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Cashback Credit Cards for february 2023

Cashback
Apply for a cashback credit card. On 08.02.2023 you have access to 31 credit cards. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 31

Updated
03.02.2023
09:05
Royal Bank of Canada
RBC Cathay Pacific Visa Platinum®
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

20.50 – 20.50 %
MBNA
MBNA Smart Cash World Mastercard®
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
MBNA
MBNA Smart Cash Platinum Plus® Mastercard®
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Submit your credit card application online
Submit your credit card application online

Take advantage of our credit card selection system with a free credit check!

HSBC
HSBC Cash Rewards Mastercard®
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Bank of Montreal
Student BMO CashBack® Mastercard®
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

21.99% - 22.99%
Bank of Montreal
BMO CashBack® World Elite® Mastercard®
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

21.99% - 23.99%
Bank of Montreal
BMO CashBack® Mastercard®
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

21.99% - 22.99%
Simplii Financial
Simplii Financial® Cash Back Visa Card
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

19.99% - 22.99%
Capital One
Aspire Cash™ Platinum Mastercard®
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Toronto-Dominion Bank
TD Business Cash Back Visa Card®
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000

Cashback Credit Cards calculator

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1. Fill out your application
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On our website you can fill out a short application form for a credit card.
2. Pass a credit check
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We will offer you to check your credit score online for free.

3. Send your application online to the suggested companies
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After checking your credit rate, you will be able to send your loan application to the appropriate companies.

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GoDay
1.6
JUDGEV
JUDGEV
26.05.2022 at 15:46
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review
Cashback Credit Cards for february 2023

What is a cashback credit card?

Cashback credit cards allow you to earn rewards for spending in different categories, for instance, everyday spending like recurring bill payments, gas, groceries, dining, travel, or entertainment. Usually, cashback points can be redeemed for cash. The percentage of rewards paid depends on the category of spending.

Some cash back rewards credit card issuers impose a cap on cashback amounts. In addition to setting an annual cash back limit, card issuers also set a minimum number of points that must be earned before cashback points can be converted into cash.

With cashback, it is convenient to get back a part of the money paid back, but if you pay with credit funds, you need to calculate the cost so that the fees and interest are not higher than the cashback amount received.

There are different types of cashback:

  • It can be credited to the credit account and lower the amount due;

  • it can be credited to the bank account and redeemed or used elsewhere, converted at the cardholder's discretion. Redeeming cash back rewards is usually done towards purchases at partner establishments.

How much cash back rewards you earn usually depends on the category of expenditure. However, the best cash back credit cards in Canada offer up to 4% cash back. For example, the SimplyCash® Preferred Card from American Express.

Cashback credit card features

  • Cash back credit cards allow you to earn cash - a countable reward for spending money;

  • Cash back credit cards usually feature an interest rate on purchases and cash advances;

  • Sometimes there are special offers in place that allow you to avoid interest;

  • it is possible to earn cashback points for domestic and international payments;

  • there are multiple ways to redeem cashback: bank deposit, converting cashback into account balance, getting a gift card;

  • cash back rewards may be used for repayment of credit and to cover some fees;

  • when some items are on sale, cashback for the same category of goods increases cardholder savings;

  • the reward system usually is transparent and easy to use;

  • cashback does not require any action by the cardholder other than selecting the category of purchases and works automatically;

  • possibility to have a welcome bonus;

  • options to customize rewards structure (eligible gas bonuses, cash rewards, travel insurance, rental car insurance, etc.);

  • some cash back credit card issuers have an option of free supplementary cards and detailed credit card statements;

  • possibility of rewards deposited either to a savings account or another amount specified by the terms of card service and unlimited cash;

  • cash back credit cards are available for private persons and businesses;

  • obtaining cashback does not require additional actions; the cardholder makes the usual spending, and the adequately chosen cashback card allows for rewards collection and redemption.

Major types of cashback credit cards

There are four main types of cashback credit cards, and they have different logic for earning rewards.

  1. Flat rate cash back credit cards that offer the same percentage of rewards regardless of spending categories but within eligible categories.

