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Best No Fee Credit Cards In Canada

Best No Fee Credit Cards in Canada

Typically, expensive credit cards offer measurable financial benefits to the cardholders and subsequently justify the annual fee. However, that doesn’t mean credit cards with no annual fee doesn’t offer value as expected. Many people around Canada don’t prefer paying an annual fee for a credit card regardless of their earning or credit score. If you are not interested to invest in the annual fee and collect cash back or rewards, you can always go for a no-fee credit card. Read on to get yourself familiar with the popular selections.

Tangerine Money-Back

Tangerine Money-Back comes with flexible spending categories. You can automatically get 2% back on acquisitions in two spending categories. You can have this cashback in up to three categories from groceries, bill expenditures, eateries, entertainment, community travel and parking, fixtures, home upgrading, and hotel stays. The third category is only available when you set up an automatic rewards deposit to the savings account. Other spending makes approximately 0.5%. While this card offers limited perks on warranty and buying assurance, it does provide you with limitless cashback. Once you reach a $60,000 annual earnings requirement, you will be inevitably considered for the Tangerine World Mastercard that offers added benefits such as rental car insurance and mobile gadgets.

Key Features

  • The welcome promotional interest rate is 1.95% for six months. However, only 1% credit transfer fee will be charged
  • Earn rate is 2% cashback in up to 3 categories. Money-back applies monthly either to your credit or savings account
  • The minimum requirement for income is $12,000
  • Other benefits include buying protection and extended warranties

BMO CashBack Mastercard

It’s an entry-level card with no annual fee. You can earn 1% money back on your purchases. There is a BONUS offer as well! You can get 100% cashback for the first three months. Further, you can transfer credit at a low 1.99% rate for nine months in case of existing debt. Also, buying protection and extended warranties are impressive.


Key Features

  • As a signup bonus, you will get 5% cashback for three months
  • Additional sign-up bonus offers 1.99% credit transfer rate for nine months
  • Standard cashback rate is 1% on the acquisitions  
  • 25% OFF on hiring at National and Alamo
  • Buying protection and extended warranties

Home Trust Preferred Visa

Home Trust Preferred Visa is a popular option with no foreign transaction fee and a reasonable 1% cashback on your purchases. Though it doesn’t offer adequate insurance, it does offer one key bonus perk that includes membership in roadside assistance. You can use the card to pay for a car rental and loss coverage. The annual income requirement is $15,000 for the cardholders which is quite accessible. Worth your consideration!

Key Features

  • Earn rate is 1% cashback on acquisitions
  • Minimum income requirement is $15,000
  • No foreign transaction fee
  • Roadside assistance offers members up to four annual service calls across North America along with car accidents and rental car loss

Rogers World Elite MasterCard

Another popular MasterCard that raises the bar with no foreign transaction fee along with an accelerated 4% cashback on purchases. Purchases in Canadian currency earn about 1.75% that makes this card a practical and useful option for average consumers. To qualify for this card, you need to have a personal annual income of at least $80,000. You can make an easy recovery for your cashback and it let you pay off eligible purchases that can be seen in your statement. Though you should have a minimum of $20 in cashback collected. This can be achieved with the reward application.

Key Features

  • Standard cashback rate is 1.75% on all purchases
  • Exclusive cashback rate is 4% on purchases made in foreign currency
  • $25 is a sign-up bonus in the form of cashback rewards for first 3 months
  • Minimum annual income is $80,000 personal/$150,000 household
  • Travel and insurance perks

MBNA True Line Mastercard

With MBNA True Line MasterCard, you will have three options available including standard interest rate, balance transfer fee, and balance transfer rate. With a standard interest rate of 12.99%, you can transfer credit free of cost for 10 months. However, there is a flat credit fee of 3%. As the Mastercard doesn’t come with an annual fee, it makes a powerful option to pay off the debt.

Key Features

  • 0% interest rate for 10 months
  • 12.99% standard interest rate charges
  • You can add up to 9 authentic users without paying any fee

SimplyCash from American Express

Another highly recommended credit card that allows new cardholders to earn 2.5% money back on all acquisitions. There is no limit to the cashback earning on everything. You will also get an optional balance transfer promotion of 1.99% for the initial six months. What’s more interesting? You can have access to AMEX’s entertainment perks such as movie screenings, food events, reserved seats for performances, and exclusive offers through American Express.

Key Features

  • 1.25% cashback on all procurements
  • 2.5% cashback on your consumptions for the first 3 months
  • No annual fee
  • Access to AMEX entertainment perks
  • Extended warranty protection
  • $100,000 in travel accident insurance

Home Trust Preferred Visa

The Home Trust Preferred Visa is one of the best no-fee credit cards in Canada as it charges nothing for foreign transactions. The card offers 1% cashback on all Canadian acquisitions. There is a limitation of 10 authorized transactions per day. However, the visa card is not currently available to Quebec residents. Overall, it’s a great supplementary card if you often make purchases in foreign currencies.

Key Features

  • No annual fee
  • Free roadside membership (value up to $100)
  • The foreign transaction with no charges
  • 1% cashback on Canadian purchases

All of the credit cards listed above are selected based on their cashback and reward rates, low-interest credit transfer promotions, annual fee, etc. Compare and contrast the options and you will certainly get an excellent no-fee credit card that fits your needs. Save Money! 

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