1.Scotiabank Momentum® Visa Infinite +* Card
Scotiabank
- 4%Cash back on groceries and recurring bills (up to $25,000 spent annually)
- 2%Cash back on gas and transit
- 1%Cash back on all other purchases
Earn 15% cash back on all purchases for the first 3 months (up to $2,000 in total purchases).
Earn high cash back rewards on everyday spending categories like groceries, bills, gas, and transit.
The Scotia Momentum® Visa Infinite + Card earns the #1 spot due to its exceptional cash back rewards structure, particularly for groceries and recurring bills, making it ideal for everyday expenses.
Pros:
- High cash back on everyday spending
- No annual fee in the first year
Cons:
- Annual fee after the first year
- Limited to specific categories for high rewards
- 4%Cash back on gas and groceries
- 2%Cash back on restaurants, transportation, and recurring bills
Earn a 10% cash back welcome bonus of up to $200 for the first 4 statements on net purchases up to $2,000.
Earn 4% cash back on gas and groceries, plus up to 2% on everything else.
What sets the CIBC Dividend Visa Infinite Card apart is its robust cash back offerings, particularly for gas and groceries, making it a top choice for those who frequently spend in these categories.
Pros:
- High cash back on gas and groceries
- Strong welcome bonus
Cons:
- Annual fee
- Requires significant spending to maximize rewards
- 3%Cash back on U.S. Dollar purchases
- 1.5%Cash back on all other purchases
No standard welcome bonus directly from Rogers Bank.
Earn up to 3% cash back on U.S. Dollar purchases, plus 1.5% on everything else.
This card shines for its no-fee structure while offering competitive cash back rates, especially for U.S. Dollar purchases, making it a great option for frequent travelers.
Pros:
- No annual fee
- High cash back on U.S. Dollar purchases
Cons:
- No welcome bonus
- Income requirements may be high
4.Tangerine Money-Back World Mastercard
Tangerine
- 2%Cash back in up to 3 customizable categories
- 0.5%Cash back on all other purchases
New cardholders can earn a CA$100 cash bonus after spending CA$1,500 in the first 3 months.
Unlimited 2% cash back in up to three customizable spending categories and 0.5% cash back on all other purchases.
A key differentiator is the ability to customize cash back categories, allowing cardholders to maximize rewards based on their spending habits, making it a versatile choice.
Pros:
- Customizable cash back categories
- No annual fee
Cons:
- Lower cash back on non-custom categories
- Limited to three categories
5.Neo World Elite Mastercard
Neo Financial
- 5%Cash back on groceries
- 4%Cash back on recurring payments
- 3%Cash back on gas
- 1%Cash back on all other purchases
Earn a welcome bonus of CA$100 in cash back after you spend CA$1,500 in eligible purchases within your first 3 months.
Earn 5% back on groceries, 4% on recurring payments, and 3% on gas.
The standout feature here is the flexibility in choosing reward plans, allowing cardholders to tailor their cash back experience to their spending patterns.
Pros:
- High cash back on essential categories
- Customizable reward plans
Cons:
- Annual fee
- Higher interest rates
6.Simplii Financial Cash Back Visa Card
Simplii Financial
- 4%Cash back at restaurants and bars
- 1.5%Cash back on groceries, gas, drugstores, and pre-authorized payments
- 0.5%Cash back on all other purchases
Earn up to CA$100 cash back in your first 3 months when you spend up to CA$500 on eligible gas, grocery, and drugstore purchases.
Earn up to 4% cash back at restaurants and bars, 1.5% on groceries, gas, drugstores, and pre-authorized payments.
This card excels in providing high cash back on dining expenses, making it an excellent choice for food lovers who want to maximize their rewards without an annual fee.
Pros:
- High cash back on dining
- No annual fee
Cons:
- Limited to specific categories for high rewards
- Foreign transaction fees apply
7.Home Trust Preferred Visa
Home Trust
- 1%Cash back on all eligible purchases
The Home Trust Preferred Visa does not offer a welcome bonus.
Offers a flat 1% cash back on all eligible purchases with no maximum cap or spending limits.
The Home Trust Preferred Visa stands out for its no foreign transaction fees, making it a practical choice for travelers who want to avoid extra costs while earning cash back.
Pros:
- No foreign transaction fees
- No annual fee
Cons:
- Limited rewards compared to other cards
- No welcome bonus
Final Words
As you consider the best cashback credit cards this September, remember that choosing the right card can significantly enhance your financial rewards. Take time to compare your options carefully, assess your spending habits, and make informed decisions that align with your lifestyle.
Frequently Asked Questions
Earn 15% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). This card also features a 0% introductory interest rate on balance transfers.
With the CIBC Dividend Visa Infinite Card, you can earn a 10% cash back welcome bonus of up to $200 for the first 4 statements on net purchases up to $2,000. Additionally, you earn 4% cash back on gas and groceries, plus up to 2% on everything else.
The Rogers Red World Elite Mastercard offers no standard welcome bonus directly from Rogers Bank. You can earn up to 3% cash back on U.S. Dollar purchases, plus 1.5% on everything else.
Many cashback cards have no annual fee, making them accessible for most users. However, premium cards with higher rewards rates may charge annual fees, so consider your spending level to determine if the extra rewards justify the cost.
To choose the best cashback credit card, consider your spending habits, such as which categories you spend most in, like groceries or gas. Also, evaluate the welcome bonuses and annual fees to ensure they align with your financial goals.
The application process for cashback credit cards typically involves filling out an online form where you provide personal details and financial information. Approval can often be instant, but it may take longer depending on the card issuer's policies.
In Canada, cashback rewards earned from credit cards are typically not considered taxable income, as they are viewed as a discount on purchases rather than income. However, it's always best to consult with a tax professional for specific advice.
