restaurant, and grocery purchase for first 6 months (up to $250)
No limit to cash back earned after the Welcome Rate ends
0% interest on balance transfers for first 6 months

New cardmembers with balances on other cards can transfer these balances to this card while applying. You will enjoy zero interest on the transferred balances for the first 6 months. Cash back incentives apply to all purchases, and there's no limit to the amount you can earn back once the initial 6-month period comes to an end.

BMO CashBack MasterCard

Probably one of the most straightforward of all the cards mentioned in this list. This is a great option for those looking to keep things simple and inexpensive. The main benefits include:

No annual fee
1% cash back on all purchase
$75 in rewards

When choosing between these credit cards, it's good to take a look through your current bank records and make a note of your spending habits. Remember, you need not use your credit card for all of your purchases. You can make the most of cash back on gas and groceries while using a different payment method to cover other expenses that may earn less in benefits and cash back.

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