Imagine living in a world where you actually are rewarded for using a credit card. Now check back into reality, because there are programs out there that pay you to shop with their credit card.  You can save up to $500 or more a year just by saying “charge it” at the register when you pay for every day purchases.

I know what you’re thinking; and the answer is NO! There are no shopping limitations. So shop where ever you want. There are other rewards programs that are affiliated with specific retailer and in order to receive your cash back you are limited to shopping at only these affiliate retailers.  But with these programs, you shop where ever you want and save at the stores of your choosing.

Capital One Platinum MasterCard

• Get up to 1% no hassle cash back on every purchase on purchases above $3000*
• No annual fees
• Cash Back rewards never expire
• Annual Rate is at 17.55%
• No caps on the amount you earn back
• Redeem your reward balance when it’s over $15.00 J

*get 0.5% no hassle cash back on purchases under $3000, then earn 1% cash back on purchases over $3000

CIBC Dividend Visa Card

• Earn up to 1% cash back on purchases you make with the card on purchases over $3000*
• No annual fees
• Personal Purchase Protection- automatic coverage for replacements, repairs or reimbursements on most purchases
• Bonus Money Saving Features: At Participating Avis locations get Common Carrier Accident  coverage of up to $100 000 and up to 20% discount
• Cash balance accumulates and is redeemable in December L
• Current regular rate 19.5%

*CIBC has a 3 tier cash back structure. On the 3^rd tier get 1% cash back on purchases over $3000

TD Rewards Rebate Visa Card

• Earn up to 1% cash back on purchases over $3000*
• No annual fees
• Receive your cash back rewards every January( Reward balance redeemable only once a yearL)
• Maximum annual purchase limit of up to $25 000 L
• Added Benefits: Preferred rates at Budget Rent A Car
• 19.75 interest rate
• Additional Features like: Verified by Visa, Balance Protection Insurance… and much more

*Earn 0.5% cash back on first $3000 spent. There after earn the 1% cash back on annual purchases over $3000

Canadian Tire Cash Advantage MasterCard

• Get up to 1.5% cash back on purchases everywhere *
• Earn up to 3% cash back on purchases at Canadian Tire stores, gas stations and Mark’s Work Wearhouse J
• No annual fees
• Unlimited cash back rewards
• Rewards applied to account once a year L
• Even more benefits
• $4.00 cash advance fee

*conditions apply so read the terms of and conditions carefully

There are many other programs out there you can look through. I mostly focused on programs in Canada but I’m sure that there are programs available in the country you live in. Don’t just focus on the cash back percentage. There are other key points to consider.  For instance, consider when and how you will be able to gain access to your rewards, what additional rewards and features that is built into your program and what are the additional fees associated with getting cash advances or getting a second card holder. Look for programs with additional bonuses and/or cash back for shopping at certain locations like gas stations, retail stores, department stores…etc.  Also, look out for those nasty interest rates. These reward programs are meant to help you save and put money back into your pocket. So spend money that you can afford to pay off right away. If you are paying  19.00% interest and only receiving 1% cash back on the maximum tier, then you are better off finding yourself a 0.00% interest  credit card or a card that will beat the cash back reward card’s interest rate differential.  And if you get a rewards program that eventually expires, be sure to get  rid of the card after the expiration date of the program. There is no point in keeping a credit card that is no longer rewarding you to shop with it. You can easily find another credit card with a better interest rate or a cash back rewards program that never expires.

Check Out These Great Reward Programs:

Also keep in mind that most of these program offer cash back in a tiered system. In other words, you have to spend over a specific limit to get cash back at the higher rates.   Take, for instance this example (pulled from the TD Rewards Rebate Visa page):  if net annual purchases on your cash back credit card total $10,000, you will earn cash a  reward of $85 ($15 for the first $3,000 in purchases and $70 for the additional $7,000.) That’s $85 you have earned just from using your Card for everyday purchases. And there’s no annual fee to pay.