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 formidable number 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 attractive rewards like money again and journey factors. Listed here are our picks for the perfect no-fee bank cards in Canada.
Finest no charge card by class
Finest no-fee money again bank card
At a look: The SimplyCash Card from American Categorical retains issues easy. All purchases earn 1.25% money again other than gasoline and groceries, which earn at the next 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 perfect 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 wherein you make at the 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 |
| Earnings required | None specified |
| Credit score rating | 725 or larger |
Finest for flexibility
At a look: The one card in Canada that permits you to choose your accelerated earn classes, the Tangerine Cash-Again card is a perennial favorite of Canadians searching for 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 formidable checklist of 10 classes.
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 inside 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 steadiness transfers |
| Earnings required | Private or family revenue of $12,000 |
| Credit score rating | 660 or larger |
Finest for premium perks
At a look: In the event you’re a frequent flier searching for a no-fee pro-travel bank card, the Rogers World Elite Mastercard is a superb choice. Earn a excessive and constant earn price on all of your Canadian purchases, plus sufficient on U.S. purchases to offset all overseas transaction charges—all with no annual charge.
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Rogers Pink World Elite Mastercard
Annual charge: $0
Welcome provide: This card doesn’t have a welcome bonus at the moment.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers |
| Earnings required | $80,000 per 12 months |
| Credit score rating | 725 or larger |
Finest 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 quite a lot 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 chance to spice up the worth of your rewards.
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American Categorical Inexperienced Card
Annual charge: $0
Welcome provide: earn 10,000 Membership Rewards factors while 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 |
| Earnings required | None specified |
| Credit score rating | 725 or larger |
| 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 encompasses a versatile rewards program that offers cardholders most worth once 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 in the course of 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 steadiness transfers |
| Earnings required | None specified |
| Credit score rating | 660 or larger |
| Level worth | 1 MBNA Rewards level = $0.01 when redeemed for journey. |
Execs
- Beneficiant birthday bonus perk: Cardholders obtain a bonus equal to 10% of the full factors earned within the 12 months previous to their birthday month, as much as a most of 10,000 bonus factors per 12 months..
- The MBNA Cost Plan permits you to pay for eligible bank card purchases of $100 or extra in month-to-month funds of six, 12 or 18 months quite than a lump sum.
- Cardholders additionally take pleasure in rental automotive reductions like a minimal 10% low cost on automotive leases in Canada and the U.S. (and 5% in different international locations) by Avis and Finances, prolonged guarantee and buy safety.
- It’s one of many few no-fee playing cards that provides cell phone insurance coverage. For any new cellphone you cost to the cardboard, you’ll be coated as much as $1,000 if it will get misplaced, stolen or broken.
Cons
- The accelerated earn price of two factors is capped at $10,000 yearly in every boosted class (groceries, eating places, digital media, memberships and family utilities). Then it falls to the bottom price of 1 level per $1.
- MBNA rewards aren’t as versatile as another packages, as a result of it’s important to redeem them by the financial institution’s personal journey portal and you’ll’t switch factors to different airline packages.
Finest no foreign exchange card
At a look: Do you know that each time you utilize your bank card outdoors of Canada, most card issuers cost a 2.5% overseas transaction charge for processing purchases made in a non-Canadian forex? The House Belief Most popular Visa is likely 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 popular Visa
Annual charge: $0
Welcome provide: This card doesn’t have a welcome bonus at the moment.
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Earnings required | None specified |
| Credit score rating | 660 or larger |
Finest 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
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 steadiness transfers |
| Earnings required | None specified |
| Credit score rating | None specified |
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 by 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 wonderful worth for flights and resorts—in case you are strategic along with your bookings.
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CIBC Aeroplan Visa Card for College students
Annual charge: $0
Welcome provide: earn 10,000 Aeroplan factors while 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) |
| Earnings required | None specified |
| Credit score rating | None specified |
| Level worth | Aeroplan factors are price $0.02 on common. |
Finest low-interest bank card
At a look: In the event you have a tendency to hold a bank card steadiness 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 12.90% on money advances
Card particulars
| Rates of interest | 10.90% on purchases and 12.90% on money advances |
| Earnings required | Not specified |
| Credit score rating | Not specified |
Finest retailer bank card
At a look: The President’s Alternative Monetary World Elite Mastercard presents an array of advantages for PC Optimum members. With a formidable earn price of as a lot as 45 factors per $1 at Customers 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 certain to amass rewards shortly.
PC Monetary World Elite
Annual charge: $0
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 steadiness transfers |
| Earnings required | Private revenue of $80,000 or family revenue of $150,000 |
| Credit score rating | 560 or larger |
| Level worth | 10 PC factors = $0.01 at Loblaws grocery community and Customers 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 taking part 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
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 steadiness transfers |
| Earnings 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 taking part retailers. |
How we decide the perfect no-fee bank cards
Our editors apply their bank card experience and information of Canadians’ monetary targets to provide you with choice standards that matches the wants of the meant cardholder. For each sort of bank card in Canada, there’s a no-fee choice. So, we utilized completely different choice standards to just about each award class on this checklist. 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.
Often 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, in case you by no means carry a steadiness and you utilize a no-fee card that provides money again or rewards, you’ll truly be in a greater monetary place than you’d with out the cardboard. In lots of instances, the earn price could be decrease than with an annual-fee card; nevertheless, with a no-fee card, any rewards you earn is usually 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) can even prevent a pleasant chunk of change on issues like overseas transaction charges, insurance coverage and rental vehicles.
Drawbacks of a no-fee bank card
- Ho-hum rewards and money again: Your reward incomes energy might 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 Categorical Cobalt card, you’ll earn 5 factors per $1 spent on groceries and eating places, 3 factors per $1 spent on streaming providers, and a pair of factors per $1 spent on journey, transit and gasoline (with the whole lot 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 will not be as beneficiant as playing cards with annual charges.
- Fewer perks: With few exceptions, no-fee playing cards lack the perks and advantages—notably insurance coverage—that have a tendency to come back with annual-fee playing cards. Usually (although not all the time), no-fee playing cards do embody very fundamental protections, similar to zero legal responsibility, buy safety and prolonged guarantee, however you’ll normally miss out on journey insurance coverage, concierge service and perks, similar to airport lounge entry. In the end, you’ll should weigh these advantages towards the charges and determine whether or not a no-fee bank card works greatest for you.
What do you have to do with the cash you saved with an annual charge?
With a no-fee card, you can save your self $59 to $250 {dollars} a 12 months. However make a aware choice 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 can earn makes it worthwhile. Use our compound curiosity calculator to learn how a lot you can develop your cash.
Video: 5 causes to swap your debit card for a pay as you go money again card
