The perfect no-fee bank cards in Canada for March 2024

Greatest no-fee money again bank card

At a look: Hold it easy with the American Specific SimplyCash card. All purchases earn 1.25% money again apart from fuel and groceries, which earn at a better 2% price. The 1.25% base price is among the many most beneficiant accessible, which is simply one of many causes this card is the perfect no-fee money again card within the nation. 

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SimplyCash from American Specific

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• Annual payment: $0
• Earn price: 2% money again on eligible fuel and grocery purchases as much as $300 yearly; 1.25% money again on the whole lot else
• Welcome provide: You possibly can earn a $10 assertion credit score for every month-to-month billing interval by which you make a minimum of $300 in purchases (for a complete worth of as much as $100).
• Annual revenue requirement: None

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Professionals

• The bottom earn price of 1.25% is beneficiant for a no-fee card. 
• Earn 2% within the two classes the place most Canadians spend essentially the most: fuel and groceries.
• Refer a pal and earn as much as $375 money again yearly for authorised referrals.
• A rarity for a no-fee card: You get journey insurance coverage that gives as much as $100,000 in unintentional demise and dismemberment insurance coverage while you totally cost your frequent provider (aircraft, prepare, ship or bus) tickets to the cardboard.

Cons

• You possibly can’t entry your money again at any time. As a substitute, it’s utilized to your account as an announcement credit score every September. 
• American Specific is much less extensively accepted in Canada than Visa or Mastercard, so that you may need to additionally carry a secondary card for purchases at sure shops, together with Costco and Loblaw grocery shops. 
• The cap of $300 money again on groceries and fuel (on the primary $15,000 spent) is comparatively low for bonus classes.

Honourable point out

At a look: The one card in Canada that allows you to choose your accelerated earn classes, the Tangerine Cash-Again card is a perennial favorite of Canadians on the lookout for a versatile no-fee card that matches their spending habits. These with a Tangerine financial savings account can select as much as three 2% money-back classes (in any other case you get to pick out two classes) from a formidable checklist of 10 classes. 

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Tangerine Cash-Again Credit score Card

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• Annual payment: $0
• Earn charges: 2% in as much as 3 classes of your alternative (together with groceries, fuel and eating) and 0.5% money again on the whole lot else
• Welcome bonus: You possibly can earn an additional 10% again on as much as $1,000 in on a regular basis purchases throughout the first 2 months. Should apply by April 30, 2024.
• Annual revenue requirement: Private or family revenue of $12,000

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Professionals

• The choice to choose your 2% bonus classes from a complete of 10 choices, together with grocery, fuel, consuming locations, leisure, public transit and recurring payments. 
• You possibly can swap your bonus classes, topic to sure limitations. 

Cons

• Earnings are paid month-to-month, as a substitute of yearly like some playing cards. Nevertheless, some playing cards offer you much more entry to your rewards by permitting you to redeem while you need.
• A low revenue requirement of $12,000 per yr makes it accessible, however our prime choose has no specified revenue requirement.

Greatest flat-rate money again card

At a look: In the event you’re a frequent flier on the lookout for a no-fee pro-travel bank card, the Rogers World Elite Mastercard is a superb possibility. Earn a excessive and constant earn price on all of your Canadian purchases, plus sufficient on U.S. purchases to offset all overseas transaction charges—all with no annual payment. Simply remember that the cardboard comes with one uncommon requirement to take care of eligibility. 

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Rogers World Elite Mastercard

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• Annual payment: $0
• Earn price: 1.5% money again on all purchases; 3% money again on all U.S.-dollar purchases
• Welcome bonus: You possibly can earn $25 welcome bonus in money again rewards upon first card buy inside 3 months of receiving your card.
• Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

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Professionals

• Earn 1.5% on all purchases in Canada (in retailer and on-line), making this one of many greatest playing cards to make use of at Costco, which doesn’t settle for Visa or Amex. 
• The accelerated 3% earn price on purchases in U.S. {dollars} covers the two.5% overseas transaction payment. In the event you regularly store within the U.S., it’s like having a no-forex-fee card.
• Redeem your rewards towards purchases in your card after getting earned a minimal of $10 in money again rewards.
• The cardboard comes with 4 forms of journey insurance coverage: emergency medical insurance coverage, journey cancellation, journey interruption and collision/injury rental automotive protection (all very uncommon options for a no-fee card). Complimentary membership to Mastercard Journey Move by DragonPass can also be included.

