Compare the best no annual fee credit cards by category
High-end credit cards in Canada offer you many benefits that (hopefully) justify the annual fees they charge. But that doesn’t mean credit cards with no annual fees deliver insignificant value by comparison. Here are the best no annual fee credit cards in Canada.
In fact, many Canadians refuse to pay an annual fee for a credit card, no matter their credit score or income level. Why pay fees on a credit card if you don't earn a benefit or barely recoup its annual fee? With no annual fee, you can ‘try out’ a card without losing any money and gain insights on the bank, its app, and the card's potential. Whatever your reason for preferring a card without an annual fee, review our curated list of the very best no annual fee cards in Canada to determine which no annual fee card offers the best value for you.
Methodology: How we chose the best no fee credit cards in Canada
Money.ca rates no annual fee credit cards on a scale of 1 to 5 (with 5 being the best) and are based on the following criteria (if applicable): annual percentage rate (APR), annual fee, balance transfer fee, foreign transaction fee, penalty fee and APR, rewards programs, sign-up bonuses, customer service, security, additional features, acceptance, and credit score requirements.
Different categories of cards are rated using different weightings and each card is rated according to its primary category. Money.ca’s business relationships have no effect on ratings.
Other no-annual-fee cards in the cash back category find it difficult to compete with the Money-Back card from Tangerine, which saves you from paying an annual fee while still offering a very high 2% cash back on two purchase categories of your choice (three categories if you deposit the Rewards into a Tangerine Savings Account). All other purchases earn cash back at 0.5%, and cash back is credited (or deposited to your Savings account) on a convenient monthly schedule rather than yearly.
With no limits on how much cash back you collect, and the ability to swap categories between groceries, gas purchases, home improvement, pharmacy and many others, Tangerine provides superior flexibility.
Accelerated cash back rate: 2% cash back on 2 categories of your choice
Enhanced cash back rate: Get a third category for depositing cash back to a Tangerine Savings Account.
Flat cash back rate: 0.5% cash back on everything else
Added features: Purchase assurance and extended warranties
Please note that those who have an annual personal income of at least $60K or combined household income of $100K can get an upgraded version of the Money-Back Credit Card in the Tangerine World Mastercard®. It’s also a no annual fee card, and has the same money-back rewards, but adds on valuable features including mobile device insurance, airport lounge access, and insurance for car rentals.
Students will appreciate not having to pay an annual fee for the privilege of using their credit card—money is better spent on books or food. As an entry-level card with a $0 price tag, it’s nice to be able to earn 0.5-3%* cash back on any eligible purchase and is made better with a bonus of 5% cash back in the first three months (up to $125)*. Purchase protection* and extended warranties* are also clutch for students who don’t want to take a financial hit due to accidents or theft to their laptops or mobile devices.
Sign-up bonus: Get 5% cash back in your first 3 months*
Regular cash back rate: 0.5-3% cash back on all purchases*
Added features: Purchase protection* and extended warranties*
The CIBC Dividend Visa Card is a great no-annual-fee option for those who prefer cash back over rewards points and Visa's wide merchant acceptance rate. After the Welcome Offer ends, the card earns 2% cash back on eligible grocery purchases and up to 1% on everyday purchases like gas, recurring payments such as streaming subscriptions, transit, food and more†, as well as 1% cash back on eligible gas, EV charging, transportation, dining purchases and recurring payments†, and 0.5% cash back on all other qualifying purchases†.
There are technically limits on the amount of cash back that can be earned at the 1-2% rates, but the limits are exceedingly high, lasting through either $20K in combined annual spending on groceries, gas, EV charging, transportation, dining, and recurring payments; or $80K in net annual card spending. After reaching one of those milestones all purchases will earn at the 0.5% rate until the start of a new year†.
Annual fee: $0
Welcome bonus: Get up to 10 cents off per litre at participating gas stations with Journie Rewards.
Regular earn rates: The card earns 2% cash back on eligible grocery purchases and up to 1% on everyday purchases like gas, recurring payments such as streaming subscriptions, transit, food and more†; 1% cash back on eligible gas, EV charging, transportation, dining purchases and recurring payments†; 0.5% cash back on all other purchases†
Other features: Get cash back on demand – redeem your cash back at any time when you have a minimum of $25 through CIBC Online and Mobile Banking®†
Most merchants today accept both Mastercard and Visa, and in general we advise readers to focus on a card’s individual attributes rather than the payment network it belongs to. That said, some stores only accept one or the other, so if you shop frequently at a spot that accepts only Visa and not Mastercard, the CIBC Dividend® Visa* Card is probably the best no annual fee card for you, particularly if groceries are the largest line item in your budget.
