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NerdWallet Canada selected the best no-fee cards in Canada across numerous categories after analyzing dozens of no-annual-fee credit cards. Whether you’re looking for cash back, valuable travel rewards, impressive perks, lower interest rates, or more, our list of the best no-fee cards offer spectacular benefits without the burden of an annual fee. Consider our selections to choose the best option for your lifestyle and financial goals.
- Best no-fee credit cards in Canada
- Why you should trust us
- Summary of the best no-fee credit cards
- How no-fee credit cards work in Canada
Best no-fee credit cards in Canada
Best no-fee card overall
Simplii Financial™ Cash Back Visa Card
![Simplii Financial™ Cash Back Visa Card](https://www.nerdwallet.com/ca/wp-content/uploads/sites/2/2022/01/simplii-financial-cashback-visa-credit-front-292x460-1-184x290.jpeg)
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Annual Fee$0
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Interest Rates19.99% / 22.99%19.99% on purchases, 22.99% on cash advances.
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Rewards Rate0.5%-20%20% intro offer. 4% at restaurants, bars and coffee shops, 1.5% on gas, groceries, drugstores and pre-authorized payments, and 0.5% on everything else.
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Intro OfferUp to $100Earn 20% cash back on eligible gas, groceries, drugstore purchases and pre-authorized payments made within your first 3 months (up to $500 spend).
The $0-annual-fee Simplii Financial Cash Back Visa Card earns bonus cash-back on the purchases you make almost every day.
Pros
- New cardmembers can earn a 9.99% introductory annual interest on purchases for the first six months.
Cons
- The 0.5% base rate isn’t exactly impressive, but it only applies after you hit the annual spending limits of bonus categories.
- It only includes purchase security and extended protection insurance.
- 4% on restaurant, bar and coffee shops, up to $5,000 per year.
- 1.5% on gas, groceries, drugstores and pre-authorized payments, up to $15,000 per year.
- 0.5% on everything else.
- Plus, for your first 3 months, enjoy 20% bonus cash back on eligible gas, groceries, drugstore purchases and pre-authorized payments (up to $500 spend).
- Redeem cash back as a statement credit in December.
- No annual fee.
- Cash back when you send money abroad with a Simplii Financial Global Money Transfer. No transaction fees and no interest charges.
- Purchase security and extended protection insurance provided.
- Preferred rates: 19.99% for purchases, 22.99% for cash advances.
- To be eligible, a $15,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident (excluding Quebec) that is the age of majority in the province or territory where you live.
Best secured card
Neo Secured Credit
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Annual Fee$0
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Interest Rates19.99%-29.99% / 22.99%-31.99%19.99%-29.99% on purchases, 22.99%-31.99% on cash advances.
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Min. Deposit$50
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Maximum Deposit$10,000
Pros
- A small $50 minimum deposit makes this card accessible to consumers of all budgets.
- Earn up to 15% cash back on purchases with select Neo partners.
Cons
- Interest rates could be as high as 29.99% for some users.
- Earn a 0.5% cash back guarantee, an average of 5% unlimited cash back at thousands of Neo partners, and up to 15% cash back on your first purchase at participating partners.
- No annual fee for the Standard rewards plan.
- $50 minimum security fund deposit required.
- $10,000 maximum security fund deposit.
- To apply, visit member.neofinancial.com and create an account. Select “Credit”, pick either the Neo Credit or the Hudson’s Bay Mastercard, and then choose “Secured Card” as the type of credit you are looking for.
- Hard credit checks are not made on applications.
- Guaranteed approval, as long as you meet eligibility requirements.
- Ability to upgrade to an unsecured rewards credit card.
- Link your account to a Neo Money™ account and earn 2.25% interest on savings.
- Purchase rates range from 19.99%-29.99%. The standard rate on purchases and cash advances is dependent on Neo Financial’s assessment of your credit application, credit profile, and your province.
- To be eligible, you must be able to provide security funds and be a Canadian resident of the age of majority in the province or territory where you live.
- Customers can get up to 4% cashback on all purchases at Shell gas stations and convenience locations when they use their Neo Credit, Neo Secured Credit or Neo Money™ card. Earn 2% cashback at the pump or convenience store locations. Earn 4% cashback on transactions made through the Shell App. Offer available in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. Boost these offers by 50% when you add Everyday Essentials perks to your card.
Best for: Annual bonus rewards
MBNA Rewards Platinum Plus® Mastercard®
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Annual Fee$0
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Interest Rates19.99% / 24.99%19.99% on purchases, 24.99% on cash advances.
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Rewards Rate1x-4x PointsEarn 4 points†† for every $1 spent on eligible restaurant, grocery, digital media, membership and household utility purchases during the first 90 days, and 2 points‡ for every $1 spent on eligible purchases in those categories thereafter – in both cases, these earn rates apply until $10,000 is spent annually in the applicable category. 1 point‡ for every $1 spent on all other eligible purchases.
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Intro OfferUp to 10,000 PointsEarn 5,000 bonus points†† ($25 in cash back value) after you make $500 or more in eligible purchases within the first 90 days of your account opening. Earn 5,000 bonus points††($25 in cash back value) once enrolled for paperless e-statements within the first 90 days of account opening.
The MBNA Rewards Platinum Plus Mastercard offers bonus rewards on common spending categories, along with flexible options for redemption.
Pros
- Flexible redemption options, including cash back, brand-name merchandise, gift cards, charitable donations and travel, and points never expire.
- You can receive up to 10,000 Birthday Bonus Points every year.
Cons
- Accelerated earn rate drops to 2x after the first 90 days, and 1x after $10,000 in spending. Considering how many categories fit into the cap, hitting the limit will be easy for families and big spenders.
- Lack of travel insurance may disappoint some cardholders.
- Earn 4 points†† for every $1 spent on eligible restaurant, grocery, digital media, membership and household utility purchases during the first 90 days, and 2 points‡ for every $1 spent on eligible purchases in those categories thereafter – in both cases, these earn rates apply until $10,000 is spent annually in the applicable category.
