Best Cashback Credit Cards in Canada for 2020

Why wait any longer looking for the perfect cash back card? 

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

If you’re going to work hard at this game, you might as well double your output and cash back rewards programs can help you do just that. Perhaps you are looking for a rainy day credit card with some added gas and grocery value. Maybe you don’t have any specialty cards and are looking to expand the plastic in your wallet. It’s time to dive in and join the many millions who enjoy the added benefit of getting paid to spend.

Are All Purchases Eligible For Cash Back?

Now here’s where it gets fun…

Yes and no!

“Wait…what?! I don’t understand”  Well the thing is, you choose. Some cards allow cash back in certain categories such as groceries and recurring transactions – think gym memberships, Netflix/Disney+, auto insurance – while others give you the choice of having the flexibility to earn cash back on virtually all purchases.

The differences between cards are vast, but thats good because one of those cards will fit your lifestyle more than all the rest. You know your own spending habits better than anyone and by doing just a wee bit of digging, you will reveal which cards offer what, in exactly which categories they offer it in, and which incentive rates apply to said categories in question.

For instance, if you are a foodie, then you might really like what the Scotiabank Gold American Express® Card is serving up. They offer 5x points for every $1 spent on eligible grocery stores, restaurants, fast food, and drinking establishments, including  popular food delivery and food subscriptions. So whether you are looking to skip the dishes and order in, or entertain your closest friends in a evening soiree of fine wine, craft beer and Texas style barbecue with all the fixins, this card won’t leave you hanging out to dry.

Spending a lot of time at Canadian Tire getting auto supplies and electronics  or a new
Copper Core Stainless Steel 12 Piece Cookset? Then you might want to take a peek at the Triangleᵀᴹ World Elite Mastercard® which offers Canadian Tire money as your form of cash back, offering different value percentages between 1% and 4% depending on which establishment you make your purchase’s at.

There are many to choose from but there is definitely one that will stand out for you and fit you like a comfy pair of slippers and a hot mug of camomile tea.

The Bottom Line

There are many to choose from but there is definitely one that will stand out for you and fit you like a comfy pair of slippers and a hot mug of camomile tea.

Top 3 Cards

  • Annual Fee: *$120 (first year waived)
     
  • Interest Rate: 19.99 %
     
  • Balance Transfer and Cash Advance Rate: 22.99
     
  • Minimum Credit Limit: $5,000 or higher
  • Annual Fee: $120 (first year waived)
     
  • Interest Rate: %19.99 for Purchases and 22.99 for Cash Advances
     
  • 1 Mile for every $10 spent and Double Miles at participating retailers
     
  • Up to 3000 welcome bonus points
  • Annual Fee: $0
     
  • Interest Rate: 1.95% for 6 months
     
  • Cash Back Incentives: 2% in up to 3 Merchant Categories
     
  • Introductory 4% Double Cashback for approved applicants prior to July 31, 2019