Best No Fee Credit Cards in Canada for 2022

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by Enoch Omololu

Updated

Advertiser Disclosure

I currently carry two of the best no fee credit cards in Canada in my wallet. While premium credit cards can and do offer extra perks and benefits, you may not be able to justify the additional expense, especially if you only use your card sparingly.

In my case, no-fee credit cards plug the holes in my wallet by providing specific benefits that my other cards do not offer at no additional expense to me.

The no-annual-fee credit cards on this list are great for earning cash back, balance transfers, waiving foreign currency transaction fees, earning travel points, and racking up credit card rewards in general.

Read on to learn about the best no fee credit cards in Canada.

Best No Fee Cash Back Credit Card

Tangerine Money-Back Credit Card

  • Annual fee: $0
  • Interest APR: 19.95% purchase and cash advances
  • Income eligibility: $12,000
  • Great for unlimited cash back rewards

The Tangerine Money-Back Card is easily one of the best no-fee cash back credit cards in Canada. It offers 2% cash back on up to three different categories of spending e.g. groceries, gas, entertainment, restaurants, and other popular purchase categories.

There is no limit to the cash back you can earn in your chosen categories and you also get 0.50% cash back on all your other purchases.

Cash back is paid out monthly so you don’t have to wait until the end of the year. Also, new cardholders can take advantage of a 1.95% interest rate on balance transfers for 6 months.

The Tangerine Money-Back Card offers free purchase protection and extended warranty coverage.

Tangerine Money-Back Credit Card

Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.

Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value).

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Annual fee: $0

Noteworthy mention: The Tangerine World Mastercard is a better option if your annual personal income is $60,000 or higher. It offers a similar cash back rate plus mobile device insurance, car rental insurance, and complimentary Mastercard Airport Experiences provided by LoungeKey.

Read the Tangerine World Mastercard review.

Best No-Fee Cash Back Credit Card for Flat-Rate Rewards

SimplyCash Card from American Express

  • Annual fee: $0
  • Interest APR: 19.99% purchases and 21.99% cash advances
  • Income eligibility: N/A
  • Great for flat-rate cash back on all purchases

The SimplyCash Card from American Express offers a flat-rate cash back rate that rivals many premium credit cards. You get an unlimited 1.25% cash back on your spending.

While it has no annual fees, the Simply Cash Card comes with $100,000 travel accident insurance, purchase protection, and extended warranty benefits.

Learn more about it in this review.

SimplyCash Card from American Express

Rewards and benefits: Earn 1.25% cash back on all purchases; travel accident insurance.

Welcome offer: 4% cash back in your first 6 months (valued at $200).

Interest rates: 19.99% on purchases and 21.99% on cash advances.

Annual fee: $0

Best No Fee Credit Card for Groceries

PC Financial Mastercards

  • Annual fee: $0
  • Interest APR: 19.97% purchases and 22.97% cash advances
  • Great for free groceries

The trio of the PC Financial line of credit cards are awesome for earning PC Optimum points you can redeem for free groceries and other items at any Loblaw-owned store e.g. Real Canadian Superstore and Shoppers Drug Mart.

‘The three PC Financial credit cards are the PC Financial Mastercard, PC Financial World Mastercard, and PC Financial World Elite Mastercard.

All three cards come with no annual fees and different levels of benefits For example, for the PC Financial World Elite Mastercard, you earn 30 points per $1 spent in the store and Esso stations, 45 points per $1 when you shop at Shoppers Drug Mart, and 10 points per $1 everywhere else.

It also offers a 0.97% balance transfer rate for 6 months as well as travel emergency medical, car rental insurance, and a 24/7 concierge service.

The PC Financial Mastercard has no income requirement, however, you will need at least a $60,000 personal income to qualify for the World Mastercard and $80,000 for the PC Financial World Elite Mastercard.

Click to read more about the PC Financial Mastercards.

PC Financial Mastercard

Best No Fee Low Interest Rate Credit Card

MBNA True Line Mastercard

  • Annual fee: $0
  • Interest APR: 12.99% purchases and balance transfers; 24.99% cash advances
  • Great for balance transfers and low-interest on purchases

The MBNA True Line Mastercard has a standard low rate of 12.99% on purchases compared to the 19.99% charged by regular credit cards.

