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Best No Fee Credit Cards in Canada

Best No Fee Credit Cards in Canada
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In the past, you had to pay annual fees if you sought to get rewards from any credit card. These charges unlocked various bonuses, which included the potential to get rewards — either points or cash back— on each dollar spent. Luckily, there are more options now. In this post, we look at the best no annual fee credit card. 

What are No Fees Credit Cards and How They Compare to Others

A rewards credit card does not make financial sense if you do not use it enough to compensate for the fees. A lot of Canadians can’t justify an outlay of as much as $100 annually for the benefit of receiving rewards. There are numerous reasons why fee-based cards with bonuses don’t make sense financially, whether you’re a newcomer to Canada, a meticulous budgeter, or you’re on a reduced income. There are, luckily, numerous credit cards with no fees that still permit you to access various other benefits, for example, insurance, and to earn rewards.

Best No Annual Fees Credit Cards – Editors Pick

26 Results Updated: July 8, 2019

19.95%

Interest Rate

Free

Annual Fee

3.00%

Balance Transfer

Promotional Balance Transfer: 1.95% interest for the first 6 months

$35,000/year

Minimum Income

Min Credit Score: 640

$25 Gift Card upon Approval

More Details

Earn cash back

Earn 2% Money-Back Rewards on your everyday purchases in two 2% Money-BackCategories of your choice, and 0.50% Money-Back Rewards on all your other everyday purchases.

Earn extra Rewards

Get your Rewards deposited into your Tangerine Savings Account and get a 3rd 2% Money-Back Category.

Automatic earning

Money-Back Rewards are earned automatically on everyday purchases and paid monthly. These can be applied to your Credit Card balance or redeemed into your Savings Account.

No limits

No limit on the amount of Money-Back Rewards you can earn on your everyday purchases. Conditions apply.

Transfer and save

During your first 30 days, transfer balances and pay only 1.95% interest on the transferred balance for the first 6 months (19.95% after that).

Track and categorize your spending

Organize your transactions and stay on top of your spending, so you can see your financial habits and you’ll get a better idea of what you have left to spend each month.

Card details

Network: Mastercard
Provider: Tangerine Credit Cards
Card type: Cashback, Low Interest, No Annual Fee, Travel Rewards

Special Offers

Earn 4% Money-Back Rewards in up to 3 Categories for 3 Months

19.99%

Interest Rate

Promotional APR: 7.99%

Free

Annual Fee

22.99%

Balance Transfer

No Minimum

Minimum Income

Min Credit Score: 300

More Details

Card details

Network: Visa
Provider: Scotiabank Credit Cards
Card type: Bad Credit / Establish New Credit, Cashback, No Annual Fee

Special Offers

7.99% introductory interest rate on everyday purchases for the first 6 months

16.99%

Interest Rate

Free

Annual Fee

16.99%

Balance Transfer

Promotional Balance Transfer: 3.99% for 6 Months

No Minimum

Minimum Income

Min Credit Score: 300

More Details

Great reasons to get this card

  • Save up to hundreds of dollars a year
  • Pay down higher interest rates balances faster
  • Transfer higher rate balances and save even more

Scotiabank No Annual Fee Credit Card with Low-Interest Rate

GET AN INTRODUCTORY 3.99% INTEREST RATE ON BALANCE TRANSFERS FOR THE FIRST SIX MONTHS

Save up to hundreds of dollars a year on interest

Save with the combination of a low-interest rate and no annual fee – it could add up to hundreds a year!

Pay down higher interest rate balances faster

Stay one step ahead of your balance – a lower interest rate makes this card an affordable way to finance those medium to large purchases you are making.

Transfer higher rate balances and save more

Switch balances over from higher-interest-rate credit cards to the No-Fee Scotiabank Value Visa Card. By consolidating your higher rate balances, you’ll save on interest and make paying bills easier.

