The best cashback credit cards in Canada compared side by side: fees, earn rates, caps and income floors read from each issuer’s own page on October 3, 2026, a calculator that runs your own spending through every card, and a verdict for no-fee and annual-fee spenders.
Cashback credit cards return a set percentage of what you spend as money, usually 0.5% to 5% depending on the card and the category, paid back as a statement credit. In Canada the strongest no-fee card returns about $354 a year on a $2,000 a month household budget, and the strongest fee card returns about $540 after its fee. This page compares the ten cashback credit cards whose terms we could read on the issuer’s own page today, runs your spending through each one, and says which card wins for which household.
As of October 3, 2026. Every figure below was read from the issuer’s live product page on that date. Welcome offers change monthly, so recheck the expiry before you apply.
| Cashback credit card | Annual fee | Cashback | Caps and income | Best for |
|---|---|---|---|---|
| Tangerine Money-Back Credit Card | $0 | 2% in up to 3 categories you choose, 0.5% on everything else | No cap; 3rd category needs payouts into a Tangerine savings account; $12,000 income; 20.95% purchase rate | The best no-fee cashback card for most people |
| Scotia Momentum Visa Infinite | $120, first year waived on the current offer | 4% groceries and recurring payments, 2% gas, EV charging, transit, rideshare and food delivery, 1% everything else | 4% and 2% rates on up to $25,000 of annual spend; $60,000 personal or $100,000 household income; 20.99% purchase rate | Big grocery and subscription budgets that want a first-year fee waiver |
| CIBC Dividend Visa Infinite | $120, first year rebated | 4% gas, EV charging and groceries, 2% transportation, dining and recurring payments, 1% everything else | No limit on total cashback; $60,000 personal or $100,000 household income | Drivers and heavy spenders who would hit a cap elsewhere |
| Neo World Elite Mastercard | $149 | 5% groceries, 4% recurring payments, 3% gas, 1% everything else, plus partner cashback | Caps not published on the product page; $80,000 personal or $150,000 household income | The highest headline rates if you clear the income bar |
| BMO CashBack World Elite Mastercard | $139, waived in the first year | 5% groceries, 4% transit, 3% gas and EV charging, 2% recurring bills, 1% everything else | Monthly caps: $500 groceries, $300 transit, $300 gas, $500 recurring, then 1%; $80,000 personal or $150,000 household income; 21.99% purchase rate | Transit riders and households that spend under the monthly caps |
| TD Cash Back Visa Infinite Card | $139, first year rebated | 3% groceries, gas and EV charging, transit, recurring bills and streaming, 1% everything else | Each 3% category capped at $15,000 a year; $60,000 personal or $100,000 household income; 21.99% purchase rate | Spread-out budgets with no single big category |
| Rogers Red Mastercard | $0 | 1% on everything, 2% on everything for Rogers, Fido and Shaw customers, 2% on US dollar purchases | 2% rate on the first $16,000 a year, then 1%; 1.5x redemption value at Rogers until November 18, 2026; 21.99% to 25.99% purchase rate | Rogers, Fido and Shaw customers who want one flat rate |
| BMO CashBack Mastercard | $0 | 3% groceries, 1% recurring bills, 0.5% everything else | 3% on the first $500 of groceries and 1% on the first $500 of bills per statement, then 0.5%; 21.99% purchase rate | A no-fee second card for groceries only |
| Simplii Financial Cash Back Visa | $0 | 4% restaurants, bars and coffee shops, 1.5% gas, groceries, drugstore and pre-authorized payments, 0.5% everything else | 4% on $5,000 a year and 1.5% on $15,000 a year, then 0.5%; $15,000 household income; paid once a year in January | People who eat out more than they cook |
| Neo Mastercard | $0 | Partner cashback that varies by merchant; no flat rate published | Open to any credit history or income; a secured version is offered through Neo’s Build membership | Neo partner shoppers and first-card applicants |
Left out on purpose: the American Express SimplyCash and SimplyCash Preferred cards, the Rogers Red World Elite Mastercard, the RBC Cash Back Mastercard and the MBNA Smart Cash cards. Their product pages would not load for our checker on October 3, 2026, so they are left out rather than quoted from memory. They go back in the day their pages can be read.
