Best no fee credit cards in Canada
Fact Checked: Amy Tokic
Updated: November 07, 2024
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. However, many Canadians looking for a free credit card situation 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. 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 (part of our full Best Credit Cards Canada 2024 list).
Best no annual fee credit card of 2024
BMO CashBack® MasterCard®
3.4
5% cash back
Welcome offerGood
Suggested credit scoreGet 5% cash back in your first 3 months*
Expires
Nov 30, 2024
Pros
-
No Annual Fee: A rare find in Canada for a cash back card
-
A generous 3% cash back on groceries (up to $500 monthly)
-
Easily redeem from $1, set up automatic redemptions, or use as a statement credit
-
Additional perks include discounts on rentals, free supplementary cards and show discounts
Cons
-
Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
-
Monthly caps on top earn rates for groceries and recurring payments
-
A 2% balance transfer fee applies
-
The interest rate on the remaining balance transfer amount increases after the introductory period
Eligibility
Good
Recommended Credit Score
$15,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$15,000
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
3%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
1%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
0.5%
20.99%
Purchase APR
22.99%
Cash Advance APR 21.99% for Quebec residents
$0
Annual Fee
Purchase APR
20.99%
Cash Advance APR
22.99%
Annual Fee
$0
Pros
-
No Annual Fee: A rare find in Canada for a cash back card
-
A generous 3% cash back on groceries (up to $500 monthly)
-
Easily redeem from $1, set up automatic redemptions, or use as a statement credit
-
Additional perks include discounts on rentals, free supplementary cards and show discounts
Cons
-
Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
-
Monthly caps on top earn rates for groceries and recurring payments
-
A 2% balance transfer fee applies
-
The interest rate on the remaining balance transfer amount increases after the introductory period
Eligibility
Good
Recommended Credit Score
$15,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$15,000
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
3%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
1%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
0.5%
20.99%
Purchase APR
22.99%
Cash Advance APR 21.99% for Quebec residents
$0
Annual Fee
Purchase APR
20.99%
Cash Advance APR
22.99%
Annual Fee
$0
Best no annual fee credit card for beginners in Canada
Tangerine Money-Back Credit Card
4.0
Good
Suggested credit scoreto receive the latest news, tips and offers by email
Pros
-
No annual fee
-
Choose the spending categories where you want to earn the most cash back
-
Unlimited cash back—no maximum spending limit for any purchase category
-
Cash back is paid out monthly rather than annually
-
Periodically includes a special welcome offer where you can get extra cash back
-
1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*
Cons
-
Regular cash back rates are still lower than what you can get from a card with an annual fee
-
Limited extra perks or benefits beyond the cash back and balance transfer promotion
-
Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart
-
Tangerine does not have any physical bank branches
Eligibility
Good
Recommended Credit Score
$12,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$12,000
2%
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3
Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5%
Earn 0.50% on all your other everyday purchases.
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
2%
Get a Tangerine Savings account and add a 3rd 2% cash back category.
3
Earn 0.50% on all your other everyday purchases.
0.5%
19.95% - 24.95%
Variable APR
1.95%
Balance Transfer Rate 19.95%
19.95%
Cash Advance APR $3.50 within Canada, $5.00 outside Canada
$0
Annual Fee $0 for additional cardholders
2.5%
Foreign Transaction Fee
Variable APR
19.95% - 24.95%
Balance Transfer Rate
1.95%
Cash Advance APR
19.95%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Pros
-
No annual fee
-
Choose the spending categories where you want to earn the most cash back
-
Unlimited cash back—no maximum spending limit for any purchase category
-
Cash back is paid out monthly rather than annually
-
Periodically includes a special welcome offer where you can get extra cash back
-
1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*
Cons
-
Regular cash back rates are still lower than what you can get from a card with an annual fee
-
Limited extra perks or benefits beyond the cash back and balance transfer promotion
-
Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart
-
Tangerine does not have any physical bank branches
Eligibility
Good
Recommended Credit Score
$12,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$12,000
2%
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3
Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5%
Earn 0.50% on all your other everyday purchases.
