Top 3 no annual fee credit cards
Many high-end Canadian credit cards offer perks to justify their annual fees—but for many Canadians, a no-fee credit card is non-negotiable, regardless of income or credit score. Here's our top 3 list followed by some other no fee card options by category.
Compare the best no annual fee credit cards by category
With no annual fee, you can ‘try out’ a card without losing any money and gain insights on the bank, its app, and the card's potential. But that doesn’t mean credit cards with no annual fees deliver insignificant value by comparison. Here are the best no annual fee credit cards in Canada (part of our full Best Credit Cards Canada list).
🏅 Gold: BMO Eclipse Rise Visa
20,000 points
Welcome Bonus
$374
First Year Value
$241
Annual Value
Welcome Bonus: Get 20,000 points when you spend $1,500 in the first 3 months - that's a $133 value! Expires Jan 31, 2026
Get this card if you...
- want to quickly earn points on everyday spending
- want flexible point redemption options
- value a great welcome offer
Annual Fee & Annual Interest Rates
$0
Annual Fee
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Our Take
The BMO eclipse rise Visa Card is a no-annual-fee credit card offering BMO Rewards points on everyday purchases, with elevated earn rates in categories such as groceries, dining, and recurring bill payments. It also features benefits like mobile device insurance and incentives for timely payments.
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
- Higher earn rates in everyday spending categories (dining, groceries, recurring bills)
- No annual fee
- Mobile device insurance
- Bonuses for paying your bills on time
- Balance transfer offer of 0.99% for 9 months
- No income requirements
Cons
- Point value could be stronger
Annual Interest Rates
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
0.99%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
2.00%
Balance Transfer
Rewards BMO Rewards
5x
Earn 5 BMO Rewards points for every $2 spent on recurring bills, groceries, dining and takeout.
1x
Earn 1 point for every $2 spent on everything else
7
Save up to 7 cents per litre on gas at Shell stations
5,000
Get 2,500 bonus points for paying your full credit card balance on time for 12 consecutive months. Get another 2,500 points for redeeming at least 12,000 points annually towards your statement balance.
$1,000
Get up to $1,000 of mobile device insurance
1
Get an extra year on top of the manufacturer's extended warranty
90
Get purchase security insurance on items purchases within 90 days
Insurance Benefits
$1,000
Mobile device insurance amount
Get 20,000 points when you spend $1,500 in the first 3 months - that's a $133 value!
Plus, earn up to 5,000 bonus points every year.
2,500 bonus points for redeeming at least 12,000 points annually towards your statement balance with Pay with points - that's just 1,000 points per month!
2,500 bonus points for paying your full credit card balance on time for 12 consecutive months.
Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.
Plus, enjoy three months of Instacart+ and a $5 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
*Terms and Conditions Apply
Our Take
The BMO eclipse rise Visa Card is a no-annual-fee credit card offering BMO Rewards points on everyday purchases, with elevated earn rates in categories such as groceries, dining, and recurring bill payments. It also features benefits like mobile device insurance and incentives for timely payments.
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
- Higher earn rates in everyday spending categories (dining, groceries, recurring bills)
- No annual fee
- Mobile device insurance
- Bonuses for paying your bills on time
- Balance transfer offer of 0.99% for 9 months
- No income requirements
Cons
- Point value could be stronger
Annual Interest Rates
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
0.99%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
2.00%
Balance Transfer
Rewards BMO Rewards
5x
Earn 5 BMO Rewards points for every $2 spent on recurring bills, groceries, dining and takeout.
1x
Earn 1 point for every $2 spent on everything else
7
Save up to 7 cents per litre on gas at Shell stations
5,000
Get 2,500 bonus points for paying your full credit card balance on time for 12 consecutive months. Get another 2,500 points for redeeming at least 12,000 points annually towards your statement balance.
$1,000
Get up to $1,000 of mobile device insurance
1
Get an extra year on top of the manufacturer's extended warranty
90
Get purchase security insurance on items purchases within 90 days
Insurance Benefits
$1,000
Mobile device insurance amount
Get 20,000 points when you spend $1,500 in the first 3 months - that's a $133 value!
Plus, earn up to 5,000 bonus points every year.
2,500 bonus points for redeeming at least 12,000 points annually towards your statement balance with Pay with points - that's just 1,000 points per month!
2,500 bonus points for paying your full credit card balance on time for 12 consecutive months.
Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.
Plus, enjoy three months of Instacart+ and a $5 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
*Terms and Conditions Apply
- The BMO Eclipse Rise Visa comes out on top as our Gold winner for the Best No Annual Fee credit card category as it offers exceptional value for everyday spending.
- New cardholders can claim a generous welcome bonus, making it one of the most competitive offers in its category.
- Users earn an impressive earn rates on dining, groceries, gas and public transit purchases, maximizing rewards on essential expenses.
- The card includes a balance transfer offer, making it ideal for managing or consolidating existing credit card debt at a lower cost.
- Designed for students, young professionals and budget-savvy shoppers, this card combines high earn rates with flexible reward redemption and no annual fee.
