- Welcome provide: You’ll be able to earn 5% money again on all purchases for the primary Three months as much as $2,500, together with as much as $500 spend on grocery, as much as $500 spend in recurring invoice funds, and as much as $1,500 certified spend on all different purchases. Get an introductory rate of interest of 0.99% on stability transfers for the primary 9 months. A 2% payment applies to stability quantities transferred.
- Rates of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers
- Earn fee: 3% money again on groceries; 1% on recurring payments; 0.5% on every little thing else
- Extra advantages: Members obtain 25% off at Nationwide and Alamo rental automotive corporations
Professionals
- BMO’s CashBack MasterCard has essentially the most beneficiant earn fee for groceries of any no-fee card in Canada.
- Get 25% off on automotive leases at Nationwide and Alamo areas.
- Get pleasure from 15% off admission to Cirque du Soleil exhibits in Canada and 20% off resident exhibits in Las Vegas.
Cons
- The cardboard solely comes with fundamental prolonged guarantee and buy safety.
- The BMO CashBack MasterCard’s base earn fee is simply 0.5%.
Finest no-fee bank card for PC Optimum factors
PC Monetary World Elite Mastercard*
At a look: For on a regular basis spending on necessities, the no-fee PC Monetary World Elite Mastercard is a well-liked selection. You’ll earn PC Optimum factors, one of many best-known and most helpful loyalty packages within the nation. There aren’t any difficult reward guidelines to navigate; cardholders can merely redeem factors immediately on the money register wherever PC merchandise are offered.
- Earn fee: 45 factors per $1 at Buyers Drug Mart; 30 factors per $1 at Esso, PC Journey or any Loblaw-owned shops; 10 factors per $1 in every single place else
- Rates of interest: 20.97% on purchases, 22.97% on money advances, 22.97% on stability transfers
- Annual earnings requirement: private earnings of $80,000 or family earnings of $150,000, in addition to a minimal annual spend of $15,000
- Extra advantages: Journey emergency medical insurance coverage; automotive rental loss or collision protection; concierge providers
Professionals
- Simply redeem factors in 10,000-point increments whereas procuring—for $10 off a purchase order.
- With the PC Monetary Mastercard, it’s straightforward to “stack” factors by scanning your PC Optimum factors card and paying together with your PC Optimum Mastercard everytime you make an eligible buy.
- As Loblaw is one in every of Canada’s largest retailers, there’s no scarcity of alternatives to earn and redeem factors.
Cons
- You’ll want a private earnings of $80,000 or a family earnings of $150,000 to qualify.
- The PC Monetary World Elite Mastercard doesn’t include many perks.
Finest no-fee bank card for Canadian Tire
Triangle World Elite Mastercard
At a look: The Triangle World Elite Mastercard from Canadian Tire is a digital evolution of the corporate’s well-loved Canadian Tire {dollars} and provides glorious earnings for many who commonly store at Canadian Tire and associate shops. It’s additionally one of many few no-fee playing cards that supply automotive rental collision insurance coverage and provide you with entry to a roadside help plan.
Professionals
- The cardboard’s 4% earn fee at taking part shops is without doubt one of the highest earn charges for a no-fee card.
- The Triangle World Elite Mastercard is jam-packed with attractive extras like roadside help, concierge service and rental automotive insurance coverage.
- You’ll get 7 cents again per litre of premium gas and 5 cents again per litre on all different gas sorts.
Cons
- The cardboard has a excessive annual earnings requirement of $80,000 in private earnings or $150,000 in family earnings.
- The Triangle World Elite Mastercard’s 4% earn fee is simply actually helpful for many who store typically at Canadian Tire and associate shops.
- Since you’re incomes Canadian Tire Cash somewhat than money, you’ll be able to solely redeem it at a restricted choice of taking part retailers.
Finest no-fee bank card for constructing credit score
Dwelling Belief Secured Visa*
At a look: The Dwelling Belief Secured Visa is a superb decide for individuals who wish to construct their credit score however who would possibly in any other case have problem getting accredited due to a low credit score rating or as a result of they’re new to Canada and don’t have a lot of a credit score historical past. What makes this card particularly distinctive is that it’s out there with a decrease rate of interest (which may also help you retain your debt in verify) in change for paying a small annual payment.
- Welcome bonus: None
- Rates of interest: 19.99% on purchases, 19.99% on money advances
- Earn fee: None
- Extra options: None
Professionals
- The Dwelling Belief Secured Visa has two secured bank card choices to suit a cardholder’s particular person wants: a no-fee card with a 19.99% rate of interest, and a low-interest card with a fee of 14.90% and an annual payment of $59.
