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Best for: Cash back

You earn 2x on groceries and 2x at restaurants. Estimated first-year value is $360.

Annual Fee
$240
Rewards rate
2x

Cash Back

Welcome Bonus
1st Year Value
$360

Pros

  • 2x on groceries
  • 2x at restaurants
  • Estimated 1st-year value of $360

Cons

  • High annual fee ($240)
  • No welcome bonus
  • Requires good credit
Best for: No annual fee
Wealthsimple Prepaid Mastercard
WealthsimpleCash Back

The Wealthsimple Prepaid Mastercard has no annual fee, making it risk-free to hold. It comes with a welcome bonus of $25. Estimated first-year value is $325.

Annual Fee
$0
Rewards rate
Welcome Bonus
$25
1st Year Value
$325

Pros

  • No annual fee
  • Welcome bonus of $25
  • Estimated 1st-year value of $325

Cons

  • Modest reward rates