A CashBack credit card should be a mainstay of every wallet, they are easy to use and can be extremely lucrative if aligned well with household purchasing habits. Cash back cards can yield hundreds of dollars with bonus categories combined with generous welcome bonuses. In Canada, no other card offers these benefits better than the Scotia Momentum VISA Infinite card.
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Scotia Momentum VISA Infinite card (Apply Now):
- Annual Fee: $99 Waived for First Year
- Welcome Bonus: 10% Cash Back on all purchases for first 3 months (up to $2000) *applicable on new accounts opened before Feb 28, 2019*
- Earning Rate: 4% on eligible gas station and grocery store purchases, 2% on eligible drug store purchases and recurring bill payments, 1% cash back on all other eligible everyday purchases
- Other Key Benefits: 24/7 complimentary concierge service, access to the VISA Infinite Luxury Hotel Collection and the VISA Infinite Dining Series, comprehensive insurance coverage including travel medical and accident insurance, trip interruption insurance, baggage loss and delay insurance, and car rental collision loss/damage waiver insurance
With the first year fee waived and a 10% cash back on first three months (capped at $200), this card offers a value of $299 up front. The best welcome bonus offer in Canada!
Even without the welcome bonus offer, if we assume a monthly expense of $2000 ($1000 in gas and groceries, $500 in drugs and bill payments, $500 in all other expenses), the card yields a cash back of $660 per year ($55 monthly). The 4% cash back on gas and groceries is extremely generous and can be maximized by purchasing gift cards to other vendors.
My analysis and recommendation of the best cash back card in Canada will not be honest without the mention of the American Express SimplyCash Preferred Card (as a close second) which offers a flat 5% cash back for the first six months (up to $300) and 2% cash back on all purchases thereafter (no limit). Using the expense analysis above, the Amex card can yield a cash back of $660 for first year, with welcome bonus.
Title Image Source: Scotiabank