Best No Fee Cash Back Credit Cards in Canada Jul 2022

Photo of author

by Enoch Omololu


Advertiser Disclosure

What credit cards are you carrying in your wallet? This list of the best no annual fee cash back credit cards in Canada is worth your consideration if you want to earn free rewards from your card while paying no fees.

Premium credit cards that come with a hefty annual fee offer a variety of benefits to the holder that may include juicy cash back rewards, executive travel perks, insurance coverages, and more.

With that being said, the annual fees you would pay on these cards on an annual basis may not be worth it. This is because you will need to spend up to a certain amount to recoup your annual fee cost to break even. If you do not spend heavily using your credit card, your overall returns may be minimal.

No-fee credit cards are not without benefits. In fact, if you choose the right no-annual-fee cash back card, you may be able to generate more rewards than you would with one that comes with a hefty fee.

A zero fee card is attractive when you are averse to shelling out $120 up-front for a credit card that you may not use enough times to cover its cost.

Best Canadian Credit Cards with No Annual Fee

There are no-fee cards that offer unlimited cash back and travel rewards; attractive balance transfers, low purchase and cash advance rates, 0% foreign exchange fees, extended warranty, fraud protection, and lots more.

You do not have to pay an annual fee on a credit card in order to take advantage of the many benefits they offer.

1. Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit card qualifies as one of the best no-fee cards for cash back rewards.

Benefits of this card include:

  • No annual fee
  • 10% promotional cash back rate for a limited time ($100 value)
  • Earn a regular 2% cash back on up to 3 categories of spending of your choice including groceries, entertainment, home improvement, gas, recurring bill payments, drugstore purchases, transportation, etc. Money-back categories can be changed to suit your spending habits at any time
  • Earn 0.5% cash back on other purchases
  • Cash back is automatically paid out monthly
  • No limit on the amount of total cash back you can earn
  • Free 90-day purchase protection
  • 1 year extended warranty
  • Balance transfer promotion rate of 1.95% for 6 months when transferred within 30 days of activating your card

I like the Tangerine Money-Back card because it does not place spending caps on the 2% cash back categories. In addition, you do not have to wait for an entire year to enjoy your rewards. It is paid out monthly as real cash!

If you deposit the cash back directly into your Tangerine Savings Account, you get three 2% categories. Otherwise, you are eligible for just two.

You can read my full review of the card.

Apply Now

Tangerine Cash Back Credit Card

2. SimplyCash Card from American Express

The SimplyCash Card from American Express is one of the best no-fee credit cards for fixed-rate cash back rewards.

Benefits of this card include:

  • No annual fee
  • 4% cash back in your first 6 months (up to $200)
  • 1.25% cash back on all purchases (after the 6 months promo period ends)
  • No limit on the cash back rewards you earn
  • $100,000 travel accident insurance
  • 1 year extended warranty
  • Free purchase protection plan
  • Special entertainment access with American Express Experiences

The 1.25% fixed cash back rewards offered by the SimplyCash Card are easy to understand and there are no caps on your annual cash back rewards.

Apply Now

SimplyCash Credit Card

3. Neo Financial Mastercard

The Neo Financial Mastercard (Neo Card) is one of the best no-annual-fee credit cards in Canada for earning cash back when you shop.

Its top features include:

  • No annual fee
  • Average of 4% unlimited cash back at 7,000+ participating retailers and brands
  • Minimum 1% cash back across all spending (on up to a $5,000 spend/month)
  • Easily redeem cash back rewards towards your credit card balance at any time
  • 15% cash back welcome bonus at several stores
  • Also includes a virtual card so you can make payments using your smartphone
  • 19.99% to 24.99% purchase interest rate
  • Access to a savings account (Neo Money) and free unlimited bill payments and Interac e-Transfer transactions

The Neo Mastercard also doubles up as a student credit card and does not have a minimum income requirement. Learn more in this review.

Apply Now

neo mastercard

4. Tangerine World Mastercard

The Tangerine World Mastercard is Tangerine’s latest credit card and definitely one of the best no-fee credit cards in Canada. 