  2. Cashback credit cards with bonus categories either have a fixed list of higher rewards for specific groups of goods and services, or the percentage of cashback rewards varies from month to month, for example. In some cases, the card issuer only allows the selection of specific cashback categories. Therefore, the cardholder must see which ones most closely match their spending habits and planned purchases for the upcoming period.

  3. Cashback credit cards with rotating categories offer a low premium for most purchase categories and a higher percentage (accelerated cash back rate) for bonus categories that change within the period the card issuer sets. Higher categories allow a lower bonus percentage to be offset for other categories. As a rule, the peak value of the premium interest is about 5%.

  4. Individual cash back credit cards allow you to choose bonus categories to which a higher reward percentage is allocated. Therefore, it is very convenient to save more when you buy what you need.

The credit cards cash back reward rates may be adjusted according to your tier. For instance, World Mastercard credit card rates are lower than these of a World Elite Mastercard card.

There are cash back credit cards for good and lower credit scores; usually, in the second case, it would mean pre-paid cards with a much lower limit.

To some extent, cash back credit cards can encourage you to spend more. Still, on the other hand, financial discipline and responsible consumption allow you to balance your spending and stay within your budget. Talk to a card issuer's advisor about what is important to you when using the card, and it will help you get a good match.

As for the fees, there are cash back credit cards with annual fees and without annual fees, depending on the credit card issuer.

If the borrower repays the outstanding balance within the 0% period, then cashback cards are a good idea because the borrower would be incurring the expense for goods and services anyway.

There are also no fee cards and fee credit cards among rewards credit cards.
Some cash back credit cards are convenient for balance transfers and purchases abroad because they offer low foreign transaction fees.
Borrowers should resist the temptation to spend as much as possible on their credit card instead of cash or a debit card. Unfortunately, some of them fall into the trap and always think they may lose the benefit of cashback.
If purchases abroad are frequent, then check out the foreign exchange fees policy.

How do cashback credit cards work?

A reward credit card functions like regular credit cards but has additional features because when a cardholder spends money on eligible purchases, they receive bonus rewards. As a result, different cash back credit cards have benefits and features. Still, the general principles of operation are pretty much the same, whether it is CIBC Dividend Visa, Scotia Momentum Visa Infinite Card, CIBC Dividend Visa Infinite card, BMO cashback MasterCard, CIBC Costco MasterCard, World Elite MasterCard, Rogers World Elite MasterCard for grocery purchases and other everyday purchases, tangerine savings account, eligible Costco purchases card or additional cash back credit instrument.

Rewards credit cards help save by letting you return part of the money paid for recurring bill payments, subscription purchases, and other eligible purchases. If you or your organization need more than one cash back credit card attached to the account, it is possible to arrange for additional cardholders who will use the same bank accounts with the credit limit.

If personal limit management for additional cards is essential to you, check the terms your card issuer offers.

Suppose the cardholder wants to enjoy cash back, depending on the card type. In that case, it is essential to repay the outstanding amount every month. This will allow some money back and higher cash rewards because the cardholder raises no extra fees and penalties.

Most cash back credit cards help you make your accounting because they show bonus cash in the credit card statement.

Once you apply for a cash back credit card and get approved, you can head towards travel insurance, eligible gas rewards, travel insurance, and other features calculated upon total purchases for you and additional cardholders (if any).

Earned cash back reduces the owed amount of outstanding debt or can be transferred to the cardholder account and is shown in the statement credit. The logic of cash back credit card rewards is to be explained within the documents provided by the card's issuer.

A cash back credit card is excellent if the cardholder is disciplined about repayments and stays within the amount you can repay.

If the cardholder wants to get maximum cash back, it is worth using it for most of the payments like recurring bills, payments at the grocery stores, purchases abroad, etc.; it is essential to remember that usually, there are bonus features like no fee cash, free credit card account opening, lower or no foreign transaction fee, free additional cards or other features. So do your research, consult a specialist and choose the card that meets your credit score and expectations before signing an agreement.

Since there are many offers on the market, it might take time to compare rates and fees. Using an online credit card calculator calculation would be much easier.

Where to get a cashback credit card in Canada

Depending on the credit score, one can apply for a credit cash back card at various financial institutions like:

  • banks;

  • federally owned banks;

  • credit unions;

  • alternative borrowers.

Bad credit clients can apply for credit cards with a cash back feature, for example, to Simplii Financial and become cardholders of Cash Back Visa Card, BMO (for instance, apply for a BMO CashBack MasterCard), etc. As you see, even with a credit score lower than good or excellent, it is possible to get a cash back credit card issued by a reputable financial institution.

How and apply for a cashback credit card in Canada

A cash back credit card application can be submitted online and offline using a mobile app. You can get your card either from the branch or by mail.

Some card issuers offer to file a full application online, and some would take just general information. Then, the further procedure is done via booking an appointment with an officer of a credit card issuer.

The application process includes an eligibility filter. For instance, the applicant has to confirm that they:

  • is ready to agree with the card issuer' tariffs;

  • have not filed for bankruptcy within the last seven years;

  • reached the provincial majority of age;

  • ready to provide name, surname, contact details, insurance number, preferred type of statements, and income information;

  • consent for a credit check (if applicable under the card issuer' procedure).

An online application usually means the electronic signing of the agreements and other documents.

Tips on how to choose a cashback credit card in Canada

Monitor your spending for the last 3-6 months. See what amount of credit you will need within the billing period. Sometimes, one month is sufficient if you know your spending categories and work with the budget.

Before applying, you could answer these questions:

  • what is your current credit score;

  • what cash back rate is convenient for me;

  • what spending limit do you need;

  • what form of statement is more convenient (paper or electronic);

  • rotating cash back categories, changing categories, or flat rate cash back;

  • is it fine if cash back points would expire within some period if you do not use them;

  • can you meet the income requirements of the card issuer;

  • limited or unlimited cash back;

  • would you use the card abroad or not? It would determine whether foreign exchange fees matter to you or not;

  • will you need additional cards attached to the same credit account? If yes, then how many? This question would help you to sift through some offers which allow no additional card users or charge a high annual fee for each card;

  • does the yearly fee matter, or do you want to save on servicing the card, and would you prefer a no fee credit card;

  • what grace period would you prefer;

  • will you use a cash back credit card for the balance transfer?

You can make your questionnaire depending on your needs and expectations. Answering multiple questions might seem time-consuming, but as a matter of fact, it helps to find the best card in a shorter amount of time.

Requirements

It is not hard to get a cash back credit card in Canada. There are only a few requirements:

  • to be of maturity age;

  • to be able to enter into legally binding contracts and to sign such documents;

  • to have a good-excellent credit score of over 690 units opens the eligibility door to the most reputable credit card issuers;

  • poor credit cash back cards are also acceptable in some cases;

  • to be a Canadian citizen or to have permanent residence status;

  • to have income that allows to service the debt.

Pros and cons

Pros

  • It is usually possible to have additional cardholders attached to the same bank account;

  • cash back allows to save money making regular purchases;

  • it is possible to get cash back credit card for excellent, good, or even poor credit scores;

  • the application procedure is simple;

  • usually, credit card cash can be used even for repayment of outstanding credit card balance;

  • some cash back cards offer travel insurance, bonus cash, etc.;

  • if you have a good credit score and can meet income requirements, it is possible to have a premium credit card with cash back perks like Scotia Momentum Visa Infinite Card, CIBC Dividend Visa Infinite, World Elite MasterCard, and other credit cards with cash back and high status;

  • credit card providers often offer a grace period, welcome bonuses, higher cash back for specific categories, and insurance coverage (mobile device insurance, for instance).
    The higher the credit score, the more privileges the customer can get, but even with a poor credit score, it is possible to obtain a beneficial product.

Cons

  • Premium cash back credit cards usually require a high credit score;

  • there might be a credit history check;

  • some cards allow higher cash back only for certain purchase groups;

  • welcome bonuses and grace period are limited in time;

  • in some cases, cash back points may expire;

  • there are spending limits established for some cash back credit cards;

  • one has to be either a Canadian citizen or a permanent resident to be eligible for Canadian cash back credit;

  • not every credit card offers low rates for balance transfers;

  • rewards credit cards have to be well services. Otherwise, credit scores would be negatively affected.

