Top No Annual Fee Credit Cards

If you would you like to enjoy the benefits of having a credit card minus the annual fees, there are many credit card providers in Canada offering no annual fee credit cards. In fact, you could redeem great benefits and even cash back bonuses from your card without paying any annual fees. Compare and find the best no annual fee credit card in Canada below. 

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No-Fee Scotiabank Value® VISA* card

Interest Rate

16.99%

Annual Fee

No Annual Fee

Balance Transfer: 16.99%

Cash Advance: 16.99%

Sign-up Bonus

3.99% Introductory interest rate on Balance Transfers for the first six months†

MBNA Platinum Plus Mastercard

Interest Rate

19.99%

Annual Fee

No Annual Fee

Balance Transfer: 0%†

Cash Advance: 24.99%

Sign-up Bonus

0% Balance Transfer for 12 months


Tangerine Money-Back Credit Card

Interest Rate

19.95%

Annual Fee

No Annual Fee

Balance Transfer: 3% of amount transferred**

Cash Advance: 19.95%

Sign-up Bonus

3% Balance Transfer & Earn 2% Money-Back Rewards on purchases

Scotiabank®* Gold American Express® Card

Interest Rate

19.99%

Annual Fee

First Year Free

Balance Transfer: 22.99%

Cash Advance: 22.99%

Sign-up Bonus

Earn 30,000 bonus points worth $300 in travel. Plus, first year annual fee waiver†.

SimplyCash Card from American Express

Interest Rate

19.99%

Annual Fee

No Annual Fee

Balance Transfer: 1.99%

Cash Advance: 22.99%

Sign-up Bonus

5% Cashback & 1.99% Balance Transfer for first 6 months

Scotiabank®* American Express® Card

Interest Rate

19.99%

Annual Fee

First Year Free

Balance Transfer: 22.99%

Cash Advance: 22.99%

Sign-up Bonus

Pay no annual fee for the first year†.

The American Express AIR MILES Credit Card

Interest Rate

19.99%

Annual Fee

No Annual Fee

Balance Transfer: 1.99%

Cash Advance: 22.99%

Sign-up Bonus

Welcome Bonus 500 Air Miles & 1.99% Balance Transfer for first 6 months

American Express – Blue Sky® Credit Card

Interest Rate

19.99%

Annual Fee

No Annual Fee

Balance Transfer: 22.99%

Cash Advance: 22.99%

Sign-up Bonus

10,000 Blue Sky Points

Scotiabank L’earn® VISA* card

Interest Rate

19.99%

Annual Fee

No Annual Fee

Balance Transfer: 22.99%

Cash Advance: 22.99%

Sign-up Bonus

MBNA Rewards Mastercard®

Interest Rate

19.99%

Annual Fee

No Annual Fee

Balance Transfer: 21.99%

Cash Advance: 24.99%

Sign-up Bonus

5,000 bonus MBNA Rewards points

Scotiabank More Rewards* VISA* card

Interest Rate

19.99%

Annual Fee

No Annual Fee

Balance Transfer: 22.99%

Cash Advance: 22.99%

Sign-up Bonus

Receive 15,000 bonus More Rewards points when you make your first purchase in 90 days*

BMO SPC® CashBack® MasterCard®

Interest Rate

19.99%

Annual Fee

$0

Balance Transfer:

Cash Advance: 22.99%

Sign-up Bonus

$60 in cash back Bonuses

McGill University MBNA Rewards MasterCard® credit card

Interest Rate

19.99%

Annual Fee

0

Balance Transfer: 21.99%

Cash Advance: 24.99%

Sign-up Bonus

BMO® Preferred Rate MasterCard®

Interest Rate

11.9%

Annual Fee

$20

Balance Transfer:

