It’s true that the best things in life are free, and that’s certainly true with no-fee credit cards! Without any annual fees to speak of, no-fee credit cards have become an extremely popular choice for Canadian consumers looking for a payment option that won’t cost them a cent in recurring costs.

However, it remains true that no-fee credit cards are not made the same. Even at the low cost of zero dollars, it’s important to shop for the proper card that suits your financial needs.

To help you find your ideal no-fee credit card, here’s a list that separates these offers by major reward categories. First, find the reward that you are most interested in, and then select the card that appeals to you the most.

Cash Back

Cash back rewards always make for an enticing feature for a credit card. It means that you can effectively make money on your purchases, something that becomes especially appealing when considering this feature is usually reserved for annual fee credit cards.

As one of Canada’s premier online banks, Tangerine offers two no-fee credit cards:  Tangerine Money-Back Credit Card and World Mastercard Tangerine.

As a fresh face in the local banking industry, Tangerine looks to make a good impression on new customers. Tangerine has extended the no-fee policy offered on its chequing and savings accounts and applied it to its cash-back cards. Basic features belonging to both cards include:

  • Earn unlimited Money-Back Rewards
  • Earn 2% Money-Back Rewards in two 2% Money-Back Categories of your choice
  • Earn 0.50% Money-Back Rewards on all your other everyday purchases

Additionally, World Mastercard Tangerine also offers exclusive perks such as:

  • Boingo Wi-Fi for Mastercard®: Get access to over 1 million Wi-Fi hotspots worldwide
  • Mastercard® Travel Rewards: Unlock cashback offers and get a rebate applied directly to your statement
  • On-Demand and Subscription Services: Enjoy special benefits and offers exclusive to Tangerine customers

Other cash-back credit cards also offered to Canadian customers without any annual fees include the Scotia Momentum® No-Fee Visa Card and the RBC Cash Back Credit Card.

The Scotia Momentum® No-Fee Visa Card features an introductory offer where users can earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). Following that, the cash back reverts to a 1% rate for all gas, grocery, and drugstore purchases as well as recurring bill payments, and a 0.5% cash back on all other eligible everyday purchases.

Meanwhile, the RBC Cash Back Credit Card stands out with its fixed 2% cash back on grocery store purchases. Additionally, this card offers a 1% cash back on all other qualifying purchases and pre-authorized payments as well as purchase security and extended warranty protection.

Rewards

Rewards credit cards have the advantage of offering exclusive benefits for its members. And although many of these are locked behind annual fees, rewards no-fee credit cards have the distinct advantage of offering rewards to subscribers at the unbeatable price of free.

The Choice Card from American Express® is a no-fee credit card with a robust rewards program. It offers 10,000 Bonus Membership Rewards® points ($100 value) to new users when $1,000 in net purchases are made during the first three months. Membership perks include:

  • Access to American Express Entertainment Experiences
  • Fraud Protection
  • Front Of Line E-Updates

The TD Rewards Visa Card welcomes new users to its no-fee rewards program with two strong incentives:

  • A 9.99% promotional interest rate on purchases for the first 6 months
  • A $50 value in TD Rewards Points

With this card, members have the flexibility to redeem membership points towards purchases at Amazon.ca with Amazon Shop with Points, or towards everyday perks like cash back, gift cards and more.

The no-fee BMO Rewards® Mastercard features a welcome offer wherein 10,000 points are awarded upon spending $1,000 during the first 3 months. This rewards program features a flexible range of rewards that include flights, hotels, car rentals, cruises and vacation packages. The standard rate of 1 membership point earned per every $1 spent is doubled when making rentals at participating National Car Rental and Alamo Rent a Car locations, a promotion that features an additional 25% off.

Travel

No other satisfaction is on par with finally redeeming the points on a travel credit card towards your dream vacation. Canadian consumers can choose from a variety of travel-oriented credit card offers that don’t force users into paying an annual fee.

The CIBC Aeroplan® Visa Card allows new users to earn 10,000 Aeroplan points on their first purchase, an amount with an estimated value of $100 that can be redeemed for a one-way economy class short-haul ticket in North America (for example, Toronto to New York). Accumulation rates start at 1 point per purchase of $1 on gas, groceries and Air Canada services, and 1 point per $1.50 spent on all other purchases.

As well, the CIBC Aventura® Visa Card enables new users to earn up to 10,000 Aventura® points (a $100 travel value †). This welcome offer allows users to get 7,500 bonus Aventura Points during their first purchase, and then earn up to 2,500 Aventura Points.

Not only that, this card offers extra protection on new purchases in the form of 90-day Purchase Security Insurance for stolen or broken new purchases.

You can earn miles with no annual fee with the BMO AIR MILES® Mastercard®. This card features a welcome offer of 800 Air Miles, giving every new user a value worth $80. This rewards program allows users to redeem points in a variety of ways:

  • AIR MILES Cash Rewards: Redeem points in-store towards everyday purchases
  • Travel Rewards: Book flights, hotels, cruises, vacation packages and car rentals
  • Dream Rewards: Indulge in spas, movie tickets, and more

 

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†Conditions Apply

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