Skip to main content
ratehub.ca homepage
Sign in to your account

The best no fee credit cards in Canada

Want the perks of using a credit card but without the annual fee? We'll narrow down your best credit card matches in under 2 minutes.

let's get started

Compare Canada's best no fee credit cards

The best rewards cards with

all reward types

from

no annual fee
CardBest used forAnnual feeRewards
BMO CashBack MasterCard®

Groceries

CA$0

  • 3% groceries
  • 1% bills
  • 0.5% other
Get more details
MBNA Rewards Platinum Plus® Mastercard®

Everyday spending

CA$0

  • 2 pts/$1 for gas, groceries, restaurants
  • 1 pts/$1 for other
Get more details
SimplyCash™ Card from American Express®

Everyday spending

CA$0

  • 2.5% gas, groceries, restaurants, travel, pharmacy, bills, entertainment, other
  • 1.25% other
Get more details
Tangerine Money-Back Credit Card

Flexible spending

CA$0

  • 2% other
Get more details
  • 800,000

    monthly users

  • 9 years

    young

  • Over 1M

    better choices made

  • Trusted partner

    to Canada’s top financial institutions

No fee credit cards FAQ

What is a no fee credit card

Is a no fee credit card right for me?

What are the drawbacks of no fee credit cards?

Do no fee credit cards offer rewards?

education centre

Have your credit card questions answered with our education centre

We've helped over 1 million Canadians compare the best credit cards

From cash back to points - we'll help you narrow down the right no fee credit cards for you in under 2 minutes.

Let's get started

The knowledge bank

A wealth of knowledge delivered right to your inbox. From the latest interest rates, to tips on getting the best from your credit cards. It’s all in there.

By submitting your email address, you acknowledge and agree to Ratehub.ca's terms of use and privacy policy. Contact us for more information. You can unsubscribe at any time.

In depth: Ratehub's best no fee credit card in Canada for 2020

Best no fee cash back credit card

Tangerine Money-Back Card

  • Everyday rewards: Earn 2% cash back in 2 categories of your choice (or 3 when you also open a free Tangerine Savings Account), and 0.5% on everything else.
  • Income required: $12,000

Why it made our Best Of list: If you’re looking for simplicity, flexibility, and the ability to earn some serious cash back on your everyday spending, it’s hard to beat the Tangerine Money-Back Credit Card. It’s currently the only no fee card to offer 2% in straight cash in up to three categories - and to top it off - there are no spending caps and you have the freedom to select your own bonus categories.

You can have your pick from a list of ten choices that include conventional credit card bonus categories like groceries, gas, recurring bills, and pharmacy purchases, to rarer categories like dining and public transit, and niche options like furniture and even home improvement. The best part is you’re not locked into your choices and can change up your bonus categories at any time (though, you’ll have to wait about one or two statement periods for the changes to go through). You’ll earn 0.5% cash back for all your purchases that don’t fall under one of your chosen bonus categories.

Your cash back rewards will be deposited every month and Tangerine’s intuitive app makes it easy to track your spending.

With an annual income requirement of $12,000, the Tangerine Money-Back Credit Card is also super accessible. That said, if you earn at least $60,000 (or $100,000 as a household), you could be upgraded during the application process to the Tangerine World Mastercard, which offers the same rewards structure and also has no annual fee but comes with additional frills like mobile device insurance and complimentary rental car loss/collision/waiver coverage.


Best no fee travel credit card

MBNA Rewards Platinum Plus

  • Current welcome offer: Earn 1,000 bonus MBNA Points when you sign-up for e-statements and make at least $500 in purchases within the first three months of receiving your card. Plus, earn twice the points per dollar on the card’s three bonus categories (gas, groceries, and dining), for the first three months.
  • Everyday rewards: Earn 2 MBNA Points per dollar spent on gas, groceries, and dining up to $5,000 annual spend in each category. Earn 1 MBNA Point on all other purchases.
  • Value of MBNA Point: 100 MBNA point =$1 / 1 point = 1% when redeemed for travel rewards (i.e. flights)
  • Income required: None

Why it made our Best Of list: Along with the card’s impressive welcome offer - which is easy to qualify for and can add up to well over $100 - the MBNA Rewards Platinum Plus is our favourite no fee travel card since it offers strong rewards on your everyday spending with a flexible and easy-to-understand points system.

You’ll earn a solid two times the points in three bonus categories and 1 point on everything else, which you can go on to redeem for flights on virtually any airline at a rate of 100 points for $1 on mbna.ca. The value of your points will remain consistent no matter when or where you’re flying - making it easy to work exactly how much your points are worth.


Best no fee low interest credit card

MBNA True Line Mastercard

  • Current welcome offer: You could get a 0% promotional interest rate on balance transfers for the first 10 months on balances transferred within the first 90 days. Note: there's flat 3% transfer fee of the transferred amount).
  • Regular interest rate: 12.99% on purchases and 24.99% on cash advances
  • Income required: None

Why it made our Best Of list: If you need the flexibility to pay off your credit card balance more gradually over time (as opposed to in full every month), you’ll want to carry a low interest card - not a rewards credit card.

As far as no fee low interest cards go, the MBNA True Line is arguably the best in Canada for one simple reason: it has a fixed annual interest rate of just 12.99%. That’s a fraction of the standard 19.99% interest rate you’ll find on most credit cards. Depending on the size of your balance, that lower rate can mean saving several dozens (if not hundreds) of dollars every year in interest, leaving you with more money on-hand to pay off your debt sooner.

The MBNA True Line Mastercard’s promotional balance transfer offer of 0% for 10 months also makes it the best credit card for debt consolidation, period. The one small drawback is the fact you’ll have to pay for a 3% fee to transfer an old balance to the MBNA True Line, but all things considered, that flat fee is well worth it since you’ll pay nothing on interest on transferred balances for nearly a year.


