View Best Cashback Rewards Credit Cards - Comparewise

Best Cashback Credit Cards

Max your rewards today!

Cashback

*Limited time only – Get a $20 cash bonus with code: COMPAREWISE by...
  • $0
    Annual fee
  • $20
    Welcome Bonus
  • 2%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: 5.0
*Limited time only – Get a $20 cash bonus with code: COMPAREWISE by...
  • $0
    Annual fee
  • $20
    Welcome Bonus
  • 2%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: 5.0
*Limited time only – Get a $20 cash bonus with code: COMPAREWISE by...
  • $84
    Annual fee
  • $20
    Welcome Bonus
  • 2%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: 5.0
KOHO has recently switched to Mastercard! Check out the KOHO Joint Prepaid...
  • $0
    Annual fee
  • $20
    Welcome Bonus
  • 2%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: 5.0
KOHO has recently switched to Mastercard! Check out the KOHO Prepaid...
  • $0
    Annual fee
  • $20
    Welcome Bonus
  • 2%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: 5.0
KOHO has recently switched to Mastercard! Check out the KOHO Premium...
  • $84
    Annual fee
  • $20
    Welcome Bonus
  • 2%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: 5.0
The Neo Reward Credit Card is perfect for anyone who wants to get more...
  • $0
    Annual fee
  • $0
    Welcome Bonus
  • 5%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
The Tangerine World MasterCard is one of the best cashback cards packed...
  • $0
    Annual fee
  • $100
    Welcome Bonus
  • 2%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
The National Bank ECHO Cashback Mastercard offers generous rewards on...
  • $30
    Annual fee
  • $0
    Welcome Bonus
  • 1.5%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
The National Bank mycredit Mastercard is a good choice for anyone looking...
  • $0
    Annual fee
  • $0
    Welcome Bonus
  • 1%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
Giving back meets excellent cashback rewards with the National Bank Allure...
  • $0
    Annual fee
  • $0
    Welcome Bonus
  • 1 pt
    Every $2 Spent
  • Min.Credit:
                        
  • Rating: no reviews
The American Express SimplyCash Preferred card is one of the best cashback...
  • $99
    Annual fee
  • $0
    Welcome Bonus
  • 10%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
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Cashback Rewards Credit Cards

Your everyday purchases, like gas and groceries, can earn you rewards. This is all possible with a cashback rewards credit card.

What is a Cashback Rewards Credit Card?

A cashback rewards credit card earns you a percentage of cash on purchases charged to your card. The savings percentage is typically between 1-4%.

Unlike a points rewards credit card, you’ll be rewarded in cash. You won’t earn points that can be redeemed for travel or merchandise. Because of this, cashback rewards credit cards are less complicated.

How Cashback Credit Cards Work

Cashback credit cards base rewards on a flat-rate, bonus, or flexible bonus structure. In Canada, flat-rate structures are more common.

For instance, you have a cashback rewards credit card offering 2% cashback on gas purchases. If you purchase $300 worth of gas, you'll receive $6 cashback. This essentially means you'll save 2% on your gas purchases.

The cash you earn back can be redeemed for statement credits or a deposit into your bank account. Alternatively, you can request it in a cheque that’ll be mailed to you.

Pros and Cons of Cashback Rewards Credit Cards

Keep the following benefits and drawbacks in mind when shopping around for a credit card.

cashback credit cards - comparewise

The Pros of Cashback Credit Cards

  • Rewards are easier to understand. Compared to points rewards credit cards, cash rewards credit cards have easy-to-understand rewards. Points typically have different values depending on what you redeem them for, like travel or merchandise. Cash rewards are straightforward. You earn money back.
  • Flexible redemption options. You can cash out your rewards for statement credits, a cheque, or a direct deposit into your bank account.
  • Cashback earnings on significant spending categories. Cash rewards credit cards allow you to earn cashback on your major spending categories, like groceries and transportation.
  • May include balance transfer offers. Some cash rewards credit cards provide low balance transfer rates for a limited time. This is great to consolidate your credit card debt and start paying the balance down.