- Earn 1 point‡ for every $1 spent on all other eligible purchases.
- 5,000 bonus points†† ($25 in cash back value) after you make $500 or more in eligible purchases within the first 90 days of your account opening.
- 5,000 bonus points††($25 in cash back value) once enrolled for paperless e-statements within the first 90 days of account opening.
- Each year, you will receive Birthday Bonus Points‡ equal to 10% of the total number of Points earned in the 12 months before the month of your birthday, to a maximum Birthday Bonus each year of 10,000 Points.
- Redeem points‡ for cash back, brand-name merchandise, gift cards from participating retailers, charitable donations, and travel.
- Mobile Device Insurance*** With Mobile Device Insurance, you’ve got up to $1,000 in coverage for eligible mobile devices in the event of loss, theft, accidental damage or mechanical breakdown.
- No annual fee.
- ‡, ††, ✪, ***, Terms and Conditions apply.
- This offer is not available for residents of Quebec.
- 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.
Best for: Flat-rate rewards
American Express® Green Card
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Annual Fee$0
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Interest Rates20.99% / 21.99%20.99% on purchases, 21.99% on cash advances.
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Rewards Rate1x-2x Points2x on eligible hotel and car rental bookings, and 1x on all other eligible purchases.
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Intro Offer10,000 PointsEarn 10,000 Membership Rewards points when you spend $1,000 in the first three months. New cardmembers only.
The American Express Green Card has a simple rewards program with an accelerated earn rate on hotel and rental car bookings, and it’s easy to transfer your points to other loyalty programs for maximum redemption value. Oh, and the card itself is made from 99% recycled plastic.
Pros
- No limits on rewards spending, and more ways to redeem your points than other no-fee rewards credit cards on this list.
- Cardholders who enjoy VIP treatment will enjoy access to a multitude of perks through American Express Experiences.
Cons
- Reward earn rates are lower than some other no-fee credit cards.
- Lacks some of the travel perks and insurance options offered by other cards.
- Get the Card that lets you live in the moment while getting ready for the future.
- The American Express® Green Card lets you go for it with every swipe or tap of your Card.
- As a new American Express® Green Cardmember, you can earn a Welcome Bonus of 10,000 Membership Rewards® points when you charge $1,000 in purchases to your Card in the first 3 months of Cardmembership. That’s $100 towards groceries or concert tickets.
- Earn 1x the points on Card purchases.
- Charge an eligible purchase to your Card and redeem your Membership Rewards points for a statement credit (All eligible purchases: 1,000 points = $10 statement credit).
- With American Express Experiences and Front Of The Line®, American Express Cardmembers get access to amazing events in Canada.
- Transfer points 1:1 to several frequent flyer and other loyalty programs.
- American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.
Best for: Air Miles rewards
BMO AIR MILES®† Mastercard®*
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Annual Fee$0
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Interest Rates20.99% / 22.99%20.99% on purchases and 22.99% on cash advances (21.99% for Quebec residents).
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Rewards Rate0.04x-0.12x MilesEarn 3x the Miles for every $25 spent at participating AIR MILES Partners and 2x the Miles for every $25 spent at any eligible grocery store*. Earn 1 Mile for every $25 spent everywhere else.*
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Intro Offer800 MilesSpend $1,000 in the first three months to earn 800 AIR MILES Bonus Miles (applications must be received by July 31, 2023 to be eligible). New accounts only. Terms and conditions apply.
It’s rare to find a 0.99% balance transfer offer on a dedicated travel rewards credit card, especially with a low 2% balance transfer fee. Sure, the introductory period is only for nine months, but the BBMO AIR MILES®† Mastercard®* makes it worth its while by adding an extra introductory perk: 800 bonus AIR MILES.
Pros
- No annual fee.
- Ability to earn unlimited rewards.
Cons
- The introductory APR period for transfers is only nine months, so make sure you can pay off your balance during that window of time.
- Welcome offer: Get 800 AIR MILES Bonus Miles!* That’s enough for $80 towards purchases with AIR MILES Cash.*
- Get a 0.99% introductory interest rate on Balance Transfers for 9 months, 2% fee applies to balance amounts transferred.*
- Get 3x the Miles for every $25 spent at participating AIR MILES Partners and 2x the Miles for every $25 spent at any eligible grocery store.*
- Get 1 Mile for every $25 spent everywhere else.*
- Use your BMO AIR MILES Mastercard and AIR MILES Collector Card at an AIR MILES Partner to earn Reward Miles from both.*
- No annual fee.*
- Receive a discount on car rentals.*
- Extended Warranty.*
- Purchase Protection.*
- *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: Customizable cash-back rewards
Tangerine Money-Back Credit Card
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Annual Fee$0
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Interest Rates19.95%19.95% on purchases and cash advances.
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Rewards Rate0.5%-10%10% intro offer, 2% unlimited cash back on up to three categories. 0.50% unlimited cash back on everything else.
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Intro OfferUp to $100Apply for a Tangerine Money-Back Credit Card by October 31st, 2023 and earn an extra 10% back (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.*
You can earn unlimited cash back at a 2% rate in up to three categories of your choice — all while earning 0.50% back on everything else.
Pros
- You can tailor the 2% rewards to your spending by choosing up to three categories from Tangerine’s list of 10, which includes basics like gas and groceries as well as unusual picks like furniture and home improvement.
- Transfer balances within your first 30 days and pay only 1.95% interest on the transferred balance for the first six months (19.95% after that).
Cons
- 2% cash back is a competitive rate, but many cards offer double the rewards on specific categories.
- Tangerine is a virtual bank with no physical bank branches.
- 2% on two categories of your choice: grocery, furniture, restaurants, hotel-motel, gas, recurring bill payments, drug store, home improvement, entertainment, or public transportation and parking.
- Get a third cash-back category by choosing to have your rewards deposited into a Tangerine Savings Account.
- 0.50% on everything else.
- Redeem cash back monthly as a statement credit or deposited into a Tangerine Savings Account.
- No annual fee.
