Best Cash Back Credit Cards In Canada For May 2023 - Forbes

Not many cards are high-earning, have excellent perks and give cash back, but this card is a notable exception.

Rewards: Earn 3% cash back on groceries and gas, as well as on recurring bill payments. Dining, entertainment, travel and online purchases all earn just 1% cash back.

Welcome Offer: Earn 10% cash back on all purchases for the first three months of owning the card, up to $2,000. After reaching this limit, all gas, grocery, and recurring bill payments earn 6% for another $1,500, so long as these purchases are also made within the first three months of owning the card. After your first $2,000 in purchases, gas purchases, grocery purchases and pre-authorized payments will continue to earn 6% up to a total spend of $3,500 for the first 3 months.

Annual Fee: $120 (Get an annual fee rebate in the first year)

Other Benefits and Drawbacks: In addition to cash back, this card offers a number of insurance plans, including $2 million in emergency travel medical insurance for a maximum of 10 days and rental car insurance covering the value of vehicles up to $65,000 MSRP. If you collect Starbucks Rewards, this card also gives you 50% more Starbucks Stars when you link it to your Starbucks Rewards app. The only drawbacks to speak of are the higher $120 annual fee and the income requirements, which are $60,000 annual personal income or $100,000 annual household income.