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Best No Fee Credit Cards in Canada

Best no annual fee credit cards Canada

Cory Santos Finance editor
Tyler Wade Personal finance content strategist & writer

Fact checked by Scott Birke

Updated Jan 31, 2025

Find the best no fee credit cards in Canada with our expert's detailed review for each no annual fee credit card.

While we adhere to strict editorial guidelines, partners on this page may provide us earnings.

Compare the best no annual fee credit cards by category

High-end credit cards in Canada offer you many benefits that (hopefully) justify the annual fees they charge. However, many Canadians looking for a free credit card situation refuse to pay an annual fee for a credit card, no matter their credit score or income level.

Why pay fees on a credit card if you don't earn a benefit or barely recoup its annual fee? With no annual fee, you can ‘try out’ a card without losing any money and gain insights on the bank, its app, and the card's potential. But that doesn’t mean credit cards with no annual fees deliver insignificant value by comparison. Here are the best no annual fee credit cards in Canada (part of our full Best Credit Cards Canada list).

Top 3 no annual fee cards

BMO CashBack® Mastercard®*

Apply Now

3.5

Read Review
Apply now

$0 Annual Fee

Good Recommended Credit Score

$15,000 Required Annual Personal Income

MBNA Smart Cash Platinum Plus® Mastercard®

Apply Now

4.7

Read Review
Apply now

$0 Annual Fee

Good Recommended Credit Score

Tangerine Money-Back Credit Card

Apply Now

3.8

Read review

$0 Annual Fee

Good Recommended Credit Score

$12,000 Required Annual Personal Income

  • Why you can trust Money.ca's best no fee credit cards in Canada list

    +

    Money.ca rates no annual fee credit cards on a scale of 1 to 5 (with 5 being the best) and are based on the following criteria (if applicable): annual percentage rate (APR), annual fee, balance transfer fee, foreign transaction fee, penalty fee and APR, rewards programs, sign-up bonuses, customer service, security, insurance coverage, additional features, acceptance, and credit score requirements.

    Our ratings process collects and analyzes more than 70 unique data points, including the features listed above, to better understand the real-world and everyday value each credit card provides Canadians. Different categories of cards are rated using different weightings, with the top no fee credit cards listed below. Money.ca’s business relationships have no effect on ratings.

    For more, read Money.ca’s complete review methodology.

Best overall 🏆

Best no annual fee credit card Canada

BMO CashBack® Mastercard®*

3.5

Winner: Best No Annual Fee

5% cash back

Welcome Bonus

$526

First Year Value

$401

Annual Value

Welcome Bonus: Get 5% cash back in your first 3 months*

Learn More Apply Now On BMO's Secure Site

BMO CashBack Mastercard® - 🏆winner, best no annual fee card in the Money.ca Credit Card Awards

The combination of one of Canada’s top cash back rate on groceries and no annual fee is already an advantageous opportunity for cardholders, but the BMO CashBack Mastercard® raises the bar further adding 1% back on any recurring bill payments*.  

The card is ideal for for consumers looking for a cash back card with no annual fee who spend a lot on groceries and recurring bills for things like streaming services or other bills but adds a level of simplicity thanks to its automatic cash back redemptions starting at just $1.

Key features:

  • Special cash back rate: 3% (up to a monthly max of $500) cash back on groceries. 0.50% cash back on all other purchases..
  • Added features: Purchase protection and extended warranty  

BMO CashBack pros and cons

Pros

Pros

  • No Annual Fee: A rare find in Canada for a cash back card

  • A generous 3% cash back on groceries (up to $500 monthly)

  • Easily redeem from $1, set up automatic redemptions, or use as a statement credit

  • Additional perks include discounts on rentals, free supplementary cards and show discounts

Cons

Cons

  • Outside of groceries and recurring payments, the standard earn rate drops to 0.5%

  • Monthly caps on top earn rates for groceries and recurring payments

  • A 2% balance transfer fee applies

  • The interest rate on the remaining balance transfer amount increases after the introductory period

Disclosures:

  • *Terms and conditions apply.
  • BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
Best for newcomers

Best no annual fee credit card for newcomers in Canada

$484

First Year Value

$384

Annual Value

Welcome Bonus: Get a bonus 10% cash back for the first 2 months – up to $100. Plus, a 1.95% promotional balance transfer interest rate for the first 6 months.

