Cash-back credit cards allow holders to get a substantial percentage of their expenses back. The percentages that they can get back varies according to the type of card that they own. Tangerine Money Back Mastercard and TD Cash Back Visa Infinite, are the best cash back credit cards Canada has to offer, allowing credit card holders to save up to 6% whenever they go shopping. Anyone who wants to enjoy the maximum amount of rewards possible, without focusing on a specific type of offer, such as earning points for free flights, can enjoy the perks of a cash-back card.
Holding the best money back credit card will give you the option to transform your cash rewards into credit or deposit in your checking account. Getting money straight in your pocket has never been easier! Yet, it is important to mention that the value of the cashback is not fixed, so it can vary significantly according to your own spending habits, but also based on your card’s rewards program. You can receive different rewards depending on how the purchase you made is categorized. For instance, your cash back credit card can give back 4% on your grocery spending but only 1% for gas.
To benefit as much as possible from these rewards, you have to pay attention to your monthly spending habits and find what the best suitable credit card based on your needs. For example, people who commute to work every day can have monthly expenses of $1,000 for gas alone. They should choose a credit card that has substantial rewards for their spending. This way, at the end of the month, you will get your money back for some of your purchases. With this easy, but clever strategy, you can get hundreds of dollars yearly in cash back rewards.
Tangerine Money Back Mastercard – Best For Flexibility
Nothing can beat the Tangerine Money Back Mastercard when it comes to flexibility. This easy-to-use card is one of the best cash back credit card that Canadians can get. Besides having no limits, no hidden rules, and no annual fees, the Tangerine Mastercard also allows you to earn cash back rewards automatically and transfer them monthly into your savings account or credit card balance. Upon signing up, you have the possibility to choose the ways in which you want to get your money back. You can choose two expense categories that you want to get 2% refunds for and then, for everything else you will get 0.5% refund. Moreover, you can also pick a third 2% category as a bonus if you reclaim your cash back into a Tangerine savings account. Just like that!
Additionally, Tangerine has had a great offer for newcomers since April 22, 2019. Tangerine Credit Card holders still have the possibility to earn 4% Cash-Back Rewards on spending in three optional Money-Back Categories for the first three months. However, they must apply ASAP as this offer will expire on July 31, 2019!
Tangerine Money Back Mastercard Pros: A simple, yet flexible money back reward system without hidden annual fees;
Tangerine Money Back Mastercard Cons: Getting 2% rewards on a limited number of categories.
- There is no annual fee;
- Earn 4% Cash-Back Rewards in three spending categories of your choice for the first three months;
- Get 2% Money-Back Rewards in up to two spending categories (gas, groceries, entertainment, drug store, parking/public transportation, hotels, recurring bills, home improvements, furniture, or restaurants);
- 0.5% money-back on everything else;
- Your savings account or credit card balance is automatically reimbursed each month.
TD Cash Back Visa Infinite – Easiest Redemption Opportunities
The TD Cash Back Visa Infinite is another great option for Canadians cardholders who are interested in maximizing their payout for regular bills, gas, and groceries. This credit card offers 3% money back on regular bill payments and eligible gas and grocery spending. Moreover, you get 1% back for everything else and there is no expiry date for Cash-Back Dollars.
Those who sign up get a limited time bonus offer of 10% for the first three months and an exemption for the $120 annual fee for the first year only. Hurry up and take advantage of this great offer, as it expires on September 20, 2019!
Another benefit of the TD Cash-Back Visa Infinite is that you can redeem your rewards without having to wait for a monthly or yearly statement. It’s so easy because all you have to do is to apply for a credit card and you have full control of your finances!
TD Cash-Back Visa Infinite Pros: Easiest cash redemption, great welcome bonus, advantageous money back offers for groceries, gas, and bills, no expiry on earnings;
Cons: A steep $120 annual fee after the first year.
- Earn 3% money back on regular bill payments and eligible gas and grocery spending;
- A limited time bonus offer of 10% on all expenses, up to $2,000, for the first three months;
- Redeem your dollar rewards any time you like;
- A rebate for the first year on the $120 annual fee;
- 1% back for other purchases;
- Includes Emergency Road Services (with Deluxe TD Auto Club Membership) and travel insurance.