Disclosures:
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.
🥈 Silver: BMO CashBack Mastercard
5% cash back
Welcome Bonus
$401
First Year Value
$276
Annual Value
Welcome Bonus: Get up to 5% cash back in your first 3 months and a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.† Expires Jan 31, 2026
Get this card if you...
- want to earn cash back on everyday purchases
- value the flexibility to redeem cash back at any time
- value a great welcome offer
Annual Fee & Annual Interest Rates
$0
Annual Fee
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Our Take
The BMO CashBack® Mastercard®* is a no-annual-fee credit card that allows cardholders to earn cash back on everyday purchases, with elevated rates for categories such as groceries and recurring bill payments. It offers flexible redemption options and includes benefits like purchase protection and extended warranty.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
- No Annual Fee: A rare find in Canada for a cash back card
- A generous 3% cash back on groceries (up to $500 monthly)
- Easily redeem from $1, set up automatic redemptions, or use as a statement credit
- Additional perks include discounts on rentals, free supplementary cards and show discounts
Cons
- Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
- Monthly caps on top earn rates for groceries and recurring payments
- A 2% balance transfer fee applies
- The interest rate on the remaining balance transfer amount increases after the introductory period
Annual Interest Rates
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
0.99%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
Rewards cash back
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
Get up to 5% cash back in your first 3 months and a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.†
Plus, enjoy three months of Instacart+ and a $5 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
*Terms and Conditions Apply
Our Take
The BMO CashBack® Mastercard®* is a no-annual-fee credit card that allows cardholders to earn cash back on everyday purchases, with elevated rates for categories such as groceries and recurring bill payments. It offers flexible redemption options and includes benefits like purchase protection and extended warranty.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
- No Annual Fee: A rare find in Canada for a cash back card
- A generous 3% cash back on groceries (up to $500 monthly)
- Easily redeem from $1, set up automatic redemptions, or use as a statement credit
- Additional perks include discounts on rentals, free supplementary cards and show discounts
Cons
- Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
- Monthly caps on top earn rates for groceries and recurring payments
- A 2% balance transfer fee applies
- The interest rate on the remaining balance transfer amount increases after the introductory period
Annual Interest Rates
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
0.99%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
Rewards cash back
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
Get up to 5% cash back in your first 3 months and a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.†
Plus, enjoy three months of Instacart+ and a $5 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
*Terms and Conditions Apply
- The BMO CashBack Mastercard is a no annual fee cashback card that offers strong rewards on everyday purchases.
- Cardholders earn cash back on gas, making it one of the best no-fee options for commuters and frequent drivers.
- The card features a balance transfer welcome offer, providing a practical way for new users to save money on interest payments.
- With automatic monthly cashback payouts, users enjoy hassle-free rewards without the need for manual redemptions.
- It offers broad Mastercard acceptance, secure online shopping protection and access to BMO’s digital banking tools for easy account management.
Disclosures:
- *Terms and conditions apply.
-
BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
🥉Bronze: Tangerine Money-Back card
10% cash back
Welcome Bonus
$484
First Year Value
$384
Annual Value
Welcome Bonus: Earn 10% cash back for 2 months† (up to $100). Expires Jan 30, 2026
Get this card if you...
- want flexible cash back categories
- want unlimited cash back
- want to avoid paying an annual fee
Annual Fee & Annual Interest Rates
$0
Annual Fee
19.95% - 24.95%
Purchase
19.95%
Cash Advance
1.95% - 19.95%
Balance Transfer
Our Take
The Tangerine Money-Back Credit Card is a no-annual-fee cash back card that allows cardholders to earn a higher cash back rate in two spending categories of their choice, such as groceries, gas, or restaurants, and a lower rate on all other purchases. By opening a Tangerine Savings Account and directing cash back earnings there, a third higher rate cash back category can be added. Additional benefits include purchase assurance and extended warranty protection, with cash back rewards automatically applied monthly.
Eligibility
Good (620 - 670)
Recommended Credit Score
$12,000
Required Annual Personal Income
Pros
- No annual fee
- Choose the spending categories where you want to earn the most cash back
- Unlimited cash back—no maximum spending limit for any purchase category
- Cash back is paid out monthly rather than annually
- Periodically includes a special welcome offer where you can get extra cash back
- 1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*
Cons
- Regular cash back rates are still lower than what you can get from a card with an annual fee
- Limited extra perks or benefits beyond the cash back and balance transfer promotion
- Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart
- Tangerine does not have any physical bank branches
Annual Interest Rates
19.95% - 24.95%
Purchase
19.95%
Cash Advance
1.95% - 19.95%
Balance Transfer
1.95%
Balance Transfer (Introductory)
24.95%
Penalty
Fees
$0
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
$3.5
Cash Advance
$25
Over The Limit Penalty
$25
Return Penalty
Rewards cash back
2%
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3
Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5%
Earn 0.50% on all your other everyday purchases.
Earn 10% cash back for 2 months† (up to $100).