Learn More

With its max 2% cash back rate and an unlimited, choose-your-own cash back policy, the Tangerine Money-Back Credit Card has become one of the most popular no annual fee credit cards in Canada. The card is ideal for those newer to credit cards as it provides impressive rewards with no annual fee.

Key features:

  • Welcome bonus: Get a bonus 10% cash back for the first 2 months – up to $100. Plus, a 1.95% promotional balance transfer interest rate for the first 6 months.
  • Earn rate: Earn 2% cash back on two categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.) Get a Tangerine Savings account and add a third 2% cash back category.
  • Added features: Purchase protection* and extended warranties*  

Tangerine pros and cons

Pros

Pros

  • No annual fee

  • Choose the spending categories where you want to earn the most cash back

  • Unlimited cash back—no maximum spending limit for any purchase category

  • Cash back is paid out monthly rather than annually

  • Periodically includes a special welcome offer where you can get extra cash back

  • 1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*

Cons

Cons

  • Regular cash back rates are still lower than what you can get from a card with an annual fee

  • Limited extra perks or benefits beyond the cash back and balance transfer promotion

  • Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart

  • Tangerine does not have any physical bank branches

Best Visa

Best no annual fee Visa card in Canada

5% cash back

Welcome Bonus

$271

First Year Value

$171

Annual Value

Welcome Bonus: Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases); Plus, get a 0% introductory interest rate on balance transfers for the first 6 months.

Learn More Apply Now On Scotiabank's Secure Site

If you’re looking for a no-fee, no-frills credit card that’ll let you earn points as you spend on essentials, the Scotiabank Momentum No-Fee Visa Card might be right for you. The card is designed to help you earn points on your everyday purchases, including gas, groceries, drugstore purchases, and recurring bill payments. You'll earn a 1% cash back rate on these categories, making it perfect for those who want to earn rewards on their routine spending.

Most merchants today accept both Mastercard and Visa, and in general we advise readers to focus on a card’s individual attributes rather than the payment network it belongs to. That said, some stores only accept one or the other, so if you shop frequently at a spot that accepts only Visa and not Mastercard, the Scotiabank Momentum No-Fee Card is probably the best no annual fee card for you, particularly if groceries are the largest line item in your budget.

Key features:

  • Welcome bonus:Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases); Plus, get a 0% introductory interest rate on balance transfers for the first 6 months (22.99% after that; annual fee $0)
  • Earn rate: Earn 1% cash back on all eligible gas stations, grocery stores, drug stores purchases and recurring payments. and 0.50% cash back on all other eligible purchases

Scotia Momentum pros and cons

Pros

Pros

  • No annual fee: The card does not charge an annual fee, making it cost-effective for users.

  • Cash back rewards: Offers 1% cash back on eligible gas, groceries, drugstore purchases and recurring bill payments.

  • Welcome bonus: There is a welcome bonus of 5% cash back on up to $2,000 in eligible purchases within the first three months.

  • Promotional balance Transfer Rate: A promotional 0% annual interest rate on balance transfers for the first six months (with a 2% balance transfer fee).

  • Rental car discounts: Cardholders can save up to 25% off base rates at participating AVIS and Budget locations in Canada and the U.S.

Cons

Cons

  • Limited insurance: No included insurance coverage, though optional insurance bundles are available for a fee.

  • Low base rewards rate: After exceeding the $25,000 spending cap, the cash back rewards drop to a base rate of 0.5%.

  • Rigid redemption process: Cash back is accumulated monthly but can only be redeemed once annually in November.

  • Balance transfer fee: There is a 2% balance transfer fee when utilizing the promotional balance transfer rate.

  • Foreign transaction fee: The card charges a 2.5% foreign transaction fee on purchases made in a foreign currency.

  • Limited perks: Compared to other no-fee cards, the Scotiabank Momentum No-Fee Visa Card offers fewer perks and lower reward rates.

Disclosures:

  • *See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
Best Mastercard

Best no fee Mastercard

$484

First Year Value

$384

Annual Value

Welcome Bonus: Get a bonus 10% cash back for the first 2 months – up to $100. Plus, a 1.95% promotional balance transfer interest rate for the first 6 months.

Learn More

The Tangerine World Mastercard is very similar to the previously mentioned Tangerine Money-Back, just with more to love. Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more) 0.5% back on everything else.

Where the World Mastercard version shines, however, is its impressive insurance and travel perks. Cardholders enjoy access to premium travel insurance protections and travel perks like Boingo Wi-Fi and more.

Key features:

  • Welcome bonus: Get a bonus 10% cash back for the first 2 months – up to $100. Plus, a 1.95% promotional balance transfer interest rate for the first 6 months.
  • Earn rate: Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more) and 0.5
  • Bonus categories: Get a Tangerine Savings account and get a 3rd 2% cash back category
Pros

Pros

  • No annual fee

  • Unlimited money-back rewards

  • High 2% earn rate

  • Exclusive experiences through MasterCard

Cons

Cons

  • $60,000 minimum income requirement

  • Travel insurance would be a welcome addition to the travel-related benefits

Best for Amazon

Best Canadian no annual fee card for Amazon

5% back

Welcome Bonus

$456

First Year Value

$306

Annual Value

Learn More Apply Now On MBNA Credit Cards' Secure Site

Of all the no annual fee cards, we like the MBNA Amazon.ca Rewards Mastercard because of how well it performs with its namesake brand. Eligible Prime members get 2.5% back on eligible purchases at Amazon.ca and Whole Foods Market stores. Get 1% back on eligible purchases everywhere else Mastercard is accepted.

So, if you value cash back and online shopping, the MBNA Amazon.ca Rewards credit card is a great option to consider. Oh, it works for regular Costco or No Frills shoppers, too!

Key features:

  • Welcome bonus: Get 5% back at Amazon.ca, Whole Foods Market stores in Canada, grocery stores and restaurants. Valid for the first 6 months, on your first $3,000 in eligible purchases††.
  • Earn rate: Eligible Prime members get 2.5% back on eligible purchases at Amazon.ca and Whole Foods Market stores. and 1.5% back on eligible purchases at Amazon.ca and Whole Foods Market stores without Prime, 1% back on eligible purchases everywhere else Mastercard is accepted and 1% cash back on eligible foreign currency transactions
  • Insurance: Purchase protection, rental car coverage

MBNA Amazon Mastercard pros and cons

Pros

Pros

  • No annual fee

  • Good returns on Amazon.ca, Whole Foods Market stores and foreign currency transactions

  • Competitive welcome bonus

  • Serviceable for regular Costco and No Frills shoppers

Cons

Cons

  • Earning maximum rewards requires paying for Amazon Prime

  • Other cards have higher earn rates on non-Amazon.ca purchases

  • Rewards points are only redeemable for Amazon.ca gift cards

  • Relatively few Whole Foods locations in Canada

Best for travel

Best no fee travel credit card

up to 10k pts

Welcome Bonus

$355

First Year Value

$305

Annual Value

Welcome Bonus: Get up to 10,000 Aventura Points (up to $100 in travel value)†

Learn More Apply Now On CIBC's Secure Site

We love the CIBC Aventura® Visa* thanks to its generous sign-up bonus for new accounts:

  • Get up to 10,000 Aventura Points (up to $100 in travel value)†

    • 2,500 Aventura Points when you complete all five of these activities within 60 days of your CIBC Aventura® Visa* card account approval.†

      1. Share your email address with CIBC.

      2. Sign up for eStatements for your new Aventura Visa* card.

      3. Add an authorized user on your new Aventura Visa* card.

      4. Hold any eligible CIBC Chequing Account.

      5. Add your Aventura Visa card with Apple Pay® or Samsung Pay or Google Pay™.

    • 7,500 Aventura Points after you make your first purchase within the first 4 monthly statement periods.†

But, the fact they throw in travel accident insurance and credit card rental car insurance is the biggest plus that you won't find with many other no annual fee travel cards.

Key features:

  • Earn rate: Earn 1 Aeroplan point on eligible gas, electric vehicle charging, groceries and with Air Canada directly, including through Air Canada Vacations®† and 1 point for every $1.50 you spend on all other purchases†. Earn points twice at over 150 Aeroplan partners and over 170 online retailers through the Aeroplan eStore.
  • Insurance: Purchase protection, extended warranty, travel accident insurance and rental car coverage included.

CIBC Aventura pros and cons

Pros

Pros

  • Easy to earn welcome bonus

  • Points can be earned on all purchases

  • Use Aventura Points to cover full airfare including taxes and fees

  • Can book with any airline with no blackout periods and points don’t expire†

Cons

Cons

  • Lower earn rate than some other travel cards on the market

Disclosures:

  • †Terms and Conditions Apply. This offer is not available in Quebec.
  • The information for the CIBC Aventura® Visa* Card been collected independently by Money.ca. The card details on this page have not been reviewed or provided by the card issuer.
Best for low rate

Best no fee low-interest card

MBNA True Line® Mastercard®

2.9

Winner: Best Balance Transfer

0% intro rate

Welcome Bonus

$0

First Year Value

$0

Annual Value

Welcome Bonus: Get 0% APR for 12 months on transfers

Learn More Apply Now On MBNA Credit Cards' Secure Site

MBNA True Line Mastercard - 🏆winner, best low interest rate credit card in the Money.ca Credit Card Awards

Canadians looking to consolidate their other credit card balances or lines of credit under one low rate can do so with this card at no annual fee. The MBNA True Line Mastercard credit card offers a great welcome offer. Get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening, with a 3% transfer fee. Plus, the purchase APR is 12.99% so you won’t have to feel so guilty for using it when you shop.  

This is especially true if your balances were previously exposed to high rates. It’s also worthwhile to note that MBNA offers a slightly different card (the MBNA True Line® Gold Mastercard® credit card) to those who would pay a small annual fee in exchange for a lower standard rate on balance transfers and purchases.

Key features:

  • Welcome bonus: Get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening, with a 3% transfer fee.
  • Additional perks: Car rental discounts with Budget and Avis
  • Insurance: Fraud protection

True Line pros and cons

Pros

Pros

  • Solid welcome offer: 12 months of 0% APR† on balance transfers✪ made within the first 90 days (3% transfer fee applies)

  • No annual fee or minimum income requirement

  • Low standard interest rate of 12.99% for all new purchases charged to the card

  • Some extra perks like fraud protection and a discount on car rentals

Cons

Cons

  • 3% balance transfer fee is comparatively high

  • Very high cash advance interest rate of 24.99%

  • No insurance benefits

  • Can’t transfer a balance owed to either MBNA or TD

Disclosures:

  • †, ✪, Terms and Conditions apply.

    This offer is not available for residents of Quebec. For residents of Quebec, please click here.

    Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.

    The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.

Best for points

Best no fee annual fee credit card with reward points

up to 10K pts

Welcome Bonus

$442

First Year Value

$342

Annual Value

Welcome Bonus: New cardholders can get up to 10,000 MBNA Rewards points ††

Learn More Apply Now On MBNA Credit Cards' Secure Site

If you’re looking for a rewards credit card that offers a great points program on everyday purchases and strong welcome offer along with its no annual fees, then we recommend the MBNA Rewards Platinum Plus Mastercard (for more options, check out our full list of the Best Rewards Credit Cards in Canada).  

As one of Canada's best no fee credit cards, MBNA offers rewards on digital media memberships, bills, groceries, and dining/restaurant purchases (a hefty portion of most monthly bills). Earn 2 MBNA Rewards points for every $1 spent†† in several categories, including groceries, restaurants, digital media, memberships, and household utilities. Earn 1 MBNA Rewards point for every $1 spent†† on any eligible purchase made with the card.

Key features:

  • Welcome bonus: Earn 4 points per $1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases until $10,000 is spent annually. You could also receive up to 10,000 bonus points.
  • Earn rates: Earn 2 MBNA Rewards points for every $1 spent†† in several categories, including groceries, restaurants, digital media, memberships, and household utilities. and 1 MBNA Rewards point on all other purchases
  • Insurance: Mobile device protection, extended warranty, purchase protection and more

MBNA Platinum Plus pros and cons

Pros

Pros

  • No annual fee

  • Accelerated rewards on groceries, restaurants, and more

  • Simple point structure with flexible redemption options

  • Generous introductory bonus of up to 10,000 points

  • No cap on total points earned

Cons

Cons

  • Lower cash back redemption rate compared to designated cash back cards

  • Limited benefits beyond rewards

  • Points system may not appeal to cash back enthusiasts

  • Higher earning categories have a spending cap of $10,000 annually

  • Better suited for travel rewards than cash back

Disclosures:

  • ‡, ††, ✪, ***, Terms and Conditions apply.

    This offer is not available for residents of Quebec. For residents of Quebec, please click here.

    Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.

    The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.

No-fee top tip: Don't carry a balance

Avoid interest charges by setting up automatic payments for your full balance each month. This way, you're earning rewards without paying a dime in interest.

Premium vs. no fee

No annual fee vs premium credit cards: A comparison

No fee credit cards offer a range of benefits and features that cater to the needs of savvy Canadian consumers. While they may differ from more premium cards in terms of annual fees, there are other factors to consider, such as earn rates, welcome bonuses, and travel perks.

