The best cash back credit cards in Canada for July 2023

Money again bank cards are an especially fashionable kind of rewards card in Canada. They’re straightforward to make use of, particularly in the summertime. Most Canadians are travelling, benefiting from patio climate and internet hosting long-weekend get-togethers. Money again bank cards undoubtedly make sense this time of 12 months. Particularly since they don’t require participation in loyalty applications, and so they allow you to earn essentially the most versatile reward of all—money! Once you make purchases with a money again card, you get a share again. Once you redeem, you possibly can apply it to your bank card invoice, so your money rewards can be utilized to purchase just about something. 

Every money again bank card has its personal options and advantages, so that you’ll wish to examine the annual charge, earn price and any further advantages earlier than you apply. That can assist you choose the best card we’ve put collectively an inventory of our favourites primarily based on totally different classes.

Greatest general money again bank card

Scotiabank Momentum Visa Infinite*

At a look: Notably rewarding for households or anybody who spends large on groceries, the Scotiabank Momentum Visa Infinite additionally presents significantly spectacular money again on all of your recurring payments for issues like cellphone, cable and Netflix subscriptions. It’s best for anybody searching for a well-rounded, all-in-one money again card.

• Annual charge: $120
• Earn price: 4% on groceries and recurring invoice funds, 2% on fuel and transit, and 1% on all the pieces else
• Rate of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers

• Welcome bonus: earn 10% money again on all purchases for the primary 3 months (as much as $2,000 in whole purchases). No annual charge within the first 12 months, together with on further playing cards. Provide ends June 30, 2023.

The professionals:

Rewards

• With the Scotiabank Momentum Visa Infinite card, you earn 4% money again on groceries, the best price of any cash-back card in the marketplace in Canada. 
• You additionally earn 4% money again on recurring payments and subscriptions, once more the best earn price round for this class, too. This implies 4% money again in your cellphone invoice, subscriptions or every other recurring invoice set for computerized pre-authorized month-to-month funds. You’ll be able to even get 4% again in your fitness center membership if it’s a recurring invoice.
• Gasoline and transit prices can actually add up, making the two% money again price a welcome reprieve. This price even applies to ride-share spends, equivalent to Uber. 
• Though the Scotiabank Momentum Visa Infinite does have earnings caps on bonuses, at $25,000 yearly per class, these are nonetheless fairly beneficiant quantities. You will be assured you’ll get 4% money again on the primary $25,000 you spend on groceries or recurring payments, and after that you simply’ll earn the bottom 1% money again price.

Perks and options

• The Scotiabank Momentum Visa Infinite contains strong journey insurance coverage advantages that beat different comparable premium money again playing cards. For instance, this card offers you protection for journeys of as much as 15 days versus the eight to 10 days provided by different money again playing cards from different large banks. Insurance coverage contains journey medical emergency protection, flight delay and interruption, misplaced baggage and extra.
• Cell system insurance coverage, as much as $1,000 for newly bought cellphone gadgets, is included with this card.
• Once you get the Scotiabank Final Package deal chequing account as properly, you’ll obtain an annual charge rebate.

The cons

• The $120 annual charge can be simply offset by your money again rewards for many, however in case you’re a low quantity spender, you might be higher served by a no-fee alternative.
• In contrast to with BMO, TD or one other smaller card issuer, you possibly can’t redeem your money again at any time. Money again is simply rewarded as soon as per 12 months—in November.
• You’ll must earn at the least $60,000 (or $100,000 as a family) yearly to qualify, which implies this card could also be out of attain for some.
• It’s a must to pay an additional $50 yearly for added licensed customers.

Greatest base-rate money again bank card

SimplyCash Preferred Card from American Express*

At a look: The very best-earning base-rate money again card in Canada, the SimplyCash Most popular card from American Specific earns you a tidy 2% limitless money again on all of your purchases, plus an accelerated 4% money again on eligible fuel and grocery purchases as much as $1,200 yearly.

• Annual charge: $120
• Earn price: 4% money again on eligible fuel and grocery purchases as much as $1,200 yearly; 2% money again on all the pieces else.
• Rate of interest: 20.99% on purchases, 21.99% on money advances

• Welcome bonus: You’ll be able to earn a $40 assertion credit score for every month-to-month billing interval through which you spend $750 in purchases in your card.

