Best Cash Back Credit Cards in Canada
Cash back cards pay you back in real dollars — no points or redemption to think about. We rank them on overall earning potential across a typical household’s full spending mix, weighed against the annual fee, using each issuer’s published rates.
Short answer: The BMO CashBack World Elite Mastercard is our top cash-back card (4.8/5): 5% on groceries (on the first $500 a month), 4% on transit, 3% on gas and EV charging, 2% on recurring bills and 1% on everything else. The $139 fee is waived in year one and the current welcome offer is worth up to $650, but you need $80,000 individual or $150,000 household income to qualify. Below that bar, the TD Cash Back Visa Infinite (#2) or the American Express SimplyCash Preferred (#3) are the next-best picks. With no annual fee, the Rogers Red World Elite pays 1.5% to 2% on everything (see “Also Worth a Look” below). Card details last checked September 25, 2026 against issuer pages (RBC Cash Back Preferred World Elite: October 1, 2026).
Our Picks, Ranked
among cash-back cards
BMO CashBack World Elite Mastercard
Why it’s #1: Highest grocery cash back. 5% cash back on groceries (up to $500/month), 4% on transit (up to $300/month), 3% on gas/EV charging (up to $300/month), 2% on recurring bills (up to $500/month)…
Good for
- ✓Tiered cash back up to 5% on groceries, with no cap on the 1% base rate
- ✓Cash back can be redeemed anytime for as little as $1
Worth knowing
- !High income requirement: $80,000 individual or $150,000 household
- !$139 annual fee after year one
among cash-back cards
TD Cash Back Visa Infinite Card
Why it’s here: Broadest 3% categories. 3% cash back on groceries, gas & EV charging, public transit, recurring bill (pre-authorized) payments, and streaming/digital gaming & media purchases…
Good for
- ✓Travel medical insurance up to $2 million, 10 days per trip for cardholders under 65…
- ✓Delayed and lost baggage insurance up to $1,000 per covered person per trip
Worth knowing
- !Two unresolved data conflicts on TD’s own official sources: purchase APR (20.99% vs.
- !21.99%) and minimum cash-back redemption amount ($1 vs.
among cash-back cards
American Express SimplyCash Preferred Card
Why it’s here: 4% on gas and groceries. 4% cash back on eligible gas purchases at stand-alone gas stations in Canada; 4% cash back on eligible grocery purchases at stand-alone grocery stores in Canada…
Good for
- ✓Referral bonus — up to $750 in cash back per calendar year for approved referrals
- ✓American Express Experiences — presale/ticket access for concerts, theatre, and events
Worth knowing
- !Cash back is credited only once a year (September statement), not monthly.
- !The 4% gas/grocery rate applies only at stand-alone gas stations and grocery stores — Costco, superstores…
among cash-back cards
Scotia Momentum® Visa Infinite +* Card
Why it’s here: 4% on groceries and bills. 4% cash back on groceries and recurring bills/subscriptions (combined $25,000/yr cap); 2% on gas, EV charging, transit, rideshare, food delivery…
Good for
- ✓Travel medical insurance up to $1,000,000
- ✓Trip cancellation ~$1,500/person
Worth knowing
- !$120/yr fee returns after the first year
- !4%/2% bonus rates cap at $25,000 per category per year, then drop to 1%
among cash-back cards
CIBC Dividend Visa Infinite Card
Why it’s here: Widest bonus categories. 4% cash back on gas, EV charging, and groceries; 2% on transportation, dining, recurring bills, and travel booked through CIBC by Expedia; 1% on all other purchases.
Good for
- ✓Out-of-province/out-of-country emergency travel medical insurance up to $5,000,000…
- ✓Rental car collision/loss damage insurance, covering vehicles up to $85,000 MSRP for…
Worth knowing
- !$120 annual fee applies from year two onward, once the first-year rebate ends
- !2.5% foreign transaction fee on purchases made in a foreign currency, with no waiver available
among cash-back cards
RBC Cash Back Preferred World Elite Mastercard
Why it’s here: 3% in six everyday categories. Since RBC relaunched it on October 1, 2026, it earns 3% cash back on groceries, dining and food delivery, gas and EV charging, transit and rideshare, and streaming and digital gaming, and 1% on everything else, with no annual caps. $120 a year, and $80,000 personal or $150,000 household income.
Good for
- ✓3% across six everyday categories with no annual cap
- ✓Emergency medical (first 10 days of a trip), flight delay, delayed baggage and mobile device insurance
Worth knowing
- !$80,000 personal or $150,000 household income required
- !The 3% grocery rate applies only at stores coded as grocery stores and supermarkets
among cash-back cards
Neo World Elite Mastercard
Why it’s here: Choose your bonus categories. Pick one of three versions: Gas & Grocery (5% on groceries, 4% on recurring bills, 3% on gas), Shop & Dine (5% on food and drink, 3% on retail) or Everywhere (2% on up to $4,000 a month). Cash back is instant and can be redeemed any time. $149 a year, no welcome bonus, and $80,000 personal or $150,000 household income.
Good for
- ✓Three versions to match your spending: Gas & Grocery, Shop & Dine or Everywhere
- ✓Travel insurance (not for Quebec residents) and purchase protection
Worth knowing
- !Bonus categories capped at $1,000 a month ($500 for recurring bills)
- !2.75% foreign transaction fee
among cash-back cards
Wealthsimple Credit Card
Why it’s here: No foreign transaction fee. 2% cash back on everything with no cap and no foreign transaction fee on the Visa Infinite+ and Privilege tiers, paid into your Wealthsimple accounts. The $20 monthly fee is waived only with $100,000+ in Wealthsimple assets or $4,000+ a month in direct deposits, and you need a Wealthsimple chequing account.
