Best No Fee Credit Cards in Canada to Help You Minimize Costs in 2022

Are you tired of credit card fees?

Luckily, we did our research and found the 5 best no-fee credit cards in Canada, to help you save some money on fees. Stay put as we go over them and provide our reviews based on:

  • Interest rates
  • Minimum income requirements
  • Recommended credit score and more.

Let’s jump right in!

Show more

5 Best No Fee Credit Cards in Canada: A Glimpse in 2022

1. Tangerine World Mastercard

Tangerine's World Mastercard has attractive benefits like personalized categories, unlimited monthly Money-Back rewards, as well as useful travel and airport perks.

  • 2% cashback on selected categories
  • Low balance transfer rate
  • Mobile device insurance

Tangerine's World Mastercard has attractive benefits like personalized categories, unlimited monthly Money-Back rewards, as well as useful travel and airport perks.

2. Rogers World Elite Mastercard

The Rogers World Elite Mastercard steals the spotlight with its attractive 1.5% cash back rate on all eligible purchases paired with a $0 fee. Additionally, travel enthusiasts can enjoy 6 different types of travel and purchase insurance.

  • 3% cash back on purchases made in U.S Dollars
  • $15,000 spending limit per year
  • Access to over 1,000 LoungeKey Aiport Lounges

The Rogers World Elite Mastercard steals the spotlight with its attractive 1.5% cash back rate on all eligible purchases paired with a $0 fee. Additionally, travel enthusiasts can enjoy 6 different types of travel and purchase insurance.

3. MBNA Smart Cash Platinum Plus Mastercard

The MBNA Smart Cash Platinum Plus Mastercard is an excellent option for individuals with good credit scores, as it doesn't have income requirements. What's more, new users can earn 5% cash back on gas and grocery purchases during the first 6 months of their membership.

  • Standard annual interest rate
  • Free additional cardholders
  • 1 year extended warranty, 90 days purchase protection

The MBNA Smart Cash Platinum Plus Mastercard is an excellent option for individuals with good credit scores, as it doesn't have income requirements. What's more, new users can earn 5% cash back on gas and grocery purchases during the first 6 months of their membership.

4. Simplii Financial™ Cash Back Visa Card

If you enjoy getting cash back on everyday purchases, the Simplii Financial Cash Back Visa Card is a great choice. On top of that, cardholders can add up to 3 additional cardholders, as well as enjoy perks like payment app integration, protection insurance, and more.

  • Generous cashback rates
  • Option to send money abroad without additional fees
  • First-time users can accumulate an average of $354 per month

If you enjoy getting cash back on everyday purchases, the Simplii Financial Cash Back Visa Card is a great choice. On top of that, cardholders can add up to 3 additional cardholders, as well as enjoy perks like payment app integration, protection insurance, and more.

5. RBC Cash Back Mastercard

Passionate grocery shoppers will love the cash back offers and additional benefits of RBC's card, including extended warranty, roadside assistance, identity protection, and many more. The card is also a great entry-level option thanks to its easy approval requirements.

  • Free Door Dash deliveries for orders over $12 if you pay with your RBC Mastercard
  • 20% more Petro-Points
  • No fee for additional cards

Passionate grocery shoppers will love the cash back offers and additional benefits of RBC's card, including extended warranty, roadside assistance, identity protection, and many more. The card is also a great entry-level option thanks to its easy approval requirements.

Detailed Reviews

  • ✅ Low balance transfer rate
  • ✅ Rental car insurance
  • ✅ Mobile device insurance
  • ⛔️ Strict eligibility requirements
  • ⛔️ No welcome bonus
  • Rating: 8.9
  • Annual fee: $0
  • Interest rate: 19.95%
  • Minimum Income: $60,000
  • Recommended credit score: N/A

The Tangerine World Elite Mastercard does not require a certain credit score to issue a card, which is amazing and kind of rare these days. However, the requirements for the card are as follows:

  • An annual personal income of at least $60,000 or
  • An annual household income of $100,000 or
  • Total balances of $250,000 or more in Tangerine savings accounts and/or investment fund accounts.

Should you get the card, you will be enjoying countless benefits, including 2% cashback on selected categories and 0.50/5 on everything else, Boingo Wi-Fi for Mastercard, on-demand and subscription services, travel rewards, as well as Mastercard Airport Experiences provided by LoungeKey. Doesn’t this sound like the best no fee Mastercard in Canada?

