Credit cards with rewards and cashback benefits can help maximize your everyday spending, whether through travel points, statement credits, or cash rebates. In Canada, several banks and financial institutions offer top-tier rewards and cashback credit cards tailored to different spending habits. Below, we highlight the best options available in 2025.
1. Best Overall Rewards Credit Card
American Express Cobalt® Card
Why It’s the Best: One of the highest-earning rewards cards in Canada, ideal for dining, travel, and everyday purchases.
- Rewards:
- 5x points on eligible dining, groceries, and food delivery.
- 3x points on eligible streaming subscriptions.
- 2x points on travel and transit.
- 1x point on all other purchases.
- Benefits: Flexible redemption options (travel, statement credits, gift cards), strong travel insurance, and access to exclusive Amex events.
- Annual Fee: $155.88 ($12.99 per month).
- Ideal For: Frequent travelers and food lovers.
2. Best Travel Rewards Credit Card
TD Aeroplan® Visa Infinite
Why It’s the Best: Ideal for frequent flyers, with Aeroplan points and exclusive Air Canada perks.
- Rewards:
- 1.5x Aeroplan points per dollar on gas, groceries, and Air Canada purchases.
- 1x point on all other purchases.
- Welcome bonus often includes extra Aeroplan points.
- Benefits: First checked bag free on Air Canada flights, travel insurance, and priority boarding perks.
- Annual Fee: $139 (waived for the first year in some promotions).
- Ideal For: Air Canada travelers and frequent flyers.
3. Best No-Fee Cashback Credit Card
Tangerine Money-Back Credit Card
Why It’s the Best: Flexible cash back with no annual fee.
- Rewards:
- 2% cash back in up to three selected spending categories (e.g., groceries, gas, restaurants, entertainment).
- 0.5% cash back on all other purchases.
- Benefits: No limits on cash back earnings, customizable spending categories, and no annual fee.
- Annual Fee: $0.
- Ideal For: Budget-conscious spenders who want tailored cash back.
4. Best Premium Cashback Credit Card
BMO CashBack® World Elite® Mastercard®
Why It’s the Best: High cashback rates on groceries and everyday spending.
- Rewards:
- 5% cash back on groceries.
- 4% on transit (including rideshare and public transport).
- 3% on gas and electric vehicle charging.
- 2% on recurring bill payments.
- 1% on all other purchases.
- Benefits: Complimentary roadside assistance, travel insurance, and extended warranty.
- Annual Fee: $120 (waived for the first year).
- Ideal For: Families and grocery shoppers.
5. Best Flat-Rate Cashback Credit Card
SimplyCash™ Preferred Card from American Express
Why It’s the Best: A simple and high cash back rate with no category restrictions.
- Rewards:
- 2% unlimited cash back on all purchases.
- Benefits: No spending category restrictions, travel insurance, and Amex purchase protection.
- Annual Fee: $119.88 ($9.99 per month).
- Ideal For: Those who prefer a straightforward cashback structure.
6. Best No Foreign Transaction Fee Credit Card
Scotiabank Gold American Express® Card
Why It’s the Best: No foreign transaction fees and high earning rates on travel and entertainment.
- Rewards:
- 6x Scene+ points on groceries, dining, and entertainment.
- 5x on travel-related purchases.
- 1x on all other purchases.
- Benefits: No 2.5% foreign transaction fee, extensive travel insurance, and airport lounge access.
- Annual Fee: $120.
- Ideal For: Travelers who frequently spend in foreign currencies.
Conclusion
The best rewards and cashback credit card for you depends on your spending habits. If you spend heavily on dining and groceries, the Amex Cobalt Card is a top choice. For frequent travelers, the TD Aeroplan Visa Infinite or Scotiabank Gold Amex provides excellent perks. Those looking for simple cash back should consider the Tangerine Money-Back Credit Card or the SimplyCash Preferred Card.
Before applying, review interest rates, annual fees, and additional perks to ensure the best fit for your financial goals.