How we picked these cashback credit cards: real earn rates on a normal household mix, not headline welcome bonuses; fees netted out; caps and income floors treated as hard limits. The full method is on our how we review page.
Type what you put on a card in a normal month and the table ranks all nine scorable cashback credit cards by what is left after the annual fee. It applies every cap in the comparison above: BMO’s monthly limits, Scotia’s $25,000 a year, TD’s $15,000 per category, Simplii’s two annual limits and Rogers’ $16,000. Welcome bonuses are left out because they pay once; the fee comes back every year.
Neo Mastercard is not scored because Neo publishes no flat rate for it. The Scotia 2% tier covers gas, EV charging, transit and food delivery; restaurant spending earns 1% there. Figures rounded to the dollar, read from issuer pages October 3, 2026.
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On a $2,000 a month budget the Neo World Elite nets the most at $631 a year, Scotia Momentum nets $540, CIBC Dividend $516, and the best no-fee card, Tangerine Money-Back, returns $354. The split used below is the same one the calculator opens with, so every card is scored on identical spending: $800 groceries, $300 recurring bills and subscriptions, $200 gas, $700 on everything else, all paid in full each month, which is $24,000 a year.
| Cashback credit card | Cashback a year | Fee | Net, year two on | Net, year one |
|---|---|---|---|---|
| Neo World Elite Mastercard | $780 | $149 | $631 | $631 |
| Scotia Momentum Visa Infinite | $660 | $120 | $540 | $660 |
| CIBC Dividend Visa Infinite | $636 | $120 | $516 | $636 |
| BMO CashBack World Elite Mastercard | $564 | $139 | $425 | $564 |
| TD Cash Back Visa Infinite Card | $552 | $139 | $413 | $552 |
| Rogers Red Mastercard (Rogers, Fido or Shaw customer) | $400 | $0 | $400 | $400 |
| Tangerine Money-Back Credit Card | $354 | $0 | $354 | $354 |
| BMO CashBack Mastercard | $288 | $0 | $288 | $288 |
| Simplii Financial Cash Back Visa | $270 | $0 | $270 | $270 |
| Rogers Red Mastercard (no Rogers service) | $240 | $0 | $240 | $240 |
The no-fee benchmark among cashback credit cards. Choose groceries, gas and recurring payments as your three 2% categories and the card returns $26 on that $1,300, plus $3.50 on the remaining $700 at 0.5%. That is $29.50 a month, or $354 a year, with no fee to subtract. The third category only opens if payouts go into a Tangerine savings account; with two categories the figure drops to $318 a year.
Groceries and recurring payments at 4% return $44 on $1,100, gas at 2% adds $4, and the other $700 at 1% adds $7. That is $55 a month, $660 a year, or $540 after the $120 fee, and the whole $660 in year one while the fee is waived. This budget puts $15,600 a year through the bonus categories, well under the $25,000 cap. The current welcome offer pays 15% back on the first $2,000 of purchases in three months and runs to November 1, 2026.
Groceries and gas at 4% return $40 on $1,000, recurring payments at 2% add $6, and the rest at 1% adds $7. That is $53 a month, $636 a year, or $516 after the fee, and $636 in year one with the rebate. CIBC publishes no cap on total cashback, which is why it edges ahead of Scotia for anyone spending far more than this example.
Groceries at 5% return $40, recurring payments at 4% add $12, gas at 3% adds $6, and the other $700 at 1% adds $7. That is $65 a month, $780 a year, or $631 after the $149 fee, before any partner cashback on top. Neo does not publish category caps, and the fee is not waived in year one on the page we read. The catch is the income floor: $80,000 personal or $150,000 household.
BMO’s caps are monthly, which matters on this budget. Groceries earn 5% on the first $500, which is $25, and 1% on the remaining $300, which is $3. Gas at 3% adds $6, recurring bills at 2% add $6, and the other $700 at 1% adds $7. That is $47 a month, $564 a year, or $425 after the $139 fee, and the full $564 in year one with the fee waived. A $600 grocery month would still only earn the 5% on $500.
