Cutting down costs is always a good idea, and one of the easiest ways to do that is by opting for a no fee credit card. Why bother with annual fee credit cards when there are options that won’t charge you annual fees? Our guide focuses on the best no fee credit cards available in Canada, ensuring you make the most of your everyday purchases.
We have listed them all, from cards that give back on grocery purchases to those offering mobile device insurance and cards with a tempting welcome bonus or a useful statement credit. Wave goodbye to fee credit cards and hello to more savings.
Table of Contents
Our Top Picks
- Best for Cash Back: Tangerine Money-Back Credit Card
- Best for No Foreign Exchange Fees: Home Trust Preferred Visa
- Best for Flexible Rewards: TD Rewards Visa Card
- Best for Retail Purchases: Canadian Tire Triangle World Elite Mastercard
- Best for Comprehensive Benefits: Rogers World Elite Mastercard
Tangerine Money-Back Credit Card
Tangerine is back with another compelling offering for those searching for a fantastic credit card option. The Tangerine Money-Back Credit Card isn’t just another piece of plastic; it’s a gateway to more savings and rewards tailored just for you!
- Balance transfers at a promotional interest rate of 1.95% for six months.
- Personalized Categories that you can choose for rewards.
- Unlimited cash back deposited into your account monthly.
- Provision for free cards for authorized users linked to your account.
Pros and Cons
- No annual fee ensures savings right from the start.
- Earn up to 2% cash back on eligible purchases.
- Added flexibility with customizable reward categories.
- The credit card balance benefits from a low promotional rate for transferred balances.
- Hassle-free rewards with automatic monthly cash-back deposits.
- After the promotional period, balance transfers increased to 19.95%.
- A 1% fee applies to the amount during balance transfers.
- They are missing out on features like mobile device insurance and specific welcome bonus offerings found in other credit cards in Canada.
Why Is the Tangerine Money-Back Credit Card a Good Choice?
When we first got our hands on the Tangerine Money-Back Credit Card, the first thing that stood out was the sheer simplicity. No more poring over reward catalogs or calculating point conversions. With this credit card, what you see is what you get.
The 2% cash back on eligible purchases feels genuinely rewarding, especially when it lands in our tangerine savings account each month without a hitch. While the balance transfer fee might be a slight hiccup for some, the promotional rate offers a window for those looking to ease their credit card balance.
In Canada’s crowded landscape of credit cards, Tangerine manages to carve a niche with this no fee credit card. So, if you’re after straightforward rewards and zero annual fees, this might be your best no fee credit partner.
SimplyCash® from American Express
The quest for the best no fee credit card may just lead you to the doorstep of American Express. The SimplyCash® card promises to be more than just another piece of plastic in your wallet; it’s your ticket to everyday purchases with benefits.
- Opportunity to earn up to $100 in statement credits.
- No annual fee is attached to the main card or additional cards.
- Cash back categories: 2% on eligible gas and grocery purchases and 1.25% on other expenditures.
- Special referral program offering bonus cash back.
Pros and Cons
- Steady cash back rates for both gas and grocery purchases in Canada.
- Comprehensive earning structure without the hindrance of annual fees.
- Eligible purchases extend beyond just gas and grocery, ensuring more return for your spending.
- Extra financial benefit with the referral program.
- Higher interest rates at 20.99% on purchases and 21.99% for cash advances.
- Absence of features such as rental car insurance, purchase protection, or common carrier accident insurance.
- There are no introductory welcome bonuses or specific discounts for electric vehicle charging.
Why Is the SimplyCash® from American Express a Good Choice?
We’ve always appreciated a credit card that keeps things straightforward. With the SimplyCash® from American Express, what stood out was its no-nonsense approach to cash back.
We didn’t have to juggle between numerous credit cards in Canada to maximize our returns. Whether filling up on gas or stocking up our pantry, this no fee card ensured we were getting value.
And for those with a bigger circle, the referral bonus felt like the cherry on top. It might not be a premium credit card, but for day-to-day expenses, it surely is a contender for the best no annual fee card out there.
The American Express Green® Card
Look no further if you’re scouting for a versatile credit card that aligns with your spending habits and environmental values. The American Express Green® Card might just be the green light you’ve been waiting for.
- Welcome bonus of 10,000 Membership Rewards® points.
- There is no annual fee on both the main card and additional cards.
- Earn 1X points on everyday purchases and additional points on Amex Travel Online.
- The card material is composed of 99% recycled plastic.
Pros and Cons
- Lucrative welcome bonus for new card members.
- Ecologically conscious card design, promoting sustainability.
- Flexible point redemption options, from groceries to flights.
- Advantageous points system with 1,000 points equating to $10 for eligible purchases.
- Elevated interest rates: 20.99% for purchases and 21.99% for cash advances.
- No benefits like foreign transaction fee waivers or recurring bill payment discounts.
- Absence of rental car insurance or specialized insurance coverage.
Why Is the “American Express Green® Card a Good Choice?
When we got the American Express Green® Card, it wasn’t just the rewards that caught our eye but the commitment to the environment.
In today’s age, using a card made of 99% recycled plastic made us feel part of a more significant, positive change. But it wasn’t just about being eco-friendly. The card ensured we earned on our everyday purchases, and the flexibility in point redemption was genuinely refreshing. No more hoarding points without a clue on how to spend them.
Whether it was a dinner order or planning a vacation, this card had our back. If you’re looking for a blend of rewards and responsibility, this might be your best no fee choice.
Rogers World Elite Mastercard
If you’re in the market for a credit card that offers both worldwide benefits and no annual fees, the Rogers World Elite Mastercard may be your choice.
- 1.5% unlimited cash back rewards on all eligible purchases.
- 3% unlimited cash back on purchases made in U.S. dollars.
- Travel rewards include a complimentary Mastercard Travel Pass and access to over 1,300 airport lounges.
- Comprehensive insurance coverage includes Extended Warranty, Purchase Protection, and Rental Car Collision/Damage.
- $0 annual fee.
Pros and Cons
- High cash back rate for U.S. dollar transactions.
- Extensive suite of insurance coverage.
- No fee credit card but with elite benefits.
- Instant reward redemptions with the Rogers Bank app.
- Enhanced security with transaction monitoring & alerts.
- High minimum income requirement to be eligible.
- An annual spend of $15,000 is required to maintain the card benefits.
Why Is the Rogers World Elite Mastercard a Good Choice?
Throughout our experience with the Rogers World Elite Mastercard, we were highly impressed by its value proposition. Especially for those who frequently transact in U.S. dollars, this card can save significant money with its cash back.
Moreover, the inclusive travel rewards and insurance coverage stand out among no fee cards. It truly captures the essence of a premium credit card without burdening the cardholder with annual fees.
The Rogers Bank Mobile App provides an easy interface for on-the-go individuals to manage their cards and redeem rewards in real-time. If you meet the income requirements, this card can be a game-changer for your financial portfolio.
Scotiabank American Express Card
Scotiabank American Express Card offers a dynamic combination of benefits, particularly for those who love to earn points on their everyday spending and travel without the constraints of annual fees.
- Earn up to 3X the Scene+ points on select eligible purchase categories.
- $0 annual fee.
- Mobile device insurance for smartphones and tablets.
- The credit card offers flexibility to book travel and redeem easily.
- Enjoy special offers and experiences with American Express Invites.
Pros and Cons
- Earn and redeem Scene+ points at over 1,100 eligible grocery stores across Canada.
- Flexible redemption options for travel through Scene+ Travel.
- No fee credit card with a rich rewards program.
- Cardholders can enjoy offers from American Express Invites.
- Mobile device insurance is a unique addition not commonly found in no fee cards.
- It might not be suitable for those carrying a balance over a long period due to the interest rate.
- Some might prefer a card with more diverse loyalty programs.
Why Is the Scotiabank American Express Card a Good Choice?
From our perspective, the Scotiabank American Express Card is a sweet spot for those who seek a balance between rewards and affordability. The no fee credit card ensures users can enjoy Scene+ points for grocery, dining, and entertainment without worrying about annual fees.
With a vast network of affiliated grocery stores, accumulating points becomes a breeze. Plus, the flexibility to use the points on any travel provider adds a layer of convenience. Adding mobile device insurance is the cherry on top, providing peace of mind for our tech-savvy purchases.
In a landscape dominated by credit cards in Canada, this offering from Scotiabank presents a refreshing option for the discerning cardholder.
TD Rewards Visa Card
Introducing the TD Rewards Visa Card, a versatile and environmentally-conscious credit card tailored for the savvy Canadian shopper. Designed for everyday spenders and keen travelers, this card offers many advantages without the burden of hefty fees.
- Made of 90% recycled plastic.
- Annual fee of $0.
- Earn rewards points on every purchase, from groceries to bill payments.
- Mobile device insurance coverage up to $1000.
- There are no blackout dates or seat restrictions for travel rewards.
- Flexibility in redemption: Use points on Expedia® For TD, Amazon.ca, Starbucks®, and more.
- Special limited-time offers include a free 6-month Uber One membership.
- Rewards multiplier for different spending categories.
Pros & Cons
- A green initiative with 90% recycled card material.
- Versatile point redemption, including travel rewards and streaming services.
- Boosted earnings for everyday expenses such as groceries and recurring payments.
- Enhanced purchase security and mobile device insurance.
- There is no foreign transaction fee on international purchases.
- Link to Starbucks for 50% more rewards and stars.
- No fee credit card, which is budget-friendly.
- Offers a robust welcome bonus.
- A relatively high interest rate for purchases and cash advance fees.
- Some bonuses, like the Uber One offer, are time-sensitive.
- Cap on yearly spending for boosted earnings in specific categories.
Why Is the TD Rewards Visa Card a Good Choice?
We were particularly impressed by the TD Rewards Visa Card’s commitment to the environment. In a time when every choice counts, having a 90% recycled plastic card reflects conscientious spending.
Furthermore, for a fee card, its rewards system is comprehensive. We loved earning points on everyday necessities and the flexibility to redeem them across diverse platforms.
The annual fee credit card landscape is competitive, especially when looking at credit cards in Canada. This card is one of the best no fee credit options available.
Adding insurance coverage, especially for mobile devices, gives it an edge. Plus, the opportunity to link it with loyalty programs like Starbucks and the absence of foreign transaction fees make it an attractive choice.
Personally, the tailored earnings on household utility purchases and the perks with platforms like Uber and Amazon.ca can truly enhance our spending habits. It offers a comprehensive solution to both the occasional shopper and the frequent traveler.
Considering the bonus rewards, loyalty programs, and no annual fee, it’s evident that the TD Rewards Visa Card is a compelling choice for Canadians, whether for recurring bills, international shopping, or planning their next vacation.
Canadian Tire Triangle World Elite Mastercard
Introducing the Canadian Tire Triangle World Elite Mastercard – a card designed for those who want to collect Canadian Tire Money quickly with the added benefits of being a World Elite member. This no-annual-fee card packs a punch with rewards and premium perks.
- Earn 4% back in CT Money at select stores, including Canadian Tire, Sport Chek, and more.
- 5¢-7¢ per litre cash back at Gas+ and Essence+ locations.
- 3% back in CT Money on groceries (up to $12,000 annually, excluding Costco and Walmart).
- Collect 1% CT Money on all other purchases.
- Exclusive Roadside Assistance Gold Plan with towing up to 250 km.
- Purchase Security, Extended Warranty, and Car Rental Collision/Loss Damage Waiver Insurance.
- Personal 24/7 Concierge Services.
- Option for no fee, no interest financing on select purchases with the card.
Pros & Cons
- There is no annual fee but high rewards earning potential.
- Diverse places to earn high percentages of cash back, including on fuel.
- Redemption flexibility with $1 in CT Money equaling $1 in free items at select stores.
- Embedded Insurance Benefits protect your purchases and car rentals.
- Exclusive offers and perks for Triangle World Elite Mastercard members.
- Digital-friendly with online account servicing and e-statements.
- High-income requirement ($80,000 individual or $150,000 household).
- Cards can impose higher acceptance costs on merchants.
- Limited to collecting higher rewards at specific stores; some popular stores like Costco and Walmart are excluded from the 3% grocery reward.
Why Is the Canadian Tire Triangle World Elite Mastercard a Good Choice?
We were immediately drawn to the Canadian Tire Triangle World Elite Mastercard due to its generous reward percentages. Especially for a no fee card, the benefits are comparable to some annual fee cards we’ve seen. Its ability to collect Canadian Tire Money quickly makes it stand out amongst credit cards in Canada.
Including the Roadside Assistance Gold Plan and the insurance coverages adds tremendous value. The rewards potential is undeniable if you shop at affiliated stores or fill up at Gas+ and Essence+ locations.
We also appreciated the convenience offered through the online account servicing, making it easy for us to manage our cards anytime, anywhere. The Canadian Tire Triangle World Elite Mastercard is one of the best no-annual-fee options in a market flooded with credit cards.
CIBC Costco Mastercard
Discover the CIBC Costco Mastercard, a game-changer in the world of credit cards. Designed for Costco enthusiasts and savvy shoppers alike, this card comes with an array of cash back rewards, low-rate installment plans, and more to make your shopping experiences even more rewarding.