This is a digital-exclusive offer.† To be eligible for this offer, you must apply for a new eligible card using the “Apply Now” link available on this webpage.†
Eligibility criteria
Minimum credit score: Good
Minimum income: $15,000†
Age: Age of majority in province
Other: No bankruptcy for the past 7 years
† Conditions apply
Quebec Residents: Learn More about this CIBC product here
Résidents du Québec : Pour en savoir plus sur ce produit CIBC, suivez ce lien
Of all the American Express no annual fee cards, we like the Amex Green the best because of its flexibility.
If you're into cash back, check out the Amex Simply cash where you'll earn 2% cash back on gas and groceries (up to $300 cash back annually) and 1.25% cash back on everything else.
The Amex Green card on the other hand, gives you 1 Membership Rewards point per $1 and one additional point when you book travel through Amex Travel Online.
Membership Rewards points transfer 1:1 to many great travel programs (e.g. Aeroplan, Marriott Bonvoy) if you're a traveller. If not, you can convert 1,000 Membership Rewards points into $10 statement credits. So, you have options on how to use your points.
While the cash back you get after spending $1,000 on groceries and gas with the Amex Simply cash would be $20, all other purchases at 1.25% would add up to $12.50.
So, if you value cash back over travel, go with Amex Simply Cash. If you value the flexibility of Membership points for travel or cash back, we think you have your answer.
1 point for every $1 you spend on eligible gas, electric vehicle charging, groceries and with Air Canada directly, including through Air Canada Vacations®
1 point for every $1.50 you spend on all other purchases.
2x Earn points twice at over 150 Aeroplan partners and over 170 online retailers through the Aeroplan eStore.
$0 Annual Fee
$0 for up to 3 additional cards
20.99% Purchase APR
non-Quebec residents†
22.99% Cash Advance APR
non-Quebec residents†
Fair Recommended Credit Score
$15,000 Required Annual Household Income
Welcome Offer
Earn up to 10,000 Aeroplan points (up to $200 in value)
A sweet welcome offer that can fly you out of Toronto to New York right away is pretty sweet.
They also give you a decent earn rate for a no annual fee credit card of 1 point per dollar on gas, groceries, and when booking with Air Canada. You can save even more on gas with the Journie Rewards program, too.
But, the fact they throw in travel accident insurance and credit card rental car insurance is the biggest plus that you won't find with the Amex Green card.
0% New cardholders can enjoy a 0% promotional annual interest rate† (a 3% transfer fee applies) for 12 months on any balance transfer✪ completed within 90 days of opening the account
$0 Annual Fee
12.99% Purchase APR
24.99% Cash Advance APR
12.99% Balance Transfer Rate
Good Recommended Credit Score
Welcome Offer
Ends Dec 31, 2024
Get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening.
Canadians looking to consolidate their other credit card balances or lines of credit under one low rate can do so with this card at no annual fee. The MBNA True Line Mastercard credit card offers 0% promotional interest rate† on balance transfers✪ for the first 12 months which then jumps to 12.99%✪ interest, which is definitely lower than you’d be paying on other cards (without paying an annual fee). Plus, the purchase APR is 12.99% so you won’t have to feel so guilty for using it when you shop.
This is especially true if your balances were previously exposed to high rates. It’s also worthwhile to note that MBNA offers a slightly different card (the MBNA True Line® Gold Mastercard® credit card) to those who would pay a small annual fee in exchange for a lower standard rate on balance transfers and purchases.
Annual fee: $0
Promotional Balance Transfer Rate: 0% for 12 months†
Balance transfer rate: 12.99%✪
Purchase interest rate: 12.99%
Cash advance rate: 24.99%
Eligibility criteria
Credit score required: Fair/Good
Minimum personal income required: N/A
This offer is not available for residents of Quebec.
Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.
The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.
†, ✪, Terms and Conditions apply.
Best credit card with no international fees and no annual fee
The combination of Canada’s top flat cash back rate with no annual fee is already an advantageous opportunity for cardholders, but the Rogers™ World Elite® Mastercard® raises the bar further by erasing some foreign transaction fees. Travellers know that fees of at least 2.5% on purchases made in a foreign currency can quickly get expensive, so Rogers lets them earn an accelerated 3% in cash back on these purchases made in U.S. dollars in order to offset those fees—and then some. Purchases made in Canadian currency earn a generous rate of 1.5%, making the card as useful for the average consumer as it is for regular travelers.
To qualify for the Rogers World Elite Mastercard your personal annual income must be at least $80,000, or $150,000 if applying as a household. Rogers makes redemption for your cash back easy as well, by allowing you to pay off eligible purchases that appear on your statement whenever you like (given you have at least $20 in cash back collected). This can be accomplished in real time with Mastercard’s Pay with Rewards application.
Regular cash back rate: 1.5% cash back on all purchases in CA$
Special cash back rate: 3% cash back on all purchases made in U.S. dollars
Sign-up bonus: $25 in cash back rewards when you make your first card purchase within 3 months of receiving your card. Conditions apply.
