10 Best No-Fee Credit Cards In Canada 2022

In this article, I’ll share the 10 best no-fee credit cards in Canada, You may think that all credit cards come with a fee, but that’s not true.

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There are a number of no-fee credit cards available in Canada, and they can be a great option for people who want to avoid paying annual fees.

No-fee credit cards tend to have lower interest rates and fewer perks than cards that come with an annual fee. However, they can still be a great way to build your credit history and improve your credit score.

Key Takeaways

  • Types of Canadian credit cards with no annual fees
  • How to pick a credit card without fees
  • 10 best no-fee credit cards in Canada
  • Answers to some of the frequently asked questions on Best No-Fee Credit Cards In Canada
Best No-Fee Credit Cards In Canada
Credit:milesopedia.com

Types Of Canadian Credit Cards With No Annual Fees

There are many different no-fee credit card options, but the best ones allow you to receive incentives like cash back and other significant benefits without paying an annual fee.

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Cash Back Credit Cards With No Fees

Regarding benefits, cashback credit cards are very straightforward: spend and receive a portion of that money back in cash. What distinguishes various cashback cards is the kind of transactions that earn rewards and how much cash back you get for them.

Consider the Simplii Financial Cash Back Visa Card, which offers 4% cash back at restaurants, bars, and coffee shops whenever you swipe your Card. It is a no-fee cashback card.

In contrast, up to $500 in spending per billing cycle, the BMO CashBack Mastercard gives 3% cash back on grocery purchases.

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No-Fee Credit Cards For Travel

When you use your Card, travel-related benefits are offered. Some travel credit cards demand high yearly fees in exchange for exclusive benefits like all-inclusive travel insurance plans.

However, no-fee travel credit cards offer incentives that are nothing to scoff at. With the CIBC Aeroplan Visa, you can spend on things like gas, groceries, and Air Canada flights while earning Aeroplan points without paying an annual fee.

The Rogers World Elite Mastercard, another no-fee card, offers access to more than 1,000 LoungeKey airport lounges and travel insurance options.

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Cards With No Fees

With rewards cards, you can accumulate points by making certain purchases. Additionally, these points can be exchanged for various benefits, including electronic gift cards and vacation vouchers.

With the American Express Green Card, for instance, you may accrue rewards points for various purchases and use those points for anything from purchases to gift cards to travel expenses.

Additionally, you can transfer your points to other reward programs like Marriott Bonvoy and Aeroplan.

Mastercards Without Fees

The Mastercard network is home to credit cards with the Mastercard name or emblem. Mastercard merely processes credit card payments; it is not a card issuer.

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There are many cards to choose from, including cards without annual fees, because Mastercard is one of the world’s most widely used card processors.

The Brim Mastercard is one instance of a no-fee Mastercard with many benefits. It offers free global WiFi access, loyalty points for regular purchases, and insurance for mobile devices, travel, and event tickets.

How To Pick A Credit Card Without Fees

It is usually crucial to compare annual fees when comparing credit cards. Of course, this is not a problem with no-fee cards.

However, that does not always imply that they are all alike. Here are some additional factors to consider when choosing between Canadian credit cards with no annual fees.

Interest Rate

Even no-fee credit cards carry interest, so you should consider the interest rates when selecting a card. The average purchase interest rate for the no-fee cards on our list is 20.2%, which is rather typical.

Any category of Canadian credit card has an average interest rate of 19.4%, but there are cards with lower rates, some as low as 10%. Although they are uncommon, they do exist.

Keep a look out for no-fee cards with lower interest rates if you frequently carry a balance on your Card; anything under 20% is a competitive rate in this category.

Bonus Or Introductory Offer

Special cashback offers or added reward points are frequent forms of introductory deals. They may be a consideration as you reduce your no-fee credit card options because they encourage new card applications.

The welcome bonus caveat? Sometimes you don’t automatically receive points or money for signing up. You might need to make a minimum purchase within a specific time after opening the Card, for instance, to qualify for the introductory offer.

It’s essential to keep in mind that welcome bonuses and initial deals are frequently transient and frequently expire after a few months.

Rate Of Ongoing Rewards

Examine the benefits the Card will earn even after the intro offer expires and how they can be redeemed while comparing different no-fee card possibilities.

