Think about having fun with all the very best bank card perks, with out paying an annual payment. Properly, Canadians can select from a formidable collection of playing cards with no yearly charges that make this dream a actuality. These playing cards not solely prevent cash, but additionally supply attractive rewards like money again and journey factors. Listed below are our picks for the very best no-fee bank cards in Canada.
Featured bank cards
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Finest money again card with no payment
SimplyCash Card from American Specific
Earn 1.25% money again on all purchases, plus 2% money again on gasoline and groceries.
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Curiosity Charges:
21.99% buy, 21.99% money advance, N/A stability switch
Welcome supply:
$100 worth
Earn a bonus 5% money again on all purchases (as much as $2,000 in purchases). That’s on prime of your on a regular basis money again earn charges. That’s as much as $100 in bonus money again.
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Finest no foreign exchange card with no payment
Residence Belief Most popular Visa
Get 1% money again when buying in Canada, and profit from no foreign exchange charges on overseas purchases.
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Curiosity Charges:
21.99% buy, 21.99% money advance, N/A stability switch
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Finest journey card with no payment
American Specific Inexperienced Card
Earn 1 level per greenback on all purchases, with the choice of transferring factors to airline accomplice packages.
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Curiosity Charges:
21.99% buy, 21.99% money advance, N/A stability switch
Welcome supply:
$100 worth
Earn 10,000 Membership Rewards factors once you cost $1,000 in purchases to your card within the first three months of cardmembership.
Finest no-fee bank cards by class
Want a bank card with no yearly payment? Scroll by means of the desk beneath to check card particulars of our prime picks on this class.
Gold: Finest no-fee money again bank card in Canada
At a look: The SimplyCash Card from American Specific retains issues easy—and rewarding. The 1.25% base earn charge is among the many most beneficiant obtainable in Canada, and it solely will get sweeter from there on gasoline and grocery purchases, making this the very best no-fee money again card within the nation.
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SimplyCash from American Specific
Annual payment: $0
Welcome supply: Earn a bonus 5% money again in your first $2,000 in purchases throughout your first three months (as much as $100 in bonus money again).
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Revenue required | None specified |
| Credit score rating | 725 or larger |
Silver: Finest no-fee money again bank card in Canada
At a look: As the one card in Canada that allows you to decide your bonus charge classes, the Tangerine Cash-Again card is a perennial favorite amongst Canadians in search of a versatile no-fee card that matches their spending habits. Cardholders choose two money again classes from a formidable record of 10 choices. These with a Tangerine Financial savings Account are handled to incomes 2% on an additional class of their selection.
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Tangerine Cash-Again Credit score Card
Annual payment: $0
Welcome supply: Earn an additional 10% money again throughout the first two months (as much as $100 in money again).
Card particulars
| Rates of interest | 20.95% on purchases, 22.95% on money advances and 22.95% on stability transfers |
| Revenue required | Private or family earnings of $12,000 |
| Credit score rating | 660 or larger |
Gold: Finest no-fee journey bank card in Canada
At a look: Earn factors on on a regular basis purchases and benefit from the flexibility of redeeming them for a wide range of rewards with this no-fee rewards bank card. Plus, Amex Membership Rewards are transferable at a 1:1 worth to different frequent flyer and rewards packages, creating a chance to spice up the worth of your rewards.
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American Specific Inexperienced Card
Annual payment: $0
Welcome supply: earn 10,000 Membership Rewards factors once you cost $1,000 in purchases to your card within the first three months of cardmembership.
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Revenue required | None specified |
| Credit score rating | 725 or larger |
| Level worth | 1 Amex Membership Rewards level = $0.01 when redeemed with the Versatile Factors Journey Program, $0.015 on common with the Fastened Factors Journey Program, and as much as $0.02 with airline factors transfers. |
Gold: Finest no overseas transaction payment card with no annual payment
At a look: Do you know that each time you employ your bank card exterior of Canada, most card issuers cost a 2.5% overseas transaction payment for processing purchases made in a non-Canadian foreign money? The Residence Belief Most popular Visa is the one no-fee card in Canada that doesn’t cost a foreign exchange payment.
