Canada’s finest money again bank cards for 2023

Money again bank cards are a particularly standard sort of rewards card in Canada. They’re straightforward to make use of, don’t require participation in loyalty packages, and so they allow you to earn essentially the most versatile reward of all—money! Whenever you make purchases with a money again card, you get a proportion again. Whenever you redeem, you may apply it to your bank card invoice, so your money rewards can be utilized to purchase just about something. 

Every money again bank card has its personal options and advantages, so that you’ll wish to evaluate the annual payment, earn fee and any extra advantages earlier than you apply. That will help you decide the best card we’ve put collectively a listing of our favourites based mostly on completely different classes.

Greatest total money again bank card

Scotiabank Momentum Visa Infinite*

At a look: Significantly rewarding for households or anybody who spends huge on groceries, the Scotiabank Momentum Visa Infinite additionally provides severely spectacular money again on all of your recurring payments (like cellphone, cable and Netflix subscriptions). It’s ultimate for anybody on the lookout for a well-rounded, all-in-one money again card.

• Annual payment: $120
• Earn fee: 4% on groceries and recurring invoice funds, 2% on fuel and transit, and 1% on the whole lot else
• Rate of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers

• Welcome bonus: Earn 10% money again on all purchases for the primary 3 months (as much as $2,000 in whole purchases).

The professionals:

Rewards

• With the Scotiabank Momentum Visa Infinite card, you’ll earn 4% money again on groceries, the very best fee of any cash-back card available on the market in Canada. 
• You’ll additionally earn 4% money again on recurring payments and subscriptions, once more the very best earn fee round for this class, too. This implies 4% money again in your cellphone invoice, subscriptions or every other recurring invoice set for computerized pre-authorized month-to-month funds. You may even get 4% again in your health club membership if it’s a recurring invoice.
• Gasoline and transit prices can actually add up, making the two% money again fee a welcome reprieve. This fee even applies to ride-share spends, similar to Uber. 
• Though the Scotiabank Momentum Visa Infinite does have earnings caps on bonuses, at $25,000 yearly per class, these are fairly beneficiant. You might be assured you’ll get 4% money again on the primary $25,000 you spend on groceries or recurring payments, and after that you simply’ll earn the bottom 1% money again fee.

Perks and options

• The Scotiabank Momentum Visa Infinite consists of strong journey insurance coverage advantages that beat different comparable premium money again playing cards. For instance, this card offers you protection for journeys of as much as 15 days versus the eight to 10 days supplied by different money again playing cards from different huge banks. Insurance coverage consists of journey medical emergency protection, flight delay and interruption, misplaced baggage and extra.
• Cellular machine insurance coverage, as much as $1,000 for newly bought cellphone gadgets, is included with this card.
• Whenever you get the Scotiabank Final Package deal chequing account as nicely, you’ll obtain an annual payment rebate.

The cons

• The $120 annual payment will likely be simply offset by your money again rewards for many, however if you happen to’re a low quantity spender, you might be higher served by a no-fee different.
• In contrast to with BMO, TD or one other smaller card issuer, you may’t redeem your money again at any time. Money again is just rewarded as soon as per 12 months—in November.
• You’ll have to earn at the least $60,000 (or $100,000 as a family) yearly to qualify, which suggests this card could also be out of attain for some.
• It’s important to pay an additional $50 yearly for extra licensed customers.

Greatest base-rate money again bank card

SimplyCash Most well-liked Card from American Specific*

At a look: The very best-earning base-rate money again card in Canada, the SimplyCash Most well-liked card from American Specific earns you a tidy 2% limitless money again on all of your purchases, plus an accelerated 4% money again on eligible fuel and grocery purchases as much as $1,200 yearly.

• Annual payment: $120
• Earn fee: 4% money again on eligible fuel and grocery purchases as much as $1,200 yearly; 2% money again on the whole lot else.
• Rate of interest: 20.99% on purchases, 21.99% on money advances

• Welcome bonus: You may earn a $40 assertion credit score for every month-to-month billing interval during which you spend $750 in purchases in your card.

The Professionals:

Rewards

• You’ll get an above-average earn fee of 4% money again on eligible fuel and grocery purchases as much as $1,200 yearly.
• Most premium playing cards provide a base fee of 1%, so the SimplyCash Most well-liked card from American Specific successfully doubles your on a regular basis fee. This makes the cardboard a very good decide for purchases that fall outdoors of the bonus classes, since you may earn 2% on issues like garments, on-line purchasing, home equipment and extra.
• Due to its flat-rate construction, you received’t have to consider optimizing your spending for bonus classes.