You want a rewards program to motivate you to maximize your spending, whether you earn miles from associated travel programs or cash back on qualifying purchases.

However, the method by which points are acquired can be even more crucial. Each time you book a flight with a qualifying carrier, one Card can double your travel miles, while another might quadruple your points on your weekly shopping purchase.

Credit Card Protection

Not all no-fee credit cards include insurance coverage; however, some do. Travel insurance, event ticket protection, extended warranties, purchase security protection, and other insurance coverage options are available.

Using your no-fee credit card may not be strictly necessary if you have insurance through an independent insurer or your workplace. Nevertheless, depending on the available coverage, it may provide a higher level of security and assurance.

10 Best No-Fee Credit Cards In Canada

Let’s look at some of Canada’s top credit cards with no annual fee. And be assured—these aren’t some simple cards with no benefits. Some of the benefits, bonuses, and insurance coverage offered by credit cards are impressive.

1. American Express Green Card

We referenced several premium credit cards with absurdly high annual fees. Amex is one of the offenders, with some cards carrying yearly fees of more than $500.

You get one point for every dollar spent on all purchases, which is a straightforward rewards system. It sounds as disappointed to my parents as I did, but the point value counts, not the number of points.

Pros

  • Flexible redemption choices are available, and points never expire. These options include cash back, name-brand goods, gift cards, charitable donations, and vacations.
  • Each year, you are eligible to receive up to 10,000 birthday bonus points.

Cons

  • After the first 90 days and $10,000 in spending, the accelerated earning rate reduces to 2x and 1x, respectively. Families and heavy spenders will have no trouble exceeding the cap because so many categories fit within it.
  • Some cardholders could be disappointed by the lack of travel insurance.

Features

  • Get the Card that will allow you to enjoy the now while preparing for the future.
  • Every time you swipe or tap your American Express Green Card, you have the option to go all in.
  • When you charge $1,000 in purchases to your Card in the first three months of Cardmembership, you will get a Welcome Bonus of 10,000 Membership Rewards points as an American Express Green Cardholder. That is $100 that could be used for food or concert tickets.
  • Earn 1x the points when using your Card.
  • Charge an eligible purchase to your Card to receive a statement credit through Membership Rewards points (1,000 points for all eligible purchases = $10 statement credit).
  • American Express Cardholders have access to incredible events in Canada through American Express Experiences and Front Of The Line.

2.  MBNA Rewards Platinum Plus Mastercard

When using MBNA Rewards points for travel, each point is worth one penny; You may also earn up to 2% cash back on your purchases.

The Card will also get you started quickly with 10,000 bonus points once you spend $500 in the first 90 days and sign up for paperless e-statements.

Pros

  • Flexible redemption choices are available, and points never expire. These options include cash back, name-brand goods, gift cards, charitable donations, and vacations.
  • Each year, you are eligible to receive up to 10,000 birthday bonus points.

Cons

  • After the first 90 days and $10,000 in spending, the accelerated earning rate reduces to 2x and 1x, respectively. Families and heavy spenders will have no trouble exceeding the cap because so many categories fit within it.
  • Some cardholders could be disappointed by the lack of travel insurance.

Features

  • For every $1 spent on all other qualified purchases, you’ll receive 1 point.
  • Whenever you sign up for paperless e-statements during the first 90 days of your account creation, you’ll receive 5,000 extra points (worth $25 in cash back).
  • You will receive Birthday Bonus Points each year, up to a maximum of 10,000 Points, equal to 10% of the total number of Points you earned in the 12 months before your birthday.
  • Redeem points for travel, charitable donations, name-brand goods, cash back, and gift cards from participating stores.
  • Insurance for mobile devices*** You have up to $1,000 in coverage with mobile device insurance for capable mobile devices in the event of loss, theft, accidental damage, or mechanical failure.
  • No yearly charge.

3.  Tangerine Money-Back Credit Card

This Canadian credit card has no annual fee, and it’s not only because your pocket will glow a brilliant orange color. Because it is a flexible cashback card, the Tangerine Money-Back Credit Card stands out from the other cards on this list.

With this Card, you can pick which bonus categories to use to earn higher cashback rates.

Consider if you primarily use your credit card for three different purposes: entertainment, parking, and petrol. With this Card, you can receive additional cash back on up to three distinct spending categories.

