CIBC Dividend Visa Infinite Card
The CIBC Dividend Visa Infinite Card is Canada’s best cash back card, earning cardholders over $530 after factoring in the annual fee.
Rewards: Earn 4% cash back on gas, groceries and electric vehicle charging; 2% cash back on dining, recurring bills/payments and transportation fees; 1% cash back on all other purchases.
Welcome Offer: Earn 10% cash back on $2,500 in net purchases over the first four statements—a total value of $250.
Annual Fee: $120 (waived in the first year)
Other Benefits and Drawbacks: CIBC’s top cash-back card earns an impressive amount of cash back each year based on average Canadian spending, especially on staple purchases like gas and groceries. But, the high annual fee of $120 and stringent income requirements ($60,000 individual income required) may deter some consumers.
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RBC ION+ Visa Card
The RBC ION+ Visa offers many benefits for a fair annual fee of $48. Cardholders can access mobile device insurance and extra fuel savings, among other perks.
Rewards: Earn three Avion points per dollar for grocery, dining & delivery, gas, transportation, EV charging, streaming services, digital gaming and subscriptions, and one Avion point per dollar on all other purchases.
Welcome Offer: Instantly receive up to 12,000 Avion Points for simply getting approved for the card.
Annual Fee: $48 ($4 per month)
Other Benefits and Drawbacks: RBC’s ION+ Visa Card has decent earning potential because of its highest earning category containing so many spending categories. But for a rewards card, it lacks a wide variety of insurance benefits.
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MBNA Rewards Platinum Plus® Mastercard®
With a decent welcome bonus, no annual fee and plenty of perks like purchase insurance, the MBNA Rewards Platinum Plus Mastercard is a strong choice for budget-conscious consumers.
Rewards: Earn four points per dollar on eligible restaurant, grocery, digital media, membership and home utility purchases up to a $10,000 annual spending cap.
Welcome Offer: Earn 5,000 bonus points after making $500 or more in eligible purchases within 90 days of your account being opened and another 5,000 bonus points once enrolled for paperless e-statements within the first 90 days of signing up for a card.
Annual Fee: $0
Other Benefits and Drawbacks: The MBNA Platinum Plus Mastercard earns around $440 in annual earnings, which is quite good for a card with no annual fee. However, its welcome bonus requires some hoops to jump through and has limited insurance coverage.
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BMO CashBack World Elite Mastercard
BMO’s CashBack World Elite Mastercard is one of the only cash-back cards offering 5% on groceries, among other benefits.
Rewards: 5% Cash back on groceries, 4% on transit purchases (e.g., ride-sharing, taxis), 3% on gas, and 2% on recurring bills.
Welcome Offer: Earn up to 10% cash back in the first three months of holding the card, up to a spending cap of $2,600, which translates to $260 in cash.
Annual Fee: $120 (waived in the first year)
Other Benefits and Drawbacks: BMO’s top-tier cash-back offering comes with some of the best earning potential for grocery purchases and comes with rare benefits like roadside assistance. But its high income requirements ($80,000 for individuals, $150,000 for households) will set it out of reach of many consumers.
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CIBC Aeroplan Visa Card
The CIBC Aeroplan Visa Card has no annual fee for the primary cardholder or up to three other users, and it comes with some solid perks for travellers.
Rewards: Earn one Aeroplan point per dollar on gas, electric vehicle charging and purchases through Air Canada, and one Aeroplan point for every $1.50 spent on all other purchases.
Welcome Offer: Get 10,000 Aeroplan points when you make your first purchase.
Annual Fee: $0
Other Benefits and Drawbacks: CIBC’s budget travel card has no annual fee for up to four cardholders and comes with decent perks like purchase protection and a free hotel night after every third stay booked with the card. However, the card’s overall earning potential leaves a bit to be desired.
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American Express Cobalt
The American Express Cobalt has some of the best earning potential among credit cards with purchase protection, bringing in nearly $600 per year in rewards value—after considering the annual fee.