Best no fee flat-rate rewards card

SimplyCash from American Express

  • Current welcome offer: Earn 2.5% on every purchase you make for the first three months or on your initial $6,000 in purchases (whichever comes first).
  • Everyday rewards: 1.25% cash back per dollar
  • Income required: None

Why it made our Best Of list: The major appeal of the AMEX SimplyCash is, well, its simplicity. The card does away with bonus categories and tiered earn rates to instead offer an impressive 1.25% cash back across the board on no matter what you buy.

When compared to many other no fee rewards cards, the SimplyCash will earn you upwards of double the returns on otherwise generic purchases like clothes and electronics. Its strong flat earn rate and no annual fee also makes the SimplyCash great for pairing with another card since it offers above-average returns on purchases that don’t fall under most credit card bonus categories.

The card also offers great side perks including AMEX Offers (which lets you earn discounts on eligible products from retailers partnered with American Express) and American Express Invites (provides access to presale tickets to live events like concerts and musicals).


Best no foreign transaction fee card with no annual fee

HomeTrust Preferred Visa

  • Everyday rewards: 1% cash back on purchases in Canada. No foreign transaction fees for purchases in a non-Canadian currency.
  • Regular interest rate: 19.99%
  • Income required: None

Most Canadian credit cards charge foreign transaction fees - a 2.5% surcharge (separate from the conversion rate) tacked on every purchase you make in an international currency. The Home Trust Preferred Visa is among the select few cards that don’t - letting you enjoy the convenience and added security of paying with plastic while abroad without the added cost.

This card will save you 2.5 cents on every $1 in foreign purchases, which can quickly add up when you factor for expenses like transit, dining, tours, hotel stays, shopping, and other costs you commonly charge to your card while out of the country.

The Home Trust Preferred Visa also offers plenty of value when used in Canada, as it’ll earn you 1% on all your domestic purchases while also providing access to valuable side perks like complimentary roadside assistance and rental car loss/collision/damage coverage. Even if you don’t use the card much in Canada, since it’s free to carry, it’s great to keep in your wallet just for when you're travelling.


Best store credit cards

Best for Canadian Tire: Triangle World Elite Mastercard

  • Everyday rewards: Earn 4% at Canadian Tire and affiliate stores, 3% at grocery stores (excluding Costco and Walmart) up to $12,000 annual spend, 5-7 cents at Husky/Gas+ stations, and 1% everywhere else.
  • Value of rewards: 1% in Canadian Tire Money = 1% off purchases from Canadian Tire, Sport Chek, and Atmosphere.
  • Income required: $80,000

Why it made our Best Of list: The Triangle World Elite is by far the fastest way to earn Canadian Tire Money - letting you pocket 4% on everything from Canadian Tire and up to 3% at most grocery stores outside of Walmart and Costco. You’ll also earn a 1% return on all purchases made outside of Canadian Tire’s network of retailers and gain 24/7 access to roadside assistance services that’ll cover you for everything from road towing and flat tire changes to battery boosts.

If you don’t earn the income required to qualify for the Triangle World Elite, the entry-level Triangle Mastercard still offers an impressive 4% return at Canadian Tire affiliates and 0.8% everywhere else.

Best for Loblaws: PC Financial World Elite

  • Everyday rewards: 45 PC Optimum points per dollar spent at Shoppers Drug Mart, 30 PC points per dollar at Loblaws banner stores, 30 PC Points per litre at Esso stations, and 10 PC points per dollar everywhere else.
  • Value of points: 10,000 PC Optimum points =$10 / 10 PC points = 1% when redeemed at PC affiliate stores including Loblaws, Shoppers Drug Mart, and No Frills.
  • Income required: $80,000

Why it made our Best Of list: If groceries is one of the biggest line items in your monthly budget and you do a lot of shopping at stores under the Loblaws banner, the PC Financial World Elite can help you save big.

This premium no fee card will earn you 30 PC Optimum points per dollar spent at all Loblaws banner stores (which includes retailers like No Frills and Fortinos. When considering 10 PC points equals about 1%, that’s about 3% on your grocery bills at Loblaws stores - an impressive return for a no fee card. The PC Financial World Elite also offers strong returns on your drug store purchases from Shoppers Drug Mart and on gas at Esso stations. The card also offers some great side-benefits for a no fee card including out-of-province travel medical insurance (for trips up to 8 days) and rental car insurance. As you’d expect from a store credit card, redemptions aren’t as flexible as a typical cash back or travel card, and PC Optimum points can only be redeemed for merchandise from affiliated stores. Luckily, for PC Optimum point collectors, that includes over 2,500 locations from some of Canada’s largest grocery, gas, and pharmacy retailers.

Also read:

Card summary (+/-)

Author bio

Mikael Castaldo, Senior Manager of Credit Cards

Mikael is a Senior Business Manager at Ratehub.ca and the driving force behind our credit cards team. He knows everything there is to know about the best credit cards, and works closely with Canada’s top financial institutions - from banks to credit unions - to help ensure our over 800,000 monthly users get matched with the right plastic. A numbers guy at heart, having worked as a strategy consultant at the Boston Consulting Group, he’s found himself right at home as a personal finance expert at Ratehub.ca.

Read linkedin bio

About Ratehub.ca

We help you find better financial products for your specific needs. Whether you need a mortgage, credit card, savings account, or insurance coverage, we get you the information you need to choose better.

How does Ratehub.ca make money?

Financial institutions pay us for connecting them with customers. This could be through advertisements, or when someone applies or is approved for a product. However, not all products we list are tied to compensation for us. Our industry leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.

read more about us