Looking for the best cash back credit card in Canada for 2025? Our guide ranks top options by bonus rates, fees and rewards. Get paid for your everyday spending!
Colin Graves
Jun 23, 2025
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No annual fee credit cards allow you to enjoy the benefits of a credit card, such as earning rewards, building your credit score and accessing valuable insurance coverage, without having to pay a yearly fee just to have the card. However, not all no fee cards are created equal, and finding the right one can be challenging. We’ve done the research for you, analyzing over 15 no annual fee credit cards and choosing what we believe are the 8 best in Canada today.
No fee cards make sense for people who don’t spend enough to justify paying the annual fee, or people who like to hold multiple cards for different types of spending without having to worry about the costs involved. They can also be ideal for newcomers to Canada, students or anyone looking for a cost-effective way to build credit.
There was a time when no fee credit cards were very basic and didn’t offer rewards or additional benefits. However, these days, most cards offer modest cash back or rewards points, along with additional benefits such as insurance coverage or discounts on fuel, car rentals and more. Some cards even offer welcome bonuses with extra rewards for a limited time.
Category | Credit Card | Bonus Rewards | Base Rewards (%) | First Year Value* |
---|---|---|---|---|
Best for Groceries | BMO Cashback Mastercard | Up to 3% | 0.50% | $189 |
Category Best for Groceries | Credit Card BMO Cashback Mastercard | Bonus Rewards Up to 3% | Base Rewards (%) 0.50% | First Year Value* $189 |
Best for Restaurants | Simplii Financial Cash Back Visa | Up to 4% | 0.50% | $305 |
Category Best for Restaurants | Credit Card Simplii Financial Cash Back Visa | Bonus Rewards Up to 4% | Base Rewards (%) 0.50% | First Year Value* $305 |
Best for Drivers | Triangle World Elite Mastercard | Up to 4% | 1% (CT Money) | $497 |
Category Best for Drivers | Credit Card Triangle World Elite Mastercard | Bonus Rewards Up to 4% | Base Rewards (%) 1% (CT Money) | First Year Value* $497 |
Best for PC Optimum Members | PC World Mastercard | Up to 3.5% | 1% (PC Optimum Points) | $518 |
Category Best for PC Optimum Members | Credit Card PC World Mastercard | Bonus Rewards Up to 3.5% | Base Rewards (%) 1% (PC Optimum Points) | First Year Value* $518 |
Best for Insurance Coverage | Rogers Red World Elite Mastercard | Up to 3% | 1.5% (or 2% for Rogers customers) | $757 |
Category Best for Insurance Coverage | Credit Card Rogers Red World Elite Mastercard | Bonus Rewards Up to 3% | Base Rewards (%) 1.5% (or 2% for Rogers customers) | First Year Value* $757 |
Best for Everyday Spending | RBC CashBack Mastercard | Up to 2% | 1% | $212 |
Category Best for Everyday Spending | Credit Card RBC CashBack Mastercard | Bonus Rewards Up to 2% | Base Rewards (%) 1% | First Year Value* $212 |
Best for FX Transactions | Home Trust Preferred Visa Card | None | 1% | $180 |
Category Best for FX Transactions | Credit Card Home Trust Preferred Visa Card | Bonus Rewards None | Base Rewards (%) 1% | First Year Value* $180 |
Best No Fee Amex Card | Simply Cash Card from American Express | Up to 2% | 1.25% | $365 |
Category Best No Fee Amex Card | Credit Card Simply Cash Card from American Express | Bonus Rewards Up to 2% | Base Rewards (%) 1.25% | First Year Value* $365 |
*First year value estimates were taken directly from the Borrowell Marketplace and are subject to change
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Based on our research, here are the 8 best credit cards with no annual fee in Canada. Each card on our list has one or more standout features.
Annual Fee: $0
Supplementary Card: $0
Purchase Interest Rate: 21.99%
Cash Advance Interest Rate: 23.99%
First year value: $189
3% cash back on grocery purchases
1% cash back on recurring bill payments
0.5% unlimited cash back on all other purchases
0.99% introductory interest rate on balance transfers (2% fee applies)
Fuel discounts at Shell gas stations
Car rental discounts
Purchase protection and extended warranty
Generous welcome offer (5% cash back in the first 3 months)
3% cash back on groceries
Limited insurance coverage
Low 0.50% standard cash back earn rate
The BMO Cashback Mastercard stands out for its 3% earning rate for grocery purchases, which is very high for a no fee credit card. New cardholders also benefit from an attractive welcome offer of 5% cash back for the first three months, and a 0.99% introductory APR on balance transfers (a 2% fee applies). Beyond these features, the card’s benefits are limited. For example, there is no travel insurance coverage, and the standard cash back rate is only 0.50%.
Visit the BMO website to apply.
Annual Fee: $0
Supplementary Card: $0
Purchase Interest Rate: 20.99% (increases to 21.99% in September 2025)
Cash Advance Interest Rate: 22.99%
First year value: $305
4% cash back on restaurant, bar and coffee shop purchases
1.5% cash back on gas, grocery and drugstore purchases, and on pre-authorized payments
0.50% cash back on all other purchases
Purchase security and extended protection insurance
High earning rate for dining out
Earn up to $125 when you refer a friend to Simplii Financial
Low $15,000 minimum income requirement
Limited insurance coverage
Low 0.50% standard cash back earn rate
If you enjoy dining out, you’ll love what the Simplii Financial Cash Back Visa has to offer. The card pays 4% cash back at eligible restaurants, bars and coffee shops. An attractive welcome bonus doubles the rate to 8% for the first three months (up to $80). The card comes with standard purchase protection and extended warranty coverage; however, it doesn’t include any additional insurance coverage. Unlike some of the more premium cards on our list, you can qualify with a minimum income of only $15,000.
Visit the Simplii website to apply.
Annual Fee: $0
Supplementary Card: $0
Purchase Interest Rate: 21.99%
Cash Advance Interest Rate: 22.99%
First year value: $497
4% CT Money at Canadian Tire and partner stores
3% CT Money at eligible grocery stores
1% CT Money on all other purchases
Fuel discounts of up to 7 cents/litre
Roadside Assistance Gold Plan
Car Rental Collision/Loss Damage Waiver Insurance
Purchase security insurance
Plenty of value for Canadian Tire shoppers
Complimentary roadside assistance
Higher standard earn rate than most no fee cards
High minimum income requirement ($80,000 individual or $150,000 household)
Can only apply online
The Triangle World Elite Mastercard is one of the highest-rated cards on our list and is an excellent choice for anyone who spends a significant amount of time driving, whether commuting to work or taking frequent road trips. In addition to a high 4% earn rate on almost everything at Canadian Tire, the card comes with complimentary roadside assistance, car rental insurance and fuel discounts at participating gas stations.
If there’s a downside, it’s the high minimum income requirement of $80,000 per individual or $150,000 per household. Also, the card pays rewards in CT Money, so if you’re not an avid Canadian Tire shopper, you may want to look elsewhere.
Visit the Canadian Tire Bank website to apply.
Annual Fee: $0
Supplementary Card: $0
Purchase Interest Rate: 21.99%
Cash Advance Interest Rate: 22.97%
First year value: $518
35 PC Optimum points per dollar at Shoppers Drug Mart
30 points per litre at Esso and Mobil stations
20 points per dollar at participating grocery stores
10 points per dollar on all other purchases
Purchase assurance and extended warranty
Excellent value for loyal PC Optimum members
24/7 Concierge service
High minimum annual income requirement
Not much value for non-PC Optimum members
The PC World Mastercard is designed for PC Optimum members who love shopping at President’s Choice partner stores, like Shoppers Drug Mart, Real Canadian Superstore and No Frills, among others. Given that PC Optimum is one of the most valuable loyalty programs in Canada, members can maximize their benefits by using it strategically.
Unfortunately, the card lacks the additional perks offered by other premium cards on our list, like the Triangle World Elite (roadside assistance and car rental insurance) and the Rogers Red World Elite Mastercard (Rogers benefits).
Visit the PC Financial website to apply.
Annual Fee: $0
Supplementary Card: $0
Purchase Interest Rate: 20.99% - 25.99%
Cash Advance Interest Rate: 22.99 - 27.99%
First year value: $757
Unlimited 3% cash back on U.S. dollar purchases
Unlimited 2% cash back on all non-U.S. dollar purchases (Rogers customers)
Unlimited 1.5% cash back on all non-U.S. dollar purchases (non-customers)
1.5x cash back when you redeem for Rogers, Fido or Shaw purchases
Purchase protection and extended warranty
Rental car/collision damage insurance
Emergency travel medical insurance
Trip interruption and cancellation
Airport lounge membership
High first-year value
Attractive earning rates for a no-fee credit card
Solid insurance coverage for a no-fee card
Excellent choice for those who make purchases in U.S. dollars
Must be a Rogers customer to maximize the card’s rewards
Potentially higher than standard interest rates
Minimum annual income requirement: $80,000 per individual or $150,000 per household
If we had a category for best overall no fee credit card, the Rogers Red World Elite Mastercard might get the nod. However, we also appreciate it for the insurance coverage it offers, which is more comprehensive than any other card on our list.
