Think about having fun with the perks of a bank card with out the expense of an annual payment. Properly, Canadians can select from a formidable choice of no-fee bank cards that make this dream a actuality. These playing cards not solely prevent cash on an annual payment but in addition supply attractive rewards like money again and journey factors. Listed here are our picks for the very best no-fee bank cards in Canada.
Greatest no payment card by class
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 gas and groceries, which earn at a better 2% price. The 1.25% base price is among the many most beneficiant out there, which is simply one of many causes this card is the very best no-fee money again card within the nation.
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Amex SimplyCash
Annual payment: $0
Welcome supply: earn a $10 assertion credit score for every month-to-month billing interval during which you make no less than $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 |
Greatest for flexibility
At a look: The one card in Canada that allows you to decide your accelerated earn classes, the Tangerine Cash-Again card is a perennial favorite of Canadians on the lookout 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 two classes) from a formidable checklist of 10 classes.
Tangerine Cash-Again Card
Annual payment: $0
Welcome supply: 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 for premium perks
At a look: When you’re a frequent flier on the lookout 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 foreign transaction fees—all with no annual payment.
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Rogers Crimson World Elite Mastercard
Annual payment: $0
Welcome supply: This card doesn’t have a welcome bonus presently.
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 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 applications, creating a chance to spice up the worth of your rewards.
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American Specific Inexperienced Card
Annual payment: $0
Welcome supply: 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 includes a versatile rewards program that provides 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 payment: $0
Welcome supply: 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 through the first 90 days. (Not out there 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. |
Execs
- Beneficiant birthday bonus perk: Cardholders obtain a bonus equal to 10% of the entire 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 lets you pay for eligible bank card purchases of $100 or extra in month-to-month funds of six, 12 or 18 months fairly 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 Price range, prolonged guarantee and buy safety.
- It’s one of many few no-fee playing cards that provides cell phone insurance coverage. For any new telephone 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 applications, as a result of it’s important to redeem them by the financial institution’s personal journey portal and you may’t switch factors to different airline applications.
Greatest 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 payment for processing purchases made in a non-Canadian forex? The Dwelling Belief Most popular Visa is without doubt one of the solely no-fee playing cards in Canada that doesn’t cost a foreign exchange payment.
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Dwelling Belief Most popular Visa
Annual payment: $0
Welcome supply: This card doesn’t have a welcome bonus presently.
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 scholar 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 payment: $0
Welcome supply: 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 |
For journey
At a look: The CIBC Aeroplan Visa for College students is right for budding globetrotters. With no annual payment, 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 may flip your factors into wonderful worth for flights and accommodations—if you’re strategic along with your bookings.
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CIBC Aeroplan Visa Card for College students
Annual payment: $0
Welcome supply: 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 value $0.02 on common. |
Greatest low-interest bank card
At a look: When you have a tendency to hold a bank card stability from month to month, the good 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 affords a rock-bottom APR with no annual payment.
Flexi Visa
Annual payment: $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 |
| Revenue required | Not specified |
| Credit score rating | Not specified |
Greatest retailer bank card
At a look: The President’s Alternative Monetary World Elite Mastercard affords an array of advantages for PC Optimum members. With a formidable 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 payment: $0
Welcome supply:
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 payment, 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 payment: $0
Welcome supply: 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 value $0.01 when redeemed at collaborating retailers. |
How we decide the very best 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 supposed cardholder. For each kind of bank card in Canada, there’s a no-fee choice. So, we utilized totally different choice standards to just about each award class on this checklist. Along with standing out in its class, every card has no annual payment. The addition of hyperlinks from affiliate companions has no bearing on the outcomes. Learn extra about our selection process and about how MoneySense makes money.
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 the event you by no means carry a stability and you utilize a no-fee card that provides money again or rewards, you’ll really be in a greater monetary place than you’ll with out the cardboard. In lots of instances, the earn price is perhaps decrease than with an annual-fee card; nonetheless, with a no-fee card, any rewards you earn could be a web 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 also prevent a pleasant chunk of change on issues like overseas 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 payment. 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 providers, and a couple of factors per $1 spent on journey, transit and gasoline (with all the pieces 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 affords: As a result of one of many main promoting factors of a no-fee card is that there isn’t any payment, the welcome bonuses supplied to draw new candidates should 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 come back with annual-fee playing cards. Sometimes (although not at all times), no-fee playing cards do embrace very fundamental protections, reminiscent of zero legal responsibility, buy safety and prolonged guarantee, however you’ll normally miss out on journey insurance coverage, concierge service and perks, reminiscent of 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 do you have to do with the cash you saved with an annual payment?
With a no-fee card, you possibly can save your self $59 to $250 {dollars} a 12 months. However make a aware resolution to do one thing with that cash, like placing it right into a high-interest financial savings account or into your registered retirement savings plan (RRSP) or tax-free savings account. It’s not loads, however the compound curiosity you possibly can earn makes it worthwhile. Use our compound interest calculator to learn the way 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