If you generally carry a balance, this card can help you save 7% right off the bat in interest fees. Also, it has a 0% promotional balance transfer rate for the first 12 months.

The MBNA True Line does not offer any other significant perk or insurance coverage, however, the potential interest savings can easily be worth a few hundred dollars every year.

Read this detailed MBNA True Line Mastercard review for more information.

MBNA True Line Mastercard

Best No Fee Credit Card for Students

BMO Cash Back Mastercard

  • Annual fee: $0
  • Interest APR: 19.99% purchases and 22.99% cash advances
  • Great for students and newcomers to Canada
  • Income eligibility: $15,000

If you are looking for a basic credit card that offers good cash back earn rate on all your purchases, has no fees, and with a low-income requirement, this card is worth checking out.

The BMO Cash Back Mastercard offers 3% cash back on grocery purchases and 1% on recurring bill payments. All other purchases earn at a 0.50% rate. The 1% and 3% cash back categories are each limited to $500 spending per month.

New cardholders who carry a balance can take advantage of the 1.99% balance transfer rate for 9 months – a 1% transfer fee applies.

This card offers basic insurance including purchase protection and extended warranty as well as up to 25% discount when you rent a car at participating National Rent A Car and Alamo Rent A Car locations.

Check out our BMO Cash Back Mastercard review.

Students can also qualify for the Tangerine Money-Back Credit Card and earn up to 2% cash back while paying no annual fees.

BMO Cashback Mastercard

Best No Fee Credit Card With Roadside Assistance

Triangle World Elite Mastercard

  • Annual fee: $0
  • Interest APR:
  • Great for free roadside assistance and Canadian Tire Money

The Triangle World Elite Mastercard is one of the very few cards in Canada to offer free roadside assistance.

It is a part of Canadian Tire’s Triangle Rewards program and you earn 3% in Canadian Tire Money (CT Money) when you spend on groceries (excludes Costco and Walmart), 4% at Canadian Tire Stores and affiliates, and up to 7 cents/litre when you purchase gas at Gas+ stations.

This card’s free roadside assistance covers the U.S. and Canada and provides 24/7 free towing, lockout service, fuel delivery, flat tire change, and extrication – easily worth $100 per year.

You also get purchase protection, extended warranty, and car rental insurance coverage.

One downside with this card is that you require a minimum personal income of $80,000 to qualify.

Learn more in this detailed Triangle World Elite Mastercard review.

Best No Fee Travel Credit Card

MBNA Rewards Platinum Plus Mastercard

  • Annual fee: $0
  • Interest APR: 19.99% purchases and 24.99% cash advances
  • Great for general cash back and welcome bonus

The MBNA Rewards Platinum Plus Mastercard offers a 10,000 welcome bonus: 5,000 points after you spend $500 in the first 90 days plus 5,000 points when you enroll for e-statements.

The regular cash back rates are 2 points per $1 spent on gas, grocery, and restaurant purchases (up to maximum annual spending of $5,000) and 1 point per $1 on everything else.

This card also provides purchase protection extended warranty and discounts when you rent a car at participating AVIS or Budget car rental locations.

Best No Fee Credit Card With No FX Fees

Home Trust Preferred Visa

  • Annual fee: $0
  • Interest APR: 19.99% purchases and cash advances
  • Great for No FX fees

The Home Trust Preferred Visa waives the foreign transaction fee which is generally 2.5% or higher.

In addition, cardholders enjoy unlimited 1% cash back on all purchases and purchase security coverage. Read this review of the Home Trust Preferred Visa to learn more.

Home Trust Preferred Visa

Conclusion

The best no-fee credit cards in Canada can save you hundreds of dollars in annual fees while generating much more in rewards every year.

For a straightforward cash back credit card with easy approval, our top choice is the Tangerine Money-Back Credit Card. That said, the SimplyCash Card from AMEX puts up a strong showing with an excellent flat cash back rate for all purchases.

A combination of the PC Financial World Elite Mastercard and Triangle World Elite Mastercard means you can leverage your free grocery rewards, maximize your cash back at Canadian Tire, and get free comprehensive roadside assistance.

For foreign purchases, the Home Trust Preferred Visa and Rogers World Elite Mastercard are worth checking out.

Related:

Best No Fee Credit Cards in Canada for 2022

Best Credit Offers this month

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.

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Author

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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.

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