Cashback credit cards are one of the most popular types of rewards cards in Canada. They offer an easy way to earn money back on your everyday purchases, helping you save money.
With so many cashback credit cards available, how do you know which one is right for you? Let’s look at the top four cashback visa cards in Canada.
What is a cash back credit card?
Cashback credit cards offer a simple way to get some money back on your purchases.
The main benefit of cashback credit cards is that they help you save money on everyday purchases.
For example, if you spend $1,000 per month on a card that offers 2% cashback on your purchase, you could earn $20 in cash back each month! You can use this extra money for whatever you like. Whether it’s paying off debt faster or helping to fund your retirement account.
Here are the best visa cashback credit cards in Canada to help you make the most of your rewards program.
1. CIBC Dividend Visa Infinite Card
The CIBC Dividend Visa Infinite Card gives you generous money back on all your purchases, and it’s pretty easy to rack up points.
This card offers up to 4% cash back on eligible gas and grocery, 2% on dining, transportation and recurring payments and 1% on all other purchases. Moreover, this card has some exciting welcome bonus for new customers.
You can get a first-year annual fee rebate and 10% cash back for the first 4 statements on net purchases of up to $2500.
The best part is that you can redeem your cash back at any time when you have a minimum of $25 through CIBC Online and Mobile Banking.
2. Scotia Momentum Visa Infinite
The Scotia Momentum Visa Infinite is a great cashback visa card for people who want to earn rewards on their everyday purchases.
The card offers a generous 10% cash back on all purchases up to $2000 in total purchase for the first three months. As long as you use the card for your daily spending, you’ll be getting a good return on your investment.
In addition to its high cash back rewards, this card also has some other perks worth mentioning. The Scotia Momentum Visa Infinite offers comprehensive travel insurance and new mobile device insurance.
The card has an annual fee of $120 but is waived the first year. So, you can enjoy this card’s premium benefits for a year without paying a dime. This card was rated as the best cash back card in 2021.
3. TD Cash Back Visa Infinite credit card
The TD Cash Back Visa Infinite credit card is very popular visa cash back credit card in Canada. It offers a generous 10% cashback on all purchases made with your card for the first three months if you apply online by September 5, 2022.
You will earn 6% on gas purchases, grocery store purchases, and pre-authorized payments for the first 3 months after spending your first $2,000 in purchases.
This is a premium credit card with an annual fee of $120 but waived the first year if you activate your card and make your first purchase on the Account within the first 3 months after account opening.
The TD Cash Back Visa Infinite also offers some great travel benefits to give you peace of mind while you travel. There’s also complimentary roadside assistance available in Canada and 24/7 concierge service for booking hotels or making restaurant reservations — all at no extra cost!
If you’re looking for a flexible cash back rewards card, then this might be the right one for you.
Apply through this secure link or learn more here.
4. Simplii Financial Cash Back Visa Card
The Simplii Financial Cash Back Visa Card is a great option for Canadians who spend a lot on bars, dining out, and coffee shops. With the card, you earn 10% cash back at restaurants and bars up to $500 spend.
This card has no annual fee, so it’s great for anyone who wants a cash-back card with no strings attached.
The card also comes with other features that can make your life easier. The best part is that you can use your cash back rewards at any time, for any purchase, anywhere in the world!
Apply through this secure link for a $50 cash back rebate.
How do cash back credit cards work?
There are many different cash back credit cards, each with its unique features and benefits. Here’s how they work:
Cash back reward programs allow you to earn a small amount of money back on your purchases. This can be a fixed rate or a percentage of your purchase. You’ll typically see these rates advertised as “up to”, so you may see “up to 1%” or “up to 4%”. The higher the rate, the more valuable it is.
Most cash back credit cards have tiered spending categories that provide higher rewards when spending in specific areas. For example, you may receive 2% cash back on groceries while earning 1% everywhere else. These categories vary by card, but they’re usually based on typical spending patterns such as groceries, gas and travel.
Whether you’re a savvy spender or just looking for the best value for your spending, a cash back credit card could be a perfect choice. However, make sure you read the fine print before signing up. Most cash back credit cards have special offers with specific terms and conditions.