Best Cashback credit cards

RBC Cashback Master Card gives 2 percent at Grocery stores. It's better than the MNBA card to me for Groceries because it doesn't have a monthly limit but yearly one. So if you buy a barbecue at Walmart you won’t need to worry about only getting 1 percent for a portion of it or other shopping that month.

Scotia Momentum Visa has 4% cash back on Groceries and Gas and 2% on Pharmacy/Drug Stores.

http://www.scotiabank.com/ca/common/pdf ... chants.pdf

Try this calculator/comparison tool: http://www.scotiabank.com/momentumcashback/

Best Cash Back MC for Costco is probably the MBNA Rewards World Elite as you'll get 2%. $89 annual fee though.

Best No-Annual-Fee Credit Cards

Visa: Amazon.ca Rewards Visa Card (2% flat cash back on Amazon.ca purchases; 1% flat cash back on all other purchases; no foreign currency transaction fees - 2.5% is typical for other cards; no limit to the cash back)
Mastercard: MBNA Smart Cash Mastercard (2% flat cash back on gas and groceries until you reach $400 for the month; 1% thereafter)
AMEX: American Express SimplyCash (1.25% flat cash back on all purchases; no limit to the cash back)

Use Cases
Groceries: MBNA Smart Cash (2% cash back until $400)
Gas: MBNA Smart Cash (2% cash back until $400)
Amazon.ca: Amazon.ca Visa (2% cash back)
Shopping outside of Canada (both online and in person): Amazon.ca Visa (no foreign currency exchange fees + 1% cash back)
Everywhere else that accepts AMEX: AMEX SimplyCash (1.25% cash back)
Everything else: Amazon.ca Visa (1% cash back)

Hobbesgsr wrote: ↑Scotia Momentum Visa has 4% cash back on Groceries and Gas and 2% on Pharmacy/Drug Stores.

http://www.scotiabank.com/ca/common/pdf ... chants.pdf

Try this calculator/comparison tool: http://www.scotiabank.com/momentumcashback/

+1. This card work best for me as I mostly use it for grocery/gas (4%), drug store (2%) and monthly bills payments (2%).

If you are interest in this card, you might want to look at this thread for sign up bonus

aces235 wrote: ↑Hey all,
I'm hoping i can get some help to find a good CashBack Credit card.
I signed up with MBNA when they had their 5%/3%/1% system in place.
Since being taken over my TD the returns aren't as good.

Is it still the best card available?

I can't seem to find any that are better (2%/1% seems to be the norm).

I would prefer a MasterCard so i can make Costco purchases on it.

Any help would be greatly appreciated.

Thanks!

OP, its best that you figure out what your annual spending is on credit cards. Then further break it down by the category of spending (Gas/Grocery/Drug Store/Restuarent/Entertainment/etc). Then maybe even further break it down by the places you spend.

If you can provide a General outline of the above, people in this thread can better recommend a Cashback card. Even Cards with Annual fees may give you a better return depending on your spending. So, take a few moments to provide the above, and I'm sure you will get a recommendation for the best card to use based on that.

djino

djino wrote: ↑OP, its best that you figure out what your annual spending is on credit cards. Then further break it down by the category of spending (Gas/Grocery/Drug Store/Restuarent/Entertainment/etc). Then maybe even further break it down by the places you spend.

If you can provide a General outline of the above, people in this thread can better recommend a Cashback card. Even Cards with Annual fees may give you a better return depending on your spending. So, take a few moments to provide the above, and I'm sure you will get a recommendation for the best card to use based on that.

djino

Thanks all for the suggestions so far. I've tried to come up with a rough idea of my spending below.
The card would be a shared card for my spouse and i so we can better split the bills and get some cashback as well.

Most of our shared expenses would probably fall under the “Other” category unfortunately (1%).
We do have some shopping at Walmart and no frill etc, but the bulk of our groceries/stuff come from Costco.
We also have road trips throughout the year where we would be using gas and the odd purchase from walmart (i.e BBQ example above)

—MONTHLY EXPENSES—
450 Costco
60 Groceries
40 Home Depot
100 Entertainment
100 Other (things around house etc, amazon, med, online orders)
=$750

—Per year transactions—
twice a year vacations (road trip to NFLD, Paris, road trip to Quebec etc)
3000$ a year (Hotel, flight, spending sometimes gas)

--random trips--
600$ (algonquin, parks, lodges etc)

= $12600 yearly spending

eventually probably put on whatever utilities we can for house
-water bill?
-heating bill?
-property taxes?
-internet (50$)

User230 wrote: ↑RBC Cashback Master Card gives 2 percent at Grocery stores. It's better than the MNBA card to me for Groceries because it doesn't have a monthly limit but yearly one. So if you buy a barbecue at Walmart you won’t need to worry about only getting 1 percent for a portion of it or other shopping that month.