10,000 Get up to 10,000 MBNA Rewards points†† as an introductory bonus (see details below)
$0 Annual Fee
19.99% Purchase APR
24.99% Cash Advance APR
22.99% Balance Transfer Rate
Good Recommended Credit Score
Welcome Offer
Earn 4 points per $1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases until $10,000 is spent annually. You could also receive up to 10,000 bonus points.
If you’re looking for a rewards credit card that offers a great points program on everyday purchases and strong welcome offer along with its no annual fees, then we recommend the MBNA Rewards Platinum Plus Mastercard (for more options, check out our full list of the Best Rewards Credit Cards in Canada).
As one of Canada's best no fee credit cards, MBNA offers rewards on digital media memberships, utility payments, groceries, and restaurant purchases (a hefty portion of most monthly bills). the MBNA Rewards Platinum Plus® Mastercard® earns two MBNA Rewards points‡ per $1 spent, and 1 point‡ per $1 spent on everything else. These rewards don’t expire and can be spent on a variety of useful things like travel, cash back, merchandise, gift cards and more.
Earn four MBNA Rewards points†† for every $1 spent on grocery, restaurant, digital media membership and utility payments for the first 90 days of account opening.
As a bonus, cardholders will earn up to 10,000 additional points†† just for making $500 in purchases (5,000††) and for signing themselves up for paperless e-statements (another 5,000††) (both within the first 90 days). 10,000 points have a value of $100 when redeemed on travel. If that’s not enough, on your birthday‡, you’ll earn 10% of the points earned the previous year, up to 10,000 points total.
Accelerated earn rate: four MBNA Rewards points†† for every $1 spent on digital media membership, utility payments, grocery, and restaurant purchases for the first 90 days of account opening. Goes down to two points‡ after 90 days.
Regular earn rate: one MBNA Rewards point‡ per $1 spent elsewhere
Intro bonus: Up to 10,000 points††
Added features: purchase assurance and extended warranties
Purchase interest rate: 19.99%
Cash advance rate: 24.99%
Balance transfer rate: 22.99%✪
Credit score required: Fair/Good
Minimum personal income required: N/A
Annual fees: $0
‡, ††, ✪, ***, Terms and Conditions apply
This offer is not available for residents of Quebec. For residents of Quebec, please click here.
Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.
The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.
Summary of best no annual fee credit cards in Canada
4 points†† on restaurants, grocery, utilities, digital media membership for the first 90 days.10,000 bonus points†† within the first 90 days. Birthday bonus‡ of 10% of points earned the previous year.
How did we choose these no fee credit cards in Canada?
We selected the no fee cards on this page based on the fact that they include features usually reserved for cards with an annual fee, like lucrative sign-up bonus rewards, strong cash back and rewards rates, low-interest balance transfer promotions, etc. For each type of feature, we singled out the no annual fee card that provides the utmost value in its own special way. For example, there are a number of cards in the Canadian market that offer cash back with no fee, but the Tangerine Money-Back Credit Card is unique because it allows cardholders to choose the spending categories they’d like to earn back in.
How do you choose the best no annual fee credit card?
When choosing the best no annual fee credit card, you have to consider what would personally benefit you most. Not all no annual fee credit cards are created equal. Are a great rewards program and a sign-up bonus most important to you? Or are you more focused on obtaining the lowest interest rate on cash back and purchases? Of course, your own credit history and annual income may be a determining factor in the best credit cards for you, so it’s important to do your research on what you are eligible for.
When is a credit card annual fee worth paying?
Wondering why anyone would choose a card with an annual fee when there is such a strong selection of no annual fee credit cards available? Well, cards with annual fees may offer more in terms of lower interest rates, bigger rewards, and other features that you may find desirable. Therefore, it’s important to look at your spending habits and take into consideration whether a card with an annual fee may actually benefit you more.
Best no fee credit cards in Canada FAQs
Can no-fee credit cards in Canada improve my credit score?
No-fee credit cards may offer fewer benefits and rewards compared to those with annual fees, which often provide more extensive perks and higher rewards rates.
What are the differences between no-fee credit cards and cards with annual fees in terms of benefits?
No-fee credit cards may offer fewer benefits and rewards compared to those with annual fees, which often provide more extensive perks and higher rewards rates.
How do I qualify for a no-fee credit card in Canada?
Obtaining a no-fee credit card with bad credit is challenging, but some issuers offer options designed for building or rebuilding credit. Read our guide on credit cards for fair credit for more info.
BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
Nathan Siegel has a professional and educational passion for finance. He follows trends in the Canadian banking sector, compares competing products, and pores over fine print to make personal finance choices easier for Canadian consumers. In his spare time he loves running, swimming, and dogs of all kinds.
Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca. He was the host and producer of the Real Money Talk podcast. He's the father of two, husband to one, and loves all things tiny.
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