The most effective no-fee bank cards in Canada for 2025

Gold: Greatest no-fee money again bank card in Canada

At a look: The SimplyCash Card from American Specific retains issues easy—and rewarding. The 1.25% base earn charge is among the many most beneficiant accessible in Canada, and it solely will get sweeter from there on fuel and grocery purchases, making this the most effective no-fee money again card within the nation.

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SimplyCash from American Specific

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Annual charge: $0

Welcome provide: Earn a bonus 5% money again in your first $2,000 in purchases throughout your first three months (as much as $100 in bonus money again).

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Card particulars

Rates of interest	21.99% on purchases, 21.99% on money advances
Revenue required	None specified
Credit score rating	725 or increased

Silver: Greatest no-fee money again bank card in Canada

At a look: As the one card in Canada that permits you to choose your bonus charge classes, the Tangerine Cash-Again card is a perennial favorite amongst Canadians searching for a versatile no-fee card that matches their spending habits. Cardholders choose two money again classes from a formidable checklist of 10 choices. These with a Tangerine Financial savings Account are handled to incomes 2% on an additional class of their alternative.

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Tangerine Cash-Again Credit score Card

Annual charge: $0

Welcome provide: Earn an additional 10% money again through the first two months (as much as $100 in money again).

Card particulars

Rates of interest	20.95% on purchases, 22.95% on money advances and 22.95% on steadiness transfers
Revenue required	Private or family revenue of $12,000
Credit score rating	660 or increased

Gold: Greatest no-fee journey bank card in Canada

At a look: Earn factors on on a regular basis purchases and benefit from the flexibility of redeeming them for quite a lot of rewards with this no-fee rewards bank card. Plus, Amex Membership Rewards are transferable at a 1:1 worth to different frequent flyer and rewards packages, creating a possibility to spice up the worth of your rewards.

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American Specific Inexperienced Card

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Annual charge: $0

Welcome provide: earn 10,000 Membership Rewards factors while you cost $1,000 in purchases to your card within the first three months of cardmembership.

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Card particulars

Rates of interest	21.99% on purchases, 21.99% on money advances
Revenue required	None specified
Credit score rating	725 or increased
Level worth	1 Amex Membership Rewards level = $0.01 when redeemed with the Versatile Factors Journey Program, $0.015 on common with the Mounted Factors Journey Program, and as much as $0.02 with airline factors transfers.

Gold: Greatest no overseas transaction charge card with no annual charge

At a look: Do you know that each time you employ your bank card exterior of Canada, most card issuers cost a 2.5% overseas transaction charge for processing purchases made in a non-Canadian forex? The Residence Belief Most popular Visa is the one no-fee card in Canada that doesn’t cost a foreign exchange charge.

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Residence Belief Most popular Visa

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Annual charge: $0

Welcome provide: This card doesn’t have a welcome bonus at the moment.

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Card particulars

Rates of interest	21.99% on purchases, 21.99% on money advances
Revenue required	None specified
Credit score rating	660 or increased

Gold: Greatest low-interest charge bank card with no annual charge

At a look: If you happen to have a tendency to hold a bank card steadiness from month to month, the good monetary transfer could also be to prioritize low curiosity over chasing rewards. That’s the place the Desjardins Flexi Visa is available in. It presents a rock-bottom APR, making it the most effective bank card in Canada with no annual charge and low curiosity.

Desjardins Flexi Visa

Annual charge: $0

Rewards: Doesn’t provide rewards.

Welcome provide: None at the moment.

Card particulars

Rates of interest	10.90% on purchases and 12.90% on money advances
Revenue required	Not specified
Credit score rating	Not specified

Gold: Greatest no-credit bank card with no annual charge

At a look: Canadians with low or no credit score could wish to think about a secured bank card, just like the Residence Belief Secured Visa. This card presents extra flexibility than most secured bank cards by providing you two choices: an rate of interest of 19.99% with no annual charge, or a decrease rate of interest of 14.90% with a $59 annual charge. Residence Belief reviews funds to the credit score bureaus, so utilizing the cardboard responsibly might help construct or enhance your credit score rating.

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Residence Belief Secured Visa

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Annual charge: $0

Rewards: Doesn’t provide rewards.

Welcome provide: None at the moment.

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Card particulars

Rates of interest	19.99% on purchases and 19.99% on money advances
Revenue required	None specified
Credit score rating	300 or increased

Regularly requested questions

Benefits of a no-fee bank card

1. Skip the yearly cost: A no-fee bank card is free to have at your disposal. Higher but, for those who by no means carry a steadiness and you employ a no-fee card that provides money again or rewards, you’ll truly be in a greater monetary place than you’ll with out the cardboard. In lots of instances, the earn charge is perhaps decrease than with an annual-fee card; nevertheless, with a no-fee card, any rewards you earn generally is a web constructive—you don’t need to spend a specific amount yearly to make up for the upfront cost.
2. Save on sure bills: A card that enhances your spending habits and hobbies (like journey) may prevent a pleasant chunk of change on issues like overseas transaction charges, insurance coverage and rental automobiles. 

Drawbacks of a no-fee bank card

1. Ho-hum rewards and money again: Your reward incomes energy will be considerably lacklustre when in comparison with the revved-up rewards you’ll normally reap with premium playing cards which have an annual charge. For instance, with the American Specific Cobalt card, you’ll earn 5 factors per $1 spent on groceries and eating places, 3 factors per $1 spent on streaming companies, and a couple of factors per $1 spent on journey, transit and fuel (with all the things else getting you 1 level per $1). You’ll be able to see that at these earn charges, factors can pile up fairly rapidly. 
2. Not-so-welcoming welcome presents: As a result of one of many main promoting factors of a no-fee card is that there is no such thing as a charge, the welcome bonuses provided to draw new candidates will not be as beneficiant as playing cards with annual charges.
3. Fewer perks: With few exceptions, no-fee playing cards lack the perks and advantages—notably insurance coverage—that have a tendency to return with annual-fee playing cards. Usually (although not at all times), no-fee playing cards do embrace very primary protections, akin to zero legal responsibility, buy safety and prolonged guarantee, however you’ll normally miss out on journey insurance coverage, concierge service and perks, akin to airport lounge entry. Finally, you’ll need to weigh these advantages towards the charges and resolve whether or not a no-fee bank card works finest for you.

What must you do with the cash you saved with an annual charge?

With a no-fee card, you might save your self $59 to $250 {dollars} a yr. However make a acutely aware resolution to do one thing with that cash, like placing it right into a high-interest financial savings account or into your registered retirement financial savings plan (RRSP) or tax-free financial savings account. It’s not so much, however the compound curiosity you might earn makes it worthwhile. Use our compound curiosity calculator to learn the way a lot you might develop your cash.

Extra of Canada’s finest bank cards: