Why belief us
MoneySense is an award-winning journal, serving to Canadians navigate cash issues since 1999. Our editorial crew of skilled journalists works carefully with main private finance specialists in Canada. That will help you discover the most effective monetary merchandise, we evaluate the choices from over 12 main establishments, together with banks, credit score unions and card issuers. Study extra about our promoting and trusted companions.
The most effective no-fee playing cards by class
Think about having fun with the perks of a bank card with out the expense of an annual charge. Effectively, Canadians can select from a powerful collection of no-fee bank cards that make this dream a actuality. These playing cards not solely prevent cash on an annual charge but additionally provide engaging rewards like money again and journey factors. Listed here are our picks for the most effective no-fee bank cards in Canada.
Do you have to add approved customers to your account?
Many bank cards cost an additional annual charge for each extra little one, accomplice or partner you add to your credit score account. The no-fee playing cards on this record, nonetheless, don’t. This lets you harness different family members’ spending to spice up your rewards—for gratis. For instance, you’ll be able to enhance the amount of money again earned by including supplementary cardholders to your SimplyCash from American Specific account. Simply keep in mind that prices made to all playing cards on the account are the duty of the first cardholder.
—MoneySense editors
Greatest no-fee money again bank card
At a look: The SimplyCash Card from American Specific retains issues easy. All purchases earn 1.25% money again apart from gasoline and groceries, which earn at a better 2% price. The 1.25% base price is among the many most beneficiant obtainable, which is simply one of many causes this card is the most effective no-fee money again card within the nation.
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Amex SimplyCash
Annual charge: $0
Welcome provide: earn a $10 assertion credit score for every month-to-month billing interval during which you make at the very least $300 in purchases (for a complete worth of as much as $100).
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Revenue required | None specified |
| Credit score rating | 725 or greater |
Honourable point out
At a look: The one card in Canada that permits you to decide your accelerated earn classes, the Tangerine Cash-Again card is a perennial favorite of Canadians in search of a versatile no-fee card that matches their spending habits. These with a Tangerine financial savings account can select as much as three 2% money-back classes (in any other case you get to pick out two classes) from a powerful record of 10 classes.
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Tangerine Cash-Again Card
Annual charge: $0
Welcome provide: earn an additional 10% again on as much as $1,000 in on a regular basis purchases throughout the first 2 months. Should apply by October 31, 2024.
Card particulars
| Rates of interest | 19.95% on purchases, 19.95% on money advances and 19.95% on stability transfers |
| Revenue required | Private or family revenue of $12,000 |
| Credit score rating | 660 or greater |
Greatest flat-rate money again card
At a look: For those who’re a frequent flier in search of a no-fee pro-travel bank card, the Rogers World Elite Mastercard is a good possibility. Earn a excessive and constant earn price on all of your Canadian purchases, plus sufficient on U.S. purchases to offset all international transaction charges—all with no annual charge.
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Rogers Purple World Elite Mastercard
Annual charge: $0
3% money again on all purchases in USD
2% again for Rogers, Fido and Shaw clients
1.5% money again on all different purchases
Welcome provide: This card doesn’t have a welcome bonus right now.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Revenue required | $80,000 per 12 months |
| Credit score rating | 725 or greater |
Greatest no-fee journey bank card
At a look: Earn factors on on a regular basis purchases and benefit from the flexibility of redeeming them for a wide range of rewards with this no-fee rewards bank card. Plus, Amex Membership Rewards are transferable at a 1:1 worth to different frequent flyer and rewards packages, creating a possibility to spice up the worth of your rewards.
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American Specific Inexperienced Card
Annual charge: $0
Earn price: 1 level for each $1 spent on all purchases and 1 extra level for each $1 spent on resort or automotive bookings made on americanexpress.ca.
Welcome provide: earn 10,000 Membership Rewards factors if you cost $1,000 in purchases to your card within the first three months of cardmembership.
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Revenue required | None specified |
| Credit score rating | 725 or greater |
| Level worth | 1 Amex Membership Rewards level = $0.01 when redeemed with the Versatile Factors Journey Program, $0.015 on common with the Mounted Factors Journey Program, and as much as $0.02 with airline factors transfers. . |
Honourable point out
At a look: The MBNA Rewards Platinum Plus Mastercard incorporates a versatile rewards program that offers cardholders most worth after they redeem factors for journey. It additionally features a beneficiant variety of boosted incomes classes, together with eating places, groceries, digital media, memberships and family utilities. Cardholders even take pleasure in an annual Birthday Bonus.