RBC MC 2% is only up to $6000 in groceries, it means $500 per month. Plus for all other purchases you'll get only 0.5% cash back until you spend you first $6000.

aces235 wrote: ↑Thanks all for the suggestions so far. I've tried to come up with a rough idea of my spending below.
The card would be a shared card for my spouse and i so we can better split the bills and get some cashback as well.

Most of our shared expenses would probably fall under the “Other” category unfortunately (1%).
We do have some shopping at Walmart and no frill etc, but the bulk of our groceries/stuff come from Costco.
We also have road trips throughout the year where we would be using gas and the odd purchase from walmart (i.e BBQ example above)

—MONTHLY EXPENSES—
450 Costco
60 Groceries
40 Home Depot
100 Entertainment
100 Other (things around house etc, amazon, med, online orders)
=$750

—Per year transactions—
twice a year vacations (road trip to NFLD, Paris, road trip to Quebec etc)
3000$ a year (Hotel, flight, spending sometimes gas)

--random trips--
600$ (algonquin, parks, lodges etc)

= $12600 yearly spending

eventually probably put on whatever utilities we can for house
-water bill?
-heating bill?
-property taxes?
-internet (50$)

With your spending pattern I would recommend to check the Capital One Aspire TRAVEL World MC: here. It does have $120 annual fee, but after the annual bonus, you'll pay only $20 out of your own pocket. With only $12600 yearly spending, a MBNA Rewards World Elite, wouldn't really work, cause after $89 annual fee, you'll get only $163 cash back, you can get the same amount of money using no annual fees cards.

MBNA Smart Cash WORLD still available? That lift the limit

aces235 wrote: ↑Thanks all for the suggestions so far. I've tried to come up with a rough idea of my spending below.
The card would be a shared card for my spouse and i so we can better split the bills and get some cashback as well.

Most of our shared expenses would probably fall under the “Other” category unfortunately (1%).
We do have some shopping at Walmart and no frill etc, but the bulk of our groceries/stuff come from Costco.
We also have road trips throughout the year where we would be using gas and the odd purchase from walmart (i.e BBQ example above)

—MONTHLY EXPENSES—
450 Costco
60 Groceries
40 Home Depot
100 Entertainment
100 Other (things around house etc, amazon, med, online orders)
=$750

—Per year transactions—
twice a year vacations (road trip to NFLD, Paris, road trip to Quebec etc)
3000$ a year (Hotel, flight, spending sometimes gas)

--random trips--
600$ (algonquin, parks, lodges etc)

= $12600 yearly spending

eventually probably put on whatever utilities we can for house
-water bill?
-heating bill?
-property taxes?
-internet (50$)

In most cases Utility bills (property taxes/hydro/etc) cannot be paid with a credit card. Your Internet Provider/Home&Auto insurances can .

Some suggestions based on your annual spending above, your annual cashback minus any annual fees would be as follows:

1) Smart Cash Mastercard: 12 * ($60 * 2%) + 12 * ($690 * 1%) + $3600 * 1% + $50 * 1% = $133.70 Cashback
- This can be further maximized by purchasing Home Depot/Entertainment Gift Cards at Gas/Grocery stores.

2) RBC Cashback Mastercard: Same as SmartCash Calculation = $133.70 Cashback

3) MBNA Rewards World Elite Mastercard: 12 * ($750 * 2%) + $3600 * 2% + $50 * 2% - $89 Annual Fee = $164 Cashback

4) Scotiabank Infinite Visa Momentum: Visa cannot be used at Costco. 12 * ($60 * 4%) + 12 * ($25"Drugs?" * 2%) + 12 * ($50"Internet" * 2%) + 12 * ($215 * 1%) + $3600 * 1% - $99 Annual Fee = $9.6 Cashback
- Costco use is the major issue with this card
- Can likely maximize your cashback by Purchasing Home Depot/Entertainment Giftcards at Gas/Groccery Stores

5) Scotiabank American Express Gold: Amex cannot be used at Costco. 12 * ($60 * 4%) + 12 * ($100 * 4%) + 12 * (140 * 1%) + $3600 * 1% + $50 * 1% - $99 Annual Fee = $31.1 Cashback
- Costco use is the major issue with this card
- Can likely maximize your cashback by Purchasing Home Depot/Entertainment Giftcards at Gas/Groccery Stores

Others can compare other cards that they know of that may provide a better return than the above. Maybe even a combination of a few non annual fee cards.

djino

NikyK wrote: ↑With your spending pattern I would recommend to check the Capital One Aspire TRAVEL World MC: here. It does have $120 annual fee, but after the annual bonus, you'll pay only $20 out of your own pocket. With only $12600 yearly spending, a MBNA Rewards World Elite, wouldn't really work, cause after $89 annual fee, you'll get only $163 cash back, you can get the same amount of money using no annual fees cards.

Thanks, i'll take a look at that card. I'm currently leaning towards an annual fee card, since the fee seems to get paid with the additional savings you get.
The MBNA World Elite card would give me an extra 1% on almost all my purchases (2% total) that i normally would only get 1% with any other card. That alone (by my calculations) gives me an extra 118$ per year, which is enough to cover the fee and thensome. Also, gives me a nicer cashback %, so if/when i put more expenses on the card (recurring bills etc) i'll get more cashback then with non-annual fee cards (1% vs 2%)

I was also considering the Scotia mometum 4% card but most of my purchases aren't gas/grocery.
I could probably put maybe 250$ per month in gas + the 60$ or so in groceries per month, gives me about 80$ extra per year in cashback with that extra 2% (4% vs 2%). But there is also a 30$ fee for additional cards and a 99$ annual fee (which wouldn't pay for itself). So doesn't seem worth it unless i can tack on recurring bills.

djino wrote: ↑In most cases Utility bills (property taxes/hydro/etc) cannot be paid with a credit card. Your Internet Provider/Home&Auto insurances can .

Some suggestions based on your annual spending above, your annual cashback minus any annual fees would be as follows:

1) Smart Cash Mastercard: 12 * ($60 * 2%) + 12 * ($690 * 1%) + $3600 * 1% + $50 * 1% = $133.70 Cashback
- This can be further maximized by purchasing Home Depot/Entertainment Gift Cards at Gas/Grocery stores.

2) RBC Cashback Mastercard: Same as SmartCash Calculation = $133.70 Cashback

3) MBNA Rewards World Elite Mastercard: 12 * ($750 * 2%) + $3600 * 2% + $50 * 2% - $89 Annual Fee = $164 Cashback

4) Scotiabank Infinite Visa Momentum: Visa cannot be used at Costco. 12 * ($60 * 4%) + 12 * ($25"Drugs?" * 2%) + 12 * ($50"Internet" * 2%) + 12 * ($215 * 1%) + $3600 * 1% - $99 Annual Fee = $9.6 Cashback
- Costco use is the major issue with this card
- Can likely maximize your cashback by Purchasing Home Depot/Entertainment Giftcards at Gas/Groccery Stores

5) Scotiabank American Express Gold: Amex cannot be used at Costco. 12 * ($60 * 4%) + 12 * ($100 * 4%) + 12 * (140 * 1%) + $3600 * 1% + $50 * 1% - $99 Annual Fee = $31.1 Cashback
- Costco use is the major issue with this card
- Can likely maximize your cashback by Purchasing Home Depot/Entertainment Giftcards at Gas/Groccery Stores

Others can compare other cards that they know of that may provide a better return than the above. Maybe even a combination of a few non annual fee cards.

djino

Great comparison, but you did a mistake with RBC Cashback Mastercard: for the first $6000 in net purchases other than Grocery Store purchases, you'll get only 0.5% cash back, it means total would be $103.2

djino wrote: ↑In most cases Utility bills (property taxes/hydro/etc) cannot be paid with a credit card. Your Internet Provider/Home&Auto insurances can .

Some suggestions based on your annual spending above, your annual cashback minus any annual fees would be as follows:

1) Smart Cash Mastercard: 12 * ($60 * 2%) + 12 * ($690 * 1%) + $3600 * 1% + $50 * 1% = $133.70 Cashback
- This can be further maximized by purchasing Home Depot/Entertainment Gift Cards at Gas/Grocery stores.

2) RBC Cashback Mastercard: Same as SmartCash Calculation = $133.70 Cashback

3) MBNA Rewards World Elite Mastercard: 12 * ($750 * 2%) + $3600 * 2% + $50 * 2% - $89 Annual Fee = $164 Cashback

4) Scotiabank Infinite Visa Momentum: Visa cannot be used at Costco. 12 * ($60 * 4%) + 12 * ($25"Drugs?" * 2%) + 12 * ($50"Internet" * 2%) + 12 * ($215 * 1%) + $3600 * 1% - $99 Annual Fee = $9.6 Cashback
- Costco use is the major issue with this card
- Can likely maximize your cashback by Purchasing Home Depot/Entertainment Giftcards at Gas/Groccery Stores

5) Scotiabank American Express Gold: Amex cannot be used at Costco. 12 * ($60 * 4%) + 12 * ($100 * 4%) + 12 * (140 * 1%) + $3600 * 1% + $50 * 1% - $99 Annual Fee = $31.1 Cashback
- Costco use is the major issue with this card
- Can likely maximize your cashback by Purchasing Home Depot/Entertainment Giftcards at Gas/Groccery Stores

Others can compare other cards that they know of that may provide a better return than the above. Maybe even a combination of a few non annual fee cards.

djino

Great comparison, thanks for this.
Forgot the Visa can't be used at Costco. Rules that one out for me.

Overall, you're better off with Capital One Travel Aspire World card. In addition to all the rewards, it has comprehensive benefits i.e. travel insurance, purchase protection, etc.

NikyK wrote: ↑With your spending pattern I would recommend to check the Capital One Aspire TRAVEL World MC: here. It does have $120 annual fee, but after the annual bonus, you'll pay only $20 out of your own pocket. With only $12600 yearly spending, a MBNA Rewards World Elite, wouldn't really work, cause after $89 annual fee, you'll get only $163 cash back, you can get the same amount of money using no annual fees cards.

BoogieMan wrote: ↑Overall, you're better off with Capital One Travel Aspire World card. In addition to all the rewards, it has comprehensive benefits i.e. travel insurance, purchase protection, etc.

Yea, i was just looking at that card. "2 reward miles for every $1 on all purchases – no matter where you shop"
Capital One Travel Aspire World Card $12600 (year) * 2 = 25200 miles per year. That's three round trips to europe isnt it (8000 miles)? When i went to Paris that was 800$ round trip. So that means 2400$ per year in miles? Am i calculating this wrong? That's pretty nuts if you travel a lot.

Nvm, just noticed this lol.

HOW MANY REWARD MILES DO I NEED TO TRAVEL?
Cost of Your Travel Rewards Miles Needed
Up to $150 -- 15,000
$150.01 to $350 -- 35,000
$350.01 to $600 -- 60,000

For Costco members, it depends definitely on their annual spending patterns, there are only a few choices at the moment:

MBNA Smart Cash Master card simple - 1% cash back on all Costco purchases, plus 2% cash back up to $400 monthly on grocery/gas at other grocery stores/gas stations, 1% cash back if you spend more than $400 monthly on grocery/gas, as well as 1% cash back on any other purchases (up to $1250 monthly, or unlimited if you have World version). No annual fee.

MBNA Rewards World Elite Master card 2% cash back at Costco or anywhere else, unlimited, $89 annual fee.

Capital One Aspire TRAVEL World Master card not so easy 2% cash back on any purchases, including Costco, but only if you redeem your rewards toward travel. 1.5% cash back if you redeem for cash/gift cards, etc. $120 annual fee, but again 10,000 anniversary bonus reward miles every year, that is equal to $100 in Travel rewards.
P.S. The major knock on this card is that redeeming your rewards in an efficient way requires planning. If you are not interested in splitting your travel charges, you might end up getting poor value for your rewards. Some people might prefer to think of this card as a 1.5% cash rebate card with options to redeem for travel at up to 2%.

aces235 wrote: ↑Great comparison, thanks for this.
Forgot the Visa can't be used at Costco. Rules that one out for me.

No problem. Your credit card spending appears to be a bit low between you and your spouse. Have you looked at all things that you could be spending with a credit card instead of via your Chequing account?

Between my spouse and I, I have the following being charged to credit card(s):
Essentials:
- $200 Monthly spending @ Target (I price match at Target and pay with the RBC Target Mastercard for an instant 5% savings on top of the price match)
- $300 Monthly spending @ Costco (paid with my MBNA Rewards World Elite for 2% Cashback)
- $300 Monthly spending on Groceries elsewhere (Metro, Super C, etc. paid with my Scotia American Express Gold for 4% back)
- $300 Monthly spending @ Petro Canada (paid with my Scotia American Express Gold for 4% back)
- $65 Monthly spending on Internet/Voip/Online subscriptions (paid with my MBNA Rewards World Elite for 2% Cashback)
- $180 Monthly spending on Home&2 Car Insurances (paid with my MBNA Rewards World Elite for 2% Cashback)
- $85 Monthly spending on 2 Cell Phone Bills (paid with my MBNA Rewards World Elite for 2% Cashback)
Non Essentials
- $200 average spending on Dinning Out (either paid with Scotia Amex if accepted. If not, then MBNA RWE)
- $100 average spending because of deals found on the Hot Deals section of RedFlagDeals (paid with MBNA RWE for 2% + 1-4% extra when paid via MBNA eMall)
- $300 on just extra one off crap that seems to pop up here and there (Vacations/Trips/Home Renovations/etc)
------
$2030 Monthly (or $25K annually).

The above usually translates into $500-$800 annually in Savings/Cashback. I don't pay an annual fee for my MBNA RWE since I got the invite years back. I'm still within my first year of the Scotia Amex so I haven't paid the annual fee. I will likely cancel it if they do not either waive it again or at least partially for the next year(s)).

djino