Top No Annual Fee Credit Cards

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 - 2018 options.

Quick Read:

  1. What are No Fees Credit Cards
  2. Top 3 No Fees Credit Cards
  3. Why Use a No Annual Fee Credit Card
  4. Conclusion

 

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 for 2018 - Top 3 Picks

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.

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.

Interest Rate

19.95%

Annual Fee

No Annual Fee

Balance Transfer: 1.95% of amount transferred**

Cash Advance: 19.95%

Sign-up Bonus

1.95% Balance Transfer & Earn 2% Money-Back Rewards on purchases

The Scotiabank Gold American Express Card

If you’re a frequent traveler, you can cut your significant expenditures and earn on your routine purchases with the Scotiabank Gold AmEx card. Cardholders are not required to shell out the $99 annual fee in the first year and are entitled to obtain a modest starting bonus if they spend as little as $750 during the first three months. Scotiabank rewards cardholders with 30,000 points after they reach this milestone. These points are equivalent to $300. Since you can use the points for cruises, flights, rental cars, hotels, and more, this represents a substantial deduction on cardholders’ future travel expenses.

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†.

Rogers Platinum MasterCard

The Rogers Platinum MasterCard partially sponsors foreign transaction fees, and it also comes with the unbelievable bonus of 1.75 percent cash back. The value for persons making US dollar purchases online and for travelers is phenomenal – the card offers 4 percent cash back on purchases made abroad.

When matched against the competition the Rogers Platinum MasterCard is unique, owing to the value you receive on foreign purchases. For a regular card, for example, you might get 2 percent cash back, but if it charges a fee on international transactions of say 2.5 percent, it costs you 0.5% for each dollar spent. With Rogers, your net earnings will be 1.5 percent cash back after foreign exchange fees!

The Rogers Platinum MasterCard, which is not only for Rogers’ customers, has an excellent cash back flat rate, and it’s one of the best no annual fee credit cards for 2018 in Canada. You can earn 1.75 percent cash back in non-bonus categories, and because it has no fees for foreign transactions, it’s an excellent card to make online U.S. dollar purchases, bring with you on vacation, or to use in combination with a Tangerine card.

Interest Rate

19.99%

Annual Fee

No Annual Fee*

Balance Transfer:

Cash Advance:

Sign-up Bonus

$35 in cash back

Why Use a No Annual Fee Credit Card in 2018

There has never been a better time to look for the best no annual fee credit card in Canada than 2018. 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!

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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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†

Interest Rate

19.95%

Annual Fee

No Annual Fee

Balance Transfer: 1.95% of amount transferred**

Cash Advance: 19.95%

Sign-up Bonus

1.95% Balance Transfer & Earn 2% Money-Back Rewards on purchases

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†.

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†.

Interest Rate

19.99%

Annual Fee

No Annual Fee

Balance Transfer: 22.99%

Cash Advance: 22.99%

Sign-up Bonus

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*

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

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

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

Interest Rate

25.99%

Annual Fee

No Annual Fee

Balance Transfer: 21.49%

Cash Advance:

Sign-up Bonus

N/A

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

Interest Rate

19.99%

Annual Fee

No Fee

Balance Transfer: 21.99%

Cash Advance: 21.99%

Sign-up Bonus

$20 Tim Cash

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†.

Interest Rate

19.99%

Annual Fee

$0

Balance Transfer:

Cash Advance: 22.99%

Sign-up Bonus

$60 in cash back Bonuses

Interest Rate

11.9%

Annual Fee

$20

Balance Transfer:

Cash Advance: 11.9%

Sign-up Bonus

N/A

Interest Rate

19.99%

Annual Fee

No Fee

Balance Transfer:

Cash Advance: 22.99%

Sign-up Bonus

N/A

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†

Interest Rate

19.99%

Annual Fee

No Fee

Balance Transfer:

Cash Advance: 22.99%

Sign-up Bonus

N/A

Interest Rate

13.99%

Annual Fee

$29

Balance Transfer:

Cash Advance: 13.99%

Sign-up Bonus

N/A

Interest Rate

19.99%

Annual Fee

$35 USD

Balance Transfer:

Cash Advance: 22.99%

Sign-up Bonus

N/A

Interest Rate

19.99%

Annual Fee

0

Balance Transfer: 21.99%

Cash Advance: 21.99%

Sign-up Bonus

N/A

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 .

Interest Rate

19.99%

Annual Fee

0

Balance Transfer: 21.99%

Cash Advance: 21.99%

Sign-up Bonus

N/A

Interest Rate

19.99%

Annual Fee

No Fee

Balance Transfer:

Cash Advance: 22.99%

Sign-up Bonus

N/A

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

Interest Rate

19.99%

Annual Fee

No Annual Fee*

Balance Transfer:

Cash Advance:

Sign-up Bonus

$35 in cash back

Interest Rate

19.99%

Annual Fee

$0

Balance Transfer: 21.99%

Cash Advance: 21.99%

Sign-up Bonus

N/A

Interest Rate

3.60% to 9.60%

Annual Fee

$0

Balance Transfer:

Cash Advance:

Sign-up Bonus

N/A

Interest Rate

19.99%

Annual Fee

$0

Balance Transfer: 21.99%

Cash Advance: 21.99%

Sign-up Bonus

N/A

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!

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

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.

Interest Rate

19.95%

Annual Fee

No Annual Fee

Balance Transfer: 1.95% of amount transferred**

Cash Advance: 19.95%

Sign-up Bonus

1.95% 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.

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.

Interest Rate

19.95%

Annual Fee

No Annual Fee

Balance Transfer: 1.95% of amount transferred**

Cash Advance: 19.95%

Sign-up Bonus

1.95% 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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