- The cardboard is specifically designed for folks with doubtlessly problematic credit score histories, comparable to self-employed people, college students, newcomers to Canada and other people with low credit.
- The cardboard includes a lower-than-normal international forex conversion payment of two%.
Cons
- Cardholders don’t earn any money again or rewards.
- The Dwelling Belief Secured Visa has no further perks like insurance coverage.
- You will need to present a safety deposit to make use of the cardboard.
Finest no-fee card for journey insurance coverage
Rogers World Elite Mastercard
At a look: Should you’re on the lookout for a bank card with a powerful choice of journey insurance coverage and no annual payment, the Rogers World Elite Mastercard can’t be beat. The cardboard comes with emergency medical insurance coverage, insurance coverage for journey cancellation and interruption, and collision and injury protection for automotive leases.
- Annual payment: $0
- Rates of interest: 19.99% on purchases, 22.99% on money advances, 22.99% on stability transfers
- Welcome bonus: Earn $25 money again if you make your first buy
- Earn fee: 1.5% money again on all purchases; 3% money again on all U.S.-dollar purchases
- Annual earnings requirement: private earnings of $80,000 or family earnings of $150,000
- Extra advantages: Out-of-province/out-of-country emergency medical insurance coverage; journey cancellation/interruption safety; rental automotive collision/injury protection; complimentary membership to the Mastercard Journey Go program, with entry to over 1,300 airport lounges worldwide; free Boingo Wi-Fi at over 1 million hotspots worldwide; and Mastercard Journey Rewards
Professionals
- Whereas the cardboard does cost an FX payment (sometimes round 2.5%) on all purchases made in a international forex, cardholders obtain 3% limitless money again rewards on all eligible purchases made in U.S. {dollars}.
- Get pleasure from complimentary membership to the Mastercard Journey Go program, which supplies you entry to over 1,300 airport lounges worldwide.
- Cardholders can make the most of free Boingo Wi-Fi at over 1 million hotspots worldwide.
Cons
- The cardboard has a minimal annual earnings requirement of $80,000 in private earnings or $150,000 in family earnings.
- You will need to cost no less than $15,000 per 12 months to the cardboard or your account might be cancelled.
- When you get a free airport lounge membership, no free visits are included. You will need to pay USD$32 per particular person per go to.
Ceaselessly requested questions
What are the drawbacks of a no-fee bank card?
The potential drawbacks of a no-fee bank card embody:
- Ho-hum rewards and money again: Your reward incomes energy could be considerably lacklustre when in comparison with the revved-up rewards you’ll often reap with premium playing cards which have an annual payment. For instance, with the American Specific Cobalt card, you’ll earn 5 factors per $1 spent on groceries and eating places, Three factors per $1 spent on streaming providers, and a couple of factors per $1 spent on journey, transit and fuel (with every little thing else getting you 1 level per $1). You’ll be able to see that at these earn charges, factors can pile up fairly rapidly.
- Not-so-welcoming welcome provides: As a result of one of many main promoting factors of a no-fee card is that there isn’t any payment, the welcome bonuses supplied to draw new candidates are usually not as beneficiant as playing cards with annual charges.
- Fewer perks: With few exceptions, no-fee playing cards lack the perks and advantages—notably insurance coverage—that have a tendency to come back with annual-fee playing cards. Usually (although not all the time), no-fee playing cards do embody very fundamental protections, comparable to zero legal responsibility, buy safety and prolonged guarantee, however you’ll often miss out on journey insurance coverage, concierge service and perks, comparable to airport lounge entry. In the end, you’ll need to weigh these advantages in opposition to the charges and resolve whether or not a no-fee bank card works finest for you.
Our methodology
For one of the best money again bank cards 2022 rating, MoneySense tapped into Ratehub.ca’s‡ bank card device and calculated the numbers for each payment and no-fee money again rewards playing cards primarily based on $2,000 in month-to-month spending. We used the next situation: $500 on groceries, $200 on fuel, $200 on eating places, $125 on invoice funds, $175 on journey, $225 on leisure, $75 on pharmacy purchases and $500 on every little thing else.
The endgame was a magic quantity—that’s, the annual internet reward in greenback phrases to establish the highest money again playing cards for every kind of spender. Our methodology additionally took into consideration different components, together with limited-time accelerated earn charges, the vary of spending bonus classes, annual-fee waivers, buy protections and journey insurance coverage perks.
‡MoneySense.ca and Ratehub.ca are each owned by mother or father firm Ratehub Inc. We could also be partnered with some monetary establishments, however this doesn’t affect the “Canada’s Finest Credit score Card” rankings. You’ll be able to learn extra about this in our Editorial Code of Conduct.
This text was initially printed on Feb. 19, 2019, and has since been up to date.