If you are in search of a travel, cash back, or similar rewards card, you may expect to pay a large annual fee. But that is not always the case. There are many no annual fee credit cards that can offer exactly what you are looking for, at no additional cost. Although the earn rate may be lower, you can still benefit from travel perks or receive money back for making everyday purchases. These cards won’t charge you to access the features they provide, yet they offer real rewards that you can spend the way you want to.
Also, a credit card with no annual fee can be used as a secondary credit card to complement or make up for perks that are not included on a cardholder’s primary card. Cardholders using a Mastercard may also want to use a Visa, or vice versa, as a backup card. By using the best features of each, consumers have more choice and may even earn more rewards when making purchases on their credit card.
To get you started, we have selected the top six credit cards with no annual fee in Canada.
MBNA Rewards Platinum Plus® Mastercard® cardholders can earn rewards on everyday purchases as well as bonus rewards on gas, grocery, and restaurant purchases. When you are ready to redeem, browse the rewards catalogue for travel and merchandise, or apply your rewards toward a statement credit.
According to our Best of Finance methodology, the average Canadian will see $594.75 in rewards in the first two years.
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:
If you meet all the requirements, you can earn up to 10,000 bonus points. That’s a $100 travel value.
Sign-Up Bonus Expiry Date: April 30, 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 24-month period.
Rewards earned over a 24-month period = 59,475 MBNA Rewards Points
Monetary Value = $594.75
Annual fee (x2 for 24-month period) = $0
Total earned over a 24-month period (rewards minus annual fee) = $594.75
*Assuming the cardholder has registered for e-statements, earning the welcome bonus. The points redemption amount may differ per option chosen. The rewards value illustrated here is based on travel redemption.
You can redeem your points for:
*Rewards can be redeemed through the rewards catalogue.
Insurance:
Other perks:
For a limited time the CIBC Aventura® Visa * Card offers cardmembers up to 2,500 bonus Aventura Points when they complete five welcome activities, from signing up for e-statements to adding an authorized user. Cardholders can earn an additional 2,500 bonus points by spending $500 within the first four months.
Including this promotional offer and based on our Best of Finance methodology, the average Canadian will earn just over $350 in Aventura Points in just two years. Cardholders can cash in their points for travel, activities, merchandise, or a statement credit on the account. However, the points value may fluctuate based on the redemption option. The value here is based on a travel redemption.
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 up to 2,500 bonus Aventura Points when you complete the following activities within 60 days of account approval:
Collect an additional 2,500 Aventura Points when you spend at least $500 in your first four monthly statements.
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 24-month period.
Rewards earned over a 24-month period = 30,916 Aventura Points
Monetary value = $359.17
Annual fee (x2 for 24-month period) = $0
Total earned over a 24-month period (rewards minus annual fee) = $359.17
*Assuming all private transportation is booked through the CIBC Rewards Centre, and all welcome activities have been completed (5,000 bonus Aventura Points acquired).
You can redeem your points for:
Insurance:
Other perks:
Apply for the SimplyCash™ Card from American Express, and, in your first 10 months, you can earn a $10 statement credit for each monthly billing period in which you spend $300 in purchases on your Card. This could add up to $100 in statement credits in the first 10 months Best of Finance methodology.
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:
Sign-Up Bonus 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 24-month period.
Rewards earned over a 24-month period = $468
Annual fee (x2 for 24-month period) = $0
Total earned over a 24-month period (rewards minus annual fee) = $468.00
You can redeem your points for:
Insurance:
Other perks:
The Tangerine World Mastercard® allows cardholders to earn additional cash back in up to three categories of their choice. Earn 2% in the chosen Money-Back categories and 0.5% on everything else. The Tangerine World Mastercard® is a well-rounded credit card with no annual fee, offering additional perks including Mastercard Airport Experiences, rental car collision insurance, and even mobile device insurance.
According to our Best of Finance methodology, the average Canadian can save an additional $479.34 over the first two years if they choose to deposit their rewards into a Tangerine Savings Account and select grocery, pharmacy, and gas as their Money-Back categories.
Credit score requirement for approval:
Excellent: You've had a credit card, or loan for at least 10 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 your existing credit cards for the past six months.
Annual fee:
$0
Limited time offer/bonus:
Sign-Up Bonus Expiry Date: January 31, 2020
Rewards:
Earn 2% Money-Back Rewards in two chosen categories. And, if you choose to have your Money-Back Rewards deposited in your Tangerine savings account, you are eligible for a third castigatory at 2%. Switch up your selected Money-Back categories as your spending habits change to maximize your return and earn 0.5% on all other eligible purchases.
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 24-month period.
Rewards earned over a 24-month period = $479.34 Money-Back rewards
Annual fee (x2 for 24-month period) = $0
Total earned over a 24-month period (rewards minus annual fee) = $479.34
*Assuming you have earned the third category by depositing your rewards into a Tangerine Savings Account and you have chosen to earn from grocery, pharmacy, and gas purchases.
You can redeem your points for:
Insurance:
Other perks:
The President’s Choice Financial® Mastercard® is fantastic for earning rewards on everyday items at the grocery store, drug store, or gas station. Cardholders can redeem their rewards when they have as little as 10,000 points, a $10 value, for merchandise or free groceries. This card is great for the young single person, to the large family — we all have to eat. An added bonus, you can earn more points if you use both your PC Optimum card and your President’s Choice Financial Mastercard in-store or online at participating retailers.
Based on our Best of Finance methodology, the average Canadian can earn $582.72 in PC Optimum points within the first two years of card membership.
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:
Sign-Up Bonus 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 24-month period.
Rewards earned over a 24-month period = 582, 729 PC Optimum points
Monetary value = $582.72
Annual fee (x2 for 24-month period) = $0
Total earned over a 24-month period (rewards minus annual fee) = $582.72
*Assuming all grocery purchases are made at President’s Choice Financial stores, pharmacy purchases are made at Shoppers Drug Mart, Gas is purchased at Esso Mobil, and Travel is made through PC Travel.
You can redeem your points for:
*Points can be redeemed in 10,000 points ($10) increments.
Insurance:
Other perks:
A similar option:
The SCENE®* VISA* Card rewards movie lovers with free tickets by making everyday purchases. Cardholders can earn additional points when making purchases at Cineplex theatres or online at cineplex.com, as well as at the time of redemption if points are used toward movie tickets.
According to our Best of Finance methodology, the average Canadian could see a return of over $500 within the first two years of card membership. It only takes 1,250 SCENE points to earn a free general movie ticket. That means the average Canadian could earn around 40 general admission tickets within the first two years.
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:
Sign-Up Bonus Expiry Date: March 1, 2020
Rewards:
*A maximum of 300 points can be earned per transaction, up to a daily maximum of 600 points. When redeeming SCENE points at the theatre, additional SCENE points are earned, up to a maximum of one adult ticket and two child tickets per transaction and two transactions per day.
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 24-month period.
Rewards earned over a 24-month period = 50,500 SCENE Points
Monetary value = $505.00
Annual fee (x2 for 24-month period) = $0
Total earned over a 24-month period (rewards minus annual fee) = $505.00
*Assuming $100 a month is spent at Cineplex theatres or cineplex.com.
You can redeem your points for:
Insurance:
Other perks:
Don’t judge a credit card by its fee! There are plenty of credit cards with no annual fee that feature travel rewards, cash back, insurance options, installment plan features, balance transfer options, and more. A credit card’s annual fee shouldn’t bust your budget to provide you with the services you want. RATESDOTCA can help you find the credit card you have been looking for. Compare the best credit cards with no annual fee in Canada.