Perks and options

• This premium card has no particular earnings necessities for eligibility, in contrast to its Visa or Mastercard alternate options, each of which require an annual earnings of $60,000.
• You may add extra licensed customers at no cost, so that you received’t need to pay a further $30 to $50 to select up supplementary playing cards to your accomplice, partner and/or baby.
• This card comes with perks you’d count on from an American Specific card, together with Amex Expertise, which grants early entry to presale tickets to a variety of occasions (suppose live shows and sports activities occasions) and Amex Affords (extra reductions and financial savings by means of the app). 
• It comes with strong journey insurance coverage, with as much as $5,000,000 in emergency journey medical protection for journeys as much as 15 days, for cardholders aged 65 or youthful.
• You can earn as much as $1,500 money again yearly by referring your family and friends to have this card, too.

The Cons:

• American Specific is accepted at hundreds of areas throughout Canada, nevertheless it’s much less extensively accepted than Visa or Mastercard. You may’t use your Amex at Loblaw banner shops and at some smaller impartial outlets and companies. Tip: For extra entry, contemplate carrying a Visa or Mastercard in your pockets as a backup.
• With no bonus classes, this card doesn’t get you premium charges on classes like groceries, fuel or recurring payments. In case you spend huge in frequent bonus classes, like groceries, journey and fuel, this card may not be the most suitable choice for you.  
• Your money again is redeemable solely as soon as per 12 months in September, slightly than when as needed.

Greatest no-fee money again playing cards

For bonus classes: Tangerine Cash-Again*

At a look: Tailor-made to decrease quantity spenders who received’t earn sufficient rewards to offset an annual payment, the Tangerine Cash-Again bank card offers you the distinctive potential to decide on and swap up your personal 2% bonus classes.

• Annual payment: $0
• Earn fee: 2% money again on as much as three classes of your selection; 0.5% base fee on the whole lot else
• Rate of interest: 19.95% on purchases, 19.95% on money advances, 19.95% on steadiness transfers

• Welcome bonus: You may earn an additional 10% again on as much as $1,000 in on a regular basis purchases throughout the first 2 months. Should apply by Might 2, 2023.

The Professionals:

Rewards

• The Tangerine Cash-Again bank card is the one card in Canada that permits you to decide your personal bonus classes. You may select as much as three bonus classes to earn 2% money again based mostly by yourself spending habits. Select from eating places, groceries, fuel, recurring payments, leisure, furnishings, lodge/motel, dwelling enchancment, drug retailer and parking/transit. 
• And you may change your chosen bonus classes at any time. It takes one billing cycle for any adjustments to use, so use this characteristic strategically. For instance, if you happen to’re planning on a highway journey, go for eating, fuel and accommodations. Transferring? Select furnishings, groceries and recurring payments. 
• Usually, no-fee money again playing cards from the massive banks solely provide two bonus classes, whereas the Tangerine Cash-Again bank card has three. 
• There aren’t any limits or caps for the bonus classes, so that you’ll earn 2% year-round (if you happen to select to maintain these classes) no matter how a lot you spend.
• As a Mastercard, this card is accepted just about in every single place, together with Costco. (The warehouse membership retailer solely accepts Mastercard). 
• In contrast to with Visa or American Specific, most Walmart Superstore areas are thought of a “grocery retailer” by Mastercard, so you may earn 2% in your purchases with this card, supplied you select groceries as a bonus class.
• Money again is routinely redeemed each month, so that you received’t want to attend for an annual payout.

Perks and options

• The annual earnings required for the Tangerine Cash-Again card is simply $12,000, which makes this a particularly accessible bank card. Plus, when you’ve got an annual earnings of $60,000 (or $100,000 as a family), you might routinely qualify for the Tangerine World Mastercard which provides extra perks, like cell machine insurance coverage.
• With no annual payment for main or supplementary cardholders, all of your rewards return on to you.

The Cons:

• The bottom earn fee of 0.5% is sort of low, although on par with another no-fee playing cards. 
• The Tangerine Cash-Again card is accepted at Costco, however Costco purchases don’t fall below any of the cardboard’s out there bonus classes. So that you’ll earn solely 0.5% in your spends there. (See our full checklist of the perfect bank cards for Costco right here).

For base-rate money again: SimplyCash card from American Specific*

At a look: The no-fee SimplyCash card from American Specific is well-suited to decrease quantity spenders (those that spend lower than $500 monthly on their card) who’re unlikely to earn sufficient rewards to offset an annual payment.

