Canada’s best no annual fee credit cards for 2026
March 20, 2026 | Fact checked by: Natasha Macmillan, Business Unit Director - Everyday Banking
The best no fee credit cards in Canada offer great value and benefits without an annual fee. Take a look at our carefully selected list to find the one that aligns with your spending habits and lifestyle.
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Sponsored Spotlight
based on spending $2,200/mo after $0 annual fee
- Earn rewards
1pt – 1.5pts / dollar spent
- Welcome bonus
Earn up to 11,000 points (a $75 value)
- Annual fee
$0
Perks of the RBC ION Visa
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | Not included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | Not included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | up to ninety (90) days from the date of purchase | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | up to a maximum extension of one (1) year | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Get up to 11,000 Avion points^ – that’s up to $75 of value in gift cards†! Apply by May 6, 2026
- Get 4,000 Welcome Points and earn 7,000 bonus points when you spend $500 in your first 3 months ^.
- Earn 1.5X Avion points for every $1 spent on groceries, gas, rideshare, streaming services and more¹
- Earn 1X Avion point for every $1 spent on all other qualifying purchases¹
- Start redeeming with as little as 1,400 Avion points, which gets you a $10 gift card²
- Access offers from over 2,000 top brands, plus get even more points and savings from our partners such as Petro-Canada, Rexall, Metro and DoorDash.
- Save 3¢/L on fuel and earn 20% more Petro-Points and Avion points when you pay with an eligible linked RBC card⁴
- Link your eligible RBC Card and earn 50 Be Well™ points on every $1 spent on eligible purchases at Rexall⁵
- Add your credit card to your DoorDash account and get a 6-month complimentary DashPass subscription6
- Earn 1 extra Moi point for every $2 spent at Metro, Food Basics, Super C, Jean Coutu, Brunet and Première Moisson when you swipe your Moi Rewards card and pay with your linked RBC card (minimum purchase required)⁷
- Cash Advance/Balance Transfer interest rate: 21.99% in Quebec.
Ratehub’s take
The RBC Ion Visa is the best entry-level card offered by RBC with no annual fee allowing you to earn 1.5 Avion points per dollar spent on grocery, rides, gas, EV charging, streaming, digital gaming, and subscriptions and 1 point per dollar spent on all other purchases.
Pros
- No annual fee or income requirement
- Flexible redemption options: You can use your points for pay bills, your credit card balance or even send money to friends with Interac e-transfer, with a minimum redemption of only $10.
Cons
- Limited insurance coverage
- Low points value: With this card, you earn a slightly modified Avion point which are worth less than those earned through other RBC Avion cards
Eligibility requirements
Minimum credit score: 660
Minimum income: N/A
Interest rates
Purchase interest: 20.99%
Cash advance: 22.99%
Balance transfer: 22.99%
Best no annual fee credit cards in Canada by category
|
No-fee credit card |
Best for |
Annual fee |
| Simplii Cash Back Visa | Cash back | $0 |
| Tangerine Money-Back Credit Card | Travel rewards | $0 |
| CIBC Adapta Mastercard | Flexible rewards | $0 |
| Neo World Mastercard | Recurring bill payments | $0 |
| MBNA Rewards Platinum Plus Mastercard | Low interest | $0 |
| BMO CashBack Mastercard - Student | Students | $0 |
| PC World Elite Mastercard | Store credit | $0 |
| Capital One Smart Rewards Mastercard | Earning rewards on payments | $0 |
| Rogers Red World Elite Mastercard | US shopping | $0 |
Best cash back no fee credit card
based on spending $2,200/mo after the annual fee
- Earn rewards
0.5% – 20% / dollar spent
- Annual fee
see Details
Perks of the Simplii Financial™ Cash Back Visa* Card
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | Not included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | Not included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Included | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Included | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Earn 20% cashback† for your first 3 months on up to $500 spend on eligible gas, groceries, drugstore purchases and pre-authorized payments.
- Earn 4% on eligible restaurant, bar and coffee shop purchases up to $5,000 spend per year†.
- Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year†.
- Earn 0.5% on on all other credit card purchases with no limit on how much you can earn†.
- Purchase Security and Extended Protection Insurance†.
- Protect your purchases with double the manufacturer’s warranty, up to one additional year.
- Get cash back when you send a Global Money Transfer and pay with your Visa* Card.†
- †Terms and conditions apply. Click ‘Apply Now’ for complete details. Banking services are not available in Quebec.
- “Purchase” means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. “Cash” means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.
Eligibility requirements
Minimum credit score: 660
Minimum income: $15,000/yr
Interest rates
Purchase interest: 20.99%
Cash advance: 22.99%
Balance transfer: 22.99%
Annual fee
$0
The Simplii Financial Cash Back Visa is one of the strongest no fee cash back credit cards in Canada for everyday spending. Cardholders can earn 4% cash back on eligible restaurant, bar, and coffee shop purchases up to $5,000 per year, 1.5% back on eligible gas, groceries, drugstore purchases, and pre-authorized payments up to $15,000 per year, and 0.5% cash back on all other purchases with no limit. This card also includes purchase security and extended warranty protection on eligible items, making it a solid option for those who want strong earn rates without paying to carry the card.