Our Take
The Tangerine Money-Back Credit Card is a no-annual-fee cash back card that allows cardholders to earn a higher cash back rate in two spending categories of their choice, such as groceries, gas, or restaurants, and a lower rate on all other purchases. By opening a Tangerine Savings Account and directing cash back earnings there, a third higher rate cash back category can be added. Additional benefits include purchase assurance and extended warranty protection, with cash back rewards automatically applied monthly.
Eligibility
Good (620 - 670)
Recommended Credit Score
$12,000
Required Annual Personal Income
Pros
- No annual fee
- Choose the spending categories where you want to earn the most cash back
- Unlimited cash back—no maximum spending limit for any purchase category
- Cash back is paid out monthly rather than annually
- Periodically includes a special welcome offer where you can get extra cash back
- 1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*
Cons
- Regular cash back rates are still lower than what you can get from a card with an annual fee
- Limited extra perks or benefits beyond the cash back and balance transfer promotion
- Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart
- Tangerine does not have any physical bank branches
Annual Interest Rates
19.95% - 24.95%
Purchase
19.95%
Cash Advance
1.95% - 19.95%
Balance Transfer
1.95%
Balance Transfer (Introductory)
24.95%
Penalty
Fees
$0
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
$3.5
Cash Advance
$25
Over The Limit Penalty
$25
Return Penalty
Rewards cash back
2%
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3
Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5%
Earn 0.50% on all your other everyday purchases.
Earn 10% cash back for 2 months† (up to $100).
- The card provides flexibility, allowing users to tailor their rewards to match personal spending patterns and priorities.
-
With its max 2% cash back rate and an unlimited, choose-your-own cash back policy, the Tangerine Money-Back Credit Card has become one of the most popular no annual fee credit cards in Canada.
- Cashback is automatically deposited into your account, ensuring seamless and convenient access to your earned rewards.
- It also comes with valuable Mastercard perks, such as purchase protection and extended warranties, adding extra value and security to purchases.
Best no annual fee Visa card in Canada
0% intro rate
Welcome Bonus
$271
First Year Value
$171
Annual Value
Get this card if you...
- want to earn cash back with no annual fee
- value a good welcome offer
- don't need comprehensive insurance benefits
Annual Fee & Annual Interest Rates
$0
Annual Fee
19.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Our Take
The Scotiabank Momentum® No-Fee Visa* Card is a no-annual-fee credit card offering cash back on everyday purchases, with elevated rates for spending at gas stations, grocery stores, drug stores, and on recurring bill payments. It also routinely comes with a generous welcome bonus.
Eligibility
Fair (300 - 619)
Recommended Credit Score
Pros
- No annual fee: The card does not charge an annual fee, making it cost-effective for users.
- Cash back rewards: Offers 1% cash back on eligible gas, groceries, drugstore purchases and recurring bill payments.
- Welcome bonus: There is a welcome bonus of 5% cash back on up to $2,000 in eligible purchases within the first three months.
- Promotional balance Transfer Rate: A promotional 0% annual interest rate on balance transfers for the first six months (with a 2% balance transfer fee).
- Rental car discounts: Cardholders can save up to 25% off base rates at participating AVIS and Budget locations in Canada and the U.S.
Cons
- Limited insurance: No included insurance coverage, though optional insurance bundles are available for a fee.
- Low base rewards rate: After exceeding the $25,000 spending cap, the cash back rewards drop to a base rate of 0.5%.
- Rigid redemption process: Cash back is accumulated monthly but can only be redeemed once annually in November.
- Balance transfer fee: There is a 2% balance transfer fee when utilizing the promotional balance transfer rate.
- Foreign transaction fee: The card charges a 2.5% foreign transaction fee on purchases made in a foreign currency.
- Limited perks: Compared to other no-fee cards, the Scotiabank Momentum No-Fee Visa Card offers fewer perks and lower reward rates.
Annual Interest Rates
19.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
0.00%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
2.50%
Foreign Transaction
$5
Cash Advance
$29
Over The Limit Penalty
Rewards cash back
1%
Cash back at gas stations, grocery stores, drugs stores, and on recurring payments.
0.5%
Cash back on all other eligible purchases.
25%
Off base rates at Avid and Budget locations in North America.
Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases); Plus, get a 0% introductory interest rate on balance transfers for the first 6 months (22.99% after that; annual fee $0).
The 5% Cash Back and Introductory 0% Balance Transfer Rate Offer (the “Offer”) applies only to new Scotiabank Momentum No-Fee Visa credit card accounts (“Accounts”) that are opened between March 3, 2025 and October 31, 2025 (regardless of the date you apply for the Account) and is subject to the terms and conditions. All other terms and conditions of the Program Terms continue to apply during the Offer Period. Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers.
A balance transfer fee of 2% of the amount of each Cash Advance transferred or made during the Promotional Period applies (minimum fee of $5.00).
*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
Rates, fees, offers and other information are effective as of July 2, 2025. Subject to change.
Our Take
The Scotiabank Momentum® No-Fee Visa* Card is a no-annual-fee credit card offering cash back on everyday purchases, with elevated rates for spending at gas stations, grocery stores, drug stores, and on recurring bill payments. It also routinely comes with a generous welcome bonus.
Eligibility
Fair (300 - 619)
Recommended Credit Score
Pros
- No annual fee: The card does not charge an annual fee, making it cost-effective for users.
- Cash back rewards: Offers 1% cash back on eligible gas, groceries, drugstore purchases and recurring bill payments.
- Welcome bonus: There is a welcome bonus of 5% cash back on up to $2,000 in eligible purchases within the first three months.
- Promotional balance Transfer Rate: A promotional 0% annual interest rate on balance transfers for the first six months (with a 2% balance transfer fee).
- Rental car discounts: Cardholders can save up to 25% off base rates at participating AVIS and Budget locations in Canada and the U.S.
Cons
- Limited insurance: No included insurance coverage, though optional insurance bundles are available for a fee.
- Low base rewards rate: After exceeding the $25,000 spending cap, the cash back rewards drop to a base rate of 0.5%.
- Rigid redemption process: Cash back is accumulated monthly but can only be redeemed once annually in November.
- Balance transfer fee: There is a 2% balance transfer fee when utilizing the promotional balance transfer rate.
- Foreign transaction fee: The card charges a 2.5% foreign transaction fee on purchases made in a foreign currency.
- Limited perks: Compared to other no-fee cards, the Scotiabank Momentum No-Fee Visa Card offers fewer perks and lower reward rates.
Annual Interest Rates
19.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
0.00%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
2.50%
Foreign Transaction
$5
Cash Advance
$29
Over The Limit Penalty
Rewards cash back
1%
Cash back at gas stations, grocery stores, drugs stores, and on recurring payments.
0.5%
Cash back on all other eligible purchases.
25%
Off base rates at Avid and Budget locations in North America.
Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases); Plus, get a 0% introductory interest rate on balance transfers for the first 6 months (22.99% after that; annual fee $0).
The 5% Cash Back and Introductory 0% Balance Transfer Rate Offer (the “Offer”) applies only to new Scotiabank Momentum No-Fee Visa credit card accounts (“Accounts”) that are opened between March 3, 2025 and October 31, 2025 (regardless of the date you apply for the Account) and is subject to the terms and conditions. All other terms and conditions of the Program Terms continue to apply during the Offer Period. Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers.
A balance transfer fee of 2% of the amount of each Cash Advance transferred or made during the Promotional Period applies (minimum fee of $5.00).
*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
Rates, fees, offers and other information are effective as of July 2, 2025. Subject to change.
- If you’re looking for a no-fee, no-frills credit card that’ll let you earn points as you spend on essentials, the Scotiabank Momentum No-Fee Visa Card might be right for you.
- The card is designed to help you earn points on your everyday purchases, including gas, groceries, drugstore purchases, and recurring bill payments.
- You'll earn a 1% cash back rate on these categories, making it perfect for those who want to earn rewards on their routine spending.
Disclosures:
-
*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
Best no fee Mastercard with insurance perks
$120
Welcome Bonus
$363
First Year Value
$243
Annual Value
Welcome Bonus: Get $120 with a Money-Back World Mastercard®* when you spend $1,500 in your first 3 months. Expires Jan 30, 2026
Get this card if you...
- want flexible cash back categories
- want great perks like lounge access
- want to avoid paying an annual fee
Annual Fee & Annual Interest Rates
$0
Annual Fee
20.95%
Purchase
22.95%
Cash Advance
22.95%
Balance Transfer
Our Take
The Tangerine® Money-Back World Mastercard®* is a no-annual-fee cash back credit card that allows cardholders to earn a higher cash back rate in two spending categories of their choice, such as groceries, gas, or restaurants, and a lower rate on all other purchases. By opting to deposit cash back rewards into a Tangerine Savings Account, cardholders can select a third higher rate cash back category. Additional benefits include mobile device insurance, access to over one million Wi-Fi hotspots worldwide through Boingo, and Mastercard Travel Pass provided by DragonPass, which offers access to over 1,300 airport lounges globally (though usage fees apply).
Eligibility
Good (620 - 670)
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Pros
- No annual fee
- Unlimited money-back rewards
- High 2% earn rate
- Exclusive experiences through MasterCard
Cons
- $60,000 minimum income requirement
- Travel insurance would be a welcome addition to the travel-related benefits
Annual Interest Rates
20.95%
Purchase
22.95%
Cash Advance
22.95%
Balance Transfer
1.95%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
$3.5
Cash Advance
$25
Over The Limit Penalty
$25
Return Penalty
Rewards cash back
2%
Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more)
3
Get a Tangerine Savings account and get a 3rd 2% cash back category.
1
Boingo Hotspot membership for Wi-Fi at airports and on planes
1
A DragonPass membership to airport lounges (no passes)
$1000
Mobile device insurance up to $1,0000
$60,000
Purchase assurance and extended warranty protection up to $60,000 lifetime
Insurance Benefits
$1,000
Mobile device insurance amount
$60,000
Rental car insurance amount
Get $120 with a Money-Back World Mastercard®* Spend $1,500 in your first 3 months to enjoy this Bonus.
