The ten finest no-fee bank cards in Canada for August 2023

Finest no-fee bank card for money again

Tangerine Cash-Again Credit score Card*

At a look: The Tangerine Cash-Again Mastercard is a perennial no-fee favorite due to its computerized 2% money again on purchases in two spending classes, with a 3rd class obtainable should you arrange an computerized rewards deposit right into a Tangerine Financial savings account. What makes this card actually stand out is that cardholders get to personalize their extra-earn classes from amongst a whopping 10 choices.

Execs

• You’ll be able to select your personal cash-back choices from 10 on a regular basis spending classes, and there’s no cap on earnings.
• The Tangerine Cash-Again Mastercard incorporates a beneficiant welcome supply and steadiness switch promotion.
• The cardboard has a low income-qualification threshold.

Cons

• The bottom fee is barely 0.5%, so incomes on spends exterior of money again classes might be low.
• There isn’t a rental automobile or journey insurance coverage.

Finest no-fee bank card for base-rate money again

SimplyCash Card from American Categorical*

At a look: A perfect card for many who spend a lot of their funds on groceries and gasoline, the SimplyCash American Categorical will get you 2% money again in these two classes. The cardboard additionally has a fairly beneficiant base fee of 1.25% for all different spending. Particularly notable is the $100,000 in journey accident safety, which is a really uncommon perk for a no-fee card.

• Annual charge: $0
• Rates of interest: 20.99% on purchases, 21.99% on money advances
• Earn fee: 2% money again on eligible gasoline and grocery purchases as much as $300 yearly; 1.25% money again on every thing else
• Extra advantages: Entry to digital occasions and particular gives with American Categorical Experiences
• Welcome supply: You’ll be able to earn a $10 assertion credit score for every month-to-month billing interval by which you make at the least $300 in purchases (for a complete worth of as much as $100).
• Annual earnings requirement: None

Execs 

• The Entrance of the Line and American Categorical Experiences applications give cardholders entry to presale tickets and unique invitations to leisure and eating occasions.
• Distinctive referral program gives an added alternative to earn $50 for referring accepted candidates (as much as $750 money again yearly).
• $100,000 in journey accident safety, in addition to purchaser’s assurance and buy safety. 

Cons

• American Categorical playing cards aren’t as broadly accepted at retailers as Visa and Mastercard playing cards.
• SimplyCash American Categorical’ accelerated earn charges are every capped at $300 yearly.

Finest no-fee bank card for no FX charges

Brim Mastercard

At a look: Brim Mastercard has one of many rarest—and most coveted—options of any bank card in Canada: No international transaction (FX) charge. So should you journey exterior of Canada usually or store on-line internationally, this card is price contemplating. Most issuers cost cardholders a charge of round 2.5% on each buy made in a non-Canadian foreign money—and that’s on high of the alternate fee! Brim fully waives this charge. The cardboard additionally comes with as much as $500 in cellular system insurance coverage and a free Boingo Wi-Fi membership.

• Annual charge: $0
• Rates of interest: 19.99% on purchases, 21.5% on money advances, 19.99% on steadiness transfers
• Earn fee: 1 level per $1 all over the place, and bonus factors at Brim companion retailers, like as much as 4% at Microsoft, 4% at Nike, 3% at Warby Parker, plus greater than 200 different retailers
• Extra advantages: No FX charges, free Boingo Wi-Fi membership, and as much as $500 in cellular system insurance coverage
• Welcome supply: You’ll be able to earn $200 in first time bonuses when buying at collaborating retailers.
• Annual earnings requirement: None

Execs

• The cardboard has no FX charge, which means you keep away from paying round 2.5% on all purchases made in a international foreign money.
• Brim Mastercard comes with free Boingo Wi-Fi membership, which supplies entry at over one million hotspots worldwide.
• The cardboard has a strong collection of insurance coverage protection, equivalent to cellular system, occasion ticket reimbursement and customary service accident insurance coverage, all that are usually exhausting to return by for no-fee playing cards.

Cons

• Brim Mastercard has a considerably low commonplace earn fee of 1% (although greater earn charges can be found at choose retailers).
• There are not any commonplace accelerated earn classes with this card.

Finest no-fee bank card for journey factors

MBNA Rewards Platinum Plus Mastercard*

At a look: An ideal journey companion, the MBNA Rewards Platinum Plus Mastercard has a versatile rewards program that gives the very best worth when factors are redeemed for journey prices. It additionally options a wide array of revved-up incomes classes, together with eating places, groceries, digital media, memberships and family utility purchases. The icing on the cake is the yearly Birthday Bonus, which may actually assist punch up your level steadiness (extra on that beneath).

• Annual charge: $0
• Rates of interest: 19.99% on purchases, 24.99% on money advances, 22.99% on steadiness transfers
• Earn fee: Earn 2 factors for each $1 spent on eligible groceries and eating places ($5,000 max annual spend per class) and 1 level per $1 on every thing else
• Extra advantages: Surprising return residence protection; rental collision and unintended demise and dismemberment insurance coverage; steadiness safety and prolonged guarantee
• Welcome supply: You’ll be able to earn 10,000 bonus factors ($50 in money again worth). (Not obtainable for residents of Quebec.)
• Annual earnings requirement: None

Execs

• Every year, cardholders get Birthday Bonus factors equal to 10% of the entire variety of factors earned within the earlier 12 months, to a max of 10,000 factors. Completely happy birthday certainly!
• The MBNA Rewards Platinum Plus Mastercard has probably the most versatile rewards applications of any no-fee card, permitting cardholders to redeem factors for money again, merchandise, present playing cards, charitable donations and journey.
• The cardboard additionally has beneficiant cellular system insurance coverage of as much as $1,000, in addition to reductions at Avis and Finances rental automobile corporations. 

Cons

• The earn fee of two factors per $1 spent on eligible restaurant, grocery, digital media, membership and family utility purchases is capped at $10,000 yearly in every class. Then it turns into a base fee of 1 level per $1.
• Factors are finest redeemed for journey, for which you’ll get a price of $0.01 per level, whereas factors are solely price half a cent every when redeemed for a press release credit score or charitable donation.

Finest no-fee bank card for low curiosity

MBNA True Line Mastercard*

At a look: This no-frills card is brief on extras however is a saving powerhouse. It might doubtlessly prevent cash in case you have this card, should you have a tendency to hold a steadiness. As a lower-interest card, it may be a lifesaver in your backside line. With an rate of interest of 12.99%, the MBNA True Line Mastercard costs practically half of what most bank cards in Canada cost, doubtlessly making it simpler to make amends for debt.

Execs

• The MBNA True Line Mastercard’s lower-than-average rate of interest of 12.99% could make it simpler to maintain debt at a extra manageable degree. 
• The 0% promotional annual rate of interest for 12 months on steadiness transfers may also be an asset for cardholders searching for some respiration room whereas they repay amassed bank card debt. 
• Take pleasure in a ten% low cost on qualifying automobile leases at collaborating Avis and Finances areas. 

Cons

• The cardboard has a excessive money advance rate of interest of 24.99%.
• The MBNA True Line Mastercard doesn’t supply any rewards, money again or insurance coverage.

Finest no-fee bank card for college students

BMO CashBack Mastercard*

At a look: BMO’s CashBack MasterCard is an efficient match for college students searching for a no-fee card that can earn them a bit of further money as they construct their credit score historical past. It’s Whereas the cardboard doesn’t include many perks, its 3% money again on groceries is probably the most beneficiant earn fee obtainable in that class for a primary bank card with out an annual charge.

• Annual charge: $0
• Rates of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers
• Earn fee: 3% money again on groceries; 1% on recurring payments; 0.5% on every thing else
• Extra advantages: Members obtain 25% off at Nationwide and Alamo rental automobile corporations
• Welcome supply: You’ll be able to earn 5% money again in your first 3 months Situations apply.
• Annual earnings requirement: None

Execs 

• BMO’s CashBack MasterCard has probably the most beneficiant earn fee for groceries of any no-fee card in Canada.
• Get 25% off on automobile leases at Nationwide and Alamo areas.
• Take pleasure in 15% off admission to Cirque du Soleil exhibits in Canada and 20% off resident exhibits in Las Vegas.

Cons 

• The cardboard solely comes with primary prolonged guarantee and buy safety.
• The BMO CashBack MasterCard’s base earn fee is barely 0.5%.

Finest no-fee bank card for PC Optimum factors

PC Monetary World Elite Mastercard*

At a look: For on a regular basis spending on necessities, the no-fee PC Monetary World Elite Mastercard is a well-liked card. You earn PC Optimum factors, one of many best-known and most helpful loyalty applications within the nation. There are not any sophisticated reward guidelines to navigate, and cardholders can merely redeem factors immediately on the money register anyplace PC merchandise are bought.

• Annual charge: $0
• Rates of interest: 21.99% on purchases, 22.97% on money advances, 22.97% on steadiness transfers
• Earn fee: 45 factors per $1 spent at Buyers Drug Mart; 30 factors per $1 at Esso, PC Journey or any Loblaw-owned shops; 10 factors per $1 on spends all over the place else
• Extra advantages: Journey emergency medical insurance coverage; automobile rental loss or collision protection; concierge providers
• Welcome supply: You’ll be able to earn 20,000 PC Optimum factors ($20 worth).
• Annual earnings requirement: Private earnings of $80,000 or family earnings of $150,000, in addition to a minimal annual spend of $15,000

Execs 

• Simply redeem factors in 10,000-point increments whereas buying—for $10 off a purchase order. 
• With the PC Monetary Mastercard, it’s simple to “stack” factors by scanning your PC Optimum factors card and paying along with your PC Optimum Mastercard everytime you make an eligible buy. 
• As Loblaw is one in all Canada’s largest retailers, there’s no scarcity of alternatives to earn and redeem factors. 

Cons 

• You’ll want a private earnings of $80,000 or a family earnings of $150,000 to qualify. 
• The PC Monetary World Elite Mastercard doesn’t include many perks.

Finest no-fee bank card for Canadian Tire

Triangle World Elite Mastercard

At a look: The Triangle World Elite Mastercard from Canadian Tire is a digital evolution of the corporate’s well-loved Canadian Tire {dollars} and gives glorious earnings for many who repeatedly store at Canadian Tire and companion shops. It’s additionally one of many few no-fee playing cards that provide automobile rental collision insurance coverage and offer you entry to a roadside help plan.

Execs 

• The cardboard’s 4% earn fee at collaborating shops is likely one of the highest earn charges for a no-fee card. Plus, members of the brand new Triangle Choose program get 10 occasions the bonus CT Cash on on a regular basis purchases made with a Triangle Mastercard along with common in-store Triangle bank card rewards. This system prices $89 per yr plus tax.
• The Triangle World Elite Mastercard is jam-packed with attractive extras like roadside help, concierge service and rental automobile insurance coverage. 
• You’ll get $0.07 again per litre of premium gasoline and $0.05 again per litre on all different gasoline varieties. And Canadian Tire lately introduced that, beginning in 2024, Triangle members may earn rewards at Petro-Canada gasoline stations, along with its Fuel+ stations.

Cons 

• The cardboard has a excessive annual earnings requirement of $80,000 in private earnings or $150,000 in family earnings. 
• The Triangle World Elite Mastercard’s 4% earn fee is barely actually helpful for many who store usually at Canadian Tire and companion shops. 
• Since you’re incomes Canadian Tire Cash moderately than money, you possibly can solely redeem it at a restricted collection of collaborating retailers.

Finest no-fee bank card for constructing credit score

House Belief Secured Visa*

At a look: The House Belief Secured Visa is a superb decide for individuals who need to construct their credit score however who would possibly in any other case have problem getting accepted due to a low credit score rating or as a result of they’re new to Canada and don’t have a lot of a credit score historical past. What makes this card particularly distinctive is that it’s obtainable with a decrease rate of interest (which may help you retain your debt in test) in alternate for paying a small annual charge.

• Annual charge: $0
• Rates of interest: 19.99% on purchases, 19.99% on money advances
• Earn fee: None
• Extra options: None
• Welcome supply: This card doesn’t have a welcome bonus at the moment.
• Annual earnings requirement: None

Execs 

• The House Belief Secured Visa has two secured bank card choices to suit a cardholder’s particular person wants: a no-fee card with a 19.99% rate of interest, and a low-interest card with a fee of 14.90% and an annual charge of $59. 
• The cardboard is specifically designed for Canadians who could have hassle constructing their credit score histories, equivalent to self-employed people, college students, newcomers to Canada and other people with a bad credit score.
• The cardboard incorporates a lower-than-normal international foreign money conversion charge of two%.

Cons

• Cardholders don’t earn money again or rewards.
• The House Belief Secured Visa has no further perks like insurance coverage.
• You need to present a safety deposit to make use of the cardboard.

Finest no-fee card for journey insurance coverage 

Rogers World Elite Mastercard

At a look: When you’re searching for a bank card with a powerful collection of journey insurance coverage together with no annual charge, the Rogers World Elite Mastercard can’t be beat. The cardboard comes with emergency medical insurance coverage, insurance coverage for journey cancellation and interruption, and collision and harm protection for automobile leases.

• Annual charge: $0
• Rates of interest: 19.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers
• Earn fee: 1.5% money again on all purchases; 3% money again on all U.S.-dollar purchases
• Extra advantages: Out-of-province/out-of-the-country emergency medical insurance coverage; journey cancellation/interruption safety; rental automobile collision/harm protection; complimentary membership to the Mastercard Journey Cross program, with entry to over 1,300 airport lounges worldwide; free Boingo Wi-Fi membership and Mastercard Journey Rewards
• Welcome supply: Earn $25 money again whenever you make your first buy inside three months of getting the cardboard.
• Annual earnings requirement: Private earnings of $80,000 or family earnings of $150,000

Execs 

• Whereas the cardboard does cost an FX charge (sometimes round 2.5%) on all international foreign money purchases made, cardholders obtain 3% limitless money again rewards on all eligible U.S.-dollar purchases.
• Take pleasure in complimentary membership to the Mastercard Journey Cross program, which supplies you entry to over 1,300 airport lounges worldwide.
• Cardholders can make the most of free Boingo Wi-Fi at over 1 million hotspots worldwide.

Cons 

• The cardboard has a minimal annual earnings requirement of $80,000 in private earnings or $150,000 in family earnings.
• You need to cost at the least $15,000 per yr to the cardboard or it is going to be cancelled.
• When you get a free airport lounge membership, no free visits are included. You need to pay USD$32 per particular person per go to.

Continuously requested questions

What is a no-fee bank card?

A no-fee bank card doesn’t require you to pay an annual charge to make use of the cardboard. Even with out this cost, you possibly can nonetheless entry credit score and profit from any of the cardboard’s perks and rewards. Nevertheless, this doesn’t imply there are zero prices related to a no-fee card. You’ll nonetheless need to pay curiosity on unpaid balances, and you might incur money advance charges, international transaction charges and different prices, relying on the kind of card.

Benefits of a no-fee bank card

1. Skip the yearly cost: A no-fee bank card is free to have at your disposal. Higher but, should you by no means carry a steadiness and you employ a no-fee card that gives money again or rewards, you’ll truly be in a greater monetary place than you’ll with out the cardboard. In lots of instances, the earn fee may be decrease than with an annual-fee card; nonetheless, with a no-fee card, any rewards you earn could be a web constructive—you don’t need to spend a certain quantity yearly to make up for the upfront cost.
2. Save on sure bills: A card that enhances your spending habits and hobbies (like journey) may prevent a pleasant chunk of change on issues like international transaction charges, insurance coverage and rental automobiles. 

Drawbacks of a no-fee bank card

1. Ho-hum rewards and money again: Your reward incomes energy might be considerably lacklustre when in comparison with the revved-up rewards you’ll often reap with premium playing cards which have an annual charge. For instance, with the American Categorical Cobalt card, you’ll earn 5 factors per $1 spent on groceries and eating places, 3 factors per $1 spent on streaming providers, and a pair of factors per $1 spent on journey, transit and gasoline (with every thing else getting you 1 level per $1). You’ll be able to see that at these earn charges, factors can pile up fairly shortly. 
2. Not-so-welcoming welcome gives: As a result of one of many main promoting factors of a no-fee card is that there isn’t any charge, the welcome bonuses supplied to draw new candidates aren’t as beneficiant as playing cards with annual charges.
3. Fewer perks: With few exceptions, no-fee playing cards lack the perks and advantages—notably insurance coverage—that have a tendency to return with annual-fee playing cards. Sometimes (although not at all times), no-fee playing cards do embody very primary protections, equivalent to zero legal responsibility, buy safety and prolonged guarantee, however you’ll often miss out on journey insurance coverage, concierge service and perks, equivalent to airport lounge entry. In the end, you’ll need to weigh these advantages towards the charges and determine whether or not a no-fee bank card works finest for you.

What must you do with the cash you saved with an annual charge?

With a no-fee card, you could possibly save your self $59 to $250 {dollars} a yr. However make a aware choice to do one thing with that cash, like placing it right into a high-interest financial savings account or into your registered retirement financial savings plan (RRSP) or tax-free financial savings account. It’s not loads, however the compound curiosity you could possibly earn makes it worthwhile. Use our compound curiosity calculator to learn how a lot you could possibly develop your cash.

Video: 5 causes to swap your debit card for a pay as you go money again card

Extra of Canada’s finest bank cards: