As the title reads, we all gotta eat. Grocery purchases make up a large portion of every family's expenses. This is a mandatory recurring expense, and it costs thousands every year.
These reasons make it very important to get the right Grocery Credit Card!
Let's kick it off with a few of my favourites:
Tangerine Mastercard
The Tangerine Mastercard gets you 2% cash back in up to three different spend categories, one of them includes groceries!
Reasons to get it:
- No annual fee! It's a free credit card.
- You get 2% on groceries without any limits!
- In 2023, stats show families spend more than $16,000 in a year. This would equate to $320 in cash back earnings every year.
- You can get a total of three spending categories, so you can choose two others and earn 2% cash back on gas, transit, entertainment, etc.
- These can be changed every 3 months. So you are never stuck with the same categories for too long.
- The money gets deposited in your free Tangerine Savings account automatically every month.
- You can move out the cash back money immediately from the Savings account, there's no restriction on this.
- Tangerine is owned by Scotiabank, so you know it's a reliable institution behind this card.
Sign up bonus - Value - $200!
If you use the above link to register with a Great Canadian Rebates, you get the following:
- $100: Earn an extra 10% cashback (get $100 when you spend $1,000).
- Another $100 extra: Registering and signing up for Great Canadian Rebates gets you an additional $100 via the website themselves, if you proceed to use them and get approved for the card.
Summary
- This is a great all rounded credit card that lets you earn 2% cash back in 3 categories of your choice.
- If you choose 'groceries', the average family spend ($16,000/year) could result in $320 cash back!
- There's a great sign up offer for this card, you could earn $200 additionally.
- All these benefits come at no annual fee.
BMO CashBack Mastercard
This is a great card as well, I'll get straight to it:
- This is a no-fee card, so there's almost no risk to getting it.
- This card gives you 3% cash back on your groceries!!!
- It's only on the first $500 of grocery expenses per monthly statement, but that's still a lot.
- Assuming you spend $500/month on groceries, that turns into $180 in cash back every year.
- If your household significantly spend more on groceries, remember you partner can get their own card with it's own monthly 3% cash back limit.
- There are no gotchas to redeeming the cash back, you can redeem it anytime, or it gets redeemed every year automatically (assuming it's over $25).
Summary
This card is best if you spend close to, or less than $500 a month on groceries. It does not have any annual fees and is from a big bank.
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