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
2%
Get a Tangerine Savings account and add a 3rd 2% cash back category.
3
Earn 0.50% on all your other everyday purchases.
0.5%
19.95% - 24.95%
Variable APR
1.95%
Balance Transfer Rate 19.95%
19.95%
Cash Advance APR $3.50 within Canada, $5.00 outside Canada
$0
Annual Fee $0 for additional cardholders
2.5%
Foreign Transaction Fee
Variable APR
19.95% - 24.95%
Balance Transfer Rate
1.95%
Cash Advance APR
19.95%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Best no annual fee Visa card in Canada
Scotia Momentum No-Fee Visa Card
3.0
5% cash back
Welcome offerFair
Suggested credit scoreEarn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases); Plus, get a 0% introductory interest rate on balance transfers for the first 6 months (22.99% after that; annual fee $0)
Expires
Nov 1, 2025
Pros
-
No annual fee: The card does not charge an annual fee, making it cost-effective for users.
-
Cash back rewards: Offers 1% cash back on eligible gas, groceries, drugstore purchases and recurring bill payments.
-
Welcome bonus: There is a welcome bonus of 5% cash back on up to $2,000 in eligible purchases within the first three months.
-
Promotional balance Transfer Rate: A promotional 0% annual interest rate on balance transfers for the first six months (with a 2% balance transfer fee).
-
Rental car discounts: Cardholders can save up to 25% off base rates at participating AVIS and Budget locations in Canada and the U.S.
Cons
-
Limited insurance: No included insurance coverage, though optional insurance bundles are available for a fee.
-
Low base rewards rate: After exceeding the $25,000 spending cap, the cash back rewards drop to a base rate of 0.5%.
-
Rigid redemption process: Cash back is accumulated monthly but can only be redeemed once annually in November.
-
Balance transfer fee: There is a 2% balance transfer fee when utilizing the promotional balance transfer rate.
-
Foreign transaction fee: The card charges a 2.5% foreign transaction fee on purchases made in a foreign currency.
-
Limited perks: Compared to other no-fee cards, the Scotia Momentum No-Fee Visa Card offers fewer perks and lower reward rates.
Eligibility
Fair
Recommended Credit Score
Recommended Credit Score
Fair
1%
Cash back at gas stations, grocery stores, drugs stores, and on recurring payments.
0.5%
Cash back on all other eligible purchases.
25%
Off base rates at Avid and Budget locations in North America.
Cash back at gas stations, grocery stores, drugs stores, and on recurring payments.
1%
Cash back on all other eligible purchases.
0.5%
Off base rates at Avid and Budget locations in North America.
25%
19.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR
$0
Annual Fee $0 for each additional card
2.5%
Foreign Transaction Fee
Purchase APR
19.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Pros
-
No annual fee: The card does not charge an annual fee, making it cost-effective for users.
-
Cash back rewards: Offers 1% cash back on eligible gas, groceries, drugstore purchases and recurring bill payments.
-
Welcome bonus: There is a welcome bonus of 5% cash back on up to $2,000 in eligible purchases within the first three months.
-
Promotional balance Transfer Rate: A promotional 0% annual interest rate on balance transfers for the first six months (with a 2% balance transfer fee).
-
Rental car discounts: Cardholders can save up to 25% off base rates at participating AVIS and Budget locations in Canada and the U.S.
Cons
-
Limited insurance: No included insurance coverage, though optional insurance bundles are available for a fee.
-
Low base rewards rate: After exceeding the $25,000 spending cap, the cash back rewards drop to a base rate of 0.5%.
-
Rigid redemption process: Cash back is accumulated monthly but can only be redeemed once annually in November.
-
Balance transfer fee: There is a 2% balance transfer fee when utilizing the promotional balance transfer rate.
-
Foreign transaction fee: The card charges a 2.5% foreign transaction fee on purchases made in a foreign currency.