Best travel rewards no fee credit card
Best for Flexible spending
based on spending $2,200/mo after $0 annual fee
- Earn rewards
0.5% – 10% / dollar spent
- Welcome bonus
Earn up to $100
- Annual fee
$0
Perks of the Tangerine Money-Back Credit Card
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | Not included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | up to 31 consecutive days | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | up to $1,000 | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | combined $60,000 lifetime limit with extended warranty | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Up to one additional year. Combined maximum of $60,000 with purchase assurance | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Ratehub.ca’s 2023 Award Winner – Best No Fee Cash Back Credit Card
- Get the Tangerine Money-Back Credit Card and make it rain with Rewards. Apply by April 30, 2026 and earn an extra 10% cash back (up to $100) when you spend $1,000 within your first 2 months.* That’s on top of earning 2% Money-Back Rewards in up to 3 Categories* of your choice, like gas, groceries and home improvement. *Conditions apply.
- Transfer and save
During your first 30 days, transfer balances up to your credit limit and pay an interest rate of only 1.95% on the transferred balance for 6 months (22.95% after that). A Balance Transfer fee of 1% on the amount transferred will apply.11 - Spend confidently with the Tangerine Money-Back Credit Card. Have peace of mind knowing you’re covered with Purchase Assurance and Extended Warranty** of up to $60,000 (lifetime maximum).
Ratehub’s take
While the Tangerine Money-Back Credit Card is a no annual fee card, what really sets it apart is the ability to customize your rewards. With this card, you can choose your own bonus categories (which will earn you a strong cash back rate of 2% per dollar spent). This is rare in the credit card market and means you can avoid being locked into a bonus category that you can’t take full advantage of, or that doesn’t align with your spending habits.
Pros
- Customizable bonus categories: Flexibility to pick up to three bonus categories to earn 2% cash back on (out of a total of 13 options), which is in sharp contrast to most other cards where you have fixed bonus categories that you have no control over. Users are also given the freedom to change the bonus categories at any time (changes will take up to 90 days to come into effect)
- High cash back earning rate: 2% cash back per dollar on bonus categories is one of the richest earn rates for a no-fee card, plus your rewards are unlimited and don’t have monthly or annual maximums
- Wide acceptance: Widely accepted almost everywhere including No Frills and Costco
- Additional cards at no cost: Free supplementary cards for authorized users
- Frequent cash back reimbursement: Cash back is refunded on a monthly basis, instead of the standard annual reimbursement
Cons
- Limited cash back for non-bonus categories: For all purchases that aren’t categorized under one of your chosen bonus categories, you’ll earn just 0.5% cash back
- Limited travel insurance and perks: No travel medical insurance or any substantial side perks
Eligibility requirements
Minimum credit score: 660
Minimum income: $12,000/yr
Interest rates
Purchase interest: 20.95%
Cash advance: 22.95%
Balance transfer: 1.95% for the first 6 months. 22.95% after promo.
The Tangerine Money-Back Credit Card is one of the most flexible no fee rewards cards in Canada. Cardholders can choose up to two bonus categories that earn 2% cash back, with the option to unlock a third category when rewards are deposited into a Tangerine Savings Account. This lets you tailor your rewards to match your spending habits instead of being locked into fixed categories. Cash back is paid out monthly rather than annually, making it a strong choice for those who want customizable rewards with no annual fee.
Best flexible rewards no fee credit card
based on spending $2,200/mo after the annual fee
- Earn rewards
1pt – 2pts / dollar spent
- Welcome bonus
Earn up to 12,000 points (a $100 value)
- Annual fee
see Details
Perks of the CIBC Adapta™ Mastercard®
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | Not included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | Not included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Included | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Included | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Welcome Offer: Join and get up to $150 in value† with no annual fee.†
- Here’s how it adds up:
Receive a Welcome Bonus of 3,000 Adapta points after your first purchase (up to $25 value)†
Get 9,000 Adapta points when you spend $1,000 in the first 4 monthly statement periods (up to $75 value)†
Includes membership to Roadside Assistance† after you make your first purchase. Services include battery boosting, gas delivery, towing and more, offered by Dominion Automobile Association ($50 value)† - How do Adapta points work?
Each month, you’ll automatically earn:- 1.5 Adapta points for every dollar you spend in your top 3 spend categories.† or
- 2 Adapta points for every dollar you spend on eligible travel purchases made through CIBC by Expedia†; or
- 1 Adapta point for every dollar you spend on all other purchases.†
- What are Adapta points worth?
1,500 Adapta points are worth $10 when redeemed towards your credit card balance or a recent purchase.†
1,200 Adapta points are worth $10 when redeemed towards select CIBC financial products.† - Save over $600 with CIBC and Skip
Get a 12-month Skip+ free trial and other exclusive benefits when you link your CIBC Adapta Mastercard with Skip.† - Save on gas with CIBC and Journie Rewards
Link and use your CIBC Adapta Mastercard with Journie Rewards to save up to 10 cents per litre† at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.† - CIBC may approve your application, but you are not eligible to receive this Offer if you have opened, transferred or cancelled another Adapta card within the last 12 months.†
- This offer is not available for residents of Quebec.