The Cons of Cashback Credit Cards

  • Limited perks. You may not get a lucrative welcome bonus as you would with a travel rewards credit card. Also, the travel benefits often aren’t premium. For instance, you may not get airport lounge access.

Choosing the Right Cashback Rewards Credit Card for You

A cashback rewards credit card can be a valuable addition to your wallet. However, not every card is built the same.

Some may have perks that are catered to consumers with a specific lifestyle. The earn rates and spending categories might differ too. Therefore, consider these pointers when choosing a cashback rewards credit card.

  1. Compare the rewards rates to the annual fees. If the cashback you earn makes up for the annual fee, then it may be a card worth betting on. To determine this, calculate how much you'll have to spend every year to make up for the annual fee. For instance, the annual fee on a cashback rewards credit card is $120, and the earn rate is 4%. To make up for the annual fee, you'll need to spend at least $3,000 per year. This calculation can help you determine if the terms of a credit card are realistic for you.
  2. Consider the items you spend money on each month. This will point you towards a card with the correct categories for you. If one of your significant expenses is gas, then a card offering cashback for gas purchases is best. However, it won't make sense if you don't have a car.

Discover Investment Opportunities

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Advertiser disclosure

Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

Get $20 CAD of BTC with promo code: COMPAREWISE
Min Investment
$100
Target Return
4-7%
Trace crypto on Nexo and earn up to 20% APR
Min Investment
$1
Target Return
Up to 12%
Earn Up to 17% on your crypto and borrow USD
Min Investment
$1
Target Return
2-18%
Crypto exchange starting with just $10
Min Investment
$1
Target Return
Varied
Trade 150+ cryptos plus use your crypto for purchases
Min Investment
$1
Target Return
Varied
Buy and sell shares in best-selling paintings
Min Investment
$15,000
Target Return
10-25%
Connect with you fave music & own shares of songs
Min Investment
$1
Target Return
Varied
Get up to $5,000 cashback on Canada's #1 trading platform.
Min Investment
$100
Target Return
Varied
Earn rewards when you buy and sell crypto on BlockFi
Min Investment
$1
Target Return
Up to 8.6%
Make, buy, and sell digital art NFT's using Ethereum
Min Investment
$1
Target Return
Varied
A marketplace for small and local business investment
Min Investment
$100
Target Return
10-15%
Online real estate investment in one platform
Min Investment
$25,000
Target Return
9-24%

comparewise

May 16, 2022
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FAQs about
Cashback Rewards Credit Cards

Who Should Get a Cashback Rewards Credit Card?

Anyone can benefit from a cashback rewards credit card. After all, who wouldn’t want to earn cashback on their money? What’s more, with so many available today, it’s easy to find the perfect card for you.

What’s the Earning Potential on a Cashback Rewards Credit Card?

Every cashback rewards credit card has its own specific earn rates. One might offer 2% cashback for groceries, while another earns you 0.5% cashback for the same category. The same goes for the spending limits. Some credit cards limit how much you can earn at a specific rate. In general, the more you spend with your cashback rewards credit card, the more you earn.

Which Credit Card Will Maximize My Cashback Rewards?

The credit card that will maximize your cashback rewards has high earn rates in categories you make the most purchases. That’s why it’s essential to understand what you spend most of your money on.

While it’s understandable to want to earn high rewards, the most lucrative credit card may not be the best for you. For instance, you may get a cashback rewards credit card that earns 4% cashback on groceries, but the annual fee is $199. Make sure to calculate whether you’ll make up the annual fee with your purchases.

What Kinds of Cashback Rewards Credit Cards are Available?

There are three types of cashback rewards credit cards:

  • Category: Earns you cashback for specific categories, like bill payments and gas.
  • Flat-rate: Earns you a fixed cashback rate on every purchase you make.
  • Flexile bonus: This allows you to choose your cashback categories.
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