Here are Rewards Canada's Top 5 Cash Back Credit Card Sign Up offers for the month of February 2022. This is not a 'best' credit card list like our Top Cash Back Credit Card rankings but instead a look at cards that have very good acquisition (welcome/sign up) offers. 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.
Two changes this month in the list, the TD Cash Back Visa Infinite Card received an additional boost to its current welcome bonus that moved it up to third spot from fifth. We also saw the end of the Tangerine 15% bonus so those cards dropped out of 10th spot allowing the MBNA Rewards World Elite Mastercard to move onto the list.
Here are the Top 5 Cards for this month in order of value:
Welcome offer cash back value: $344 ($500 - $155.88 annual fee)
Better known as a travel card the American Express Cobalt Card became Canada's #1 cash back card in June 2021 as American Express bumped up its Use Points for Purchases (cash back) rate to 1,000 points for $10. That makes the card's limited welcome bonus of 50,000 points (20,000 in the first three months when you spend $3,000 + 2,500 per month when you spend $500 each month in the first twelve months) worth $500. Subtract the $12.99 per month fee for the card and you have a cash back value of $344 just from the welcome offer.
Minimum Income: N/A
SimplyCash™ Preferred Card from American Express - 10% cash back on all purchases up to $4,000 (Apply here)
Welcome offer cash back value: $301 ($400 - $99 annual fee)
This card is offering 10% cash back on all spending during the first four months of having the card. The 10% is capped at $4,000 of spending for a maximum return of $400 cash back as your welcome bonus. The annual fee is $99 hence the welcome bonus sign up value of $301. Cash back on this card is awarded once per year as a statement credit.
Minimum Income: N/A
Welcome offer cash back value: $290
This card is offering 10% cash back on all purchases for the first 3 months up to a total spend of $2,000. After your first $2,000 in Purchases, Gas Purchases, Grocery Purchases and Pre-Authorized Payments will continue to earn 6% up to a total spend of $3,500 for the first 3 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 Sep 5, 2022 and this offer is not available for Quebec
Minimum Income: $60,000 (individual) or $100,000 (household)
Welcome offer cash back value: $250
Minimum Income: $60,000 (individual) or $100,000 (household)
Welcome offer cash back value: $250
Minimum Income: $15,000
10% cash back on purchases for the first 3 months (up to $2,000). No annual fee in the first year.
Welcome offer cash back value: $200
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
4% cash back on purchases for the first 6 months (up to $5,000) No annual fee ever
Welcome offer cash back value: $200
9. Laurentian Bank Visa Infinite Card
Up to 8 points on each dollar spent up to $2,500 during the first three months at restaurant, grocery and gas stations. No annual fee in the first year.
Welcome offer cash back value: $200
10. MBNA Rewards World Elite® Mastercard®
20,000 points when you spend $2,000 in the first three months + 10,000 points for enrolling in paperless e-statements. Those 30,000 points are worth $249 in cash back and the card has a $120 annual fee.
Welcome offer cash back value: $129
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