• Annual payment: $0
• Earn fee: 2% money again on eligible fuel and grocery purchases as much as $300 yearly; 1.25% money again on the whole lot else.
• Rate of interest: 20.99% on purchases, 21.99% on money advances, % on steadiness transfers

• Welcome bonus: You may earn a $10 assertion credit score for every month-to-month billing interval during which you make at the least $300 in purchases (for a complete worth of as much as $100).

The Professionals:

Rewards

• You’ll get an above-average earn fee of 1.25% on all on a regular basis purchases, with no limits or caps. With most no-fee playing cards providing 0.5% to 1% as a base fee on objects not in bonus classes, the 1.25% fee offers you an edge with the rewards. 
• Due to its flat fee construction, you don’t have to consider optimizing bonus classes.

Perks and options

• With no annual payment for main or supplementary cardholders, all money again rewards will go on to you, to not offset charges.
• The SimplyCash card from American Specific comes with Amex perks, together with Amex Expertise, which grants early entry to presale tickets to a variety of occasions, like live shows and sports activities occasions, and Amex Affords offers you reductions by means of the app. 
• Are you a traveller? Excellent news for you: Whereas most no-fee money again playing cards provide little to no journey insurance coverage, the SimplyCash card consists of $100,000 in journey accident insurance coverage.

The Cons:

• American Specific playing cards aren’t as extensively accepted throughout Canada as Visa or Mastercard. Notably, you may’t use Amex at Loblaw-banner shops (Loblaws, Nice Canadian Superstore, and so on.) and also you might need troubles at some smaller impartial outlets. Contemplate a second card that’s a Visa or Mastercard for when Amex isn’t accepted. 
• There aren’t any bonus classes with this card, so it may not be finest for somebody who spends lots on groceries and/or fuel, that are bonus classes on different playing cards. 
• You may solely redeem your money again as soon as yearly, each September.

For prime earners: Rogers World Elite

At a look: The spectacular flat earn fee notably on U.S. purchases makes the no-fee Rogers World Elite Mastercard a card to contemplate for high-earning snowbirds or web shoppers.

• Annual payment: $0
• Earn fee: 3% money again on U.S. foreign money purchases; 1.5% again for all different purchases
• Rate of interest: 19.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers

• Welcome bonus: Earn $25 money again if you make your first buy

The Professionals:

Rewards

• Along with not charging an annual payment, the cardboard additionally earns a formidable 1.5% money again on the whole lot you purchase—a fee normally reserved for annual fee-based playing cards. 
• The Rogers World Elite is a particular contender for the perfect card to make use of with huge hauls at Costco, because it’s a Mastercard. 
• Consideration, snowbirds and web shoppers. The Rogers World Elite Mastercard earns an accelerated 3% money again on purchases made in U.S. {dollars}, which successfully offsets any foreign-transaction charges. 
• You may redeem money again rewards in increments of $10, anytime, if you use the Rogers app.

Perks and options

• Rental automotive collision injury insurance coverage and journey insurance coverage, which is a rarity for a card that doesn’t have an annual payment.

The Cons:

• The evident downside is that you could cost at the least $15,000 in purchases yearly to maintain the cardboard, in any other case you’ll be downgraded to the entry-level Rogers Platinum Card that earns a much less spectacular 1% money again on the whole lot.
• The annual earnings requirement of at the least $80,000 per 12 months (or $150,000) could also be a problem for a lot of Canadians.
• In contrast to different true no overseas transaction payment bank cards, which aid you save on all non-Canadian foreign money purchases, the Roger World Elite is supposed to solely prevent on purchases made in U.S. {dollars}. So, contemplate that earlier than your journey to Europe.

Greatest money again bank cards for groceries and fuel (tie)

CIBC Dividend Visa Infinite

At a look: With inflation and shrinkflation, right here’s some excellent news from the grocery retailer and on the pumps. The CIBC Dividend Visa Infinite earns you a formidable 4% bonus class for groceries and fuel. You additionally get a 2% fee on eating, transportation and recurring payments, which makes this a well-rounded, all-in-one money again card.

• Annual payment: $120
• Earn fee: 4% money again on groceries and fuel; 2% on eating, each day transit and recurring payments; and 1% again on the whole lot else
• Rate of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers

• Welcome bonus: You may earn 15% money again welcome bonus of as much as $300 (first 4 statements).