Save up to hundreds of dollars a year

  • Introductory 3.99% interest rate on Balance Transfers for the first six months†.
  • 16.99% after the introductory rate
  • Pay down balances faster
  • Simplify your monthly payments

 

Card details

Network: Visa
Provider: Scotiabank Credit Cards
Card type: Bad Credit / Establish New Credit, Balance Transfer, No Annual Fee

Special Offers

3.99% introductory interest rate on balance transfers for the first 6 months

19.99%

Interest Rate

Free

Annual Fee

-

Balance Transfer

Any Amount

Minimum Income

Min Credit Score: 640

More Details

  • Get 150 Bonus AIR MILES®* Reward Miles when you spend $1,000 within the first three months of Cardmembership
  • Earn 1 mile for every $15 in Card purchases at AIR MILES®* Sponsors and 1 for every $20 in Card purchases everywhere else
  • Show your Collector Card and use your AIR MILES®* Gold Business Card at Sponsor locations to earn miles twice
  • Pay no annual fee. Plus, enjoy the flexibility to pay balances in full or over time
  • Foreign Transaction Fee: 2.5%
  • American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply

Card details

Network: American Express
Provider: American Express Credit Cards
Card type: Business, No Annual Fee, Travel Rewards

Special Offers

150 Bonus AIR MILES®* Reward Miles when you spend $1,000 within the first three months of Cardmembership

19.99%

Interest Rate

Free

Annual Fee

22.99%

Balance Transfer

Any Amount

Minimum Income

Min Credit Score: 640

More Details

  • New SimplyCash™ Card from American Express Cardmembers can earn 2.5% cash back on purchases (up to $150 cash back) for the first 3 months of Cardmembership
  • Earn 1.25% cash back on purchases when your Welcome Rate ends
  • No limit to the amount of cash back you can earn after your Welcome Rate ends
  • Optional Balance Transfer Offer – Enjoy a 1.99% interest in first 6 months of Cardmembership if you choose to transfer your other credit card balances to this American Express card
  • Balance Transfer option is only available at time of online application. There is no balance transfer fee at time of application
  • Access to memorable experiences with American Express Invites®
  • Insurance coverage and 24/7 Customer Service
  • Foreign Transaction Fee: 2.5%
  • American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply

Card details

Network: American Express
Provider: American Express Credit Cards
Card type: Balance Transfer, No Annual Fee, Travel Rewards

Special Offers

2.5% cash back on purchases (up to $150 cash back) for the first 3 months of Cardmembership

19.99%

Interest Rate

Free

Annual Fee

22.99%

Balance Transfer

$12K / Year

Minimum Income

Min Credit Score: 640

More Details

  • Earn 5,000 bonus points with your first $500 in everyday purchases in first 3 months*
  • Earn one Scotia Rewards point on all other eligible everyday purchases
  • Use your points to purchase travel online or over the phone through our full-service travel agency. Or book your own travel using your card and go online to redeem points for the purchase
  • Receive discounts and other special offers on hotels, airfare, car rentals, cruises and vacation packages
  • Receive up to 25% off qualifying car rentals
  • Travel emergency medical coverage is automatically provided for eligible persons for up to 8 consecutive days
  • Redeem points for merchandise and other rewards

 

 

Card details

Network: American Express
Provider: Scotiabank Credit Cards
Card type: No Annual Fee, Travel Rewards

Special Offers

Earn 5,000 bonus points with your first $500 in everyday purchases in first 3 months

19.99%

Interest Rate

Free

Annual Fee

22.99%

Balance Transfer

$12K / Year

Minimum Income

Min Credit Score: 640

More Details

  • Earn 2,500 bonus SCENE points with your first $500 in everyday purchases in first 3 months
  • Redeem points for free movies at Cineplex Entertainment theatres, music and other entertainment rewards
  • Earn 5 Scene points for every $1 you spend on participating Cineplex Entertainment theatres or online at cineplex.com
  • Earn 1 point per dollar on everyday purchases
  • No annual fee
  • Interest Rate/Purchase Rate: 19.99%
  • Interest Rate/Cash Advance: 22.99%
  • Estimated first year rewards on credit card account following approval and if all requirements for rewards are met

Earn points on each dollar you spend on:

Entertainment - 5 points per dollar
Earn 5 SCENE points for every dollar you spend at participating Cineplex Entertainment theatre or online at cineplex.com.

