Not everyone uses their credit cards enough to warrant paying the $100+ annual fee. Our best no fee cash back credit card is the Brim Mastercard. Simply put, every purchase you make earns cash back rewards that you can enjoy however there’s a slight twist. For residents of Quebec, if you do not agree with this change, you may terminate your Account with us by July 1, 2020 without cost or penalty after any remaining balance is paid off. Choose between a no annual fee card, a big signup bonus, an optional balance transfer, 2% cash back on specific spending categories or a 2% flat-rate of cash back on all of your purchases. For the best overall credit cards offering a mix of insurance, travel, no-foreign currency transaction fees, and cash back rewards, click here. For those who can meet its income and spending requirements though, the Rogers World Elite is a great option. To see all the cards we considered and to learn about all the rewards and benefits on all the cards visit Rewards Canada's Cash Back Credit Card Comparison Chart. For more information, please read, Calculating how much money you’ll need at retirement. If you want to improve your credit score you’ll... American Express offers many credit cards. In fact, if you choose the right no-annual-fee cash back card, you may be able to generate more rewards than you would with one that comes with a hefty fee. If you plan on using your credit card for everyday purchases, you could see a greater benefit from using a rewards credit card … Posted by Enoch Omololu | Updated Jan 7, 2021. I like the Tangerine Money-Back card because it does not place spending caps on the 2% cash back categories. While you’d likely need additional travel emergency insurance to fill in the gaps, this card gets you started—a rarity on a no fee card. While no fee credit cards can be a great choice for some people, they come with little to no rewards or free add-ons (such as insurance, etc.). And the best no fee cash back Mastercard in Canada is… Brim Mastercard Additionally, this card offers seven types of insurance, including unexpected return home, rental car collision, and accidental death and dismemberment, balance protection and extended warranty. Agreed, it’s probably one of the best all-around no-fee credit cards. You may fondly remember the brightly-coloured bills of Canadian Tire Money stashed in parents’ glove boxes when you were younger. You can combine cards in order to maximize the rewards available and to suit your needs. For regular, or longer-term travellers, these sneaky foreign exchange fees can rack up a sizeable credit card bill by the time you’re done. Are you looking for the best credit card in Canada with no annual fee? No-fee credit cards are not without benefits. For more information, please read our policies. It’s nice to get cash back rewards on your credit card spending, but the top cash back credit cards come with an annual fee that can take a bite out of your earnings. A zero fee card is attractive when you are averse to shelling out $120 up-front for a credit card that you may not use enough times to cover its cost. Share on Email, Your email address will not be published. We are committed to looking at all available products in the market, and where a product ranks in our article or whether or not it's included in the first place is never driven by compensation. The SimplyCash Card from American Express is one of the best no-fee credit cards for fixed-rate cash back rewards. This card allows account holders to collect MBNA points, redeemable for a variety of rewards including travel, cash back, hotels and merchandise. Discover the best credit cards in Canada for 2021 in 26 different categories. There’s no point value analysis, no guesswork, no redemption value comparisons… All you get is cold, hard cash right back into your pocket, either in the form of: statement credits, direct deposits, or; cheques. Up until recently, Canada’s credit market was full of relatively strong no-fee cards while many of the fee based cards were, in general lackluster. If you read something you feel is inaccurate or misleading, we would love to hear from you. Students have a chance to earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you … Your email address will not be published. His writing has been featured or quoted in The Globe and Mail, Toronto Star, MSN Money, Financial Post, Winnipeg Free Press, Wealthsimple and many other personal finance publications. And cardholders are automatically enrolled in American Express Invites, giving them access to premium entertainment options. For one, you can earn up to 2% unlimited cash back on everyday purchases, which is excellent by itself. 