The Professionals:

Rewards

• With an earn fee of 4% for groceries, the CIBC Dividend Visa Infinite card will get you the very best earn fee on this spend class in Canada, and it’s matched solely by the Meridian Money Again Visa Infinite and the Scotia Momentum Visa Infinite.
• Once more, the 4% money again fee on fuel is the very best out there on a money again card.
• The two% bonus covers eating, recurring payments and just about all modes of transit together with taxis and rideshares.
• The CIBC Dividend Visa Infinite card provides versatile redemptions so you may entry your money in $25 increments everytime you need.

Perks and options

• Save as much as $0.10 per litre on high of your cash-back financial savings at collaborating Chevron, Ultramar and Pioneer fuel stations if you hyperlink this bank card with a Journie Rewards account.
• The CIBC Dividend Visa Infinite card features a candy suite of journey and automotive rental insurance coverage, in addition to as much as $1,000 in cell machine protection.
• The annual payment is rebated within the first 12 months of getting the cardboard, however you may earn an annual payment rebate once more if you open a Good Plus chequing account with CIBC.

The Cons:

• The $120 annual payment will not be value the fee for low quantity spenders, however there are a few methods to keep away from paying it, together with its welcome provide and opening chequing account with CIBC. 
• You’ll have to earn an annual earnings of at the least $60,000 (or $100,000 as a family) to qualify, which might put the cardboard out of attain for some candidates.
• Playing cards for extra licensed customers will price $30 every per 12 months.

Meridian Money Again Visa Infinite

At a look: The Meridian Money Again Visa Infinite Has a below-average annual payment, nevertheless it nonetheless provides essentially the most aggressive charges on groceries and fuel spends. Additionally, its notable journey insurance coverage protection manages to beat out most journey playing cards, too.

• Annual payment: $99
• Earn fee: 4% money again on fuel and groceries; 2% on drug shops and recurring payments; 1% on the whole lot else
• Rate of interest: 19.5% on purchases, 21.99% on money advances, 19.5% on steadiness transfers

• Welcome bonus: Annual payment is free within the first 12 months

The Professionals:

Rewards

• Like talked about above with the Scotia Momentum Visa Infinite and CIBC Dividend Visa Infinite playing cards, the Meridian Money Again Visa Infinite card earns 4% on groceries.
• Earn 4% on fuel, which is the very best fee on a money again card.
• Earn 2% money again on pharmacy purchases and utility payments.
• There’s flexibility for redeeming, as you may redeem money again in increments of $25 everytime you need.

Perks and options

• The $99 annual payment is under the $120 common charged by different comparable rewards playing cards.
• The Meridian Money Again Visa Infinite comes with strong journey insurance coverage advantages, together with as much as $5,000,000 in emergency journey protection for as much as 48 days, which manages to beat out journey protection supplied, even by the perfect journey bank cards.
• The emergency journey insurance coverage protection applies to those that are as much as 75 years previous, versus the 65-year-age cap on most bank card insurance coverage. 
• Consists of as much as $1,000 in cell machine insurance coverage.

The Cons:

• The Meridian Money Again Visa Infinite doesn’t provide bonus cash-back earnings on eating nor on each day transit, as a substitute opting to supply 2% on pharmacies. Relying in your spending habits, you might not earn as a lot as you’ll with a card with higher earn charges on transit and eating.
• To qualify for the cardboard, you’ll should be a member of Meridian Credit score Union. It doesn’t imply extra charges, however you’ll possible need to open a checking account. So, you’ll have to take some additional steps when making use of for this card.
• You’ll have to earn an annual earnings of at the least $60,000 (or $100,000 as a family) to qualify, so this card could also be out of attain for some Canadians.
• Further playing cards for licensed customers are $30 every.

Honorable point out

TD Money Again Visa Infinite*

At a look: The TD Money Again Visa Infinite encompasses a robust vary of bonus classes however is especially suited to auto house owners due to its built-in highway help advantages.

• Annual payment: $139
• Earn fee: 3% money again on fuel, grocery and recurring invoice funds; 1% on all different purchases
• Rate of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers

• Welcome bonus: Earn 10% money again for the primary three months on as much as a complete of $2,000 in purchases. Plus, obtain a first-year annual-fee rebate for the first and extra cardholders. Should apply on-line by Might 28, 2023. Not out there in Quebec. QC residents, please click on right here.

The Professionals:

Rewards

• The TD Money Again Visa Infinite earns 3% again on fuel, groceries and recurring payments–a few of the mostly used spending classes for Canadians.
• Redeem cash-back rewards any time of the 12 months in increments of $25.

Perks and options

• The cardboard’s largest differentiator is its roadside help protection, which is mainly a roadside help package deal. TD Auto Membership is corresponding to the Canadian Car Affiliation (CAA) and covers incidents similar to a lifeless battery, tire adjustments, fuel supply, $200 in accident towing, $200 in emergency transportation and extra.
• For these aged 65 years or youthful, the TD Money Again Visa Infinite consists of journey insurance coverage advantages with as much as $2 million in emergency protection for journeys as much as 10 days. It additionally covers misplaced/delayed baggage protection.
• Along with the annual being waived for the primary 12 months, with the All-Inclusive Banking Plan chequing account with TD, the annual payment will likely be rebated.

The Cons:

• In comparison with the alternate options from Scotia, CIBC and Meridian, which supply as much as 4% on bonus classes, the TD CashBack Visa Infinite’s 3% falls a bit of brief. 
• The annual earnings requirement is a $60,000 minimal (or at the least $100,000 as a family) to qualify which could possibly be out of attain for some.
• The TD Money Again Visa Infinite has an annual payment of $139, which will not be appropriate for low quantity spenders. That stated it may be waived within the first 12 months and rebated once more if you happen to open a TD chequing account
• The journey insurance coverage advantages don’t embrace journey cancellation or interruption protection, and journey medical emergency insurance coverage solely covers as much as 10 days of a visit.

Greatest no payment card for groceries

BMO CashBack Mastercard*

At a look: The BMO CashBack Mastercard provides 3% money again rewards on groceries and doesn’t cost an annual payment, making it ultimate for value-seekers and massive grocery buyers. It additionally has lenient approval standards for college kids trying to decide their first bank card (if you happen to’re a pupil, click on right here).

• Annual payment: $0
• Earn fee: 3% money again on groceries; 1% on recurring payments; 0.5% on the whole lot else
• Rate of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers

• Welcome bonus: Earn as much as 5% money again in your first 3 months and a $50 money again bonus. Plus, get a 0.99% rate of interest on steadiness transfers to your first 9 months (with a 2% switch payment).

The Professionals:

Rewards

• At 3%, the BMO CashBack Mastercard earns extra in straight money again on groceries than every other no payment money again bank card in Canada.
• As a Mastercard, the cardboard is accepted just about in every single place together with Costco. Plus, in contrast to Visa or American Specific, most Walmart Superstore areas qualify as a “grocery retailer” for cash-back rewards by Mastercard. So, you’ll earn the bonus 2% in your purchases from the mass, huge field retailer.

Perks and options

• Except for having a low annual earnings requirement of $15,000, if you happen to’re a pupil trying to open up your first-ever card, you might be eligible to be permitted for this card (use this hyperlink to use).

The Cons:

• The obvious downside is the cardboard’s reward caps on bonus classes. You’ll earn 3% on the primary $500 you spend on groceries monthly, with the whole lot over incomes the bottom 0.5% earn fee. Nevertheless, this cover resets each month. 
• Like most playing cards that don’t cost an annual payment, the BMO CashBack Mastercard doesn’t have journey insurance coverage or facet perks.

Methods to take advantage of your money again bank card

By no means carry a steadiness

The payoff with a money again bank card is the money—a reward that’s simply cancelled out by the penalties and curiosity accrued if you happen to carry a steadiness. Like all rewards bank cards, money again playing cards have a tendency to hold annual rates of interest on the larger finish, normally round 19.99%. At this fee, unpaid debt will quickly accumulate curiosity prices that eat up any good points you’ve made. So long as you repay your steadiness in full each month, you’ll keep away from this pitfall, however if you happen to discover you often carry a steadiness, you would possibly contemplate a low curiosity bank card as a substitute.

Evaluate your money again card choices

It’s straightforward to go together with the money again card supplied by your present financial institution, however that’s not all the time your best option. Take the time to match your choices to determine the cardboard that delivers the very best return based mostly in your specific spending habits and way of life. Keep in mind: you don’t have to open a chequing or financial savings account with a financial institution so as to get a bank card, and you’ll pay your invoice electronically from any checking account.

Don’t dismiss money again playing cards with an annual payment

Whereas it may appear counterintuitive to pay an annual payment on a money again card, remember that playing cards with a payment usually ship higher rewards and perks. If these perks are value greater than the annual payment (and if the cardboard suits your spending habits in different methods), you would possibly select a money again card with a payment.

