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2021's Best No Fee Credit Cards for Canadians

Find the best credit cards with no annual fee.

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2021's Best No Fee Credit Cards in Canada

See the best no fee credit cards in Canada and find the perfect card for your lifestyle.

MBNA Rewards Platinum Plus Mastercard

MBNA Rewards Platinum Plus® Mastercard®

card image
Welcome bonus
$160
MBNA Rewards points
Annual rewards
$350
MBNA Rewards points
Annual fee
$0

Winner – Best No Fee Card
Flexible rewards redeemable for travel or cashback
Details at a glance Collapse details
Welcome bonus
$160
Annual rewards
$350
Winner – Best No Fee Card
Flexible rewards redeemable for travel or cashback
Details at a glance Collapse details

Apply for the MBNA Rewards Platinum Plus® Mastercard® and get four times the MBNA Rewards points per dollar you spend on gas, groceries and restaurant purchases for the first 90 days, up to the $5,000 annual spending cap in each of in these categories.

Plus, earn 5,000 bonus points when you make at least $500 in eligible purchases within the first 90 days. Get another 5,000 bonus points when you sign up for paperless e-statements within the same period. Redeem your rewards through the MBNA Rewards Catalogue for travel, merchandise and more.

According to our Best of Finance methodology, the average Canadian will see $510 in MBNA Rewards points within the first year.

Credit score requirement for approval:

Good: You’ve had a credit card or loan for at least six years. You’ve had good credit for the last seven years (no bankruptcies or defaults on credit as a result of failing to pay debts back to creditors). You haven’t opened a new credit card account, loan, or line of credit in the last nine months. You’ve made the minimum payments on any existing credit cards for the past three months.

Annual fee:

$0

Limited time offer/bonus:

  • Earn 4X the MBNA Rewards points per dollar you spend on eligible gas, grocery and restaurant purchases for the first 90 days, subject to an annual cap of $5,000 in total purchases in each category.
  • Get 5,000 bonus points when you make your first $500 in purchases within 90 days of opening the account. Get another 5,000 when you enroll in paperless e-statements within the same period.

Offer expiry date: N/A subject to change without notice

Rewards:

  • Earn one point per dollar everywhere you shop.

Earning potential:

How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.

Rewards earned over a 12-month period = 30,000 MBNA points
Monetary value= $300
Annual fee = $0
Total earned over the first year (rewards minus annual fee) = $510

You can redeem your points for:

  • Travel
  • Merchandise
  • Gift cards
  • Statement credit

Insurance:

  • Purchase assurance
  • Extended warranty

Other perks:

  • Save on rental cars with AVIS Rent A Car and Budget Rent A Car across the U.S. and Canada.
  • Feel some peace of mind with the Away from Home feature, including lost document and ticket replacement, lost luggage assistance, and legal assistance.

SimplyCash Card from American Express

SimplyCash™ Card from American Express

card image
Welcome bonus
$75
AMEX Cashback Rewards
Annual rewards
$300
AMEX Cashback Rewards
Annual fee
$0

Very straigtforward cashback credit card for individuals who are looking to try AMEX
Strong and simple rewards rate
Details at a glance Collapse details
Welcome bonus
$75
Annual rewards
$300
Very straigtforward cashback credit card for individuals who are looking to try AMEX
Strong and simple rewards rate
Details at a glance Collapse details

With the SimplyCashTM Card from American Express, cardholders can earn 2.5% back on all purchases for the first three months, up to $150 back ($6,000 in total purchases). After that, receive 1.25% back on everything you buy.

According to our Best of Finance methodology, the average Canadian will see $375 back in the first year.

Credit score requirement for approval:

Good: You’ve had a credit card, or loan for at least six years. You’ve had good credit for the last seven years (no bankruptcies or no defaults on credit as a result of failing to pay debts back to creditors). You haven’t opened a new credit card account, loan, or line of credit in the last nine months. You’ve made the minimum payments on my existing credit cards for the past three months.

Annual fee:

$0

Limited time offer/bonus:

  • Earn 2.5% back on all purchases for the first three months, up to $6,000 in total purchases.

Offer expiry date: N/A subject to change without notice

Rewards:

  • Get 1.25% cash back on purchases with no limit to how much you can earn.

Earning potential:

How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.

Rewards earned over a 12-month period = $300
Annual fee = $0
Total earned over the first year (rewards minus annual fee) = $375

You can redeem your points for:

  • Cash back appears as a statement credit in September of each year.

Insurance:

  • Travel accident insurance
  • Buyer’s Assurance® Protection Plan
  • Purchase Protection® Plan

Other perks:

  • Get all that American Express Invites® has to offer, including exclusive access to tickets, events and deals.