-
Limited perks: Compared to other no-fee cards, the Scotia Momentum No-Fee Visa Card offers fewer perks and lower reward rates.
Eligibility
Fair
Recommended Credit Score
Recommended Credit Score
Fair
1%
Cash back at gas stations, grocery stores, drugs stores, and on recurring payments.
0.5%
Cash back on all other eligible purchases.
25%
Off base rates at Avid and Budget locations in North America.
Cash back at gas stations, grocery stores, drugs stores, and on recurring payments.
1%
Cash back on all other eligible purchases.
0.5%
Off base rates at Avid and Budget locations in North America.
25%
19.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR
$0
Annual Fee $0 for each additional card
2.5%
Foreign Transaction Fee
Purchase APR
19.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Best no fee Mastercard
Tangerine World Mastercard®
4.0
Good
Suggested credit scoreto receive the latest news, tips and offers by email
Pros
-
No annual fee
-
Unlimited money-back rewards
-
High 2% earn rate
-
Exclusive experiences through MasterCard
Cons
-
$60,000 minimum income requirement
-
Travel insurance would be a welcome addition to the travel-related benefits
Eligibility
Good
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Personal Income
$60,000
Required Annual Household Income
$100,000
2%
Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more)
3
Get a Tangerine Savings account and get a 3rd 2% cash back category.
1
Boingo Hotspot membership for Wi-Fi at airports and on planes
1
A DragonPass membership to airport lounges (no passes)
$1000
Mobile device insurance up to $1,0000
$60,000
Purchase assurance and extended warranty protection up to $60,000 lifetime
Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more)
2%
Get a Tangerine Savings account and get a 3rd 2% cash back category.
3
Boingo Hotspot membership for Wi-Fi at airports and on planes
1
A DragonPass membership to airport lounges (no passes)
1
Mobile device insurance up to $1,0000
$1000
Purchase assurance and extended warranty protection up to $60,000 lifetime
$60,000
20.95%
Purchase APR
22.95%
Balance Transfer Rate
22.95%
Cash Advance APR
$0
Annual Fee
2.5%
Foreign Transaction Fee
Purchase APR
20.95%
Balance Transfer Rate
22.95%
Cash Advance APR
22.95%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Pros
-
No annual fee
-
Unlimited money-back rewards
-
High 2% earn rate
-
Exclusive experiences through MasterCard
Cons
-
$60,000 minimum income requirement
-
Travel insurance would be a welcome addition to the travel-related benefits
Eligibility
Good
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Personal Income
$60,000
Required Annual Household Income
$100,000
2%
Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more)
3
Get a Tangerine Savings account and get a 3rd 2% cash back category.
1
Boingo Hotspot membership for Wi-Fi at airports and on planes
1
A DragonPass membership to airport lounges (no passes)
$1000
Mobile device insurance up to $1,0000
$60,000
Purchase assurance and extended warranty protection up to $60,000 lifetime
Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more)
2%
Get a Tangerine Savings account and get a 3rd 2% cash back category.
3
Boingo Hotspot membership for Wi-Fi at airports and on planes
1
A DragonPass membership to airport lounges (no passes)
1
Mobile device insurance up to $1,0000
$1000
Purchase assurance and extended warranty protection up to $60,000 lifetime
$60,000
20.95%
Purchase APR
22.95%
Balance Transfer Rate
22.95%
Cash Advance APR
$0
Annual Fee
2.5%
Foreign Transaction Fee
Purchase APR
20.95%
Balance Transfer Rate
22.95%
Cash Advance APR
22.95%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Best Canadian no annual fee card for Amazon
Amazon.ca Rewards Mastercard
2.5
5% back
Welcome offerFair
Suggested credit scoreGet 5% back at Amazon.ca, Whole Foods Market stores in Canada, grocery stores and restaurants. Valid for the first 6 months, on your first $3,000 in eligible purchases††.