TD pays one rate, 3%, across groceries, gas, transit and recurring bills, so the $1,300 in those categories returns $39, and the other $700 at 1% adds $7. That is $46 a month, $552 a year, or $413 after the $139 fee, and $552 in year one with the rebate. Each 3% category has its own $15,000 annual cap, which this budget never approaches.
Without a Rogers, Fido or Shaw service the card pays a flat 1%, which is $20 a month or $240 a year. With an eligible service it pays 2% on the first $16,000 of annual spending and 1% after that: $320 plus $80 on this budget, so $400 a year with no fee, which beats Tangerine’s $354. Until November 18, 2026 the rewards are also worth 1.5 times face value when applied to a Rogers bill, which is not counted here.
The no-fee BMO card pays 3% on the first $500 of groceries a month, which is $15, then 0.5% on the extra $300, which is $1.50. Recurring bills earn 1% on up to $500, which is $3 here, and gas plus everything else earn 0.5%, which is $4.50. That is $24 a month or $288 a year.
Simplii’s strength is 4% at restaurants, bars and coffee shops, and this budget has no restaurant line, so the card is scored on its 1.5% tier: $225 on the first $15,000 of gas, groceries and pre-authorized payments, $3 on the $600 above that cap at 0.5%, and $42 on the other $8,400 at 0.5%. That is $270 a year, paid once a year on the January statement. Add $300 a month of restaurant spending in the calculator and the card jumps to $435.
Neo does not publish a flat rate for its no-fee card; cashback comes from partner merchants and varies by where you shop, so it cannot be scored on the same budget. Its real strength is access: the page says it is open to any credit history or income, and a secured version is offered through Neo’s Build membership, which makes it a first cashback card rather than a top earner.
Want a Mastercard that costs $0 every year instead of $149? Our comparison of the best no fee Mastercards in Canada ranks the Tangerine, RBC, MBNA and Triangle cards on this same $2,000 budget.
A fee card beats the best no-fee card once your monthly spending passes about $785 on the mix above. On the $2,000 budget the Scotia Momentum Visa Infinite out-earns the Tangerine card by $25.50 a month, or $306 a year, which is $186 more than its $120 fee. Scale that down and the two cards tie at roughly $785 a month of total spending: below it, no-fee cashback credit cards win; above it, the annual-fee card wins by a widening margin.
| Fee card vs Tangerine Money-Back | Extra earn per $1 spent | Fee | Monthly spend where they tie |
|---|---|---|---|
| Neo World Elite ($149) | 1.78 cents | $149 | About $700, income floor permitting |
| Scotia Momentum Visa Infinite ($120) | 1.28 cents | $120 | About $785 |
| CIBC Dividend Visa Infinite ($120) | 1.18 cents | $120 | About $850 |
| BMO CashBack World Elite ($139) | 0.88 cents | $139 | About $1,300 |
| TD Cash Back Visa Infinite ($139) | 0.83 cents | $139 | About $1,400 |
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The same test works for any pair of cashback credit cards: multiply your monthly spending by the difference in earn rate, compare the yearly total to the fee, and ignore the welcome bonus, which only ever pays once. The Financial Consumer Agency of Canada makes the same point: fees and interest decide the value of a rewards card, not the headline rate.
For the $0 side of that ledger in full, see our no annual fee credit cards comparison, the same verified-math treatment applied to the cards with no fee at all.
No single card leads every category, so the right answer depends on where your money goes. The table below names the highest verified rate in each category among the ten cashback credit cards on this page, with the cap that goes with it.
| Spending category | Highest rate | Card | The catch |
|---|---|---|---|
| Groceries | 5% | Neo World Elite; BMO CashBack World Elite | Neo publishes no cap; BMO caps it at $500 a month. Both need $80,000 income |
| Gas and EV charging | 4% | CIBC Dividend Visa Infinite | No cap; $120 fee after year one |
| Recurring bills and subscriptions | 4% | Scotia Momentum Visa Infinite; Neo World Elite | Scotia shares a $25,000 a year cap with groceries |
| Transit and rideshare | 4% | BMO CashBack World Elite | Capped at $300 a month |
| Restaurants and coffee | 4% | Simplii Financial Cash Back Visa | Capped at $5,000 a year; no fee |
| Everything, one flat rate | 2% | Rogers Red Mastercard | Only with a Rogers, Fido or Shaw service; 1% after $16,000 a year |
| US dollar purchases | 2% | Rogers Red Mastercard | The only US dollar earn boost on this page |
| Lowest income floor | 2% in 3 categories | Tangerine Money-Back | $12,000 income; Neo Mastercard takes any income but publishes no rate |
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Shop at Costco? Only Mastercard works in the warehouse, so check which credit cards Costco accepts in Canada before you choose a Visa for your grocery category. Costco also does not count as a grocery store on most cards, so a warehouse-heavy budget earns the base rate there.
