While most schools in Canada provide the bulk of supplies that teachers need to carry out their instructions. There are always extra purchases for teachers to make out-of-pocket. Whether you’re spending your own money on snacks or supplies, a cash back credit card is a great financial tool to help make the most our your extra spending.
Here are the best credit cards for teachers in Canada.
Best Credit Cards For Teachers
| Annual Fee | Purchase Rate | Earn Rate | |
| BMO CashBack® Mastercard®* | $0 | 20.99% | – 3% cash back on eligible groceries. – 1% cash back on recurring bill payments. – 0.5% on all other purchases. |
| American Express Cobalt® Card | $12.99 per month | 20.99% | – 5 points per $1 spent on eligible restaurant purchases. – 3 points per $1 spent on eligible streaming subscriptions. – 2 points per $1 spent on eligible travel and transit purchases. – 1 point per $1 spent on all other purchases. |
| Scotia Momentum® Visa Infinite* Card | $120 (waived for their first year) | 20.99% | – 4% cash back on groceries, subscriptions, and recurring bill payments. – 2% cash back on transit and gas purchases. – 1% cash back on all other purchases. |
| Brim Mastercard | $0 | 19.99% | – 1 point per $1 spent on all purchases. |
| Tangerine Money-Back Credit Card | $0 | 19.95% | – Up to 2% cash back on purchases in 2 categories of your choice. – 0.50% cash back on all other purchases. |
BMO CashBack® Mastercard®
Teachers often love to have healthy snacks in hand for their students, but the cost to cover these treats typically comes out of their own pockets.
That’s where a cashback credit card comes in handy, like the BMO Cash Back Mastercard. Cardholders can earn 3% cash back on groceries, 1% cash back on bill payments, and 0.5% cash back on all other purchases.
Plus, this card comes with no annual fee which is rare for a cash back credit.
BMO CashBack Mastercard Features
Annual fee: $0
Purchase rate: 20.99%
Cash advance rate: 22.99% (QC: 21.99%)
Earn rate:
- Earn 3% cash back on eligible groceries.
- Earn 1% cash back on bill payments.
- Earn 0.5% on all other purchases.
Extra features:
- 0.99% introductory interest rate on balance transfers for 9 months (2% transfer fee).
- Extended warranty and purchase protection.
- Save on car rentals at participating National Car Rental and Alamo Rent a Car locations.
American Express Cobalt® Card
Teachers who love to use their March Breaks and summer holidays to travel may find the American Express Cobalt Card an attractive option. In the first year as a cardholder, you can earn up to 2,500 membership rewards points if you use your card to spend at least $500 within a billing period. That’s as many as 30,000 points that can be earned every year, which is the equivalent of $300 in travel credits.
Following that, you can earn 5 points for every $1 you spend on eligible groceries and restaurant orders, 2 points for every dollar spent on eligible gas and transit expenditures, and 1 point for every dollar spent on all other purchases.
American Express Cobalt Card Features
Monthly fee: $12.99
Purchase rate: 20.99%
Cash advance rate: 21.99%
Earn rate:
- Earn 5 points for every $1 spent on eligible restaurant purchases.
- Earn 3 points for every $1 spent on eligible streaming subscriptions.
- Earn 2 points for every $1 spent on eligible travel and transit purchases.
- Earn 1 point for every $1 spent on all other purchases.
Extra features:
- Mobile device insurance.
- Extensive insurance package (flight delay, baggage delay, hotel burglary, lost or stolen luggage, travel accident, rental car damage and theft).
Scotia Momentum® Visa Infinite Card
Another great cashback option for teachers is the Scotiabank Momentum Visa Infinite. The card allows you to earn 4% cash back on groceries and bill payments, 2% cash back on transit and gas purchases, and 1% cash back on all other purchases. You can then use all those rewards points to make purchases for your classroom.
While there’s a hefty annual fee of $120, that will be waived over the first year. Plus the high earn rate means you should be able to earn more than $120 worth of cash back every year.
Scotia Momentum Visa Infinite Card Features
Annual fee: $120 (waived for their first year)
Purchase rate: 20.99%
Cash advance rate: 22.99%
Earn rate:
- 4% cash back on groceries, subscriptions, and recurring bill payments.
- 2% cash back on transit and gas purchases.
- 1% cash back on all other purchases.
Extra features:
- Mobile device insurance.
- Extended warranty and purchase protection.
- Extensive insurance package (trip cancellation and interruption, travel Emergency medical, flight delay, delayed or lost baggage, travel accident, rental car damage and theft).
- Save on car rentals at participating National Car Rental and Alamo Rent a Car locations.
Brim Mastercard
The Brim Mastercard prides itself on being a convenient cash back, travel, and rewards credit card all rolled into one. What makes it even better is the fact that there are no annual fees to pay in exchange for these perks.
The card’s rewards point system, in particular, is very attractive and unlike any other, you’ll see elsewhere. You can earn as much as 30% rewards with hundreds of eligible retailers. That includes places like Indigo and Chapters, where you can stock up on books that you’d like to share with your students. For all other purchases, you’ll earn 1% in rewards.
You can also choose to pay for bigger purchases through installments to ease the burden on your bank account.
Brim Mastercard Features
Annual fee: $0
Purchase rate: 19.99%
Cash advance rate: 21.50%
Earn rate:
- Earn 1 for every $1 spent on all eligible purchases.
Extra features:
- Earn unlimited points.
- No foreign transaction fees
- Extended warranty program.
- Purchase security insurance.
- Mobile device insurance.
- Free Boingo Wi-Fi hotspots.
Tangerine Money-Back Credit Card
Free groceries are always welcome, whether or not you’re a teacher. The Tangerine Money-Back Credit Card is one of the best cards out there that can help you get free groceries faster.
Cardholders can earn 2% cash back on all purchases made within their choice of 2 money-back categories, including groceries. That includes groceries sold at Walmart Supercentres across the country, which is something you won’t normally see with the average Visa and or American Express cards. Earn 0.50% reward points on all other purchases.
Special Offer
Apply for a Tangerine Money-Back Credit Card by April 30, 2024. If you’re approved, you’ll earn an extra 10% back on up to $1,000 in everyday purchases made within your first 2 months.*
Tangerine Money-Back Credit Card Features
Annual fee: $0
Purchase rate: 19.95%
Cash advance rate: 19.95%
Earn rate:
- Earn up to 2% cash back on purchases in 2 categories of your choice.
- Earn 0.50% cash back on all other purchases.
Extra features:
- Unlimited cash back.
- Mastercard Zero Liability.
- Automatic earnings.
- Earn extra rewards with a 3rd category when you deposit your rewards into a Tangerine savings account.
- Promotional 1.95% transfer balance rate available for the first 6 months.
Factors To Consider When Choosing The Best Credit Card As A Teacher
Before you choose a credit card to apply for, there are certain important factors to assess first:
Annual Fee
Many credit cards come with plenty of attractive perks, but usually at a price in the form of a hefty annual fee. After you’ve gone through the list of benefits that come with the credit card, take a look at the annual fee charged. Luckily, there are some cards that offer perks yet come with a low or no annual fee.
Welcome Offer
As an incentive to get you to apply for a credit card, credit card companies offer a welcome bonus. This is often in the form of bonus rewards points or a low promotional interest rate.
Rewards
If you’re looking to make your money work for you and like the idea of earning points with every expenditure you make, consider applying for a credit card that offers a rewards system.
Interest Rate
The rate charged on a credit card is the amount that you must pay to the creditor on balances that you carry. Interest is only paid if you don’t repay the full balance amount before the end of the grace period.
Final Thoughts
Teaching is a rewarding profession, but it can require that you spend a little of your own money to customize your classroom as you see fit. Do your due diligence when choosing a credit card, and make sure to pick one that matches both your classroom needs and your lifestyle outside of work.