Other purchases - 1 point per dollar

 

Card details

Network: Visa
Provider: Scotiabank Credit Cards
Card type: No Annual Fee, Student, Travel Rewards

Special Offers

Earn 2,500 bonus SCENE points with your first $500 in everyday purchases in first 3 months

19.99%

Interest Rate

Free

Annual Fee

-

Balance Transfer

Any Amount

Minimum Income

Min Credit Score: 640

More Details

  • Welcome offer: 6% in cashback on restaurant transactions and pre-authorized payments and 2% on all other eligible transactions. For the first 3 months.
  • No annual fee
  • 1% on restaurant transactions and recurring automatic transfers
  • 0,5% on all other eligible purchases
  • Protection for your mobile phone: Your new mobile devices, purchased with your card, or phone subscriptions paid for with your card or by automatic transfers from your mycredit account are protected against theft or damages for a period of up to 2 years

Card details

Network: Mastercard
Provider: National Bank
Card type: No Annual Fee, Travel Rewards

Special Offers

6% in cashback on restaurant transactions and pre-authorized payments and 2% on all other eligible transactions

19.99%

Interest Rate

Free

Annual Fee

-

Balance Transfer

Any Amount

Minimum Income

Min Credit Score: 640

More Details

  • No annual fee
  • 1.99% promotional annual interest rate† (AIR) on balance transfers✪ for the first 10 full months
  • Earn 1 Genuine Rewards Point or every $2 in eligible purchases‡
  • Redeem your points for Harley Chrome® Cash‡ to be used at participating Harley-Davidson Canadian retailers
  • Use your card for eligible purchases and you may be entered in a quarterly Harley-Davidson motorcycle draw‡

Card details

Network: Mastercard
Provider: MBNA
Card type: No Annual Fee, Travel Rewards

19.99%

Interest Rate

Free

Annual Fee

-

Balance Transfer

Any Amount

Minimum Income

Min Credit Score: 640

More Details

  • No annual fee
  • 1 point‡ for every $1 in eligible purchases
  • 2 points‡ for every $1 spent on eligible gas, groceries and restaurant purchases ($5,000 annual cap on each category)
  • Receive 2,500 bonus points†† after your first eligible purchase within the first 90 days of account opening
  • Receive 2,500 bonus points†† once enrolled for e-statements within the first 90 days of account opening
  • Redeem points‡ for travel, brand-name merchandise, gift cards from participating retailers, cash back, and charitable donations
  • Standard Annual Interest Rates of 19.99% on eligible purchases, 22.99% on balance transfers✪ and access cheques, and 24.99% on cash advances
  • A suite of comprehensive insurance**
  • ‡ These are highlights of the credit card rewards program (the "Program") associated with this credit card account. Points will be awarded on eligible transactions charged to your account as set out in the Program terms and conditions. You will earn two (2) points per dollar spent on eligible gas, grocery and restaurant purchases to a maximum annual amount of $5,000 in each category. Eligible purchases that are not eligible gas, grocery and restaurant purchases will earn a Base Earn Rate of one (1) point per dollar. The redemption rate for Points earned may differ depending on the redemption option chosen. Complete terms and conditions describing Program eligibility, accrual, earn limits, and redemption of Points, and other important conditions will be sent after your account is opened. Please read the terms and conditions carefully upon receipt.
  • †† To qualify for this offer, an applicant must be approved for the specific credit card account described in the offer and: (a) in order to obtain a "First Eligible Transaction Bonus" of 2,500 bonus points, the account must be used for at least one eligible transaction within the first 90 days of account opening that is not subsequently rescinded, the subject of a charge back request or otherwise disputed, and (b) in order to obtain a "Paperless Bonus" of 2,500 bonus points, you must enroll in online banking at www.mbna.ca, and consent to Paperless Statements for the account within the first 90 days of account opening, and not subsequently rescind such enrollment throughout this period. Please allow 8–10 weeks from the transaction date and the Paperless Statement enrollment for the applicable bonus points to be posted to your points account. Limit one-time bonus point offer (no cash value) per new account for each of the First Eligible Transaction Bonus and the Paperless Bonus). This promotion is offered by MBNA and may be amended or cancelled at any time without notice.
  • **Coverage is underwritten by Allianz Global Risks US Insurance Company (Canadian Branch) and/or American Bankers Insurance Company of Florida. Certain limitations and exclusions may apply to this benefit and others described in the certificate of insurance sent soon after your Account is opened.
  • ✪ Balance transfers will be fulfilled in the order listed and are treated as balance transfers in accordance with your Account Agreement. The total value of balance transfers cannot exceed your authorized credit limit. If the value is greater, MBNA may send a partial payment to the named creditor/designated account. THERE WILL BE A TRANSACTION FEE EQUAL TO 1.00% OF THE DOLLAR AMOUNT OF EACH BALANCE TRANSFER INITIATED WITH THIS APPLICATION. A MINIMUM FEE OF $7.50 WILL APPLY TO EACH BALANCE TRANSFER TRANSACTION. A balance transfer may not be used to pay off or down your account balance or any other balances with us (including our affiliates, which would include any member of the TD Bank Group).
  • The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank.

