A List of Each Bank's Highest Cash Back Card
With the new Cash Back Visa Infinite card out from TD, and RBC's new Cash Back World Elite MasterCard card, here is a list of the one card from each issuer that has the highest cash back. This is for cash back cards, not travel cards. Other than the earn rate and annual fee I have added if they come with Travel Medical Insurance. Some banks issue multiple cash back cards - I list here only the one from each that provides the best rate of cash back. Comments and additions welcome.
American Express Simply Cash Preferred ($99)
2% on everything (no limit)
15 days Travel Medical Ins.
American Express Cobalt Card ($155.88 billed as $12.99/month)
(This card has changed to allow points to be used for non-travel statement credits at full value)
It is possible, depending on one's spending pattern, that this card can outperform Amex SCP.
5% on grocery ($30k cap), restaurants, bars.
3% on streaming subscriptions
2% on travel and transit
1% on everything else.
MBNA Rewards World Elite MasterCard ($120)
This card changed in 2021 from a 2% card to a complex earn model.
Points, when redeemed for cash, are now worth 0.83 cents each, not 1 cent per point.
5x earn on groceries, restaurants, digital media, memberships, household utility purchases ($50k cap)
1x on everything else
10% 'birthday bonus' of points earned in previous year, up to 15,000 bonus points.
The $50k cap applies to each bonus category individually, not collectively.
When comparing this to a card like Cobalt one has to take the total points earned here and multiply by 0.83 to get the actual cash back earn.
21 days Travel Medical Ins.
BMO Cash Back World Elite MasterCard ($120)
5% on Groceries (limited to $500 per statement period)
4% on Transit, such as public transit, taxis and ride sharing (limited to $300 per statement period)
3% on Gas (limited to $300 per statement period)
2% on recurring bill payments (limited to $500 per statement period)
1% on everything else (no limit)
8 days travel Medical Ins
RBC Cash Back World Elite MasterCard ($99)
1.5% on everything (limited to first $25k in annual spending, then rate drops to 1% cash back over $25k limit)
No Travel Medical Ins.
Scotiabank Momentum Visa Infinite Cash Back ($120)
4% on Groceries and recurring bill payments; (limited to first $25k)
2% on Gas and Transit;
1% on everything else. (no limit)
15 days Travel Medical Ins.
CIBC Dividend Visa Infinite Cash Back ($120)
4% on Gas and Groceries (limited to $20k cap)
2% on Restaurants, Transportation and recurring payments (all bonus categories combined have a $20k cap)
1% on everything else (no limit)
15 days Travel Medical Ins.
TD Cash Back Visa Infinite ($120)
3% on Gas, Groceries, & Recurring payments ($15k cap on groceries & gas; $15k cap on recurring)
1% on everything else. (no limit)
10 days Travel Medical Ins..
HSBC Cash Rewards MasterCard ($0)
1.5% on online purchases ($6k cap)
1% on Gas, Groceries and Drugstores (no limit)
0.5% on everything else (no limit)
Optional 17 days Travel Medical Ins. (if one pays a $69 fee for it)
(Note: The HSBC World Elite MasterCard - $149 AF - has an option to redeem points for statement credit or savings account cash deposit at .30/point, which means cash back earn of 0.90% on most purchases and 1.80% on travel purchases. One gets higher earn using points for the intended 'travel card' purpose of travel spend (1.50% on most purchases and 3% travel purchases). Also, this W.E. card has no FX fees and included with the AF 31-day travel insurance. Whether the Cash Rewards MasterCard or W.E. MasterCard (when used as a cash back card) gives higher cash back depends on your spending patterns, hence my including both cards.
National Bank Echo MasterCard ($30)
1.5% on Gas, Groceries and Online Purchases ($25k cap)
1% on everything else (no limit)
No Travel Medical Ins.
Tangerine Cash Back MasterCard ($0)
2% on 3 categories (eg: Gas, Grocery, Drugstore, or other choices)
0.5% on everything else.
No Travel Medical Ins.
Rogers Bank World Elite MasterCard ($0)
3% on US$ spend (standard 2.5% FTF applies, so 0.5% net earn on purchases in US$) In non US$ foreign spend, standard base earn of 1.5% (so -1.0% net earn after 2.5% FTF)
1.50% on Can$ spend (no limit)
10 days Travel Medical Insurance
Capital One Aspire Cash MasterCard ($0)
1% on everything
No Travel Medical Ins.
Laurentian Bank Visa Infinite ($130)
3% on recurring bills
2% on gas, groceries, travel, and foreign currency transactions
1% on everything else
31 days Travel Medical Ins.
Meridian Visa Infinite ($99)
4% on groceries & gas
2% on drugstores & utility bills
1% on everything else
48 days Travel Medical Insurance (for those under 60).
(age 60-64 is 23 days; age 65-75 is 15 days)
CTFS Cash Advantage MasterCard
Up to 3% at Canadian Tire Stores
Up to 1.5% on everything else (annual spend over $3k earns at 1%; spend over $24k earns at 1.5%)
No AF
No travel medical insurance
Brim W.E. MC ($199) (FYF offer)
2% back (on first $25,000 of spend, then 1% on spend over that amount)
No FTF
15 days travel medical insurance
CWB/Canadian Western Bank W.E. MC ($120)
2% earn on first $25,000 in spend, then 1% on spend over that amount
15 days Travel Medical Insurance
American Express Simply Cash Preferred ($99)
2% on everything (no limit)
15 days Travel Medical Ins.