Rewards: Earn five points per dollar on eating & drinking purchases, three points per dollar on streaming subscriptions, two points per dollar on travel and transit and one point per dollar on all other purchases.
Welcome Offer: Earn 1,250 Membership Rewards points in each monthly billing period that you spend $750 or more with your card, up to a maximum of 15,000 points in a year.
Annual Fee: $155.88 ($12.99 per month)
Other Benefits and Drawbacks: Amex’s Cobalt card has outstanding annual earnings, even after considering its high annual fee. That said, the welcome offer associated with the card is not exceptional compared to other lower-tier credit cards on this list.
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Scotiabank Gold American Express
Scotiabank’s Gold American Express card is one of a handful of credit cards with no foreign exchange fees on foreign currency purchases, making it a solid card for foreign flyers.
Rewards: Earn six Scene+ points per dollar on purchases made at Sobeys, Safeway, Freshco, Foodland, five per dollar on dining and food delivery (and certain grocery stores) and entertainment, three points per dollar for gas, transit and streaming services.
Welcome Offer: Get 20,000 Scene+ points by making at least $1,000 in purchases within the first three months of holding the card and an additional 20,000 when you spend $7,500 or more in everyday eligible purchases in the first year. To qualify, you must apply for the card before July 1, 2024.
Annual Fee: $120
Other Benefits and Drawbacks: Scotiabank’s Gold American Express card has a strong welcome offer and plenty of categories, so cardholders have options when trying to earn points strategically. However, there is a $120 per year annual fee that comes with these perks.
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Scotia Momentum Visa Infinite Card
The Scotia Momentum Visa Infinite Card offers the best of both worlds: excellent cash back potential of over $491 per year and extensive insurance coverage—including purchase protection.
Rewards: Earn 4% cash back per dollar on grocery, recurring bill and subscription payments, 2% on gas and daily transit purchases and 1% on everything else.
Welcome Offer: New cardholders get 10% cash back on all purchases made with the card in the first three months, up to a limit of $2,000. Those that meet the purchase threshold will earn $200 in cash back rewards.
Annual Fee: $120 (waived in the first year)
Other Benefits and Drawbacks: Scotia’s Momentum Visa Infinite offers a combination of solid cash back rewards and many insurance coverage options, like travel insurance and mobile device insurance. That said, with a $5,000 minimum credit limit and higher than standard credit requirements, this card may have limited appeal.
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SimplyCash® Preferred Card from American Express
The SimplyCash Preferred Card from Amex has solid earning potential and an impressive welcome bonus.
Rewards: Earn 4% cash back on gas, grocery (with a $1,200 cash-back limit), and 2% on all other purchases.
Welcome Offer: Earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases, for a total rewards value of $400 in the first 10 months.
Annual Fee: $119.88 ($9.99 per month)
Other Benefits and Drawbacks: This card has one of the highest welcome offers for a cash-back card in Canada in terms of total dollar value ($400). However, some consumers may be put off by the monthly, not annual fees.
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TD Cash Back Visa Infinite*
TD’s Cash Back Visa Infinite is both high-earning and packed with additional insurance coverage like medical insurance and delayed/lost baggage coverage.
Rewards: Earn 3% cash back on grocery, gas and recurring bill payments and 1% cash back on all other purchases.
Welcome Offer: Earn 10% cash back for the first three months of using the card on eligible purchases, including gas, grocery and preauthorized payments, up to a total spend of $3,500. Hitting the spend threshold means you will have earned $350 in cash back. To be eligible, you must open an account by January 6, 2025.
Annual Fee: $139 (waived in the first year for accounts opened by January 6, 2025)
Other Benefits and Drawbacks: Besides solid cash-back rewards, this card comes with numerous insurance plans, including $2 million in emergency travel medical insurance for a maximum of 10 days and delayed and lost baggage coverage of up to $1,000 per insured person. However, those benefits come with a slightly high annual fee of $139, which some consumers might not think is worth the cost.
