Think about having fun with all the most effective bank card perks, with out paying an annual price. Nicely, Canadians can select from a formidable number of playing cards with no yearly charges that make this dream a actuality. These playing cards not solely prevent cash, but additionally provide attractive rewards like money again and journey factors. Listed here are our picks for the most effective no-fee bank cards in Canada.
Featured bank cards
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Greatest money again card with no price
SimplyCash Card from American Specific
Earn 1.25% money again on all purchases, plus 2% money again on gasoline and groceries.
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Curiosity Charges:
21.99% buy, 21.99% money advance, N/A stability switch
Welcome provide:
$100 worth
Earn a bonus 5% money again on all purchases (as much as $2,000 in purchases). That’s on high of your on a regular basis money again earn charges. That’s as much as $100 in bonus money again.
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Greatest no foreign exchange card with no price
Dwelling Belief Most well-liked Visa
Get 1% money again when procuring in Canada, and profit from no foreign exchange charges on overseas purchases.
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Curiosity Charges:
21.99% buy, 21.99% money advance, N/A stability switch
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Greatest journey card with no price
American Specific Inexperienced Card
Earn 1 level per greenback on all purchases, with the choice of transferring factors to airline associate packages.
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Curiosity Charges:
21.99% buy, 21.99% money advance, N/A stability switch
Welcome provide:
$100 worth
Earn 10,000 Membership Rewards factors whenever you cost $1,000 in purchases to your card within the first three months of cardmembership.
Greatest no-fee bank cards by class
Want a bank card with no yearly price? Scroll by the desk beneath to match card particulars of our high picks on this class.
Gold: Greatest no-fee money again bank card in Canada
At a look: The SimplyCash Card from American Specific retains issues easy—and rewarding. The 1.25% base earn charge is among the many most beneficiant obtainable in Canada, and it solely will get sweeter from there on gasoline and grocery purchases, making this the most effective no-fee money again card within the nation.
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SimplyCash from American Specific
Annual price: $0
Welcome provide: 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 |
| Revenue required | None specified |
| Credit score rating | 725 or increased |
Silver: Greatest no-fee money again bank card in Canada
At a look: As the one card in Canada that permits you to decide your bonus charge classes, the Tangerine Cash-Again card is a perennial favorite amongst Canadians in search of a versatile no-fee card that matches their spending habits. Cardholders choose two money again classes from a formidable record 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 price: $0
Welcome provide: 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 |
| Revenue required | Private or family revenue of $12,000 |
| Credit score rating | 660 or increased |
Gold: Greatest 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 a wide range 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 chance to spice up the worth of your rewards.
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American Specific Inexperienced Card
Annual price: $0
Welcome provide: earn 10,000 Membership Rewards factors whenever 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 |
| Revenue 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 Mounted Factors Journey Program, and as much as $0.02 with airline factors transfers. |
Gold: Greatest no overseas transaction price card with no annual price
At a look: Do you know that each time you utilize your bank card exterior of Canada, most card issuers cost a 2.5% overseas transaction price for processing purchases made in a non-Canadian foreign money? The Dwelling Belief Most well-liked Visa is the one no-fee card in Canada that doesn’t cost a foreign exchange price.
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Dwelling Belief Most well-liked Visa
Annual price: $0
Welcome provide: 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 |
| Revenue required | None specified |
| Credit score rating | 660 or increased |
Gold: Greatest low-interest charge bank card with no annual price
At a look: When you have a tendency to hold a bank card stability from month to month, the good 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 most effective bank card in Canada with no annual price and low curiosity.
Desjardins Flexi Visa
Annual price: $0
Rewards: Doesn’t provide rewards.
Welcome provide: None at the moment.
Card particulars
| Rates of interest | 10.90% on purchases and 12.90% on money advances |
| Revenue required | Not specified |
| Credit score rating | Not specified |
Gold: Greatest no-credit bank card with no annual price
At a look: Canadians with low or no credit score might wish to take into account a secured credit card, just like the Dwelling 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 price, or a decrease rate of interest of 14.90% with a $59 annual price. Dwelling Belief studies 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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Dwelling Belief Secured Visa
Annual price: $0
Rewards: Doesn’t provide rewards.
Welcome provide: None at the moment.
Card particulars
| Rates of interest | 19.99% on purchases and 19.99% on money advances |
| Revenue required | None specified |
| Credit score rating | 300 or increased |
Ceaselessly 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, when you by no means carry a stability and you utilize a no-fee card that provides money again or rewards, you’ll truly be in a greater monetary place than you’d with out the cardboard. In lots of instances, the earn charge may be decrease than with an annual-fee card; nonetheless, with a no-fee card, any rewards you earn generally is a internet constructive—you don’t should 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 prevent a pleasant chunk of change on issues like overseas transaction charges, insurance coverage and rental automobiles.
Drawbacks of a no-fee bank card
- Ho-hum rewards and money again: Your reward incomes energy will be considerably lacklustre when in comparison with the revved-up rewards you’ll normally reap with premium playing cards which have an annual price. For instance, with the American Specific Cobalt card, you’ll earn 5 factors per $1 spent on groceries and eating places, 3 factors per $1 spent on streaming providers, and a couple of factors per $1 spent on journey, transit and gasoline (with every little thing else getting you 1 level per $1). You’ll be able to 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 isn’t a price, the welcome bonuses supplied to draw new candidates aren’t 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. Sometimes (although not all the time), no-fee playing cards do embody very fundamental protections, equivalent to zero legal responsibility, buy safety and prolonged guarantee, however you’ll normally miss out on journey insurance coverage, concierge service and perks, equivalent to airport lounge entry. In the end, you’ll should weigh these advantages towards the charges and determine whether or not a no-fee bank card works finest for you.
What must you do with the cash you saved with an annual price?
With a no-fee card, you may save your self $59 to $250 {dollars} a 12 months. However make a acutely aware resolution to do one thing with that cash, like placing it right into a high-interest financial savings account or into your registered retirement savings plan (RRSP) or tax-free savings account. It’s not rather a lot, however the compound curiosity you may earn makes it worthwhile. Use our compound interest calculator to learn the way a lot you may develop your cash.