A cap turns a 5% card into a 1% card past a set amount, and an income floor decides whether you can hold the card at all. Both are printed in the fine print of cashback credit cards and both change the ranking more than the headline rate does, so here they are side by side.
| Card | Caps on the bonus rates | Income floor | Purchase interest |
|---|---|---|---|
| Tangerine Money-Back | None | $12,000 | 20.95% |
| Scotia Momentum Visa Infinite | $25,000 a year across the 4% and 2% categories, then 1% | $60,000 or $100,000 household | 20.99% |
| CIBC Dividend Visa Infinite | None on total cashback | $60,000 or $100,000 household | Not shown on the page we read |
| Neo World Elite | Not published | $80,000 or $150,000 household | Not shown on the page we read |
| BMO CashBack World Elite | Per statement: $500 groceries, $300 transit, $300 gas, $500 recurring | $80,000 or $150,000 household | 21.99% |
| TD Cash Back Visa Infinite | $15,000 a year in each 3% category | $60,000 or $100,000 household | 21.99% |
| Rogers Red Mastercard | 2% on the first $16,000 a year, then 1% | Not stated on the page | 21.99% to 25.99% |
| BMO CashBack Mastercard | Per statement: $500 groceries at 3%, $500 bills at 1% | Not stated on the page | 21.99% |
| Simplii Cash Back Visa | $5,000 a year at 4%, $15,000 a year at 1.5% | $15,000 household | 21.99% |
| Neo Mastercard | No published rate | Any income | Not shown on the page we read |
Two things follow. First, a monthly cap is harsher than an annual one: BMO’s $500 grocery limit resets every statement, so a $900 grocery month earns 5% on $500 and 1% on $400, while TD’s $15,000 annual limit lets a big month borrow room from a small one. Second, the income floors on the World Elite and Visa Infinite cards are hard rules, not targets. If your income sits under $60,000, your real choice among cashback credit cards is Tangerine, Simplii, Rogers Red, BMO CashBack and Neo, and Tangerine wins that group on most budgets.
Cashback credit cards return a set percentage of your spending as cash, typically 0.5% to 5% depending on the card and the category, instead of points or miles. The reward lands as a credit on your statement, monthly on some cards and once a year on others. That simplicity is the appeal: there is nothing to decode and no award chart to study.
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Earns the same percentage on everything. Rogers Red is the only flat-rate card on this page, at 1%, or 2% for Rogers, Fido and Shaw customers. Simple and predictable, with nothing to track and no category to miss.
Pays a higher rate in named categories, usually groceries, gas and recurring bills, and a lower base rate everywhere else. Eight of the ten cards here work this way. They earn more when your spending matches the categories and less when it does not, which is exactly what the calculator above tests.
Tangerine lets you pick the categories yourself from a list that includes groceries, gas, recurring bills, restaurants, drugstores, home improvement and transit. You can change them, so the card follows a budget that shifts through the year.
The catch for every style is the same: cashback only pays if you pay the balance in full. Purchase interest on these cards runs from 20.95% to 25.99%, and one month of interest on a carried balance erases several months of rewards.