Also, pay 1.95% interest for 6 months on Balance Transfers† – Transfer any high-interest credit card balances to your Tangerine Credit Card and enjoy a promotional 1.95% interest.
Terms and Conditions Apply.
Our Take
The Tangerine® Money-Back World Mastercard®* is a no-annual-fee cash back credit card that allows cardholders to earn a higher cash back rate in two spending categories of their choice, such as groceries, gas, or restaurants, and a lower rate on all other purchases. By opting to deposit cash back rewards into a Tangerine Savings Account, cardholders can select a third higher rate cash back category. Additional benefits include mobile device insurance, access to over one million Wi-Fi hotspots worldwide through Boingo, and Mastercard Travel Pass provided by DragonPass, which offers access to over 1,300 airport lounges globally (though usage fees apply).
Eligibility
Good (620 - 670)
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Pros
- No annual fee
- Unlimited money-back rewards
- High 2% earn rate
- Exclusive experiences through MasterCard
Cons
- $60,000 minimum income requirement
- Travel insurance would be a welcome addition to the travel-related benefits
Annual Interest Rates
20.95%
Purchase
22.95%
Cash Advance
22.95%
Balance Transfer
1.95%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
$3.5
Cash Advance
$25
Over The Limit Penalty
$25
Return Penalty
Rewards cash back
2%
Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more)
3
Get a Tangerine Savings account and get a 3rd 2% cash back category.
1
Boingo Hotspot membership for Wi-Fi at airports and on planes
1
A DragonPass membership to airport lounges (no passes)
$1000
Mobile device insurance up to $1,0000
$60,000
Purchase assurance and extended warranty protection up to $60,000 lifetime
Insurance Benefits
$1,000
Mobile device insurance amount
$60,000
Rental car insurance amount
Get $120 with a Money-Back World Mastercard®* Spend $1,500 in your first 3 months to enjoy this Bonus.
Also, pay 1.95% interest for 6 months on Balance Transfers† – Transfer any high-interest credit card balances to your Tangerine Credit Card and enjoy a promotional 1.95% interest.
Terms and Conditions Apply.
- The Tangerine World Mastercard is very similar to the previously mentioned Tangerine Money-Back, just with more to love. Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more) 0.5% back on everything else.
- Where the World Mastercard version shines, however, is its impressive insurance and travel perks. Cardholders enjoy access to premium travel insurance protections and travel perks like Boingo Wi-Fi and more.
Best Canadian no annual fee card for Amazon
5% back
Welcome Bonus
$474
First Year Value
$324
Annual Value
Welcome Bonus: Get 5% back at Amazon.ca, Whole Foods Market stores in Canada, grocery stores and restaurants for the first 6 months† ($3,000 total spending cap).
Get this card if you...
- shop at Amazon.ca or Whole Foods and want cash back rewards
- want to save on fx fees with rewards on international purchases
- want no annual fee while still earning great rewards
Annual Fee & Annual Interest Rates
$0
Annual Fee
19.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Our Take
The Amazon.ca Rewards Mastercard® is a no-annual-fee credit card tailored for frequent Amazon.ca and Whole Foods Market shoppers, offering cash back on eligible purchases. Cardholders can redeem earned rewards as Amazon.ca gift cards, enhancing their shopping experience.
Eligibility
Fair (300 - 619)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
- No annual fee
- Good returns on Amazon.ca, Whole Foods Market stores and foreign currency transactions
- Competitive welcome bonus
- Serviceable for regular Costco and No Frills shoppers
Cons
- Earning maximum rewards requires paying for Amazon Prime
- Other cards have higher earn rates on non-Amazon.ca purchases
- Rewards points are only redeemable for Amazon.ca gift cards
- Relatively few Whole Foods locations in Canada
Annual Interest Rates
19.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Fees
$0
Annual Fee
1.50%
Foreign Transaction
1.00%
Balance Transfer
Rewards cash back
2.5%
Earn 2.5% on eligible purchases at Amazon.ca and Whole Foods Market stores for eligible Prime members (1.5% back for non-members)‡
2.5%
Get 2.5% back on eligible foreign currency transactions for eligible Prime members (1% back for non-members)‡
1%
Get 1% back on eligible purchases everywhere else Mastercard is accepted.‡
Get 5% back at Amazon.ca, Whole Foods Market stores in Canada, grocery stores and restaurants! Valid for the first 6 months, on your first $3,000 in eligible purchases†.
Our Take
The Amazon.ca Rewards Mastercard® is a no-annual-fee credit card tailored for frequent Amazon.ca and Whole Foods Market shoppers, offering cash back on eligible purchases. Cardholders can redeem earned rewards as Amazon.ca gift cards, enhancing their shopping experience.