Finally, if you find yourself in a country where you cannot pay in dollars, the Tangerine World Elite foreign currency conversion fee is only 2.50%.

  • ✅ $15,000 spending limit per year
  • ✅ 3% cashback rewards on US purchases
  • ✅ Superior insurance coverage
  • ⛔️ No foreign purchase earning rates in foreign countries
  • ⛔️ Personal income of $80,000 or a combined household income of $150,000 required
  • Rating: 9.8
  • Annual fee: $0
  • Interest rate: 19.99% – 22.99%
  • Minimum Income: $80,000 per year
  • Recommended credit score: Very good

Apart from literally asking $0 in annual fees, the Rogers World Elite card also offers a $25 welcome bonus. What’s more, you get 1.5% unlimited cash back rewards on selected purchases. 

The card also brings some generous travel benefits, including over 1,000 LoungeKey airport lounges in over 100 countries, free Boingo WiFi at more than 1 million hotspots in the world but also some cash rebate offers.

This Rogers Bank credit card has taken insurance into consideration as well, covering extended warranty and purchase protection, rental damages, out-of-province/country emergency medical, as well as trip interruption and cancellation.

  • ✅ 5% cashback for the first 6 months
  • ✅ Standard annual interest rate
  • ✅ Free additional cardholders
  • ⛔️ $500 monthly limit on maximum cashback
  • ⛔️ Other competitors offer more than 0.5% cashback after the six months period
  • Rating: 9.5
  • Annual fee: $0
  • Interest rate: 19.99% – 24.99%
  • Minimum Income: $0
  • Recommended credit score: Good

The MBNA Smart Cash card offers a solid 0.5% cash back on general purchases. But there’s a surprise. The card will give you back no less than 5% on eligible gas and grocery purchases for the first six months, after which the cashback rate goes down to 2%, making it one of the best cash back credit cards.

What’s more, you get a juicy $81 welcome bonus after spending your first $2000. 

The card comes with a 1 year extended warranty, 90 days purchase protection, up to $1,000,000 reimbursement in travel accidents and up to $2,000 reimbursement in case of trip interruptions. 

But that’s not all, getting the MBNA Smart Cash offers even more benefits, such as rental car theft and damage reimbursement, up to $200,000 reimbursement in case of a rental car accident as well as up to $1,000 reimbursement should any rental car personal effects occur.

  • ✅ Generous cashback rates
  • ✅ 10% cashback welcome bonus for the first four months
  • ✅ Option to send money abroad without additional fees
  • ⛔️ Only two types of insurance
  • ⛔️ Cashback categories, excluding the general purchases, have spending caps
  • Rating: 9.2
  • Annual fee: $0
  • Interest rate: 19.99% – 22.99%
  • Minimum Income: $15,000
  • Recommended credit score: Good – Very Good

When speaking of no annual fee credit cards, we can’t leave out the Simplii Financial Cash Back Visa.

According to Simplii Financial, first-time users accumulate no less than an average of $354, with experienced users who know the nitty-gritty able to accumulate even more. This can be an amazing earning opportunity for anyone, so let’s check out the details.

This Simplii Cash Back Visa lets you earn 4% on purchases at selected restaurants, bars and coffee shops, up to $5,000 per year, or approximately $400 per month. Furthermore, the card offers a 1.5% cashback on selected gas, groceries and drugstore payments with an upper limit of $15,000 per year, or around $700 on a monthly basis.

That’s still not all. Given how every purchase is rewarding with the Simplii Visa, you get to earn an additional 1.5% cashback from all credit card purchases without an upper limit. Sounds neat, eh?

RBC Cash Back Mastercard Review
RBC Cash Back Mastercard Review

Best for Foreign Transactions

Visit Website
  • ✅ Free Door Dash deliveries for orders over $12
  • ✅ 20% more Petro-Points
  • ✅ Unlimited cashback
  • ⛔️ Insurance coverage could be better
  • ⛔️ The rewards structure is a bit complicated
  • Rating: 8.6
  • Annual fee: $0
  • Interest rate: 19.99% – 22.99%
  • Minimum Income: $15,000
  • Recommended credit score: Fair – Good

Last but not least, the RBC no annual fee credit card comes with a few convenient assets as well. Why is this one of the best no annual fee credit cards?

