Tangerine World Mastercard gives 2% back on up to three categories. A couple of other changes are also being made that suggest it is copying more of Trump’s style as well as his colour. We have two cards in mind that can help you save money on your large purchase. We didn’t add the Scotia Momentum card to the stacking grid because of the annual fee. If you think about how many recurring bills you have, from cellphone bills to your gym membership, you can see how the Scotia Momentum® Visa Infinite* card will let you earn a ton of cash back easily. Must apply by May 30, 2021. They have a promo that the first year fee is free and it has great insurance products with it. In fact, Rogers Mastercards are all compatible with the Pay with Rewards application, which you can download onto your smartphone and view your running monthly statement in real time. Sometimes the annual fee promo is in market other times it’s not. Is that correct? The first card we’ll recommend is the Rogers Platinum Mastercard, with which you’ll earn 3.00% cash back on every purchase made in a foreign currency. Tangerine only offers the 3rd category if you deposit your rewards into a Tangerine Savings Account although I am not sure if this is a one time thing. There are no earning limits or caps either in the bonus categories or elsewhere. Re: Home Trust preferred — I applied for this card and got it. For example, the Tangerine Money-Back Credit card is great for maximizing cash back for certain purchase categories e.g. Hi. Therefore, better for recurring bill with rogers mastercard. This change is effective i believe Jan 2019. We agree with you, and are very disappointed that Amazon’s Visa is no longer available! It gives a permanent 4% cash back on Gas and Groceries, 2% on Pharmacy and utility bill payments. Every foreign transaction made with the card still accrues a 2.50% fee, but then Rogers credits your account 4.00% cash back for purchases made in a foreign currency. It may have a higher learning curve than simply calling Rogers for your cash, but it’s leagues ahead in terms of usefulness. The card is not good at all for any other purchases outside of Canadian Tire, offering a very low rewards rate of .8%. Your best bet for a Costco card is to find a Mastercard that doesn’t discriminate between purchase categories and instead offers a favorable, flat-rate of cash back on everything you buy. As a result, if you earn 2 points per dollar spent, you’re earning the equivalent of 2% cash back. But make sure to factor them into your calculations when you’re making a decision! What is the best cash back credit card in Canada based on your spending habits? If you don’t you get 2 categories only. A cash back credit card with a hefty base earn rate is good to have in your wallet. There are a lot of people receiving that same letter from MBNA, and they’re all getting the same message: Soon the fee is increasing to $120 and the redemption value of points for cash back is decreasing! For now, look at the Amex line of cards and also at our article dedicated to the different travel insurance benefits of Canadian credit cards, which will give you more detail. We hope it continues to work for you (it’ll be our little secret) but if not, the Rogers card is a worthy backup. We think the Tangerine Money-Back Credit Card offers the best flexibility in earning cash back. All Rights Reserved. Nonetheless, Canadians who appreciate exemption from foreign transaction fees have two options that we recommend: The Rogers Platinum card does not waive foreign transaction fees per se, but it does offer 3% cash back on purchases made in a foreign currency. We’re disappointed about the Marriott Rewards discontinuation as well, but thankfully the Rogers Platinum Mastercard has stepped up to fill the gap. You won’t know which rate you’ve been approved for until you receive your card. That’s quite the cheeky name. That’s a lot of expenses, making you a very high-profile customer for any bank, and if it means giving you an extra 0.50% cash back, it’s likely worthwhile for MBNA. But what is the best no fee credit card in Canada? You still earn 2 points per dollar. Most cash back credit cards give a different percentage in cash back depending on how your purchase is categorized. The dollar value of the cash back you’ll earn can vary dramatically depending on your unique spending habits and the earning scheme of the credit card. To find the best cash back credit card in Canada, you’ll have to think about what’s important to you and compare the perks offered by each. Overview of Best Cash Back Credit Cards for 2021, Best Cash Back Card with No Annual Fee and a Welcome Bonus, Best Cash Back Card With Generous Base Earn Rate. I’ve checked with them and they aren’t planning on adding to their current download format offering of: excel, comma delimited or MS Money (which is an outdated, no longer supported, money management software program) The excel format cannot be formatted for Quicken Software. Not trying to brag or anything, I’d just be curious to know if other cardholders have also been spared the downgrade so far, despite many stating that Feb 1st 2019 was the deadline. You want the cash back in April? You’ll then receive your cash as a statement credit, a cheque or deposit you can use towards a financial goal. Thus what still