- Transfer balances within your first 30 days and pay only 1.95% interest on the transferred balance for the first six months (19.95% after that). 1% balance transfer fee applies to the amount transferred.
- Get free cards for any authorized users on your account.
- It only includes purchase assurance and extended protection insurance. For more insurance, consider the Tangerine World Mastercard which requires a minimum personal income of $60,000. If you meet this requirement, you will automatically be considered for the World card if you apply for the Money-Back card.
- Preferred rates: 19.95% for purchases and cash advances.
- To be eligible, a $12,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
Best for: Businesses
BMO CashBack® Business Mastercard®*
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Annual Fee$0
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Interest Rates19.99% / 22.99%19.99% on purchases, and 22.99% on cash advances.
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Rewards Rate0.75%-10%10% intro offer. Earn 1.75% when you pay at the pump or shop in-store at Shell®. Earn 1.5% on gas, office supplies and cellphone and internet bill payments. Earn 0.75% on all other card purchases.
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Intro OfferUp to $150Earn 10% cash back for each dollar you spend at qualifying gas stations, office supply stores, and on your cell phone/internet (phone) bill payments in the first 3 months from the account open date up to a maximum of $150 cash back. Offer expires December 31, 2023.
The BMO CashBack® Business Mastercard®* offers strong earn rates on gas, office supplies and bill payments, making it a smart no-fee choice for businesses looking to be rewarded for buying daily essentials.
Pros
- No annual fee.
- Rewarding intro offer.
- Automatic rebates through the Mastercard Easy Savings program.
Cons
- If you don’t frequent Shell gas stations you’ll miss out on the most savings.
- Welcome Offer: Get 10% cash back on gas, office supplies and cell phone/internet bills for 3 months.*
- 0.00% introductory interest rate on Balance Transfers for 9 months with a 3% transfer fee.*
- Get 1.5% cash back on eligible gas stations, office supplies purchases and on your cell phone and internet recurring payments.*
- Get 1.75% cash back on purchases at Shell®†† gas stations.
- 0.75% cash back on all other card purchases.*
- 25 payment grace days.*
- Optional Employee Cards – empower employees with delegated purchasing authority.*
- Use your card at Costco locations across Canada.*
- Liability Waiver Program protects your business against employee card abuse.*
- Get cash advances at any BMO Bank of Montreal branch or at more than 1 million ATMs worldwide.*
- Worldwide Acceptance.
- *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: Aeroplan points
CIBC Aeroplan® Visa Card
![CIBC Aeroplan® Visa Card](https://www.nerdwallet.com/ca/wp-content/uploads/sites/2/2022/01/CIBC-Aeroplan-Visa-Card-for-Students-460x290.jpg)
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Annual Fee$0
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Interest Rates20.99% / 22.99%20.99% on purchases, 22.99% on cash advances (21.99% for Quebec residents).
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Rewards Rate0.67x-1x Points1x per $1 spent on gas, electric vehicle charging, groceries and Air Canada travel purchases, and 1x per $1.50 spent on all other purchases.
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Intro Offer10,000 PointsEarn 10,000 Aeroplan points when you make your first purchase. New cardmembers only.
Most cards make you choose between low fees or valuable travel rewards, but the CIBC Aeroplan Visa offers both.
Pros
- An attractive intro offer that could be enough for a one-way economy class flight in North America.
- Your Aeroplan membership will help you earn points twice as fast at Aeroplan partners and retailers in the Aeroplan eStore when you pay with your Aeroplan credit card.
Cons
- To get the best value, you’ll have to be loyal to Air Canada and the Aeroplan rewards program.
- Earn rate on included categories is lower than some other no-fee cards.
- 1x Aeroplan points per dollar on gas, electric vehicle charging, groceries and Air Canada travel purchases, up to $40,000 annual spend.
- 1x Aeroplan points per $1.50 spent on all other purchases, including gas, electric vehicle charging, groceries and Air Canada travel purchases that exceed the $40,000 threshold.
- Earn points twice at over 150 Aeroplan partners and 170+ online retailers through the Aeroplan eStore.
- Aeroplan Points never expire and can be redeemed for a variety of travel, merchandise, gift card, and other rewards offered by Aeroplan’s participating partners and suppliers.
- $0 annual fee.
- Primary Aeroplan credit cardholders may get access to preferred pricing, which means you can book flight rewards for even fewer points.
- Get three free months of Uber Pass for discounts on rides, meals and more.
- Earn 1 Aeroplan point for every $6 spent on CIBC Global Money Transfer, with no transaction fees or interest as long as you pay your balance on time.
- Use the CIBC Pace It feature to make installment payments on large purchases.
- Four types of insurance are provided: car rental collision and loss damage insurance, purchase security and extended protection insurance, and common carrier travel accident insurance.
- Preferred rates: 20.99% for purchases, 22.99% for cash advances.
- To be eligible, $15,000 (household) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
Best for: No foreign transaction fees
Brim Mastercard
![Brim Mastercard](https://www.nerdwallet.com/ca/wp-content/uploads/sites/2/2022/01/brimmastercard.png)
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Annual Fee$0
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Interest RatesRates vary by card member
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Rewards Rate1x-30x Points1x points on everyday purchases. Up to 30x on retail partners in the eShop.
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Intro OfferUp to $200Earn up to $200 in first-time reward bonuses at participating retailers.
The standard Brim Mastercard is a tech-savvy, no-fee rewards card. It offers an impressive mobile app with budget tracking, an eShop with hundreds of retailers, partnerships with five mobile wallets, free global Wi-Fi and no foreign transaction fees — even when shopping online.
Pros
- Rewards are easy to understand — each point is worth $0.01 — and you can earn up to 30x at select retail partners, including small local businesses and big brands.
- There’s no fee for additional cardholders or a family card.
Cons
- Included insurance types are more limited than the Brim World or World Elite Mastercards.
- Brim is a virtual bank with no physical bank branches, so you must be comfortable with a digital-first experience.
- 1x points per dollar on everyday purchases, with no annual spend limit.
- Up to 30x points per dollar on retail partners in the eShop.
- Points have a straightforward value of $0.01 and can be redeemed on transactions or as cash back. $1 minimum redemption required. Points do not expire.
- No annual fee.
- Brim’s Family Card option lets you add additional card members, set and adjust their spending limits, block types of transactions and track spending — perfect for teaching teens smart budgeting.
- Enhanced security features allow you to lock your card and block online or foreign transactions instantly.
- Stay connected with access to over 1 million Boingo Global Wi-Fi hotspots around the world.
- Access to the Brim Installment plan.
- Five types of insurance provided: common carrier accident insurance, mobile device insurance, event ticket protection, extended warranty and purchase security insurance.
- Preferred rates vary by card member.
- No foreign exchange fees.
- To be eligible, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
Best for: Low interest rates
Desjardins Flexi Visa
![Desjardins Flexi Visa](https://www.nerdwallet.com/ca/wp-content/uploads/sites/2/2022/12/Desjardins-Flexi-Visa.jpg)
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Annual Fee$0
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Interest Rates10.90%10.9% on purchases and cash advances.
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Rewards RateN/A
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Intro OfferN/A
The Desjardins Flexi Visa offers more than the average no-fee, low-interest rate credit card, including mobile device protection and a modest amount of travel insurance.
Pros
- Competitive interest rate on purchases and cash advances.
- Mobile device protection and travel insurance included.
Cons
- No points system or rewards program.
- No promotional offers.
- No annual fee for the primary card and any additional cards.
- No transaction fees on purchases made in Canada.
- 25-day grace period to pay your bill without incurring credit charges.
- 10.9% interest rate on purchases and cash advances.
- If the minimum payment is not made, the annual interest rate will increase to 19.9% until payment is received.
- Cash advances limit of $5,000 per day.
- Up to $1,000 in insurance against loss, theft, accidental damage or mechanical failure of mobile devices purchased with the Desjardins Flexi Visa.
- Purchase protection: Eligible items purchased with the Desjardins Flexi Visa are protected against loss or damage for 90 days from the purchase date.
- Extended warranty: The original manufacturer’s warranty is doubled for up to one additional year on most items purchased with the Desjardins Flexi Visa.
- Travel insurance for trips up to three days cover:
- Eligible medical care and services required for up to $5 million per person;
- Trip cancellation for up to $500 per person and trip interruption for up to $1,000 per person if the trip is paid for using the Desjardins Flexi Visa;
- Baggage insurance for up to $500 per person for bags that are lost, stolen or delayed more than six hours.
- Car rental discounts include: up to 15% off rental rates and reduced fees at Hertz; up to 10% off rental rates and reduced fees at Thrifty and Dollar.
- Cardholders enjoy zero liability in the event of fraudulent card use.
Best prepaid card
Wealthsimple Card
![Wealthsimple Card](https://www.nerdwallet.com/ca/wp-content/uploads/sites/2/2022/06/Wealthsimple-Card-e1683654883752-768x483-1-460x290.jpeg)
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Annual Fee$0
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Rewards Rate1%Earn 1% cash back on all eligible purchases. You can also choose to earn stock or crypto back instead.
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Min. Deposit$0No account minimum or minimum balance.
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Maximum DepositUnlimitedThere is no balance limit but if you use a debit card to fund your spending account, you can only deposit a maximum of $3,500 per day and $35,000 per month.
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Intro OfferN/A
Beginner investors interested in learning more about building wealth will feel right at home with the Wealthsimple Card, a no-fee prepaid Mastercard that earns 1% cash back on purchases. Use the rewards to support your TFSA, invest in stocks, ETFs and crypto, or fund your linked spending (Cash) account, where you can send, spend and receive money instantly with the Wealthsimple Cash app.
Pros
- Use a Visa or Mastercard debit card to instantly deposit up to $3,500 per day (up to a maximum of $35,000 per month).
- Effortlessly build an investment portfolio by transforming cash back rewards into stocks, ETFs or cryptocurrency deposited directly into a trading account.
Cons
- There’s no brick-and-mortar location for Wealthsimple customers, so you need to be comfortable managing your money with an online-only company.
- $5,000 per day spending limit; ATM withdrawals are limited to $500 per transaction/$1,000 per day.
- Cash rewards invested into cryptocurrency are subject to Wealthsimple Crypto’s 1.5-2% fee.
- General fees and features: Wealthsimple does not charge any fees to use the Wealthsimple Card.
- Currency conversion fee: Mastercard will determine the applicable exchange rate from the range of rates available in wholesale currency markets for the applicable processing date, which may vary from the rate Mastercard itself receives.
- ATM withdrawals: Wealthsimple does not charge any fees for withdrawing cash, but you may see a standard ATM withdrawal fee (usually about $3.00) when you make a withdrawal at an ATM. ATM Withdrawal limits are $500 per transaction and $1,000 per day.
- Reload methods: Add funds to your card by making a deposit via a linked bank account, a wire transfer, your Visa or Mastercard debit card, or an institutional transfer to move an account from another institution.
- Rewards: Earn 1% cash back on eligible purchases. Cash back rewards can go directly into your Spend account, be added to the cash balance of a stock trading or crypto trading account, or be used to auto-purchase the cryptocurrency of your choice in your crypto trading account. Use the card anywhere Mastercard is accepted — in-store, in apps, or online. Pay bills, use direct deposit, and e-Transfer.
- The Wealthsimple Card is available as part of the everyday spending account, which comes with both a digital and physical card that you can manage right from the Wealthsimple app.
- Use the app to manage your rewards and spending preferences, or lock your card if something happens to it. Your balances are all updated in real-time, too — even if you’re using the physical card
- Add your Wealthsimple Card to Apple, Samsung or Google Pay digital wallet.
- Use the Wealthsimple Cash app to send and receive payments to anyone else who uses the Cash app without paying fees. You can also send money to people who don’t have the Cash app yet. They will receive a prompt to download the app and claim the money you sent them.
- Your money is protected for up to $100,000 through CDIC.
- To be eligible, you must be a Canadian resident with a Social Insurance Number of the age of majority in the province or territory where you live.
Best for: Students and newcomers
CIBC Aeroplan® Visa Card for Students
![CIBC Aeroplan® Visa Card for Students](https://www.nerdwallet.com/ca/wp-content/uploads/sites/2/2022/01/CIBC-Aeroplan-Visa-Card-for-Students-460x290.jpeg)
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Annual Fee$0
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Interest Rates20.99% / 22.99%20.99% on purchases, 22.99% on cash advances (21.99% for Quebec residents).
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Rewards Rate0.67x-1x Points1x per $1 spent on gas, electric vehicle charging, groceries and Air Canada travel purchases, and 1x per $1.50 spent on all other purchases.
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Intro Offer10,000 PointsEarn 10,000 Aeroplan points when you make your first purchase at any time with your card. New cardmembers only.
Credit card beginners can use the CIBC Aeroplan Visa Card for Students to accumulate travel rewards thanks to a solid earn rate and a generous welcome bonus.
Pros
- The welcome bonus has no strings attached or hoops to jump through — simply make a purchase a receive 10,000 Aeroplan points.
- Your Aeroplan membership will help you earn points twice as fast at Aeroplan partners and retailers in the Aeroplan eStore when you pay with your Aeroplan credit card.
Cons
- The higher 20.99% interest rate could be a problem for students learning how to use their first credit card.
- To get the best value, you’ll have to be loyal to Air Canada and the Aeroplan rewards program.
- 1x Aeroplan points per dollar on gas, electric vehicle charging, groceries and Air Canada travel purchases, up to $40,000 annual spend.
- 1x Aeroplan points per $1.50 spent on all other purchases, including gas, electric vehicle charging, groceries and Air Canada travel purchases that exceed the $40,000 threshold.
- Earn points twice at over 150 Aeroplan partners and 170+ online retailers through the Aeroplan eStore.
- Aeroplan Points never expire and can be redeemed for a variety of travel, merchandise, gift card, and other rewards offered by Aeroplan’s participating partners and suppliers.
- $0 annual fee.
- Get three free months of Uber Pass for discounts on rides, meals and more. Offer ends September 8, 2022.
- Earn 1 Aeroplan point for every $6 spent on CIBC Global Money Transfer, with no transaction fees or interest as long as you pay your balance on time. Offer ends June 30, 2022.
- Maximize your points by adding up to three additional cards and giving them to your spouse or other family members. Points can be shared with other Aeroplan members in your household.
- Earn points by using your CIBC Aeroplan Visa to automatically make recurring bill payments.
- Receive preferred pricing when paying for flights with your Aeroplan points.
- Save up to 25% on car rentals at participating Budget and Avis locations worldwide when paying with your card.
- Save up to 10 cents per litre at participating Chevron, Ultramar and Pioneer gas stations if you link your card with Journie Rewards.
- Use the CIBC Pace It feature to make installment payments on large purchases.
- Four types of insurance are provided: auto rental collision and loss damage insurance, purchase security, extended protection insurance, and $100,000 in common carrier accident insurance.
- Preferred rates: 20.99% for purchases, 22.99% for cash advances.
- To be eligible, you must have full-time status in a college or university.
Best for: Grocery spending
President’s Choice Financial World Elite Mastercard
![President’s Choice Financial World Elite Mastercard](https://www.nerdwallet.com/ca/wp-content/uploads/sites/2/2021/10/Presidents-Choice-Financial-World-Elite-Mastercard.png)
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Annual Fee$0
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Interest Rates20.97% / 22.97%20.97% on purchases, 22.97% on cash advances (21.97% for Quebec residents).
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Rewards Rate10x-45x Points45x at Shoppers Drug Mart, 30x at Loblaw grocery stores, at least 30x per litre at Esso Mobil gas stations, 30x at PC Travel, and 10x everywhere else.
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Intro OfferN/A
This card offers incredible accelerated earn rates on spending at the types of retailers people use every day — drug stores, grocery stores and gas stations — in addition to a high earn rate on trips booked through President’s Choice Travel.
Pros
- Quickly rack up points toward free groceries, gas, drug store purchases and travel.
- A rare World Elite Mastercard with no annual fee.
Cons
- Points can only be earned and redeemed at participating Loblaw-owned stores, Shopper’s Drug Mart/Pharmapix, and Esso gas stations. You must wait until you have at least 10,000 points before redeeming rewards, and you can’t transfer them to other loyalty programs.
- No airport lounge access, despite being a World Elite card.
- 45x PC Optimum points per dollar on Shoppers Drug Mart purchases.
- 30x PC Optimum points per dollar on Loblaw-brand grocery store purchases.
- 30x PC Optimum points per dollar per litre of gas purchased at Esso Mobil.
- 30x PC Optimum points per dollar on PC Travel purchases.
- 10x PC Optimum points per dollar on all other purchases.
- Redeem a minimum of 10,000 points for free products and groceries at participating stores (in person and online).
- No annual fee.
- 24/7 concierge service to make dinner reservations, reserve event tickets, deliver gifts and more.
- Access to identity theft services to help you avoid identity theft or restore your identity if stolen.
- Four types of insurance provided, including 10-day travel medical benefits for those under age 65.
- Preferred rates: 20.97% for purchases, 22.97% for cash advances.
- To be eligible, $80,000 (individual) or $150,000 (household) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
Best for: Dining and entertainment rewards
CIBC Costco® Mastercard®
![CIBC Costco® Mastercard®](https://www.nerdwallet.com/ca/wp-content/uploads/sites/2/2022/07/CIBC-Costco-Mastercard.png)
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Annual Fee$0
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Interest Rates19.75% / 21.49%19.75% for purchases, 21.49% for cash advances.
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Rewards Rate1%-3%3% at restaurants and at Costco gas, 2% at other gas stations and at Costco.ca, and 1% on all other purchases including at Costco.
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Intro Offer$30Get a $30 statement credit when you apply and are approved for a CIBC Costco®† Mastercard®. Offer ends April 9, 2023.
This card is ideal for Costco members with its cash back program that rewards everyday spending with cash back rewards that can be redeemed at Costco.
