Best Canadian cash back credit cards 17

There are so many credit cards available for you to use. Some of you may use fee based travel reward cards and some may use cash back cards. What I always liked was cashback credit cards. I used be a student and just started career 4 years ago so for me cash has been the king. That % of cash back from the credit card company really added up at the year end which was around $100-$150 annually. After I got married, I signed Amex costco credit card which has been serving me pretty well so far as I could use cheaper gas for my car (5-7cents per liter cheaper than regular gas stations) and earn cash back mileage for costco purchases. Lately Costco Canada parted away with Amex and signed up with Mastercard which is quite awesome for people who wasn’t able to use their own credit cards at Costco but debit or cash.

For some time I used TD cash back rewards which has given me 0.5% of cash back up to $3000 and 1% of cash back thereafter however I found out there are other more attractive credit cards than TD cash back rewards.

Here are my 3 favorite cards.

MBNA Smart cash Mastercard

• get up to 5% cash back on eligible gas and grocery purchases for the first 6 months
• get up to 2% cash back on eligible gas and grocery purchases thereafter
• get up to 1% cash back for all other eligible purchases
• No annual fee
• Car rental insurance
• Extended warranty- doubles warranty up to 1 year
• 90 days purchase protection

RBC cash back Mastercard 

• 2 % cash back on grocery
• 1 % cash back on all other purchases and pre-authorized payments
• No annual fee
• Get cash back credits when you need them- Two choices- Get full amount every time your cash back balance exceeds $25 or let it accumulate all year for a cash back credit on January statement
• 90 days of Purchase assuranc
• Extended warranty- doubles warranty up to 1 year

Costco Capital One Platinum mastercard

• 3% on restaurant purchases
• 2% on gas purchases
• 0.5% on the first $3,000 you spend annually on all other purchases, and 1% after that
• No annual fee
• There’s no limit on how much you can earn
• Get your cash back in January as a rebate coupon you can use to shop at Costco
• Double cash back offer- Earn 6% cash back at restaurants and 4% at gas stations on all your purchases – up to a combined total spend of $1,500 for both during the three-month promotional period. Earn 1% cash back on the first $3,000 you spend on all other purchases annually, and 2% after that. You’ll earn at these rates up to a total spend of $8,500 during the three-month promotional period.
• Price Protection, purchase assurance
• Extended Warranty which doubles manufacturer warranty up to two years
• Travel Accident Insurance;
• Car Rental Collision/Loss Damage Waiver; and,
• Baggage Delay Insurance.

So the best strategy would be using

• Costco Capital one card – restaurant, car rental, plane ticket, Costco gas and restaurant
• Use MBNA or RBC card- Grocery and everything else.

What credit card are you using to make you richer(ironically) every day?

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