Top 5 Cash Back Credit Card Sign Up offers for January - These cards provide the best value out of their welcome bonuses

 

Here are Rewards Canada's Top 5 Cash Back Credit Card Sign Up offers for the month of January 2021. This is not a 'best' credit card list like our Top Cash Back Credit Card rankings but instead a look at cards that have very good acquisition (welcome/sign up) offers. As always when choosing a card you should always take other factors into account other than the just sign up bonus, but when some of these cards are first year free, they can and do pay off even when you grab them strictly for the sign up rewards.

We see two cards fall off the list this month, the HSBC World Elite Mastercard as it is no longer offering a 100,000 point welcome bonus and the ManulifeMONEY+ Visa Infinite Card also dropped it's 10% bonus and no annual fee offer. This means the Scotia Momentum Visa Infinite Card and the American Express Cobalt Card with its latest offer move into the ranks of the Top 5.

Here are the Top 5 Cards for January in order of value:

SimplyCash™ Preferred Card from American Express - 10% cash back on all purchases up to $4,000 (Apply here)
Welcome offer cash back value: $301 ($400 - $99 annual fee)
This card is offering 10% cash back on all spending during the first four months of having the card. The 10% is capped at $4,000 of spending for a maximum return of $400 cash back as your welcome bonus. This is the only card on the list that does not have its first year annual fee waived. That fee is $99 hence the welcome bonus sign up value of $301. Cash back on this card is awarded once per year as a statement credit.
Minimum Income: N/A 

NBC World Elite Mastercard  - $300 cash back when you spend $4,000 (Apply here)
Welcome offer cash back value: $300
This card is offering $300 cash back when you spend $4,000 on the card in the first three month and no annual fee on the primary card in the 1st year. The cashback will be credited to your account on the fourth or fifth statement after your account is opened. This offer runs until Jan 31, 2021
Minimum Income: $80,000 (individual) or $150,000 (household)

Scotia Momentum® VISA* Infinite card - 10% cash back on purchases up to $2,000 (Apply here)
Welcome offer cash back value: $200

This card is offering 10% cash back on all spending during the first three months of having the card. The 10% is capped at $2,000 of spending for a maximum return of $200 cash back as your welcome bonus. The card does come with a first year annual fee waiver on the primary card and up to three supplementary cards. Cash back on this card is awarded once per year
Minimum Income: $60,000 (individual) or $100,000 (household)

BMO CashBack World Elite Mastercard  - 10% cash back on all purchases up to $2,000 (Apply here)
Welcome offer cash back value: $200

This card is offering 10% cash back on all spending during the first three months of having the card. The 10% is capped at $2,000 of spending for a maximum return of $200 cash back as your welcome bonus. The card does come with a first year annual fee waiver on the primary card and allows to redeem as little as $1 cash back at anytime for a statement credit.
Minimum Income: $80,000 (individual) or $150,000 (household)

American Express Cobalt™ Card - 45,000 points after you spend  $7,500  (Apply here)
Welcome offer cash back value: $195

Better known as Canada's Top Travel Rewards Credit Card, the American Express Cobalt Card also has a cash back component. The cash back is worth less than travel but it is still quite competitive against many of Canada's true cash back cards. The welcome bonus will take a year to earn as you get 15,000 points after you spend $1,000 on the card in first three months plus 2,500 points per month when you spend $500 per month for the first 12 months. The annual fee is actually charged as a $10 monthly fee. When you redeem the points for cash back you get a value of 0.7 cents per point hence the 45,000 points equates to $315 and the take away the $120 fee and you get our valuation of $195.
Minimum Income: N/A

 

Between these five cards there is nearly $1,200 in cash back welcome bonus rewards! However even if you only take on one or two you are helping your finances at no cost other than regular credit card spend. We don't really recommend getting all five in one month unless you know you can meet the minimum spend for them all at once, rather you'd want to pick one or two right now, perhaps another next month and so on