Best Cashback Credit Cards in Canada for 2020

Canadian Flag Blowing in the Wind

By Pedro Anatoyas

  I

Sept 12, 2020

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Canadian Flag Blowing in the Wind

Best Cash Back Cards in Canada

By Pedro Anatoyas

  I

Sept 12, 2020

What Would You do with Some Extra Cash in Your Pocket?

If you had a few extra hundred dollars in your pocket today, how would you spend it?

Many Canadians are reaping the benefits that come with having a cashback credit card. Some are garnering hundreds, while others are raking in thousands. Many small business owners easily earn several hundreds of dollars and more in purchases every month, and they use this “supplementary income” towards their merchandise, office supplies, advertising and utilities.

It wouldn’t make much sense not to charge these items to a card that offers cashback rewards.  After all, who doesn’t enjoy being rewarded for good judgement?

Cardholder Satisfaction Rating

4.5

4.5/5

BMO CashBack Mastercard

Annual Fee

$0

Receive Cashback for qualifying purchases

Enjoy a whopping 5% CashBack in your first 3 months! Then after that…

Receive Rewards when buying groceries

Earn 3% Cashback on grocery purchases

Earn Cashback on Recurring Bill Payments

Earn 1% Cashback on Recurring Bill Payments

Credit Card with Extended Purchase Warranty

Extended Warranty and Purchase Protection on almost all items bought using card

Transfer Balance to Low Rate Credit Card
Limted Time Offer of 1.99% Introductory Interest Rate on Balance Transfers for 9 months

Every Purchase You Make Without Using a Cashback Card is Like Flushing Your Money Down the Drain.

Why wait any longer looking for the perfect cashback card?

With so many options, it’s effortless to find just the right combination to suit your needs. You earn your money with blood, sweat and tears. There is no reason why you can not get some of that back!

If you are going to work hard at this game, you might as well expand your output. A concrete cashback rewards program can help you do just that.

Best 3 Travel Rewards Cards

At a Glance

$120 (Waived for first year)

Annual Fee

$0

Annual Fee 

$0

Annual Fee 

Distinguishing Features

Earn Cashback on Recurring Bill Payments
Generous cashback earn rates:
  • 4% on groceries and recurring bill payments
  • 2% Cashback on gas and daily transit
Comprehensive Travel Insurance with Credit Card
Includes a complete Travel Insurance package plan with the following:
Compensation for lost baggage
Insurance coverage against collision or theft for auto rentals
Delayed Flight Reimbursement
  • Full Coverage for Delayed or Lost Baggage
  • Auto Collision and Damage including vehicle theft
  • Delayed flights offer reimbursements for expenses relating to meal and accommodations
Mobile device Insurance up to $1000 reimbursement
Coverage for Smartphones and Tablets up to $1000. Includes devices that are lost, stolen or damaged.
Receive Cashback for qualifying purchases

Earn 2% cashback by:

  • Choosing 2 Categories
  • From out of 10 popular categories
Credit Card with Extended Purchase Warranty

Purchase assurance and extended warranty covers most purchases under $60,000 against:

  • Theft
  • Loss
  • Damage

Within 90 days of transaction and

  • Can double the manufacturer’s warranty up to one extra year.
Transfer Balance to Low Rate Credit Card
Within 30 days of activation transfer funds from another card and pay only 1.95% A.P.R for 6 months.
Receive Rewards when buying groceries

Competitive earn rates for a no-fee card include:

  • Earn 3% cashback on Grocery Purchases
  • Earn 1% cashback on Recurring Bill Payments
Flexible Redemptions
  • Flexible redemption
  • Cashback available at anytime
  • Apply cashback towards BMO credit card balance
Transfer Balance to Low Rate Credit Card

Limted Time Offer of 1.99% Introductory Interest Rate on Balance Transfers for 9 months.

Special Offers

Receive Cashback for qualifying purchases

Earn 10% Cashback on all purchases for the first 3 months. That’s a value of  $230!

No spending caps for cashback

Unlike most other Cashback competitors, Tangerine does not put a cap on the amount you can earn.

Benefit from unlimited earnings for all cashback categories in all tiers!

Receive Cashback for qualifying purchases

Enjoy a whopping 5% CashBack on all purchases during your first 3 months!

Apply prior to Oct31, 2021 to qaulify

Best 3 Cashback Rewards Cards

At a Glance

BMO CashBack Mastercard

4.5/5

$0

Annual Fee

Distinguishing Features

Receive Rewards when buying groceries
  • Earn 3% Cashback on Grocery Purchases
  • Earn 1% Cashback on Recurring Bill Payments
Flexible Redemptions
  • Flexible redemption
  • Cashback available at anytime
  • Apply Cashback towards BMO credit card balance
Transfer Balance to Low Rate Credit Card
Limted Time Offer of 1.99% Introductory Interest Rate on Balance Transfers for 9 months.

Special Offers

40 Thousand Bonus Points
Enjoy a whopping 5% CashBack on all purchases during your first 3 months! Apply prior to Oct31, 2021 to qaulify
Number 2 Travel Points Credit Card

Scotiabank Momentum Infinite Visa

4.5/5
$120
Annual Fee

(Fee waived the first year) 

Distinguishing Features

Receive Rewards when buying groceries

Earn a generous 4% Cashback on groceries and recurring bill payments

Comprehensive Travel Insurance with Credit Card
Compensation for lost baggage
Insurance coverage against collision or theft for auto rentals
Delayed Flight Reimbursement
Includes a complete Travel Insurance package plan with the following:
  • Full Coverage for Delayed or Lost Baggage
  • Auto Collision and Damage including vehicle theft
  • Delayed flights offer reimbursements for expenses relating to meal and accommodations
Mobile device Insurance up to $1000 reimbursement

Coverage for Smartphones and Tablets up to $1000. Includes devices that are lost, stolen or damaged.

Special Offers

20 Thousand Bonus Points

Earn 10% Cashback on all purchases for the first 3 months. Thats a value of  $230!

Number 3 Travel Points Credit Card

Tangerine Mastercard

4.5/5

$0

Annual Fee

Distinguishing Features

Receive Cashback for qualifying purchases
Earn 2% Cashback in your choice of 2 categories. Choose from out of 10 popular categories.
Credit Card with Extended Purchase Warranty

Purchase assurance and extended warranty covers most purchases under $60,000 against:

  • Theft
  • Loss
  • Damage

Within 90 days of transaction and

  • Can double manufacturer’s warranty up to one extra year.
Transfer Balance to Low Rate Credit Card

Within 30 days of activation transfer funds from another card and pay only 1.95% A.P.R for 6 months.

Special Offers

30 Thousand Bonus Points

Unlike most other Cashback competitors Tangerine does not put a cap on the amount you can earn. Benefit from unlimited earnings for all cashback categories in all tiers!

Are All Purchases Eligible For Cash Back?

Most cashback credit cards offer a higher percentage of earnings within specific categories as an incentive to use your credit card to pay for purchases at participating retailers.

The great news is that these same reward cards allow you to earn your cashback in all of the other categories as well!

Unfortunately, these earnings are at a lower earn rate when compared to the primary and secondary categories. Somewhere between a half percent  and one percent.

That’s where “pairing” comes in.

Start "Pairing Your Cards" to Maximize Monthly Earnings

If you would like to earn cash back at a higher percentage in your secondary categories, then what you should do is apply for another credit card. Preferably one that encourages you to spend in one or more of those secondary categories by delivering earnings to you at a higher percentage than your other card.

That way, you can maximize your returns as long as you remember to use the right credit card at the right merchants.

We call this “Credit Card Cashback Pairing”, and it’s essential to any consumer who is savvy enough to take advantage of multiple categorical opportunities simultaneously.

The Meat and Potatoes.

Ask yourself this, “Are you making the most of your purchases”?

With so many options, it’s effortless to find just the right combination to suit your needs. You earn your money with blood, sweat and tears. There is no reason why you can not get some of that back!

If you are going to work hard at this game, you might as well expand your output. A concrete cashback rewards program can help you do just that.

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