†Terms and Conditions Apply. Select Apply Now to learn more.”
Ratehub’s take
The CIBC Adapta Mastercard takes the hassle out of rewards earning: it automatically determines your top 3 out of 12 spend categories each month and awards bonus Adapta points on them, so you always get more rewards on your biggest purchases.
Pros
- Additional perks: Take advantage of included perks like roadside assistance and gas savings with Journie Rewards
- No annual fee for the primary cardholder, as well as up to 3 additional cardholders
Cons
- Limited redemption options: You can use your points on your credit card balance, or on payments or contributions towards eligible CIBC products
- Points are worth slightly less: Compared to dynamic rewards programs like Aeroplan, Adapta Points are worth slightly less
Eligibility requirements
Minimum credit score: 660
Minimum income: $15,000/yr
Interest rates
Purchase interest: 21.99%
Cash advance: 22.99%
Balance transfer: 22.99%
Annual fee
$0
The CIBC Adapta Mastercard is designed for cardholders who want rewards without having to think about categories. Each month, the card automatically determines your top three spending categories out of 12 eligible options and awards bonus Adapta points on those purchases. This means you consistently earn more points where you spend the most. There is no annual fee for the primary cardholder and up to three additional cardholders, and cardholders can also save up to 10 cents per litre on gas when linking a Journie Rewards account.
Best no fee credit card for recurring bill payments
Best for Everyday spending
based on spending $2,200/mo after $0 annual fee
- Earn rewards
0.5% – 2% / dollar spent
- Annual fee
$0
Perks of the Neo World Mastercard®
| Perks | Details | |
|---|---|---|
| Lounge access | Included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | first fourteen (14) consecutive days; up to $1,000,000 | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | up to (48) consecutive days | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | combined maximum $5,000 per Covered Trip with trip interruption | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | combined maximum $5,000 per Covered Trip with trip cancellation | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | maximum of $500 per any one occurrence | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | up to a maximum of $1,000 | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | up to a maximum of $1,000 | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | up to a maximum of $1,000 | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | up to ninety (90) days after the date of purchase | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | one full year following the expiry of the applicable Manufacturer’s Warranty | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- The Neo World Mastercard® is designed to elevate your everyday spending with the best no annual-fee cashback card in Canada*
- 2% cashback on groceries, gas & recurring payments. 0.5% on everything else.
- Instant approvals and access to your virtual card immediately
- No annual fee
Ratehub’s take
The Neo World Mastercard offers attractive cash back rewards on everyday spending with no annual fee.
Pros
- No annual fee
- Cash back earning: Cash back rewards apply to gas and grocery purchases, as well as purchases with Neo partners
- Instant cash back: Cash back is instantly available in your app wallet
- Instant approval: Get approved instantly and receive a digital card that can be used immediately through Apple Wallet or Google Pay before your physical card arrives.
Cons
- Higher interest rate: The card’s interest rate ranges from 19.99% to 29.99% depending on your credit profile and location. This is quite a bit higher than some low interest cards
- Income requirement: To be eligible for this card, you need a personal annual income of $50,000, or a household income of $80,000
Eligibility requirements
Minimum credit score: 725
Minimum income: $50,000/yr
Interest rates
Purchase interest: 19.99% – 29.99%
Cash advance: 22.99% – 31.99%
Balance transfer: N/A
The Neo World Mastercard is one of the strongest no fee credit card options for earning rewards on recurring bill payments. Cardholders earn 2% cash back on bills, gas, and groceries, and 0.5% cash back on all other purchases. Cash back is instantly available in your Neo rewards wallet and can be redeemed at any time, adding flexibility that many traditional cash back cards do not offer. Applicants can receive instant approval and access a virtual card immediately through Apple Wallet or Google Pay before the physical card arrives, making it a convenient choice for maximizing everyday and recurring expenses.
Best low interest no fee credit card
Best for Everyday spending
based on spending $2,200/mo after $0 annual fee
- Earn rewards
1pt – 4pts / dollar spent
- Welcome bonus
Earn up to 10,000 points (a $50 value)
- Annual fee
$0
Perks of the MBNA Rewards Platinum Plus® Mastercard®
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | Not included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | Not included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Included | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Included | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- This offer is not available for residents of Quebec.
- 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. 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.
- Standard Annual Interest Rates of 21.99% on eligible purchases, 22.99% on balance transfers, and 22.99% on cash advances
- 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
Apply for the MBNA Rewards Platinum Plus® Mastercard®.
Ratehub’s take
The MBNA Rewards Platinum Plus manages to punch above its weight, offering impressive rewards on everyday spending despite the fact it has no annual fee or any specific income requirements.
The MBNA Points program is also flexible and easy-to-understand, making it a perfect fit for points beginners or anyone who doesn’t want to deal with elaborate rewards charts or maps. The drawbacks: the card doesn’t offer much in the form of perks or travel emergency insurance and comes with rewards caps that can put a ceiling (albeit a mostly negligible one) on your ability to rack up bonus points.
