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

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 breakeven. 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 Cash Back Credit Cards with No Annual Fee in Canada

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
  • Earn 4% 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 4% 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 4% categories. Otherwise, you are eligible for just two.

You can read my full review of the card here.

Apply Now for the Tangerine Money-Back Card.

2. 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 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
  • 2,500 introductory bonus points when you make your first eligible purchase within 90 days of account opening
  • 2,500 bonus points if you enroll for e-statement 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 $50 (5,000 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.

Apply Now for the MBNA Rewards Platinum Plus Card.

MBNA Platinum Plus..

3. 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
  • 2.5% cash back in your first 3 months (up to $150)
  • 1.25% cash back on all purchases (after the 3 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
  • 1.99% balance transfer for 6 months when you transfer your balance at account opening
  • Special entertainment access with American Express Invites

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

Apply Now for the SimplyCash from American Express card.

SimplyCash Credit Card

4. 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 the 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.

Apply Now for the Triangle World Elite Mastercard.

5. Blue Sky Credit Card

The Blue Sky Credit Card has one of the best flat cashback rates among no-fee credit cards in Canada.

It offers the following benefits:

  • No annual fee
  • A welcome bonus of 10,000 Blue Sky points (worth $100) after your first $500 spend within 3 months of cardmembership
  • 25 Blue Sky points (1.25%) for every $1 spent
  • Redeem points starting with as little as 10,000 points towards any travel purchase charged to your card
  • $100,000 travel accident insurance
  • Special access to entertainment via American Express Invites
  • Earn 5,000 Blue Sky points for referring a friend

Apply Now for the Blue Sky Credit Card

Blue Sky Credit Card

6. 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
  • Free roadside assistance
  • Visa auto rental collision/loss damage insurance
  • 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.

Add in the 1% flat-rate cash back on all purchases and free roadside assistance, and the Home Trust Preferred Visa card may be exactly what you are looking for in a no-fee card.

Apply Now for the home Trust Preferred Visa Card.

Home Trust Preferred Visa

7. 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 on all purchases for the first 3 months
  • 1% unlimited cash back on all other purchases
  • 99% balance transfer rate for 9 months
  • 25% off rentals at participating car rentals (National Car and Alamo Rent A Car)
  • Purchase protection

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.

Apply Now for the BMO Cash Back Mastercard.

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 MBNA Rewards Platinum Plus card.

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

For all general purchases, the 1.25% cash back offered by the SimplyCash card from American Express and Blue Sky Credit card are also excellent options.

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Check out the best no-fee cash back cards in Canada. These cards offer excellent cash back rewards without the hassle of an annual fee. #cashback #creditcards #creditcardrewards #rewards #freemoney #personalfinance #money #payoffdebt