Disclosure: the Wealthsimple link in this post is a referral link — if you apply through it, we may receive a referral bonus. The rankings won’t change either way.
Rates and fees verified November 8, 2026.
Cash back is the simplest reward a credit card can pay. There are no points to value, no blackout dates and no transfer partners to learn — the card pays you a percentage of what you spend, and that money comes back to you.
The best card still depends on where the money goes. A flat-rate card pays the same percentage on everything, which suits spending spread across many categories. A category card pays much more in one or two places — groceries, for example — and less everywhere else, which suits a household with one big, predictable bucket. The four picks below cover both approaches, so start with your spending, not with the headline rate.
See all eight cards side by side: Compare Credit Cards.
Best flat-rate: Wealthsimple Visa Infinite Privilege
Annual fee: $240/yr, billed $20/mo — waived with $100,000+ at Wealthsimple or $4,000/mo in direct deposits. Earn: 2% cash back on everything, with no cap. Foreign-transaction fee: 0%. Extended warranty: +1 year.
For high spenders who want one card and no categories: every purchase earns the same 2%, foreign spending costs nothing extra, and the fee disappears if you already bank or invest enough with Wealthsimple.
You can earn a 5% cash back boost for 30 days when you join with our code wealthsimple.com/invite/6WWDIQ and get approved for the 2% Wealthsimple credit card. T&Cs apply.
Best no-fee: Rogers Red World Elite Mastercard
Annual fee: $0. Earn: 2% on everything if you have a Rogers, Fido or Shaw service (1.5% without), and 3% on USD purchases. Foreign-transaction fee: 2.5% (applies to USD purchases). Extended warranty: +1 year. Income requirement: $80,000 personal / $150,000 household.
Terms change November 18, 2026 — the extra redemption bonus on Rogers bills ends and some travel insurance is removed; the earn rates above stay.
For Rogers, Fido or Shaw customers: if you already pay for one of those services, this is a straightforward way to earn 2% on everything without paying an annual fee.
Best for groceries & bills: Scotiabank Momentum Visa Infinite
Annual fee: $120/yr. Earn: 4% on groceries and recurring bills/subscriptions (combined first $25,000/yr, then 1%), 2% on gas, transit and delivery (first $25,000/yr), and 1% on everything else. Foreign-transaction fee: 2.5%. Income requirement: $60,000 personal / $100,000 household.
Note: since October 22, 2026, rent and tax payments earn 1%, not 4%.
For families whose grocery and subscription spend is the big bucket: the 4% rate covers the two categories most households spend the most on, month after month.
Best for Costco members: CIBC Costco Mastercard
Annual fee: $0 (Costco membership required). Earn: 3% on restaurants and Costco gas, 2% on other gas and EV charging (gas tiers capped at the first $5,000/yr) and on Costco.ca (first $8,000/yr), and 1% on everything else, including in-warehouse purchases. Cash back is paid once a year as a Costco certificate. Foreign-transaction fee: 2.5%.
For Costco households: it is the card built for the warehouse, the food court run and the fill-up on the way home, with no annual fee beyond the membership itself.
How to choose
- Choose a flat-rate card if you hate categories and want the same return on every purchase.
- Choose a category card if one bucket — groceries, for example — dominates your spending.
- Choose a no-fee card if your spend is under about $1,000/mo, where an annual fee is harder to earn back.
General information only — not financial advice.