Tangerine Money-Back Card

Tangerine Money-Back Credit Card

card image
Welcome bonus
$0
Money-Back Rewards
Annual rewards
$309
Money-Back Rewards
Annual fee
$0

Bonus: $100 e-Gift card upon approval
Flexible no-fee cashback card with ability to choose what categories earn you the most cash back
No limits to cash back that can be earned
Details at a glance Collapse details
Welcome bonus
$0
Annual rewards
$309
Bonus: $100 e-Gift card upon approval
Flexible no-fee cashback card with ability to choose what categories earn you the most cash back
No limits to cash back that can be earned
Details at a glance Collapse details

The Tangerine Money-Back Credit Card allows cardholders to switch up where they earn their rewards, choosing between 10 categories. Earn 2% cash back in up to three categories of your choice. Plus, earn a $100 bonus e-Gift Card from RATESDOTCA upon approval. Start with two selections and get a third when you decide to deposit your rewards into a Tangerine Savings Account. Receive 0.50% back on all other purchases, with no limit to how much cash back you can earn.

According to our Best of Finance methodology, the average Canadian will see $409 back within the first year.

Credit score requirement for approval:

Good: You’ve had a credit card or loan for at least six years. You’ve had good credit for the last seven years (no bankruptcies or defaults on credit as a result of failing to pay debts back to creditors). You haven’t opened a new credit card account, loan, or line of credit in the last nine months. You’ve made the minimum payments on any existing credit cards for the past three months.

Annual fee:

$0

Limited time offer/bonus:

  • New cardmembers can take advantage of a 1.95% promotional interest rate on balance transfers made within the first 30 days of opening the account for six statement periods. A 1% balance transfer fee does apply.

Offer expiry date: N/A subject to change without notice

Rewards:

Earn 2% cash back in up to three categories of your choice. Start with two categories and earn a third when you choose to deposit your rewards into a Tangerine Savings Account. Earn 0.50% back on all other purchases.

Tangerine Money-Back Reward categories:

  • Grocery
  • Furniture
  • Restaurants
  • Hotel-motel
  • Gas
  • Recurring bill payments
  • Drug store
  • Home improvement
  • Entertainment
  • Public transportation and parking

Switch up your categories to suit your spending habits.

Earning potential:

How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.

Rewards earned over a 12-month period = $409
Annual fee = $0
Total earned over the first year (rewards minus annual fee) = $409

*Assuming the cardholder chooses to deposit their rewards into a Tangerine Savings Account, earning the third category. The categories selected were groceries, recurring bill payments and gas.

You can redeem your points for:

  • Rewards can be deposited into a Tangerine Savings Account each month.
  • Rewards can be applied as a statement credit at the end of each month.

Insurance:

  • Purchase protection
  • Extended warranty
  • Zero Liability

Other perks:

  • Enjoy free supplementary cards for authorized users.

Tangerine World Mastercard

Tangerine World Mastercard®

card image
Welcome bonus
$0
Money-Back Rewards
Annual rewards
$309
Money-Back Rewards
Annual fee
$0

Bonus: $100 e-Gift card upon approval
Flexible no fee card that gives you the ability to choose what categories earn you the most cash back
Includes rare mobile device insurance
Details at a glance Collapse details
Welcome bonus
$0
Annual rewards
$309
Bonus: $100 e-Gift card upon approval
Flexible no fee card that gives you the ability to choose what categories earn you the most cash back
Includes rare mobile device insurance
Details at a glance Collapse details

The Tangerine World Mastercard® offers cardholders loads of flexibility. Earn 2% cash back in up to three categories of your choice. Plus, earn a $100 bonus e-Gift Card from RATESDOTCA upon approval.

Start with two categories and get a third when you choose to deposit your rewards into a Tangerine Savings Account. Not only that, but this card also features Boingo Wi-Fi for Mastercard®*, giving you access to over one million Wi-Fi zones across the world. Plus, enjoy mobile device insurance when you charge the full amount of your cell phone or tablet to your card.

According to our Best of Finance methodology, the average Canadian will see $409 cash back within the first year.

Credit score requirement for approval:

Good: You’ve had a credit card or loan for at least six years. You’ve had good credit for the last seven years (no bankruptcies or defaults on credit as a result of failing to pay debts back to creditors). You haven’t opened a new credit card account, loan, or line of credit in the last nine months. You’ve made the minimum payments on any existing credit cards for the past three months.

Annual fee:

$0

Limited time offer/bonus:

  • New cardmembers can access a 1.95% promotional interest rate on balance transfers made within 30 days of account opening, for the first six months. A 1% balance transfer fee does apply.

Offer expiry date: N/A subject to change without notice

Rewards:

Get 2% cash back in up to three categories of your choice. Start with two Money-Back Rewards categories and earn a third when you choose to deposit your money into a Tangerine Savings Account. Earn 0.50% back on everything else.

Tangerine Money-Back Rewards categories:

  • Grocery
  • Furniture
  • Restaurants
  • Hotel-motel
  • Gas
  • Recurring bill payments
  • Home improvement
  • Entertainment
  • Public transportation and parking

Earning potential:

How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.

Rewards earned over a 12-month period = $409
Annual fee = $0
Total earned over the first year (rewards minus annual fee) = $409

*Assumes the cardholder chose to deposit their rewards into a Tangerine Savings Account, earning the third category. The categories selected were groceries, recurring bill payments and gas.

You can redeem your points for:

  • Cash back can be applied as a statement credit each month.
  • Cash back can be deposited into a Tangerine Savings Account.

Insurance:

  • Rental car collision and loss damage
  • Mobile device insurance
  • Purchase protection
  • Extended warranty
  • Mastercard Zero Liability

Other perks:

  • Stay connected with Boingo Wi-Fi for Mastercard®*, and access over one million Wi-Fi hotspots around the world.
  • Take advantage of Mastercard® Airport Experiences Provided by LoungeKey for exclusive deals and offers at over 400 airports.
  • Get free supplementary cards for authorized users.

President's Choice Financial World Elite Mastercard

President’s Choice Financial® World Elite Mastercard®

card image
Welcome bonus
$20
PC Optimum Points
Annual rewards
$456
PC Optimum Points
Annual fee
$0

Winner – Best Card for Families
Great card for fans of the PC Optimum reward program looking to save even more on groceries
Details at a glance Collapse details
Winner – Best Card for Families
Great card for fans of the PC Optimum reward program looking to save even more on groceries
Details at a glance Collapse details

The President’s Choice Financial® World Elite Mastercard® is offering new cardholders 20,000 bonus PC Optimum points when they make their first purchase using the card. Not only will this card earn free groceries, but you can also earn rewards faster as a household. PC Optimum points are easy to redeem, and you only need a $10 value before you can cash in on free products and groceries. Plus, you can double-dip on points when you use your loyalty program card at the check-out.

According to our Best of Finance methodology, the average Canadian will see $476 in PC Optimum points within the first year.

Credit score requirement for approval:

Fair: You have had a credit card or loan for one or more years. For the last two years or more, you’ve paid back debts to creditors with no defaults. You haven’t missed more than two payments on your credit in the last three months.

Annual fee:

$0

Limited time offer/bonus:

  • Earn 20,000 bonus PC Optimum points when you make your first purchase.
  • Take advantage of the promotional interest rate of 0.97% on balance transfers for six months. Balance transfers must be made within 90 days of opening the account.

Offer expiry date: December 31, 2020

Rewards:

  • Earn 30 PC Optimum points for every dollar spent at:
    • President’s Choice grocery stores
    • PC Mobile
    • PC Travel
    • Shoppers Drug Mart
  • Earn at least 30 points per litre at Esso and Mobil gas stations.
  • Get 10 points per dollar everywhere else you shop.

Earning potential:

How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.

Rewards earned over a 12-month period = 476,000 PC Optimum points
Monetary value= $476
Annual fee = $0
Total earned over the first year (rewards minus annual fee) = $476

You can redeem your points for:

Start to redeem your rewards as soon as you collect 10,000 PC Optimum points, which is a $10 value.

Redeem points at Loblaw banner stores, including Loblaws, No Frills, Real Canadian Superstore, Valu-Mart, Zehrs, Independent, Fortinos, and Wholesale Club, as well as Shoppers Drug Mart locations.

  • Groceries
  • Merchandise

Redeem points online through:

  • Beautyboutique.ca
  • JoeFresh.ca
  • PC Express

Insurance:

  • Travel emergency medical
  • Car rental collision and loss damage waiver
  • Extended warranty
  • Purchase protection
  • Identity theft assistance

Other perks:

  • Enjoy 24/7 concierge services to reserve tickets for a fun night out or book dinner reservations for the family.

*Rates, product information and rewards estimates are subject to change at any time and do not constitute financial advice.

No fee credit cards on RATESDOTCA

With the sheer volume of choices available to credit card users, trying to settle on one specific card is a tough decision. You'll be tempted to get a card with rewards, air miles, cash back or various other perks offered by credit card companies.

As you start comparing credit cards, you'll notice that many of the rewards credit cards come with annual fees, and some of these may cost you over $100 yearly. If one intends to use a credit card often, the rewards collected will often justify the fee. What if you want to use the credit card occasionally or carry it just for emergencies?

In such cases, a no annual fee credit card will make sense. As you continue to shop for the best credit card for your needs, you'll likely notice no annual fee credit cards sometimes do offer some incentives and also have competitive interest rates. It is possible to get a credit card that combines some good features such as cash back rewards without paying an annual fee.

However, be aware that some no annual fee credit cards may just waive the fee for a limited amount of time. For example, there are credit card companies that will offer you a no annual fee for a year and charge you fees after that time is up. You may also find your fee is waived annually due to a special promotion or discount offer.

It is also important to check for a suitable rate of interest. You don't necessarily want to save on the annual fee only to be charged a higher interest rate. You'll have to decide if the interest rate combined with the savings on the annual fee makes financial sense for your spending habits.

By carefully examining the terms and conditions of these no annual fee cards, and comparing them to alternatives, credit card shoppers will be able to make the right choice.

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