MBNA Rewards Platinum Platinum – Quick review
The Pros
- The MBNA Rewards Platinum Plus has no annual fee.
- It earns up to 4 points per dollar spent (2% in travel rewards) 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.
- You’ll earn at least 1 point per dollar (1% in travel rewards) on all other everyday purchases. In comparison, many other no fee rewards cards start earning rewards from as little 0.5%.
- MBNA points values are easy to calculate. 1 point = 1 cent when redeemed for travel, or 1 point = 1% in travel rewards.
- You can redeem MBNA points from virtually any airline of your choice.
- Aside from travel rewards, MBNA points also offer great value on gift card redemptions (1 point = around 0.8 – 0.9 cents on gift cards).
- The card doesn’t come with any specific income requirements.
- Cardholders will receive mobile device insurance, purchase assurance and extended warranty benefits.
- As a Mastercard, the MBNA Rewards Platinum Plus is accepted virtually everywhere.
The Cons
- There is an annual spend cap on bonus categories. You’ll earn 4x the points 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 – after which you’ll earn the standard 1 point per dollar.
- You must use MBNA Rewards’ proprietary website when redeeming points, which means you can’t use points to book travel directly from an airline or hotel provider.
Everyday earn rate
The MBNA Rewards Platinum Plus lets you rack up points faster than virtually any other no annual fee travel credit card in Canada.
You’ll earn:
- 4 points per dollar on eligible restaurant, grocery, digital media, membership and household utility purchases during the first 90 day, 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 per dollar on everything else
When considering most rival no fee travel credit cards will earn you the equivalent of 0.5 to 1 point per dollar on everyday purchases, the MBNA Rewards Platinum really manages to stand out.
Here’s a break down how much you can earn on the credit card based on an average monthly spending scenario of $1,500 in the following categories:
| Spending Category | Monthly Spending |
| Groceries | $240 |
| Gas | $180 |
| Restaurants | $250 |
| Bills | $200 |
| Travel | $100 |
| Entertainment | $60 |
| Pharmacies | $20 |
| Everything else | $500 |
| Total rewards after 1 year | $266 |
There is a small caveat worth calling out, however: the bonus categories have an annual spending cap. You’ll earn 4 points per dollar on the first 90 days on on eligible restaurant, grocery, digital media, membership and household utility purchases. If you spend over $1,000 within a year in a particular category, like say groceries, you’ll earn 1 point per dollar on any grocery purchases from $5,001 and beyond till the end of the year.
While the annual spending caps are a drawback, there’s some silver lining.
- For one, the caps are set reasonably high at $10,000 annually, which means they won’t come into effect at all unless you spend an average of over $415 per month on groceries, gas, or dining. In other words, you’ll likely earn double the points on all or the vast majority of your spending in bonus categories.
- Secondly, even if you do hit the cap, you’ll still continue to earn rewards on bonus categories but just at a slightly lower rate of 1 point per dollar. That’s still a solid rewards rate that manages to out-earn most other no fee travel credit cards in Canada.
- Finally, the cap resets every year.
MBNA Points redemption
Points value overview
| Avg. value of 1 point | Avg. value of 10,000 points | |
| Travel | 1 cent | $100 |
| Gift cards | Avg. 0.8 – 09 cents | Avg. $80-$90 |
| Cash credits | 0.5 cents | $50 |
| Merchandise | Avg. 0.7 cents | Avg. $70 |
For travel
MBNA Rewards is first and foremost a travel points program, which means you’ll get the most value out of each MBNA point when redeeming for travel rewards including:
- Flights
- Vacation packages
- Hotel stays
- Car rentals
- Cruises
You’ll get a return of 1 cent per point (the equivalent of 1% cash back in travel savings) when using points for any of those aforementioned travel rewards. You can start redeeming for travel in increments of as little as 100 points, so you won’t have to rack a giant pile of points before you can start putting them to good use. You’ll also have the flexibility to book travel from virtually any airline, and won’t be resurrected to a limited number of partner carriers or worry about seat restrictions, black out dates or elaborate rewards charts.
There is a drawback though. You must use MBNA’s proprietary travel search engine and can’t price match or apply points against purchases you made on your own directly from an airline, hotel, or travel provider.
For gift cards
If you want to use points for rewards other than travel, you can get some pretty solid value when redeeming for gift cards.
On average, you’ll get around 0.8 to 0.9 cents per point on gift cards, which is only slightly less than what you’d typically get out of your points on travel rewards. That’s impressive, especially when considering some other points programs offer a quarter or even half as much value on gift card rewards versus travel redemptions.
The MBNA Rewards website includes quite a large catalogue of physical gift card and e-gift card options including: Amazon, Walmart, Wayfair, Home Depot, Hudson’s Bay, eBay, Uber, and more.
For cash credits
When using points for cash credits to pay off your credit card balance, you can redeem points in increments of 200 points for $1. That works out to 0.5 cents per point, which is half the value you’d get when using points for travel (1 cent) and about half what you’d get on gift card redemptions (0.8-0.9 cents).