Pros
- Can serve as your Costco membership card.
- Payment plans available for purchases of $100 or more.
Cons
- Must have an existing Costco Wholesale membership to be eligible.
- Cash back gift certificates are only issued once annually.
- 3% cash back at restaurants and at Costco gas.
- 2% cash back at other gas stations and at Costco.ca.
- 1% cash back on all other purchases, including at Costco.
- No annual fee.
- Pay for purchases of $100 or more with CIBC Pace It low-rate Installment Plans, spreading payments over a fixed term. Take advantage of special Installment Plan interest rates with no installment fees on eligible Costco purchases in Canada and at Costco.ca.
- Make quick and secure payments using Apple Pay®, Google Pay™ and Samsung Pay® when you add your new card to your mobile wallet.
- Redeem your annual cash back gift certificate at any Canadian Costco warehouse.
- Get 0.25% cash back for every $1 spent on a CIBC Global Money Transfer™. There are no transaction fees, and interest won’t be charged, as long as the balance is paid by the payment due date.
- Preferred rates: 19.75% for purchases, 21.49% for cash advances.
- To be eligible, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live. You must also have a valid Costco Wholesale membership.
Honourable mention: Dining and entertainment rewards
Scotiabank Red American Express® Card
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Annual Fee$0
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Interest Rates19.99% / 22.99%19.99% for purchases, 22.99% for cash advances.
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Rewards Rate1x-3x PointsEarn 3X Scene+ points for each dollar charged to your account on all eligible purchases¹ at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà by IGA, Voilà by Safeway, Chalo! FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry and Co-Op. Earn 2X Scene+ points for every $1 CAD spent on eligible grocery stores, restaurants, fast food, and drinking establishments. Includes popular food delivery and food subscriptions. Earn 2X Scene+ points for every $1 CAD spent on eligible entertainment, including movies, theatres and ticket agencies Earn 2X Scene+ points for every $1 CAD spent on eligible gas and daily transit. Includes rideshare, buses, taxis, subway, and more. Earn 2X Scene+ points for every $1 CAD spent on eligible select streaming services. Earn 1X Scene+ point for every $1 spent on every other purchase.
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Intro OfferUp to 7,000 PointsTo qualify for the 7,000 bonus Scene+ points offer: 1. Earn 5,000 bonus Scene+ points by making at least $750 in everyday eligible purchases in your first 3 months. 2. Plus, for a limited time, you are eligible to earn a 2,000 Scene+ point bonus when you spend at least $5,000 in everyday eligible purchases in your first year. Offer Ends October 31, 2023.
Use the Scotiabank American Express® Card to earn flexible Scene+ point rewards on everyday spending categories and redeem rewards for travel, entertainment and more.
Pros
- Great earn rates on everyday purchases.
- Includes mobile device insurance.
- Enjoy special offers, experiences and more with American Express Invites.
Cons
- Insurance is limited to mobile device insurance and purchase security & extended warranty protection.
- Earn up to 7,000 bonus Scene+ points within your first year (that’s up to $70 towards travel). NEW OFFER May 1, 2023 – October 31, 2023.
- Earn 2X Scene+ points for every $1 CAD spent on eligible grocery stores, restaurants, fast food, and drinking establishments. Includes popular food delivery and food subscriptions.
- Earn 2X Scene+ points for every $1 CAD spent on eligible entertainment, including movies, theatres and ticket agencies.
- Earn 2X Scene+ points for every $1 CAD spent on eligible gas and daily transit. Includes rideshare, buses, taxis, subway, and more.
- Earn 2X Scene+ points for every $1 CAD spent on eligible select streaming services.
- Earn 1X Scene+ point for every $1 spent on every other purchase.
- You’ll earn 3X Scene+ points for each dollar charged to your account on all eligible purchases¹ at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà by IGA, Voilà by Safeway, Chalo! FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry and Co-Op.
- Scene+ points can be redeemed for travel purchase, merchandise and other non-travel rewards such as gift cards and prepaid cards.
- No annual fee.
- Enjoy Special Offers, Access and Experiences with American Express Invites®.
- To be eligible, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
- Terms and Conditions Apply. Click ‘Apply Now’ for complete details.
Methodology to choose the best no-fee credit cards
NerdWallet Canada selects the best no-fee credit cards based on their overall consumer value as well as their suitability for specific kinds of consumers. Our evaluation methodology is weighted by the following factors: 50% rewards value, 25% intro offer, and 25% fees and interest. Rewards value considers earning rates, rewards structure, promotional rates and spending categories. The intro offer considers the welcome bonus value, promotional interest rates, and any waived fees. Fees and interest consider interest rates for purchases, balance transfers and cash advances, and additional costs such as foreign transaction fees. Other noteworthy features, such as insurance, special perks and extra benefits, earn unofficial bonus points. Only cards without an annual fee were considered.
Summary of the best no-fee credit cards IN canada
CATEGORY | CARD | ANNUAL FEE | INTRO OFFER |
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Best overall no-fee card. | Simplii Financial Cash Back Visa Card. | $0. | Up to $100. |
Best for: Students and newcomers. | CIBC Aeroplan Visa Card for Students. | $0. | 10,000 Points. |
Best prepaid card. | Wealthsimple Card. | $0. | N/A. |
Best for: Annual bonus rewards. | MBNA Rewards Platinum Plus Mastercard. | $0. | Up to 10,000 Points. |
Best secured card. | Neo Secured Credit. | $0. | $25. |
Best for: Grocery spending. | President’s Choice Financial World Elite Mastercard. | $0. | N/A. |
Best for: Aeroplan points. | CIBC Aeroplan Visa Card. | $0. | 10,000 Points. |
Best for: Customizable cash-back rewards. | Tangerine Money-Back Credit Card. | $0. | Up to $100. |
Best for: Flat-rate rewards. | American Express Green Card. | $0. | 10,000 Points. |
Best for: Dining and entertainment rewards. | CIBC Costco Mastercard. | $0. | $30. |
Best for: Air Miles rewards. | BMO AIR MILES Mastercard. | $0. | 800 Miles. |
Best for: Businesses. | BMO CashBack Business Mastercard. | $0. | Up to $150. |
Best for: No foreign transaction fees. | Brim Mastercard. | $0. | Up to $200. |
Best for: Low interest rates. | Desjardins Flexi Visa. | $0. | N/A. |
Honourable mention: Dining and entertainment rewards. | Scotiabank Red American Express Card. | $0. | Up to 7,000 Points. |
How no-fee credit cards work in Canada
By Barry Choi and Shannon Terrell
What is a no-fee credit card?
A no-fee credit card doesn’t have an annual fee: the lump sum amount charged by card issuers to help cover the cost of card rewards and programs. Most of the best Canadian credit cards carry annual fees over $100.
Now, this isn’t to say you won’t ever pay any fees while holding a no-free credit card — you’ll likely still need to deal with interest charges, inactivity fees and the like. But annual fees? No-fee cards don’t have any, which could help you trim down on unnecessary costs.
The only downside? No-fee cards may not offer the same premium perks that often accompany cards with steep annual fees. That said, no-fee cards still have some perks, including cash-back reward programs, travel points and more.
Common features of a no-fee credit card
Every no-fee credit card is unique, so the included features will differ. That said, here are some of the common features you may get:
- Interest-free grace period.
- Fraud protection.
- Increased earn rate on some merchant categories.
- Rewards (cash back, travel, store, etc).
- Purchase protection.
- Extended warranty.
Admittedly, no-fee credit cards often have fewer benefits than credit cards with an annual fee. But some no-fee credit cards may still include helpful perks, such as mobile device protection or travel insurance.
Is a no-fee credit card a free credit card?
A no-fee card isn’t exactly the same as a free credit card. While no-fee credit cards don’t charge you an annual fee, there will likely be other costs associated with using a no-fee card, including:
- Interest charges.
- Cash advance fees.
- Foreign transaction fees.
- Over limit fees.
- Inactivity fees.
- Balance protection insurance.
All of these additional fees should be clearly outlined in the terms and conditions that come with your card. As long as you use your no-fee credit card responsibly, it may be possible to avoid fees completely.
Do no-fee credit cards still earn rewards?
Yes, there are many no-fee credit cards that earn rewards. The type of rewards you’ll receive depends on what card you choose. The typical rewards categories are as follows:
- No-fee cash back cards earn a percentage back in cash on purchases.
- No-fee travel cards earn airline, hotel or even general travel rewards points.
- Co-branded no-fee store and retail cards earn store or retail rewards that can be redeemed at participating stores for groceries, merchandise and more.
Types of no-fee credit cards in Canada
Many types of no-fee credit cards are available, with the best offering the ability to earn valuable rewards, cash back and more, all without having to pay an annual fee.
No-fee cash back credit cards
Cash-back credit cards are fairly simple as far as perks are concerned: spend money; get a percentage of what you’ve spent back in cash. Now, as for the type of purchases that earn rewards and how much cash back you get for them, that’s what separates different types of cash-back cards.
Take the Simplii Financial Cash Back Visa Card: it’s a no-fee cash back card that offers 4% cash back each time you swipe your card at a restaurant, bar or coffee shop, up to $5,000 per year.
In comparison, the Tangerine Money-Back Credit Card offers unlimited cash back at a 2% rate in up to three money-back categories of your choice.
No-fee travel credit cards
Travel cards offer travel-related rewards when you use your card. Some travel cards charge large annual fees in exchange for premium perks, like comprehensive travel insurance packages.
But the rewards offered by no-fee travel credit cards are nothing to sneeze at. The CIBC Aeroplan Visa doesn’t carry an annual fee and earns Aeroplan points every time you spend on gas, groceries and Air Canada travel purchases, for example.
And the BMO AIR MILES Mastercard, another no-fee card, earns Air Miles rewards and comes with car rental discounts.
No-fee rewards cards
Rewards cards allow you to earn points for making eligible purchases. And these points can be redeemed for all types of perks, from travel vouchers to electronic gift cards.
For example, the American Express Green Card lets you earn rewards points across a variety of spending categories and points can be put towards purchases, travel spending, gift cards; you name it. Plus, you can transfer points to other loyalty programs, like Aeroplan and Marriott Bonvoy.
No-fee Mastercards
Credit cards branded with the Mastercard name or logo belong to the Mastercard network. Mastercard is not a card issuer, it simply processes credit card payments. And because Mastercard is one of the most popular card processors in the world, there are plenty of cards to pick from — including cards without annual fees.
One example of a no-fee Mastercard with generous perks is the Brim Mastercard. It earns rewards points on everyday purchases, offers free global WiFi access and comes with travel, event ticket and mobile device insurance coverage.
Who should get a no-fee credit card?
A no-fee card may not be suitable for everyone, depending on their spending habits and financial goals, but there are some circumstances in which this type of card is a practical fit:
- You’re building your credit history. When you begin building your credit history, a card with a high annual fee may not be helpful. No-fee cards are free to carry, so they can help you focus on building your credit without having to worry about whether you’re using your card often enough to justify the annual cost.
- You don’t use your card that often. Getting a card with an annual fee makes sense if you’re able to earn more than you pay — but this tends to require more frequent use and thousands of dollars in spending. If you only anticipate using your credit card for the odd infrequent purchase, a no-fee card may be more practical.
- You’re seeking a secondary card. Maybe you’ve already got a credit card, but you want a secondary card to double down on the points-earning process. A no-fee card might be the way to go. Or, maybe you’d like a Visa to compliment your Mastercard — or vice versa. Not all merchants accept both.
Advantages of no-fee credit cards
- No annual fee. As long as you’re paying your balance in full and on time each month, it doesn’t cost you anything to have the card.
- You can keep your account open for a long time. Since it doesn’t cost anything to keep the card active, your total available credit will grow, which has a positive effect on your credit utilization — one of the biggest factors in your credit score.
- Good for emergencies. No-fee credit cards are low-cost and low-maintenance, so they make for an excellent backup credit card.
