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Which bank card provides essentially the most money again for groceries?


There are numerous interlocking reasons for this upward trend—supply issues, climate change, energy costs, inflation and geopolitics among them—and the U.S. administration’s new tariffs on Canadian products has compounded their impact.

One easy way to reduce the impact of high grocery prices is to use a cash back credit card. The Neo World Elite Mastercard returns 5% on grocery purchases—one of the highest earn rates in the country—along with generous earn rates on other top spending categories.

Unlike many other cash back credit cards, the Neo World Elite Mastercard offers consistent, top-tier cash back rates that provide real value back to customers. The cash back earned is immediately deposited into a rewards wallet and can be redeemed at any time.  Let’s see how much you could save on everyday expenses.

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Neo World Elite Mastercard

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Annual fee: $125

Interest rates: 9.99% to 29.99% on purchases, 22.99% to 28.99% cash advances

Earn rate: 5% cash back on grocery purchases; 4% on recurring expenses; 3% on gas and EV charging; and 1% on all other purchases

Welcome offer: None

Annual income requirement: Personal income of $80,000 or household income of $150,000

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What is the average food cost per month in Canada?

The average monthly Canadian credit card bill in 2024 was $2,100, reports Payments Canada, which operates the country’s payment systems. A large chunk of that money goes to groceries—they account for 20% of household expenses, according to the Consumer Price Index (CPI)which monitors the prices of goods and services over time. Put together, that data means we spend an average of $420 on groceries per month ($5,040 per year), making it the biggest expense for most Canadian households, not including taxes and shelter.

Other major spending categories for Canadians include gas, at 10% of your bills, and recurring bills, which account for 8%. On a $2,100 credit card bill, the values of these purchases are $210 and $168, respectively. Along with your grocery purchases, that’s $798 spent in the top three categories. With the right credit card, you could get a portion of those expenses back as cash in your account.

Save on groceries with a cash back credit card

How do you pick the right cash back card for your and your family’s needs? Check the earn rates in high-spend categories like groceries and gas. The Neo World Elite Mastercard has one of the strongest rewards structures in the country.

With the Neo World Elite Mastercard, your regular cash back rate for groceries is 5%, one of the highest in the market. Using the average $420 grocery cost mentioned above, you’d get back $21 per month, or $252 for the year. At this earn rate, the card’s annual fee will be paid off in less than three months.



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