When redeeming points for cash credits, you’ll also need to have at least 10,000 points accumulated.
All things considered, it’s better to use points for travel or gift cards, and if you’re looking for rewards to reduce your balance, a straight-up cash back credit card may be a better option.
For merchandise
The value of your points when redeeming for merchandise can vary considerably, depending on the item in question. Overall though, you’ll usually get around 0.7 cent per point. So if you’re planning on using points for non-travel rewards, it’s probably better to go the gift card route over redeeming for a specific item.
MBNA Rewards’s online merchandise catalogue is quite vast and covers virtually every product line – from electronics and toys to kitchen appliance and jewelry.
Fees, income requirements, and more
One of the best features of the MBNA Platinum Plus is its low barrier to entry – there are no annual fees and you won’t need to meet a specific income to get approved.
As per usual for a rewards credit card, you won’t owe any interest if you pay off your balance on time and in full every month, but if you do carry a balance from one month to the next, an annual purchase interest rate of 19.99% will kick in. Annual interest rates on cash advances is 24.99% while balance transfers is set at 22.99%, which is about average.
Side perks and insurance
Along with the basic coverage of purchase protection and extended warranties (up to one year) available on most credit card, the MBNA Platinum Plus also comes with purchase assurance.
With purchase assurance, most items you bought on your credit card will be covered in the event they’re damaged, lost or stolen within 90 days of the transaction date up to a lifetime value of $60,000. Note though, some items are excluded included art, jewellery, consumable goods, and several electronics.
The card also comes with three other major types of insurance including:
- Common carrier accidental death and dismemberment insurance: up to $1,000,000)
- Trip cancellation insurance / unexpected return home: up to $2,000
- Rental collision/damage waiver insurance: including up to $2,000 in personal effects coverage
The card’s rental car insurance, in particular, stands out for also offering personal effects coverage, which means if your rental car is stolen and some of your personal belongings along with it, you’ll receive some compensation for your belongings.
The one major drawback of the card’s insurance coverage is it doesn’t include any travel medical emergency coverage (e.g. coverage of healthcare bills if you’re sick while abroad), lost or delayed baggage insurance, or trip cancellation insurance. All things considered though, these benefits are rarely offered by other entry-level fee credit cards.
Bottom line
The MBNA Rewards Platinum Plus easily takes the top spot in our rankings as the best no fee travel card in Canada, and is an easy choice if you’re looking for an entry-level rewards card that costs nothing to carry and can help get a seat on a free or discounted flight faster.
Eligibility requirements
Minimum credit score: 660
Minimum income: N/A
Interest rates
Purchase interest: 21.99%
Cash advance: 22.99%
Balance transfer: 22.99%
The MBNA Rewards Platinum Plus Mastercard is a no annual fee card that delivers solid value on common spending categories. Cardholders earn bonus rewards on restaurants, groceries, digital media, memberships, and household utility purchases, making it easy to collect points on everyday expenses. Points can be redeemed for travel, merchandise, gift cards, or statement credits, giving flexibility in how rewards are used. For those looking for a straightforward no fee card with consistent earning potential, this is a strong everyday option.
Best no fee credit card for students
Best for Groceries
based on spending $2,200/mo after $0 annual fee
- Earn rewards
0.5% – 3% / dollar spent
- Welcome bonus
Earn up to $125
- Annual fee
$0
Perks of the BMO® CashBack® Mastercard® - Student
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | Not included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | Not included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Covered for 90 days | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Up to one additional year | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Ratehub.ca’s 2023 Award Winner – Best Student Credit Card
- Welcome offer: Get 5% cash back in your first 3 months*
- Then get 3% cash back on grocery purchases, 1% cash back on recurring bill payments and 0.5% unlimited cash back on all other purchases!*
- Now earn the highest cash back on groceries in Canada without paying an annual fee!†
- Get cash back every time you spend, plus start building a healthy credit history
- Best BMO CashBack Mastercard for Students
- Want to get your cash back ASAP? Now you can redeem your cash back anytime through direct deposit, as a credit on your statement or into your BMO InvestorLine account*
- No Annual fee*
- Extended Warranty*
- Purchase Protection*
- Receive a discount on car rentals*
- Enjoy three months of Instacart+ and a $5 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
- 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
- Cash Advance & Balance Transfer Interest: 21.99% for Quebec residents
- The offer may vary in Quebec.
- *Terms and conditions apply
- †Based on a comparison of the non-promotional grocery rewards earn rate on cash back credit cards with no annual fee as of August 20, 2024.
Ratehub’s take
The BMO Cashback Mastercard makes a lot of sense for cash-strapped students, because your cash back rewards are available at your fingertips anytime. If you regularly use your credit card to buy groceries or pay your phone plan, you can rack up the cash back rewards to reduce your bills and expenses for the future. Keep in mind, though, that rewards are capped monthly, so if you’re a bit of a big spender this card might not be for you.
