5 Canadian Cash Back Credit Cards with Low Interest
In today’s fast-paced world, credit cards have become an essential financial tool for many Canadians. They offer convenience, security, and a range of benefits, including cash back rewards. If you’re looking for a credit card that combines cash back benefits with low-interest rates, you’re in luck. We’ve compiled a list of the top 5 Canadian cash back credit cards that offer both.
1. Scotiabank Momentum Visa Infinite Card
The Scotiabank Momentum Visa Infinite Card is a favorite among Canadians looking for cash back rewards and low-interest rates. With this card, you can earn up to 4% cash back on eligible gas and groceries, 2% on recurring bills and drugstore purchases, and 1% on all other eligible purchases. Plus, it offers a competitive interest rate, making it an excellent choice for those who may carry a balance.
2. Tangerine Money-Back Credit Card
The Tangerine Money-Back Credit Card is known for its simplicity and flexibility. Cardholders can choose two categories to earn 2% cash back, and 0.5% cash back on all other purchases. There are no annual fees, and the card also boasts a low-interest rate, making it an attractive option for budget-conscious individuals.
3. SimplyCash Preferred Card from American Express
American Express is known for its premium rewards cards, but the SimplyCash Preferred Card offers the best of both worlds – cash back rewards and a low-interest rate. Cardholders can earn 2% cash back on all purchases, with no limit on the amount of cash back you can earn. Additionally, new cardholders can enjoy a 10% cash back bonus for the first four months.
4. BMO CashBack Mastercard
The BMO CashBack Mastercard is an excellent choice for those seeking cash back rewards with a low-interest rate. Cardholders can earn 3% cash back on groceries, 1% on recurring bills, and 0.5% on all other purchases. What sets this card apart is its low introductory interest rate on balance transfers, making it a valuable tool for consolidating debt.
5. CIBC Dividend Visa Card for Students
For students looking to build their credit while earning cash back rewards, the CIBC Dividend Visa Card for Students is an ideal option. Cardholders can earn 2% cash back on eligible groceries and up to 1% on other eligible purchases. This card also comes with a low-interest rate, making it perfect for students on a budget.
How to Choose the Right Card for You
When selecting a cash back credit card with a low-interest rate, it’s essential to consider your spending habits, financial goals, and creditworthiness. Here are some tips to help you make the right choice:
- Evaluate Your Spending: Take a close look at your monthly spending patterns. Do you spend more on groceries and gas, or do you prefer a card with a flat cash back rate on all purchases?
- Consider Your Credit Score: Some cards may require a higher credit score for approval. Ensure you meet the eligibility criteria for the card you’re interested in.
- Introductory Offers: Take advantage of introductory offers, such as bonus cash back or low introductory interest rates, to maximize your savings.
- Annual Fees: While most of the cards listed here have no annual fees, be sure to check the terms and conditions.
- Redemption Options: Consider how you want to redeem your cash back – as a statement credit, a deposit into your bank account, or other options.
In conclusion, these Canadian cash back credit cards offer the perfect combination of cash back rewards and low-interest rates. By carefully evaluating your financial needs and spending habits, you can choose the card that best suits your lifestyle and helps you maximize your savings. Remember to use credit responsibly and pay your balance in full each month to make the most of these cash back benefits.