Benefits of this card include:

  • No annual fee
  • 2% unlimited cash back on three categories of spending including grocery, entertainment, gas, restaurants, recurring bill payments, public transportation, hotel/motel, and several others
  • Earn 0.50% cash back on all other categories
  • 1.95% balance transfer rate for 6 months
  • Car Rental Collision/Loss Damage Insurance for 31 consecutive days
  • Mobile device insurance with coverage up to $1,000
  • Mastercard Airport Experiences Provided by Loungekey with access to exclusive dining, retail and spa offers at over 1,000 lounges in 400 airports worldwide
  • Purchase Protection and Extended Warranty

The Tangerine World Mastercard is a bit of a step-up over the Tangerine Money-Back Credit Card and offers additional free perks.

The only reason that it’s not #1 on this list is that it requires a minimum personal income of $60,000 per year. The Money-Back card has a minimum income requirement of $12,000.

You can read my full review of the Tangerine World Mastercard.

Apply Now.

Tangerine World Mastercard

5. Triangle World Elite Mastercard

If you do a lot of shopping at Canadian Tire or Sport Chek, and/or pay for Roadside Assistance, the Triangle World Elite Mastercard offers some excellent rewards.

Benefits of the card include:

  • No annual fee
  • Earn 3% in CT Money when you spend on groceries (on up to $12,000 per year). Excludes Costco and Walmart
  • Earn 4% in CT Money on purchases made at Canadian Tire, Sport Chek, and participating Mark’s/L’Equipeur and Atmosphere stores
  • Collect 5-7 cents per litre in CT Money when you buy fuel at Gas+ locations
  • Free Roadside Assistance (Gold Plan)
  • Car rental collision/loss damage waiver insurance
  • Extended warranty
  • Purchase protection
  • No-fee and interest financing on qualifying purchases of $200 or more at participating stores
  • Redeem your CT Money easily at Canadian Tire, Sport Chek, and participating Mark’s/L’Equipeur and Atmosphere locations

The combined rewards offered by the Triangle World Elite Mastercard are almost unbelievable for a no-fee store card.

I use this card and save more than $100 per year on free roadside assistance alone! The 3% reward offer on groceries is also great and is easily another $180 in CT Money per year if you spend $6,000 on groceries every year.

Add in other cash back from shopping at participating stores and savings on fuel purchases and this card becomes worth paying attention to.

You can read my complete Triangle World Elite Mastercard review.

Triangle World Elite Mastercard

6. MBNA Rewards Platinum Plus Mastercard

The MBNA Rewards Platinum Plus Mastercard is one of the best no-fee cards in the cash back and travel category.

Benefits of the card include:

  • $0 annual fee
  • 2 MBNA (1% cash back) points for every $1 spent on groceries, gas, and restaurant purchases (on up to $5,000 per category)
  • 1 MBNA (0.50% cash back) point for every $1 in eligible purchases
  • 5,000 introductory bonus points when you make your first eligible purchase within 90 days of account opening
  • 5,000 bonus points if you enroll for e-statements within the first 90 days of opening your account
  • 1 year extended warranty
  • Car rental insurance coverage
  • 90 days of purchase protection
  • $1 million in travel accident insurance coverage

The welcome bonus points are worth $100 (10,000 points). Points can be redeemed for a variety of rewards including travel, gift cards, cash back, merchandise, and charitable donations.

With a maximum earnings rate of 2% on up to $15,000 per annum and 1 % on all general spending, this card is one of the best in its category.

MBNA Rewards Platinum Plus Mastercard..

7. Home Trust Preferred Visa Card

The Home Trust Preferred Visa Card offers cash back rewards in addition to free roadside assistance and no-foreign transaction fees!

Benefits offered by this card include:

  • $0 annual fee
  • 0% foreign currency transaction fees
  • 1% cash back on all purchases with no limit on how much you can earn annually
  • Purchase protection

The 0% foreign currency conversion charge on purchases you make when travelling abroad is one of the main attractions for this card. This is normally a 2.5% cost.

Home Trust Preferred Visa

8. BMO CashBack Mastercard

The BMO Cash Back Mastercard offers a combination of competitive cash back on all purchases and balance transfers.

Benefits offered by the card include:

  • $0 annual fee
  • A welcome bonus of 5% cash back for the first 3 months (on up to maximum spending of $2,500)
  • 3% cash back on groceries (up to $500/month), 1% cash back on recurring bill payments (up to $500/month), and 0.50% on all other purchases
  • 1.99% balance transfer rate for 9 months
  • 25% off rentals at participating car rentals (National Car and Alamo Rent A Car)
  • Purchase protection and extended warranty

You can choose to deposit your cash back rewards in your savings or chequing account, invest it, or use it to pay down your credit card balance.