Pros
- Redeem cash back rewards anytime: You don’t have to wait to redeem your cash back rewards like you might with other cash back cards — you can apply as little as $1 to your balance anytime, or get a credit card statement
- Flexible redemption options: You can deposit your cash back rewards into a BMO savings or investment account, a fairly rare perk, or redeem them as a statement credit to cover your balance
Cons
- Cash back earnings are limited: The bonus cash back rates of 3% on groceries and 1% on bill payments are capped at a maximum of $500 in spending per month, and then the earn rate goes back to 0.5%. This can really limit your overall annual cash back earnings
- Low regular earn rate: The regular earn rate of 0.5% on everything outside of the bonus categories is minimal, so if you exceed the monthly spending caps in those areas, or prefer to spend on other things like travel, this card might not make sense for you
Eligibility requirements
Minimum credit score: 660
Minimum income: N/A
Interest rates
Purchase interest: 21.99%
Cash advance: 23.99%
Balance transfer: 23.99%
The BMO CashBack Mastercard – Student is a no annual fee rewards credit card that offers strong returns on everyday essentials. Cardholders earn 3% cash back on the first $500 spent on groceries each month, 1% on recurring bill payments up to $500 per month, and 0.5% cash back on all other purchases. While the bonus categories have monthly caps, they reset every billing cycle, and there is no income requirement to apply. With straightforward cash back and no annual fee, it is a practical option for students building credit.
Best store credit no fee credit card
based on spending $2,200/mo after $0 annual fee
- Earn rewards
10pts – 45pts / dollar spent
- Welcome bonus
Earn up to 20,000 points (a $20 value)
- Annual fee
$0
Perks of the PC® World Elite Mastercard®
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | Covers up to $1,000,000 for trips up to 10 days from date of departure, for those under age 65. | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | Collision damage and theft protection for your car rental needs. | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | In the event of theft, loss or damage in the first 90 days when you pay in full with your PC Financial Mastercard credit card. | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Doubles the manufacturer's regular warranty for up to an additional year on items purchased with your PC Financial Mastercard credit card. | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Earn 20,000 PC Optimum™ welcome points when you spend $50 or more at participating stores within 60 days of account approval.**
- Award-winning, no annual fee rewards credit card
- Get up to $750 in PC Optimum™ points every year (for illustrative purposes only; results may vary.)
- Earn at least 3 cents per litre in PC Optimum™ points on gas at Esso™ and Mobil™ stations
- Earn 45 PC Optimum™ points per $1 spent at Shoppers Drug Mart® stores
- Earn 30 PC Optimum™ points for every $1 spent at Loblaw affiliated grocery stores
- Earn 30 PC Optimum™ points for every $1 spent at Joe Fresh® stores
- Earn 10 PC Optimum™ points for every $1 spent everywhere else you shop
- No limits on points earning and points don’t expire
Ratehub’s take
If you are looking for a credit card that will help you save money on groceries, the PC World Elite Mastercard is a great choice, especially for those who frequently shop at Loblaws-owned stores and Shoppers Drug Mart.
Pros
- No annual fee: For a rewards card, charging no annual fee is a major perk and can help you ramp up your earnings even more
- High return on spending: Your points are valuable at Loblaws-affiliated stores and for gas purchases because of high earn rates on everyday spending
- Points stacking: Stack your points by showing your PC Optimum card at Loblaw-affiliated stores and paying with your PC Financial World Elite Mastercard
- Competitive earn rates: Earn rates are high compared to other no-fee credit cards
- Added travel insurance: Offers travel insurance benefits adding value to cardholders
Cons
- Limited rewards outside of Loblaws: While PC Financial Mastercards offer excellent rewards at Loblaw stores, they do not provide great benefits when shopping anywhere else
- Restrictive redemption rules: Points can only be redeemed in increments of 10,000 (10,000 = $10). Points cannot be used to pay for purchases at non-Loblaws retailers or redeemed against a statement balance. Plenty of other rewards cards on the market offering more flexibility
Eligibility requirements
Minimum credit score: 560
Minimum income: $80,000/yr
Interest rates
Purchase interest: 21.99%
Cash advance: 22.97%
Balance transfer: N/A
The PC World Elite Mastercard is the highest earning card in the PC Financial lineup and one of the strongest store credit cards in Canada with no annual fee. Cardholders earn 45 points per $1 at Shoppers Drug Mart, 30 points per $1 at Loblaws banner grocery stores, 30 points per litre at Esso and Mobil stations, 30 points per $1 on PC Travel, and 10 points per $1 on all other purchases. Points can be redeemed for groceries, gas, and merchandise within the PC Optimum program. The card also includes travel emergency medical insurance, car rental collision coverage, purchase assurance, and extended warranty protection, though a minimum personal income of $80,000 or household income of $150,000 is required.