earns 2% for other reward redemptions, now only earns 1.67% for a cash back option. In the fine print, we see that cash back is earned in grocery stores and gas stations with Visa-defined merchant codes, and we wouldn’t be surprised to learn that these codes are universal between the US and Canada. These apps tend to work best where regulations are encouraging of data transparency and universal standards for fintech, such as Europe, so Canada is still catching up for the moment. We were just explaining to Dianne that this is exactly how the Rogers cards work for redeeming cash back. Other changes include a 1-point increase in the interest rate to 22.99%, and the minimum points required to obtain a cash back reward increasing from 5,000 to 6,000. It provides 1% cash back, giving it a slight edge over the Rogers card (0.5% vs. 1% after factoring out foreign trans. I will consider it. It makes our job of suggesting more relevant cash back credit card recommendations much easier. 2 points per airline/hotel dollar you spend to book with their travel service – but that’s only if your destinations in Canada are available to book through their service. Hi Iqbal! If you still need help afterward, let us know and we can provide additional assistance, including calling on your behalf. The BMO Cash Back World Elite Mastercard (5.00% on everything for 3 months, then 1.50% plus great perks) and the Home Trust Preferred Visa, for example, are a powerful couple that by themselves challenge your trifecta there. I have the same MBNA card. We believe that you will appreciate the Gold Amex Rewards card for its superior flexibility in this regard. Otherwise, it’s value is matched or exceeded by many, if not most, other no fee cashback cards in Canada. Be sure to let us know how it performs for you. The BMO CashBack Mastercard makes switching credit cards convenient with a low interest rate on balance transfers as well as a promotional cash back rate. That is definitely an advantage of the flat rate cash back cards such as Rogers and MBNA. Automatic deposits means that all your cash back goes towards the savings account, not just some of it. IMO – none of them; so have multiple cards. Thanks. Welcome to GreedyRates and thanks for the question. Now, onto the new changes you’ve just been informed about. Your out of country holidays and purchases got more expensive. Again—thanks so much for the story and advice for our other readers. Good observation. Check it out, goodbye Canadian banks. I checked the footnotes, but don’t see specific categories. Best of luck! We’ve linked it below for your convenience. When we specify that a card has its first year’s annual fee waived, it just means that the issuer won’t make you pay for that year. Great questions–and thanks for the challenge! I have the MBNA World Elite Mastercard, and here we are on Feb 28th 2019, and I have not received any downgrade letter yet, and I just checked and I’m able to still redeem 100 points for $1 for cash rebate on their site, with a minimum of 1000 points to redeem. I think the Rogers card is now a better option, especially if you travel once in a while. I switched to the Tangerine Mastercard because it was offering the best rates at the time. If you choose wisely, charge your everyday purchases to your credit card and pay off your balance every month. Yes, they’re virtually identical, but if you prefer more flexibility when it comes to the redemption of your cash back, then the Meridian card is superior. Temporarily from Sept until the Feb changes you can cash in at 1000 points. 1 … In your case, the comments helped you determine that the MBNA Rewards World Elite Mastercard was getting its cash back redemption rate downgraded, so now you’re looking for an alternative. You can get 7cents/litre with PC MasterCard at superstore gas station, that’s more than 5%! During this time, they’ll lowere the minimum points redemption amount for cash back to 1,000, making it much easier to use your points and cancel the card without “leaving money on the table”. What’s the Best Age to Get a Credit Card? Meaning if you’re eating at a restaurant, it’s probably classified as such by its SIC code, which is what CapOne and Scotia will use to determine if it qualifies for cash back. Very informative. TD Cash Back Visa Infinite Card TD Cash Back Visa Infinite* Card Those who are focused on boosting their savings also appreciate it for the automatic cash back deposits to their Tangerine savings account. Best for travel: The Platinum Card from American Express. Looks like the TD “6% on all spend during the first three months” no longer applies. Here are some of the factors we considered when determining the best credit card in every category and the best card overall: How to Choose the Best Cash Back Credit Card. MBNA’s website clearly states 10,000 bonus points equals $100 when redeemed for cash back. The first notable change is an increase to the card’s $99 annual fee. I’ve had this card for a year and have had several reoccurring bill payments on it (insurance, two different cell phone bills and a couple monthly subscriptions). Yes that is correct. The Costco card may be good if you wanted to use it exclusively to earn 3% cashback in restaurant purchases, in combination with other cashback or rewards cards that earn more on all other purchases. Crunching the numbers your cash reward comes out to 1.8% than the current 2%. While the annual fee is a bit steep, the high rate on both the promotion and the time afterwards makes it worthwhile. Basically you end up netting 1.5% cash back after the foreign trans fee is factored out.. It’ll also earn 1.75% on purchases made in Canadian dollars. Good to hear from you. It would be credited in the following year. Hey guys, what do you think about TD Cash Back Visa Infinite Card? Thanks for the great info. You get 2% back on your categories, after the 3-month promotion is up, and only 1% cashback on everything else. There used to be a couple Canadian credit cards that waived the international transaction fee (like the old Amazon Mastercard). Sometimes this cash back is only for the promotional period at a higher earn rate, but sometimes it’s for a specific spending category or overall for the card. Canada's Top Cash Back Credit Cards for 2021. Both offer 4% cash back in gas and groceries 2. That is $200 cash back. We appreciate your comment and the fact that you’re concerned about the validity of our list! Very unfortunate indeed. Essentially, the new Momentum is in a whole new class than the “old” Momentum, and its ultimately your choice if you’re keeping it or replacing it. The first year annual fee of $99 is waived. Am I missing something? Costco used to only allow payments with cash or debit card. No way! The Best Low Interest Rate Credit Cards in Canada, The Best Balance Transfer Credit Cards in Canada, The Best Travel Rewards Credit Cards in Canada, The Best AIR MILES Rewards Credit Cards in Canada, https://youngandthrifty.ca/best-no-foreign-transaction-fee-credit-card/, 4% cash back on eligible gas and grocery purchasesâ€, 2% Money-Back Rewards on purchases in up to 3 spending categories of your choice; 0.5% on everything else, 4% cash back on groceries & recurring bills, 2% cash back on gas and daily transit, 1% on everything else, 2% unlimited cash back on all card purchases, Up to 10% cash back in the first 3 months, Promo: 5% cash back in your first 3 months, 6% on all purchases for the first 3 months up to a total spend of $2,000 (Conditions apply. Regardless, we can confirm that the cash back you receive with this card is better than virtually all others. MBNA service has been outstanding. GET ON THE LIST. It’s all about being strategic in your spending, and it’s why having more than one credit card is a good idea. Does anyone know if the following stores count as grocery stores with Amex simply cash back card? Also, a link to a list of which grocery stores are eligible for the Scotia Momentum Visa 4% cashback. It’s still worth it if you’re buying a lot in foreign currencies. There is a foreign transaction fee of 2.5%, but there are some additional perks like the travel insurance coverage and access to LoungeKey network airport lounges for $32USD. Their profitability model simply does not work. Very unfortunate…. Hello, Im debating my credit cards and Im soooo confused on what to do. What’s the break down for the options world mastercard and regular options mastercard. For those who spend substantially in foreign currencies, we generally recommend cards that either waive or subsidize foreign transaction fees. However, most people that love the card either have a couple main purchase categories where they spend most of their money (eliminating the need for variety), or they use it as a supplementary card to fill in the gaps where their other card or cards don’t earn cash back. The card also offers buyer’s assurance and purchase protection, doubling the manufacturer’s warranty on purchases by up to one year while also insuring them against damage or theft. Hope that helps clear things up! The interest would chip away about $100 from the cash back if my math is correct, that’s a substantial loss. Conditions apply, and you must apply by May 30, 2021 to take advantage of this fantastic limited-time offer. For the moment, we like your cash back strategy. It offers a generous sign-up bonus of 5% cash back in your first 3 months on all purchases. We also assure you that the PC Mastercard was considered for our Best Cash Back Cards in Canada article, but it didn’t make the final list. Must apply by May 30, 2021. Combine the Rogers MasterCard with the PC Financial World Elite and Tangerine’s no-fee cashback card which gives you 2% in up to 3 categories of your choice and you have yourself a formidable trio of cashback options to optimize your rewards. https://www.nbc.ca/ECHO-card. Cardholders will earn 3% cash back on each of their purchases made in U.S. dollars, which nets them 0.5% after factoring out the foreign transaction fee (2.5%). You are correct. Annual fee for Home Trust Visa is $0. However, if more and more people do as i plan to, it will get their attention and make them re-consider their plans. This means you’ll be able to book where you want, when you want, and expect to pay for it with the rewards you’ve earned. Many Canadian regional airlines and airports aren’t bookable with American Express travel, and that’s their major drawback. In my line of work, I have become accustomed to hearing, “Magdalena, can you help me meet my writing assignment deadline?” I know that I can provide this service. After the promo period ends, you’ll get 3% cash back