Pros
-
No annual fee
-
Good returns on Amazon.ca, Whole Foods Market stores and foreign currency transactions
-
Competitive welcome bonus
-
Serviceable for regular Costco and No Frills shoppers
Cons
-
Earning maximum rewards requires paying for Amazon Prime
-
Other cards have higher earn rates on non-Amazon.ca purchases
-
Rewards points are only redeemable for Amazon.ca gift cards
-
Relatively few Whole Foods locations in Canada
Eligibility
Fair
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Fair
Required Annual Personal Income
$0
Required Annual Household Income
$0
2.5%
Earn 2.5% on eligible purchases at Amazon.ca and Whole Foods Market stores for eligible Prime members (1.5% back for non-members)‡
2.5%
Get 2.5% back on eligible foreign currency transactions for eligible Prime members (1% back for non-members)‡
1%
Get 1% back on eligible purchases everywhere else Mastercard is accepted.‡
Earn 2.5% on eligible purchases at Amazon.ca and Whole Foods Market stores for eligible Prime members (1.5% back for non-members)‡
2.5%
Get 2.5% back on eligible foreign currency transactions for eligible Prime members (1% back for non-members)‡
2.5%
Get 1% back on eligible purchases everywhere else Mastercard is accepted.‡
1%
19.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR
$0
Annual Fee No annual fee
1.5%
Foreign Transaction Fee
Purchase APR
19.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$0
Foreign Transaction Fee
1.5%
Pros
-
No annual fee
-
Good returns on Amazon.ca, Whole Foods Market stores and foreign currency transactions
-
Competitive welcome bonus
-
Serviceable for regular Costco and No Frills shoppers
Cons
-
Earning maximum rewards requires paying for Amazon Prime
-
Other cards have higher earn rates on non-Amazon.ca purchases
-
Rewards points are only redeemable for Amazon.ca gift cards
-
Relatively few Whole Foods locations in Canada
Eligibility
Fair
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Fair
Required Annual Personal Income
$0
Required Annual Household Income
$0
2.5%
Earn 2.5% on eligible purchases at Amazon.ca and Whole Foods Market stores for eligible Prime members (1.5% back for non-members)‡
2.5%
Get 2.5% back on eligible foreign currency transactions for eligible Prime members (1% back for non-members)‡
1%
Get 1% back on eligible purchases everywhere else Mastercard is accepted.‡
Earn 2.5% on eligible purchases at Amazon.ca and Whole Foods Market stores for eligible Prime members (1.5% back for non-members)‡
2.5%
Get 2.5% back on eligible foreign currency transactions for eligible Prime members (1% back for non-members)‡
2.5%
Get 1% back on eligible purchases everywhere else Mastercard is accepted.‡
1%
19.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR
$0
Annual Fee No annual fee
1.5%
Foreign Transaction Fee
Purchase APR
19.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$0
Foreign Transaction Fee
1.5%
Best no fee travel credit card
CIBC Aventura® Visa* Card
4.0
up to 2,500 pts
Welcome offerGood
Suggested credit scoreEarn up to 2,500 Aventura Points† for no annual fee.
Pros
-
Easy to earn welcome bonus
-
Points can be earned on all purchases
-
Use Aventura Points to cover full airfare including taxes and fees
-
Can book with any airline with no blackout periods and points don’t expire†
Cons
-
Lower earn rate than some other travel cards on the market
Eligibility
Good
Recommended Credit Score
$15,000†
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Household Income
$15,000†
1
point for every $1 spent at eligible gas stations, EV charging, grocery stores and drug stores†
1
point for every $1 spent on travel purchased through the CIBC Rewards Centre†
1
point for every $2 spent on all other purchases†
point for every $1 spent at eligible gas stations, EV charging, grocery stores and drug stores†
1
point for every $1 spent on travel purchased through the CIBC Rewards Centre†
1
point for every $2 spent on all other purchases†
1
20.99%†
Purchase APR non-Quebec residents†
22.99%†
Balance Transfer Rate 21.99 for Quebec residents†
22.99%†
Cash Advance APR 21.99 for Quebec residents†
$0
Annual Fee No annual fee
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
20.99%†
Balance Transfer Rate
22.99%†
Cash Advance APR
22.99%†
Annual Fee
$0
Foreign Transaction Fee
2.5%
Pros
-
Easy to earn welcome bonus
-
Points can be earned on all purchases
-
Use Aventura Points to cover full airfare including taxes and fees
-
Can book with any airline with no blackout periods and points don’t expire†
Cons
-
Lower earn rate than some other travel cards on the market
Eligibility
Good
Recommended Credit Score
$15,000†
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Household Income
$15,000†
1
point for every $1 spent at eligible gas stations, EV charging, grocery stores and drug stores†
1
point for every $1 spent on travel purchased through the CIBC Rewards Centre†
1
point for every $2 spent on all other purchases†
point for every $1 spent at eligible gas stations, EV charging, grocery stores and drug stores†
1
point for every $1 spent on travel purchased through the CIBC Rewards Centre†
1
point for every $2 spent on all other purchases†
1
20.99%†
Purchase APR non-Quebec residents†
22.99%†
Balance Transfer Rate 21.99 for Quebec residents†
22.99%†
Cash Advance APR 21.99 for Quebec residents†
$0
Annual Fee No annual fee
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
20.99%†
Balance Transfer Rate
22.99%†
Cash Advance APR
22.99%†
Annual Fee
$0
Foreign Transaction Fee
2.5%
Best no fee low-interest card
MBNA True Line Mastercard
3.0
0% intro rate
Welcome offerGood
Suggested credit scoreGet a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening, with a 3% transfer fee.
Pros
-
Solid welcome offer: 12 months of 0% APR† on balance transfers✪ made within the first 90 days (3% transfer fee applies)
-
No annual fee or minimum income requirement
-
Low standard interest rate of 12.99% for all new purchases charged to the card
-
Some extra perks like fraud protection and a discount on car rentals
Cons
-
3% balance transfer fee is comparatively high
-
Very high cash advance interest rate of 24.99%
-
No insurance benefits
-
Can’t transfer a balance owed to either MBNA or TD
Eligibility
Good
Recommended Credit Score
Recommended Credit Score
Good
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.
100%
This card is made from 100% recycled plastic
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%
This card is made from 100% recycled plastic
100%
12.99%
Purchase APR
17.99%
Balance Transfer Rate
24.99%
Cash Advance APR
$0
Annual Fee $0
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
12.99%
Balance Transfer Rate
17.99%
Cash Advance APR
24.99%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Pros
-
Solid welcome offer: 12 months of 0% APR† on balance transfers✪ made within the first 90 days (3% transfer fee applies)
-
No annual fee or minimum income requirement
-
Low standard interest rate of 12.99% for all new purchases charged to the card
-
Some extra perks like fraud protection and a discount on car rentals
Cons
-
3% balance transfer fee is comparatively high
-
Very high cash advance interest rate of 24.99%
-
No insurance benefits
-
Can’t transfer a balance owed to either MBNA or TD
Eligibility
Good
Recommended Credit Score
Recommended Credit Score
Good
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.
100%
This card is made from 100% recycled plastic
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%
This card is made from 100% recycled plastic
100%
12.99%
Purchase APR
17.99%
Balance Transfer Rate
24.99%
Cash Advance APR
$0
Annual Fee $0
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
12.99%
Balance Transfer Rate
17.99%
Cash Advance APR
24.99%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Best no fee annual fee credit card with reward points
MBNA Rewards Platinum Plus Mastercard
4.0
up to 10K pts
Welcome offerGood
Suggested credit scoreEarn 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.