Pros

  • By selecting up to three categories from Tangerine’s list of 10, which includes everyday items like gas and groceries and unique choices like furniture and home improvement, you can tailor the 2% rewards to your spending.
  • Pay only 1.95% interest on transferred balances for the first six months (19.95% beyond that) if you move balances within your first 30 days of account opening.

Cons

  • Although 2% cash back is attractive, many credit cards quadruple rewards in several areas.
  • Tangerine is an entirely online bank with no real-world locations.

Features

  • 2% in any two categories: petrol, recurring bill payments, furniture, restaurants, hotels-motels, groceries, home renovation, entertainment, or parking, and public transit.
  • You will receive a third cashback category if you decide to have your rewards deposited into a Tangerine Savings Account.
  • 0.5% on all other items.
  • Monthly statement credits or deposits into a Tangerine Savings Account are the two ways to redeem cash back.
  • No yearly charge.
  • Pay only 1.95% interest on transferred balances for the first six months (19.95% beyond that) if you move balances within your first 30 days of account opening. The transferred amount is subject to a 1% balance transfer fee.

4. Brim Mastercard

Commence with the incentives. You’ll get one point for every dollar you spend using the Card. After that, you can apply your points to receive a discount on ANY purchase made with the Card. A return of 1% results from each point being worth one penny.

That’s a typical return, so what makes it our best cashback card without an annual fee? It’s all about the benefits.

You may earn many added rewards through Brim Incentives for your online purchases. You can get additional cashback from more than 250 merchants, up to 15%.

Pros

  • Benefits Rewards are simple to understand ($0.01 for each point), and you can earn up to 30x at specific retail partners, including national chains and tiny local stores.
  • Additional cardholders and family cards are free.

Cons

  • There are fewer types of included insurance compared with the Brim World or World Elite Mastercards.
  • You must be okay with a digital-first experience since Brim is a virtual bank with no actual bank branches.

Features

  • With no annual spend cap, everyday purchases earn 1x points per dollar.
  • eShop retail partners provide up to 30x rewards for every dollar spent.
  • Points can be redeemed on purchases or as cash back and have a simple value of $0.01. The minimum redemption amount is $1. Points are persistent.
  • No yearly charge.
  • The Brim Family Card option allows you to add other cardholders, create and modify their spending caps, block particular transaction categories, and track spending. This feature is ideal for teaching teens wise budgeting to young adults.
  • You can instantly lock your Card and prohibit online or international transactions thanks to enhanced security safeguards.
  • Access more than 1 million Boingo Global WiFi hotspots worldwide to stay connected.
  • The Brim Installment Plan is accessible.

5. RBC ION Visa

The RBC ION Visa, a new competitor that replaced RBC’s previous rewards cards in September 2022, offers an intriguing choice for consumers wishing to accrue benefits.

Given that you already know how many points you’ll be qualified to receive and that each Avion Rewards point has a value of up to one cent, using this Card could result in a 1% or 1.5% return.

This makes for a pretty attractive credit card with no annual fee, and it’s combined with the 6,000 points you’ll receive if your account is accepted.

Pros

  • No yearly charge.
  • Includes automatic enrollment in Mastercard’s Easy Savings Program and savings on purchases like gas.
  • On request, 21-day interest-free grace periods can be extended to 51 days.

Cons

  • After three months, the introductory earn rate of 2% stops being valid.
  • The annual cap on cashback redemption is $650.
  • Few options for insurance.

Features

  • Earn 2% cash back on purchases purchased over the first three months.
  • On purchases made after three months, receive 1% cash back.
  • The annual cap on cashback redemptions is $650.
  • Once the sum reaches $25 or more, cashback can be exchanged for account credits. Otherwise, each January, the prizes will be automatically credited.
  • There is no yearly charge for the first and one extra Card.
  • Automatic enrollment in the Easy Savings Program of Mastercard, which offers discounts on goods and services from associate businesses.
  • Linked cards receive 20% extra Petro-Points and a 3-cent per liter discount on petrol at Petro-Canada outlets.
  • DoorDash is offering three months of free delivery.

6. Scotiabank Scene Visa Card

With the Scotiabank Scene Visa Card, ideal for moviegoers, you can earn Scene+ points for regular purchases and 2x the points for purchases from Cineplex.

More rewards than movie tickets are available when using points, including merchandising, food, entertainment, travel, and even hotel stays.

Pros

  • No yearly charge.
  • Within the first year, amass up to 7,500 Scene points.
  • A flexible program for redeeming points.

Cons

  • Insurance coverage must be chosen; it is not automatically provided.
  • There is no way to get money back.

Features

  • Earn 2x Scene+ points for every $1 spent in CineplexTM theaters or on cineplex.com using a credit card.
  • For every $1 you spend using your credit card for regular purchases, earn 1x Scene+ points.
  • Redeem Scene points for various things, including food, entertainment, shopping, and banking.
  • When you use your SCENE, Visa Card, to pay at participating AVIS sites and participating Discounts of up to 25% off base pricing are available at budget establishments in Canada and the United States.
  • No yearly charge.
  • 19.99% for purchases and 22.99% for cash advances are the preferred rates.
  • A yearly income of $12,000 (for an individual) is necessary to qualify. You must also be a Canadian citizen who has reached the age of majority in the province or territory, have a Canadian credit history, and reside there.

7. Amazon.ca Rewards Mastercard

Ideal for Amazon customers, who receive 2.5% back on all permissible Whole Foods and Amazon.ca purchases. Additionally, 2.5% of qualifying foreign currency transactions are refunded to Amazon Prime subscribers.

Pros

  • No yearly charge.
  • Apply points toward qualifying Amazon.ca purchases.

Cons

  • The higher earn rate requires an Amazon Prime membership.

Features

  • Get 5% back on your first $3,000 in qualifying purchases at restaurants, grocery shops, Whole Foods Markets, and Amazon.ca for the first six months following acceptance.
  • Earn points for qualifying purchases made at Amazon.ca, including those made at Canadian Whole Foods Market locations.
  • After the welcome promotion expires, eligible Prime members receive 2.5% back on qualifying purchases made at Whole Foods Market and Amazon.ca.
  • Eligible Prime members always receive 2.5% back on qualified foreign currency transactions to help offset international transaction costs.
  • Non-Prime members receive 1.5% back on qualifying purchases made at Whole Foods Market and Amazon.ca after the welcome offer expires. To help with international transaction costs, receive 1% back consistently on qualified foreign currency transactions.

8. BMO AIR MILES Mastercard

A specialized travel rewards credit card seldom offers a 0.99% balance transfer offer, especially with a low 2% balance transfer fee.

Even though the promotional period is short for nine months, the BMO AIR MILES Mastercard makes it worthwhile by including an additional bonus: 800 more AIR MILES.

Pros

  • No yearly charge.
  • Infinite award-earning potential.

Cons

  • Make sure you can pay off your debt within nine months because the introductory APR period for transfers is short.

Features

  • Offer: 9 months of introductory 0.99% APR on balance transfers with a 2% transfer fee. Transferable balances from other BMO credit card accounts are not permitted. This deal is only available to new customers.
  • Spend $25 at qualifying AIR MILES Partners to receive 3x the Miles, and spend $25 at any qualified grocery shop to receive 2x the Miles.
  • Every $25 you spend on your Card earns you 1 extra air mile.
  • No yearly charge.
  • Get even more Miles by adding a free additional cardholder.
  • With purchase protection and an extended guarantee, you can shop with assurance.

9. Best Western Rewards Mastercard

On qualified purchases made at Best Western properties, you receive 5 times as many Best Western Rewards points as you would elsewhere. You may exchange points towards stays at Best Western hotels, meals, gift cards, and more.

Pros

  • No yearly charge.
  • Gain access to Gold Elite Status quickly.
  • Available for orders of $100 or more are monthly payment options

Cons

  • Only qualified purchases made at Best Western locations are eligible for accelerated rewards.
  • Few alternatives for redeeming rewards.

Features

  • Greeting offer After making your first qualifying purchase, get 20,000 Best Western Rewards® points, which is enough for one night’s stay.
  • No yearly charge.
  • Earn 1 point for each dollar spent on all other eligible purchases and 5 points for every dollar spent at a Best Western property.
  • Obtain points that may be used to offset Best Western hotel costs.
  • Add up to 9 additional authorized users without paying an extra yearly charge.
  • There are various ways to use Best Western Rewards points, including for restaurants, gift cards, and hotel stays. The number of Best Western® Rewards points accumulated with the credit card each year is unlimited.

10. CIBC Aeroplan Visa Card

Unlike other cards, the CIBC Aeroplan Visa allows you to combine cheap fees and meaningful travel benefits.

Pros

  • An alluring introductory deal that could be sufficient for a one-way trip in North American economy class.
  • When you use your Aeroplan credit card to purchase at one of the Aeroplan partners or merchants in the Aeroplan eStore, your points will be earned twice as quickly, thanks to your Aeroplan membership.

Cons

  • To receive the most value, you must be devoted to Air Canada and the Aeroplan points program.
  • The earn rate on the listed categories is lower than other no-fee cards.

Features

  • Gas, groceries, and Air Canada travel purchases earn 1x Aeroplan points for every dollar spent, up to $40,000 annually.
  • All other expenditures, including those for petrol, food, and airfare that surpass $40,000, earn 1x Aeroplan points for every $1.50 spent.
  • Through the Aeroplan eStore, you can double your points at more than 150 Aeroplan partners and 170+ online merchants.
  • Aeroplan Points have no expiration date and may be used to purchase a range of rewards from participating partners and suppliers, including gift cards, goods, and travel.
  • No yearly charge.
  • Preferred pricing may be available to primary Aeroplan credit cardholders, allowing you to book ticket rewards for even fewer points.

Read Also:

How To Get Instant Approval Virtual Credit Card With Instant Use

How To Build Credit Without A Credit Card (2022 Guide)

How To Accept Credit Card Payments In 7 Simple Ways

Conclusion

The one-time fee credit card companies impose to defray the expense of incentives and programs is not an annual fee on a no-fee credit card. Most of the top Canadian credit cards have yearly payments of $100 or more.

This is not to suggest that when using a no-fee credit card, you won’t ever have to pay any fees; you’ll probably still have to deal with interest costs, inactivity penalties, and the like.

However, yearly fees? Cards with no fees don’t have any; therefore, you might save money by eliminating these.

The only drawback? No-fee credit cards could not provide the same deluxe benefits that sometimes accompany cards with high annual fees. Despite this, fee-free credit cards offer a few advantages, such as cashback reward programs, points for travel, and more.

FAQS

Is Lifetime Free Credit Card Actually Free?

A credit card that never charges the customary annual fee is a lifetime-free credit card. Although there isn’t technically a yearly or joining fee, they might charge some money for extra services like providing a printed copy of the itemized statement or meeting other requirements to acquire the Card.

Which Visa Card Is Best In Canada?

The most excellent choice is a temporary visa for Canada. It is for people who want to travel to Canada, work or study there. If you only intend to visit Canada temporarily, this is the best form of visa for you.

Is Capital One Secured Mastercard Good?

A quick and affordable way to build credit is with the Capital One Platinum Secured Credit Card.

The Card is worthwhile because it comes with a $200 beginning credit limit and a $0 annual fee in exchange for a refundable security deposit that may be as little as $49.

What Is The Highest Credit Limit For Capital One Platinum Mastercard?

According to online cardholder reports, the Capital One Platinum maximum credit limit may be as much as $3,000.

However, this will entirely depend on the circumstances of each applicant’s credit and financial status. However, most cardholders receive credit limits of at least $300.

Which Capital One Card Is The Easiest To Get?

Customers with a bank account or credit union account, as well as a Social Security number, are eligible for the Capital One Platinum Secured Credit Card.

Due to its focus on customers with weak or restricted credit, this credit card is the simplest to obtain.

What Is The Credit Limit On A Capital One Secured Card?

Your credit limit on secured credit cards is usually the same as the sum of your deposit. On the other hand, some candidates for the Capital One Platinum Secured Credit Card might be qualified for a credit limit of $200 with a deposit of $49, $99, or $200.

How Much Does Capital One Increase Your Credit Limit After 5 Months?

The time between changes to a credit line for an account is limited to six months; however, it might vary from account to account.

Before requesting a credit line increase, please wait a few months following your most recent credit line change.

Recently, this Capital One account went past due.

You can learn more from the video below:

About Author

Best No-Fee Credit Cards In Canada
Lydia Alolade
I am a professional article and e-book writer with 4 years of experience, I write on well research content on cryptocurrency, stocks, loans and finances.

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