The Execs:

Rewards

• You’ll get an above-average earn price of 4% money again on eligible fuel and grocery purchases as much as $1,200 yearly.
• Most premium playing cards provide a base price of 1%, so the SimplyCash Most popular card from American Specific successfully doubles your on a regular basis price. This makes the cardboard a very good choose for purchases that fall exterior of the bonus classes, since you possibly can earn 2% on issues like garments, on-line buying, home equipment and extra.
• Due to its flat-rate construction, you gained’t have to consider optimizing your spending for bonus classes.

Perks and options

• This premium card has no particular earnings necessities for eligibility, not like its Visa or Mastercard alternate options, each of which require an annual earnings of $60,000.
• You’ll be able to add further licensed customers without cost, so that you gained’t should pay a further $30 to $50 to choose up supplementary playing cards to your associate, partner and/or baby.
• This card comes with perks you’d anticipate from an American Specific card, together with Amex Expertise, which grants early entry to presale tickets to a variety of occasions (assume concert events and sports activities occasions) and Amex Provides (further reductions and financial savings by means of the app). 
• It comes with strong journey insurance coverage, with as much as $5,000,000 in emergency journey medical protection for journeys as much as 15 days, for cardholders aged 65 or youthful.
• You might earn as much as $1,500 money again yearly by referring your family and friends to have this card, too.

The Cons:

• American Specific is accepted at 1000’s of areas throughout Canada, nevertheless it’s much less broadly accepted than Visa or Mastercard. You’ll be able to’t use your Amex at Loblaw banner shops and at some smaller unbiased outlets and providers. Tip: For extra entry, contemplate carrying a Visa or Mastercard in your pockets as a backup.
• With no bonus classes, this card doesn’t get you premium charges on classes like groceries, fuel or recurring payments. In the event you spend large in frequent bonus classes, like groceries, journey and fuel, this card may not be the most suitable choice for you.  
• Your money again is redeemable solely as soon as per 12 months in September, relatively than when as needed.

Greatest no-fee money again playing cards

For bonus classes: Tangerine Money-Back*

At a look: Tailor-made to decrease quantity spenders who gained’t earn sufficient rewards to offset an annual charge, the Tangerine Cash-Again bank card offers you the distinctive potential to decide on and swap up your personal 2% bonus classes.

ADVERTISEMENT

• Annual charge: $0
• Earn price: 2% money again on as much as three classes of your selection; 0.5% base price on all the pieces else
• Rate of interest: 19.95% on purchases, 19.95% on money advances, 19.95% on stability transfers

• Welcome bonus: You’ll be able to earn an additional 10% again on as much as $1,000 in on a regular basis purchases throughout the first 2 months. Should apply by October thirty first, 2023.

The Execs:

Rewards

• The Tangerine Cash-Again bank card is the one card in Canada that permits you to choose your personal bonus classes. You’ll be able to select as much as three bonus classes to earn 2% money again primarily based by yourself spending habits. Select from eating places, groceries, fuel, recurring payments, leisure, furnishings, lodge/motel, residence enchancment, drug retailer and parking/transit. 
• And you’ll change your chosen bonus classes at any time. It takes one billing cycle for any adjustments to use, so use this characteristic strategically. For instance, in case you’re planning on a highway journey, go for eating, fuel and lodges. Transferring? Select furnishings, groceries and recurring payments. 
• Sometimes, no-fee money again playing cards from the massive banks solely provide two bonus classes, whereas the Tangerine Cash-Again bank card has three. 
• There are not any limits or caps for the bonus classes, so that you earn 2% year-round (in case you select to maintain these classes) no matter how a lot you spend.
• As a Mastercard, this card is accepted nearly all over the place, together with Costco. (The warehouse membership retailer solely accepts Mastercard). 
• In contrast to with Visa or American Specific, most Walmart Superstore areas are thought-about a “grocery retailer” by Mastercard, so you possibly can earn 2% in your purchases with this card, supplied you select groceries as a bonus class.
• Money again is robotically redeemed each month, so that you gained’t want to attend for an annual payout.

Perks and options

• The annual earnings required for the Tangerine Cash-Again card is simply $12,000, which makes this an especially accessible bank card. Plus, in case you have an annual earnings of $60,000 (or $100,000 as a family), you might robotically qualify for the Tangerine World Mastercard which presents further perks, like cell system insurance coverage.
• With no annual charge for major or supplementary cardholders, all of your rewards return on to you.

The Cons:

• The bottom earn price of 0.5% is sort of low, although on par with another no-fee playing cards. 
• The Tangerine Cash-Again card is accepted at Costco, however Costco purchases don’t fall beneath any of the cardboard’s accessible bonus classes. So that you earn solely 0.5% in your spends there. (See our full listing of the best credit cards for Costco here).