Eligibility
Fair (300 - 619)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
- No annual fee
- Good returns on Amazon.ca, Whole Foods Market stores and foreign currency transactions
- Competitive welcome bonus
- Serviceable for regular Costco and No Frills shoppers
Cons
- Earning maximum rewards requires paying for Amazon Prime
- Other cards have higher earn rates on non-Amazon.ca purchases
- Rewards points are only redeemable for Amazon.ca gift cards
- Relatively few Whole Foods locations in Canada
Annual Interest Rates
19.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Fees
$0
Annual Fee
1.50%
Foreign Transaction
1.00%
Balance Transfer
Rewards cash back
2.5%
Earn 2.5% on eligible purchases at Amazon.ca and Whole Foods Market stores for eligible Prime members (1.5% back for non-members)‡
2.5%
Get 2.5% back on eligible foreign currency transactions for eligible Prime members (1% back for non-members)‡
1%
Get 1% back on eligible purchases everywhere else Mastercard is accepted.‡
Get 5% back at Amazon.ca, Whole Foods Market stores in Canada, grocery stores and restaurants! Valid for the first 6 months, on your first $3,000 in eligible purchases†.
- Of all the no annual fee cards, we like the MBNA Amazon.ca Rewards Mastercard because of how well it performs with its namesake brand. Eligible Prime members get 2.5% back on eligible purchases at Amazon.ca and Whole Foods Market stores. Get 1% back on eligible purchases everywhere else Mastercard is accepted.
- So, if you value cash back and online shopping, the MBNA Amazon.ca Rewards credit card is a great option to consider. Oh, it works for regular Costco or No Frills shoppers, too!
Best no fee travel credit card
up to 10,000 points
Welcome Bonus
$430
First Year Value
$330
Annual Value
Welcome Bonus: Earn up to 10,000 Aventura Points† for no annual fee.
Get this card if you...
- want to earn Aventura points with no annual fee
- value travel perks, including comprehensive travel insurance
- value a great welcome offer
Annual Fee & Annual Interest Rates
$0
Annual Fee
20.99%†
Purchase
22.99%†
Cash Advance
22.99%†
Balance Transfer
Our Take
The CIBC Aventura® Visa* Card is a no-annual-fee credit card that allows cardholders to earn Aventura Points on everyday purchases, with accelerated rates for eligible travel booked through the CIBC Rewards Centre, as well as at gas stations, EV charging stations, grocery stores, and drug stores. It also comes with benefits such as purchase security and extended protection.
Eligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Household Income
Pros
- Easy to earn welcome bonus
- Points can be earned on all purchases
- Use Aventura Points to cover full airfare including taxes and fees
- Can book with any airline with no blackout periods and points don’t expire†
Cons
- Lower earn rate than some other travel cards on the market
Annual Interest Rates
20.99%†
Purchase
22.99%†
Cash Advance
22.99%†
Balance Transfer
25.99%†
Penalty
Fees
$0
Annual Fee
2.50%†
Foreign Transaction
$5
Cash Advance
$29
Over The Limit Penalty
$42.5
Return Penalty
Rewards Aventura
1
point for every $1 spent at eligible gas stations, EV charging, grocery stores and drug stores†
1
point for every $1 spent on travel purchased through the CIBC Rewards Centre†
1
point for every $2 spent on all other purchases†
Insurance Benefits
$100,000
Travel accident insurance amount
$65,000
Rental car insurance amount
Get up to 10,000 Aventura Points (up to $100 in travel value).†
2,500 Aventura Points when you complete all five of these activities within 60 days of your CIBC Aventura® Visa* card account approval.†
7,500 Aventura Points after you make your first purchase within the first 4 monthly statement periods.†
Our Take
The CIBC Aventura® Visa* Card is a no-annual-fee credit card that allows cardholders to earn Aventura Points on everyday purchases, with accelerated rates for eligible travel booked through the CIBC Rewards Centre, as well as at gas stations, EV charging stations, grocery stores, and drug stores. It also comes with benefits such as purchase security and extended protection.
Eligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Household Income
Pros
- Easy to earn welcome bonus
- Points can be earned on all purchases
- Use Aventura Points to cover full airfare including taxes and fees
- Can book with any airline with no blackout periods and points don’t expire†
Cons
- Lower earn rate than some other travel cards on the market
Annual Interest Rates
20.99%†
Purchase
22.99%†
Cash Advance
22.99%†
Balance Transfer
25.99%†
Penalty
Fees
$0
Annual Fee
2.50%†
Foreign Transaction
$5
Cash Advance
$29
Over The Limit Penalty
$42.5
Return Penalty
Rewards Aventura
1
point for every $1 spent at eligible gas stations, EV charging, grocery stores and drug stores†
1
point for every $1 spent on travel purchased through the CIBC Rewards Centre†
1
point for every $2 spent on all other purchases†
Insurance Benefits
$100,000
Travel accident insurance amount
$65,000
Rental car insurance amount
Get up to 10,000 Aventura Points (up to $100 in travel value).†
2,500 Aventura Points when you complete all five of these activities within 60 days of your CIBC Aventura® Visa* card account approval.†
7,500 Aventura Points after you make your first purchase within the first 4 monthly statement periods.†
- We love the CIBC Aventura® Visa* thanks to its generous sign-up bonus for new accounts:
-
Get up to 10,000 Aventura Points (up to $100 in travel value).†
2,500 Aventura Points when you complete all five of these activities within 60 days of your CIBC Aventura® Visa* card account approval.†
7,500 Aventura Points after you make your first purchase within the first 4 monthly statement periods.†
- But, the fact they throw in travel accident insurance and credit card rental car insurance is the biggest plus that you won't find with many other no annual fee travel cards.