1. The 3% reward offer on groceries is also great and is easily another $180 in CT Money per year if you spend $6,000 on groceries every year. For those who shop regularly at Loblaws banner stores and Shoppers Drug Mart (Pharmaprix in Quebec), the PC World Elite Mastercard offers a great way to take advantage of one of the most popular and useful loyalty programs in the country: PC Optimum. The Money-Back card has a minimum income requirement of $12,000. Money-back categories can be changed to suit your spending habits at any time, Cash back is automatically paid out monthly, No limit on the amount of total cash back you can earn, Balance transfer promotion rate of 1.95% for 6 months when transferred within 30 days of activating your card, 2.5% cash back in your first 3 months (up to $150), 1.25% cash back on all purchases (after the 3 months promo period ends), No limit on the cash back rewards you earn, 1.99% balance transfer for 6 months when you transfer your balance at account opening, Special entertainment access with American Express Invites, 2% unlimited cash back on three categories of spending including grocery, entertainment, gas, restaurants, recurring bill payments, public transportation, hotel/motel, and several others, Earn 0.50% cash back on all other categories, Car Rental Collision/Loss Damage Insurance for 31 consecutive days, Mobile device insurance with coverage up to $1,000, Mastercard Airport Experiences Provided by Loungekey with access to exclusive dining, retail and spa offers at over 1,000 lounges in 400 airports worldwide, Purchase Protection and Extended Warranty, Earn 3% in CT Money when you spend on groceries (on up to $12,000 per year). oney (CTM). The Blue Sky Credit Card has one of the best flat cashback rates among no-fee credit cards in Canada. The Tangerine Money-Back Credit card qualifies as one of the best no-fee cards for cash back rewards. Furthermore, our editorial team does its best to ensure the information published on MoneySense.ca and other MoneySense properties is accurate. More on that below, but first let’s look at some of the top reasons why a no fee option might be best for you: One major drawback to no-fee cards is that, with few exceptions, they lack the perks and benefits—particularly insurance—that’s offered by many cards with an annual fee. If you meet the $60,000 annual income requirement you’ll automatically be considered for the Tangerine World Mastercard, which comes with additional perks such as mobile device and rental car insurance. The SimplyCash American Express includes shopping and travel protections, including $100,000 in travel accident protection, buyer’s assurance and purchase protection. At the same time, the benefits of the no-fee cards have been eroded away slowly as banks start to push us into paying the annual fees. The Blue Sky Credit Card has one of the best flat cashback rates among no-fee credit cards in Canada. The end game was a magic number—that is, the annual net reward in dollar terms to identify the top cash back cards for each type of spender. Premium credit cards that come with a hefty annual fee offer a variety of benefits to the holder that may include juicy cash back rewards, executive travel perks, insurance coverages, and more. Read this review of the best no-fee cash back credit cards in Canada and earn free rewards from your card while paying no annual fee. But most typical credit cards are out of reach for those with a low credit score. That’s because purchases in U.S. currency earn 3% cash back, which covers the foreign transaction fee credit cards typically charge—between 2.5% and 3%. Compare Cash Back Credit Cards With No Annual Fee. No mention of Costco Master Card, No Fees (except for $60 yearly Costco membership fee) 2% cassh back at end of year. Like many no fee cards, the HomeTrust Preferred doesn’t offer much in the way of insurance beyond purchase security. With the right no-fee card, you can still enjoy the basic benefits that come with using credit cards, including fraud protection, extended warranty, purchase protection, rental car and travel insurance, and more. Cash back credit cards with no annual fee come in lots of shapes and sizes. Canadian students have their own needs, including a way to cover the financial burden of tuition and school expenses, the need to establish a healthy credit history and an unending quest for cash on hand. Looking for options for a new cash back card in Canada. If a link has an asterisk (*) at the end of it, that means it's an affiliate link and can sometimes result in a payment to MoneySense (owned by Ratehub Inc.) which helps our website stay free to our users. ), and the cash back post-welcome is nothing to sneeze at: 3% on groceries and 1% on recurring bill payments (up to $500 spent per month in each category), and an unlimited 0.5% on everything else. He has a master's degree in Finance and Investment Management from the University of Aberdeen Business School and has a passion for helping others win with their finances.