Best no fee credit card for earning rewards on payments
Best for Rewards
Purchase interest rate
- Pay $9/mo
Based on a credit balance of $500
- Annual fee
$0
Perks of the Capital One Smart Rewards™ Mastercard®
| Perks | Details | |
|---|---|---|
| Travel accident insurance | Included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Car rental insurance | Included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Baggage delay insurance | Included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Purchase assurance | Included | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Included | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- 5 points per $1 paid towards your balance with a Capital One Smart Rewards Mastercard
- Points will never expire and they’re easy to redeem
- Protection against unauthorized use of your card
- Add an authorized user for $0
- Valuable Mastercard benefits, plus Everyday and Travel benefits like Purchase Assurance and Extended Warranty
- 24/7 customer service
Eligibility requirements
Minimum credit score: 660
Minimum income: N/A
Interest rates
Purchase interest: 21.90% – 29.90%
Cash advance: 21.90% – 29.90%
Balance transfer: 21.90% – 29.90%
The Capital One Smart Rewards Mastercard takes a different approach to earning rewards by offering 5 points for every $1 you pay toward your balance instead of rewarding spending. For example, paying off $150 earns 750 points, which can be redeemed for statement credits or gift cards. There is no annual fee, and the card includes travel accident insurance, baggage delay coverage, rental car collision insurance, purchase protection, extended warranty coverage, and price protection. Points do not expire, making this a solid option for cardholders who consistently pay down their balance and want to be rewarded for responsible use.
The Rogers Red World Elite Mastercard is one of the best no fee credit cards for Canadians who regularly shop or travel in the United States. It offers unlimited 3% cash back on purchases made in U.S. dollars, which helps offset the typical 2.5% foreign transaction fee charged by most credit cards. Rogers, Shaw, and Fido customers can redeem rewards for even greater value toward eligible services. Despite having no annual fee, the card also includes travel medical and trip insurance benefits along with complimentary airport lounge access.
Find Canada’s best cards suited for you in 60 seconds! View cards and offers you’re likely to qualify for without affecting your credit or needing a SIN.
Frequently asked questions
What is the best no fee cash back card?
Our pick for the best no fee cash back credit card is the Simplii Cash Back Visa, thanks to its strong cash back rates on everyday spending and lack of annual fees. While some no-fee cash back cards limit higher earn rates to specific or rotating categories, the Simplii Cash Back Visa offers elevated cash back on common purchases like dining, groceries, and gas, making it a simple and flexible option for many Canadians. It was also named the 2026 winner of this category in the Ratehub.ca Credit Card Awards.
Do no fee credit cards come with rewards?
Yes, some no annual fee credit cards in Canada do come with rewards, though they are typically more modest than those offered by cards with an annual fee. In general, no fee credit cards are geared towards users who are on a tighter budget or don’t use their credit card as often, preferring a simpler card over one with a lot of fancy benefits.
What is the best no fee credit card for students?
The best no fee credit card for students is the BMO CashBack Mastercard, thanks to its lack of an annual fee and generous introductory cash back offer. New cardholders can earn 5% cash back on all purchases for the first three months, making it a strong option for students applying for their first credit card and looking to earn rewards on everyday spending.
What are the benefits of a no fee credit card?
The main benefit of a no fee credit card is that it allows you to earn rewards and build credit without paying an annual fee. While these cards typically offer more modest rewards and fewer perks than premium options, they can be a smart choice for students, budget-conscious cardholders, or anyone who doesn’t spend enough to justify an annual fee. As long as you use your card responsibly and pay your balance on time, a no fee credit card can be a simple and cost-effective option for everyday use.
Can you get a no fee credit card with bad credit?
You can get a no fee credit card with bad credit, but your options are usually limited to no fee secured credit cards. These cards require a refundable security deposit instead of strong credit and can help you build or rebuild your credit when used responsibly, all without paying an annual fee.
What is a no-fee credit card?
A no-fee credit card is a credit card that does not charge an annual (and sometimes monthly) fee, allowing cardholders to access credit without paying an upfront cost.
However, a no fee credit card can still come with other charges. These may include interest charges on carried balances, foreign transaction fees, cash advance fees, inactivity fees, and more. By using your credit card responsibly and paying your balance on time, you can avoid many of these additional costs.
Who should get a no-fee credit card?
1. You’re getting your first credit card
If you’re applying for your first-ever credit card, chances are you’re a student or just starting out in your career. In this case, your priority should be to find a credit card that’s easy to get, doesn't have an annual fee, and helps build your credit history. A "free" credit card would be your best option.
Opting for a no fee card with a low APR (interest rate) might be a wise choice, especially if you're concerned with accruing debt. With a lower interest rate, you not only avoid an annual fee, but also increase your chances of paying off your bill in full every month and staying out of debt.
Starting out with a no fee credit card allows you to keep the card active without any cost, even if you don't use it frequently or plan to upgrade to a more premium credit card later on.
It’s worth noting that several credit cards with annual fees require qualifications like an established credit history, a great credit score, and a minimum income of $60,000 to $80,000, which may be difficult to meet for students or those new to the job market.
2. You won’t be using your credit card often
A credit card with an annual fee can pay for itself if you use it frequently enough. Since they almost always offer more rewards on your spending compared to their no fee alternatives, it can often be worth it to pay a yearly charge in return for all the savings and benefits you'll receive. However, if you rarely use credit and don’t spend a lot in specific bonus categories, you likely won’t earn enough rewards to offset the fee, leaving you to pay extra to use a card that isn't giving you much in return. You typically need to spend at least $500 a month in order for a card with an annual fee to make sense. If you don’t, a no fee credit card could be a better fit for you.