Disclosures:
- †Terms and Conditions Apply. This offer is not available in Quebec.
- The information for the CIBC Aventura® Visa* Card been collected independently by Money.ca. The card details on this page have not been reviewed or provided by the card issuer.
Best no fee low-interest card
0% intro rate
Welcome Bonus
$0
First Year Value
$0
Annual Value
Welcome Bonus: Get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening.
Get this card if you...
- want a low interest rate with no annual fee
- value extended warranty and purchase protection
- want to pay down existing credit card debt
Annual Fee & Annual Interest Rates
$0
Annual Fee
12.99%
Purchase
24.99%
Cash Advance
17.99%
Balance Transfer
Our Take
The MBNA True Line® Mastercard® is a no-annual-fee credit card designed for individuals seeking a low-interest option for managing their finances. It offers a competitive interest rate on purchases and balance transfers, along with benefits such as fraud protection and discounts on car rentals.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
- Solid welcome offer: 12 months of 0% APR† on balance transfers✪ made within the first 90 days (3% transfer fee applies)
- No annual fee or minimum income requirement
- Low standard interest rate of 12.99% for all new purchases charged to the card
- Some extra perks like fraud protection and a discount on car rentals
Cons
- 3% balance transfer fee is comparatively high
- Very high cash advance interest rate of 24.99%
- No insurance benefits
- Can’t transfer a balance owed to either MBNA or TD
Annual Interest Rates
12.99%
Purchase
24.99%
Cash Advance
17.99%
Balance Transfer
0.00%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
Rewards
0%
Promotional annual interest rate† (a 3% transfer fee applies) for 12 months on any balance transfer✪ completed within 90 days of opening the account.
100%
This card is made from 100% recycled plastic
Our Take
The MBNA True Line® Mastercard® is a no-annual-fee credit card designed for individuals seeking a low-interest option for managing their finances. It offers a competitive interest rate on purchases and balance transfers, along with benefits such as fraud protection and discounts on car rentals.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
- Solid welcome offer: 12 months of 0% APR† on balance transfers✪ made within the first 90 days (3% transfer fee applies)
- No annual fee or minimum income requirement
- Low standard interest rate of 12.99% for all new purchases charged to the card
- Some extra perks like fraud protection and a discount on car rentals
Cons
- 3% balance transfer fee is comparatively high
- Very high cash advance interest rate of 24.99%
- No insurance benefits
- Can’t transfer a balance owed to either MBNA or TD
Annual Interest Rates
12.99%
Purchase
24.99%
Cash Advance
17.99%
Balance Transfer
0.00%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
Rewards
0%
Promotional annual interest rate† (a 3% transfer fee applies) for 12 months on any balance transfer✪ completed within 90 days of opening the account.
100%
This card is made from 100% recycled plastic
- Canadians looking to consolidate their other credit card balances or lines of credit under one low rate can do so with this card at no annual fee.
- The MBNA True Line Mastercard credit card offers a great welcome offer. Get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening.
- Plus, the purchase APR is 12.99% so you won’t have to feel so guilty for using it when you shop. It’s also worthwhile to note that MBNA offers a slightly different card (the MBNA True Line® Gold Mastercard® credit card) to those who would pay a small annual fee in exchange for a lower standard rate on balance transfers and purchases.
Disclosures:
-
†, ✪, Terms and Conditions apply.
This offer is not available for residents of Quebec. For residents of Quebec, please click here.
Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.
The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.
Best no fee annual fee credit card with reward points
up to 10,000 points
Welcome Bonus
$860
First Year Value
$360
Annual Value
Welcome Bonus: Earn 4 points per $1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases until $10,000 is spent annually. Plus, earn up to 10,000 bonus points†.
Get this card if you...