on grocery purchases, 1% cash back on recurring bill payments and 0.5% unlimited cash back on all other purchases! Why all the dabate about which card is best? If you are still undecided, check out our list of the best credit cards in Canada. Save money by having one of these highly competitive cash back credit cards in your wallet. The SimplyCashTM Preferred Card from American Express provides you with 10% cash back on all your purchases for the first 4 months (up to $400 cash back). We’d be running from that card, not trying to find it. If you end up using either of these cards, let us know how it goes! This is ridiculous and makes your site not credible. Did we mention that there is no annual fee for this credit card? i read that advantage just for tyhe Fido Master Card not for the Rogers Master Card? If so, we can definitely help. With no annual fee as opposed to the $89 (and soon to be $120) price tag on MBNA’s World Elite and similar insurance benefits, we think it’s the new “top dog”. Tangerine is changing their 1% on Other-category purchase to 0.5% effective April 29th. Scotia applies your cash back as a statement credit once per year. There is an error in the chart. The Capital One card you mention is a great contender for one of the top cash back cards, but it’s so similar to Rogers’ World Elite Mastercard (but slightly inferior), that we had to bump it from consideration. Looking for Visa alternatives. The simply reason being, you’ll be getting 2% on $5,000 versus 1%. It’s all about recognizing how much you’re likely to spend based on past data that you’ve gathered on yourself, and where you’ll spend this money. Its cash back features are almost as strong as the CIBC Dividend® Visa Infinite* Card’s, but it comes with a less comprehensive insurance package and a minimum annual household income requirement of just $15,000. Plus, you can redeem the cash any way you want: deposit it into your BMO chequing or savings accounts, put it into your Investorline account, or apply the credit to your monthly statement. Even if you’re downgraded, the MBNA World Elite Mastercard still represents one of the best cards in the upper tiers. We’d throw the Marriott Rewards Visa card in their as well, as a good Canadian Visa card with no foreign transaction fees. Some issuers allow you to redeem your cash back at certain intervals (monthly/quarterly/yearly) where others allow you to set up automatic redemption whenever you reach a certain balance. The third card on today’s list is the TD Cash Back Infinite Visa card, which is a great contender in the cashback card market. Thanks for your response Nate. This starts on February 1, 2019. Apply for the CIBC Dividend® Visa Infinite* Card. Safeway and Save on Food should. 3% gas/groceries/recurring bills and 1% for others and welcome bonus of 6% for the first 3 months and first year fee is waived although the fee is higher at $120. Cheers. The only one they have given me 4% cashback on is my amazon membership. In some cases, redeeming rewards is none too easy. If you’re unhappy with the changes and want to switch cards, we suggest you spend your accrued rewards on cash back before the transfer ratio decreases, cancel the card, and apply for one of the following options. Any info would be appreciated. The Rogers World Elite Mastercard is now a more worthwhile option, when compared with the soon-to-be-changed MBNA Rewards World Elite card. If you’re headed to the pump or eligible grocery store, make sure the CIBC Dividend® Visa Infinite* Card is tucked into your wallet. Just noticed this post. Just login via your phone and redeem your cash back to cover purchases made on your previous statements. In the case of grocery stores (SIC Code 5411), the same holds true. We like the Rogers card mentioned above, but also Scotia’s Momentum Visa Infinite Cash Back card, which offers a best-in-class bonus of 10% cash back on purchases for your first 3 months, then 4% on gas and groceries afterwards (and more). Review your own spending patterns to determine if you’ll earn the most from a flat-rate cash back card, or if you can benefit from one that rewards specific categories of purchases. You’ll also get 2% cash back on gas and daily transit, plus 1% back on everything else. Users can now redeem cash credit toward the next purchase. We’d now readily recommend the Rogers World Elite Mastercard in place of MBNA’s card, because it has a generous all-encompassing cash back rate (no purchase category restrictions), as well as other awesome perks and no annual fee. I use the MBNA World Elite Mastercard too and still have not seen the reduction. – will cash out in a month or 2 before my annual fee is charged. Hi Tomas, thanks for your question! You can learn more by reading our full Rogers Platinum Mastercard review. I realize it’s not a huge difference, just annoying considering I wasn’t diligent enough to read the fine print for the Rogers award redemption terms at the time. Changes effective August 1, 2019 Primary Cardmember card: $120.00 Each Additional card: $50.00, Current earn rates – Until July 31, 2019 • Earn 4% Cash Back on: o Groceries o Gas • Earn 2% Cash Back on: o Drug Stores o Recurring Bill Payments • Earn 1% Cash Back on all other eligible everyday purchases The Cash Back earn rates under the Program that apply to your Account are