Cash Advance: 11.9%

Sign-up Bonus

N/A

University of New Brunswick MBNA Rewards MasterCard® credit card

Interest Rate

19.99%

Annual Fee

0

Balance Transfer: 21.99%

Cash Advance: 24.99%

Sign-up Bonus

Scotiabank SCENE® VISA* card

Interest Rate

19.99%

Annual Fee

No Annual Fee

Balance Transfer: 22.99%

Cash Advance: 22.99%

Sign-up Bonus

5,000 Bonus SCENE Points†

CIBC Platinum Visa* Card

Interest Rate

19.99%

Annual Fee

No Fee

Balance Transfer:

Cash Advance: 22.99%

Sign-up Bonus

N/A

Dalhousie University MBNA Rewards MasterCard® credit card

Interest Rate

19.99%

Annual Fee

0

Balance Transfer: 21.99%

Cash Advance: 24.99%

Sign-up Bonus

CIBC Classic Visa* Card

Interest Rate

19.99%

Annual Fee

No Fee

Balance Transfer:

Cash Advance: 22.99%

Sign-up Bonus

N/A

Seneca MBNA Rewards MasterCard® credit card

Interest Rate

19.99%

Annual Fee

0

Balance Transfer: 21.99%

Cash Advance: 24.99%

Sign-up Bonus

CIBC Select Visa* Card

Interest Rate

13.99%

Annual Fee

$29

Balance Transfer:

Cash Advance: 13.99%

Sign-up Bonus

N/A

MBNA Rewards MasterCard® credit card for York University

Interest Rate

19.99%

Annual Fee

0

Balance Transfer: 21.99%

Cash Advance: 24.99%

Sign-up Bonus

RBC Cash Back MasterCard

Interest Rate

19.99%

Annual Fee

0

Balance Transfer: 21.99%

Cash Advance: 21.99%

Sign-up Bonus

N/A

CIBC U.S. Dollar Visa* Card

Interest Rate

19.99%

Annual Fee

$35 USD

Balance Transfer:

Cash Advance: 22.99%

Sign-up Bonus

N/A

University of Victoria MBNA Rewards MasterCard® credit card

Interest Rate

19.99%

Annual Fee

0

Balance Transfer: 21.99%

Cash Advance: 24.99%

Sign-up Bonus

RBC Rewards+ Visa

Interest Rate

19.99%

Annual Fee

0

Balance Transfer: 21.99%

Cash Advance: 21.99%

Sign-up Bonus

N/A

CIBC Tim Hortons® Double Double™ Visa* Card for Students

Interest Rate

19.99%

Annual Fee

No Fee

Balance Transfer:

Cash Advance: 22.99%

Sign-up Bonus

$20 in Tim Cash as a Welcome Bonus when you spend first $200 .

Western University MBNA Rewards MasterCard® credit card

Interest Rate

19.99%

Annual Fee

0

Balance Transfer: 21.99%

Cash Advance: 24.99%

Sign-up Bonus

RBC Royal Bank Esso Visa

Interest Rate

19.99

Annual Fee

0

Balance Transfer: 21.99%

Cash Advance: 21.99%

Sign-up Bonus

4,500 Esso Extra points with your first purchase

CIBC Classic Visa Card for Students

Interest Rate

19.99%

Annual Fee

No Fee

Balance Transfer:

Cash Advance: 22.99%

Sign-up Bonus

N/A

Memorial University MBNA Rewards MasterCard® credit card

Interest Rate

19.99%

Annual Fee

0

Balance Transfer: 21.99%

Cash Advance: 24.99%

Sign-up Bonus

RBC Royal Bank Visa Platinum

Interest Rate

19.99%

Annual Fee

$0

Balance Transfer: 21.99%

Cash Advance: 21.99%

Sign-up Bonus

N/A

University of Ottawa MBNA Rewards MasterCard® credit card

Interest Rate

19.99%

Annual Fee

0

Balance Transfer: 21.99%

Cash Advance: 24.99%

Sign-up Bonus

University of Guelph Alumni MBNA Rewards MasterCard® credit card

Interest Rate

19.99%

Annual Fee

No Annual Fee

Balance Transfer: 21.99%

Cash Advance: 24.99%

Sign-up Bonus

RBC Visa Creditline

Interest Rate

3.60% to 9.60%

Annual Fee

$0

Balance Transfer:

Cash Advance:

Sign-up Bonus

N/A

Ryerson University MBNA Rewards MasterCard® credit card

Interest Rate

19.99%

Annual Fee

0

Balance Transfer: 21.99%

Cash Advance: 24.99%

Sign-up Bonus

Rogers™ Platinum MasterCard®

Interest Rate

19.99%

Annual Fee

No Annual Fee*

Balance Transfer:

Cash Advance:

Sign-up Bonus

$35 in cash back

RBC Business Cash Back MasterCard

Interest Rate

19.99%

Annual Fee

$0

Balance Transfer: 21.99%

Cash Advance: 21.99%

Sign-up Bonus

N/A

University of Toronto MBNA Rewards MasterCard® credit card

Interest Rate

19.99%

Annual Fee

No Annual Fee

Balance Transfer: 21.99%

Cash Advance: 24.99%

Sign-up Bonus

Balance Transfers: 1.99%

The Canadian Western Bank Platinum Plus MasterCard® Credit Card

Interest Rate

9.99%

Annual Fee

No Annual Fee

Balance Transfer: 9.99%

Cash Advance: 24.99%

Sign-up Bonus

BMO Air Miles MasterCard

Interest Rate

19.99%

Annual Fee

No Annual Fee

Balance Transfer: 17.50%

Cash Advance: 22.99%

Sign-up Bonus

Get up to 800 AIR MILES Bonus Miles – our best offer!

Carleton University MBNA Rewards MasterCard® credit card

Interest Rate

19.99%

Annual Fee

No Annual Fee

Balance Transfer: 21.99%

Cash Advance: 24.99%

Sign-up Bonus

The Edward Jones MBNA Rewards MasterCard® Credit Card

Interest Rate

14.99%

Annual Fee

No Annual Fee

Balance Transfer: 16.99%

Cash Advance: 24.99%

Sign-up Bonus

Best Western Mastercard® credit card

Interest Rate

19.99%

Annual Fee

No Annual Fee

Balance Transfer: 21.99%

Cash Advance: 24.99%

Sign-up Bonus

BMO® CashBack® MasterCard®

Interest Rate

19.9%

Annual Fee

No Annual Fee

Balance Transfer: 19.9%

Cash Advance: 22.99%

Sign-up Bonus

Get 2% cash back for the first six month

University of Alberta MBNA Rewards MasterCard® credit card

Interest Rate

19.99%

Annual Fee

No Annual Fee

Balance Transfer: 21.99%

Cash Advance: 24.99%

Sign-up Bonus

The Canadian Western Bank MBNA Rewards MasterCard® Credit Card

Interest Rate

14.99%

Annual Fee

No Annual Fee

Balance Transfer: 16.99%

Cash Advance: 24.99%

Sign-up Bonus

1,000 bonus points after your first eligible purchase

Scotia Momentum® VISA* Infinite card

Interest Rate

19.99%

Annual Fee

First Year Free

Balance Transfer: 22.99%

Cash Advance: 22.99%

Sign-up Bonus

4% cash back on gas + groceries

Walmart Rewards MasterCard

Interest Rate

25.99%

Annual Fee

No Annual Fee

Balance Transfer: 21.49%

Cash Advance:

Sign-up Bonus

N/A

University of Calgary MBNA Rewards MasterCard® credit card

Interest Rate

19.99%

Annual Fee

0

Balance Transfer: 21.99%

Cash Advance: 24.99%

Sign-up Bonus

Scotia Momentum® VISA* card

Interest Rate

19.99%

Annual Fee

First Year Free

Balance Transfer: 3.99% Special†

Cash Advance: 22.99%

Sign-up Bonus

Introductory 3.99% on Balance transfers for the first six months†. Plus No Annual Fees for 1st year

MBNA Harley-Davidson® Mastercard® credit card

Interest Rate

19.99%

Annual Fee

No Annual Fee

Balance Transfer: 1.99%†

Cash Advance: 24.99%

Sign-up Bonus

1.99% Balance Transfer for 10 months

Brock University MBNA Rewards MasterCard® credit card

Interest Rate

19.99%

Annual Fee

0

Balance Transfer: 21.99%

Cash Advance: 24.99%

Sign-up Bonus

Scotia Momentum® No-Fee VISA* card

Interest Rate

19.99%

Annual Fee

No Annual Fee

Balance Transfer: 7.99% Special†

Cash Advance: 22.99%

Sign-up Bonus

Introductory 7.99% on Balance transfers for the first six months†.

CIBC Tim Hortons Double Double Visa Card

Interest Rate

19.99%

Annual Fee

No Fee

Balance Transfer: 21.99%

Cash Advance: 21.99%

Sign-up Bonus

$20 Tim Cash

University of Windsor MBNA Rewards MasterCard® credit card

Interest Rate

19.99%

Annual Fee

0

Balance Transfer: 21.99%

Cash Advance: 24.99%

Sign-up Bonus

No Annual Fee Credit Cards Canada

No annual fee credit cards do not charge any annual account maintenance fees and could save you as much as $400 per annum. The zero annual charge may be provided for a promotional period or for the card life.

This type of card is ideal as it keeps your costs low, especially if you don’t use your card on a regular basis, and when you cannot justify for paying high annual fees. However, they often have higher purchase rates than other credit cards. No annual fee credit cards are packaged with other enticing benefits which may include; reward points, low-interest credit cards.

There are different types of no annual fee credit cards in the market today ideal for different cardholders. They differ in features and benefits; they may not have as many additional features as the other credit cards. This guide will help you to analyze the different types of no annual fee credit cards, their features, benefits, pros, and cons.

Different Types of No Annual Charge Credit Cards

0% Balance Transfer No Annual Fee Credit Cards

With a low or 0% promotional interest rate, this no annual fee credit card gives you a zero-cost way to consolidate your debts. You can shift debt from your existing card to your new card with $0 annual charges.

MBNA Platinum Plus Mastercard

Interest Rate

19.99%

Annual Fee

No Annual Fee

Balance Transfer: 0%†

Cash Advance: 24.99%

Sign-up Bonus

0% Balance Transfer for 12 months

Tangerine Money-Back Credit Card

Interest Rate

19.95%

Annual Fee

No Annual Fee

Balance Transfer: 3% of amount transferred**

Cash Advance: 19.95%

Sign-up Bonus

3% Balance Transfer & Earn 2% Money-Back Rewards on purchases

 

Travel Rewards No Annual Fee Credit Card

This type of credit card earns you points whenever you make a purchase. The points and the rewards can be redeemed for air tickets or treats.

American Express – Blue Sky® Credit Card

Interest Rate

19.99%

Annual Fee

No Annual Fee

Balance Transfer: 22.99%

Cash Advance: 22.99%

Sign-up Bonus

10,000 Blue Sky Points

 

 

Reward Points No Annual Fee Credit Cards

This card earns you reward points for every dollar spent. You earn points at no annual cost. You get free rewards on items you could have spent cash on. This helps to save on your expenses.