- want to earn rewards on everyday purchases such as groceries
- value flexible redemption options
- want to avoid paying any annual fees
Annual Fee & Annual Interest Rates
$0
Annual Fee
21.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Our Take
The MBNA Rewards Platinum Plus® Mastercard® is a no-annual-fee credit card that allows cardholders to earn rewards points on everyday purchases, with accelerated rates in categories such as groceries, restaurants, digital media, memberships, and household utilities. These points can be redeemed flexibly for travel, merchandise, gift cards, or cash back, providing versatility to suit various spending habits and preferences.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
- No annual fee
- Accelerated rewards on groceries, restaurants, and more
- Simple point structure with flexible redemption options
- Generous introductory bonus of up to 10,000 points
- No cap on total points earned
Cons
- Lower cash back redemption rate compared to designated cash back cards
- Limited benefits beyond rewards
- Points system may not appeal to cash back enthusiasts
- Higher earning categories have a spending cap of $10,000 annually
- Better suited for travel rewards than cash back
Annual Interest Rates
21.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Fees
$0
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
Rewards MBNA Rewards
10,000
Get up to 10,000 MBNA Rewards points†† as an introductory bonus (see details below)
Insurance Benefits
$1,000
Mobile device insurance amount
For the first 90 days of account opening, new cardholders will earn an additional 2 points/$1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases (on top of the regular earn rate of 2 points/$1 spent) until $10,000 is spent annually in each category.
Plus, new cardholders can get up to 10,000 bonus MBNA Rewards points †† when they sign up for paperless e-statements (5,000 points†) and make $500 or more in purchases within the first 90 days (another 5,000 points†).
Our Take
The MBNA Rewards Platinum Plus® Mastercard® is a no-annual-fee credit card that allows cardholders to earn rewards points on everyday purchases, with accelerated rates in categories such as groceries, restaurants, digital media, memberships, and household utilities. These points can be redeemed flexibly for travel, merchandise, gift cards, or cash back, providing versatility to suit various spending habits and preferences.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
- No annual fee
- Accelerated rewards on groceries, restaurants, and more
- Simple point structure with flexible redemption options
- Generous introductory bonus of up to 10,000 points
- No cap on total points earned
Cons
- Lower cash back redemption rate compared to designated cash back cards
- Limited benefits beyond rewards
- Points system may not appeal to cash back enthusiasts
- Higher earning categories have a spending cap of $10,000 annually
- Better suited for travel rewards than cash back
Annual Interest Rates
21.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Fees
$0
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
Rewards MBNA Rewards
10,000
Get up to 10,000 MBNA Rewards points†† as an introductory bonus (see details below)
Insurance Benefits
$1,000
Mobile device insurance amount
For the first 90 days of account opening, new cardholders will earn an additional 2 points/$1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases (on top of the regular earn rate of 2 points/$1 spent) until $10,000 is spent annually in each category.
Plus, new cardholders can get up to 10,000 bonus MBNA Rewards points †† when they sign up for paperless e-statements (5,000 points†) and make $500 or more in purchases within the first 90 days (another 5,000 points†).
- As one of Canada's best no fee credit cards, MBNA offers rewards on digital media memberships, bills, groceries, and dining/restaurant purchases (a hefty portion of most monthly bills).
- Earn 2 MBNA Rewards points for every $1 spent†† in several categories, including groceries, restaurants, digital media, memberships, and household utilities. Earn 1 MBNA Rewards point for every $1 spent†† on any eligible purchase made with the card.
Disclosures:
-
‡, ††, ✪, ***, Terms and Conditions apply.
This offer is not available for residents of Quebec. For residents of Quebec, please click here.
Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.
The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.
No annual fee credit card pros and cons
Pros
- Cost savings: The most obvious benefit - you’re not paying a yearly fee just to keep the card in your wallet
- Less pressure to max out: Without an annual fee to offset, you don’t need to stress about whether you’re getting enough value from the card to justify its cost
- Great for beginners or occasional users: Perfect for those new to credit cards or building credit, as they’re often easier to qualify for and have lower risk. If you don’t use credit cards frequently, a no-fee card ensures you’re not paying for something you rarely use
Cons
- Basic insurance: You might snag purchase protection or extended warranty coverage, even without the annual fee
- Higher APR: Some no-fee cards compensate with higher APRs, so carrying a balance could be more costly
- Foreign transaction fees: Many no-fee cards charge fees (often around 2.5%) on purchases made in foreign currencies
How-To
How to negotiate a credit card's annual fee
It's possible to negotiate your credit card's annual fee, but it's not a sure thing. Call your credit card company and politely ask if they can waive the annual fee. Make sure to highlight your loyalty as a customer and your good payment history. Additionally, some banks offer annual fee waivers on credit cards as part of their premium chequing account packages.
Cory Santos
Credit card editor
When is a credit card annual fee worth paying?
The best no annual fee credit card is the one that aligns perfectly with your spending habits and financial goals. Whether you're a cash back enthusiast, a travel rewards junkie, or simply looking to build your credit, there's a no-fee card out there with your name on it.
Remember, just because you're not paying an annual fee doesn't mean you should settle for less. The right no-fee card can offer a treasure trove of perks, from juicy welcome bonuses to robust insurance coverage. It's like finding a loonie on the sidewalk every time you swipe!
Best no annual fee credit cards in Canada FAQs
Cory Santos
Senior Reporter
Cory Santos is a finance writer, editor and credit card expert with nearly a decade of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, BlogTO, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk. He's also the creator and author of the annual Money.ca Credit Card Awards.
Tyler Wade
Personal finance content strategist & writer
Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca.
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Disclaimer
The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.
†Terms and Conditions apply.