For base-rate money again: SimplyCash card from American Express*

At a look: The no-fee SimplyCash card from American Specific is well-suited to decrease quantity spenders (those that spend lower than $500 per thirty days on their card) who’re unlikely to earn sufficient rewards to offset an annual charge.

• Annual charge: $0
• Earn price: 2% money again on eligible fuel and grocery purchases as much as $300 yearly; 1.25% money again on all the pieces else.
• Rate of interest: 20.99% on purchases, 21.99% on money advances, % on stability transfers

• Welcome bonus: You’ll be able to earn a $10 assertion credit score for every month-to-month billing interval through which you make at the least $300 in purchases (for a complete worth of as much as $100).

The Execs:

Rewards

• You’ll get an above-average earn price of 1.25% on all on a regular basis purchases, with no limits or caps. With most no-fee playing cards providing 0.5% to 1% as a base price on objects not in bonus classes, the 1.25% price offers you an edge with the rewards. 
• Due to its flat price construction, you don’t have to consider optimizing bonus classes.

Perks and options

• With no annual charge for major or supplementary cardholders, all money again rewards will go on to you, to not offset charges.
• The SimplyCash card from American Specific comes with Amex perks, together with Amex Expertise, which grants early entry to presale tickets to a variety of occasions, like concert events and sports activities occasions, and Amex Provides offers you reductions by means of the app. 
• Are you a traveller? Excellent news for you: Whereas most no-fee money again playing cards provide little to no journey insurance coverage, the SimplyCash card contains $100,000 in journey accident insurance coverage.

The Cons:

• American Specific playing cards aren’t as broadly accepted throughout Canada as Visa or Mastercard. Notably, you possibly can’t use Amex at Loblaw-banner shops (Loblaws, Nice Canadian Superstore, and so forth.) and also you may need troubles at some smaller unbiased outlets. Think about a second card that’s a Visa or Mastercard for when Amex isn’t accepted. 
• There are not any bonus classes with this card, so it may not be finest for somebody who spends rather a lot on groceries and/or fuel, that are bonus classes on different playing cards. 
• You’ll be able to solely redeem your money again as soon as yearly, each September.

For top earners: Rogers World Elite

At a look: The spectacular flat earn price significantly on U.S. purchases makes the no-fee Rogers World Elite Mastercard a card to think about for high-earning snowbirds or internet buyers.

• Annual charge: $0
• Earn price: 3% money again on U.S. foreign money purchases; 1.5% again for all different purchases
• Rate of interest: 19.99% on purchases, 22.99% on money advances, 22.99% on stability transfers

• Welcome bonus: Earn $25 money again once you make your first buy inside three months of getting the cardboard.

The Execs:

Rewards

• Along with not charging an annual charge, the cardboard additionally earns a formidable 1.5% money again on all the pieces you purchase—a price normally reserved for annual fee-based playing cards. 
• The Rogers World Elite is a particular contender for the most effective card to make use of with large hauls at Costco, because it’s a Mastercard. 
• Consideration, snowbirds and internet buyers. The Rogers World Elite Mastercard earns an accelerated 3% money again on purchases made in U.S. {dollars}, which successfully offsets any foreign-transaction charges. 
• You’ll be able to redeem money again rewards in increments of $10, anytime, once you use the Rogers app.

Perks and options

• Rental automotive collision injury insurance coverage and journey insurance coverage, which is a rarity for a card that doesn’t have an annual charge.

The Cons:

• The obvious disadvantage is that you have to charge at least $15,000 in purchases annually to maintain the cardboard, in any other case you’ll be downgraded to the entry-level Rogers Platinum Card that earns a much less spectacular 1% money again on all the pieces.
• The annual earnings requirement of at the least $80,000 per 12 months (or $150,000) could also be a problem for a lot of Canadians.
• In contrast to different true no foreign transaction fee credit cards, which enable you save on all non-Canadian foreign money purchases, the Roger World Elite is supposed to solely prevent on purchases made in U.S. {dollars}. So, contemplate that earlier than your journey to Europe.

Greatest money again bank cards for groceries and fuel (tie)

CIBC Dividend Visa Infinite

At a look: With inflation and shrinkflation, right here’s some excellent news from the grocery retailer and on the pumps. The CIBC Dividend Visa Infinite earns you a formidable 4% bonus class for groceries, fuel and EV charging. You additionally get a 2% price on eating, transportation and recurring payments, which makes this a well-rounded, all-in-one money again card.