The biggest gain comes from matching the card to the two categories you spend the most on, and the second biggest comes from putting recurring bills on the card so the earning happens without you. A few habits turn cashback credit cards into money that shows up every month:
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Carrying a balance is the mistake that costs the most: a $500 balance left on a card at 20.99% costs about $105 a year in interest, which is more than three months of rewards on the best card here. The others are smaller but add up.
| Mistake | What it costs | What to do instead |
|---|---|---|
| Carrying a $500 balance all year | About $105 at 20.99%, up to $130 at 25.99% | Pay in full; if you cannot, a low-interest card beats any cashback card |
| Taking a cash advance | 22.95% to 27.99% from the day of the withdrawal, and no cashback on it | Use your debit card |
| Paying in US dollars on a 2.5% foreign transaction fee card | The fee is bigger than the cashback on every card here except Rogers Red | Check the fee table before travelling or shopping on US sites |
| Chasing a welcome bonus with spending you did not plan | $2,000 spent to earn $300 is still $1,700 gone | Only count the bonus on spending that was happening anyway |
| Keeping a fee card after your spending drops | Under about $785 a month the fee outruns the extra earn | Downgrade to the issuer’s no-fee version instead of cancelling, which keeps your account age |
| Forgetting the payout schedule | Simplii pays once a year in January; close the card in November and the year’s earnings are at risk | Read our guide to cancelling a credit card before you close one |
The FCAC’s page on paying off a credit card shows how the minimum payment stretches a balance over years, which is the clearest case against treating cashback as a reason to carry one.
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Cashback credit cards suit anyone who pays the balance in full every month and wants rewards that need no planning. If you sometimes carry a balance, a low-interest card will save you more than cashback earns. If you are still building credit, start with a secured card, then move to cashback once your score is stronger.
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If you want to see which cashback credit cards you may qualify for before you apply, BestCreditCardCanada can match you with options, with no impact to your credit to compare.
Not sure which budget you are in? Our guide on how to choose a credit card works four monthly budgets through these cards and shows where the annual fee starts paying for itself.
The questions Canadians ask most.
For no annual fee, the Tangerine Money-Back Credit Card, at 2% in up to three categories of your choice, about $354 a year on a $2,000 a month budget. For an annual fee, the Scotia Momentum Visa Infinite and CIBC Dividend Visa Infinite return $516 to $540 a year after the fee on that budget, and the Neo World Elite Mastercard nets the most at $631 if you meet its $80,000 income requirement. Figures read from issuer pages October 3, 2026.
Yes, if you pay in full every month. On a $2,000 a month budget the best cashback credit cards return roughly $350 with no fee or $400 to $630 net after a fee. They stop being worth it the moment you carry a balance, because 21% purchase interest on even $500 costs about $105 a year, more than three months of rewards.
They return a percentage of your spending as cash, typically 0.5% to 5%, paid as a statement credit or annual payout. Most pay a higher rate in named categories such as groceries, gas and recurring bills and a lower base rate on everything else. The rewards only pay off if you pay your balance in full.
The Neo Mastercard says it is open to any income or credit history, though it publishes no flat cashback rate. Among cards with a published rate, Tangerine Money-Back asks for $12,000 a year and Simplii Cash Back Visa for $15,000 household income. The Visa Infinite cards need $60,000 and the World Elite cards $80,000.
Bonus-category cards earn more for most households because groceries, gas and bills are where the money goes. On the $2,000 budget the best category card nets $631 and the best flat-rate card, Rogers Red at 2% for Rogers customers, nets $400. Flat-rate wins only when your spending is spread across categories no card rewards.
No-fee wins under about $785 a month of spending; above it, the annual-fee cards pull ahead by a widening margin. On $2,000 a month the gap is about $186 a year in favour of the fee card. Compare on year two, after the waiver, not year one.
No. Purchase interest of 20.95% to 25.99% on these cards is five to twenty times the cashback rate, so carrying a balance erases the rewards within weeks. Pay in full to keep the cashback worthwhile.
It depends on the card. Simplii credits the whole year’s cashback on the January statement, while others credit monthly or let you redeem on demand once a minimum is reached. Check the payout rule before closing a card, because a mid-year cancellation can forfeit cashback that has not been credited yet.
The best cashback cards favour good credit. With fair or no credit, build your score first with a secured card, then upgrade to cashback. Neo offers a secured version of its Mastercard through its Build membership for exactly that step.
For personal spending, cashback rewards are generally treated as a rebate on the purchase rather than taxable income. Business use can differ, so check your situation with an accountant.
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