Think about having fun with all the perfect bank card perks, with out paying an annual charge. Properly, Canadians can select from a powerful choice of playing cards with no yearly charges that make this dream a actuality. These playing cards not solely prevent cash, but additionally supply engaging rewards like money again and journey factors. Listed below are our picks for the perfect no-fee bank cards in Canada.
Featured bank cards
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Finest money again card with no charge
SimplyCash Card from American Categorical
Earn 1.25% money again on all purchases, plus 2% money again on fuel and groceries.
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Curiosity Charges:
21.99% buy, 21.99% money advance, N/A stability switch
Welcome supply:
$100 worth
Earn a bonus 5% money again on all purchases (as much as $2,000 in purchases). That’s on prime of your on a regular basis money again earn charges. That’s as much as $100 in bonus money again.
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Finest no foreign exchange card with no charge
Residence Belief Most popular Visa
Get 1% money again when purchasing in Canada, and profit from no foreign exchange charges on international purchases.
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Curiosity Charges:
21.99% buy, 21.99% money advance, N/A stability switch
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Finest journey card with no charge
American Categorical Inexperienced Card
Earn 1 level per greenback on all purchases, with the choice of transferring factors to airline accomplice packages.
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Curiosity Charges:
21.99% buy, 21.99% money advance, N/A stability switch
Welcome supply:
$100 worth
Earn 10,000 Membership Rewards factors while you cost $1,000 in purchases to your card within the first three months of cardmembership.
Finest no-fee bank cards by class
Want a card with no yearly charge? Scroll by means of the desk under to check card particulars of our prime picks on this class.
Gold: Finest no-fee money again bank card in Canada
At a look: The SimplyCash Card from American Categorical retains issues easy—and rewarding. The 1.25% base earn charge is among the many most beneficiant accessible in Canada, and it solely will get sweeter from there on fuel and grocery purchases, making this the perfect no-fee money again card within the nation.
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SimplyCash from American Categorical
Annual charge: $0
Welcome supply: Earn a bonus 5% money again in your first $2,000 in purchases throughout your first three months (as much as $100 in bonus money again).
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Earnings required | None specified |
| Credit score rating | 725 or increased |
Silver: Finest no-fee money again bank card in Canada
At a look: As the one card in Canada that allows you to decide your bonus charge classes, the Tangerine Cash-Again card is a perennial favorite amongst Canadians searching for a versatile no-fee card that matches their spending habits. Cardholders choose two money again classes from a powerful listing of 10 choices. These with a Tangerine Financial savings Account are handled to incomes 2% on an additional class of their selection.
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Tangerine Cash-Again Credit score Card
Annual charge: $0
Welcome supply: Earn an additional 10% money again in the course of the first two months (as much as $100 in money again).
Card particulars
| Rates of interest | 20.95% on purchases, 22.95% on money advances and 22.95% on stability transfers |
| Earnings required | Private or family earnings of $12,000 |
| Credit score rating | 660 or increased |
Gold: Finest no-fee journey bank card in Canada
At a look: Earn factors on on a regular basis purchases and benefit from the flexibility of redeeming them for quite a lot 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 packages, creating a possibility to spice up the worth of your rewards.
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American Categorical Inexperienced Card
Annual charge: $0
Welcome supply: earn 10,000 Membership Rewards factors while you cost $1,000 in purchases to your card within the first three months of cardmembership.
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Earnings required | None specified |
| Credit score rating | 725 or increased |
| Level worth | 1 Amex Membership Rewards level = $0.01 when redeemed with the Versatile Factors Journey Program, $0.015 on common with the Fastened Factors Journey Program, and as much as $0.02 with airline factors transfers. |
Gold: Finest no international transaction charge card with no annual charge
At a look: Do you know that each time you utilize your bank card exterior of Canada, most card issuers cost a 2.5% international transaction charge for processing purchases made in a non-Canadian foreign money? The Residence Belief Most popular Visa is the one no-fee card in Canada that doesn’t cost a foreign exchange charge.
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Residence Belief Most popular Visa
Annual charge: $0
Welcome supply: This card doesn’t have a welcome bonus at the moment.
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Earnings required | None specified |
| Credit score rating | 660 or increased |
Gold: Finest low-interest charge bank card with no annual charge
At a look: For those who have a tendency to hold a bank card stability from month to month, the sensible monetary transfer could also be to prioritize low curiosity over chasing rewards. That’s the place the Desjardins Flexi Visa is available in. It affords a rock-bottom APR, making it the perfect bank card in Canada with no annual charge and low curiosity.
Desjardins Flexi Visa
Annual charge: $0
Rewards: Doesn’t supply rewards.
Welcome supply: None at the moment.
Card particulars
| Rates of interest | 10.90% on purchases and 12.90% on money advances |
| Earnings required | Not specified |
| Credit score rating | Not specified |
Gold: Finest no-credit bank card with no annual charge
At a look: Canadians with low or no credit score might wish to take into account a secured bank card, just like the Residence Belief Secured Visa. This card affords extra flexibility than most secured bank cards by providing you two choices: an rate of interest of 19.99% with no annual charge, or a decrease rate of interest of 14.90% with a $59 annual charge. Residence Belief reviews funds to the credit score bureaus, so utilizing the cardboard responsibly may also help construct or enhance your credit score rating.
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Residence Belief Secured Visa
Annual charge: $0
Rewards: Doesn’t supply rewards.
Welcome supply: None at the moment.
Card particulars
| Rates of interest | 19.99% on purchases and 19.99% on money advances |
| Earnings required | None specified |
| Credit score rating | 300 or increased |
Regularly requested questions
Benefits of a no-fee bank card
- Skip the yearly cost: A no-fee bank card is free to have at your disposal. Higher but, if you happen to by no means carry a stability and you utilize 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 circumstances, the earn charge is likely to be decrease than with an annual-fee card; nevertheless, with a no-fee card, any rewards you earn could be a internet constructive—you don’t need to spend a certain quantity yearly to make up for the upfront cost.
- Save on sure bills: A card that enhances your spending habits and hobbies (like journey) may also prevent a pleasant chunk of change on issues like international transaction charges, insurance coverage and rental automobiles.
Drawbacks of a no-fee bank card
- Ho-hum rewards and money again: Your reward incomes energy might be considerably lacklustre when in comparison with the revved-up rewards you’ll normally 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 companies, and a couple of factors per $1 spent on journey, transit and fuel (with every thing else getting you 1 level per $1). You possibly can see that at these earn charges, factors can pile up fairly rapidly.
- Not-so-welcoming welcome affords: As a result of one of many main promoting factors of a no-fee card is that there is no such thing as a charge, the welcome bonuses supplied to draw new candidates should not as beneficiant as playing cards with annual charges.
- Fewer perks: With few exceptions, no-fee playing cards lack the perks and advantages—notably insurance coverage—that have a tendency to come back with annual-fee playing cards. Usually (although not at all times), no-fee playing cards do embody very fundamental protections, corresponding to zero legal responsibility, buy safety and prolonged guarantee, however you’ll normally miss out on journey insurance coverage, concierge service and perks, corresponding to airport lounge entry. Finally, you’ll need to weigh these advantages in opposition to the charges and resolve 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 might 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 so much, however the compound curiosity you might earn makes it worthwhile. Use our compound curiosity calculator to learn the way a lot you might develop your cash.