Feature No Annual Fee Cards Premium Credit Cards
Annual Fee $0 $25 to $700+
Rewards • Modest (0.5% to 2% cash back)
• Limited bonus categories 		• Higher earn rates (2% to 5%+)
• Multiple bonus categories
Welcome Bonus • Smaller (e.g., $100 or 10,000 points)
• Lower spending requirement 		• Substantial (up to 100,000 points)
• Higher minimum spend
Travel Benefits • Basic travel insurance
• Limited/no lounge access 		• Comprehensive travel insurance
• Airport lounge access
• Travel credits
Additional Perks • Basic purchase protection
• Limited additional benefits 		• Enhanced purchase protection
• Concierge services• Exclusive event access
Income Requirements $15,000 to $60,000 annually $60,000 to $150,000+ annually
Interest Rates Generally higher (19.99% to 22.99%) Slightly lower (19.99% to 20.99%)
Top Pick BMO CashBack Mastercard® TD® Aeroplan® Visa Infinite Privilege* Card

Choosing between a no annual fee and a premium credit card boils down to your spending habits and lifestyle. No annual fee cards are great for those starting their credit journey or using credit cards occasionally. They offer basic rewards without the pressure of justifying an annual fee.

Premium cards, while carrying a cost, can provide significant value for frequent travelers, big spenders, or those who appreciate luxury perks. The key is ensuring the benefits outweigh the annual fee.

For Canadians looking to maximize rewards without fees, consider the Tangerine Money-Back Credit Card. If you’re ready for premium benefits, the American Express Cobalt® Card offers exceptional value, especially for foodies and travelers.

Remember, the best card for you depends on your unique financial situation. Always compare options and read the fine print before applying. Happy credit card hunting!

How to choose

How do you choose the best no annual fee credit card?

When choosing the best no annual fee credit card, you have to consider what would personally benefit you most. Not all no annual fee credit cards are created equal. Are a great rewards program and a sign-up bonus most important to you?  Or are you more focused on obtaining the lowest interest rate on cash back and purchases? Of course, your own credit history and annual income may be a determining factor in the best credit cards for you, so it’s important to do your research on what you are eligible for.

What to Look for
Explanation
Rewards
A good rewards program can help you earn cash back, points, or miles on your everyday spending. This turns your necessary expenses into valuable perks, effectively giving you a discount on your purchases.
Welcome Bonus
Some no-fee cards offer sign-up bonuses, which can provide immediate value. This could be in the form of cash back, points, or statement credits after meeting a minimum spend requirement.
Credit Score
Knowing the typical credit score range for approval helps you apply for cards you’re more likely to qualify for, avoiding unnecessary hard inquiries on your credit report.
Flexibility and Redemption Options
Easy redemption processes and flexible options for using your rewards ensure you can actually benefit from the perks you’ve earned without unnecessary restrictions.

Other considerations for no fee cards

Here are a few other key factors to consider when looking for a no annual fee credit card, along with explanations for why each factor is important:

  • Additional Perks

    +

    Features like purchase protection, extended warranty, or travel insurance can provide extra value and peace of mind, potentially saving you money on separate insurance policies.

  • Balance Transfer Options

    +

    If you’re carrying high-interest debt on another card, a no-fee card with a low or 0% balance transfer offer can help you save on interest and pay down debt faster.

    Read more: Best balance transfer credit cards in Canada

  • Credit Building Tools

    +

    Some no-fee cards offer free credit score monitoring or other tools to help improve your credit, which can be valuable for your overall financial health.

    Read more: Best credit cards for bad credit

  • Flexibility and Redemption Options

    +

    Easy redemption processes and flexible options for using your rewards ensure you can actually benefit from the perks you’ve earned without unnecessary restrictions.

No-fee top tip: Credit limits may vary

The average credit limit on these no-fee cards is $5,000, compared to $8,500 for cards with annual fees.

Pros and cons

No annual fee credit card pros and cons

Pros

Pros

  • Cost savings: The most obvious benefit - you’re not paying a yearly fee just to keep the card in your wallet

  • Less pressure to max out: Without an annual fee to offset, you don’t need to stress about whether you’re getting enough value from the card to justify its cost

  • Great for beginners or occasional users: Perfect for those new to credit cards or building credit, as they’re often easier to qualify for and have lower risk. If you don’t use credit cards frequently, a no-fee card ensures you’re not paying for something you rarely use

Cons

Cons

  • Basic insurance: You might snag purchase protection or extended warranty coverage, even without the annual fee

  • Higher APR: Some no-fee cards compensate with higher APRs, so carrying a balance could be more costly

  • Foreign transaction fees: Many no-fee cards charge fees (often around 2.5%) on purchases made in foreign currencies

It's possible to negotiate your credit card's annual fee, but it's not a sure thing. Call your credit card company and politely ask if they can waive the annual fee. Make sure to highlight your loyalty as a customer and your good payment history. Additionally, some banks offer annual fee waivers on credit cards as part of their premium chequing account packages.

Cory Santos, Money.ca credit card expert

Summary of top no annual fee credit cards in Canada

Card name Special feature Apply
MBNA Smart Cash Platinum Plus Mastercard Earn 2% cash back on on gas and groceries (up to $500 per month spend cap) Apply now
MBNA Amazon.ca Rewards Mastercard Eligible Prime members get 2.5% back on eligible purchases at Amazon.ca and Whole Foods Market stores. Apply now
Tangerine Money-Back Credit Card Earn 2% cash back on two categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.) Get a Tangerine Savings account and add a third 2% cash back category. Read Review
Scotiabank Momentum No-Fee Visa* Earn 1% cash back on all eligible gas stations, grocery stores, drug stores purchases and recurring payments. Apply now
CIBC Aventura® Visa* Card Earn 1 point on gas, EV charging, groceries and drug stores†.Earn 1 point on travel through the CIBC Rewards Centre†
Apply now
MBNA True Line® Mastercard® Get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening, with a 3% transfer fee. Apply now
BMO CashBack® MasterCard® 3% (up to a monthly max of $500) cash back on groceries Apply now
MBNA Rewards Platinum Plus® Mastercard® Earn 2 MBNA Rewards points for every $1 spent†† in several categories, including groceries, restaurants, digital media, memberships, and household utilities. Apply now
Conclusion

When is a credit card annual fee worth paying?

The best no annual fee credit card is the one that aligns perfectly with your spending habits and financial goals. Whether you're a cash back enthusiast, a travel rewards junkie, or simply looking to build your credit, there's a no-fee card out there with your name on it.

Remember, just because you're not paying an annual fee doesn't mean you should settle for less. The right no-fee card can offer a treasure trove of perks, from juicy welcome bonuses to robust insurance coverage. It's like finding a loonie on the sidewalk every time you swipe!

FAQs

Best no annual fee credit cards Canada FAQs

  • Can no-fee credit cards in Canada improve my credit score?

    +

    Yes, responsibly using a no-fee credit card can improve your credit score by establishing a history of timely payments.

  • What are the differences between no-fee credit cards and cards with annual fees in terms of benefits?

    +

    No-fee credit cards may offer fewer benefits and rewards compared to those with annual fees, which often provide more extensive perks and higher rewards rates.

  • What are the differences between no-fee credit cards and cards with annual fees in terms of benefits?

    +

    No-fee credit cards may offer fewer benefits and rewards compared to those with annual fees, which often provide more extensive perks and higher rewards rates.

  • How do I qualify for a no-fee credit card in Canada?

    +

    Eligibility for no-fee credit cards in Canada typically depends on your credit score and financial history.

  • Are there any hidden charges associated with no-fee credit cards?

    +

    While there's no annual fee, some no-fee credit cards may have other charges like late payment fees or foreign transaction fees.

  • How does the foreign transaction fee on no-fee credit cards compare to those with fees?

    +

    Foreign transaction fees on no-fee cards can vary, and some might offer competitive rates similar to fee-bearing cards.

  • Can I get a no-fee credit card with bad credit in Canada?

    +

    Obtaining a no-fee credit card with bad credit is challenging, but some issuers offer options designed for building or rebuilding credit. Read our guide on credit cards for fair credit for more info.

  • Can I get free credit cards in Canada?

    +

    Free credit cards in Canada don't exist but no-fee credit cards do, which means they don't charge an annual fee for the cardholder, however, these no fee credit cards still charge interest on purchases, cash advances and balance transfers.

Cory Santos Finance editor

Cory Santos is a finance writer, editor and credit card expert with nearly a decade of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, St. Louis Post-Dispatch, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk.

Tyler Wade Personal finance content strategist & writer

Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca.

Compare other top Canadian credit cards

Disclaimer

The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.

†Terms and Conditions apply.