Pros
-
No annual fee
-
Accelerated rewards on groceries, restaurants, and more
-
Simple point structure with flexible redemption options
-
Generous introductory bonus of up to 10,000 points
-
No cap on total points earned
Cons
-
Lower cash back redemption rate compared to designated cash back cards
-
Limited benefits beyond rewards
-
Points system may not appeal to cash back enthusiasts
-
Higher earning categories have a spending cap of $10,000 annually
-
Better suited for travel rewards than cash back
Eligibility
Good
Recommended Credit Score
Recommended Credit Score
Good
10,000
Get up to 10,000 MBNA Rewards points†† as an introductory bonus (see details below)
Get up to 10,000 MBNA Rewards points†† as an introductory bonus (see details below)
10,000
19.99%
Purchase APR
22.99%
Balance Transfer Rate
24.99%
Cash Advance APR
$0
Annual Fee
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
19.99%
Balance Transfer Rate
22.99%
Cash Advance APR
24.99%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Pros
-
No annual fee
-
Accelerated rewards on groceries, restaurants, and more
-
Simple point structure with flexible redemption options
-
Generous introductory bonus of up to 10,000 points
-
No cap on total points earned
Cons
-
Lower cash back redemption rate compared to designated cash back cards
-
Limited benefits beyond rewards
-
Points system may not appeal to cash back enthusiasts
-
Higher earning categories have a spending cap of $10,000 annually
-
Better suited for travel rewards than cash back
Eligibility
Good
Recommended Credit Score
Recommended Credit Score
Good
10,000
Get up to 10,000 MBNA Rewards points†† as an introductory bonus (see details below)
Get up to 10,000 MBNA Rewards points†† as an introductory bonus (see details below)
10,000
19.99%
Purchase APR
22.99%
Balance Transfer Rate
24.99%
Cash Advance APR
$0
Annual Fee
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
19.99%
Balance Transfer Rate
22.99%
Cash Advance APR
24.99%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Summary of top no annual fee credit cards in Canada
Card name | Special feature | Apply |
---|---|---|
MBNA Smart Cash Platinum Plus Mastercard | Earn 2% cash back on on gas and groceries (up to $500 per month spend cap) | Apply now |
MBNA Amazon.ca Rewards Mastercard | Eligible Prime members get 2.5% back on eligible purchases at Amazon.ca and Whole Foods Market stores. | Apply now |
Tangerine Money-Back Credit Card | Earn 2% cash back on two categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.) Get a Tangerine Savings account and add a third 2% cash back category. | Apply now |
Scotia Momentum No-Fee Visa* | Earn 1% cash back on all eligible gas stations, grocery stores, drug stores purchases and recurring payments. | Apply now |
CIBC Aventura® Visa |
Earn 1 point on gas, EV charging, groceries and drug stores†.Earn 1 point on travel through the CIBC Rewards Centre†
|
Apply now |
MBNA True Line® Mastercard® | Get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening, with a 3% transfer fee. | Apply now |
BMO CashBack® MasterCard® | 3% (up to a monthly max of $500) cash back on groceries | Apply now |
MBNA Rewards Platinum Plus® Mastercard® | Earn 2 MBNA Rewards points for every $1 spent†† in several categories, including groceries, restaurants, digital media, memberships, and household utilities. | Apply now |
How did we choose these no fee credit cards in Canada?
No fee credit cards offer a range of benefits and features that cater to the needs of savvy Canadian consumers. While they may differ from more premium cards in terms of annual fees, there are other factors to consider, such as earn rates, welcome bonuses, and travel perks.
To identify the best no fee credit cards, our methodology focuses on the critical features that Canadians value, including insurance coverage, interest rates, and rewards. We carefully evaluate each card, considering fees, interest rates, and essential insurance benefits, while also keeping an eye out for lucrative rewards and sign-up bonuses.
In addition to our top picks, we have identified the no annual fee card that provides exceptional value in each specific feature category. For instance, while there are several cards in the Canadian market that offer cash back with no fee, the Tangerine Money-Back Credit Card stands out because it allows cardholders to choose the spending categories in which they want to earn rewards.
With our comprehensive analysis, Canadian consumers can confidently find a no fee credit card that strikes the right balance between great features and a $0 annual fee.
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
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.
Cory Santos is a finance writer, editor and credit card expert with nearly a decade of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, St. Louis Post-Dispatch, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk.
Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca.
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