changing effective August 1, 2019. Accordingly, in our future mentions of the Rogers Platinum Mastercard, we will be sure to highlight the information that you’ve brought to light. Professional Writer – Magdalena – inpolesine.com Corps, Sample cSome cash back credit cards in Canada come with an annual fee. I travel to the US a lot, hotel 1.5k/month, air 2k/month, car 500/mo and dining 1k/month. The Rogers Platinum Mastercard you mention does offer once-yearly lump sum redemption applied to your statement, which is an effective way to redeem your cash back, but it can lack flexibility for some people. Thank you for the article, but you really should include the MBNA Smart Cash MasterCard in the list. Depending on the card you choose, you can either redeem the cash back as statement credit or as rewards, which you'll have to complete another action in order to redeem. The annual fee rebate and 6.00% cash back bonuses are particularly strong, but remember that you’ll need to apply through our link and get approved before August 27th, 2018 to be eligible. If you’re worried about sharing information online, you can always email us as well, at info@greedyrates.ca. Thanks for coming to the GreedyRates comments section, and for your question about the American Express SimplyCash Preferred card. This is actually pretty nice of them, and it seems as though they anticipated a mass exodus from their card due to these new changes. If you’re using your credit card for business expenses, why not reap the reward of cash back on your spending? We did consider the CIBC Dividend Visa Infinite card, but felt the Scotia Momentum Visa Infinite card was superior for the following reasons: 1. Cash Back vs. Thanks for the insight. If you’re looking to maximize the payout for gas, groceries, and regular bills, the TD Cash Back Visa Infinite* Card is a great option. The “window” for those who want to get out of MBNA and into another card’s rewards plan lasts from September 1, 2018 to January 31, 2019. I book all my flights when I need them and that means a lot of one way tickets. I used that card exclusively for Grocery and Gas, so moving gas down makes it no longer worth the annual fee. Someone with a thorough record of their monthly spending from the last few years is extremely well-equipped to pick a suitable credit card(s) for themselves. Plus, if you miss the December deadline, will you wait another year before redeeming your cash back? In January, you’ll see the cash back hit. For the SimplyCash Preferred Card from Amex – is the 5% cashback in first 6 months only on ‘eligible’ purchases – like gas, groceries etc? Free for the first year, free every subsequent year with a Rogers or Fido product on recurring payment. For all ou you wondering if a specific store falls under a certain category, here’s a trick to get the best out of the grocery category (seems to be the one that’s most frequently offered at the best reward rate): Most grocery stores offers prepaid card, as in prepaid visa/master cards that you can then use in whatever store you fancy… Bam 4% or 2% cash back/points in Walmart, Canadian tire, Costco, some random antique store etc. Curiously, they don’t use the same wording when it comes to earning cash back, allowing us to believe that you may be able to purchase virtually anything and earn cash as you please. How Social Media Is Changing Investing Forever, Crypto Trading Tips You Need to Know About, A Look Into A Decade of Canadian Spending. I don’t know if that’s because you don’t consider it to be a good deal or if it is a new offer. Must apply by May 30, 2021. However, when you redeem points for cash you get 1% so 20 points get redeemed for $1, not $2. While you can request the lump sum, you must remember to do so. 3. It is a credit card that allows you to earn a small percentage of cash on the purchases you make on your card. The issue is that most of these cards don’t consider places like Superstore or Costco as “groceries”. Is this still true? Plus, its annual fee is only $99 compared to the CIBC Dividend® Visa Infinite* Card’s $120 annual fee. Things to Consider When Choosing the Best Cash Back Credit Card? How does CIBC Dividend Infinite compare with the Meridian Visa Infinite? Even better, redemption is easy: cash back can be deposited into your BMO chequing or savings account, applied as a statement credit, or deposited into your BMO InvestorLine account. As a welcome bonus, new cardholders also earn 6% cash back on gas, office supplies and cell phone/internet bills for the first 4 months. The best cash back card for you depends on your spending behavior and earning preferences, but you can feel confident choosing one from our list. Thanks for the kind words and hope that helps Shelley! Tangerine Mastercard for 2% at Home Repair, Furniture and Grocery stores where VISA is not accepted (aka No Frills, etc). If you’re planning to make a large purchase with your credit card, like booking a vacation, a generous cash back promotion can really pay off! Thank MontrealMatt – just applied for the Rogers Card tonight. Perhaps you don’t cancel after the first year, but keep it for a few more years. Thats not correct. And when you take into account the $120 annual fee, the effective cash back % falls further – down to approx.
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