Buying groceries in Canada right now is a daunting task. With high prices on everyday items, Canadians are looking for every way to save anything on their food purchases.
If you use a credit card to shop for groceries, you could be saving a bit more if you’re using the right card.
Ratehub released a list of the best credit cards for groceries in Canada by grocery store, which might help with your next shopping trip.
The mortgage brokerage notes that rewards cards that offer points or cash back are the best way to amplify savings on your grocery bill.
Here are Ratehub’s recommendations for the best credit cards to use for each grocery store in Canada.
Costco, No Frills, Walmart Supercentres
The Tangerine Money-Back Credit Card is your best bet. Ratehub notes that the card has no annual fee, which is a big reason for its popularity.
It also lets customers choose their own bonus categories, allowing them to earn a “strong” cash-back rate of 2% per dollar. The bonus categories can be changed at any time.
Food Basics, Longo’s, McEwan, Metro, Pusateri’s, Rabba, Safeway, Sobeys, Whole Foods
Ratehub recommends using either the American Express Cobalt or the Scotiabank Gold American Express.
The American Express Cobalt is also Ratehub’s recommendation for the Best Overall Rewards Credit Card in Canada.
Ratehub notes it offers flexible point redemption, a strong travel insurance policy, and hefty welcome bonus perks.
Cardholders will earn five times the points on specific food delivery purchases, three times the points on certain streaming services, and two times the points on travel and daily transit. This works out to a 5% return on all food bills. The card does come with a $12.99 monthly fee ($156 annual), which is “higher than expected” compared to other rewards cards, notes Ratehub.
It’s also not as widely accepted in Canada as other credit cards like Visa and Mastercard.
The Scotiabank Gold American Express Card offers the best return on spending because of the five-times multiplier for every dollar spent on groceries, restaurants and food delivery. It also offers three-times multiplier points on gas and transit.
However, this card also has a higher annual fee of $120.
FreshCo, Loblaws, Superstore
Ratehub suggests the CIBC Dividend Visa Infinite or the Scotia Momentum Visa Infinite.
The CIBC Dividend Visa Infinite offers “impressive rewards on everyday essentials,” notes Ratehub.
In addition to the 1% earn rate for all purchases, it also earns a 4% cash back on groceries and gas purchases. This card does come with a $120 annual fee.
The Scotia Momentum Visa Infinite also offers 4% back on groceries, recurring bills, and subscriptions.
It also earns 2% back on gas, local transit, and transportation. Ratehub notes this card is considered one of the best for cash back.
However, it does have a limit of a total annual spend of $25,000 on the 4% spending categories, and the earn rate then drops to 1%.
The cash-back reward is only offered as a statement credit card once a year in November.
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