5 Low-Interest Cash Back Credit Cards in Canada
Credit cards offer unparalleled convenience, whether you're making everyday purchases or handling unexpected expenses. They are a vital financial tool for ensuring you have access to funds when needed.
Cash back credit cards come with distinct benefits. By using these cards, you can earn a percentage of your spending back in cash rewards, providing extra value for your purchases. Opting for a cash back card with low interest rates enhances these benefits, helping you save even more.
With a wide array of cash back cards available in Canada, finding the right one can be overwhelming. To simplify your decision, we’ve highlighted five top cash back credit cards with favorable interest rates. Any of these options could be a valuable addition to your wallet.
1.BMO CashBack World Elite Mastercard
Annual Fees: $120, plus $50 for each additional cardholder
Cash Back Rates:
• 5% on grocery store purchases • 4% on transit expenses • 3% on fuel purchases • 2% on recurring bills • 1% on all other purchases
Welcome Offer: Enjoy 10% cash back on all purchases made within the first three months, and no annual fee for the first year.
The BMO CashBack World Elite Mastercard stands out as Canada’s top option for grocery shoppers, offering an impressive 5% cash back on grocery store transactions. This card provides flexibility, allowing you to redeem cash rewards as low as $1 at any time. To be eligible, applicants need to have a minimum individual annual income of $80,000 or a combined household income of $150,000.
In addition to its attractive cash back rates, the card offers several valuable benefits:
**• Roadside Assistance:**Assistance when you encounter vehicle troubles.
• Travel and Medical Insurance: Coverage for unexpected medical expenses and travel issues.
• Boingo Wi-Fi Access: Free access to Wi-Fi at thousands of locations worldwide.
• Car Rental Discounts: Reduced rates at National and Alamo rental agencies.
This card is not only a great way to earn cash back on everyday expenses but also provides a suite of perks that enhance your travel and lifestyle experiences.
2.MBNA Rewards World Elite Mastercard
Annual Fees: $120, with an additional $50 for extra cardholders
Cash Back Rewards:
5 Points per dollar spent on groceries, digital media, household items, dining, and membership purchases, up to $50,000 annually in each category. 1 Point per dollar on all other eligible purchases.
Bonus Offer: Each year, primary cardholders receive a Birthday Bonus, earning points equal to 10% of the total points accumulated over the previous year, with a maximum of 15,000 bonus points annually.
The MBNA Rewards World Elite Mastercard is an excellent choice for frequent travelers and those seeking versatile rewards. With a personal annual income of $80,000 or a combined household income of $150,000, cardholders can enjoy flexible rewards that can be redeemed for cash, gift cards, travel, or charitable donations.
In addition to generous reward points, this card includes comprehensive travel benefits:
Travel Medical Insurance: Coverage for unexpected medical expenses abroad.
Baggage Insurance: Protection against delayed or lost luggage.
Trip Delay Insurance: Compensation for disruptions and delays in travel plans.
Additional features include:
Trip Assistance: Help with travel-related issues.
Emergency Cash Transfer: Support for urgent cash needs.
Lost Document Replacement: Assistance with lost tickets and documents.
24/7 Concierge Services: Access to a dedicated concierge for various needs.
This card not only provides robust rewards but also offers a range of travel-related protections and conveniences, making it a strong contender for those who travel frequently and want to maximize their credit card benefits.
3.Scotia Momentum Visa Infinite Card
Annual Fees: $120, with an additional $50 for extra cardholders
Cash Back Rewards:
4% on groceries and recurring bills
2% on transit and fuel
1% on all other purchases
Welcome Offer: Enjoy 10% cash back on all purchases during the first three months and waive the annual fee for both primary and supplementary cardholders in the first year.
The Scotia Momentum Visa Infinite Card is highly regarded for its everyday rewards and was named the best overall cash back card of 2022 by MoneySense. Ideal for both seasoned credit users and those new to credit, this card provides robust cash back opportunities on a range of daily expenses. To qualify, you'll need an individual annual income of at least $60,000 or a household income of $100,000.
This card stands out not just for its cash back potential but also for its strong purchase protection:
Purchase Security: Covers your purchases against theft, loss, or damage for up to 90 days.
Extended Warranty Protection: Doubles the manufacturer's warranty on eligible items for up to one additional year.
Whether you’re looking to maximize rewards on your everyday spending or need added protection for your purchases, the Scotia Momentum Visa Infinite Card offers a compelling blend of benefits and coverage.
4.Brim World Elite Mastercard
Annual Fees: $199, with no fee for the first year, and $50 for additional cardholders
Cash Back Rewards: Earn 2% back in redeemable points on all purchases
Welcome Offer: First-year annual fee waived; earn $500 or more in introductory offers
The Brim World Elite Mastercard is tailored for those who frequently travel, whether for business or leisure. This card stands out with several valuable benefits:
No Foreign Transaction Fees: Save on international purchases
Complimentary Global Wi-Fi Access: Stay connected while traveling
Flight Delay Insurance: Coverage for unexpected travel disruptions
Lounge Key Access: Enjoy access to airport lounges worldwide
Additionally, Brim integrates seamlessly with digital wallets such as Apple Pay, Google Pay, and Samsung Pay, allowing for unlimited contactless transactions. This feature supports a modern, convenient payment experience for all types of purchases.
5. SimplyCash Preferred Card from American Express
Annual Fees:$99, with no fee for additional cardholders
Cash Back Rewards: Earn 2% cash back on every purchase, with no cap on rewards
Welcome Offer: Receive 10% cash back on eligible purchases for the first four months, up to $450 cash back
The SimplyCash Preferred Card from American Express is an excellent choice for Canadians seeking a straightforward cash back credit card. It stands out for its generous 2% cash back on all transactions, without a limit on how much you can earn. There are no income requirements to qualify, making it accessible to a broad range of users.
For added protection, this card includes comprehensive coverage for both online and in-store purchases, extended warranties on products, and overall purchase protection. Additionally, if you refer a friend or family member, you can earn up to $1,500 in cash back rewards.
Conclusion
In an era of rising costs and economic uncertainty, having dependable access to funds is crucial. Leveraging a cash back credit card with low interest rates can help you manage your expenses while also offering a way to recoup some of your spending. By selecting a card that offers cash back on your everyday and significant purchases, you can not only enjoy immediate rewards but also create a financial cushion against inflation.