- Helps you build credit. Using your credit card responsibly will build your credit history and credit score.
- Earn rewards. You can earn points or miles that can later be redeemed for travel or merchandise.
Disadvantages of no-fee credit cards
- Limited benefits. Credit cards that charge an annual fee often have better benefits and higher reward earn rates.
- Smaller welcome bonus. No-fee cards usually have a less generous sign-up offer compared to cards with a fee.
- Can create high-interest debt. As with all credit cards, you could go into debt if you don’t manage your spending.
When is an annual fee worth paying?
Annual fees for Canadian credit cards can range from $6.95 to $699, and the cost may be worthwhile — it really all depends on your financial situation, lifestyle and spending habits.
For example: a travel credit card with an annual fee may be a practical fit if you’re often on the road and frequently purchase travel insurance — a perk offered by numerous travel rewards cards.
Or maybe it’s a cash-back credit card with an annual fee that offers bonus rewards for something you spend a lot of money on, like gas or groceries.
Essentially, a credit card’s annual fee is worth it if the amount of value (savings or rewards) you can squeeze from the card each year is higher than the amount of the fee.
How to choose a no-fee credit card
When comparing credit cards, assessing the annual fee they charge is typically important. Of course, with no-fee cards, this isn’t a concern. But that doesn’t necessarily mean they’re all the same. Here are some other things to consider when deciding between no-fee credit cards in Canada.
Interest rate
All credit cards — even no-fee cards — charge interest and those interest rates should factor into the card you choose. The no-fee cards on our list carry an average purchase interest rate of 20.2%, which is pretty standard. The average interest rate for a Canadian credit card in any category is 19.4%, but cards with lower rates exist, some under 10%. They’re rare, but they’re out there.
If you tend to carry a balance on your card, keep your eyes peeled for no-fee cards with lower interest rates — anything under 20% is a competitive rate in this category.
Welcome bonus or intro offer
Introductory offers often come in the form of special cash-back offers or extra rewards points. They’re designed to help incentivize new card applications and could be a factor worth considering as you narrow down your no-fee credit card options.
The caveat to welcome bonuses? You don’t always get the points or cash just for signing up. To nab the intro offer, you may have to spend a minimum amount within a certain time frame after opening the card, for example. The thing to note about welcome bonuses or intro offers is that they’re typically temporary, often ending after a few months.
Ongoing rewards rate
When comparing no-fee card options, take a look at what type of rewards the card will earn even after the intro offer expires — more specifically, how they’re earned and ways they can be redeemed.
Whether you earn points from affiliated travel programs or cold hard cash back on eligible purchases, you’ll want a rewards program that will encourage you to make the most of your spending.
Perhaps even more important, however, is how points are earned. One card may offer triple the points on your weekly grocery bill, while another may let you double down on your travel miles each time you book a flight with a qualifying carrier.
Credit card insurance
Some no-fee credit cards come with insurance coverage, but not all. Insurance coverage offerings may include travel insurance, event ticket protection, extended warranty and purchase security protection and more.
Insurance coverage through your no-fee credit card may not be a strict necessity if you have coverage through an independent insurer or through your employer. But it can offer added protection and peace of mind, depending on the coverage available.
How to apply for a no-fee credit card
To apply for a no-fee credit card in Canada, you’ll first need to ensure that you meet the issuer’s eligibility requirements, and then follow the typical steps to submit an application.
Eligibility requirements for a no-fee credit card
Eligibility criteria may vary, but the baseline requirements for a no-fee credit card tend to be fairly standard.
Age and residency status
You must be a Canadian resident, and you must be the age of majority in the province or territory you live in.
Credit score
All of the no-fee cards on our list require applicants to have a Canadian credit file, so if this is your first credit card, you may need to explore other options, like getting a secured credit card, instead.
Minimum credit score thresholds may also come into play, depending on the card you choose.
Personal or household income requirements
Income requirements tend to be more common among high-tier credit cards, like the HSBC World Elite Mastercard which requires a personal income of $80,000 or a household income of $150,000.
No-fee credit card income requirements tend to be much lower (if they’re required at all), like the Simplii Financial Cash Back Visa Card that requires a personal income of $15,000.
Steps to apply for a no-fee credit card
When you apply for a no-fee credit card, there’s no guarantee you’ll be approved. The credit card provider needs to assess your financial profile to determine if you’re creditworthy. The application process will typically look something like this:
- Fill out an application. This can be done online or at your financial institution. The application will ask for some basic information, such as your name, date of birth, address, social insurance number, employer and income.
- Your information is checked. The credit card issuer will make an inquiry on your credit report and verify the information that you provided.
- A decision is made. If you apply online, instant approval (or disapproval) is possible, but there’s also a chance the credit card issuer will ask you to contact them to provide additional information.
- Your card is mailed out. Your credit card will immediately be mailed out and will typically arrive within 14 business days.
- Activate your card. Once your card arrives, you’ll need to activate it by logging into your account or calling the number on your card. Once activated, you can use your card to make purchases.
Can you get a no annual fee credit card with bad credit?
It depends on your situation.
For example, if you’re a student, some financial institutions will approve you for a no-fee student credit card even if you don’t have much credit history.
On the other hand, if you have a bad credit score due to previous financial difficulties, you may not be approved for a traditional no-fee credit card. However, you may still get another type of credit card.
You would likely still qualify for a no-fee secured credit card. These types of credit cards are similar to regular credit cards, but you need to deposit security funds. These funds act as your credit limit, but you can’t use them to pay your card balance.
Frequently asked questions about no-fee credit cards
A no-fee credit card is suitable for many people. Those who don’t plan to spend much on their card, those who just want a backup credit card that earns decent rewards, and those who just don’t want to pay an additional fee will find no-fee cards attractive.
No-fee credit cards are similar to other unsecured ones and operate like short-term loans. You borrow money from your credit card issuer and those funds must eventually be paid back. With your debit card, you can only spend money from your bank account. Since you aren’t borrowing money with a debit card, you won’t be charged interest.
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