Cons

• Excessive revenue necessities of $80,000 annual private revenue or $150,000 annual family revenue might put this card out of attain. 
• On prime of the revenue necessities, you’ll must spend $15,000 yearly to take care of card eligibility, which isn’t a standard requirement.

Greatest no-fee journey bank card

At a look: Earn factors on on a regular basis purchases and benefit from the flexibility of redeeming them for a wide range of rewards with this no-fee rewards bank card. Plus, Amex Membership Rewards are transferable at a 1:1 worth to different frequent flyer and rewards applications, creating a chance to spice up the worth of your rewards.

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American Specific Inexperienced Card

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• Annual payment: $0
• Earn price: 1 level for each $1 spent on all purchases and 1 extra level for each $1 spent on resort or automotive bookings made on americanexpress.ca.
• Welcome provide: You possibly can earn 10,000 Membership Rewards factors while you cost $1,000 in purchases to your card within the first three months of cardmembership.
• Annual revenue requirement: None

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Professionals

• Redeem factors for a wide range of rewards like reward playing cards, merchandise, purchases made at Amazon.ca, journey and extra.
• Amex Membership Rewards factors provide nice worth for travellers, permitting you to switch your factors to a wide range of loyalty applications like Aeroplan at a worth of 1:1. 
• American Specific Experiences program offers cardholders entry to presale tickets and invitations to unique occasions.

Cons

• American Specific playing cards will not be as extensively accepted as Visa and Mastercard in Canada. 
• With a flat-rate card, you may’t profit from incomes bonus factors on standard classes.

Honourable point out

At a look: The MBNA Rewards Platinum Plus Mastercard incorporates a versatile rewards program that provides cardholders most worth once they redeem factors for journey. It additionally features a beneficiant variety of boosted incomes classes, together with eating places, groceries, digital media, memberships and family utilities. Cardholders even get pleasure from an annual Birthday Bonus.

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MBNA Rewards Platinum Plus Mastercard

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• Earn charges: Earn 2 factors for each $1 spent on eligible groceries, eating places, digital media, membership and family utility purchases ($10,000 max annual spend) and 1 level per $1 on the whole lot else
• Welcome provide: You possibly can earn 10,000 bonus factors ($50 in money again worth). Plus, get 4 factors per $1 spent on eligible restaurant, grocery, digital media, membership and family utility purchases through the first 90 days.. (Not accessible for residents of Quebec.)
• Annual revenue requirement: None

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Professionals

• Really feel particular in your birthday with the birthday bonus perk that will get you 10% of your annual earnings in factors (as much as a max 10,000 bonus factors yearly).
• The MBNA Fee Plan lets you pay for eligible bank card purchases of $100 or extra in month-to-month funds moderately than a lump sum.
• Cardholders additionally get pleasure from rental automotive reductions, prolonged guarantee and buy safety.
• One of many few no-fee playing cards that gives cell phone insurance coverage.

Cons

• The accelerated earn price of two factors is capped at $10,000 yearly in every boosted class. Then it falls to the bottom price of 1 level per $1.
• MBNA rewards aren’t as versatile as another applications, as a result of you must redeem by means of the financial institution’s personal journey portal and you’ll’t switch factors to different airline applications.

Greatest scholar bank cards

For money again

At a look: With aggressive money again charges, together with 3% on groceries, 1% on recurring payments, and 0.5% on different purchases, this card caters to college students’ spending patterns and rewards customers generously for frequent on a regular basis purchases. 

