Best 2% Cash Back Credit Cards in Canada for January 2025

This cash back card offers the best of both worlds: 2% cash back across all spending and 4% back on groceries and gas. It does come with a reasonable annual fee, which is paid monthly. That said, its cash back earnings easily outpace the annual fee and then some, plus it offers built-in travel insurance and other Amex perks.

Learn more: Read our SimplyCash Preferred Card from American Express Review

• Earn a bonus 10% cash back on all purchases for your first 3 months (up to $2,000 in purchases). Plus, earn a $50 statement credit when you make a purchase in month 13. This could add up to $250 in bonus value in your first 13 months.
• Earn accelerated earn rates on eligible gas and grocery purchases
• Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually) and 2% cash back on all other purchases
• Access events and special offers curated for Cardmembers with Amex ExperiencesTM
• Extensive insurance coverage and 24/7 Customer Service
• American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment

This card offers a 2% rate on the two areas hardest hit by inflation in Canada: groceries and gas. The icing on the cake is that it comes with no annual fee, a slightly above average 1.25% base rate and even has some other perks like a little travel insurance.

Learn more: Read our SimplyCash Card from American Express Review

• In your first 3 months as a new SimplyCash® Card from American Express Cardmember, you can earn a bonus 5% cash back on all purchases (up to $2,000 in purchases). That’s on top of your everyday cash back earn rates. That’s up to $100 in bonus cash back.
• Earn 2% cash back on eligible gas purchases in Canada, 2% cash back on eligible grocery purchases in Canada (up to $300 cash back annually), and 1.25% cash back on all other eligible purchases
• Access events and special offers curated for Cardmembers with Amex ExperiencesTM
• Insurance coverage and 24/7 Customer Service
• American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply

This card is unique in that it allows you to customize where you earn the most cash back. Users can choose two of 10 spending categories that will earn 2% cash back (without limits) and get 0.5% on everything else. If you opt to deposit your cash-back rewards into a Tangerine Savings Account, you get to add a third category that earns 2% cash back as well.

That said, it is a bit sparing when it comes to other perks, but if you meet the income requirements for its high-end counterparts, the Tangerine Money-Back World Mastercard, you can get a few more frills, like travel perks, rental car collision loss/damage insurance and mobile device insurance.

Learn more: Read our Tangerine Money-Back Card Review

• Welcome bonus of 10% cash back on up to $1,000 in purchases in your first two months ($100 value). Terms Apply.
• 2% cash back in two spending categories of your choice, including grocery, furniture, restaurants, hotel or motel stays, gas, recurring bill payments, drug store, home improvement, entertainment, public transportation and parking
• Earn 2% cash back in a third category of your choice when you opt to deposit cash-back rewards into a Tangerine Savings Account
• Cash back is unlimited and paid monthly
• 0.5% cash back on all other spending with no limit
• Forbes Advisor estimates based on average Canadian spending that you can earn $302.69 in cash back per year by using this card
• Includes extended warranty and purchase protection
• Balance transfers made in your first 30 days get a 1.95% interest rate on the transferred balance for six months

The Tangerine World Mastercard is similar to the Tangerine Money-Back Credit Card in that cardholders can choose two of 10 spending categories that will earn 2% cash back (without limits) and get 0.5% on everything else. They can also add a third category if they deposit cash back into a Tangerine Savings Account. The only real difference is that the World Mastercard gets you a few more frills, like travel perks, rental car collision loss/damage insurance and mobile device insurance.

• The welcome bonus offers an extra 10% cash back on up to $1,000 in purchases made within the first two months of owning the card. Terms Apply
• Earn 2% cash back in two spending categories of your choice, including groceries, furniture, restaurants, hotels, gas, recurring bill payments, drug stores, home improvement, entertainment, public transportation and parking
• If you deposit your rewards into a Tangerine Bank savings account, you get a third 2% cash-back spending category
• All other spending categories earn 0.5% cash back
• The card carries an estimated annual net earnings of $302.69 per year based on average Canadian spending
• The card requires an annual minimum income of $60,000 personal, $100,000 in household income or $250,000 or more in Tangerine Bank Savings Accounts or Investment Fund Accounts
• No annual spending cap for any categories
• A balance transfer rate of 1.95% for six months
• Credit card balance protection
• Rental car insurance
• Cell phone insurance
• Airport lounge access provided by DragonPass
• Checked baggage insurance

The Scotiabank Momentum Visa offers 2% cash back on gas, groceries, drugstore purchases and recurring bill payments and 1% after that. It also has a decent balance transfer offer. Beyond that, it’s pretty basic for a card with an annual fee, even if it’s low, only offering car rental discounts, purchase security and extended warranty coverage.

• Get a 2.99% introductory interest rate on purchases and balance transfers for the first 6 months (19.99% on purchases/22.99% on cash advances including balance transfers after that; annual fee $39)
• Earn 2% cashback for every $1 you spend at eligible gas stations, grocery store, drug store purchses and recurring bill payments¹
• Earn 1% cashback on all other eligible cashback purchases¹
• Rates, fees, offers and other information are effective as of November 1, 2024. Subject to change.