Cash back is one of the simplest credit card rewards out there. No points to convert, no flights to book, no expiry dates to track. You spend, you earn a percentage back, and you can use it however you like.
Premium cash back cards take that a step further. In exchange for an annual fee, they typically pay a higher earn rate than no-fee cards, and often add perks like travel insurance or purchase protection. Some pay a flat rate on everything you buy, while others pay more on specific categories like groceries and gas. A quick note: some issuers sweeten the deal with a welcome bonus, but we're only looking at the standard, ongoing offers here. To help you sort through the options, we've put together a guide to what we think are some of Canada's best premium cash back credit cards based on fees, earn rates and features – sorted from A to Z. All info is verified as of July 2026. We're not going to tell you which one's the best, since that depends on how you spend and where, but we've tried to make it easier to compare.
How do premium cash back credit cards compare?
Here's a quick look at how some of Canada's premium cash back credit cards stack up.
Card name | Annual fee | Income requirement | Annual interest rate | FX rate | Base earn rate | Boosted categories | Earn cap |
|---|---|---|---|---|---|---|---|
| SimplyCash PreferredⓇ Card from American Express | $119.88 | Unknown | 21.99% | 2.5% | 2% | 4% cash back on groceries and gas, and 2% on all other purchases, plus mobile device insurance | $1,200 cash back annually |
| BMO CashBackⓇ World EliteⓇ MastercardⓇ | $139 | $80,000 personal or $150,000 household income | 21.99% | 2.5% | 1% | 3% groceries; 4% on transit (up to $300/month), 3% on gas and EV charging; 2% on recurring payments (up to $500/month) | Up to $500/mo; Up to $300/mo; Up to $300/mo; Up to $500/mo; Revert to 1% after |
| CIBC DividendⓇ Visa InfiniteⓇ | $120 | $60,000 personal or $100,000 household income | 21.99% | 2.5% | 1% | 4% gas, groceries, EV charging; 2% transportation, dining, recurring bills, and travel purchases through CIBC by Expedia | $20,000 in net annual purchases across bonus categories, or $50,000 in total. Revert to 1%. |
| Desjardins Cash Back World EliteⓇ MastercardⓇ | $100 | $80,000 personal or $150,000 household income | 20.9% | 2.5% | 1% | 4% on groceries; 3% on restaurants, entertainment, and alternative transportation | First $10,000/yr; First $6,000/yr; Then reverts to 1% unlimited |
| Neo World EliteⓇ MastercardⓇ - Gas & Grocery | $149 | $80,000 personal or $150,000 household income | 19.99% - 29.99% | 3% | 1% | 5% groceries; 4% recurring payments; 3% gas & EV charging | $1,000/mo; $500/mo; $1,000/mo; Revert to 1% after |
| Neo World EliteⓇ MastercardⓇ - Shop & Dine | $149 | $80,000 personal or $150,000 household income | 19.99% - 29.99% | 3% | 1% | 5% food & drink; 3% shopping | $1,000/mo; $1,000/mo; Revert to 1% after |
| Neo World EliteⓇ MastercardⓇ - Everywhere | $149 | $80,000 personal or $150,000 household income | 19.99% - 29.99% | 3% | 2% everywhere | ||
| RBC Cash Back Preferred World EliteⓇ MastercardⓇ | $99 | $80,000 personal or $150,000 household income | 20.99% | 2.5% | 1% | 1.5% all net purchases (including pre-authorized bill payments) | First $25,000/yr; Revert to 1% after |
| Rogers Red World EliteⓇ MastercardⓇ | $0 | $80,000 personal or $150,000 household income | 20.99% - 25.99% | 2.5% | 2% (w/ eligible Rogers service), otherwise 1.5% | 3% USD purchases | |
| Rogers Red World Legend™ MastercardⓇ | $495 | $150,000 personal or $200,000 household income | 20.99% - 25.99% | 0% | 2% (w/ eligible Rogers service), otherwise 1.5% | ||
| Scotia Momentum Visa InfiniteⓇ (+)™ | $120 | $60,000 - $80,000 personal or $100,000 - $150,000 household income; or $250,000 - $300,000 AUM | 20.99% | 0% | 1% | 4% groceries and recurring bill payments; 2% on gas, EV charging, and transit, and food-delivery | First $25,000/yr; First $25,000/yr; Revert to 1% after |
| TD Cash Back Visa InfiniteⓇ | $139 | $60,000 personal or $100,000 household income | 21.99% | 2.5% | 1% | 3% on groceries; 3% gas & EV charging; 3% public transit; 3% recurring bill payments, and streaming/digital gaming/media | First $15,000/yr (each category); Revert to 1% after |
| Wealthsimple Visa Infinite +* Card | $0 with $100,000 with us or qualifying direct deposit | $80,000 personal or $150,000 household income | 20.99% | 0% | 2% | n/a | n/a |
| Wealthsimple Visa Infinite* Privilege Card | $0 with $100,000 with us or qualifying direct deposit | $150,000 personal or $200,000 household income | 20.99% | 0% | 2% | n/a | n/a |
What is a cash back credit card?
A cash back credit card pays you a percentage of what you spend, in cash. You can usually redeem it as a statement credit, a deposit to a chequing or investment account, or sometimes a cheque in the mail. There's no points conversion to worry about, and no minimum redemption thresholds on most cards.
Cash back cards come in two main flavours. Flat-rate cards pay the same percentage on every purchase, which makes them easy to use but caps the upside. Category-based cards pay higher rates on specific spending (often groceries, gas, recurring bills, or restaurants) and a lower base rate on everything else. The right one for you depends on how predictable your spending is, and how much effort you want to put into optimizing it.
How do I choose a cash back credit card?
The right card depends on how you spend and how much effort you want to put into managing rewards. Here are five things to think about:
Map your spending. Look at the last three months of statements. If most of your spending is in one or two categories, a category-based card might earn you more. If your spending is spread out, a flat-rate card will often net you more in the long run.
Check the annual fee math. A card with a higher earn rate and a $139 annual fee only pays off if your spending is high enough to cover the fee plus generate more cash back than a no-fee card would. Do the math before applying.
Watch for category caps. Most category-based cards cap the boosted earn rate after a certain amount of spending per year. Once you hit the cap, you earn the lower base rate. This is where flat-rate cards can pull ahead.
Don't forget FX fees. Most Canadian credit cards charge a foreign exchange fee on purchases in foreign currencies - often 2.5% or more. If you travel or shop on U.S. sites regularly, a card with no FX fees can save you more than the cash back itself earns.
Look at how you redeem. Some cards only let you redeem cash back once a year as a statement credit. Others let you redeem any time, in any amount, to a chequing or investment account. The flexibility matters.