The Top Cash Back Credit Cards for 2020


Rewards Canada’s fourth annual Top Cash back Credit Card rankings are now up on the main Rewards Canada site! They are out later than usual when compared to the past and this due to the fact that I changed the way we rank the cards and also how we’ll update it. No longer will the rankings be a once a year set list not to be touched until the following year. They are now dynamic and will be updated as required based on the various cards welcome offers, earn rates and benefits. If one of the top card changes and say comes out with a super strong welcome bonus chances are it will move up the list and vice versa. The other big change is how we rank the cards as based on feedback we put a heavy focus on the actual cash back earned, especially in the first and second years. This really changed the rankings as there are cards right now that are being offered as first year free and have a 10% welcome earn rate. Those cards all do well in the rankings thanks to those offers but as I already mentioned once those offers disappear or another great offer comes out the rankings can and will change. I’ll be sure to provide an updated post here on the Rewards Canada blog each time the rankings do change.

The rankings are also somewhat subjective as I took a set breakdown of spending and spend levels to compare how much cash back is earned on each card. That spending breakdown will totally vary for each and every person. I would love to hear from our readers on what you think about the spending breakdown percentage and what it actually looks for you. The more feedback I can get from a wide variety of readers with a different spending habits I feel the more accurate I can make that breakdown for the majority of the population. This is the spending breakdown I used for this version of the Top Cash Back Credit Card rankings:

  • 30% Groceries
  • 5% Dining
  • 10% Gas
  • 10% Travel
  • 5% recurring bills
  • 40% other

Click here to check out the current Top Cash Back Credit Cards for 2020!