• Annual charge: $120
• Earn price: 4% money again on groceries, fuel and EV charging; 2% on eating, each day transit and recurring payments; and 1% again on all the pieces else
• Rate of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers

• Welcome bonus: You’ll be able to earn 10% money again welcome bonus of as much as $200 (first 4 statements). Situations apply.

The Execs:

Rewards

• With an earn price of 4% for groceries, the CIBC Dividend Visa Infinite card will get you the best earn price on this spend class in Canada, and it’s matched solely by the Meridian Money Again Visa Infinite and the Scotia Momentum Visa Infinite.
• Once more, the 4% money again price on fuel is the best accessible on a money again card.
• The two% bonus covers eating, recurring payments and nearly all modes of transit together with taxis and rideshares.
• The CIBC Dividend Visa Infinite card presents versatile redemptions so you possibly can entry your money in $25 increments everytime you need.

Perks and options

• Save as much as $0.10 per litre on prime of your cash-back financial savings at collaborating Chevron, Ultramar and Pioneer fuel stations once you hyperlink this bank card with a Journie Rewards account.
• The CIBC Dividend Visa Infinite card features a candy suite of journey and automotive rental insurance coverage, in addition to as much as $1,000 in cell system protection.
• The annual charge is rebated within the first 12 months of getting the cardboard, however you possibly can earn an annual charge rebate once more once you open a Sensible Plus chequing account with CIBC.

The Cons:

• The $120 annual charge will not be value the fee for low quantity spenders, however there are a few methods to keep away from paying it, together with its welcome provide and opening chequing account with CIBC. 
• You’ll must earn an annual earnings of at the least $60,000 (or $100,000 as a family) to qualify, which may put the cardboard out of attain for some candidates.
• Playing cards for added licensed customers will value $30 every per 12 months.

Meridian Money Again Visa Infinite

At a look: The Meridian Money Again Visa Infinite Has a below-average annual charge, nevertheless it nonetheless presents essentially the most aggressive charges on groceries and fuel spends. Additionally, its notable journey insurance coverage protection manages to beat out most journey playing cards, too.

• Annual charge: $99
• Earn price: 4% money again on fuel and groceries; 2% on drug shops and recurring payments; 1% on all the pieces else
• Rate of interest: 19.5% on purchases, 21.99% on money advances, 19.5% on stability transfers

• Welcome bonus: Annual charge is free within the first 12 months

The Execs:

Rewards

• Like talked about above with the Scotia Momentum Visa Infinite and CIBC Dividend Visa Infinite playing cards, the Meridian Money Again Visa Infinite card earns 4% on groceries.
• Earn 4% on fuel, which is the best price on a money again card.
• Earn 2% money again on pharmacy purchases and utility payments.
• There’s flexibility for redeeming, as you possibly can redeem money again in increments of $25 everytime you need.

Perks and options

• The $99 annual charge is under the $120 common charged by different comparable rewards playing cards.
• The Meridian Money Again Visa Infinite comes with strong journey insurance coverage advantages, together with as much as $5,000,000 in emergency journey protection for as much as 48 days, which manages to beat out journey protection provided, even by the most effective journey bank cards.
• The emergency journey insurance coverage protection applies to those that are as much as 75 years outdated, versus the 65-year-age cap on most bank card insurance coverage. 
• Consists of as much as $1,000 in cell system insurance coverage.

The Cons:

• The Meridian Money Again Visa Infinite doesn’t provide bonus cash-back earnings on eating nor on each day transit, as an alternative opting to supply 2% on pharmacies. Relying in your spending habits, you might not earn as a lot as you’ll with a card with higher earn charges on transit and eating.
• To qualify for the cardboard, you’ll should be a member of Meridian Credit score Union. It doesn’t imply further charges, however you’ll doubtless should open a checking account. So, you’ll have to take some further steps when making use of for this card.
• You’ll must earn an annual earnings of at the least $60,000 (or $100,000 as a family) to qualify, so this card could also be out of attain for some Canadians.
• Further playing cards for licensed customers are $30 every.

Honorable point out

TD Cash Back Visa Infinite*

At a look: The TD Money Again Visa Infinite encompasses a robust vary of bonus classes however is especially suited to auto house owners due to its built-in highway help advantages.

• Annual charge: $139 (rebated for the primary 12 months.)
• Earn price: 3% money again on fuel, grocery and recurring invoice funds; 1% on all different purchases
• Rate of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers

• Welcome bonus: earn 10% Money Again on all Purchases for the primary 3 months as much as a complete spend of $2,000. Plus, no Annual Charge for the primary 12 months. Situations apply. Should apply on-line by September 5, 2023.
• The cardboard’s options could differ for residents of Quebec.

The Execs:

Rewards

• The TD Money Again Visa Infinite earns 3% again on fuel, groceries and recurring payments–a number of the mostly used spending classes for Canadians.
• Redeem cash-back rewards any time of the 12 months in increments of $25.

Perks and options

• The cardboard’s greatest differentiator is its roadside help protection, which is principally a roadside help package deal. TD Auto Membership is similar to the Canadian Car Affiliation (CAA) and covers incidents equivalent to a useless battery, tire adjustments, fuel supply, $200 in accident towing, $200 in emergency transportation and extra.
• For these aged 65 years or youthful, the TD Money Again Visa Infinite contains journey insurance coverage advantages with as much as $2 million in emergency protection for journeys as much as 10 days. It additionally covers misplaced/delayed baggage protection.

The Cons:

• In comparison with the alternate options from Scotia, CIBC and Meridian, which provide as much as 4% on bonus classes, the TD CashBack Visa Infinite’s 3% falls somewhat brief. 
• The annual earnings requirement is a $60,000 minimal (or at the least $100,000 as a family) to qualify which might be out of attain for some.
• The TD Money Again Visa Infinite has an annual charge of $139, which will not be appropriate for low quantity spenders. That mentioned it’s rebated within the first 12 months.
• The journey insurance coverage advantages don’t embody journey cancellation or interruption protection, and journey medical emergency insurance coverage solely covers as much as 10 days of a visit.

Greatest no charge card for groceries

BMO CashBack Mastercard*

At a look: The BMO CashBack Mastercard presents 3% money again rewards on groceries and doesn’t cost an annual charge, making it best for value-seekers and large grocery consumers. It additionally has lenient approval standards for college students seeking to choose their first bank card (in case you’re a pupil, click on right here).

• Annual charge: $0
• Earn price: 3% money again on groceries; 1% on recurring payments; 0.5% on all the pieces else
• Rate of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers

• Welcome bonus: You’ll be able to earn as much as 5% money again in your first 3 months. Situations apply.

The Execs:

Rewards

• At 3%, the BMO CashBack Mastercard earns extra in straight money again on groceries than every other no charge money again bank card in Canada.
• As a Mastercard, the cardboard is accepted nearly all over the place together with Costco. Plus, not like Visa or American Specific, most Walmart Superstore areas qualify as a “grocery retailer” for cash-back rewards by Mastercard. So, you earn the bonus 2% in your purchases from the mass, large field retailer.

Perks and options

• Apart from having a low annual earnings requirement of $15,000, in case you’re a pupil seeking to open up your first-ever card, you will be eligible to be authorised for this card (use this link to apply).

The Cons:

• The obvious disadvantage is the cardboard’s reward caps on bonus classes. You earn 3% on the primary $500 you spend on groceries per thirty days, with all the pieces over incomes the bottom 0.5% earn price. Nevertheless, this cover resets each month. 
• Like most playing cards that don’t cost an annual charge, the BMO CashBack Mastercard doesn’t have journey insurance coverage or facet perks.

How one can profit from your money again bank card

By no means carry a stability

The payoff with a money again bank card is the money—a reward that’s simply cancelled out by the penalties and curiosity accrued in case you carry a stability. Like all rewards bank cards, money again playing cards have a tendency to hold annual rates of interest on the greater finish, normally round 19.99%. At this price, unpaid debt will quickly accumulate curiosity prices that eat up any beneficial properties you’ve made. So long as you repay your stability in full each month, you’ll keep away from this pitfall, however in case you discover you often carry a stability, you may contemplate a low curiosity bank card as an alternative.

Evaluate your money again card choices

It’s straightforward to go along with the money again card provided by your present financial institution, however that’s not at all times the only option. Take the time to check your choices to determine the cardboard that delivers the best return primarily based in your specific spending habits and way of life. Bear in mind: you don’t must open a chequing or financial savings account with a financial institution with a view to get a bank card, and you may pay your invoice electronically from any checking account.

Don’t dismiss money again playing cards with an annual charge

Whereas it might sound counterintuitive to pay an annual charge on a money again card, remember that playing cards with a charge usually ship higher rewards and perks. If these perks are value greater than the annual charge (and if the cardboard suits your spending habits in different methods), you may select a money again card with a charge.

