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Best RBC No Fee Credit Cards in Canada for 2022

The Royal Bank of Canada (RBC) offers several no-annual fee credit cards you can use to earn rewards and cash back in Canada.

While a no-fee credit card does not sound as exciting as a premium or metal credit card, it might just be adequate for your needs.

And in some cases, no-fee cards beat or match their more expensive counterparts on the rewards and convenience they offer.

This article covers the top RBC no-fee credit cards for 2022 and alternatives you can consider.

Best RBC No Annual Fee Credit Cards in Canada

The 5 RBC credit cards that meet our top picks requirements include:

  • RBC Cash Back Mastercard
  • RBC ION Visa Card
  • RBC RateAdvantage Visa
  • RBC Visa Platinum
  • RBC Business Cash Back Mastercard

RBC Cash Back Mastercard

  • Annual fee: $0
  • Interest rate: 19.99% on purchases; 22.99% on cash advances

The RBC Cash Back Mastercard is an entry-level credit card offering up to 2% cash back on purchases, with a maximum of $6,000 spending per year and 1% on grocery spending after this threshold is reached.

For all other purchases, cardholders earn 0.50% cash back.

RBC credit cardholders can link their card to a Petro-Points account and save 3 cents per litre when they pay for gas with the linked card at Petro-Canada locations.

You can redeem cash back earned when your balance is $25 or more.

Get more details in this RBC Cash Back Mastercard review or sign up here.

RBC ION Visa

  • Annual fee: $0
  • Interest rate: 19.99% on purchases; 22.99% on cash advances

RBC ION Visa is a newer credit card from the bank. It offers 1.5x Avion points per $1 spent on groceries, gas, public transit, streaming, digital gaming, and subscription purchases.

On all other purchases, you earn 1 Avion point per $1 spent.

You can redeem Avion points for gift cards, merchandise, travel, and as a statement credit.

The RBC ION Visa card also comes with purchase security and extended warranty insurance coverage.

RBC RateAdvantage Visa

  • Annual fee: $0
  • Interest rate: Prime + 4.99% – 8.99% on purchases and cash advances

The RBC RateAdvantage Visa qualifies as a low-interest credit card based on its current interest rates for purchases and cash advances.

While this card does not offer cash back rewards on everyday spending, it does include standard purchase security and extended warranty coverage.

RBC Visa Platinum

  • Annual fee: $0
  • Interest rate: 19.99% on purchases: 22.99% on cash advances

The RBC Visa Platinum includes travel insurance benefits like travel accident and car rental insurance, along with the standard purchase protection and extended warranty.

Cardholders also get access to 24/7 emergency travel assistance.

Like the RBC RateAvantage Visa, the RBC Visa Platinum card does not offer cash back rewards on everyday purchases outside of the default offers at Petro-Canada and Rexall.

RBC Business Cash Back Mastercard

  • Annual fee: $0
  • Interest rate: 19.99% on purchases; 22.99% on cash advances

This RBC business credit card has no annual fee.

It offers 1% cash back on purchases, with a maximum cap of $650 in cash back earnings annually.

The RBC Business Cash Back Mastercard also includes purchase security and extended warranty coverage.

What Is a No Annual Fee Credit Card?

A no-annual fee credit card means you won’t have to pay a monthly or annual fee to use the card and keep your account open.

Compared to premium cards with fees as high as $699 per year, no-fee credit cards have a $0 annual fee.

That said, we should note that a no-fee credit card does not mean you won’t pay any fees.

Interest fees will still apply to balances you carry beyond the 21-day grace period. Other fees may also be charged, including:

  • Cash advance fees
  • Balance transfer fees
  • Foreign currency transaction fees

Pros and Cons of No Fee RBC Credit Cards

We have already highlighted the benefits of RBC’s no-annual-fee credit cards, including the lack of an upfront charge to use the card and benefits like free insurance coverage.

The cons of an RBC no-fee credit card include:

  • Limited rewards and benefits. You should not expect to earn consistently high cash back rates or get comprehensive insurance coverage.
  • These cards have other fees, and you will need to check your card’s agreement document to see which fees are applicable.

Best No Annual Free Credit Cards in Canada

These no-annual fee credit cards are worth checking out when looking for alternatives to the no fee RBC Credit cards listed above.

Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit Card is one of the best no-fee credit cards in Canada.

It offers up to 2% unlimited cash back in 2-3 categories of purchases and 0.50% cash back on all other purchases.

This card also includes purchase protection and extended warranty insurance benefits.

Cardholders can transfer their balance from other credit cards at a low 1.95% interest rate for 6 months.

Read our review: Tangerine Money-Back Mastercard review.

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 15% cash back on up to $1,000 in spending in the first 2 months ($150 value).

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

Annual fee: $0

Neo Financial Mastercard

The Neo Financial Mastercard is great for earning cash back rewards.

It offers an average of 5% cash back at more than 7,000 retailers and brands in Canada.

For non-partner purchases, cardholders earn a 0.50% cash back rate.

Learn more: Neo Mastercard review or apply below:

Neo Mastercard (Standard)

Rewards: Average of 5% cash back at 7,000+ partners and a minimum of 0.50% cash back across all purchases

Welcome offer: Get 15% cash back on your first purchases, plus a $25 welcome cash bonus.

Interest rates: 19.99% – 24.99% on purchases; 21.99% – 26.99% for cash advances.

Annual fee: $0

SimplyCash Card from American Express

American Express has a few no-fee cards in its stable.

The SimplyCash Card from Amex offers 2% cash back on groceries and gas purchases ($300 annual cashback limit & 1.25% after) and 1.25% cash back on all other purchases, with no limits.

In addition, cardholders enjoy travel accident insurance purchase protection and extended warranty insurance.

Learn more: SimplyCash Card from Amex review or apply below.

SimplyCash Card from American Express

Rewards and benefits: Earn up to 2% cash back on gas and groceries; 1.25% cash back on all other purchases; travel accident insurance.

Welcome offer: Earn a $10 statement credit each month you spend $300 in purchases on your Card in the first 10 months (up to $100 value).

Interest rates: 20.99% on purchases and 21.99% on cash advances.

Annual fee: $0

Tangerine World Mastercard

If you have a personal annual income exceeding $60,000, you can apply for the no-fee Tangerine World Mastercard and earn up to 2% cash back on purchases.

This mid-tier card also comes with mobile device insurance, free global Wi-Fi via Boingo, and car rental insurance.

Learn more: Tangerine World Mastercard review or apply below.

Tangerine World Mastercard

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

Welcome offer: Get an extra 15% cash back on up to $1,000 in spending in the first 2 months ($150 value).

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

Annual fee: $0

Related:

Best Credit Offers in December 2022

Earn up to 15% cash back for a limited time ($150 bonus)

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

Get 2% unlimited cash back on up to 3 purchase categories; 0.5% elsewhere.

Get 15% bonus cash back in the first 2 months ($150 value).

1.95% balance transfer offer for 6 months.

Get up to 5% cashback and grow your savings ($20 bonus)

Free prepaid reloadable Mastercard plus a $20 welcome bonus.

Free budgeting app with automatic savings features.

Access to a portion of your paycheque three days early.

1.20% savings interest on every dollar balance.*

The Neo Card pays up to 5% cash back at select retailers

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

Earn up to 5% cash back at 7,000+ participating stores.

No annual account fees.

Guaranteed instant approval credit card.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

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 is passionate about helping others win with their 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, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

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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