The Best Cash Back Credit Card Welcome Bonus Offers for January 2024

Here are Rewards Canada’s Top 5 Cash Back Credit Card Sign Up offers for the month of January. This is not a ‘best’ credit card list like our recently released Top Cash Back Credit Card rankings but instead a look at cards that have very good cash back welcome bonus sign up offers. This list includes cards that may not be considered as your typical cash back cards but have cash back rewards as part of their offerings.

As always when choosing a card you should always take other factors into account other than the just sign up bonus, but when some of these cards are first year free, they can and do pay off even when you grab them strictly for the sign up rewards.

The Best Cash Back Credit Card Sign Up offers for January 2024:

TD Cash Back Visa Infinite Card

Welcome offer cash back value: $350

This card holds on to the top spot but now with an additional $60 in value with its newly released welcome bonus. This card is offering 10% cash back on a total spend of $3,500 in Gas Purchases, Grocery Purchases and Pre-Authorized Payments in the first three months. The card does come with a first year annual fee waiver on the primary card and allows to redeem as little as $25 cash back at anytime for a statement credit. You must apply by Jan 3, 2024  and this offer is not available for Quebec
Minimum Income: $60,000 (individual) or $100,000 (household)

Apply here for the TD Cash Back Visa Infinite Card

 

---

TD First Class Travel^® Visa Infinite* Card

Welcome offer cash back value: $337.50

Technically a travel rewards card however the welcome bonus of 135,000 points when converted to cash back statement credits allows it to crack into the top 5 cash back welcome offers! With a cash back value of 1/4 cent per point the 135,000 points are worth $337.50 and the card has no annual fee in the first year so you can enjoy the full value of the points. The bonus is awarded as 20,000 TD Rewards Points when you make your first purchase with your Card and 115,000 TD Rewards Points when you spend $5,000 within 180 days of account opening. You must be approved for the offer by Mar 4, 2024 and this offer is not available for Quebec
Minimum Income: $60,000 (individual) or $100,000 (household)

Apply here for the TD First Class Travel Visa Infinite Card

 

---

SimplyCash™ Preferred Card from American Express

Welcome offer cash back value: $280.12

The best ‘true’ cash back card in Canada offers for the first ten months a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months. The card has a $9.99 monthly fee so your cash back value after one year is $280.12  ($400 – $119.88)
Minimum Income: N/A

Apply here for the SimplyCash™ Preferred Card from American Express

 

---

BMO CashBack World Elite Mastercard

Welcome offer cash back value: $260

This card is offering 10% cash back for the first three months on up to $2,600 of spending. The 10% on $2,600 in spending is split as follows: up to $500 qualified spend in grocery, up to $300 qualified spend in transit, up to $300 qualified spend in gas and electric vehicle charging, up to $500 qualified spend in recurring bill payments, and up to $1000 qualified spend on all other purchases. So if you can remember to meet all those split spending requirements you can earn $260 cash back with the bonus and BMO are also offering a first year annual fee rebate so you can enjoy the full value of the cash back! With BMO you can redeem your cash back any time your rewards balance reaches $1.
Minimum Income: $80,000 (individual) or $150,000 (household)

Apply here for the BMO CashBack World Elite Mastercard

 

---

This card is offering 10% cash back for the first four statement periods on up to $2,000 of spending. That means you can earn $200 cash back with the bonus and CIBC are also offering a first year annual fee rebate so you can enjoy the full value of the $200 cash back! With CIBC you can redeem your cash back any time your rewards balance reaches $25.
Minimum Income: $60,000 (individual) or $100,000 (household)

Apply here for the CIBC Dividend Visa Infinite Card

 

---

 Here are the next 5 cards offering the best value:

6. CIBC Dividend Platinum® Visa* Card
10% cash back for the first four statement periods on up to $2,000 of spending and a first year annual fee rebate
Welcome offer cash back value: $200

7. Scotia Momentum® VISA* Infinite card
10% cash back on purchases for the first 3 months (up to $2,000) plus your first year annual fee waived
Welcome offer cash back value: $200 

8. Scotiabank Gold American Express Card
Earn 20,000 bonus Scene+ Rewards points by making at least $1,000 in everyday eligible purchases in your first 3 months plus earn 20,000 bonus Scene+ Rewards points when you spend $7,500 within your first 12 months.
Welcome offer cash back value: $148

9. MBNA Rewards World Elite Mastercard
Earn 20,000 bonus points after you make $2,000 or more in eligible purchases within the first 90 days of your account opening.
Plus earn 10,000 bonus points once enrolled for paperless e-statements within the first 90 days of account opening.
Welcome offer cash back value: $129

10. BMO CashBack® MasterCard®*
Earn 5% cash back on spend up to $2,500 (up to $500 qualified spend on grocery, up to $500 qualified spend in recurring bill payments, and up to $1500 qualified spend on all other purchases.
Welcome offer cash back value: $125