Canada’s Best Cash Back Credit Cards in 2017
If you are planning to get a cash back credit card, it is worthwhile to do some research before you start applying. Getting a good cash back credit card can increase your cash back earnings significantly, as opposed to just walking into a nearby bank and taking whatever card is available. Here we take a look at a few of the best cash back credit cards currently available in Canada.
MBNA Rewards World Elite MasterCard
According to MoneySense, the MBNA Rewards World Elite MasterCard was Canada’s best cash back credit card in 2016. This card gives you two-percent cash back on any purchase, with no limit, cap, or strings attached. As a signup bonus, you will receive 10,000 bonus points, which are worth $100. It also comes with a price protection coverage that enables you to get a refund if you find that the product you purchased is being offered at a lower price elsewhere. Additionally, it allows you to get your rewards in many different ways, from a bank deposit to a gift card.
American Express SimplyCash Preferred Card
This credit card also offers a cash back rate of two percent on all purchases, with no limit or cap. Its sign-up bonus gives you five percent cash back for six months, but it comes with a $300 cap. You will also receive a decent insurance package and excellent perks such as Front of the Line and Amex Invites.
Scotia Momentum Visa Infinite
The Scotia Momentum Visa Infinite credit card provides great savings on groceries and gas with a four-percent cash back rate. The spending limit on grocery and gas cash back is $25,000. Also, it offers a two percent cash back deal on drugstore purchases and recurring bill payments, but cash back on regular purchases is only one percent.
How to Choose the Right Cash Back Credit Card?
When you are choosing a cash back credit card, it is essential that you take a number of things into consideration, including cash back rate, increased cash for groceries, gas, and other purchases, sign up bonus, insurance coverage, and other perks. You should also find out about the cash back payment method, cap on your earnings, and frequency of payment. If you are struggling with your credit score, it is recommended that you apply for a cash back credit card with lower eligibility requirements.
Finding the right cash back credit card may not be an easy task, considering that there are so many options available. You can use a credit card comparison site to find out which cash back credit card best suits your spending habits.