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Cashback Cards Showdown: BMO vs Tangerine vs Rogers
Comparing top cashback cards for Canadians who want to save big
Quick Picks
Best overall: Tangerine Money-Back Credit Card.
Best for grocery cashback: BMO CashBack Mastercard.
Best for cross-border spending: Rogers World Elite Mastercard.
Top Cashback Cards for Everyday Savings
Finding a credit card that maximizes everyday spending without annual fees is key for budget-conscious consumers. Let's compare three standout options: BMO CashBack Mastercard, Tangerine Money-Back Credit Card, and Rogers World Elite Mastercard.
BMO CashBack Mastercard
The draw here is the 3% cashback on groceries, which makes it ideal for those who frequently shop at supermarkets. However, the BMO CashBack Mastercard's 0.5% on general purchases is less appealing, especially with no sign-up bonus. Its no annual fee and Big 5 bank reliability are strong selling points for cautious spenders who prioritize grocery savings over other spending categories.
Tangerine Money-Back Credit Card
What sets Tangerine apart is its flexibility — 2% cashback in up to three categories of your choice, provided you have a Tangerine savings account. This card also offers a C$100 sign-up bonus, making it a strong contender for those who spend across varied categories. The only downside is the need for a Tangerine savings account to unlock the third category, but its overall unlimited cashback potential is hard to beat.
Rogers World Elite Mastercard
You'd pick this if you're a frequent cross-border shopper, thanks to its 3% cashback on US dollar purchases and no foreign transaction fees. However, it requires an $80,000 household income to qualify for World Elite status, which may not be accessible for everyone. Despite this, it offers substantial savings for those who travel or shop online in USD.
If you're seeking broader categories for cashback, the next set of cards offers diverse benefits for specific spending habits.
Diverse Cashback Opportunities
Let's explore options that provide specific advantages based on unique spending patterns, including student-focused and specialized category cards.
SimplyCash Card from American Express
Worth considering because it offers 2% cashback on gas and groceries with no annual fee, making it a solid secondary card for these categories. However, the Amex acceptance gap in Canada and a low base rate on non-category spending might limit its utility as a primary card.
BMO CashBack Mastercard for Students
The trade-off with this student card is a strong 3% cashback on groceries and an enticing 5% on all purchases for the first three months. However, after the initial period, the base rate drops to 0.5%, which might not be appealing for non-bonus purchases. It's a great starter card for students looking to build credit and earn cashback on essential purchases.
CIBC Dividend Visa Card for Students
Rogers World Elite Mastercard offers a standout feature for frequent cross-border spenders with 3% cashback on USD purchases and 1.5% on Canadian purchases. However, its requirement for an $80,000 household income makes it less accessible for many. Nevertheless, it's a top pick for those who frequently shop in the US or online in USD.
Neo World Elite Mastercard
For those who qualify, the Neo World Elite Mastercard combines premium benefits with top cashback rates. Despite a $149 annual fee, it promises significant rewards, especially for high spenders who can leverage the card's full potential. It's designed for those with substantial personal or household income.
While each card has its strengths, your choice ultimately depends on where you spend the most and the income requirements you can meet. For those who frequently shop in the US, Rogers is unmatched. Tangerine offers flexibility across categories, while BMO is a solid grocery card. Weigh your options and pick what aligns with your spending habits.
