If you’re looking to make the most of your spending in Canada, the right credit card can help you earn cashback, travel points, and exclusive rewards on everyday purchases. With so many options, it’s important to find the card that matches your lifestyle, whether you prioritize groceries, dining, travel, or online shopping.
Here’s a breakdown of the top cashback and rewards credit cards in Canada for 2024. Each of these options offers significant benefits, from maximizing rewards to giving you money back on the things you buy most.
1. Scotiabank Gold American Express®
For those who love to travel and dine out, the Scotiabank Gold American Express stands out. This card is perfect for Canadians who spend a lot on entertainment, food, and travel. What makes it even more attractive? No foreign transaction fees, meaning you won’t get hit with extra charges when using your card abroad.
Key Features:
- 5x Points on groceries, dining, and entertainment purchases.
- 3x Points on streaming services, gas, and public transit.
- 1x Point on all other purchases.
- No Foreign Transaction Fees – a rare perk for Canadian credit cards.
- Comprehensive Travel Insurance, including emergency medical and trip cancellation coverage.
Why It’s Great: The Scotiabank Gold American Express gives you maximum points for the things you already spend on—groceries, dining, and streaming. Plus, the lack of foreign transaction fees makes it one of the best cards for international travelers.
Who Should Get This Card: This card is perfect for Canadians who love to travel and dine out, and it’s ideal for anyone who wants to avoid foreign transaction fees while enjoying perks like travel insurance.
2. Tangerine Money-Back Credit Card
Looking for a no-fee card that offers customizable cashback categories? The Tangerine Money-Back Credit Card is a simple and flexible option. You can select up to two (or even three) categories for 2% cashback and still earn cashback on all other purchases.
Key Features:
- 2% Cashback in two categories of your choice (groceries, gas, restaurants, etc.).
- Earn an additional 0.5% Cashback on all other purchases.
- No Annual Fee, meaning all the rewards go straight into your pocket.
- Ability to choose a third category for 2% cashback if you deposit your rewards into a Tangerine Savings Account.
Why It’s Great: With the Tangerine Money-Back Credit Card, you’re in control of which categories offer the most rewards. This makes it one of the most flexible cashback cards in Canada.
Who Should Get This Card: If you want a no-fee credit card with the flexibility to earn higher cashback in categories that matter to you—like groceries, gas, or restaurants—this card is a great option.
3. CIBC Dividend® Visa Infinite
The CIBC Dividend Visa Infinite is ideal for families or individuals who want to maximize cashback on daily essentials like groceries and gas. With 4% cashback on both, plus other perks, this card makes a big impact on routine spending.
Key Features:
- 4% Cashback on groceries and gas.
- 2% Cashback on dining, daily transportation (including public transit and ridesharing).
- 1% Cashback on all other purchases.
- Comprehensive Insurance Coverage, including travel and purchase protection.
- Visa Infinite Perks, including access to the Visa Infinite Dining and Wine Country programs, and concierge services.
Why It’s Great: For those spending on essentials like gas and groceries, this card offers some of the highest cashback rates in Canada. With solid insurance coverage and premium perks, it’s an all-around great option.
Who Should Get This Card: If groceries and gas make up a large portion of your monthly budget, the CIBC Dividend Visa Infinite will maximize your cashback, and it’s perfect for Canadians who appreciate extra perks like concierge services.
4. American Express Cobalt® Card
If you’re someone who spends a lot on food, dining, and travel, the American Express Cobalt Card is designed for you. It offers some of the highest point multipliers for dining and groceries, and those points can easily be redeemed for flights, hotels, or statement credits.
Key Features:
- 5x Points on dining, groceries, and food delivery services.
- 2x Points on travel and transit.
- 1x Point on all other purchases.
- Flexible Redemption Options: Use points for flights, hotel stays, gift cards, or statement credits.
- Comprehensive Insurance Coverage for travel, rental cars, and purchases.
Why It’s Great: The American Express Cobalt Card offers unbeatable rewards for foodies and frequent travelers. With 5 points per dollar spent on dining and groceries, you’ll rack up rewards faster than with most other cards.
Who Should Get This Card: This card is perfect for Canadians who dine out frequently, spend a lot on groceries, or travel often and want to earn valuable points that can be redeemed flexibly.
5. Rogers World Elite Mastercard®
Looking for a no-fee credit card that rewards online shopping and travel? The Rogers World Elite Mastercard is a solid option, offering 3% cashback on purchases made in foreign currencies, making it ideal for cross-border or international shoppers.
Key Features:
- 3% Cashback on purchases made in a foreign currency (perfect for online shopping or travel).
- 1.5% Cashback on all other purchases.
- No Annual Fee, which makes it even more appealing.
- Travel Insurance coverage, including emergency medical, trip interruption, and rental car insurance.
Why It’s Great: The Rogers World Elite Mastercard offers a rare 3% cashback on foreign currency purchases and a strong 1.5% on everything else. Plus, there’s no annual fee, so you keep all the rewards you earn.
Who Should Get This Card: If you frequently shop online in foreign currencies or travel internationally, this card offers significant cashback without an annual fee.
How to Choose the Right Credit Card for You
Choosing the best credit card depends on your spending habits. Ask yourself:
- Do you travel often and need travel-related rewards and insurance?
- Do you spend heavily on groceries, dining, or gas?
- Do you want flexibility in how you earn or redeem rewards?
- Are you looking for a no-fee credit card, or are you willing to pay a fee for better perks?
Each of the cards above offers excellent value for different spending styles. Be sure to evaluate which categories you spend most on to ensure you maximize your rewards.
Don’t Miss Out on These Top Credit Cards!
Canada’s top credit cards for cashback and rewards offer something for everyone, from no-fee cards to high-reward travel cards. Whether you want to earn points on groceries or get cashback on travel and online purchases, these cards offer some of the best value in 2024.
Make your choice today and start earning the rewards you deserve. Every dollar spent can bring you closer to free flights, cashback, or valuable perks. Don’t wait—apply for the card that best suits your lifestyle and financial goals.