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Residence Belief Most popular Visa
Annual payment: $0
Welcome supply: This card doesn’t have a welcome bonus right now.
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Revenue required | None specified |
| Credit score rating | 660 or larger |
Gold: Finest low-interest charge bank card with no annual payment
At a look: When you have a tendency to hold a bank card stability from month to month, the sensible monetary transfer could also be to prioritize low curiosity over chasing rewards. That’s the place the Desjardins Flexi Visa is available in. It affords a rock-bottom APR, making it the very best bank card in Canada with no annual payment and low curiosity.
Desjardins Flexi Visa
Annual payment: $0
Rewards: Doesn’t supply rewards.
Welcome supply: None right now.
Card particulars
| Rates of interest | 10.90% on purchases and 12.90% on money advances |
| Revenue required | Not specified |
| Credit score rating | Not specified |
Gold: Finest no-credit bank card with no annual payment
At a look: Canadians with low or no credit score might wish to take into account a secured bank card, just like the Residence Belief Secured Visa. This card affords extra flexibility than most secured bank cards by providing you two choices: an rate of interest of 19.99% with no annual payment, or a decrease rate of interest of 14.90% with a $59 annual payment. Residence Belief reviews funds to the credit score bureaus, so utilizing the cardboard responsibly may also help construct or enhance your credit score rating.
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Residence Belief Secured Visa
Annual payment: $0
Rewards: Doesn’t supply rewards.
Welcome supply: None right now.
Card particulars
| Rates of interest | 19.99% on purchases and 19.99% on money advances |
| Revenue required | None specified |
| Credit score rating | 300 or larger |
Ceaselessly requested questions
Benefits of a no-fee bank card
- Skip the yearly cost: A no-fee bank card is free to have at your disposal. Higher but, in case you by no means carry a stability and you employ a no-fee card that provides money again or rewards, you’ll really be in a greater monetary place than you’d with out the cardboard. In lots of instances, the earn charge could be decrease than with an annual-fee card; nonetheless, with a no-fee card, any rewards you earn could be a web constructive—you don’t need to spend a certain quantity yearly to make up for the upfront cost.
- Save on sure bills: A card that enhances your spending habits and hobbies (like journey) may also prevent a pleasant chunk of change on issues like overseas transaction charges, insurance coverage and rental automobiles.
Drawbacks of a no-fee bank card
- Ho-hum rewards and money again: Your reward incomes energy might be considerably lacklustre when in comparison with the revved-up rewards you’ll often reap with premium playing cards which have an annual payment. For instance, with the American Specific Cobalt card, you’ll earn 5 factors per $1 spent on groceries and eating places, 3 factors per $1 spent on streaming providers, and a pair of factors per $1 spent on journey, transit and gasoline (with all the things else getting you 1 level per $1). You’ll be able to see that at these earn charges, factors can pile up fairly rapidly.
- Not-so-welcoming welcome affords: As a result of one of many main promoting factors of a no-fee card is that there isn’t any payment, the welcome bonuses supplied to draw new candidates should not as beneficiant as playing cards with annual charges.
- Fewer perks: With few exceptions, no-fee playing cards lack the perks and advantages—significantly insurance coverage—that have a tendency to come back with annual-fee playing cards. Usually (although not at all times), no-fee playing cards do embrace very primary protections, equivalent to zero legal responsibility, buy safety and prolonged guarantee, however you’ll often miss out on journey insurance coverage, concierge service and perks, equivalent to airport lounge entry. Finally, you’ll need to weigh these advantages in opposition to the charges and determine whether or not a no-fee bank card works finest for you.
What must you do with the cash you saved with an annual payment?
With a no-fee card, you can save your self $59 to $250 {dollars} a yr. However make a acutely aware choice to do one thing with that cash, like placing it right into a high-interest financial savings account or into your registered retirement financial savings plan (RRSP) or tax-free financial savings account. It’s not lots, however the compound curiosity you can earn makes it worthwhile. Use our compound curiosity calculator to learn the way a lot you can develop your cash.