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BMO CashBack Mastercard for College students

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• Annual payment: $0
• Earn charges: 3% money again on groceries (on the primary $500 monthly), 1% on recurring payments and 0.5% on the whole lot else
• Welcome provide: You possibly can earn 5% money again in your first 3 months. Situations apply.
• Annual revenue requirement: None

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Professionals

• Get 3% money again on groceries (the very best price on groceries for a no-fee money again bank card in Canada). You additionally earn 1% on recurring payments. 
• BMO has very versatile money again choices. You possibly can redeem your money anytime and deposit it right into a BMO account (chequing, financial savings or InvestorLine) or get an announcement credit score. 
• Benefit from prolonged guarantee and buy safety in your purchases.

Cons

• Sadly, the accelerated price classes have fairly a low cap of solely $500 month-to-month and when you attain that max you’ll solely earn the 0.5% base price.

For journey

At a look: The CIBC Aeroplan Visa for College students is good for budding globetrotters. With no annual payment, you’ll earn 1 level per $1 spent on eligible fuel, electrical car charging, groceries and on purchases made with Air Canada, together with by means of Air Canada Holidays. For all different purchases earn you 1 level per each $1.50 you spend. Aeroplan is a dynamic rewards system which might flip your factors into glorious worth for flights and inns—if you’re strategic along with your bookings.

CIBC Aeroplan Visa Card for College students

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• Annual payment: $0
• Earn charges: 1 level per $1 spent on fuel and EV charging, groceries and Air Canada purchases, and 1 level per $1.50 on the whole lot else
• Welcome provide: Earn 10,000 Aeroplan factors while you make your first buy ($200 worth).
• Rates of interest: 20.99% on purchases and 22.99% on money advances (21.99% in Quebec)
• Annual revenue requirement: None

Go to CIBC.com for extra particulars

Professionals

• With Aeroplan you may redeem factors on any accessible Air Canada flight with no blackout dates. You can even use them with any of Aeroplan’s many companions, reminiscent of United and Aer Lingus.
• Rise up to 10 cents off per litre at collaborating fuel stations in the event you hyperlink your Aeroplan card with a Journie Rewards membership.
• The cardboard options automotive rental collision and loss injury insurance coverage, in addition to frequent provider, buy safety and prolonged safety insurance coverage.
• Designed for college students, the cardboard has no minimal revenue requirement.

Cons

• Your on a regular basis purchases received’t contribute to incomes Standing Qualifying Miles with this Aeroplan bank card. 
• For first-time cardholders, navigating the Aeroplan factors program is perhaps much less simple, as level values fluctuate in response to a regional chart. To maximise worth, strategic flight reserving is important.

Greatest retailer bank card

At a look: The President’s Alternative Monetary World Elite Mastercard presents an array of advantages for PC Optimum members. With a formidable earn price of as a lot as 45 factors per $1 at Consumers Drug Mart, 30 factors per litre at Esso, or any Loblaw-owned shops and 10 factors per $1 on all different spending, this card is certain to amass rewards shortly.

PC Monetary World Elite Mastercard

Go to pcfinancial.com for extra particulars

• Annual payment: $0
• Earn charges: 45 PC Optimum factors per $1 at Consumers Drug Mart; 30 factors per $1 at Loblaw banner grocery shops (together with No Frills), and 10 factors per $1 on the whole lot else
• Welcome bonus: You possibly can earn 20,000 PC Optimum factors ($20 worth).
• Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Go to pcfinancial.com for extra particulars

Professionals

• The earn charges translate to a excessive 3% to 4.5% return in your spending at Canada’s largest grocery and pharmacy retail community—all with the benefit of no annual payment.
• You possibly can shortly stack factors by combining your PC Optimum Card and your PC Monetary Mastercard.
• The cardboard options a formidable quantity of insurance coverage, together with journey emergency medical insurance coverage, automotive rental collision/loss injury waiver insurance coverage, in addition to collision/injury and theft safety for automotive leases. 
• One of many solely no-fee playing cards that provide 24/7 concierge service.

Cons

• To stay eligible for the cardboard’s higher-tier earn charges, it’s good to spend a minimal of $15,000 yearly. If not, you’ll be “demoted” to a decrease incomes card, such because the PC World Mastercard or PC Mastercard.
• You must store at PC companions to earn essentially the most factors.

Honourable point out

At a look: With no annual payment, cardholders earn 4% again in Canadian Tire Cash on qualifying purchases at Canadian Tire, SportChek, and collaborating Mark’s/L’Équipeur and Ambiance shops. Moreover, you’ll get 3% again on groceries and 1% in Canadian Tire Cash on different on a regular basis purchases. It’s additionally one of many few no-fee playing cards that provide automotive rental collision insurance coverage and offer you entry to a roadside help plan.

Triangle World Elite Mastercard

Go to triangle.canadiantire.ca for extra particulars

• Annual payment: $0
• Earn price: 4% again on purchases at Canadian Tire, Sport Chek, Mark’s/L’Équipeur, Ambiance, Get together Metropolis, Sports activities Rousseau, Hockey Specialists, L’Entrepôt du Hockey and collaborating Sports activities Specialists shops; 3% at grocery shops (excluding Walmart and Costco), as much as $12,000 per yr; 1% in every single place else; $0.05 to $0.07 again per litre at Fuel+ and Essence+
• Welcome provide: Get 15% again in Canadian Tire Cash in your first buy at a collaborating retailer, as much as $50.
• Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Go to triangle.canadiantire.ca for extra particulars

Professionals

• The cardboard comes with a hassle-free return coverage with out requiring a receipt at choose shops and presents unique financial savings occasions for members. 
• The cardboard comes with buy safety, prolonged guarantee and automotive rental collision/loss injury waiver.
• Benefit from the Triangle World Elite Mastercard Roadside Help Gold Plan, offering a towing distance of as much as 250 km per service name to your most well-liked vacation spot inside Canada or the US. 
• Get $0.07 per litre in CT Cash on premium gas and $0.05 per litre at Fuel+ and Essence+ places.
• Cardholders can even get pleasure from complimentary concierge service that can assist you with journey and different bookings. 
• One greenback in CT Cash is the same as CAD$1. Plus, for $89 per yr plus tax you may join the Triangle Choose program, which can earn you as a lot as ten occasions the CT Cash on on a regular basis purchases made along with your Triangle Mastercard.

Cons

• The reward factors are solely utilized to the value of the bought gadgets, which means the 4% you’ll earn on purchases at Canadian Tire doesn’t embrace gross sales tax.
• The cardboard has a excessive annual minimal revenue requirement of $80,000 or $150,000 per family.

Incessantly requested questions

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, in the event you by no means carry a steadiness and you employ a no-fee card that gives money again or rewards, you’ll really be in a greater monetary place than you’d with out the cardboard. In lots of instances, the earn price is perhaps decrease than with an annual-fee card; nevertheless, with a no-fee card, any rewards you earn generally is a internet constructive—you don’t must spend a specific amount yearly to make up for the upfront cost.
2. Save on sure bills: A card that enhances your spending habits and hobbies (like journey) can even prevent a pleasant chunk of change on issues like overseas 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 will be considerably lacklustre when in comparison with the revved-up rewards you’ll often reap with premium playing cards which have an annual payment. For instance, with the American Specific 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 couple of factors per $1 spent on journey, transit and fuel (with the whole lot else getting you 1 level per $1). You possibly can see that at these earn charges, factors can pile up fairly shortly. 
2. Not-so-welcoming welcome presents: As a result of one of many main promoting factors of a no-fee card is that there isn’t any payment, the welcome bonuses provided to draw new candidates will not be as beneficiant as playing cards with annual charges.
3. Fewer perks: With few exceptions, no-fee playing cards lack the perks and advantages—significantly insurance coverage—that have a tendency to come back with annual-fee playing cards. Usually (although not all the time), no-fee playing cards do embrace very fundamental protections, reminiscent of zero legal responsibility, buy safety and prolonged guarantee, however you’ll often miss out on journey insurance coverage, concierge service and perks, reminiscent of airport lounge entry. In the end, you’ll must weigh these advantages towards the charges and determine whether or not a no-fee bank card works greatest for you.

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

With a no-fee card, you would save your self $59 to $250 {dollars} a yr. However make a aware determination 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 lots, however the compound curiosity you would earn makes it worthwhile. Use our compound curiosity calculator to learn the way a lot you would develop your cash.

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

Extra of Canada’s greatest bank cards: