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 powerful collection of no-fee bank cards that make this dream a actuality. These playing cards not solely prevent cash on an annual payment but additionally supply attractive rewards like money again and journey factors. Listed here are our picks for the most effective no-fee bank cards in Canada.
Finest no-fee 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% charge. The 1.25% base charge is among the many most beneficiant out there, 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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SimplyCash from American Categorical
Annual payment: $0
Welcome supply: earn a $10 assertion credit score for every month-to-month billing interval wherein 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 larger |
Finest for flexibility
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 two classes) from a powerful listing 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 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 stability transfers |
| Revenue required | Private or family revenue of $12,000 |
| Credit score rating | 660 or larger |
Finest for premium perks
At a look: When you’re a frequent flier in search of a no-fee pro-travel bank card, the Rogers World Elite Mastercard is a superb choice. Earn a excessive and constant earn charge on all of your Canadian purchases, plus sufficient on U.S. purchases to offset all international transaction charges—all with no annual payment.
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Rogers Purple World Elite Mastercard
Annual payment: $0
Welcome supply: 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 yr |
| 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 payment: $0
Welcome supply: earn 10,000 Membership Rewards factors whenever 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 larger |
| Level worth | 1 Amex Membership Rewards level = $0.01 when redeemed with the Versatile Factors Journey Program, $0.015 on common with the Fastened Factors Journey Program, and as much as $0.02 with airline factors transfers. . |
Finest 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 payment for processing purchases made in a non-Canadian forex? The House Belief Most popular Visa is among the solely no-fee playing cards in Canada that doesn’t cost a foreign exchange payment.
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House Belief Most popular Visa
Annual payment: $0
Welcome supply: 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 larger |
Finest 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 Circumstances 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 good for budding globetrotters. With no annual payment, you’ll earn 1 level per $1 spent on eligible gasoline, electrical automobile 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 glorious worth for flights and lodges—should 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 whenever 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. |
Finest low-interest bank card
At a look: When you 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 provides 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 |
How we decide the most effective no-fee bank cards
Our editors apply their bank card experience and information of Canadians’ monetary objectives 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 completely different choice standards to just about each award class on this listing. 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 choice course of and about how MoneySense makes cash.
Regularly 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, should you by no means carry a stability and you employ a no-fee card that gives money again or rewards, you’ll truly be in a greater monetary place than you’d with out the cardboard. In lots of circumstances, the earn charge 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) may also 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 could 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 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 couple of factors per $1 spent on journey, transit and gasoline (with the whole lot else getting you 1 level per $1). You’ll be able to see that at these earn charges, factors can pile up fairly shortly.
- Not-so-welcoming welcome provides: As a result of one of many main promoting factors of a no-fee card is that there is no such thing as a payment, the welcome bonuses provided 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—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 primary protections, equivalent to zero legal responsibility, buy safety and prolonged guarantee, however you’ll normally miss out on journey insurance coverage, concierge service and perks, equivalent to airport lounge entry. In the end, you’ll should weigh these advantages towards the charges and resolve 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 payment?
With a no-fee card, you could possibly save your self $59 to $250 {dollars} a yr. However make a acutely 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 rather a lot, however the compound curiosity you could possibly earn makes it worthwhile. Use our compound curiosity calculator to learn the way a lot you could possibly develop your cash.