- 3% cash back at restaurants and Costco gas stations.
- 2% cash back on purchases made at other gas stations and Costco.ca.
- 1% cash back on all other purchases, including in-store at Costco.
- Annual fee of $0 for both primary cardholders and authorized users.
- Mobile Device Insurance for up to two years for new mobile phone purchases.
- Purchase Security and Extended Warranty Insurance for added peace of mind.
- CIBC Pace It™ Installment Plans for eligible Costco purchases.
- CIBC Global Money Transfer™ feature with 0.25% cash back for every dollar spent.
Pros and Cons
- Impressive cash back percentages for both restaurant and gas expenditures.
- No annual fee for any user, making it one of the best no-annual-fee choices.
- Mobile Device Insurance offers valuable coverage for today’s tech-savvy consumers.
- Digital redemption of annual cash back gift certificates through the CIBC Mobile Banking® App.
- Integration with mobile wallets like Apple Pay®, Google Pay™, and Samsung Pay®.
- Ability to send money abroad with special cash back offers and no transaction fees.
- The interest rate of 19.75% on purchases can be considered high for some users.
- The CIBC Global Money Transfer™ cashback is limited to 0.25%.
- Cash back from CIBC Global Money Transfer™ requires timely balance payments to avoid interest.
Why Is the CIBC Costco Mastercard a Good Choice?
While using the CIBC Costco Mastercard, we felt a sense of satisfaction that few no fee cards provide. The standout feature was the impressive cash back rates, especially at restaurants and Costco gas stations.
While many credit cards provide cash back, this card’s perks, like mobile and extended protection insurance, give it a unique edge.
Integrating the card with mobile wallets before receiving the physical card was an added convenience. We also appreciated the CIBC Pace It™ feature, allowing us to manage larger purchases easily.
And, for those who often need to send money abroad, the CIBC Global Money Transfer™ is a welcome feature. For anyone with a credit history looking for a solid no fee credit card, this might just be the best no fee credit choice out there.
Home Trust Preferred Visa
The Home Trust Preferred Visa is a promising option for those in the Canadian financial scene. Aimed at permanent residents of Canada, this card brings in an array of features that make it ideal for everyday usage, international shopping, and financial management.
- The annual Interest Rate for Purchases and Cash Advances is 21.99%.
- An Interest-free Grace Period of 21 days for purchases.
- Minimum Payment terms: The greater of $10.00 or 3% of the new balance.
- The Foreign Currency Conversion charge is 0%.
- No annual fees are involved in holding this card.
Pros & Cons
- No annual fee for credit cards, which means more savings for cardholders.
- A generous grace period helps in better financial planning.
- It is one of the few fee credit cards with 0% foreign currency conversion.
- The absence of annual fees makes it a cost-effective choice.
- Convenient for international transactions and other purchases without any extra fees.
- High annual interest rate of 21.99% for both purchases and cash advances.
- Not available for residents of Quebec.
- There is no interest-free period for cash advances, which can be costly if not managed well.
- Strict eligibility criteria can be limiting for some potential users.
Why Is the Home Trust Preferred Visa a Good Choice?
Upon using the Home Trust Preferred Visa, we felt it carved a niche in the sea of available credit cards. One of the primary draws was undoubtedly its status as a no fee credit card. It’s a boon for those who frequently shop internationally, given its 0% foreign exchange fees.
The fact that you can earn cash without the overhead of annual fee credit cards made it all the more appealing. While the card doesn’t offer specific perks like membership rewards points or exclusive deals at places like Shoppers Drug Mart, its core features are sturdy enough to stand out.
For anyone with a good credit history and seeking a simple, straightforward card, this might just be the best no fee option to consider.
However, for those seeking benefits on a dollar spent, options like the Tangerine World Mastercard or MBNA rewards platinum might align more with their preferences. Overall, the Home Trust Preferred Visa is reliable for those seeking efficiency without extra costs.
When going through the vast landscape of no-fee credit cards available in Canada, it’s evident that different cards cater to different niches. However, the sheer variety of cards available means there’s likely a perfect match for every financial need and spending habit.
Choosing Canada’s best no fee credit card ultimately boils down to understanding your spending patterns and preferences. Assessing factors like where you spend most of your money, whether you travel frequently, or if cashback and rewards are a priority is crucial.
You can maximize benefits while minimizing costs by aligning a card’s features with your personal and financial goals. Remember, the best card isn’t universally defined; it’s what best complements your lifestyle.
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