American Express Cobalt Card ($155.88 billed as $12.99/month)
(This card has changed to allow points to be used for non-travel statement credits at full value)
It is possible, depending on one's spending pattern, that this card can outperform Amex SCP.
5% on grocery ($30k cap), restaurants, bars.
3% on streaming subscriptions
2% on travel and transit
1% on everything else.
MBNA Rewards World Elite MasterCard ($120)
This card changed in 2021 from a 2% card to a complex earn model.
Points, when redeemed for cash, are now worth 0.83 cents each, not 1 cent per point.
5x earn on groceries, restaurants, digital media, memberships, household utility purchases ($50k cap)
1x on everything else
10% 'birthday bonus' of points earned in previous year, up to 15,000 bonus points.
The $50k cap applies to each bonus category individually, not collectively.
When comparing this to a card like Cobalt one has to take the total points earned here and multiply by 0.83 to get the actual cash back earn.
21 days Travel Medical Ins.
BMO Cash Back World Elite MasterCard ($120)
5% on Groceries (limited to $500 per statement period)
4% on Transit, such as public transit, taxis and ride sharing (limited to $300 per statement period)
3% on Gas (limited to $300 per statement period)
2% on recurring bill payments (limited to $500 per statement period)
1% on everything else (no limit)
8 days travel Medical Ins
RBC Cash Back World Elite MasterCard ($99)
1.5% on everything (limited to first $25k in annual spending, then rate drops to 1% cash back over $25k limit)
No Travel Medical Ins.
Scotiabank Momentum Visa Infinite Cash Back ($120)
4% on Groceries and recurring bill payments; (limited to first $25k)
2% on Gas and Transit;
1% on everything else. (no limit)
15 days Travel Medical Ins.
CIBC Dividend Visa Infinite Cash Back ($120)
4% on Gas and Groceries (limited to $20k cap)
2% on Restaurants, Transportation and recurring payments (all bonus categories combined have a $20k cap)
1% on everything else (no limit)
15 days Travel Medical Ins.
TD Cash Back Visa Infinite ($120)
3% on Gas, Groceries, & Recurring payments ($15k cap on groceries & gas; $15k cap on recurring)
1% on everything else. (no limit)
10 days Travel Medical Ins..
HSBC Cash Rewards MasterCard ($0)
1.5% on online purchases ($6k cap)
1% on Gas, Groceries and Drugstores (no limit)
0.5% on everything else (no limit)
Optional 17 days Travel Medical Ins. (if one pays a $69 fee for it)
(Note: The HSBC World Elite MasterCard - $149 AF - has an option to redeem points for statement credit or savings account cash deposit at .30/point, which means cash back earn of 0.90% on most purchases and 1.80% on travel purchases. One gets higher earn using points for the intended 'travel card' purpose of travel spend (1.50% on most purchases and 3% travel purchases). Also, this W.E. card has no FX fees and included with the AF 31-day travel insurance. Whether the Cash Rewards MasterCard or W.E. MasterCard (when used as a cash back card) gives higher cash back depends on your spending patterns, hence my including both cards.
National Bank Echo MasterCard ($30)
1.5% on Gas, Groceries and Online Purchases ($25k cap)
1% on everything else (no limit)
No Travel Medical Ins.
Tangerine Cash Back MasterCard ($0)
2% on 3 categories (eg: Gas, Grocery, Drugstore, or other choices)
0.5% on everything else.
No Travel Medical Ins.
Rogers Bank World Elite MasterCard ($0)
3% on US$ spend (standard 2.5% FTF applies, so 0.5% net earn on purchases in US$) In non US$ foreign spend, standard base earn of 1.5% (so -1.0% net earn after 2.5% FTF)
1.50% on Can$ spend (no limit)
10 days Travel Medical Insurance
Capital One Aspire Cash MasterCard ($0)
1% on everything
No Travel Medical Ins.
Laurentian Bank Visa Infinite ($130)
3% on recurring bills
2% on gas, groceries, travel, and foreign currency transactions
1% on everything else
31 days Travel Medical Ins.
Meridian Visa Infinite ($99)
4% on groceries & gas
2% on drugstores & utility bills
1% on everything else
48 days Travel Medical Insurance (for those under 60).
(age 60-64 is 23 days; age 65-75 is 15 days)
CTFS Cash Advantage MasterCard
Up to 3% at Canadian Tire Stores
Up to 1.5% on everything else (annual spend over $3k earns at 1%; spend over $24k earns at 1.5%)
No AF
No travel medical insurance
Brim W.E. MC ($199) (FYF offer)
2% back (on first $25,000 of spend, then 1% on spend over that amount)
No FTF
15 days travel medical insurance
CWB/Canadian Western Bank W.E. MC ($120)
2% earn on first $25,000 in spend, then 1% on spend over that amount
15 days Travel Medical Insurance
Last edited by HermanH on Jan 18th, 2022 12:35 pm, edited 30 times in total.