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MBNA Rewards Platinum Plus Mastercard
Annual charge: $0
Welcome provide: earn 10,000 bonus factors ($50 in money again worth). Plus, get 4 factors per $1 spent on eligible restaurant, grocery, digital media, membership and family utility purchases throughout the first 90 days. (Not obtainable for residents of Quebec.)
Card particulars
| Rates of interest | 19.99% on purchases, 24.99% on money advances, 22.99% on stability transfers |
| Revenue required | None specified |
| Credit score rating | 660 or greater |
| Level worth | 1 MBNA Rewards level = $0.01 when redeemed for journey. |
Greatest no foreign exchange card
At a look: Do you know that each time you employ your bank card exterior of Canada, most card issuers cost a 2.5% international transaction charge for processing purchases made in a non-Canadian forex? The House Belief Most well-liked Visa is without doubt one of the solely no-fee playing cards in Canada that doesn’t cost a foreign exchange charge.
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House Belief Most well-liked Visa
Annual charge: $0
Welcome provide: This card doesn’t have a welcome bonus right now.
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Revenue required | None specified |
| Credit score rating | 660 or greater |
Greatest pupil bank cards
For money again
At a look: With aggressive money again charges, together with 3% on groceries, 1% on recurring payments, and 0.5% on different purchases, this card caters to college students’ spending patterns and rewards customers generously for widespread on a regular basis purchases.
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BMO CashBack Mastercard
Annual charge: $0
3% money again on groceries (on the primary $500 per thirty days)
1% on recurring payments
0.5% on every part else
Welcome provide: earn 5% money again in your first 3 months Situations apply.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Revenue required | None specified |
| Credit score rating | None specified |
Execs
Get 3% money again on groceries—the very best price on groceries for a no-fee money again bank card in Canada. You additionally earn 1% on recurring payments.
BMO has very versatile money again choices. You possibly can redeem your money any time and deposit it right into a BMO account (chequing, financial savings or InvestorLine) or get a press release credit score.
Make the most of prolonged guarantee and buy safety in your purchases.
Cons
- Sadly, the accelerated price classes have fairly a low cap of solely $500 month-to-month and when you attain that max you’ll solely earn the 0.5% base price
For journey
At a look: The CIBC Aeroplan Visa for College students is right for budding globetrotters. With no annual charge, you’ll earn 1 level per $1 spent on eligible gasoline, electrical car charging, groceries and on purchases made with Air Canada, together with via Air Canada Holidays. For all different purchases earn you 1 level per each $1.50 you spend. Aeroplan is a dynamic rewards system which might flip your factors into glorious worth for flights and resorts—in case you are strategic together with your bookings.
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CIBC Aeroplan Visa Card for College students
Annual charge: $0
Welcome provide: earn 10,000 Aeroplan factors if you make your first buy ($200 worth)
Card particulars
| Rates of interest | 20.99% on purchases and 22.99% on money advances (21.99% in Quebec) |
| Revenue required | None specified |
| Credit score rating | None specified |
| Level worth | Aeroplan factors are price $0.02 on common. |
Greatest low-interest bank card
At a look: For those who have a tendency to hold a bank card stability from month to month, the sensible monetary transfer could also be to prioritize low curiosity over chasing rewards. That’s the place the Flexi Card from Desjardins is available in: It presents a rock-bottom APR with no annual charge.
Flexi Visa
Annual charge: $0
Low rates of interest: 10.90% on purchases and money advances
Card particulars
| Rates of interest | 10.90% on purchases and 10.90% on money advances |
| Revenue required | Not specified |
| Credit score rating | Not specified |
Greatest retailer bank card
At a look: The President’s Selection Monetary World Elite Mastercard presents an array of advantages for PC Optimum members. With a powerful earn price of as a lot as 45 factors per $1 at Buyers Drug Mart, 30 factors per litre at Esso, or any Loblaw-owned shops and 10 factors per $1 on all different spending, this card is bound to amass rewards shortly.
PC Monetary World Elite
Annual charge: $0
45 PC Optimum factors per $1 at Buyers Drug Mart
30 factors per $1 at Loblaw banner grocery shops
10 factors per $1 on every part else
Welcome provide:
Card particulars
| Rates of interest | 21.99% on purchases, 22.97% on money advances (21.97% for residents of Quebec), 22.97% on stability transfers |
| Revenue required | Private revenue of $80,000 or family revenue of $150,000 |
| Credit score rating | 560 or greater |
| Level worth | 10 PC factors = $0.01 at Loblaws grocery community and Buyers Drug Mart. |
Honourable point out
At a look: With no annual charge, cardholders earn 4% again in Canadian Tire Cash on qualifying purchases at Canadian Tire, SportChek, and collaborating Mark’s/L’Équipeur and Ambiance shops. Moreover, you’ll get 3% again on groceries and 1% in Canadian Tire Cash on different on a regular basis purchases. It’s additionally one of many few no-fee playing cards that supply automotive rental collision insurance coverage and offer you entry to a roadside help plan.
Triangle World Elite Mastercard
Annual charge: $0
4% at Canadian Tire, Sport Chek, Mark’s/L’Équipeur, Ambiance, Get together Metropolis, Sports activities Rousseau, Hockey Consultants and L’Entrepôt du Hockey
3% at grocery shops (excluding Walmart and Costco), as much as $12,000 per 12 months
1% all over the place else
Welcome provide: None
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances (21.99% for Quebec residents), 22.99% on stability transfers |
| Revenue required | Private revenue of $80,000 or family revenue of $150,000 |
| Credit score rating | Not specified |
| Level worth | 1% in Canadian Tire Cash is price $0.01 when redeemed at collaborating retailers. |
At a look: The Neo Secured bank card has a low minimal deposit of $50 and supplies spectacular money again rewards. Approval is assured for Canadian residents who’re of the age of majority of their province or territory, making it best for these with a less-than-stellar credit score historical past. Managed responsibly, the cardboard might enable you to construct your credit score rating.
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Neo Secured Credit score
Annual charge: $0
Earn charges: A minimal of 0.5% money again and a mean of 5% money again on purchases at companions
Welcome provide: earn $25 money again.
Card particulars
| Rates of interest | 19.99% on purchases (19.99% to 25.49% for Quebec residents) and 24.99% on money advances |
| Revenue required | Private or family revenue of $50,000 |
| Credit score rating | None specified |
How we decide the most effective no-fee bank cards
Our editors apply their bank card experience and information of Canadians’ monetary objectives to give you choice standards that matches the wants of the supposed cardholder. For each kind of bank card in Canada, there’s a no-fee possibility. So, we utilized completely different choice standards to almost each award class on this record. Along with standing out in its class, every card has no annual charge. The addition of hyperlinks from affiliate companions has no bearing on the outcomes. Learn extra about our choice course of and about how MoneySense makes cash.
Continuously requested questions
Benefits of a no-fee bank card
- Skip the yearly cost: A no-fee bank card is free to have at your disposal. Higher but, for those who by no means carry a stability and you employ a no-fee card that provides money again or rewards, you’ll really be in a greater monetary place than you’d with out the cardboard. In lots of instances, the earn price is likely to be decrease than with an annual-fee card; nonetheless, with a no-fee card, any rewards you earn generally is a internet constructive—you don’t should spend a specific amount yearly to make up for the upfront cost.
- Save on sure bills: A card that enhances your spending habits and hobbies (like journey) may prevent a pleasant chunk of change on issues like international transaction charges, insurance coverage and rental automobiles.
Drawbacks of a no-fee bank card
- Ho-hum rewards and money again: Your reward incomes energy may be considerably lacklustre when in comparison with the revved-up rewards you’ll normally reap with premium playing cards which have an annual charge. For instance, with the American Specific Cobalt card, you’ll earn 5 factors per $1 spent on groceries and eating places, 3 factors per $1 spent on streaming companies, and a couple of factors per $1 spent on journey, transit and gasoline (with every part else getting you 1 level per $1). You possibly can see that at these earn charges, factors can pile up fairly shortly.
- Not-so-welcoming welcome presents: As a result of one of many main promoting factors of a no-fee card is that there isn’t any charge, the welcome bonuses supplied to draw new candidates usually are not as beneficiant as playing cards with annual charges.
- Fewer perks: With few exceptions, no-fee playing cards lack the perks and advantages—significantly insurance coverage—that have a tendency to return with annual-fee playing cards. Sometimes (although not all the time), no-fee playing cards do embrace very primary protections, comparable to zero legal responsibility, buy safety and prolonged guarantee, however you’ll normally miss out on journey insurance coverage, concierge service and perks, comparable to airport lounge entry. In the end, you’ll should weigh these advantages in opposition to the charges and resolve whether or not a no-fee bank card works finest for you.
What must you do with the cash you saved with an annual charge?
With a no-fee card, you possibly can save your self $59 to $250 {dollars} a 12 months. However make a acutely aware determination to do one thing with that cash, like placing it right into a high-interest financial savings account or into your registered retirement financial savings plan (RRSP) or tax-free financial savings account. It’s not lots, however the compound curiosity you possibly can earn makes it worthwhile. Use our compound curiosity calculator to learn how a lot you possibly can develop your cash.
Video: 5 causes to swap your debit card for a pay as you go money again card
Extra of Canada’s finest bank cards:
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MoneySense Monetization coverage.