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MBNA True Line® Mastercard®

This offer is not available for residents of Quebec.

Annual fee $0
Rewards rate N/A
Bonus offer 0% Promotional interest rate on balance transfers (first 12 months)
Purchase interest rate 12.99%
Balance transfer interest rate 0% 12.99% after 12 months
Cash advance interest rate 24.99%

TD Cash Back Visa* Card

This offer is not available for residents of Quebec. †Terms and conditions apply..

Annual fee $0
Rewards rate 1% Cash Back Dollars on eligible grocery, gas and and regularly recurring bill payments† set up on your Account
Bonus offer N/A
Purchase interest rate 19.99%
Balance transfer interest rate 22.99%
Cash advance interest rate 22.99%

Tangerine Money-Back Credit Card

This offer is not available for residents of Quebec.

Annual fee $0
Rewards rate 10% Cash back on everyday purchases for a limited time
Bonus offer 1.95% Interest rate on balance transfers (first 6 months)
Purchase interest rate 19.95%
Balance transfer interest rate 1.95% 19.95% after 6 months
Cash advance interest rate 19.95%

BMO CashBack® Mastercard®*

Annual fee $0
Rewards rate 0.5% Cash back
Bonus offer 5% Cash back (first 3 months)
Purchase interest rate 20.99%
Balance transfer interest rate 0.99% 22.99% after 9 months
Cash advance interest rate 22.99% 21.99% for Quebec residents

Scotia Momentum® No-Fee VISA* Card

Annual fee $0
Rewards rate 1% Cash back on eligible purchases
Bonus offer 5% Cash back on all purchases for the first 3 months (up to $2,000 in total purchases)
Purchase interest rate 19.99%
Balance transfer interest rate 0% 22.99% after 6 months
Cash advance interest rate 0% 22.99% after 6 months

SimplyCash® from American Express

Annual fee $0
Rewards rate 2% Cash back on gas and grocery purchases in Canada
Bonus offer Up to $100 In statement credits in the first 10 months
Purchase interest rate 20.99%
Balance transfer interest rate N/A
Cash advance interest rate 21.99% *provided you make your minimum monthly payments on time

Focus On

No fee credit cards: Features and benefits.

Tired of paying credit card companies just to use their cards? Not sure if a card without an annual fee will get you the perks you want? Good news: "no fee" no longer means "no frills". You can get a great rewards or cash back card at no annual cost. So whether you're looking for a basic card or one with competitive perks, we can help you find the right no fee credit card.

Check the table below to see how some of our favourite no fee credit cards stack up against a comparable fee card.

Card

Scotia Momentum No-Fee VISA.Momentum Infinite VisaThe American Express® AIR MILES®* Credit Card.

Rewards

1% on gas/grocery/drug store purchases and on recurring bills.

0.5% on all other eligible purchases.

Earn 10% cash back on all purchases for the first 3 months.

4% on recurring bills and grocery purchases

2% on gas and transit purchases

1% on other purchases and after annual $25,000 limit

1 reward mile for every $15 spent on gas/grocery/drug store purchases, and for every $20 spent elsewhere.

Annual Fee

$0

$120

first year free

$0

Interest rate

7.99%

(19.99% after 6 months)

20.99%

19.99%

Sign-up bonus

Not available.

Not available.

500 AIR MILES®* Reward Miles.

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Your no-fee card questions, answered.

Looking for more credit card info? Check out our Help Centre.

How does a no fee credit card work?

As the name suggests, a no fee credit card is a card that doesn't have an annual fee. A lot of cards charge a fee just for the privilege of using them, but no fee credit cards give you basic credit card benefits and don't charge a dime. Some even come with rewards, cash back, and other perks.

Who should get a no fee credit card?

Students, the budget-minded, and anyone who wants a basic, backup credit card. Most students don't have a lot of extra money lying around, so paying annual credit card fees doesn't make sense. And if you're trying to stick to a budget, an annual credit card fee won't help your cause.

At the higher end, some people use fancy, high-reward American Express or Diners Club credit cards, but also carry an extra card in case their main card doesn't work. That's where the no fee credit card comes in. No fee cards cost nothing to own, so they're the perfect back up.

What features and benefits do no fee credit cards have?

Cards without annual fees often come with good rewards programs. Many offer cash back, travel rewards, and other rewards points.

For example, here are some of the perks you can get with an American Express AIR MILES Credit Card: you can earn 1 reward mile for every $15 in card purchases at AIR MILES Sponsors and 1 reward mile for every $20 in purchases made everywhere else. On top of that rewards system, you'll also receive a bonus of 500 reward miles the first time you use your card. All for no annual fee.

If you prefer cash rewards, the SimplyCash Card from American Express might be perfect for you. With the SimplyCash Card, you can earn up to 5% cash back on all your gas, grocery, and restaurant purchases for the first 6 months and up to 1.25% cash back on all eligible purchases afterwards.

Many no fee credit cards also offer concierge services, rental car discounts, fraud protection, 24-hour customer service and more. If you pay your balance on time and use your card responsibly, you'll get all these benefits at no extra charge.

Are there any disadvantages to using a no fee credit card?

No fee credit cards often don't provide the same level of rewards benefits that fee-charging cards offer.

They usually come with fewer travel benefits as well. You probably won't get trip cancellation coverage, baggage loss reimbursement, or travel emergency medical coverage with a typical no fee card.

Check the table below to see how some of our favourite no fee credit cards stack up against a comparable fee card.

What should I watch out for when it comes to my no fee credit card?

Some credit cards only waive their annual fee for the first year, but still get categorized as no fee cards. If you're looking for a card that never requires an annual fee, make sure the card's no fee status is permanent and not just an introductory offer.

And, as with all credit cards, check the fine print and carefully review the interest rates and surcharges on the card.

Compare no fee credit cards today

Don’t believe in paying annual fees just for the privilege of using a credit card? You’re not alone. There are plenty of great no fee cards out there, and we can help you find the best one — just like that.

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