The Best Cash Back Credit Cards of 2015

Who doesn’t like free cash? If you are looking for a way to get a little extra back at the end of each month, a good cash back card is right for you. Most cash back cards offer you a percentage of your purchases as a reward. Cash back credit cards can help you make the most of your every day purchases.

Look for a cash back card that is likely to provide you with maximum rewards in the spending categories you use most. These credit cards are most effective when you use them to make every day purchases, and then pay off the balance each month.

Scotiabank Momentum VISA Infinite Card Scotiabank Momentum VISA Infinite Card – The Scotia Momentum VISA Infinite card is designed to reward you for your every day purchases and is the card I use for all my regular purchases and bill payments. You receive a full 4% cash back on gas station and grocery store purchases. Additionally, you receive 2% cash back on your recurring payments and on drug store purchases. All other purchases earn 1% cash back. There is a 21-day grace period before interest starts accruing. The Scotia Momentum VISA Infinite Card comes with a 19.99% AIR on purchases and 21.99% AIR on cash advances.

There is a minimum income requirement for this card: $60,000 a year for an individual and $100,000 for a household. This card comes with a $99 annual fee, but it can easily be overcome if you are smart about your spending, taking full advantage of the tiered system to get a higher cash back rate on common purchases.

MBNA Smart Cash MasterCardMBNA Smart Cash MasterCard – For the first six months of being an accountholder, you can get 5% cash back on qualified gas and grocery purchases. After the first six months, you get up to 2% cash back in these categories. All other spending comes with 1% cash back. Your cash back rewards are automatically mailed to you in the form of a cheque at the end of each billing cycle in which you reach $50 in cash rewards.

You can enjoy a 1.99% AIR on balances transfers for the first 10 months, which is a nice bonus for a card like this. The purchase AIR for the MBNA Smart Cash MasterCard is 19.99% and the balance transfer AIR is normally 21.99%. This credit card comes without an annual fee, which makes it attractive.

TrueEarnings Card from Costco and American ExpressTrueEarnings Card from Costco and American Express – Another tiered rewards card is the TrueEarnings Card from Costco and American Express. This card doubles as your membership card and is my choice when shopping at Costco since they don’t accept Visa or MasterCard. It comes with 3% cash back on restaurants and 2% cash back on gas purchases (up to $2,000 annually; after that level you get 1% cash back). You receive up to 1% cash back on other purchases (there is a tiered system starting at 0.25% cash back).

You will receive a 2.99% intro AIR for the first six months that you have the card. The rate is slightly lower than average for this type of card at 19.75%. The TrueEarnings Card from Costco and American Express also comes with purchase protection and travel accident insurance. There is no annual fee for the credit card, but since you have to pay a membership fee at Costco, and you have to be a Costco member to qualify for this card, there is a small fee. As a small convenience, Costco automatically bills your card for the annual membership fee.

Written by Tom Drake

Tom Drake is the owner and head writer of Canadian Finance Blog. While you’re here, consider signing up for the RSS feed or email subscription. Both deliver the latest articles directly to you! You can also follow me on Twitter for all the latest posts or to send me any comments or questions!

2 Responses to The Best Cash Back Credit Cards of 2015

  1. I love the Scotia Momentum Visa Infinite card. Just got my first cash back reward for our first year. $1203! Totally worth the hefty annual fee (which was waived for the first year). I think any family who drives and eats would benefit from this cash back card.

  2. the MBNA Smart Cash MasterCard card is garbage, they impose alot of limits so if say spend $2000 a month only $1250 counts towards the cash back, here is the convo i had with the rep:

    Ethan: For the first 6 months you will get 5% cash back rewards on all your eligible gas and groceries purchases made up to $400 per billing cycle and 1% cash back rewards on rest of your purchases made up to $1250 per billing cycle.

    Ethan: After 6 months you will get 2% cash back rewards on all of your eligible gas and grocery purchases made up to $400 per billing cycle and 1% cash back rewards on rest of your purchases made up to $1250 per billing cycle.

    you: ok so if i spend $5000 per month, only $1250 will qualify for the cash back?

    Eathan: It means in a given month the maximum 5% cash or 2% cash back you can earn is up to $400, that is say for e.g. the first month you spend $1650 on gas and groceries you will get 5% cash back for $400 and for the remaining $1250 you will only get 1%.

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