If you’re looking for a card that offers rewards without the risk, Best No-Fee Credit Cards in Canada is a great option. Any perks you get are fully earned, and you’ll never have to weigh whether the annual fee is really worth the perks—or worse, paying for a card you don’t use often.
Even better, some of the no-annual-fee cards available in Canada actually offer perks reserved for payment variations like travel insurance, mobile device insurance, and impressive rewards and cash-back earning rates.
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What is a no-fee credit card?
Think of a no-fee card as a free credit card, because that’s essentially what it is. Most credit cards have an annual fee, which is how the company makes money for the services they provide you. Well, some companies are offering their services without charging an annual fee.
Don’t worry, that doesn’t mean the cards aren’t valid, it’s just that banks and card issuers have so many ways to make money that they can afford such services.
Some cards are available completely free of charge, some may require more credit for the application process, while others will issue cards 100% free. This may vary from company to company, but either way, the charges are symbolic and can be borne by anyone.
You may stumble upon free first-year cards during your financial journey and find yourself wondering if they’re the same thing.
Fortunately, we are here to tell you that it is not! While first-year-free credit cards charge no fees for the first year (which is a derivative of their title), no-fee credit cards allow you to use your card for free for as long as you want.
Benefits of No-Fee Credit Cards
Canada’s best no-fee credit cards have many benefits that you can take advantage of without any annual fees. This includes travel points with purchases, cash-back options, low-interest rates and no foreign transaction fees.
While these benefits may be on a smaller scale than fee-paying cards and will vary depending on the card you sign up for, it’s easy to find a credit card that fits your needs but doesn’t charge an annual fee.
Some cards also have a welcome bonus when you first sign up. This signup bonus can range from high points for the first six months to a large cash-back amount for a specific period of time on specific purchases.
While the welcome bonus is a nice perk, you should consider your long-term needs and choose the card that best suits what you’re looking for in the future.
But the main advantage is still the absence of an annual fee, making this option great for students or people starting their first job, or those who don’t use cards that often turn annual fees into rewards points or cash back value. enough to cover expenses.
What is the best no-fee credit card in Canada?
The truth is there is no single best no-fee credit card for everyone. Like clothing, credit cards are not one-size-fits-all, and your ideal match will vary depending on your spending habits and qualifications.
If you use your card to make frequent purchases (especially in similar categories), a no-fee cash-back card may interest you. If you’re loyal to a certain gas station or grocery store chain, signing up for a co-branded store card at no fee can earn you big rewards. No-fee cards designed for travel as well as low-interest and secured no-fee credit cards are designed for users who are trying to build (or rebuild) their credit.
NBC MC1 Mastercard
MC1 Mastercard is the ideal credit card to keep your spending simple and in one place. By not including an annual fee and keeping interest rates in line with industry standards, Canadians won’t benefit from this MasterCard.
But the surface-level benefits aren’t all MC1 can offer. In fact, it includes:
Extended Warranty – For most items purchased with your credit card, you can double the manufacturer’s warranty.
Contactless Payment – Tap your card on the cash reader to pay for your purchases without spending time at the checkout with Tap & Go technology.
Secure Online Shopping – To protect yourself from fraud by verifying your identity with every online purchase, you can use the Mastercard ID Check TM service.
Purchase Protection – Get up to 90 days of theft and loss protection for new purchases
Urban Experiences – Get access to unique experiences with priceless cities and get special menus, room upgrades, and other surprises
Fraud Protection – Avoid liability for unauthorized transactions with your card entirely by taking advantage of MasterCard’s Zero Liability Policy
If $0 annual and additional card fees aren’t enough, the MC1 MasterCard comes with easy-to-achieve qualifying criteria. Hiran maintains a minimum credit limit of $500. So what are you waiting for, sign up today!
Tangerine World Elite Mastercard Review
Tangerine World Elite MasterThe card does not require a special credit score to be issued, which is kind of surprising and rare these days. However, the requirements for the card are as follows:
- Annual personal income of at least $60,000
- Annual household income of $100,000 or
- A total balance of $250,000 or more in a Tangerine savings account and/or investment fund account.
If you get the card, you’ll enjoy a myriad of benefits, including 2% cash back on select categories and 0.50/5 on everything else, Bingo Wi-Fi, on-demand and membership services, travel rewards for MasterCard, as well as MasterCard Airport. Experience 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%.
Rogers World Elite Mastercard Review
In addition to asking literally $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 select purchases.
The card comes with some generous travel benefits, including airport lounges at more than 1,000 lounges in more than 100 countries, free bingo WiFi at more than 1 million hotspots around the world, but also some cash discount offers.
This Rogers Bank credit card also covers insurance, including extended warranty and purchase protection, rental damage, out-of-province/in-country medical emergencies, as well as travel interruption and cancellation.
MBNA Smart Cash Platinum Plus Mastercard Review
The MBNA Smart Cash Card offers a solid 0.5% cash back on general purchases. But there is a surprise. The card will give you less than 5% back on qualifying gas and grocery purchases for the first six months, after which the cashback rate drops to 2%, making it one of the best cashback credit cards.
The card offers a 1-year extended warranty, 90-day purchase protection, up to $1,000,000 in travel accident compensation, and up to $2,000 in travel interruption refunds.
But not only that, MBNA Smart Cash offers more benefits, such as rental car theft and damage reimbursement, up to $200,000 in rental car accident reimbursement, as well as up to $1,000 reimbursement, if applicable. Rental car personal effects.
Simplii Financial Cash Back Visa Review
Speaking of credit cards with no annual fee, we can’t leave out the Simply Financial Cash Back Visa.
According to Simply Financial, first-time users deposit an average of less than $354, with experienced users able to deposit much more. This can be an amazing earning opportunity for anyone, so let’s take a closer look.
This Simply Cash Back Visa allows you to earn up to 4% per year on $5,000 or about $400 per month on purchases at select restaurants, bars, and coffee shops. In addition, the card offers 1.5% cash back on select gas, grocery, and drugstore payments with an upper limit of $15,000 annually or about $700 on a monthly basis.
That’s not all yet. Considering every purchase is rewarded with Simply Visa, you’ll earn an additional 1.5% cashback on all credit card purchases with no upper limit. Seems obvious, right?
RBC Cash Back Mastercard Review
Last but not the least, the RBC No Annual Fee Credit Card comes with some convenient features. Why is this one of the best no-annual-fee credit cards?
In addition to the $30 welcome bonus, Royal Bank expects cardholders to earn up to $252 in annual rewards. The card helps you earn 2% cash back on eligible grocery purchases and 0.5% on other select purchases.
That said, if you spend $2,000 per month, for example, you’ll earn about $252 in statement credits. It’s basically another trip to the grocery store, right?
Finally, it includes standard purchase rates and no additional fees for supplemental cardholders.
Secured credit cards can be the easiest cards to get for those with either bad credit or no credit at all This is because they require a collateral advance in the form of a security deposit, which is usually equal to the amount of your line of credit and reduces the card issuer’s risk if you fail to pay your bills.
How to choose the right international credit card | Check Eligibility for Top Cards
InterMiles HDFC Bank Signature Credit Card.
HDFC Diners Club Privilege Credit Card.
SBI Elite Credit Card.
IDFC First Wealth Credit Card.
RBL World Safari Credit Card.
Standard Chartered EaseMyTrip Credit Card.
Best Credit Cards in Canada for March 2023
American Express Platinum Card.
American Express Green Card.
American Express Cobalt.
Best Rewards Credit Cards.
Scotiabank Gold American Express Card.
Best Hotel Credit Cards.
BMO Air Miles World Elite Mastercard.
If you don’t need the extra benefits offered by a credit card with a high annual fee, it makes more financial sense to go for a card with no annual fee and still get many of the same benefits and rewards. Achieve big rewards in small things.
National Bank Platinum Mastercard.
TD Aeroplan Visa Infinite.
American Express Aeroplan Card.
SimplyCash Preferred by American Express.
American Express Cobalt.
RBC ION+ Visa.
SimplyCash Card from American Express.
MBNA Amazon.ca Rewards Mastercard.
Paying annual fees for credit cards often doesn’t make sense. Many cards today come with no annual fee, and the few that do charge a fee offer certain benefits that customers can’t get for free elsewhere. Sometimes, however, a card offers benefits that really justify the cost of the annual fee
It may take you longer to find a good credit card, but no-fee credit cards definitely help your credit game by saving you a lot of money on an annual basis.
We hope this gives you some in-depth information about free credit cards in general as well as the best no-fee credit cards in Canada.
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