hey guys it's Adrian here the Canadian in a t-shirt and today I'll be breaking down
the seven Canadian cash back credit cards that I use on a daily basis in
2020 by using a combination of these seven credit cards I'm able to maximize
my overall cashback with every purchase earning me hundreds or even thousands of
dollars of extra money every single year everyone has different spending habits so
even though this strategy works great for me not all these cards will
necessarily work for you some of these cards come with an annual fee and some
of them are free some of them are easy for anyone to get
approved for and some of them require a strong credit score if you want to
improve your credit score check out my video on the basics of credit scores in
Canada and how to improve your credit in seven steps so click the pop-up at the
top right and then come back to this video so with that let's jump into my
personal top 7 cash back credit cards in Canada for 2020 I haven't made a credit
card video since the end of 2019 and since then a few credit cards have
changed their benefits so I want to start off this list with the biggest
update of all the Rogers world elite MasterCard this card used to be one of
my favorite credit cards in Canada and I praised it to no end in my past video
on the best no fee cash back credit cards in Canada but unfortunately this
card no longer makes the cut this card used to be a total gem it had no annual
fee and it offered a staggering 1.75 percent cash back on every single
purchase you made and best of all it offered a whopping 4 percent cash back
on all foreign purchases I used to use this card every time I would travel
outside of Canada or whenever I would buy something on amazon.com in US
dollars the only downside of this card was that it was hard to qualify for you
needed to have an income of at least $80,000 and a strong credit score to get
approved but unfortunately this card was too good to last
starting on June 2, 2020 this card is going to be significantly weakened the
base cash back rate of 1.75 percent has now been reduced to 1.5 percent but
that's not so bad it's still the best rate out there for a No Fee credit card
What hurts more is the drop in foreign currency cash back now this card will
only give you a 3% cash back and only if you make a purchase in u.s. dollars
there is no more bonus for any other foreign currency so if you're traveling
outside of Canada or the US you'll only get the base 1.5% cash back
but remember like all credit cards Rogers will charge you a 2.5%
conversion fee if you buy anything other than Canadian dollars so
now if you buy in US dollars you'll only get a net 0.5% cash back
and if you buy in any other foreign currency you'll actually lose a one
percent fee this hurts but even so I would continue to use this card at least
for u.s. dollar purchases if it wasn't for the last update and this one is a
real deal breaker for me before Rogers didn't care how much or how little you
use this card but now they require that you spend a minimum of fifteen thousand
dollars a year with this card that's crazy that's an average of one thousand
two hundred and fifty dollars every month with this view policy if you don't
spend at least fifteen thousand dollars at the end of the year with this card
then they'll kick you out and switch you over to another card or close your
account for me personally I only use this card on foreign purchases to get
that awesome four percent cash back for everyday purchases I use my American
Express which gives me a higher base rate of two percent cash back on
everything but with these new changes the Rogers world's elite MasterCard it's
only really useful for u.s. dollar purchases and I'm not going to be
spending fifteen thousand dollars a year on US purchases so unfortunately once
these changes take into effect on June 2nd I'll no longer be using this card
for foreign purchases when I travel I'll only be using the home trust preferred
Visa which I'll get to later but that's enough bad news let's get to the good
stuff my number one favorite credit card of all time is the American Express
simply cash preferred card I've had this card for six years and this is the card
that gives me the most cash back every single year I talked about this card
extensively in my first youtube video on the best Canadian cash back credit cards
so click the pop-up at the top right to check out all the details on this card
but I'll give you a quick summary now this card offers you two percent cash
back on every single purchase you make that's the best all-around cash back
rate available in Canada other cards on this list offer higher rates up to four
percent but only on particular categories like groceries or restaurants
so for everything else I use my American Express to get two percent this is my
fallback card this is especially useful on big purchases like hotels flights
vacations and furniture this card does come with a $99 annual fee but the two
percent cashback more than makes up for it as long as you spend at least five
thousand dollars a year with this card this card also comes with great benefits
like free auto insurance on car rentals and it lets you
buy tickets for concerts or sporting events three to five days before the
tickets go on sale to the general public I use this card every time I go to a
concert to avoid being sold out as an extra incentive if you use my referral
link in the box below you'll get a five percent promotional cashback rate on