Cash back credit cards offer the possibility to lower expenses of the cardholder by getting cash back on credit card account spending. Still, it is a credit product with strict rules if the installments are not paid promptly. Besides, if the applicant's credit score is not high, the list of bonuses and privileges is not very long.

FAQ

Is 5% cash back good?

Yes, it is good cash back offer. However, some card issuers allow having such cash back only for specific categories. Other categories may have much lower cash back. Therefore, the logic of accrual and how to redeem cash back should be asked from the credit card issuer to give you an idea of how much you can save while gaining cash back points.

What Canadian banks offer cashback cards?

Credit cards with cash back features can be issued by various financial institutions, including direct issuers such as American Express, whose business model is flexible enough to issue cards directly to end users. From the point of view of cash back card features and their service fees, top issuers are determined by 2022 ratings.

The best rated are:

  • BMO Financial Group (Bank of Montreal financial operations) offers BMO Cash Back MasterCard with no annual fee and only a 2% difference between purchase interest and cash advance (20.99% purchase interest and 22.99% cash advance rate, which is the same also for the balance transfers). In addition, this card has a three-month promotional period with an increased cash back rate of 5% and even a 50$ cash back bonus. Therefore, this cash back card is a good option for a balance transfer if the customer makes it fit within the first nine months (only 0.99%).

  • BMO CashBack World Elite MasterCard offers rewards rates of 1-10%, 13 types of insurance products, and many other elite benefits.

  • Scotia Momentum Visa Infinite Gold is an excellent option for those who frequently travel; during the first year, there is no service fee, and during the first three months, the issuer allows to get 10% cash back for all purchase categories;

  • TD (Toronto Dominion) Cash Back Visa Infinite also has no service fee during the first year, which saves the card holders 120$. The reward rate ranges between 1-10%, with 3% cash back on groceries and 1% on other purchases. For travelers, it has the benefit of emergency travel assistance, concierge service, etc. Note: Some offers are not available for residents of Quebec.

  • CIBC Dividend Visa Infinite Card offers flexible redemption via online banking or mobile banking application, but insurance coverage is less than can be provided by some competitors. Payments for groceries and gas are rewarded with 4$ cash back, and there is special cash back offer for CIBC global money transfers. Since it is a premium card, an income benchmark of 60,000$ for an individual applicant is earned.

  • HSBC Cash Rewards MasterCard has no annual fee, an intro offer of 125$, and accelerated cash back for online shoppers. However, there is at least one “but” in this product: the card issuer established an annual ceiling for money back. It can not go higher than 6,000$.

  • Simplii Financial Cash Back Visa Card also has no annual fee and offers rewards within 0.5-10%. For those who like to eat out at restaurants, 4% cash back would be a great reward that accompanies regular spending. In addition, the annual income requirement is very democratic: only 15,000$ is acceptable for Canada.

  • Tangerine Money-Back Credit Card has no annual fee, the interest rate is 19.95%, it allows use for the balance transfer, and if the applicant makes to use 30 days on intro period, then interest on transferred balance would be only 1.99% instead of 19.95%. Rewards are not the highest, but the card is competitive on the market overall.

  • CIBC Costco MasterCard has no annual fee, rewards rates are 1-3%, but the intro offer is only 20$. However, there is a drawback to this card, and it is available only for Costco Wholesale members.

  • CIBC (Canadian Imperial Bank of Commerce) issues CIBC Dividend Visa Infinite Card has a 4% cashback feature. Purchase interest is 22.99%, and there are special offers for gas purchases, groceries, and recurring payments. This card is regarded as Canada's best cash back card in 2020. The cardholders can redeem their rewards when they want and access convenient insurance coverage, get a full tank, and pay less, which is an essential feature if the cardholder drives often.

Depending on the applicant's credit score, finding the best option to make total purchases cheaper is possible.

How can I get cashback on my credit card?

Shop around and find the card that meets your spending habits and can offer the needed credit limit. Then, apply for the card and start spending using your card. Simply pay with a cash back credit card within eligible categories as often as possible. Remember to repay the due amount, which would help avoid late penalty fees and reduce the risks of losing benefits compared to outstanding amounts owed to the card issuer. If the card has rotating cash back, categories cardholder has to choose relevant categories periodically and redeem cashback according to the terms provided by the card issuer.