Five Canadian Credit Cards with Cash Back and Low Interest Rates
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Unmatched convenience is provided by credit cards, which make it easier to pay for everything from regular needs like coffee runs to unforeseen emergencies like auto repairs. Cash back credit cards are unique among credit card options because of their rewarding characteristics.
Astute customers love these cards since they provide you the opportunity to receive cash rewards in proportion to your monthly spending. Choosing a low-interest credit card with cash back increases the usefulness of using credit cards.
Many cash back credit cards compete for consumers’ attention in Canada’s thriving credit card market, making the choosing process difficult. Here is a summary of five cash back credit cards that have attractive interest rates to help you make a decision. All of them are worth having in your pocket.
Mastercard with BMO CashBack World Elite
Annual Fees: $120 ($50 for each additional cardholder).
Cash Back Rewards: 1% on all other purchases, 2% on recurring bills, 3% on petrol, 4% on groceries and 5% on transit
Welcome Bonus: $0 yearly fee for the first year and 10% cash back in the first three months
One noteworthy feature is that it gives 5% cash back on supermarket purchases, with the first $1 in cash rewards redeemable. A minimum yearly income of $80,000 for an individual or a combined household income of $150,000 is required to be eligible.
Mastercard MBNA Rewards World Elite
Annual Fees: $120 ($50 for each additional cardholder).
Cash Back Rewards: A point-based programme that awards 5 points for every $1 spent in a variety of areas. Bonuses are awarded based on the total number of account points accrued over the previous year.
Remarkable feature: Designed with travellers in mind, offering flexible incentives that may be redeemed for cash, gift cards, trips, and donations to charity organisations. A household income of $150,000 or more annually or a personal income of $80,000 or more is required to be eligible.
Scotia Infinite Visa Momentum Card
Annual Fees: $120 ($50 for each extra cardholder).
Cash Back Rewards: Get 1% back on all other buys, 2% back on travel and gas, and 4% back on food and usual bills.
Welcome Bonus: No yearly fee for the main and extra cardholders in the first year, and earn 10% cash back in the first three months.
Notable Feature: MoneySense called this credit card the best cash back choice for 2022. It offers good protection for your purchases and extra warranty. To qualify, you need to make at least $60,000 a year as an individual or $100,000 as a family.
World Elite Mastercard from Brim
Annual Fees: $199 (Free with initial cardholder offer; $50 for each additional card).
Cash Back Rewards: A point-based programme that returns 2% of purchases as redeemable points
Welcome Bonus: There are chances to make $500 or more in first offers, and the annual price is free in the first year.
Notable Feature: Designed with frequent travellers in mind, the card easily links with well-known mobile wallets to allow contactless payments with no minimum purchase amount.
America Express SimplyCash Preferred Card
Annual Fees: $99 (free for each additional cardholder).
Cash Back Rewards: 2% cash back is awarded for all purchases, with no maximum incentives.
Welcome Bonus: For the first four months, save 10% on qualifying purchases, up to a maximum of $450 in cash back.
Notable feature: Provides a simple rewards programme with no minimum income needed, along with extensive purchase protection features.
In short:
Having dependable access to money is very important when prices around the world are going up and the economy is uncertain. When you get cash for what you buy, it helps with both everyday and big spending, and it also helps protect you from inflation. Picking a credit card that gives you cash back and has low interest rates can reward you for how much you spend and give you more freedom with your money.
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