Good for
- ✓0% foreign transaction fee (automatic on Infinite+ and Privilege)
- ✓Unlimited cash back with no annual cap
Worth knowing
- !$20/month fee unless you meet the asset or direct-deposit waiver
- !Requires an active Wealthsimple chequing account
Also Worth a Look
These three didn’t make our top eight on the MoneyMint Score, but each is a better fit if you don’t want an annual fee or can’t meet the income requirements of the cards above.
Simplii Financial Cash Back Visa CardAnnual fee: $0
4% cash back at restaurants, bars and coffee shops (on up to $5,000 a year) and 1.5% on gas, groceries, drugstores and pre-authorized payments (on up to $15,000 a year), with a $15,000 household income minimum. Everything else earns 0.5%, and it isn’t available in Quebec.
BMO CashBack MastercardAnnual fee: $0
3% cash back on groceries and 1% on recurring bills, each on the first $500 you spend per statement period, and 0.5% on everything else. Costco purchases earn only the base rate.
Rogers Red World Elite MastercardAnnual fee: $0
1.5% cash back on everything (2% if you have a Rogers, Fido or Shaw service), 3% on U.S.-dollar purchases, and travel medical and trip cancellation insurance, with no annual fee. It needs $80,000 personal or $150,000 household income, and was #8 here before the RBC Cash Back Preferred World Elite’s October 2026 relaunch moved it out of the top eight.
All 8 at a Glance
Compare any cards side by side →| # | Card | Annual fee | Welcome bonus (est.) | Cash back | FX fee | Rating | |
|---|---|---|---|---|---|---|---|
| 1 | BMO CashBack World Elite Mastercard | $139 (yr 1 waived) | $650 | ~5% groceries | 2.5% | 4.8 ★ | Apply |
| 2 | TD Cash Back Visa Infinite Card | $139 (yr 1 waived) | $600 | ~3% groceries | 2.5% | 4.4 ★ | Apply |
| 3 | American Express SimplyCash Preferred Card | $119.88 | $250 | ~4% groceries | 2.5% | 4.2 ★ | Apply |
| 4 | Scotia Momentum Visa Infinite + Card | $120 (yr 1 waived) | $300 | ~4% groceries | 2.5% | 4.1 ★ | Apply |
| 5 | CIBC Dividend Visa Infinite Card | $120 (yr 1 waived) | $200 | ~4% groceries | 2.5% | 4.1 ★ | Apply |
| 6 | RBC Cash Back Preferred World Elite Mastercard | $120 | $300 | ~3% groceries | 2.5% | 4.1 ★ | Apply |
| 7 | Neo World Elite Mastercard | $149 | — | ~5% groceries | 2.75% | 3.7 ★ | Apply |
| 8 | Wealthsimple Credit Card | $240 | $300 | ~2% everything | 0% | 3.7 ★ | Apply |
Welcome bonus values use MoneyMint’s points valuations, not the issuer’s advertised “up to” figure. Rewards rates are estimated cash-equivalent values. Cards are ordered by MoneyMint Score. Star ratings on this page compare the cards shown here: the highest-scoring card gets 4.8 and the others are scaled to it, so a card’s review page, which compares it with its own group, can show a different rating. Methodology
What’s the Best Cash Back Credit Card in Canada?
It depends on your spending mix and income. The BMO CashBack World Elite pays the most on groceries but needs $80,000 of personal income; the TD Cash Back Visa Infinite spreads 3% across five categories; and the Rogers Red World Elite is the strongest option with no annual fee, paying 1.5% to 2% on everything (it also has a high income requirement).
Is a Cash Back Card Better Than a Points or Travel Rewards Card?
Cash back is simpler — there’s no redemption math or transfer partners to think about. Travel/points cards can be worth more per dollar spent if you redeem strategically, but only if you’ll actually use the loyalty program. If you’re not sure you’ll optimize redemptions, cash back is the safer default.
How Is Cash Back Paid Out?
It varies by card. Some pay out monthly or on request, others (like the American Express SimplyCash Preferred) credit it once a year, and the Neo World Elite lets you redeem instantly. Check the payout schedule on the issuer’s page before assuming you can access your cash back any time.
Where Do the High Cash Back Rates Actually Stop?
Every headline rate here has a monthly or annual ceiling. The BMO CashBack World Elite pays 5% on groceries but only on the first $500 a month; the TD Cash Back Visa Infinite caps each of its 3% categories at $15,000 a year; the Scotia Momentum Visa Infinite+ caps 4% at $25,000. Past those limits you drop to roughly 0.5–1%, so compare caps against your real monthly spending, not just the percentages.
Can I Get 5% Cash Back Without Paying an Annual Fee?
Not on an ongoing basis. No-fee cards we review top out around 2% to 3%, usually in narrow categories; the Rogers Red World Elite on this page pays 1.5% to 2% on everything with no fee. Rates of 4% to 5% come with an annual fee. Promotional welcome rates can hit 5% or higher, but only for the first few months.
Rates, fees and offers are as last verified by MoneyMint and may have changed — always confirm current terms on the issuer’s official page before applying. Some links on this page may be affiliate links, meaning MoneyMint could earn a commission if you apply through them, at no extra cost to you. This never affects which cards we feature or how we rank them. This is general information, not personalized financial advice. Where a card earns points, “estimated value” figures convert points to dollars using MoneyMint’s own point valuations — see our points value calculator.