Top 5 Best Credit Cards for Groceries – Newshuntz.com

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Best Credit Cards for Groceries: With or without annual fees, here are the credit cards that offer the best rewards at the supermarket. Grocery shopping is a pain in the wallet these days. And the trend is not about to fade away: your basket will cost 5 to 7% more in 2023, according to the most recent Annual Report on Food Prices (PDF).

Paying with a credit card can allow you to cover part of the bill… provided you choose the right card. Many credit cards allow you to earn rewards for grocery store purchases, no matter which supermarket you visit.

These take the form of either cash back (for example 2% of your spending) or points per dollar spent which are exchanged for cash or services (discounts on hotel rooms, flights, etc.).

Top 5 Best Credit Cards for Groceries

  1. The National Bank World Elite Mastercard
  2. The CIBC Dividend Visa Infinite card
  3. The Scotia Momentum Visa Infinite Card
  4. The Desjardins World Elite Discount Mastercard
  5. The American Express SimpleBack Card

1. The National Bank World Elite Mastercard

It offers 5 points per dollar at the grocery store (up to $2,500 monthly on all expenses charged to the card). Beyond this amount, grocery spending earns 2 points per dollar spent, while most other cards typically drop to 1 point. Ideal for a person or family who travels and has a good income (minimum personal income of $80,000 and family income of $150,000).

  • Annual fee: $150; $0 the first year; $50 for additional cards
  • Interest rate (purchases): 20.99%
  • Estimated annual rewards for monthly spending of $2,500, including $1,230 on groceries First year $1,844, Second year and beyond $914
  • Protection included: Travel insurance: accident, medical care ($5 million, 60 days for those under 55, 31 days for those under 65, and 15 days for those aged 65 and over), trip cancellation and interruption, flight or baggage delay ($500), loss or theft of baggage ($1,000), theft and rental car damage.
  • Others: purchase protection guarantee (180 days), extended warranty (2 years), mobile device insurance ($1,000, 2 years).
  • Up to $150 reimbursement per year for travel expenses (seat selection, airport parking, baggage fees, etc.) and access to the VIP lounge at Montreal-Trudeau airport. [Best Credit Cards for Groceries]

2. The CIBC Dividend Visa Infinite card

It offers 4% cash back on groceries and gas (up to $20,000 in annual purchases in the grocery, gas, restaurant, transportation, and recurring payment categories). Beyond this amount, the cash back drops to 1%. Ideal for a family that spends a lot on groceries and earns a good salary (minimum personal income of $60,000 and family income of $100,000).

  • Annual fee:  $120; $0 the first year; $30 for additional cards
  • Interest rate (purchases):  20.99%
  • Estimated annual rewards for monthly spending of $2,500, including $1,230 on groceries
    First year: $1,219
    Second year and beyond: $729
  • Protections included
    Travel insurance: accident ($500,000), medical care for people aged 64 and under ($5 million, 10 days), theft and damage related to rental cars.
    Others: purchase protection guarantee (90 days), extended warranty (1 year), mobile device insurance ($1,000, 1 year).

3. The Scotia Momentum Visa Infinite Card

It offers 4% cash back at groceries and for recurring bill or subscription payments (up to $25,000 in annual grocery purchases and recurring payments). Beyond this amount, the cash back drops to 1%. Ideal for a family that spends a lot on groceries and earns a good salary (minimum personal income of $60,000 and family income of $100,000).

  • Annual fee:  $120; $0 the first year; $50 for additional cards
  • Interest rate (purchases):  20.99%
  • Estimated annual rewards for monthly spending of $2,500, including $1,230 on groceries
    First year: $1,164
    Second year and beyond: $724
  • Protection included
    Travel insurance: accident ($500,000), medical care for people aged 64 and under ($1 million, 15 days), trip interruption ($2,000), flight or baggage delay ($500 ), loss or theft of luggage ($500), theft and damage related to rental cars.
    Others: purchase protection guarantee ($500, 90 days), extended warranty (1 year).
  • Good to know: Get 10% back on all purchases (up to $2,000 in total purchases) for the first three months. This offer expires on April 30, 2023. [Best Credit Cards for Groceries]

4. The Desjardins World Elite Discount Mastercard

It offers 4% cash back at the grocery store. Unlike the other credit cards detailed in this article, it does not offer a welcome bonus and the first year is chargeable, but if you plan to keep your credit card for several years, it may be chargeable.

  • Annual fees:  $100 from the first year; $30 for additional cards (non-Desjardins members)
  • Interest rate (purchases):  19.9%
  • Estimated annual rewards for monthly spending of $2,500, including $1,230 on groceries
    First year: $679
    Second year and beyond: $679
  • Protection included
    Travel insurance: accident, medical care ($5 million, 3 days), trip cancellation ($500) and interruption ($1,000), delay, loss or theft of baggage ($500), theft, and car-related damage rent.
    Others: purchase protection guarantee (120 days), extended warranty (2 years), mobile device insurance ($1,000, 1 year).

5. The American Express SimpleBack Card

It offers 2% cash back at the grocery store (up to $15,000 per year, or $300 back). As Jean-Maximilien Voisine points out, more and more businesses accept American Express cards this is the case for Metro and Super C supermarkets and soon for all IGA grocery stores which will move from the Air Miles program to Scene+. Ideal for a student, for example (no minimum income required).

  • Annual fee:  $0; $0 for additional cards
  • Interest rate (purchases):  20.99%
  • Estimated annual rewards for monthly spending of $1,000, including $350 on groceries
    First year: $289
    Second year and beyond: $189
  • Protections included
    Travel insurance: accident ($100,000).
    Others: purchase protection guarantee ($1,000, 90 days), extended warranty (1 year). [Best Credit Cards for Groceries]

With or without annual fees

The rewards vary a lot from card to card, however. Some have annual fees and require a minimum annual income ($60,000 or $80,000, for example).

“They are generally more advantageous for people who have a certain level of spending since the rewards obtained end up exceeding the annual fees in addition to other benefits such as insurance” explains Jean-Maximilien Voisine president of Milesopedia which has designed the Protegez-Vous credit card comparator.

Additionally, many of these credit cards have a welcome offer that waives the annual fee for the first year. This is why we present to you below the annual rewards obtained in the first year and the following years after the deduction of the annual fees.

Conversely, no-annual-fee credit cards work well for people who have few expenses such as students. However, cashback usually does not exceed 2%.

The importance of reading the fine print

Pay attention to the fine print, because some credit cards are less attractive than they seem. For example, the BMO CashBack World Elite Mastercard offers you an attractive 5% back on your grocery store purchases.

However, this 5% only applies to the first $500 of monthly expenses in this type of business. Beyond that amount, the cash backdrops to a measly 1%.

Remember that a family of four will have food expenses this year that will reach $1,230 per month, according to predictions from the 2022 Annual Report on Food Prices. [Best Credit Cards for Groceries]

Read also: The Costco Credit Card is Not as Advantageous as You Might Think

Notice to Costco and Walmart subscribers

Also, be careful about the stores where you do your shopping: “Generally, Costco and Walmart are not considered grocery stores [by credit card issuers], except Walmart with Mastercard,” warns Jean-Maximilien Voisine.

In other words, the purchases you make there only earn the base rate, which generally varies between 0.5 and 1.5%.

To make your choice easier, Protegez-Vous used its credit card comparator to identify, among nearly 160 cards, those that are the most advantageous at the supermarket.

If your profile does not match those we have chosen, use our credit card comparator and indicate information related to your financial situation as well as your preferences.

Read also: The Best Cash Back Credit Cards

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