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Finances & Real Estate Best No-Fee Credit Cards for Cash Back & Rewards (Canada)

Discussion in 'General Discussion' started by milquetoast, Nov 3, 2014.

  1. milquetoast

    milquetoast Senior Member

    This list is meant to help people make the most out of credit card rewards programs based on their spending habits. It is an update on a previous thread that I made called Credit Card Recommendations. It is a work in progress!

    - These credit cards are available to Canadians.
    - These credit cards do not have annual fees unless specifically marked.
    - These credit cards are not tiered unless specifically marked.

    If you are a heavy spender, tiered reward cards or cards with an annual fee may be more worth it for you (e.g. Scotia Momentum Visa Infinite). I will leave it up to you to do the calculation based on your own spending habits.

    This list is geared towards cash back rewards. If you are more interested in travel points, there may be better options (e.g. Capital One Aspire Travel). This list does not take into account other credit card perks like extended warranty, theft and price protection, travel insurance etc.

    Some credit card companies offer a sign up cash back bonus through Great Canadian Rebates (GCR). You need to sign up for an account but I and many others have received these offers successfully.

    General Spending and Bill Payments
    Amex SimplyCash (American Express) - 1.25% cash back
    $25 sign up bonus via GCR.

    Capital One Aspire Cash (MasterCard) - 1% cash back [Platinum 1.25% and World 1.50% bonuses grandfathered]
    $75 sign up bonus via GCR.

    Amex Gold Card with Cash Back (American Express) - 2% cash back [discontinued]

    MBNA SmartCash (MasterCard) - 2% cash back on groceries, gas; 1% everything else.
    $35 sign up bonus via GCR

    RBC Cash Bank (MasterCard) - 2% cash back on groceries; 0.5% tiered everything else

    Gas Stations

    MBNA SmartCash (MasterCard) - 2% cash back on gas, groceries; 1% everything else.
    $35 sign up bonus via GCR

    Capital One Costco Platinum (MasterCard) - 2% cash back on gas, 3% restaurants; tiered 0.5% for other purchases [only for Costco members]

    Amex TrueEarnings (American Express) - 2% cash back on gas, 3% restaurants; tiered 0.25% [discontinued]
  2. milquetoast

    milquetoast Senior Member

    Capital One Costco Platinum (MasterCard) - 3% cash back on restaurants, 2% gas; tiered 0.5% for other purchases [only for Costco members]

    Amex TrueEarnings (American Express) - 3% cash back at restaurants, 2% gas; tiered 0.25% [discontinued]

    Travel, Cross Border Shopping & Foreign Exchange
    These cards from Chase do not charge a foreign exchange fee (typically 2.5% for other cards) on top of the exchange rate. There is also a trick to get free cash advances with a positive balance which allows you to change money abroad through ATMs at great rates.

    Chase Amazon (Visa) - No forex fees, 2% cash back on at Amazon.ca; 1% everything else
    $20 Amazon.ca Gift Certificate on sign up

    Chase Marriot Rewards Premier (Visa) - No forex fees, earn hotel and travel points [$120 annual fee]
    First year annual fee waived, 5 free nights on sign up, 1 free night on anniversary date every year.

    Bill Payments that do not accept traditional credit card
    Many bills that do not accept credit card (tuition, municipal property tax and utilities like gas, water, electricity) can be paid with a Canadian Tire MasterCard through their online portal.

    Canadian Tire Options (MasterCard) - 1% cash back in Canadian Tire money

    CT Cash Advantage (MasterCard) - tiered rewards starting at 0.25% cash back

    Store Specific
    Many chains offer credit cards for their own stores (e.g. Target, HBC, President's Choice). Too numerous to list. They may or may not offer a superior reward compared to using other cards.

    Best Reward Cards with an Annual Fee
    Scotiabank Momentum Infinite (Visa) - 4% cash back on gas/grocery, 2% drug store and bill payments; 1% other purchases [$99 annual fee]
    First year annual fee waived + $55 sign up bonus via GCR

    Best Tiered Reward Cards
    To be written
  3. Can someone elaborate on this? Thanks!
  4. ChzPlz

    ChzPlz Guest

    Make a payment on your card so you have a positive balance, then take a cash advance from a U.S.ATM.

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