every purchase you make for the first six months or the first six thousand
dollars you spend that's three hundred dollars of extra cash back plus I'll get
a small referral bonus as well just a heads up not all vendors in Canada
accept American Express all the big stores like Walmart Best Buy and Sobeys
they'll all accept Amex but some of the smaller stores might not so just to be
safe always carry a Visa or MasterCard with you at number 2 we have the Scotia
momentum Visa Infinite card this card offers a whopping four percent cashback
on groceries and recurring bill payments I hook up whatever monthly bills I can
to this card to get that awesome 4 percent cash back including my cellphone
internet Netflix and 407 some utility companies allow you to pay with Visa so
definitely use this card for that unfortunately mine doesn't so I have to
pay with debit I also use this card at any grocery store to get four percent
cashback but watch out Walmart is not considered a grocery store at least not
where I live so I don't get four percent at Walmart even if I am buying groceries
instead I use my American Express at Walmart to get that 2 percent cashback
this card does come with an annual fee of a hundred and twenty dollars but the
cashback more than makes up for it especially if you spend a lot on
groceries and bills if you spend at least $3,000 a year or $250 a month the
cashback already pays for itself as I mentioned my first credit card video if
you spend a lot of money on gasoline and groceries instead of bills then I would
suggest the CIBC dividend infinite visa or the TD Visa Infinite as a signup
bonus if you apply for this card by July 1st you'll earn a promotional cashback
rate of 10% on every single purchase you make for the first three months or the
first two thousand dollars you spend plus they'll waive the annual fee for
the first year this is an awesome sign up offer and even if you miss it the big
banks usually offer these great sign up bonuses every couple of months so keep
checking back at number 3 we have the Simplii financial cash back visa this
card offers an impressive four percent cashback on restaurants bars and coffee
shops I talked about this card in detail on my past video on the best no fee
credit cards in Canada so check out that video for more details this card has no
annual fee so you really have nothing to lose in getting it I use this card every time I
go to a restaurant or cafe to get that four percent cash back and it works whether
you dine in or get delivery an important point is that this four-person cashback
is limited to an annual spend of $5,000 if you spend more than five thousand
dollars a year on restaurants you'll only earn 0.5% cash back on this excess
amount five thousand a year is four hundred and sixteen dollars a month so
hopefully you're not spending that much money eating out to make this card even
better they're offering a signup bonus of ten percent cash back on all
restaurants bars or coffee shops for the first four months or the first five
hundred dollars you spend at number four we have the home trust preferred Visa I
use this card exclusively for foreign transactions whenever I'm traveling
outside of Canada or if I'm shopping online in US dollars this is one of the
very rare cards which does not charge a currency conversion fee almost every
other credit card charges you an upfront fee of two point five percent whenever
you're buying something other than Canadian dollars so by using this card
you're saving yourself that 2.5 percent fee so you can think of it as giving you
a two point five percent cashback on foreign purchases this card used to be
even better it used to give you on one percent cash back on every single
purchase you make now it only gives you one percent cash back on Canadian dollar
purchases a few months ago they changed their policy so they no longer offer a
one percent cashback on foreign purchases but they still waive the two
point five percent conversion fee now that Rogers world league MasterCard is
out of the picture home trust is the only card I use when I'm traveling this
card has no annual fee and it offers free roadside assistance so there's no
reason not to apply for it and number five we have the triangle world elite
MasterCard offered by Canadian Tire this card offers you four percent cashback
whenever you shop at Canadian Tire Sport Chek
and Marks this also includes auto service at Canadian Tire so if you're
getting your car repaired or if you're putting on your winter tires you'll get
four percent cashback on that service and that's great this card also gives
you five cents per liter at Canadian Tire gas stations and husky gas stations
if the cost of gas is sitting around one dollar per liter this card will give you
five percent cashback on gasoline which is even better than the CIBC
infinite visa but it only applies to those two gas stations there's a
Canadian Tire gas station really close to my house and if you drive on the 401
Highway in Ontario most of the OnRoute gas stations are
Canadian Tire so I use this card for most of my gasoline purchases to get
that 5% cash back this card also offers you a 3% cashback on groceries up to
$12,000 a year which is great but it's not as good as the four percent cashback
I get with my Scotia infinite visa so I use this card whenever I do groceries
the triangle card has no annual fee and it comes with free roadside assistance
plus a whole bunch of other benefits so it's really awesome value for a free
card the only two downsides is that this card is hard to qualify for they claim
that you need an income of at least eighty thousand dollars but if you have
a strong credit score you can probably get approved even with a lower income
they never checked my income or asked for any evidence when I applied for it so
give it a shot most importantly this card is not strictly speaking cash back
you don't earn cash with this card you earn Canadian Tire money so if I spent
$600 on new tires at Canadian Tire I'll earn four percent or twenty four dollars
in Canadian Tire money I can redeem this twenty four dollars of Canadian Tire
money the next time I shop at Canadian Tire Sport check marks or a few other
stores but I don't get this money as cash and I can't use it to pay my credit
card bill this is still a great card it doesn't cost you anything and it's very
useful if you shop at these stores but if you don't you won't really be able to
redeem this Canadian Tire money so keep that in mind and number six we have the
PC financial world Elite MasterCard I use this card every time I go to
Shoppers Drug Mart to get four point five percent cash back at shoppers just
like the Canadian Tire card this card doesn't give you cash it gives you PC
optimum points you can redeem ten thousand points to save you 10 dollars
whenever you shop at Shoppers Drug Mart or a bunch of grocery stores like
Loblaws Zehrs superstore valu-Mart and no frills I
only use it at shoppers to get four point five percent cashback worth of
points but you can also take advantage of the regular PC optimum offers like
the twenty times the points event at shoppers that you hear on the radio all
the time these can really save you a ton of money if you use them right this card
also offers you three percent of cashback worth of points at all the
grocery stores I mentioned earlier but that's not as good as the four percent
cashback I get with my Scotia momentum infinite so I use this card for all of
my groceries the PC master card also gets you three percent cashback worth of
points at Esso gas stations which is really good for a free card this card
has no annual fee but it does require an income of eighty thousand dollars to
apply again they don't ask for any proof as
long as you have a good credit score you should be fine and at number seven we
have the Scene Visa Card I use this card every time I go to the
movies at Cineplex theaters this card doesn't give you cash back it gives you
scene points that you can redeem to get free movie tickets or free popcorn or
drinks at the movie theater in my case this card gives me a whopping four point
eight percent cashback every time I go to the movies this card gives you five
scene points for every dollar you spend at Cineplex you can redeem one thousand
two hundred and fifty points for a free movie ticket either regular or 3D let's
do the math so to get 1250 points I need to spend $250 at Cineplex and that gives
me a free movie ticket and my theater a movie ticket cost $12 so I have to spend
$250 to get twelve dollars worth of value that's a cash back rate of 4.8%
different theaters have different ticket prices and the scene points conversion
differs if you buy premium movie tickets like IMAX or ultraAVX so using this
credit card you'll usually get a cash back rate between 4 and 5 percent which
is awesome if you love movies I only use this card at the movie theater never use
it anywhere else you'll get less than 1 percent cashback which is really weak
this card has no annual fee and anyone can qualify for it it's actually
targeted towards students so there's no income requirement and even if you have
a poor credit score you'll still get approved so those are the 7 Canadian
cash back credit cards that I use every day let's take a look at this table to
summarize the benefits of these cards and when to use them so whenever I'm
buying groceries or paying monthly bills I use my Scotia infinite visa to get 4
percent cash back whenever I go to a restaurant bar or cafe I use my Simplii
financial visa to get me 4 percent cash back I use my triangle world elite
MasterCard every time I shop at Canadian Tire, Sport Chek or Marks to get 4
percent cash back or if I go to a Canadian Tire gas station or husky gas
station for 5 percent cash back whenever I go to shoppers Drug Mart I use my PC
financial world Elite MasterCard to get me 4.5% cash back and
whenever I go to Cineplex movie theaters I use my Scene Visa card to get me 4.8%
cash back whenever I travel outside of Canada or whenever I
buy anything in foreign currency I use my home trust preferred visa to save me
that 2.5 percent conversion fee and then for everything else
I use my American Express simply cash preferred card to give me 2%
cash back on every single purchase so there you have it those are my seven
favorite Canadian credit cards that I use on a daily basis I've included a
link in the box below for each credit card if you'd like to sign up for them
including my referral link for the American Express card to get that five
percent signup bonus and be sure to check out my playlist on Canadian credit
cards to find out how to improve your credit score and to learn about the best
Canadian credit cards out there beyond the seven cards that I talked about
today thanks for watching guys and be sure to LIKE comment and subscribe if
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down everything you need to know about dividends. Thanks everyone and I'll see you
guys on the next episode of the Canadian in a t-shirt bye guys