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Top 5 No Fee Cash Back Credit Cards

Top 5 No Fee Cash Back Credit Cards

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Best Cash Back Credit Cards with no annual fee in Canada

Hate paying Annual Fees for Credit Cards?

Interestingly, you’re not alone. We all hate to pay annual fees for a service we could avail for no cost. In fact, we do our best to avoid paying even a single dollar as credit card fee whenever possible. But in some instances, a credit card with low annual fees may not be that bad. Some of you might ask what’s so good about paying extra. That’s a valid question. Think about it this way: all popular cash back credit cards in Canada have some sort of annual fee. The real moment of joy, however, comes when you decide to do the math. When you break down the money you pay an annual fee or other credit card charges, you will find that the fee gets refunded back to you thanks to cash-back rewards. hat’s right. Exciting cash back credit cards that charge you nothing.

Tangerine Money-Back Credit Card

This credit card is an absolute steal. There’s no annual fee and you can spend your money the smart way. Simply put, every purchase you make earns cash back rewards that you can enjoy however there’s a slight twist. This credit card allows you to decide whether you want the cash back to be deposited in your credit card balance or into a savings account. Isn’t this exciting? Yes, you have the power to choose spending categories for the bonus you earn with Tangerine money back credit card, unlike other options where you forced to use your cash-back as standard gas or groceries.

1 ResultsUpdated: May 23, 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

When you apply for the credit card, you have the chance to choose up to three categories. Don’t worry, these bonus categories aren’t fixed and can be changed using the credit card’s online interface once every 3 months. You get 2% bonus cash on the categories you choose. Cash-back on other purchases is 1%.  

SimplyCash – American Express

As the name suggests, you get 1.25% flat cash back on all purchases without any limits or questions asked. Yes, this no-fee cash back AMEX card perhaps offers the highest earning rate and the good news doesn’t end here. 

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SimplyCash also helps you earn 5% bonus on gas and grocery purchases for the first 6 months. The maximum bonus you can earn is $250. Like other AMEX cardholders, SimplyCash allows you free access to Front of the Line and get event and concert tickets. When you apply for SimplyCash, you also get 1.99% interest rate for the first 6 months on balance transfers.

MBNA Rewards MasterCard

The MBNA Rewards MasterCard offers 1% cash back on spending but there’s something else you should know. The card has no limits on the amount of cashback you can earn. Plus, you get more insurance coverage for free, unlike other no-fee credit cards. The cash-back you earn can be redeemed anytime, any way you want. If you’re looking for a really simple and flexible cash-back credit card, this would be the right choice for you. This MBNA credit card also offers 90 days purchase protection, travel accident insurance, 12 months extended the warranty, and car rental theft protection.  

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Blue Sky® Credit Card from American Express

This credit card helps you earn 1.25 point for every dollar you spend. If you charge $500 on your card as purchases during the first 3 months, you can get a signup bonus of 10,000 Blue Sky® Points. The good thing about this credit card is that there are no travel restrictions. Yes, you have read it right. There are no advance purchase requirements, seat limitations or travel restrictions.

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You can always earn additional Blue Sky points by referring your friends. Each successful referral approval gives you the chance to earn 5,000 Blue Sky Points.  

Scotiabank SCENE Visa Card

If you love to watch movies, this is the no-fee credit card you should own. $500 worth of purchases in the first three months can help you earn 2,000 bonus SCENE points, which are equivalent to two free movie tickets. You earn 1 SCENE point for $1 spent. Similarly, every $1 spent at Cineplex theaters helps you earn 5 SCENE points. [plans id = “4713”] You will definitely enjoy being a SCENE member. SCENE points can be redeemed at SportCheck (shopping for sports gear), participating restaurants and AVIS car rentals. As a Scotiabank card holder, you have added protection against emergency situations and unpredictable life events.  

2 ResultsUpdated: May 24, 2019

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

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

More reasons to get this card for your everyday purchases

  • Gas Stations 1%
  • Grocery Stores 1%
  • Drug Stores 1%
  • Recurring Bill Payments 1%

Card details

Network: Mastercard
Provider: Scotiabank Credit Cards
Card type: Bad Credit / Establish New Credit, Cashback

Special Offers

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

Conclusion

You can see that there is no one-size fits all card, however, you can have a closer look at some of the best options mentioned above to see what works for your financial goals and situation. Here’s some friendly advice. When you are shopping for no-fee cash back credit card for the first time, make sure you get a second no-fee cashback credit card as a backup. Remember, the second credit card might cost nothing but you do have a backup if your primary card gets frozen, stolen or misplaced. Secondly, you should always use your credit cards carefully. Simply put, even if you are paying nothing to the bank, doesn’t mean you use the credit card carelessly. Space out your purchases and take note of your spending habits. Of course, a free movie or travel ticket along with other bonuses is exciting, but make sure your spending doesn’t get off track. After all, the last thing you want to happen is to end up in credit card debt and fail to identify a way to get out of it.

Compare All Cashback Credit Cards