MBNA Rewards World Elite® Mastercard®

Interest Rate

19.99%

Annual Fee

$89

Balance Transfer: 21.99%

Cash Advance: 24.99%

Sign-up Bonus

Receive 10,000 Bonus Points††

Tangerine Money-Back Credit Card

Interest Rate

19.95%

Annual Fee

No Annual Fee

Balance Transfer: 3% of amount transferred**

Cash Advance: 19.95%

Sign-up Bonus

3% Balance Transfer & Earn 2% Money-Back Rewards on purchases

 

 

Factors to Consider When Applying For a No Annual Fee Credit Card

Here are a number of factors you need to consider before you apply of a no annual fee credit card:

  • Frequency Of Card Use – If you use your credit card on rare occasions, a no annual fee card is ideal for you for any unexpected expenses. This is a deal for a rare online buyer.
  • Do You Carry A Balance – No annual fee credit card can be expensive when you carry a balance since it attracts higher interest rates. In such a case, a low-interest card is most suitable.
  • Debt – If you have a debt on your card, you should apply for a no annual fee credit card with 0% interest rate to save money on interest costs.
  • Credit Card Benefits –You should consider other benefits such as complimentary insurance and reward programs to ensure that the no annual fee credit card carries your desired benefits.
  • Consider the $0 Annual Fee Promotion Period – It is good to consider whether you will still use the card after the no annual fee introductory period. If yes, consider its interest rate and extra features, and if rates and benefits are not competitive enough, ensure that the card is canceled before the end of the first year to avoid paying high annuals fees after the promotional period.

Benefits of No Annual Fee Credit Cards

  • Saves Money: - The main benefit of $0 annual fee cards is that they have no annual charges on your accounts. Most credit cards charges between 99 to 120 dollars annual fees. For a no fee annual life card, it can save you millions of dollars over a number of
  • It is Practical: – Even without other additional rewards or benefits, zero annual fee cards are ideal for unexpected expenses and emergencies which require credit. There is no need to pay for a card that you do not frequently use. For instance, it is an ideal choice if you only need the card to make some online purchases few times in a year.
  • Additional Deals and Offers: – Most no annual fee cards offer other perks that you could have paid for. Such offers may include frequent flyer programs among other deals.

The Dark Side of No Annual Fee Credit Cards

  • Higher Interest Rates: - $0 annual fee credit cards attract higher ongoing interest rates than other credit cards. No annual fee credit cards interest rates averages to 19.99% and other card operation charges are still applicable.
  • Limited Extra Features: - no annual fee credit cards come with additional perks but they are fewer additional features compared to high annual fee cards.
  • Promotional Zero Annual Fee –Most $0 annual fee credit cards have a $0 annual fee for a short period of time (promotional period). You need to confirm when the introductory period will expire and the annual fee applicable after the promotional period. If the cards features after the introductory period are not favorable for you, you may consider canceling the card before the expiry of this period.

Best No Annual Fee Credit Cards in Canada

As its name denotes, a no-fee credit card has not yearly use fees or any sort of charges associated with its use.  Many credit card companies charge a fee for just the convenience of using them for transactions whereas no-fee credit cards won’t charge you any fees and their use comes with a few basic privileges. Some though, have generous rewards for their owners.

Many credit card providers charge the card owner annual fees which average to about $100/year. There are some no fee credit card options, but they usually don’t offer the cardholder any privileges or rewards. No Fee cards could be very useful for people who don’t have to use credit cards too frequently while having the option to pay for online transactions and developing a good credit status in Canada. 

No Annual Fee cards vs. Rewards Credit Cards

No Annual fee cards are ideal for students and people who are on a budget and just want a basic credit card as a backup. Since the majority of students don’t have much money to pay or waste on fees,  student credit cards with no-fee would be a great option for them.  And if you are not a student and just want to stay on budget, this would also work for you as you don’t have to pay any fees. 

Rewards Credit Cards generate cashback or travel rewards in points and are not always good options because some companies overstate the value of these points. But if you use a credit card regularly or purchases, or to pay bills you may as well collect rewards rather than pay an annual fee. 

You could also consider keeping two credit cards at the same time. Your primary card could be a rewards credit card and an additional card with no annual fees. Since no-fee credit cards don’t cost anything, they make an ideal backup solution.

 

 
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