Card details

Network: Mastercard
Provider: MBNA
Card type: No Annual Fee, Travel Rewards

Here are the choices from CompareMyRates.ca for the best no annual fee credit cards for the year 2018 in Canada. We have a credit card that’s suitable for you, regardless if you desire rewards or cash back because you pay a lot for groceries, or you’re seeking to pay down your debt.

Compare All No-Fee Credit Cards

Tangerine Money-Back Credit Card

The card most likely to be the best no annual fee credit card for this year is the Tangerine Money-Back Credit Card, which was also popular in 2017. You receive 2 percent cash back in any two spending categories when you use this credit card for purchases. You also earn 0.5 percent cash back on anything else that you buy. Tangerine credits cash back once a month to your statement. You’ll get benefits in a third spending category receiving 2 percent cash back if you opt to let the bank place your earnings on a Tangerine savings account. The groupings available are restaurants, groceries, drugstore, gas, furniture, entertainment, recurring bills, hotel-motel, public transportation, home improvement, and parking. This credit card is well liked in Canada because the category choices make it very customizable to your distinctive spending patterns.

Why Use a No Annual Fee Credit Card

There has never been a better time to look for the best no annual fee credit card in Canada than now. Whether you’re looking for rewards, cash back, a free flight, miles, or low-interest rates, issuers are stuffing tons of value onto their no annual fee card offerings. There are usually four excellent reasons to look for the best no annual credit card for you:

  1. Firstly, you don’t spend enough to justify a yearly fee.
  2. Secondly, if your primary credit card is frozen or it gets lost or stolen, you’ll have a back-up in your wallet.
  3. Thirdly, you don’t need some of the extras offered by annual fee credit cards.
  4. Finally, you’re unwilling to commit to the account type without trying it first.

Regardless of your reason, it’s important to note that there have never been more credit cards without annual fees providing as much value as we have today.

No Annual Fees Credit Cards – Conclusion

If you like rewards, keep in mind that the best offer is no annual fee for the first year, coupled with a welcome bonus of a free flight. If there are no yearly fees, you can take out as many cards with strong welcome incentives as you’d like. Just make sure you pay attention to any minimum spend requirements and be careful to spread out your applications a bit. Besides that, it’s an excellent opportunity to obtain a free flight and to test different cards to figure out which rewards program is the best!

Compare Credit Cards with No Annual Fee

In some cases, no-fee cards can bear many great privileges and benefits with their use such as cash-back bonuses, travel benefits, medical benefits and other privileges. Here is an example: By owning an American Express AIR MILES Credit Card you will reap 1 bonus mile for every $15 you spend in card transactions with approved and associated AIR MILES Sponsors as well as 1 bonus mile collected for every $20 you spend in other transactions. Additionally, you will also get a reward of 500 bonus miles the first time of using your card and the best part is, there is no annual fee charged. In case you want some cash back benefits, getting the SimplyCash Card from American Express is a great option. This card offers up to 5%  cashback that applies to all gas, supermarket, and restaurant transactions for an initial 6-month period and up to 1.25% cash back for all transactions that apply on the program after that. A lot of no-fee credit cards come with some pretty good benefits like rental vehicle discounts and deals, theft protection, 24-hour service in case of an issue, and others. As long as you pay the balance on time and you don’t use the card recklessly, you will reap these rewards with no extra fees.

Best No Fee Credit Cards

There are many ways banks waive fees or give away no-fee credit cards to their members.

Some credit card providers may waive their annual fees usually on the first year for new customers and then charge low subsequent annual fees.  Other banks may still charge annual fees but offer discounted fees or low-interest rates to their customers. Some credit card providers go far and beyond to lure potential members to sign up by offering zero fees or no fees on certain transactions such as foreign transaction fees.  Some banks may waive fees for foreign transactions which are truly beneficial especially to those who travel for pleasure, purchasing items along the way, and those conducting their businesses abroad who earn huge savings by not being imposed the extra fees for multiple international transactions. As usual, additional bonuses are offered to new customers including cash back rewards and mileage points that can be converted to free airline tickets when the customers have accumulated enough points from their credit card transactions.