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GreedyRates.ca

May 10, 2016 07:06 ET

GreedyRates.ca Releases the Best Canadian Cash Back Credit Card Rankings for 2016

MONTREAL, QUEBEC--(Marketwired - May 10, 2016) - GreedyRates.ca released its Best Cash Back Credit Card Rankings in Canada for 2016. Winners were selected and evaluated based on the amount of cash back earned, program flexibility, ease of use, fees and benefits.

Cash back credit cards are the fastest growing category of credit cards in Canada. Several banks have launched new cash back cards in 2016 and heated competition has forced many to dramatically improve cash back rates and cash back redemption programs - all to the benefit of Canadian consumers.

"Canadians love cash back cards and banks are finally catching-on," said Marc Felgar, Founder of GreedyRates.ca. "Compared to points, they're simple to understand, offer great value and redeeming is hassle free. Whereas the rich value propositions offered by travel cards have largely benefitted higher income earners, cash back cards are a boon to the average Canadian looking for comparably strong rewards on everyday spend."

Many banks have more than doubled their cash back rates for 2016, offering a wide range of value propositions, including 5% cash back promotions on gas, groceries & restaurants, 2% flat cash back on all spend, no foreign transaction fees and elite level perks such as travel medical insurance.

"Cash back cards are attracting two types of cardholders. The first, are those who want no fee rewards on everyday transactions like gas, groceries, restaurants and pharmacies.

Those cardholders are replacing their debit cards, and poor value rewards credit cards with cash back cards."

"The second group is switching to cash back because they are frustrated by traditional points and miles programs that have black-out dates, seat restrictions, hidden fees, expensive merchandise, and complicated redemption processes," said Felgar. "They want simplicity, value and transparency."

To measure the value of each cash back credit card, GreedyRates checked how much cash back each card earned at 5 different spend levels. GreedyRates took into account annual fees, welcome bonuses, perks, benefits and redemption schemes.

Best Canadian Cash Back Credit Card Winners

Best Bonus Category Cash Back Credit Card Winners:
Winner (No Annual Fee): The Tangerine Money-Back Credit Card
Winner (Annual Fee): The Scotia Momentum Visa Infinite Credit Card
Best Flat-Rate Cash Back Credit Card Winners:
Winner (No Annual Fee): SimplyCash Card from American Express
Winner (Annual Fee): MBNA Rewards World Elite MasterCard
Best Specialty Cash Back Credit Card Winners:
Winner (No Foreign Transaction Fees): Rogers Platinum MasterCard
Winner (Retail Cash Back): President's Choice MasterCard World Elite
Best Promotion Cash Back Credit Card Winner:
Winner: BMO Cash Back MasterCard

To read the full cash back credit card rankings and reviews of each winner please visit the Best Cash Back Credit Card Rankings in Canada For 2016.

About GreedyRates:

GreedyRates.ca is one of Canada's leading credit card comparison and review websites. Consumers can compare Canada's best credit cards by entering their credit card spend and preferences to get personalized results and recommendations!

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