5 Canadian Cash Back Credit Cards with Low Interest

Choosing the right cash back credit card can be a game-changer for your finances. Not only can you earn rewards on your everyday purchases, but with a low-interest rate, you can also save on interest charges. Here are five top Canadian cash back credit cards with low interest rates to consider in 2024.

1. Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit Card is a popular choice for its flexibility and simplicity.

  • Cash Back Rate: Earn 2% cash back on up to three categories of your choice and 0.5% on all other purchases.
  • Interest Rate: 19.95% on purchases and balance transfers.
  • Annual Fee: $0
  • Additional Benefits: No annual fee, flexible reward categories, and easy online management.

2. MBNA Smart Cash Platinum Plus® Mastercard®

The MBNA Smart Cash Platinum Plus® Mastercard® offers generous cash back rewards and a competitive interest rate.

  • Cash Back Rate: Earn 2% cash back on groceries and gas, and 0.5% on all other purchases.
  • Interest Rate: 19.99% on purchases and balance transfers.
  • Annual Fee: $0
  • Additional Benefits: Welcome bonus of 5% cash back on groceries and gas for the first 6 months (up to $500 in purchases per month).

3. Scotia Momentum® No-Fee Visa* Card

The Scotia Momentum® No-Fee Visa* Card is ideal for those who want to earn cash back without an annual fee.

  • Cash Back Rate: Earn 1% cash back on eligible gas station, grocery store, drug store purchases, and recurring bill payments; 0.5% on all other eligible purchases.
  • Interest Rate: 19.99% on purchases and 22.99% on cash advances.
  • Annual Fee: $0
  • Additional Benefits: No annual fee, enhanced security features, and purchase protection.

4. BMO CashBack® Mastercard®

The BMO CashBack® Mastercard® offers straightforward rewards and low fees.

  • Cash Back Rate: Earn 3% cash back on groceries, 1% on recurring bill payments, and 0.5% on all other purchases.
  • Interest Rate: 19.99% on purchases and 22.99% on cash advances.
  • Annual Fee: $0
  • Additional Benefits: Introductory offer of 5% cash back on all purchases for the first 3 months (up to $2,000 in spending).

5. SimplyCash™ Card from American Express

The SimplyCash™ Card from American Express is known for its straightforward cash back program and no annual fee.

  • Cash Back Rate: Earn 2% cash back on gas and groceries, and 1.25% on all other purchases.
  • Interest Rate: 19.99% on purchases and 21.99% on funds advances.
  • Annual Fee: $0
  • Additional Benefits: Access to American Express Invites®, including special offers and experiences.

Conclusion

Finding the right cash back credit card with a low-interest rate can help you maximize your rewards while minimizing costs. Consider your spending habits, reward preferences, and financial needs to choose the best card for you. Whether you prioritize flexibility, higher cash back rates, or additional perks, these five options offer excellent benefits for Canadian consumers.