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Cashback credit cards are an excellent passive way to reduce your spending. In this article, we take a look at the best cashback credit cards available to Canadians in 2020. We’ll cover the different cashback rates for each card, the maximum rewards possible and how you can claim your money from each card. Most come with an annual fee so we don’t want to cover every single cashback card.
Cashback credit cards with annual fees inherently force you to spend more money, so unless you put all your spending on this one card and spend huge amounts, they shouldn’t be considered.
Who Has The Best Cash Back Credit Card
Tangerine offers 2 different credit cards, the Money-Back Credit Card and the World MasterCard. While both cards are similar in their basic function (cashback), World Mastercard has additional benefits and requires more qualifications along with these benefits.
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Tangerine offers an amazing reward for their MasterCards. They offer a payout rate of 2% in 2 categories of your choice, and then 0.5% for every other category. Furthermore, if you have a savings account with Tangerine, you can get the third category for 2%. Below are the available categories:
As you can see, there are quite a few popular categories available which are not only good for selection but claim 0.5% of all other categories.
Tangerine has no limits on how much cashback you can collect and pays monthly cashback! This is a great incentive because you get your money sooner rather than once a year. You can use the money and invest it and take advantage of the effect of interest rate compounding!
When a month passes and it’s time for Tangerine to pay you your cash, Tangerine offers you 2 methods to redeem. Your first option is that Tangerine will give you a credit equal to your cashback on your bank statement, or they will automatically deposit your cash into a Tangerine Savings account.
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Tangerine World Mastercard has amazing benefits like money-back card and more. To qualify, Tangerine requires you to have an annual gross income greater than or equal to CAD 60,000.
With Global MasterCard, Tangerine gives you access to MasterCard Boingo Wi-Fi hotspots, which are located in over 1 million locations worldwide.
By using World MasterCard in locations outside your country, you’ll also be eligible for cashback offers from MasterCard Travel Rewards if the vendors you shop with accept MasterCard. If you rent a car and charge your card for the rental cost, this card provides you with up to 31 days of rental collision and loss/damage insurance.
Whether you purchase a mobile phone or charge the cost of your mobile subscription to your card, this card provides you with coverage of up to $1000 if your mobile device is lost, stolen, accidentally damaged or experiences mechanical failure. This coverage covers tablets too!
Best Cashback Credit Cards For Canadians In 2022
Furthermore, this card also gives you access to exclusive airport lounges, costing 32USD per visit, if that’s something for you. The best part is that there is no limit to the amount of cash back rewards you can earn!
Pictured at the beginning of the article, the Costco Capital One MasterCard offers very competitive cashback rates. To be eligible, you must be a Costco member.
The card offers a cashback rate of 3% on restaurants, 2% on petrol and 0.5% on everything else. After spending $3,000, the cashback rate increases to 1%. As you can see, this card looks great. You get 2 fixed categories at 3% and 2% respectively, and then everything else has the same cashback percentage as Tangerine cards. This card can also act as your Costco membership card and your Costco membership can be charged directly to it.
Cashback is claimed once a year, in January only. Costco will provide you with a store coupon equal to your total cashback credit, and you can use this coupon to purchase items in the store or redeem it at customer service for cash.
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Rogers Platinum Credit Cards offer a 1.25% interest rate on all purchases made at eligible Canadian retailers! This is a huge advantage compared to other cards, as they only offer 0.5% in most categories. Depending on how much you spend in a particular category, going with Rogers may be more worthwhile. Rogers Cards offer 2% cashback on all eligible Rogers products and recurring bills and an additional 3% cashback on purchases made in foreign currency.
The World Elite Card has additional benefits and requires a gross income of CAD 80,000 in addition to these benefits. If you qualify, this card gives you 4% cashback on purchases made in foreign currency and an upgraded cashback rate of 1.75% on eligible purchases in Canada. With this card you also get: out-of-province / out-of-country emergency health insurance, collision insurance / damage insurance for rental car, cancellation insurance, travel interruption insurance and access to exclusive airport lounges (actually offered by Tangerine).
Both cards have no limit on how much cashback you can earn, and rewards can be redeemed from the Roger’s Credit Card app. Just like Tangerine, rewards can be added as a credit on top of your bank statement.
Overall, all three cards have excellent cashback rates. If you spend a significant amount of money at restaurants, consider getting the Costco Capital One MasterCard, as the 3% cash back rate offers significant value. If you don’t spend a lot of money in the categories Tangerine offers, you should consider applying for a Rogers credit card. The 1.25% interest rate on all purchases is better than the 0.5% interest rate offered by Tangerine and Costco.
Best Cash Back Credit Cards In 2022
Get more bang for your buck, there’s no reason not to upgrade your card if you haven’t already. These cards have no annual fee and are easy to save money on your monthly expenses. If you have any questions, feel free to comment!
Disclaimer: This article is for informational purposes only. It should not be considered financial or legal advice. Not all information is accurate. Consult a financial professional before making any major financial decisions. Cash back credit cards give you great rewards and cash for account credits, but choosing a card blindly can cost you more than you bargained for. That’s why we take the liberty of explaining the types of cashback credit cards you’ll encounter, how to choose the one that’s right for you, and our top three cashback credit cards for 2022.
Simply put, there are different types of credit cards and you may even come across hybrid types, so it is important to know each type so that you can choose the one that suits you best.
As the name suggests, a flat rate cashback credit card gives you a certain percentage of cashback on every purchase. The typical cashback amount on most credit cards is 1.5%, so if you spend $10,000 a year, for example, you’ll get $150 back. It may not seem like much, but spending that money on shopping categories is a good option for many people.
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A tiered-rate cash-back credit card gives you different cashback percentages in certain categories, but for a certain spending limit. If you are wondering what this means, let us break it down for you. For example, if your cashback credit card offers 3% cashback on gas, you have a spending ceiling of $5,000, so if you spend over this limit, the cashback percentage drops to 1%.
This type of cashback credit card may seem complicated. First, a cashback credit card with rotating categories gives you a flat cashback percentage on most purchases, usually 1%, but varying percentages up to 5% on certain categories like dining or travel.
These categories change quarterly or every few months, so you need to keep track of which category purchases offer the highest percentage and their usage limit. You must “activate” a higher percentage of cashback in such categories; If you don’t you will earn a percentage of the reason.
A hybrid of the Customer Choice Rewards Cash Back credit cards we mentioned earlier; It merges stratified velocity with rotational categories. For example, a credit card with rewards refunds from customers lets you choose the category you want to earn, 3% on a certain category and 1% on all other purchases. You have the option to change your 3% cashback category every calendar month.
Best Cash Back Credit Cards Of July 2022
Now that you are familiar with the types of cashback credit cards, let’s talk about what to consider before getting a credit card debit card.
Your credit score is critical in determining whether you qualify for any credit card; A good to excellent score is required to qualify for and earn the best cashback credit cards
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