The Cash Back War is On!

There are a handful of credit card companies that are really upping their game when it comes to cash back credit cards. Some promotions are permanent or indefinite, others are temporary.

For the past 2 years, I really felt that the Canadian credit card companies are putting more and more emphasis on cash back credit cards. Maybe they are capitalizing on people’s frustration with mile and points programs. Maybe it is more profitable, considering that there is no real lucrative sign up bonuses that are offered. Whatever the reason is, I really do believe that the current competitive in the cash back market is the best I’ve ever seen.

We are really starting to see the 4% and 5% bonus offers as a regular sighting. Below is a list of cash back credit card offers to watch out for, ranked by annual fees:

MBNA Smart Cash Platinum Plus MasterCard

• No annual fee
• Earn 5% cash back (on the first 6 months) on gas and grocery purchases on $400 worth of monthly (calendar month) purchases

American Express SimplyCash Card

• No annual fee
• Earn 5% Welcome bonus cash back on gas, grocery and restaurants purchases in Canada (up to $250 cash back for the first 6 months)

BMO CashBack MasterCard

• No annual fee
• Earn 4% cash back, up to $125 in the first 4 months (if you apply before August 31, 2017)

American Express SimplyCash Preferred Card

• $79 annual fee
• Earn 5% Welcome bonus cash back on all purchases (up to $400 cash back for the first 6 months)

Scotia Momentum Visa Infinite Card

• $99 annual fee
• $30 annual fee for a supplementary cardholder
• Earn 5% cash back in the first 3 months or the first $3,000 in purchases (if you apply before April 30, 2017)

CIBC Dividend Visa Platinum Card

• $99 annual fee (first year fee waived if you apply before June 30, 2017)
• Earn 4% cash back on all purchase up to $5,000 in the first 6 months (if you apply before March 31, 2017)

CIBC Dividend Visa Infinite Card

• $99 annual fee (first year fee waived if you apply before June 30, 2017)
• Earn 4% cash back on all purchase up to $5,000 in the first 6 months (if you apply before March 31, 2017)

BMO CashBack World Elite MasterCard

• $120 annual fee
• Earn 4% cash back on all purchases (up to $250 cash back) in the first 4 months (if you apply before August 31, 2017)

Conclusion

I did not count fixed reward credit cards or co-branded cash back cards. I focused only on pure cash back credit cards. Did I miss any?

Noticeably absent from the competition are National Bank, RBC and TD (granted there is MBNA). Imagine if they jumped into the action…