There’s nothing like the convenience of credit cards. From small transactions like a cup of coffee to emergencies like a car repair, a credit card is an essential way to ensure you always have funds on hand.
While there are various credit card types and terms available to consumers, there are definite advantages to using cash back credit cards. A credit card with a cash back feature allows you to earn a percentage of your monthly purchases back as a cash reward. Choosing a cash back credit card with low interest is an ideal way to make the most out of using your credit card.
However, there are plenty of cash back cards currently on the market in Canada. With all the choice, it can be hard to narrow things done to just one. To help, here are five cash back cards with low interest. There will certainly be one worthy of a place in your wallet.
1. BMO CashBack World Elite Mastercard
Annual Fees: $120, $50 for additional cardholders
Cash Back Rewards: Five percent on groceries, four percent on transit, three percent on gas, two percent on recurring bills, and one percent on all other purchases
Welcome Bonus: 10 percent cash back during your first three months and no annual fee for the first year
The BMO Cash Back World Elite Mastercard is the only card in Canada that rewards consumers with five percent cash back on grocery store purchases. You can also access your cash rewards at any time for as low as $1. To qualify for this card, consumers must have an individual annual income of at least $80,000 or a combined household income of $150,000.
A unique feature of this credit card is its one percent rewards offer for all other purchases and unlimited rewards threshold. Bonus incentives for using this card include:
- Roadside assistance;
- Travel and medical protection;
- Free Wi-Fi access via Boingo, and;
- Discounts on car rental at National and Alamo.
2. MBNA Rewards World Elite Mastercard
Annual Fees: $120, $50 for additional cardholders
Cash Back Rewards: Points-based system. Earn five points for every $1 spent on grocery, digital media, household, restaurant, and membership purchases up to $50,000 annually in each category. Earn one point per $1 on all other eligible purchases
Bonus Rewards: Primary cardholders earn Birthday Bonus Points each year equal to 10 percent of total account points earned in the previous 12 months, up to 15,000 points annually
The MBNA Rewards World Elite Mastercard is the perfect cash back credit card for travellers. If you have a personal income of $80,000+ per year or a $150,000 annual household income, you have access to various rewards and features of this unique card. Flexible rewards points are redeemable for cash, gift cards, travel, and charitable donations.
With world travel more uncertain than ever, this card provides peace-of-mind with insurance for travel medical costs, delayed and lost baggage, and delayed flights and trips. Other incentives include:
- Trip assistance;
- Emergency cash transfer;
- Lost document and ticket replacement, and;
- 24/7 concierge services.
3. Scotia Momentum Visa Infinite Card
Annual Fees: $120, $50 for additional cardholders
Cash Back Rewards: Four percent on groceries and recurring bills, two percent on transit and fuel, and one percent on all other purchases
Welcome Bonus: 10 percent cash back during your first three months and no annual fee for the first year for primary and supplementary cardholders
The award-winning Scotia Momentum Visa Infinite Card is the ideal cash back credit card for everyday purchases or consumers new to credit. Named 2022’s best overall cash back credit card by MoneySense, this card offers a secure and reliable way to earn rewards. If you have a minimum annual income of $60,000 individually or $100,000 for your household, you can earn cash back on food, subscription services, travel, gas, and other daily purchases.
Purchase security and extended warranty protection are major features of this card. As such, most items are covered against theft, loss, or damage for 90 days after purchase. Better yet, manufacturers’ warranties are doubled for a period of one year.
4. Brim World Elite Mastercard
Annual Fees: $199, $0 introductory offer, $50 for additional cardholders
Cash Back Reward: Points-based system. Earn two percent of purchases back in redeemable points
Welcome Bonus: Annual fee waived in the first year. Earn $500 or more in first-time offers
The Brim World Elite Mastercard is ideal for business class. If you travel frequently for work or pleasure, this cash back credit card has got you covered. As such, there are several member benefits, including:
- Zero percent foreign transaction fees;
- Free global Wi-Fi;
- Flight delay insurance, and;
- Lounge key access.
In step with the growth of the digital economy, a unique feature of Brim is the ability to upload your card to your favourite mobile wallet like Apple Pay, Google Pay, and Samsung Pay. With no purchase limit, this cash back card gives you the freedom of contactless payment for any purchase type.
5. SimplyCash Preferred Card from American Express
Annual Fees: $99, $0 for additional cardholders
Cash Back Reward: Earn two percent cash back on all purchases with no rewards limit
Welcome Bonus: Earn 10 percent cash back on eligible purchases in the first four months of membership up to $450 cash back
The SimplyCash Preferred Card from American Express is the perfect low interest cash back credit card for Canadians who love to shop. There’s no minimum income threshold, and the rewards structure allows you to earn two percent cash back on all purchases with no rewards limit. To protect your purchases, this card includes online and in-store shopping coverage, extended manufacturers’ warranties, and purchase protection.
If you have a friend or family member looking for a cash back card, refer them to SimplyCash to earn up to $1,500 cash back.
Bottomline
With prices of goods rising worldwide and the economy facing increased instability, it’s essential to have reliable access to funds when and where you need it. Earning back money from your purchases is also a clever way to buffer against inflation. Choosing a low interest cash back credit card provides you with exclusive benefits for your everyday purchase and larger expenditures.
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