Apart from the $30 welcome bonus, the Royal Bank forecasts cardholders to be earning up to $252 in annual rewards. The card helps you earn by allowing a 2% cash back on eligible grocery purchases and 0.5% on other selected purchases. 

That said, if you spend $2,000 per month, for example, you will earn around $252 in statement credits. That’s basically another trip to the grocery store, right?

Lastly, it entails standard purchase rates and requires no additional fees for supplementary cardholders

Make sure to check out our in-depth RBC Cashback Mastercard review for more information!

How to Choose the Best No-Fee Credit Cards in Canada? A Buyer’s Guide

You can find numerous no-fee credit cards on the market, but are all of them any good? Let’s see what makes the good ones stand out and how to pick them!

What’s a No-Fee Credit Card?

Consider no-fee cards as free credit cards, because that’s basically it. Most credit cards entail an annual fee which is how the company makes money for the services it provides you. Well, some companies are offering their services without charging an annual fee.

Don’t worry, this doesn’t mean the cards are not legitimate, it’s just that banks and card issuers have tons of ways of making money, allowing them to afford such a service.

Some cards come completely free, some might require a few more loonies for the application process, while others will issue the card 100% free of charge. This can vary from company to company, but either way, the charges are symbolic and can be afforded by anyone. 

You might have stumbled upon first-year-free cards during your financial journey and find yourself wondering if it’s the same thing. Luckily, we’re here to tell you it’s not! While first-year-free credit cards don’t charge fees for the first year (which is pretty derivative from their title), no-fee credit cards allow you to keep using your card for free as long as you want to.

Who is Eligible for a Free Credit Card?

No-fee credit cards are available to anyone who meets the requirements (credit score, minimum income, etc) and anyone can definitely benefit from a no annual fee credit card. However, there are certain types of spenders that might need it more than others. Let’s take a quick look at them.

  • First-time credit owners – if you’re new to the whole credit card game, a no-fee credit card is just what you need. You can focus on meeting your monthly payments and learn how to manage borrowed money without having to worry about annual fees.
  • Credit builders – you can find a variety of decent no-fee credit cards with credit score requirements, such as the RBC Cash Back Mastercard which can be approved with even a fair credit score. You can take this opportunity to build credit and fix your creditworthiness.
  • Balance consolidation – if you find yourself owning too many credit cards and cannot meet the monthly payments, you can get a no-fee credit card to transfer balances. However, make sure to read the terms and conditions carefully.
  • People who wish to diversify their credit card portfolio – you can pair expensive credit cards with high annual fees with a no-fee credit card to balance your budget

You might be interested: Best Secured Credit Cards in Canada

What Should you Look for When Choosing a No-Fee Credit Card?

Assuming that you’ve made your mind and you’re definitely getting a no annual fee credit card in Canada, let’s talk about how to pick a good one.

  • Interest ratethe APR is pretty much standard among these types of cards, so make sure to stay in the lane and don’t apply for a high-interest credit card because it’s not worth it.
  • Rewardsjust because they’re free, doesn’t mean that no-fee credit cards offer no rewards. For instance, most of the cards we reviewed earlier in this article were packed with bonuses and cashback. Remember to choose wisely.
  • Welcome bonussimilarly to regular credit cards, these ones also come with welcome bonuses, but naturally, the amount varies from provider to provider. Take the time to review options.
  • Spending limits – this one depends on your spending habits: if you consider yourself an uncontrollable shopper, then definitely opt for a card with a lower spending limit to stop you when you go over your head.
  • Unique perks – all cards offer similar bonuses, in general. However, if you dig deeper, you might find rare gems and specific company, restaurant or retail-related bonuses that suit your spending habits.

Advantages and Downsides of No Fee Credit Cards

Finally, let’s quickly review the main pros and cons of free credit cards for a final decision.

Pros:

  • Help you save money
  • Helps you build credit
  • Decent bonuses and rewards
  • No pressure to keep spending to justify the annual fee

Cons:

  • Smaller welcome bonuses
  • Annual fee cards offer better rewards

Final Verdict

It might take you more time to find a good one, but no-fee credit cards definitely help you up your credit game by saving you tons of money on a yearly basis. We hope to have given you some deeper insight regarding free credit cards in general, as well as the best no-fee credit cards in Canada

Now pick one and say goodbye to annual maintenance fees!