BMO Cashback Mastercard

Benefits of No-Fee Cash Back Credit Cards

Not everyone uses their credit cards enough to warrant paying the $100+ annual fee. With the right no-fee card, you can still enjoy the basic benefits that come with using credit cards, including fraud protection, extended warranty, purchase protection, rental car and travel insurance, and more.

In addition to these basic benefits, the best no-fee cards also offer juicy cash back, which is money in your pocket when you pay up your card balance on time.

Most importantly, they do not charge an annual fee!

You can combine cards in order to maximize the rewards available and to suit your needs.

For example, the Tangerine Money-Back Credit card is great for maximizing cash back for certain purchase categories e.g. Groceries, Gas, Recurring Bill Payments, and so on.

The same goes for the Tangerine World Mastercard and Neo Financial Mastercard.

The Triangle World Elite Mastercard can save you money on a good roadside assistance service while also earning 4% cash back (Canadian Tire Money) on purchases made at multiple stores.

For all general purchases, the 1.25% cash back offered by the SimplyCash Card from American Express is an excellent option.

Related Posts

Best No Fee Cash Back Credit Cards FAQ

What is the best no fee credit card in Canada?

The best no-fee credit card varies with your needs. In our review, the top three no-fee credit cards are the Tangerine Money-Back Credit Card (for 2% unlimited cash back in three categories), the SimplyCash Card AMEX (for flat cash back rate), and the Triangle World Elite Mastercard if you shop a lot at Canadian Tire and typically pay for roadside assistance.

Which credit cards give the best rewards in Canada?

Here are the best credit cards for travel rewards. If you are looking for cash back rewards and are opposed to paying an annual fee, the options listed above are some of the best you will find for cash back. For the best overall credit cards offering a mix of insurance, travel, no-foreign currency transaction fees, and cash back rewards, click here.

Best No-Fee Cash Back Credit Cards Canada


Read this review of the best no-fee cash back credit cards in Canada and earn free rewards from your card while paying no annual fee.

Best No Fee Cash Back Credit Cards in Canada Jul 2022

Best Credit Offers in July 2022

Earn up to 10% cash back for a limited time ($100 bonus)

One of the best no-fee credit cards in Canada.

Get 2% unlimited cash back on up to 3 purchase categories.

Get 0.5% unlimited cash back on all other purchases.

Get 10% bonus cash back in first 2 months ($100 value).

1.95% balance transfer offer for 6 months.

Get up to 10% cashback and grow your savings ($20 bonus)

Free prepaid reloadable Mastercard (use referral code CASHBACK during signup for $20 free).

Access to a portion of your paycheque 3 days early.

Free budgeting app with automatic savings features.

1.20% savings interest on every dollar balance.*

Compare the best personal loan rates in Canada

Get the best rates from multiple lenders.

Borrow up to $50,000 regardless of your credit score.

Pre-approvals are available in as fast as 5 minutes.

Low-interest rates start at 1.99% and terms from 4-60 months.

The NeoCard pays up to 5% cash back at select retailers

Get a $25 bonus when you apply for the Card.

Up to 5% cash back at participating stores.

No annual account fees and 1% minimum cash back guaranteed.

Guaranteed instant approval credit card.

Retirement 101 eBook - 3D


Photo of author
Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

5 thoughts on “Best No Fee Cash Back Credit Cards in Canada Jul 2022”

  1. Im surprised to not see the Rogers world elit mastercard on here given the 1.75% cash back for ‘all other purchases’ and 1.5% net for foreign transactions.

    • Agreed, it’s probably one of the best all-around no-fee credit cards. It would have been better if they didn’t charge the 2.5% foreign exchange fees so we would get the full 4% cashback.

    • I agree the Rogers World Elite is my daily card with PC World Elite for gas and groceries.

  2. Hi Enoch,
    I like your blog. Lots of useful info. However, I found an error re. MBNA Rewards Mastercard:

    Your article states:
    2 MBNA points (2%) for every $1 spent on groceries, gas, and restaurant purchases (on up to $5,000 per category)
    1 MBNA point (1%) for every $1 in eligible purchases

    However, each MBNA point actually equals half of a percent. So 2 MBNA points = 1% off for every $1 spent on groceries etc. and 1 MBNA point = 0.5% off every $1 for other categories. (Not 2% and 1% unfortunately.)

    • @AF: Thanks for your feedback. The percentages I used there reflect the max redemption rates for travel rewards. That said, you are right as the “cash” rewards are half the travel redemption rates.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.