Think about having fun with all the most effective 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 provide attractive rewards like money again and journey factors. Listed below are our picks for the most effective 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 steadiness switch
Welcome provide:
$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 purchasing 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 steadiness 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 companion packages.
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Curiosity Charges:
21.99% buy, 21.99% money advance, N/A steadiness switch
Welcome provide:
$100 worth
Earn 10,000 Membership Rewards factors if 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 the desk under to match 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 price is among the many most beneficiant out there in Canada, and it solely will get sweeter from there on gasoline and grocery purchases, making this the most effective no-fee money again card within the nation.
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SimplyCash from American Specific
Annual payment: $0
Welcome provide: 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 |
| Earnings 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 price classes, the Tangerine Cash-Again card is a perennial favorite amongst Canadians searching for a versatile no-fee card that matches their spending habits. Cardholders choose two money again classes from a formidable listing 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 provide: Earn an additional 10% money again through 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 steadiness transfers |
| Earnings 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 possibility to spice up the worth of your rewards.
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American Specific Inexperienced Card
Annual payment: $0
Welcome provide: earn 10,000 Membership Rewards factors if 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 |
| Earnings 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 Mounted 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 utilize your bank card outdoors of Canada, most card issuers cost a 2.5% overseas transaction payment for processing purchases made in a non-Canadian forex? 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 provide: This card doesn’t have a welcome bonus at the moment.
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Earnings required | None specified |
| Credit score rating | 660 or larger |
Gold: Finest low-interest price bank card with no annual payment
At a look: Should you have a tendency to hold a bank card steadiness from month to month, the good monetary transfer could also be to prioritize low curiosity over chasing rewards. That’s the place the Desjardins Flexi Visa is available in. It presents a rock-bottom APR, making it the most effective bank card in Canada with no annual payment and low curiosity.
Desjardins Flexi Visa
Annual payment: $0
Rewards: Doesn’t provide rewards.
Welcome provide: None at the moment.
Card particulars
| Rates of interest | 10.90% on purchases and 12.90% on money advances |
| Earnings 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 could need to contemplate a secured bank card, just like the Residence Belief Secured Visa. This card presents 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 stories funds to the credit score bureaus, so utilizing the cardboard responsibly will help construct or enhance your credit score rating.
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Residence Belief Secured Visa
Annual payment: $0
Rewards: Doesn’t provide rewards.
Welcome provide: None at the moment.
Card particulars
| Rates of interest | 19.99% on purchases and 19.99% on money advances |
| Earnings required | None specified |
| Credit score rating | 300 or larger |
Steadily 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, when you by no means carry a steadiness and you utilize a no-fee card that provides money again or rewards, you’ll truly be in a greater monetary place than you’ll with out the cardboard. In lots of instances, the earn price could be decrease than with an annual-fee card; nevertheless, with a no-fee card, any rewards you earn is usually a internet optimistic—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 prevent a pleasant chunk of change on issues like overseas transaction charges, insurance coverage and rental vehicles.
Drawbacks of a no-fee bank card
- Ho-hum rewards and money again: Your reward incomes energy will 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 companies, and a couple of factors per $1 spent on journey, transit and gasoline (with every part else getting you 1 level per $1). You’ll be able to see that at these earn charges, factors can pile up fairly shortly.
- Not-so-welcoming welcome presents: 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 provided to draw new candidates are usually not as beneficiant as playing cards with annual charges.
- Fewer perks: With few exceptions, no-fee playing cards lack the perks and advantages—notably insurance coverage—that have a tendency to return with annual-fee playing cards. Sometimes (although not at all times), no-fee playing cards do embrace very fundamental protections, resembling zero legal responsibility, buy safety and prolonged guarantee, however you’ll often miss out on journey insurance coverage, concierge service and perks, resembling airport lounge entry. Finally, you’ll need to weigh these advantages towards the charges and determine whether or not a no-fee bank card works greatest 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 12 months. However make a 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 loads, however the compound curiosity you can earn makes it worthwhile. Use our compound curiosity calculator to learn how a lot you can develop your cash.
