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See the best no fee credit cards in Canada and find the perfect card for your lifestyle.
|
Card |
Annual fee |
First year value |
|
$0 |
$510 |
|
|
$0 |
$375 |
|
|
$0 |
$409 |
|
|
$0 |
$409 |
|
|
$0 |
$476 |
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:
Offer expiry date: N/A subject to change without notice
Rewards:
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:
Insurance:
Other perks:
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:
Offer expiry date: N/A subject to change without notice
Rewards:
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:
Insurance:
Other perks:
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:
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:
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:
Insurance:
Other perks:
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:
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:
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:
Insurance:
Other perks:
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:
Offer expiry date: December 31, 2020
Rewards:
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.
Redeem points online through:
Insurance:
Other perks:
*Rates, product information and rewards estimates are subject to change at any time and do not constitute financial advice.
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.
