If you’re like me, then you do the majority of your spending on your credit card for those sweet, sweet, sweet credit card bonuses! As long as you pay your credit card balance(s) in full each month, paying for as many expenses as you can on a credit card can add up to some good yearly savings. I have have been accumulating Aeroplan points for years, but with recent changes announced by Air Canada, I have decided to stop using my Aeroplan credit card as my main card. I think it’s time to switch to a cash back card. With that, here are my top recommendations for Canadian cash back credit cards in 2017.
This cash back card from American Express comes with a $99 annual fee, but earns you 2% on all your purchases. In addition, there is a sign up bonus that gets you 5% cash back in the first six months up to a limit of $300.
There is no annual fee for this MasterCard and you can get 5% cash back on gas and grocery purchases in the first six months, 2% cash back on gas and grocery purchases after the first six months, 1% cash back on all other eligible purchases.
There is a promotional offer on this credit card for the first 4 months: earn 4% cash back on ALL purchases, up to $125 in cashback. With no annual fee, that makes this card an easy choice to get for the welcome bonus alone. Once your 4 months or $125 is earned, you can stop using the card and terminate it. If you decide to keep the card, you will earn 1% back on all other purchases, with no restrictions and no limits.
If you make any purchases in a foreign currency (online or while traveling), you earn 4% cash back. That makes this the best traveling and online purchasing card as even with the foreign currency fee (which every credit card has… 2.5% on average), you will still be earning cash back to the tune of 1.5%. You also get 1.75% cash back on all other purchases. The $29 annual fee is waved for the first year and you get a $25 signup bonus, which makes this card free for almost two years. The yearly fee is also waved if you are a Rogers, Fido, or chatr customer and your monthly services bills are setup for pre-authorization. At 1.75% cash back for all other purchases, that makes this card the top rewards card in the no fee category (if one of the above service providers applies to you of course).