3. Elite perks and insurance aren’t a priority
Many credit cards with annual fees come with attractive perks, including travel medical insurance, lost-baggage coverage, free hotel upgrades, and complimentary airport lounge access. These perks, which are typically included in the card’s annual fee, can provide significant value if you use them regularly. However, if you're not a frequent traveller or these perks don't interest you, a credit card with no annual fee would be a better fit. After all, why pay for perks you won’t use?
Some no fee credit cards even come with rental car insurance, mobile device insurance, and roadside assistance. Depending on your priorities, those perks may be all you need. Plus, if you’re not an avid traveller, you probably don’t need the additional perks that come with an annual fee rewards card in the first place.
4. You want to adopt a two-card strategy
In some cases, it makes sense to pair a card with an annual fee with another no fee card to earn additional rewards.
For example, if you have the TD Cash Back Visa Infinite ($139 annual fee) you can earn a generous 3% cash back on groceries and recurring bill payments but just 1% on restaurants and other purchases. By adding the no annual fee Tangerine Money-Back Credit Card, you can earn 2% cash back at restaurants while continuing to use the TD Card for groceries to earn 3%. This way, you earn double the rewards when dining out without paying any additional annual fees.
Another reason to get a second no fee credit card is if you have an American Express Card and need a backup Visa or Mastercard for merchants that don't accept Amex. The same applies if your main credit card is issued by Visa but you regularly shop from Costco; in that case, having an additional no fee Mastercard credit card for use at the warehouse retailer is beneficial.
5. You’re looking for a store card
Many retailers offer store or co-branded credit cards, which are ideal for frequent shoppers at those specific stores. These cards come with unique perks, such as earning more points or receiving discounts for using the card. For example, individuals with a PC Mastercard can earn more points at Shoppers Drug Mart, Loblaws, No Frills, Real Canadian Superstore, and Esso than regular PC Optimum members. The best part is that most store credit cards, including the ones mentioned above, do not charge an annual fee.
No fee credit cards: pros and cons
Pros
- No annual fees affecting your rewards: While it’s true that no fee credit cards can't offer the same level of lucrative rewards as cards with annual fees of $120 or more, many still allow you to earn points or cash back. This can result in significant benefits if you use the card frequently and responsibly. With a no fee card, you won't have an annual charge diminishing your rewards and lowering their value. You get to keep 100% of what you earn.
- They’re great for your credit history: Since annual no fee credit cards are virtually free to own, you won't have to worry whether or not you can afford to keep them. This is advantageous for your credit history because the longer you can maintain a credit card account that is open and in good standing, the better your profile looks to credit bureaus and potential lenders. Just remember to use the card at least once a year to keep it active.
- They’ll save you money: This point may seem obvious, but opting for a no fee rewards card instead of one with an annual fee means one less bill to pay. This can make a significant difference for families or individuals with a fixed income. Access to credit and the ability to build credit should be available to people of all income levels, and annual no fee credit cards help make that possible.
Cons
- Fewer benefits: If you're seeking a credit card with tons of extra bells and whistles, a no fee card may not fulfill your expectations. Annual fees are how credit card providers justify offering those attractive perks, so a no fee card will naturally have fewer of them. However, if you're simply looking for an everyday card to help you build credit or earn a little bit of cash back on groceries and gas, this may be less of a concern.
- No travel perks: Those in search of a no fee travel card will find limited options, as additional benefits like travel insurance and airline/hotel rewards typically come with higher annual fees.
How to choose a no-fee credit card
As you can tell from this guide, there are plenty of great credit cards with no annual fee in Canada. Here’s what to consider when deciding which one to get.
Interest rates
Most no-fee credit cards offer competitive purchase interest rates hovering around 19-22%, though this shouldn’t be a problem if you always pay off your balance in full. If you tend to carry a balance on your card, you might want to consider a low interest credit card instead.
Credit card rewards
Many no-fee credit cards offer credit card rewards, albeit at lower earning and redemption tiers compared to cards with an annual fee. If you’re getting a no-fee card as a backup or alternative credit card, make sure the rewards program complements the credit cards you already own. For instance, if your current credit card focuses on rewards for dining and gas, you can make the most of your spending by getting a no-fee credit card that offers more rewards on grocery spending.
Welcome bonuses or sign-up offers
An attractive credit card promotion can often make it worthwhile to sign up for a new credit card. While some cards grant instant cash bonuses or gift cards upon approval, the biggest welcome bonuses come from spending a certain amount of money in the first few months of getting your credit card. If a big-ticket purchase (like an overseas vacation or home renovation) is on the horizon, you can easily make full use of the welcome bonus from a new credit card — especially if it has no annual fee.
Insurance and other perks
While you shouldn’t rely on your credit card for essential insurance coverage, the insurance offerings from a credit card can help with travel insurance, purchase security, or even extended warranty and mobile device coverage.