Think about using a number of bank cards

Utilizing too many bank cards without delay is usually frowned upon, as this could be a signal of insolvency. Nevertheless, a robust credit-card technique can contain pairing playing cards to maximise advantages. For instance, the TD Money Again Visa Infinite provides 3% again on fuel, groceries and recurring payments, however only one% on the whole lot else, whereas the Tangerine Cash Again Card has no annual payment and provides 2% again in as much as three spending classes of your selection. Strategically it could make sense to pick drug shops, parking/public transit and eating places to fill within the gaps on on a regular basis spends with out having to pay extra for the higher earn fee.

Add your accomplice as a certified person

Including a certified person, usually your accomplice, to your account could be a cost-effective (and even free!) technique to enhance your earnings on a premium card. With this setup, each cardholders accrue rewards or money again on their spends with out paying double the annual charges. If, for instance, your card has a $120 annual payment, you would possibly have the ability to get a further licensed person for as little as $30 extra. Some premium playing cards, just like the SimplyCash Most well-liked from American Specific, even allow you to add licensed customers at no cost. It does bear mentioning that this requires some thought as solely the first cardholder will likely be liable for paying off the steadiness—not the licensed customers.

Money again versus journey bank cards

When selecting a rewards bank card, many Canadians discover themselves torn between two sorts: Money again and journey. This shouldn’t come as a shock—each are standard and have beneficial strengths. Right here we break down each card sorts that will help you determine which card is best for you.

Simplicity

It’s essential to have the ability to perceive your bank card rewards program, and money again playing cards are about as clear as you will get. In case you earn 2% again, you completely know you’re going to obtain $0.02 on each $1—no sophisticated math required. With journey rewards bank cards, there are generally completely different earn charges and redemption values. These variables can have an effect on how or if you wish to accumulate or redeem. 

Backside line: In case you’re invested in incomes journey rewards, acquainting your self along with your card’s program could also be one of the simplest ways to go, in any other case you may’t high money on the subject of simplicity.

Rewards and bonus classes

The way you earn might be simply as essential as what you earn. Journey rewards bank cards normally provide a really large breadth of spending classes to earn in, whereas money again playing cards might be extra restrictive.

Except for a couple of exceptions, the vast majority of money again bank cards provide the identical restricted choice of bonus classes (specifically fuel, groceries and utility payments). As compared, journey bank cards have a far bigger choice of bonus classes (like eating places, lodge stays, flights, Uber rides and public transit, along with the groceries and fuel), which suggests you may doubtlessly earn extra factors on extra kinds of purchases. 

Backside line: You’re possible going to earn extra factors or miles, in additional spending classes, with a journey rewards card than money with a money again card. 

Flexibility

The rationale they are saying “Money is king” as a result of it may be used for something you need, similar to on a regular basis spending on fuel and groceries. In distinction, the factors you earn on journey playing cards are normally geared in the direction of journey rewards and provide the perfect worth when redeemed for flights and lodge stays.

Backside line: Money is essentially the most versatile reward there’s, however if you happen to’re trying to save on flights and lodge stays, a journey card can provide significantly extra worth.

Welcome bonuses

Usually, journey rewards playing cards can provide lots of of {dollars} in rewards as a sign-on bonus, whereas money again playing cards normally provide an elevated incomes proportion for a brief introductory time. One factor to notice is that bonuses on money again playing cards are normally simpler to earn—whereas journey rewards playing cards normally are value extra however have stricter spending necessities. 

For instance, with the BMO World Elite Mastercard, you will get 3,000 bonus factors ($240 worth) solely after you spend $3,000 on the cardboard inside your first three months. In distinction, the BMO CashBack World Elite’s welcome provide helps you to earn 5% money again proper out of the gate on all of your purchases for the primary three months nevertheless it maxes out at simply $200. 

Backside line: The welcome bonuses on money again playing cards are usually value much less however are simpler to get than the provides out there on journey playing cards.  

Aspect perks

Perks are little extras out there to you as a cardholder. These are normally issues like airport lounge entry, longer and extra complete journey insurance coverage protection, or refunds on sure bills like a Nexus entry payment. As you may see, perks are fairly often tied on to journey, so it ought to come as no shock that you simply’re extra prone to discover them on journey rewards playing cards than on money again playing cards.

Backside line: In some ways, money is the perk on a money again card. In case you’re on the lookout for little extras, your finest wager is a journey rewards card.

Video: 5 causes to swap your debit card for a pay as you go money again card

Extra of Canada’s finest bank cards: