The last time I posted about top cash back credit cards in Canada, I picked the MBNA Smart Cash Card credit card that returns 1.0% on all purchases, 3% on gas/groceries, and a comprehensive insurance package and $0 in annual fees.
As I typically only promote credit cards with no annual fee, there is a fee based card that has a significantly larger return that pays for itself if you spend at least $6667 every year. This card is called the Capital One Cash World Mastercard (link).
The Cash Back Details
- 1.5% cash back on all net purchases.
- 20% cash back bonus annually.
- $100 bonus on first purchase
- No maximum rebate
- Cash back can be redeemed as you please
Comprehensive Insurance Benefits
- Price Protection – Find a lower price on a purchased item with this card within 60 days, and get up to $100 of the difference.
- Purchase Assurance – 120 days insurance in case of theft or damage.
- Extended Warranty – Doubles warranty up to 2 yr.
- Car Rental Collision and Damage Waiver.
- Trip Cancellation
- Trip Interruption
- Flight Delay
- Baggage Delay/Loss
- $500,000 Common Carrier Travel Accident Insurance.
How Do I Apply?
You can apply online(link).
If you spend $15,000 on this card per year, you will receive a rebate of $150 ($120 annual fee accounted for) which is equivalent to a 1% card. However, the rewards grow significantly as you cross the $15,000 threshold.
Combined with the “World” insurance benefits this card is a great choice for the bigger spenders (>$15k/yr).
The AMEX was my old pick, but this card has been discontinued..
Since then though, I have discovered a new cash back credit card that I believe beats out the rest and it’s also from American Express. It’s called the American Express Gold Cash Back Card and it returns 2% on purchases over $5000 for the year.
According to this thread on RedFlagDeals, here are the details on the American Express Gold card.
- 0.5% cash back on the first $2,500 in purchases.
- 1.0% cash back on the next $2,500 in purchases.
- 2.0% cash back on any amount over $5,000.
- No Maximum Rebate!
- Purchase Protection – 90 days insurance in case of theft or damage.
- Extended Warranty – Doubles warranty up to 1 yr.
- No Annual Fee
This card used to be an “invite only” card, but apparently now it’s available to the general public with no annual fee. The only requirement being that you make at least $30,000 in annual income.
How do you apply?
Apparently, the only way to apply for this card is via telephone: 1-800-268-2639.
I think I will be applying for this card in the near future for my Costco purchases. Even though the SPG credit card has a special place in my heart/wallet, this card is a very close second.If you would like to read more articles like this, you can sign up for my free weekly money tips newsletter below (we will never spam you).