Best Cash Back Credit Cards in Canada for 2020

Regarded as one of the best credit card in Canada, Tangerine provides no annual fee, a lucrative 2% cash back in up to 3 merchant categories, and 0.5% on all other purchases with no caps, tiers or limits. It provides choice, value and convenience to beginner credit card users and even works great as a secondary credit card.

• Welcome bonus: Earn a $250 Bonus with a Tangerine Money-Back Credit Card.*
• No annual fee -The no annual fee for both primary and secondary holders means that you are not paying for your cash back.
• Unlimited rewards -Earn as much cash back rewards regardless of the category.
• Automatic monthly cash back redemption -Every month, Tangerine will either apply your cashback dollars against your credit card balance or deposit it directly into your Tangerine Savings Account.
• Flexibility - You can choose 2-3 categories for the 2% cash back and change categories once every 90 days to match your spending pattern.
• Get more rewards -Maximize your credit card rewards by choosing another cash back credit card that has bonus categories and using your Tangerine card to expand and get more bonus categories.

The TD Aeroplan Visa Infinite Card is a versatile credit card that allows you to earn Aeroplan miles, get a comprehensive travel insurance package, and earn rewards at a decent rate. With TD being the official partner of Aeroplan, we consider this the best Aeroplan credit card in Canada. It targets members and gives double miles when used together with the Aeroplan membership card.

• Lucrative welcome bonus – For a limited time, new cardholders will get 6% cash back on eligible purchases for up to a total spend of $3,500. That’s equivalent to $210 worth in cash back!
• Generous cash back on gas, groceries and recurring bills – Only few Canadian credit cards provide cash back on automated billing payments – making this one of the best reasons to get the TD Cash Back Visa Infinite Card.
• Redeem your rewards any time – Instead of waiting at the end of the year to redeem your cash back, you can use your cashback dollars to pay your credit card balance whenever you like (minimum $25 per redemption).
• Peace of mind when travelling – With a medical coverage that includes standard protection and up to $2 million coverage during the first 10 days of a trip, this card lets you travel in peace. In addition, it also offers access to emergency travel assistance as well as delayed and lost baggage insurance.
• Assistance on the road – This credit card gives you complimentary membership to the company’s TD Auto Club and makes you eligible for free emergency roadside assistance anytime.

If you are comfortable with shelling out a small fee of $99 per year, then the SimplyCash Preferred Card from American Express is one of the best cashback rewards cards. Those who want to maximize their rewards can take advantage of the limited-time 6% cashback rewards. It also offers a comprehensive insurance package that's worth more than $100 in value.

Why We Like It:

• High cashback rewards One of the highest we've seen, the 6% promo cash back is a welcome opportunity for people who have a major purchase coming up. After the six-month promotional period is up, it returns to a still high 2% cash back with no limits. Cash back is applied as a statement credit to your account each September.
• Complete suite of insurance and protection plans This Amex card offers extensive insurance that includes insurance against rental car damage, travel accident, foreign medical, and baggage theft as well as double manufacturer's warranty and insurance against theft or damage for purchases.

If you’re looking for a basic cash back credit card - this could be an ideal option for you! With no annual fee, earn 1.25% cash back, obtain basic insurance and access to American Express special events. This is an ideal credit card for individuals wanting to build credit without making a big commitment to an annual fee.

• No Annual Fee. One of the few American Express cards that comes with no annual fee.
• Awesome Welcome Offer. Cardholders earn 2.5% cash back on all purchases in their first three months of ownership. Earnings cap at $150 - still a lot to earn while you spend!
• Cash Back Rate. Once the welcome offer expires, earn 1.25% on all purchases with no limitations.
• Entertainment Special Access. Gain access to American Express exclusive offers and experiences.
• Basic Insurance Coverage. Travel accident, buyer’s assurance and purchase protection insurance comes with card ownership.

For people who love to eat and drive, the Scotia Momentum VISA Infinite Card is the best rewards credit card with a fee. It provides an unrivaled 4% cash back on food and gas along with 2% on recurring payments and drugstore purchases, and 1% on the rest. On top of that, this card also comes with comprehensive insurance benefits and concierge benefits.

• Welcome bonus  The whooping 10% cashback bonus on the first three months is a very delicious offer to refuse.
• No-nonsense rewards Rewards are clear, transparent, easy to earn and easy to redeem. Cash back rewards are paid out annually either as a deposit to eligible chequing or savings account or credited to your credit card statement.
• Enhanced insurance package The improved insurance package is comparable with other more premium cards. It provides comprehensive coverage on travel, including rental car collision loss or damage as well as purchase security and extended warranty protection.
• Additional Perks. Obtain exclusive offers from Scotiabank including concierge service, competitive hotel rates and upgrades, and access to dining and wine country programs.
• Annual Fee. Gain access to all of the above perks at the cost of $120 per year.

Although it comes with no bells and whistles, the Scotia Momentum MasterCard Credit Card has an attractive low balance transfer promotion that may be appealing for people looking to pay off their debt. This no-fee cashback credit card also has solid features enough to make it ideal for people who want to build their credit.

Why We Like It:

• Appealing low balance transfer offer This credit card offers a tempting 7.99% balance transfer promotional interest rate for a limited time, so you can slowly pay off your existing balance.
• $0 annual fee Because it is a no-fee credit card, it makes the perfect starter card, or a secondary card for existing Visa or Amex cardholders who wish to shop on stores where only a MasterCard is accepted such as Costco.
• Cashback on four key areas Not many no-free credit cards offer no-limit cashback rewards on gas, groceries, drugstore and recurring bills.
• Peace of mind Even though this MasterCard lacks travel insurance and purchase protection, it makes up for it by giving 0% liability on all unauthorized credit card payments.

The Home Trust Preferred Visa provides 1% cash back rate along with its no foreign transaction fees which is excellent for travelers. In fact, cardholders will be saving 2.5% fees on purchases made outside Canada or in a foreign currency. The combination of these 2 features make this card a great card to have, especially when there is no annual fee.

• No annual fee
• 1% CashBack
• No foreign transaction fees