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A cashback credit card is one of the simplest credit card rewards systems. It is a credit card that allows you to earn a small percentage of cash on the purchases you make on your card. Instead of a card that provides points that you can later redeem for cash, merchandise, or any other product or service that is available for redemption, a cashback card simply rewards you with cash.
Unlike points, cash has no restrictions and can be used for any kind of purpose such as spending, saving, even or investing. Moreover, it is easy to calculate the value of cashback credit cards due to the simplicity of the cashback reward system. To understand the value you get from your cashback card, you simply have to look at the cashback percentage rate. With points, things are more complicated as travel, merchandise, airline providers, etc. all affect the value of your points. For example, 100 points may equal $1 dollar in travel expenses, but the same 100 points may equal 0.50 cents in merchandise expenses.
There are many different cashback credit cards on the market, each of which comes with its own perks, earn rates, and bonuses. To see which card is the best match for you, you should consider the following factors in relation to your needs and spending habits.
Annual Fee | None |
APR | 19.99% – 24.99% |
Cash Advance Rate | 21.99% – 26.99% |
Welcome Bonus | Earn up to 15% cashback¹ on your first purchase at participating partners |
The Neo Secured Card is a unique secured credit card option for those consumers who want to work toward improving their credit while still taking advantage of some of the perks associated with traditional credit cards. Probably the most impressive feature of the Neo Card is that it is both a secured credit card and a rewards credit card. Users can earn an average of 5% unlimited cashback¹ when shopping Neo partners and 1%2 cashback on all other purchases. There are no annual or monthly fees and no credit check is required to get approved.
Annual Fee | $120 |
APR | 20.99% |
Cash Advance Rate | 22.99% |
Welcome Bonus | 10% cashback |
With an annual fee of $120 and a welcome bonus valued at $200, this credit card pays for itself. During the first 3 months after signing up, you can get a return of 10% in cash on any expense, with a cap of $2,000. This is equivalent to a $200 cash bonus when you spend $2,000 in 3 months. In addition, with this card, you can earn 1% or 3% in cash for every dollar you spend. You can earn 3% on eligible groceries and gas expenses as well as recurring bills. All other purchases will earn you 1%.
Annual Fee | $120 |
APR | 20.99% |
Cash Advance Rate | 22.99% |
Welcome Bonus | 10% cashback |
Scotia Momentum Visa Infinite has one of the highest cashback earn rates with a 4% return on every dollar spent on groceries, expenses, subscriptions and even recurrent bills. Gas and daily transportation expenses like trains, buses, and metros will earn you 2% on the dollar. All other purchases will earn you 1%. Moreover, during the bonus period (first 3 months of signing-up), you’ll receive a return of 10% on any expense (capped at $2000). This is equivalent to a $200 cash bonus when you spend $2,000 in 3 months. You can redeem your cashback rewards as credit or have them deposited into your chequing or savings account.
Annual Fee | $0 |
APR | 19.95% |
Cash Advance Rate | 19.95% |
Welcome Bonus | 1.95% balance transfer interest |
Tangerine’s Money-Back credit card is well balanced and overall has the best cashback value. With no annual fee, a cashback earn rate of 2% on any 2 major spending categories, and 0.5% cashback on all other purchases, Tangerine provides great value and flexibility. Moreover, if you deposit your money into a Tangerine’s savings account, you can add a third spending category that can earn you 2% in cash.
Cashback reward credit cards are very attractive due to their flexibility and simplicity. Rather than using point-based credit cards which typically limit you to travel and merchandise expenses, cashback gives you the freedom to use your money as you please. Moreover, when you redeem rewards with your points, the value of the point changes based on what you buy which can easily lead to a loss. On the other hand, cashback credit cards provide a simple value system where you know exactly what you’re getting.
Card issued by ATB Financial pursuant to license by Mastercard International Inc.
1Average based on current offers at select partners. Cashback varies per plan, offer and partner.
2Top-up is limited to $5,000 of spending/month at non-partners.
Rating of 5/5 based on 1 vote.
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