Think about using a number of bank cards

Utilizing too many bank cards directly is usually frowned upon, as this generally is a signal of insolvency. Nevertheless, a powerful credit-card technique can contain pairing playing cards to maximise advantages. For instance, the TD Money Again Visa Infinite presents 3% again on fuel, groceries and recurring payments, however just one% on all the pieces else, whereas the Tangerine Cash Again Card has no annual charge and presents 2% again in as much as three spending classes of your selection. Strategically it might make sense to pick out drug shops, parking/public transit and eating places to fill within the gaps on on a regular basis spends with out having to pay extra for the higher earn price.

Add your associate as a licensed consumer

Including a licensed consumer, sometimes your associate, to your account generally is a cost-effective (and even free!) method to increase your earnings on a premium card. With this setup, each cardholders accrue rewards or money again on their spends with out paying double the annual charges. If, for instance, your card has a $120 annual charge, you may have the ability to get a further licensed consumer for as little as $30 extra. Some premium playing cards, just like the SimplyCash Preferred from American Express, even allow you to add licensed customers without cost. It does bear mentioning that this requires some thought as solely the first cardholder can be chargeable for paying off the stability—not the licensed customers.

Money again versus journey bank cards

When selecting a rewards bank card, many Canadians discover themselves torn between two varieties: Money again and journey. This shouldn’t come as a shock—each are fashionable and have precious strengths. Right here we break down each card varieties that can assist you resolve which card is best for you.

Simplicity

It’s necessary to have the ability to perceive your bank card rewards program, and money again playing cards are about as clear as you will get. In the event you earn 2% again, you completely know you’re going to obtain $0.02 on each $1—no sophisticated math required. With journey rewards bank cards, there are generally totally different earn charges and redemption values. These variables can have an effect on how or once you wish to gather or redeem. 

Backside line: In the event you’re invested in incomes journey rewards, acquainting your self along with your card’s program could also be one of the simplest ways to go, in any other case you possibly can’t prime money in terms of simplicity.

Rewards and bonus classes

The way you earn will be simply as necessary as what you earn. Journey rewards bank cards normally provide a really broad breadth of spending classes to earn in, whereas money again playing cards will be extra restrictive.

Apart from a number of exceptions, the vast majority of money again bank cards provide the identical restricted choice of bonus classes (specifically fuel, groceries and utility payments). Compared, journey bank cards have a far bigger choice of bonus classes (like eating places, lodge stays, flights, Uber rides and public transit, along with the groceries and fuel), which implies you possibly can probably earn extra factors on extra forms of purchases. 

Backside line: You’re doubtless going to earn extra factors or miles, in additional spending classes, with a journey rewards card than money with a money again card. 

Flexibility

The explanation they are saying “Money is king” as a result of it may be used for something you need, equivalent to on a regular basis spending on fuel and groceries. In distinction, the factors you earn on journey playing cards are normally geared in direction of journey rewards and provide the most effective worth when redeemed for flights and lodge stays.

Backside line: Money is essentially the most versatile reward there may be, however in case you’re seeking to save on flights and lodge stays, a journey card can provide significantly extra worth.

Welcome bonuses

Sometimes, journey rewards playing cards can provide a whole bunch of {dollars} in rewards as a sign-on bonus, whereas money again playing cards normally provide an elevated incomes share for a brief introductory time. One factor to notice is that bonuses on money again playing cards are normally simpler to earn—whereas journey rewards playing cards normally are value extra however have stricter spending necessities. 

For instance, with the BMO World Elite Mastercard, you will get 3,000 bonus factors ($240 worth) solely after you spend $3,000 on the cardboard inside your first three months. In distinction, the BMO CashBack World Elite’s welcome provide helps you to earn 5% money again proper out of the gate on all of your purchases for the primary three months nevertheless it maxes out at simply $200. 

Backside line: The welcome bonuses on money again playing cards are sometimes value much less however are simpler to get than the presents accessible on journey playing cards.  

Facet perks

Perks are little extras accessible to you as a cardholder. These are normally issues like airport lounge access, longer and extra complete journey insurance coverage protection, or refunds on sure bills like a Nexus entry charge. As you possibly can see, perks are fairly often tied on to journey, so it ought to come as no shock that you simply’re extra more likely to discover them on journey rewards playing cards than on money again playing cards.

Backside line: In some ways, money is the perk on a money again card. In the event you’re searching for little extras, your finest guess is a journey rewards card.

Video: 5 causes to swap your debit card for a pay as you go money again card

Extra of Canada’s finest credit cards: