Canada’s greatest money again bank cards for 2023

Money again bank cards are an especially well-liked sort of rewards card in Canada. They’re simple to make use of, don’t require participation in loyalty packages, and so they allow you to earn essentially the most versatile reward of all—money! While you make purchases with a money again card, you get a share again. While 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 need to evaluate the annual charge, earn charge and any extra advantages earlier than you apply. That will help you choose the correct 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 gives severely spectacular money again on all of your recurring payments (like telephone, cable and Netflix subscriptions). It’s ultimate for anybody on the lookout for a well-rounded, all-in-one money again card.

• Annual charge: $120
• Earn charge: 4% on groceries and recurring invoice funds, 2% on fuel and transit, and 1% on every part else
• Rate of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers

• Welcome bonus: Earn 10% money again on all purchases for the primary 3 months (as much as $2,000 in whole purchases).

The professionals:

Rewards

• With the Scotiabank Momentum Visa Infinite card, you’ll earn 4% money again on groceries, the best charge of any cash-back card available on the market in Canada. 
• You’ll additionally earn 4% money again on recurring payments and subscriptions, once more the best earn charge round for this class, too. This implies 4% money again in your telephone invoice, subscriptions or every other recurring invoice set for automated pre-authorized month-to-month funds. You possibly can even get 4% again in your gymnasium membership if it’s a recurring invoice.
• Fuel and transit prices can actually add up, making the two% money again charge a welcome reprieve. This charge even applies to ride-share spends, corresponding to Uber. 
• Though the Scotiabank Momentum Visa Infinite does have earnings caps on bonuses, at $25,000 yearly per class, these are fairly beneficiant. You might 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 charge.

Perks and options

• The Scotiabank Momentum Visa Infinite contains sturdy journey insurance coverage advantages that beat different comparable premium money again playing cards. For instance, this card provides you protection for journeys of as much as 15 days versus the eight to 10 days supplied 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.
• Cellular machine insurance coverage, as much as $1,000 for newly bought telephone gadgets, is included with this card.
• While you get the Scotiabank Final Package deal chequing account as nicely, you’ll obtain an annual charge rebate.

The cons

• The $120 annual charge will likely be simply offset by your money again rewards for many, however should you’re a low quantity spender, you might be higher served by a no-fee various.
• Not like with BMO, TD or one other smaller card issuer, you possibly can’t redeem your money again at any time. Money again is just rewarded as soon as per yr—in November.
• You’ll must earn at the least $60,000 (or $100,000 as a family) yearly to qualify, which suggests this card could also be out of attain for some.
• You need to pay an additional $50 yearly for extra approved customers.

Greatest base-rate money again bank card

SimplyCash Most popular Card from American Specific*

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 charge: 4% money again on eligible fuel and grocery purchases as much as $1,200 yearly; 2% money again on every part else.
• Rate of interest: 20.99% on purchases, 21.99% on money advances

• Welcome bonus: You possibly can earn a $40 assertion credit score for every month-to-month billing interval during which you spend $750 in purchases in your card.

The Professionals:

Rewards

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

Perks and options

• This premium card has no particular revenue necessities for eligibility, not like its Visa or Mastercard alternate options, each of which require an annual revenue of $60,000.
• You possibly can add extra approved customers without cost, so that you received’t should pay a further $30 to $50 to choose up supplementary playing cards in your associate, partner and/or baby.
• This card comes with perks you’d count on from an American Specific card, together with Amex Expertise, which grants early entry to presale tickets to a variety of occasions (suppose concert events and sports activities occasions) and Amex Affords (extra reductions and financial savings via the app). 
• It comes with sturdy 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 may 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 hundreds of areas throughout Canada, but it surely’s much less extensively accepted than Visa or Mastercard. You possibly can’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 case you spend large in widespread bonus classes, like groceries, journey and fuel, this card won’t be the best choice for you.  
• Your money again is redeemable solely as soon as per yr in September, moderately than when as wished.

Greatest no-fee money again playing cards

For bonus classes: Tangerine Cash-Again*

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

• Annual charge: $0
• Earn charge: 2% money again on as much as three classes of your alternative; 0.5% base charge on every part else
• Rate of interest: 19.95% on purchases, 19.95% on money advances, 19.95% on steadiness transfers

• Welcome bonus: You possibly can 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 Could 2, 2023.

The Professionals:

Rewards

• The Tangerine Cash-Again bank card is the one card in Canada that permits you to choose your personal bonus classes. You possibly can 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, dwelling 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 function strategically. For instance, should you’re planning on a street journey, go for eating, fuel and accommodations. 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’ll earn 2% year-round (should you select to maintain these classes) no matter how a lot you spend.
• As a Mastercard, this card is accepted just about all over the place, together with Costco. (The warehouse membership retailer solely accepts Mastercard). 
• Not like with Visa or American Specific, most Walmart Superstore areas are thought of 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 mechanically redeemed each month, so that you received’t want to attend for an annual payout.

Perks and options

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

The Cons:

• The bottom earn charge 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 below any of the cardboard’s accessible bonus classes. So that you’ll earn solely 0.5% in your spends there. (See our full listing of the most effective bank cards for Costco right here).

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

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 charge: 2% money again on eligible fuel and grocery purchases as much as $300 yearly; 1.25% money again on every part else.
• Rate of interest: 20.99% on purchases, 21.99% on money advances, % on steadiness transfers

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

The Professionals:

Rewards

• You’ll get an above-average earn charge 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 charge on gadgets not in bonus classes, the 1.25% charge provides you an edge with the rewards. 
• Due to its flat charge 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 Affords provides you reductions via 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 extensively accepted throughout Canada as Visa or Mastercard. Notably, you possibly can’t use Amex at Loblaw-banner shops (Loblaws, Nice Canadian Superstore, and many others.) and also you might need troubles at some smaller unbiased outlets. Take into account 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 won’t be greatest for somebody who spends so much on groceries and/or fuel, that are bonus classes on different playing cards. 
• You possibly can solely redeem your money again as soon as yearly, each September.

For prime earners: Rogers World Elite

At a look: The spectacular flat earn charge notably on U.S. purchases makes the no-fee Rogers World Elite Mastercard a card to think about for high-earning snowbirds or web shoppers.

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

• Welcome bonus: Earn $25 money again while you make your first buy

The Professionals:

Rewards

• Along with not charging an annual charge, the cardboard additionally earns a powerful 1.5% money again on every part you purchase—a charge 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 web shoppers. 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 possibly can redeem money again rewards in increments of $10, anytime, while you use the Rogers app.

Perks and options

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

The Cons:

• The obvious downside is that you will need to cost at the least $15,000 in purchases yearly 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 every part.
• The annual revenue requirement of at the least $80,000 per yr (or $150,000) could also be a problem for a lot of Canadians.
• Not like different true no international transaction charge bank cards, which allow you to save on all non-Canadian forex 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 powerful 4% bonus class for groceries and fuel. You additionally get a 2% charge on eating, transportation and recurring payments, which makes this a well-rounded, all-in-one money again card.

• Annual charge: $120
• Earn charge: 4% money again on groceries and fuel; 2% on eating, every day transit and recurring payments; and 1% again on every part else
• Rate of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers

• Welcome bonus: You possibly can earn 15% money again welcome bonus of as much as $300 (first 4 statements).

The Professionals:

Rewards

• With an earn charge of 4% for groceries, the CIBC Dividend Visa Infinite card will get you the best earn charge 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 charge on fuel is the best accessible on a money again card.
• The two% bonus covers eating, recurring payments and just about all modes of transit together with taxis and rideshares.
• The CIBC Dividend Visa Infinite card gives 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 while you hyperlink this bank card with a Journie Rewards account.
• The CIBC Dividend Visa Infinite card features a candy suite of journey and automobile rental insurance coverage, in addition to as much as $1,000 in cellular machine protection.
• The annual charge is rebated within the first yr of getting the cardboard, however you possibly can earn an annual charge rebate once more while you open a Sensible Plus chequing account with CIBC.

The Cons:

• The $120 annual charge might not be value the associated 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 revenue of at the least $60,000 (or $100,000 as a family) to qualify, which might put the cardboard out of attain for some candidates.
• Playing cards for extra approved customers will value $30 every per yr.

Meridian Money Again Visa Infinite

At a look: The Meridian Money Again Visa Infinite Has a below-average annual charge, but it surely nonetheless gives 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 charge: 4% money again on fuel and groceries; 2% on drug shops and recurring payments; 1% on every part else
• Rate of interest: 19.5% on purchases, 21.99% on money advances, 19.5% on steadiness transfers

• Welcome bonus: Annual charge is free within the first yr

The Professionals:

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 charge 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 beneath the $120 common charged by different comparable rewards playing cards.
• The Meridian Money Again Visa Infinite comes with stable 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 supplied, even by the most effective journey bank cards.
• The emergency journey insurance coverage protection applies to those that are as much as 75 years previous, versus the 65-year-age cap on most bank card insurance coverage. 
• Contains as much as $1,000 in cellular machine insurance coverage.

The Cons:

• The Meridian Money Again Visa Infinite doesn’t provide bonus cash-back earnings on eating nor on every 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’d with a card with higher earn charges on transit and eating.
• To qualify for the cardboard, you’ll have to be a member of Meridian Credit score Union. It doesn’t imply extra charges, however you’ll possible should open a checking account. So, you’ll have to take some additional steps when making use of for this card.
• You’ll must earn an annual revenue 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 approved customers are $30 every.

Honorable point out

TD Money Again Visa Infinite*

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

• Annual charge: $139
• Earn charge: 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 steadiness transfers

• Welcome bonus: Earn 10% money again for the primary three months on as much as a complete of $2,000 in purchases. Plus, obtain a first-year annual-fee rebate for the first and extra cardholders. Should apply on-line by Could 28, 2023. Not accessible in Quebec. QC residents, please click on right here.

The Professionals:

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 yr 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 akin to the Canadian Car Affiliation (CAA) and covers incidents corresponding 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.
• Along with the annual being waived for the primary yr, with the All-Inclusive Banking Plan chequing account with TD, the annual charge will likely be rebated.

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 a little bit brief. 
• The annual revenue requirement is a $60,000 minimal (or at the least $100,000 as a family) to qualify which may very well be out of attain for some.
• The TD Money Again Visa Infinite has an annual charge of $139, which might not be appropriate for low quantity spenders. That mentioned it may be waived within the first yr and rebated once more should you open a TD chequing account
• 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 gives 3% money again rewards on groceries and doesn’t cost an annual charge, making it ultimate for value-seekers and massive grocery consumers. It additionally has lenient approval standards for college kids trying to choose their first bank card (should you’re a scholar, click on right here).

• Annual charge: $0
• Earn charge: 3% money again on groceries; 1% on recurring payments; 0.5% on every part else
• Rate of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers

• Welcome bonus: Earn as much as 5% money again in your first 3 months and a $50 money again bonus. Plus, get a 0.99% rate of interest on steadiness transfers in your first 9 months (with a 2% switch charge).

The Professionals:

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 just about 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’ll earn the bonus 2% in your purchases from the mass, large field retailer.

Perks and options

• Other than having a low annual revenue requirement of $15,000, should you’re a scholar trying to open up your first-ever card, you might be eligible to be authorised for this card (use this hyperlink to use).

The Cons:

• The obvious downside is the cardboard’s reward caps on bonus classes. You’ll earn 3% on the primary $500 you spend on groceries per thirty days, with every part over incomes the bottom 0.5% earn charge. Nonetheless, 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 benefit from your money again bank card

By no means carry a steadiness

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

Examine your money again card choices

It’s simple to go along with the money again card supplied by your present financial institution, however that’s not at all times your best option. Take the time to check your choices to establish the cardboard that delivers the best return primarily based in your explicit spending habits and life-style. Bear in mind: you don’t must open a chequing or financial savings account with a financial institution in an effort 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 typically 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 without delay is usually frowned upon, as this is usually a signal of insolvency. Nonetheless, a robust credit-card technique can contain pairing playing cards to maximise advantages. For instance, the TD Money Again Visa Infinite gives 3% again on fuel, groceries and recurring payments, however just one% on every part else, whereas the Tangerine Cash Again Card has no annual charge and gives 2% again in as much as three spending classes of your alternative. 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 charge.

Add your associate as a licensed consumer

Including a licensed consumer, usually your associate, to your account is usually a cost-effective (and even free!) option to enhance 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 be capable to get a further approved consumer for as little as $30 extra. Some premium playing cards, just like the SimplyCash Most popular from American Specific, even allow you to add approved customers without cost. It does bear mentioning that this requires some thought as solely the first cardholder will likely be answerable for paying off the steadiness—not the approved 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 well-liked and have useful strengths. Right here we break down each card varieties that will help you determine which card is best for you.

Simplicity

It’s essential 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 case 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 typically totally different earn charges and redemption values. These variables can have an effect on how or while you need to acquire or redeem. 

Backside line: In case 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 with regards to simplicity.

Rewards and bonus classes

The way you earn might be simply as essential 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 might be extra restrictive.

Other than a couple of exceptions, the vast majority of money again bank cards provide the identical restricted number of bonus classes (particularly fuel, groceries and utility payments). Compared, journey bank cards have a far bigger number of bonus classes (like eating places, lodge stays, flights, Uber rides and public transit, along with the groceries and fuel), which suggests you possibly can doubtlessly earn extra factors on extra kinds of purchases. 

Backside line: You’re possible 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 rationale they are saying “Money is king” as a result of it may be used for something you need, corresponding to on a regular basis spending on fuel and groceries. In distinction, the factors you earn on journey playing cards are normally geared in the 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’s, however should you’re trying 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 permits you to earn 5% money again proper out of the gate on all of your purchases for the primary three months but it surely maxes out at simply $200. 

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

Aspect perks

Perks are little extras accessible to you as a cardholder. These are normally issues like airport lounge entry, 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 case you’re on the lookout for little extras, your greatest 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 greatest bank cards: