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Current 10% Cash Back Portfolio for January 2021

It seems like cash back credit cards have really come into their own in Canada and there are lots of cash to be had. So today, we are going to give a try to a new monthly post idea, regarding credit cards that offer at least 10% cash back.

We were will be listing the 10% or more cash back offers on a monthly basis by splitting them into 2 categories, permanent and temporary offers.

Permanent 10% and above cash back offers for January 2021

Below are the companies who currently offer permanent 10% bonuses. However, keep in mind that since there is no end date on the offer, it also means that they can end it anytime without notice. We have listed the credit cards in alphabetical order.

American Express SimplyCash Preferred Card

  • $99 annual fee
  • No annual fee for a supplementary cardholder
  • Earn 10% cash back on all purchases in the first 4 months or up to $4,000 on all purchases (whichever comes first)
  • Earn 2% cash back on all other purchases and when the 10% bonus ends

With a $99 annual fee, the net maximum 10% cash back on all spending is $301 (10% x $4,000 – $99).

ManulifeMONEY+ Visa Infinite

  • $99 annual fee (first year fee waived)
  • Earn 10% cash back on grocery store purchases on the first $2,500 in purchases or the first 3 months (whichever comes first)
  • Earn 3% cash back on grocery store purchases (on the first $25,000 in purchases annually)
  • Earn 2% cash back on travel purchases purchases (on the first $25,000 in purchases annually, then 1% for all other purchases)
  • Earn 1% cash back on all other purchases

Since the $99 annual fee is waived, the net maximum 10% cash back on grocery spending is $250 (10% x $2,500).

Simplii Financial Cash Back Visa Card

  • No annual fee
  • Earn 10% cash back on restaurants and bars purchases on up to $500 in spending or within the first 4 months (whichever comes first)
  • Earn 4% cash back on restaurants and bars (after the bonus offer expires)
  • Earn 1.5% cash back on gas, groceries, drugstore purchases and pre-authorized payments
  • Earn 0.5% cash back on all other purchases
  • Have at least $15,000 in personal annual income

There is no annual fee, so the net maximum 10% cash back on restaurant and bars spending is $50 (10% x $500).

Temporary 10% and above cash back offers for January 2021

These are companies that have or currently offer 10% cash back bonuses on their cards which specific start and end dates. So for this list, I listed the cards based on expiry dates of the promotion, by putting the most recent one on top.

Scotia Momentum Visa Infinite Card

  • $120 annual fee (first year fee waived if you apply before February 28, 2021)
  • $50 annual fee for a supplementary cardholder
  • Earn 10% cash back on all purchase in the first 3 months or up to $2,000 in spending (if you apply before February 28, 2021)
  • Earn 4% cash back for every $1 spent on grocery purchases and recurring bill payments
  • Earn 2% cash back for every $1 spent on gas and daily transit
  • Earn 1% cash back for every $1 spent on all other purchases
  • Have at least $60,000 in personal annual income, $100,000 in annual household income or $250,000 in assets under management

Since the $120 annual fee is waived, the net maximum 10% cash back on all spending is $200 (10% x $2,000).

TD Cash Back Visa Infinite Card

  • $120 annual fee (first year fee waived if you apply before May 30, 2021)
  • $50 annual fee for supplementary cardholders
  • Earn 10% cash back on all purchase in the first 3 months or up to $2,000 in spending (if you apply before May 30, 2021)
  • Earn 3% cash back on gas, grocery and recurring bill payments thereafter (on first $15,000 in annual spending per category, including the 3 month bonus promotion)
  • Earn 1% cash back on all other purchases
  • Have at least $60,000 in personal annual income or $100,000 in annual household income

Since the $120 annual fee is waived, the net maximum 10% cash back on all spending is $200 (10% x $2,000).

BMO CashBack World Elite MasterCard

  • $120 annual fee (waived the first year if you apply before October 31, 2021)
  • Earn 10% cash back on all purchase in the first 3 months or up to $2,000 in spending (if you apply before October 31, 2021)
  • Earn 1.5% cash back on all purchases
  • Receive cash back: (1) direct deposit into a BMO chequing, savings or InvestorLine account; or (2) a statement credit
  • Redeem: (1) annually; (2) when a recurring amount has accumulated a minimum of $50 and in increments of $10; or (3) a one-time lump sum with a minimum of $50 and in increments of $10

Since the $120 annual fee is waived, the net maximum 10% cash back on all spending is $200 (10% x $2,000).

Rotate and Repeat Cycle

You will notice that none of the cards offer unlimited 10% cash back, it is only for a specific time period or spending amount. To be able to earn at least 10% on as many purchases as possible year round, it would take some strategic rotating between the available cards. You will also want to stay up to date on the latest offers, because when one promotion runs out, you will need to catch the next one.

If you go ahead with this strategy, be sure to study the rules of churning related to each specific company. That being said, there should be enough credit cards to go around whereby when you cycle back, it may be enough time in between, so proceed with caution as churning is frowned upon by credit card companies. You can refer to this post on how to mitigate issues with credit card companies. Be sure to follow the rules and have fun with it!

Did we miss any credit cards? Please let us know in the comment section below!

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Pointshogger aims to provide analysis and updates on earning loyalty reward points and maximizing the value of your points. We hope to inspire our readers to experience the joy of travel and make the most out of what they've already got!

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