Credit Cards

A List of Each Bank's Highest Cash Back Card

  • Last Updated:
  • Mar 10th, 2024 5:59 pm
Tags:
None
Deal Addict
Apr 23, 2017
1226 posts
2234 upvotes

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
Last edited by HermanH on Jan 18th, 2022 12:35 pm, edited 30 times in total.
181 replies
Deal Guru
User avatar
Aug 8, 2012
10198 posts
4028 upvotes
BC
Missing some like ...

Capital One no-fee (1% standard or the 0.5-1%, 2%, 3% Costco-member one), or the $150 w/$400 bonus 1.5% 'travel' one that is 2% if you don't take cash back

Rogers Bank Platinum MasterCard 1.75% (FYF, $29 afterwards OR continuing free if charge Rogers-family monthly services billed to card - otherwise downgrade after a year to 1.5% Fido MC)
4% CB on foreign transactions minus 2.5% FX fee (just like 99% of the non-Chase cards in Canada)
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Deal Addict
Apr 23, 2017
1226 posts
2234 upvotes
ace604 wrote: Missing some like ...

Capital One no-fee (1% standard or the 0.5-1%, 2%, 3% Costco-member one), or the $150 w/$400 bonus 1.5% 'travel' one that is 2% if you don't take cash back

Rogers Bank Platinum MasterCard 1.75% (FYF, $29 afterwards OR continuing free if charge Rogers-family monthly services billed to card - otherwise downgrade after a year to 1.5% Fido MC)
4% CB on foreign transactions minus 2.5% FX fee (just like 99% of the non-Chase cards in Canada)
Thanks, I added those.

I didn't add the Rogers card originally as I thought it more a merchant loyalty discount card rather than a true cash back card, as the idea was the cash back was to be applied towards Rogers products and services.
Deal Guru
User avatar
Aug 8, 2012
10198 posts
4028 upvotes
BC
ace604 wrote: Missing some like ...

Capital One no-fee (1% standard or the 0.5-1%, 2%, 3% Costco-member one), or the $150 w/$400 bonus 1.5% 'travel' one that is 2% if you don't take cash back

Rogers Bank Platinum MasterCard 1.75% (FYF, $29 afterwards OR continuing free if charge Rogers-family monthly services billed to card - otherwise downgrade after a year to 1.5% Fido MC)
4% CB on foreign transactions minus 2.5% FX fee (just like 99% of the non-Chase cards in Canada)
HermanH wrote: I list here only the one from each that provides the best rate of cash back. Comments and additions welcome.
...
Capital One Aspire Cash MasterCard ($0)
1% on everything
No Travel Medical Ins.
Not sure how you arrived at the 1% Cap1 being their "best rate of cash back" when the $150 "2% travel" card is 1.5% cash back and the Costco Platinum one is effectively 3% restaurants (best of any card listed), 2% gas, and 1% everything else with an effective $75 fee and a free Costco membership included.

The membership costs $60, the annual fee is "$0", but you lose $15 of 0.5% cash back on your first $3k spend per year.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Deal Guru
User avatar
Aug 8, 2012
10198 posts
4028 upvotes
BC
HermanH wrote: Thanks, I added those.

I didn't add the Rogers card originally as I thought it more a merchant loyalty discount card rather than a true cash back card, as the idea was the cash back was to be applied towards Rogers products and services.
No, that's just one redemption option. If you want to include those style too though then PCF MasterCard earns 1% for free and 2-3% in their stores / Esso for "cashback" you can redeem in their stores at checkout time.

Rogers has cashback annual statement credit option just like Scotia and Cibc so it's identical to those with annual payout.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Member
Mar 3, 2016
389 posts
250 upvotes
You should add the Canadian Tire Options Card. CTFS claims it's 4% cashback if you shop at CT (and many people do). They have an actual cashback card but it's heavily tiered. Also the PC WE cards offer 3% cashback for loblaws chain of stores and 1% elsewhere. I use these retail cards whenever I shop at those stores which is probably more than half of my monthly shopping. Since both companies sell quite a big range of products, especially the very basics, I consider them as equivalent to "cashback".
Deal Expert
User avatar
Jan 9, 2011
19736 posts
28624 upvotes
Vancouver
Sam9876 wrote: You should add the Canadian Tire Options Card. [...] Also the PC WE cards
Those aren't cash back cards. They're the same idea as Air Miles "Cash". You get points in their loyalty programs that can be redeemed only for merchandise—No statement credit, no cheque in the mail, no deposit to your bank account. They don't belong on this list.
Deal Expert
User avatar
Jan 9, 2011
19736 posts
28624 upvotes
Vancouver
Great idea, HermanH.

If you can, it would be a good idea to list the spending limits in each category. Scotiabank's Momentum Visa Infinite's annual 4% limit on gas and groceries, for example, is $25,000, while CIBC's is $20,000 and TD's $15,000.
Deal Expert
User avatar
Jan 9, 2011
19736 posts
28624 upvotes
Vancouver
You can add Laurentian Bank's Visa Infinite.

3% on recurring bills
2% on gas, groceries, travel, and foreign currency transactions
1% on other

Cashback earned as statement credit. $130 annual fee
Deal Addict
User avatar
Nov 10, 2005
2065 posts
355 upvotes
Ottawa
I like this idea. It is too bad it cannot be stored in a table for quick comparison. :)
RFD 15 73H 1337
Deal Fanatic
User avatar
Jul 22, 2015
6184 posts
4811 upvotes
Saint-Hubert, QC
matradley wrote: I like this idea. It is too bad it cannot be stored in a table for quick comparison. :)
OP could always make it in google docs.
OP, maybe you should add that the Rogers MC has 0$ annual fee if you have Rogers products.
Alterna Bank Thread

TFSA Portfolio: ATD|CNQ|NA|SJ
RRSP Portfolio: ELV|URI|WSM
Deal Fanatic
Dec 16, 2005
6907 posts
5592 upvotes
ace604 wrote: Not sure how you arrived at the 1% Cap1 being their "best rate of cash back" when the $150 "2% travel" card is 1.5% cash back and the Costco Platinum one is effectively 3% restaurants (best of any card listed), 2% gas, and 1% everything else with an effective $75 fee and a free Costco membership included.

The membership costs $60, the annual fee is "$0", but you lose $15 of 0.5% cash back on your first $3k spend per year.
Agree. Should at least have 1.5% cash back $150 annual fee

You can get statement credit or a chq mailed out for cash.
Deal Addict
Apr 23, 2017
1226 posts
2234 upvotes
mech9t5 wrote: Agree. Should at least have 1.5% cash back $150 annual fee

You can get statement credit or a chq mailed out for cash.
Capital One markets the Aspire World Elite MC as a travel card, which is why it is not on the list. If I have time this weekend I will do another post only covering travel cards, and the Capital One Aspire W.E. will feature as a 2% flat rate card. For the purpose of this list I only want to list actual cash back cards marketed as such. For example the BMO World Elite (travel) card gives 2% but can serve as a cash back card at 1% cash back, but that doesn't to me make it a cash back card. Some travel cards give cash back options, yes.
Deal Fanatic
Dec 16, 2005
6907 posts
5592 upvotes
HermanH wrote: Capital One markets the Aspire World Elite MC as a travel card, which is why it is not on the list. If I have time this weekend I will do another post only covering travel cards, and the Capital One Aspire W.E. will feature as a 2% flat rate card. For the purpose of this list I only want to list actual cash back cards marketed as such. For example the BMO World Elite (travel) card gives 2% but can serve as a cash back card at 1% cash back, but that doesn't to me make it a cash back card. Some travel cards give cash back options, yes.
Then this thread is pointless. Excluding a cash back card because it is not named cash back doesn't make any sense.
Deal Addict
Apr 23, 2017
1226 posts
2234 upvotes
mech9t5 wrote: Then this thread is pointless. Excluding a cash back card because it is not named cash back doesn't make any sense.
Adding travel cards would be confusing to the list, and on the Cap1 site if one clicks on 'cash back cards' they do not display or mention their Aspire W.E. as an option. That said, I have added a note to the Capital One entry on this list mentioning that the Cap1 W.E. travel card has a higher 1.5% cash back option - higher than the 1% card Cap1 markets as their official cash back card.
Deal Fanatic
Dec 16, 2005
6907 posts
5592 upvotes
HermanH wrote: Adding travel cards would be confusing to the list, and on the Cap1 site if one clicks on 'cash back cards' they do not display or mention their Aspire W.E. as an option. That said, I have added a note to the Capital One entry on this list mentioning that the Cap1 W.E. travel card has a higher 1.5% cash back option - higher than the 1% card Cap1 markets as their official cash back card.
It's your list. I just thought the purpose of a thread like this is to actually show people what the highest cash back option there is. If that is the purpose, then this thread would be especially useful to list those cards that are not obvious cash back cards because, as you say, it is not even listed as a cash back card.
Deal Guru
User avatar
Aug 8, 2012
10198 posts
4028 upvotes
BC
Kiraly wrote: Those aren't cash back cards. They're the same idea as Air Miles "Cash". You get points in their loyalty programs that can be redeemed only for merchandise—No statement credit, no cheque in the mail, no deposit to your bank account. They don't belong on this list.
Cash on your statement isn't "cash back" either then :P

If you shop at their stores, instant cash back off your purchase is better than delayed cash back off your monthly statement - or even worse, a once a year annual statement credit.

I would say saving $20 off my grocery bill is cashback, and better cashback then getting that $20 on my statement in December or January.
Last edited by ace604 on Jun 30th, 2017 1:47 pm, edited 1 time in total.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Deal Guru
User avatar
Aug 8, 2012
10198 posts
4028 upvotes
BC
HermanH wrote: Adding travel cards would be confusing to the list, and on the Cap1 site if one clicks on 'cash back cards' they do not display or mention their Aspire W.E. as an option. That said, I have added a note to the Capital One entry on this list mentioning that the Cap1 W.E. travel card has a higher 1.5% cash back option - higher than the 1% card Cap1 markets as their official cash back card.
MBNA "rewards" card wording:
"Redeem points for cash back, travel, brand-name merchandise, gift cards from retailers, and make charitable donations‡"

Cap1 "travel" card wording:
"Redeem for Travel, Gift Cards or Cash – it’s up to you!"

Sound the same to me. Who cares if the card is called "travel", "rewards", "cashback", or "money back".
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Deal Addict
Apr 23, 2017
1226 posts
2234 upvotes
ace604 wrote: Cash on your statement isn't "cash back" either then :P

If you shop at their stores, instant cash back off your purchase is better than delayed cash back off your monthly statement - or even worse, a once a year annual statement credit.

I would say saving $20 off my grocery bill is cashback, and better cashback then getting that $20 on my statement in December or January.
You have a valid point. One thought behind this list was to simplify things to have an 'at a glance' look at the earn rate of each bank's best cash back card, without getting into the complexities of what one might be able to do/get using a travel card as a cash back card, or a store-specific discount card as a cash back card, etc.

I divide the credit card rewards cards into 4 categories:

1. Cash back cards (TD Cash back, BMO cash back, Amex simply cash, etc. The issuer calls it a cash back card)
2. Travel cards (cash-like credits can be used for travel purchases, such as BMO World Elite travel, Cap1 Aspire travel World Elite at 2%, Scotia Amex gold, etc),
3. Airline points cards (airline miles in a specific program are automatically given monthly, such as TD Aeroplan Visa , RBC BA Visa, RBC Cathay Pacific, etc)
4. Store discount cards (cards that give you credit at specific places, such as PCF Loblaws card, Rogers MC, Fido, Can Tire, etc.)

There are some cross over cards. Amex charge cards (Gold, Plat) are essentially travel cards to use credits against travel purchases on your statement. However, you have the option of converting the points to Aeroplan, Delta, BA...but it isn't an airline card as an airline card is airline specific and gives airline miles automatically with no choice. You can get merchandise with points, but that doesn't make it a cash back card. Indeed, Amex markets its own cash back card - the Simply Cash card. One 'can' use an Amex charge card as a cash back card of sorts, but a better cash back rate can be had from their dedicated cash back card that they market as such.

I think some banks are keen to try to be everything to everyone with one product, and say you 'can' use this card as a cash back, or a travel card, or an airline card, just to appeal to everyone. With many cards though, you get the most points using it as it was intended to be used for. With Cap1, if you use it as a travel card, you get 2%; if you use it as a cash back card you get 1.5%. With BMO Travel W.E., if you use it as a travel card you get 2%, if you call up and want your travel credits deposited to your bank account as cash to buy tires with, you get 1% cash back. I would say both these cards are travel cards, and put them on a travel cards list, both at 2%.

I'm not saying my way is the only way - it would be possible to do a more in-depth list listing every earn rate of each card when applied to every redemption method - cash back or travel or discounts or gift cards, or groceries, etc. This list was just to look at cards marketed as cash back cards, and compare the earn rates of each issuer's top card, along with if they offered travel medical insurance or not, and, if so, for how long.

If I do another list of Travel Cards I will only focus on travel cards and the top rates by each issuer when the card is used as a travel card.

If I do a list of airline cards, I will only focus on how many miles one gets per dollar for each issuer's top airline-specific or program specific card. So how many BA miles per dollar, how many Aeroplan miles per dollar, etc.

If I do a list of store-specific cards, then i will delve into Can Tire, PCF, etc and what store discounts one can get. If a specific store gives you a discount for using their card, it is not really a cash back card it is a store discount card, imho. Sure, a store discount is great, no argument, but it limits you to where you can use your discount.

Personally I use the BMO Travel W.E. MC as my go-to card and get 2% travel cash on everything with no cap. I don't use a cash back card. If I didn't use this, I would probably use the Cap1 Travel Aspire W.E. MC, also at 2% earn.

If I personally wanted to maximize my earnings I would split my spend between two cards, and also get a Scotia Momentum Visa Infinite or a CIBC Dividend Infinite Visa and use that card only for groceries and gas at 4%, and put everything else on the BMO (or Cap1 Aspire W.E.) 2% on everything card. I agree with you though that I don't like the idea of waiting to January to get a statement credit rebate. I prefer for a cash back card to give one the option to actually 'get' the cash in hand whenever one wants it as a direct deposit to a bank account or a cheque in the mail. The BMO cash back W.E. offers this - log on and request a deposit and your cash back credits are deposited into your BMO bank account right then. Does Cap1 also offer to mail a cheque? I think so. The 4% cash back on groceries and gas cards both require yearly statement credits as the way to get the cash. Everyone is different in how they like to use their money. If I used the Scotia or CIBC 4% category card, I would hold back the part of the statement payment amount I would have made in January equal to the credit, and transfer that held amount from chequing to my discretionary savings account so my cash back would then be cash in hand. Some people like the January statement credit as it helps pay off their December Christmas spend.

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)