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Finding the best cashback credit card Canada is one of the smartest decisions you can make to maximize your daily spending.
In a market full of offers and varying fees, the right choice can mean hundreds of dollars back in your pocket annually, without drastically changing your spending habits.
Knowing which is the best cashback credit card Canada requires more than just looking at the highest percentage rate. It is essential to consider where your money is spent. For example, do you spend more on groceries, fuel, or recurring bills? The answer to this question defines the ideal card.
In this article, we will explore the main options for cashback cards in Canada, detailing their return rates, annual fees, income requirements, and market reputation.
By the end, you will have a clear vision of which card truly offers the best cashback credit card Canada for your spending profile, empowering you to make an informed and profitable financial choice.
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The Main Cashback Cards in Canada
When looking for the credit card with the best return, it is necessary to analyze the earning potential in your daily spending categories.
Below, we detail the options for the best cashback credit card Canada, focusing on the return rates and conditions of each product.
1. BMO CashBack World Elite Mastercard (Best cashback credit card Canada)
This card is recommended for those with high spending on food.
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The BMO CashBack World Elite Mastercard offers the following return rates:
- 5% on grocery purchases (limit of up to CA $500 per billing cycle);
- 4% on transportation (limit of up to CA $300);
- 3% on gas and electric vehicle charging (limit of up to CA $300);
- 2% on recurring bills (limit of up to CA $500);
- 1% on all other purchases.
After reaching the monthly limits for each bonus category, all additional purchases generate 1% return.
Cashback can be redeemed at any time when the balance exceeds CA $1, as a statement credit or deposit into a BMO account.
2. CIBC Dividend Visa Infinite
The CIBC Dividend Visa Infinite stands out for having a high return rate in four important categories. You will earn points in the following ways:
- 4% on gas, electric vehicle charging, and groceries;
- 2% on transportation, restaurants, and recurring bills;
- 1% on other purchases.
Cashback credit is automatically paid on the December statement each year.
3. Neo World Elite Mastercard (Best cashback credit card Canada)
Neo Financial, a fintech, enters the best cashback credit card Canada dispute with competitive rates and the possibility of increasing returns:
- 5% on groceries;
- 4% on recurring bills;
- 3% on gas;
- 1% on other purchases.
There is a possibility to increase rates to 7% (groceries) and 5% (recurring) if the customer maintains a balance in their Neo Everyday account.
4. Scotiabank Momentum Visa Infinite
The Scotiabank Momentum Visa Infinite is for those who concentrate most of their spending on household necessities and fixed expenses. It offers:
- 4% on grocery purchases, subscriptions, and recurring payments (up to CA $25,000 per year);
- 2% on fuel and daily transportation (up to CA $25,000 per year);
- 1% on other purchases.
The bonus is automatically credited to the November statement. If this card caught your attention, see the detailed analysis of the Scotiabank Passport Visa Infinite Card now.
5. Rogers Red World Elite Mastercard (Best cashback credit card Canada)
The Rogers Red World Elite Mastercard stands out for not charging an annual fee and for offering a uniform return rate on Canadian dollar purchases:
- 2% unlimited cashback on Canadian dollar purchases for Rogers/Fido/Comwave/Shaw service customers.
- 1.5% for non-operator customers.
- 3% on US dollar purchases.
There is no spending limit. The customer receives a 1.5x bonus when redeeming cashback for operator services, maximizing the value.
Comparison of Rates, Interest of Cashback Cards
To evaluate which is the best cashback credit card Canada for you, it is essential to compare the rates and requirements of each issuer. Below, you will find a summary of the main financial and reputation characteristics.
| Card | Annual Fee | Minimum Income (Individual/Family) | Purchase Interest (APR) | Grace Period |
| BMO CashBack World Elite | CA $120 (waived in 1st year) | CA $80,000 / CA $150,000 | 21.99% | Minimum of 21 days |
| CIBC Dividend Visa Infinite | CA $120 (waived in 1st year) | CA $60,000 / CA $100,000 | 21.99% | Minimum of 21 days |
| Neo World Elite Mastercard | CA $125 | CA $80,000 / CA $150,000 | 19.99% to 29.99% | Minimum of 21 days |
| Scotiabank Momentum Visa Infinite | CA $120 (waived in 1st year) | CA $60,000 / CA $100,000 | 20.99% | Minimum of 21 days |
| Rogers Red World Elite | Zero | CA $80,000 / CA $150,000 (approx.) | 20.99% to 25.99% | Standard 21 days |
All cards follow the market rule that determines a grace period of at least 21 days after the statement date.
Paying the full balance within this period avoids interest charges on purchases.
If full payment is not made, the interest rates (APR) charged are high, ranging between 19.99% and 25.99% for purchases.
How to choose the best cashback card for my spending profile?
The choice depends entirely on your habits.
- If you spend a lot on groceries and recurring bills, Neo and BMO are excellent due to the high percentages in these categories;
- If you are looking for a no-annual-fee card and are already a Rogers customer, the Rogers Red World Elite offers a solid and unlimited 2% return;
- If you want a balanced card that rewards well for fuel, groceries, transportation, and fixed expenses, the Scotiabank Momentum and CIBC Dividend are good options.
Conclusion
We analyzed five top-tier cashback options in Canada, highlighting the Neo World Elite Mastercard and the BMO CashBack World Elite for offering the highest potential monthly return for a common spending profile. While the Rogers Red World Elite for not charging an annual fee.
Now, study your budget, use the spending comparison we presented, and decide based on data. If you are ready to stop leaving money on the table, evaluate which of these options best fits your lifestyle and apply for your new card.