Cardholders also benefit from high earning rates, especially if they have a qualifying service with Rogers, Fido or Shaw. If you do, you can earn up to 3% cash back on U.S. dollar purchases and 2% on all non-U.S. dollar purchases. Other benefits include access to over 1,300 global airport lounges and five complimentary Rogers Roam Like Home days per year.
Visit the Rogers Bank website to apply.
Annual Fee: $0
Supplementary Card: $0
Purchase Interest Rate: 20.99%
Cash Advance Interest Rate: 22.99%
First year value: $212
2% cash back on grocery purchases
1% cash back on all other purchases
Purchase security and extended warranty
Fuel discounts at Petro-Canada
Earn Rexall Be Well points
DoorDash savings
Regular cash back rate of 1%
Unlimited cash back
Generous welcome offer
Limited insurance coverage
The accelerated cash back rate (2%) is not as high as other cards
The RBC CashBack Mastercard isn’t the flashiest option out there. It doesn’t offer the highest cash back rates, nor does it come with extensive insurance coverage or many other perks. However, if you're looking for a straightforward card with unlimited cash back at a solid rate (1%), this is the one for you. Plus, it comes with an attractive welcome bonus of 7% cash back for the first three months on purchases of up to $1,000.
Visit the RBC website to apply.
Annual Fee: $0
Supplementary Card: $0
Purchase Interest Rate: 21.99%
Cash Advance Interest Rate: 21.99%
First year value: $180
1% unlimited cash back on all purchases
No foreign exchange fees
Purchase security insurance
Guaranteed hotel reservations
Solid 1% unlimited cash back rate
No foreign exchange fees
Doesn’t offer extended warranty coverage
No accelerated cash back rates
Not available in Quebec
The Home Trust Preferred Visa is similar to the RBC CashBack Mastercard in that it offers a standard, unlimited 1% cash back rate. But the Home Trust Preferred also waives the exchange fees on foreign currency transactions, making it a great choice if you travel outside Canada regularly or make purchases in foreign currencies. Unfortunately, it doesn’t offer any accelerated cash back categories, and it is not available to residents of Quebec.
Visit the Home Trust website to apply.
Annual Fee: $0
Supplementary Card: $0
Purchase Interest Rate: 21.99%
Cash Advance Interest Rate: 21.99%
First year value: $365
2% cash back on gas purchases
2% cash back on groceries (up to $300 cash back annually)
1.25% unlimited cash back on all other purchases
Travel accident insurance coverage
Purchase protection and extended warranty coverage
Amex Offers
Bonus cash back on gas and groceries
Attractive standard cash back rate
Cash back is only credited to the account annually
American Express is not as widely accepted as Visa and Mastercard
If you’re looking to add an American Express card to your wallet, you’ll want to consider the Simply Cash Card from American Express. Not only is there no annual fee, but it offers 2% cash back in two spending categories (gas and groceries), and a solid 1.25% on all other purchases. Unfortunately, you can only access your cash back rewards once per year — your earnings are credited to your account every September.
Visit the American Express website to apply.
No annual fee credit cards are best suited for people who want to keep their costs low while still enjoying the perks of owning a credit card. They’re ideal for anyone who pays off their monthly balance in full and doesn’t want to worry about earning enough rewards to justify paying an annual fee.
These cards can be particularly useful for students, those new to credit or occasional credit card users. And while they may not offer the same rewards and benefits as premium rewards cards that charge an annual fee, most no fee cards offer modest rewards along with some valuable benefits.
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We reviewed over 15 popular Canadian no-fee credit cards to determine which ones offer the best overall value to consumers. Our selections are based on the following criteria:
We considered the earning rates each card offers on purchases, taking into account accelerated earning rates for various bonus spending categories as well as standard earning rates for all other purchases. Cards with the highest rates ranked better, especially those offering 1% or more on every dollar spent.
The First Year Value is the estimated value you can get through your credit card features in the first year. We calculate this amount based on available information. Please visit the partner’s website for the most up-to-date value estimate.
While most no fee credit cards come with only basic perks, we examined each card’s additional features, including purchase protection, extended warranty coverage, insurance coverage, car rental or gasoline discounts and exclusive partner offers. Cards that offered more valuable benefits received higher ratings.
The views expressed in this post are based on Borrowell’s opinions and we did not accept sponsorships or compensation in exchange for placement on this list. While we may receive a referral fee if a Borrowell member signs up for one of the products recommended on this page, this didn’t influence the ranking. We are committed to empowering Canadians with the impartial information they need to make great financial decisions.
The information for the cards in this list have been collected independently by Borrowell. The card details have not been reviewed or provided by the card issuers.
The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities.