Credit Cards

A List of Each Bank's Highest Cash Back Card

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  • Mar 10th, 2024 5:59 pm
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May 8, 2009
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Going to the Moon
rewards come in various flavours. i think some ppl say pco/ectm is "good as cash" due to the ease of redemption. most ppl spend more frequently at those partner stores then on hotels, flights or eligible travel spend. i don't consider pco/ectm to be cashback. major issuers usually can cut a chq on cashback balance rather than print as statement credit. i think the differentiator is cashback is not limited to any retailer or spend category.
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Jan 4, 2011
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titaniumtux wrote: rewards come in various flavours. i think some ppl say pco/ectm is "good as cash" due to the ease of redemption. most ppl spend more frequently at those partner stores then on hotels, flights or eligible travel spend. i don't consider pco/ectm to be cashback. major issuers usually can cut a chq on cashback balance rather than print as statement credit. i think the differentiator is cashback is not limited to any retailer or spend category.
I get what you are saying. We are just looking at things from different points of view. You are looking at it from a "definition" standpoint (for lack of a more precise wording), while I'm looking at if from an "effective end result" standpoint.

A) I'm going to spend $10 at Loblaws: give me $10 cash or give me a $10 gift card, I don't care, it's 100% the same for me, and I will spend $10 there whether you give me $10 cash or a $10 gift card or nothing.
B) I don't shop at Loblaws or I seldom shop there: give me $10 cash and you can keep your $10 Loblaw gift card because it's worth less than $10 to me.

Some other thoughts:

Are Amex MR points cashback or are they travel points or something else? I can use my Amex MR points from by Biz Platinum card as a statement credit on any purchase at 1c/MR. I'm not limited to a spend category or retailer. Are they cashback or not? To me they are better than cashback, and better than cash. In many cases, I would rather have 25k MR than $250.

Are Scotia Rewards cashback or are they travel points? I can use my Scotia Rewards points as a statement credit on any purchase at 0.7c/SR (or, granted, higher if I use them towards travel). I'm not limited to a spend category or retailer. CB or not? To me they are cashback. I'm indifferent to whether I have 25k Scotia Rewards or $250, because I have substantially more than $250 in travel expenses every year.

Here's an example of points that I wouldn't consider cashback in any sense: Bonvoy points. If I go for a stay at a Marriott property, am I able to use my points as "cash"?, i.e., can I apply a certain number of points to get a discount, to reduce my room rate by X? No, I can't. I can't say: "Please use 20k of my points so that my room rate is $200 cheaper", nor can I say "please use 5k of my points so that my room rate is $50 cheaper". So, in my opinion, those are not cashback points, unlike PCO points (or whatever else), where I can say, "I want to apply 20k points to reduce my bill by $20 please" or use 20k SR as a credit on a past charge. Sure, I could potentially find a great redemption my Marriott points (or I could get a crappy one), but I can't choose how much of my points I want to use at a fixed value. If I want to stay at XYZ hotel, I either have to accept Marriott's (arbitrary and variable) value for my points or I pay cash. I can't use my points as "cash". Travel points.

I know I'm probably not explaining myself properly, but I think the gist is there. And don't get me wrong, I love Bonvoy points and use them often and with ease -- but I was just using contrasting them to something like PCO points or Scotia points.
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@efrant i get what you're saying. but for thread's sake, i think we must stick to simplified definitions rather than redemption versatility.
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Jan 9, 2011
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Yes, I don't think HermanH ever intended this list to include all credit cards that could be cash back equivalents for people with all different types of usages. If he did, this would simply be a list of all credit cards with any type of rewards program. Then someone else would have to have to start a "Cash back ONLY" list, and be prepared to fend off all of the PCF and CTFS advocates who will turn up in that thread.
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Sep 12, 2013
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Ottawa
HermanH wrote: MBNA Rewards World Elite MasterCard ($89)
2% on everything (no limit)
Update: MBNA RWE MC AF increased to $120, CB now 2% only if redeemed for travel booked through MBNA travel portal, otherwise only 1.67% if pts redeemed for statement credit.
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Jun 25, 2019
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hwyc2007 wrote: Scotia Momentum VISA Infinite fee increase is not far behind - coming August 2019 ( + changes to cashback categories & more )

https://www.scotiabank.com/ca/en/person ... d/faq.html
I have this card right now and received a letter about the fees increase recently. My annual fee is due in August, however the cashback is not due till November. Just called the bank and was told, that I will lose my cash back if I close the card before November. And if changing the card to another one (no fee for example), then cashback will be recalculated and reduced accordingly. What a trap! I guess there's no other option but to pay the fee and wait till November. And a note to my future self to open new credit cards in December/January :)
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Sep 12, 2013
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Ottawa
inpasarable23324 wrote: And a note to my future self to open new credit cards in December/January :)
It depends on the card... Some allow you to redeem your cash back rewards for statement credit any time after you reach a minimum $ amount (e.g. Meridian VI, TD VI, Rogers WE MC), whereas others limit you to an annual statement credit (e.g. Scotia MVI in Nov, CIBC Dividend Plat in Dec). Timing your application or cancellation of a card mostly impacts the latter.

The RFD Scotia MVI thread has some suggestions about getting your cash back before closing the card.
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Sep 13, 2008
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I know the BMO card charges $50 for a supplementary card. Do any of these cards provide no fee supplementary card?
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Apr 23, 2017
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Kiraly wrote: @HermanH your list needs some updates. Scotia Momentum has new earnings levels and annual fee, Rogers Bank has "new" World Elite card, ha.
Rogers and Scotia Momentum entries have now been updated.
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redwings_patriots wrote: I know the BMO card charges $50 for a supplementary card. Do any of these cards provide no fee supplementary card?
Your highest value supplementary cards at no fee on a premium card would be AmEx, notably the Cobalt. Get the travel medical for authorized users at no extra fee.
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Dec 5, 2006
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maynare wrote: Update: MBNA RWE MC AF increased to $120, CB now 2% only if redeemed for travel booked through MBNA travel portal, otherwise only 1.67% if pts redeemed for statement credit.
Is this for anyone or only new customers
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Dec 5, 2006
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maynare wrote: Update: MBNA RWE MC AF increased to $120, CB now 2% only if redeemed for travel booked through MBNA travel portal, otherwise only 1.67% if pts redeemed for statement credit.
Is this for everyone or new customers only? Whats the best alternative
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Sep 12, 2013
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Ottawa
smartie wrote: Is this for everyone or new customers only? Whats the best alternative
Everyone.

Rogers WE MC has no AF and earns 2% CB on Rogers products & services, 1.75% CB on everything else, and nets 1.5% CB on foreign currency transactions. Main drawback is lower initial CL. See the RFD thread here.
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Dec 5, 2006
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maynare wrote: Everyone.

Rogers WE MC has no AF and earns 2% CB on Rogers products & services, 1.75% CB on everything else, and nets 1.5% CB on foreign currency transactions. Main drawback is lower initial CL. See the RFD thread here.
Thanks!
Switched to MBNA reward
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Jan 22, 2009
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is Rogers World Elite Mastercard still the preferred choice for CashBack?

trying to move away from Costco Mastercard.
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williamsauga wrote: is Rogers World Elite Mastercard still the preferred choice for CashBack?

trying to move away from Costco Mastercard.
For no churn, uncategorized, yes.
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is Meridian card popular? I don't see many ppl talk abiut it

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