Menu
Log In
Sign Up

Best No Fee Credit Cards in Canada for 2025

Colin Graves

Jul 24, 2025 9 min read

Share on Facebook
Share on Twitter
Share on Linkedin
Best no fee credit cards in Canada.

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. 

Who Are No Fee Credit Cards Best Suited For?

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.

Do No Fee Credit Cards Offer Rewards?  

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.

Key Takeaways

CategoryCredit CardBonus RewardsBase Rewards (%)First Year Value*
Best for GroceriesBMO Cashback MastercardUp 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 RestaurantsSimplii Financial Cash Back VisaUp 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 DriversTriangle World Elite MastercardUp 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 MembersPC World MastercardUp 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 CoverageRogers Red World Elite MastercardUp 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 SpendingRBC CashBack MastercardUp 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 TransactionsHome Trust Preferred Visa CardNone1%$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 CardSimply Cash Card from American ExpressUp 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

Get Personalized No Fee Card Recommendations

Sign up and compare Canada's top no fee credit cards! Get personalized recommendations matched to your credit profile and keep more of your hard-earned money.

Compare Cards

Best No Fee Credit Cards in Canada

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. 

Best No Fee Card for Groceries

BMO Cashback Mastercard

Overview

  • Annual Fee: $0

  • Supplementary Card: $0

  • Purchase Interest Rate: 21.99%

  • Cash Advance Interest Rate: 23.99%

Rewards and Perks 

  • 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 

Pros

  • Generous welcome offer (5% cash back in the first 3 months) 

  • 3% cash back on groceries 

Cons

  • Limited insurance coverage

  • Low 0.50% standard cash back earn rate

Borrowell’s Take

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.

Best No Fee Card for Restaurants

Simplii Financial Cash Back Visa Card

Simplii Financial Cash Back Visa Card

Overview

  • Annual Fee: $0

  • Supplementary Card: $0

  • Purchase Interest Rate: 20.99% (increases to 21.99% in September 2025)

  • Cash Advance Interest Rate: 22.99%

Rewards and Perks 

  • 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

Pros

  • High earning rate for dining out

  • Earn up to $125 when you refer a friend to Simplii Financial

  • Low $15,000 minimum income requirement

Cons

  • Limited insurance coverage 

  • Low 0.50% standard cash back earn rate 

Borrowell’s Take

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.

Best No Fee Card for Drivers

Triangle World Elite Mastercard

Canadian Tire Triangle Mastercard (200 x 127 px)

Overview

  • Annual Fee: $0

  • Supplementary Card: $0

  • Purchase Interest Rate: 21.99%

  • Cash Advance Interest Rate: 22.99%

Rewards and Perks 

  • 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 

Pros

  • Plenty of value for Canadian Tire shoppers 

  • Complimentary roadside assistance 

  • Higher standard earn rate than most no fee cards

Cons

  • High minimum income requirement ($80,000 individual or $150,000 household)

  • Can only apply online 

Borrowell’s Take

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.

Best No Fee Card for PC Optimum Members

PC World Mastercard

PC World Mastercard (200 x 127)

Overview

  • Annual Fee: $0

  • Supplementary Card: $0

  • Purchase Interest Rate: 21.99%

  • Cash Advance Interest Rate: 22.97%

Rewards and Perks 

  • 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

Pros

  • Excellent value for loyal PC Optimum members

  • 24/7 Concierge service 

Cons

  • High minimum annual income requirement 

  • Not much value for non-PC Optimum members 

Borrowell’s Take

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.

Best No Fee Card for Insurance Coverage

Rogers Red World Elite Mastercard

Rogers Red Elite World Mastercard

Overview

  • Annual Fee: $0

  • Supplementary Card: $0

  • Purchase Interest Rate: 20.99% - 25.99% 

  • Cash Advance Interest Rate: 22.99 - 27.99%

Rewards and Perks 

  • 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 

Pros

  • 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

Cons

  • 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

Borrowell’s Take

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.

Best No Fee Card for Everyday Spending

RBC CashBack Mastercard

RBC CashBack Mastercard (200 x 127)

Overview

  • Annual Fee: $0

  • Supplementary Card: $0

  • Purchase Interest Rate: 20.99%

  • Cash Advance Interest Rate: 22.99%

Rewards and Perks 

  • 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

Pros

  • Regular cash back rate of 1%

  • Unlimited cash back

  • Generous welcome offer

Cons

  • Limited insurance coverage

  • The accelerated cash back rate (2%) is not as high as other cards

Borrowell’s Take

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.

Best No Fee Card for FX Transactions

Home Trust Preferred Visa

Home Trust Preferred Visa (200 x 127)

Overview

  • Annual Fee: $0

  • Supplementary Card: $0

  • Purchase Interest Rate: 21.99%

  • Cash Advance Interest Rate: 21.99%

Rewards and Perks 

  • First year value: $180

  • 1% unlimited cash back on all purchases

  • No foreign exchange fees 

  • Purchase security insurance 

  • Guaranteed hotel reservations

Pros

  • Solid 1% unlimited cash back rate

  • No foreign exchange fees

Cons

  • Doesn’t offer extended warranty coverage

  • No accelerated cash back rates

  • Not available in Quebec

Borrowell’s Take

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.

Best No Fee Amex Card Transactions

Simply Cash Card from American Express

Simply Cash Card from American Express (200 x 127)

Overview

  • Annual Fee: $0

  • Supplementary Card: $0

  • Purchase Interest Rate: 21.99%

  • Cash Advance Interest Rate: 21.99%

Rewards and Perks 

  • 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 

Pros

  • Bonus cash back on gas and groceries 

  • Attractive standard cash back rate

Cons

  • Cash back is only credited to the account annually

  • American Express is not as widely accepted as Visa and Mastercard

Borrowell’s Take

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.

The Bottom Line

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.

A headshot of Colin Graves.
Colin Graves

Colin Graves is a personal finance writer and editor whose work has appeared in publications such as Time.com, MoneySense, Money.ca, MapleMoney and more. A former Big Five bank manager, Colin has completed the Professional Financial Planning (PFPC) and Canadian Securities (CSC) courses.

More Information

Best cash back credit cards in Canada for 2025.

Best Cash Back Credit Cards in Canada for 2025

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

Read More

Best Credit Card Sign Up Bonuses 2025

We've curated a list of the best credit card sign up bonuses in Canada for 2025! Learn about the pros and cons of each and find your best card today.

The Borrowell Team

Apr 23, 2025

Read More

Best low interest credit cards in Canada for 2025.

Looking to save on interest? Our new guide reveals the best low interest credit cards for 2025 so you can keep more money in your pocket.

The Borrowell Team

May 26, 2025

Read More

Methodology

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: 

Rewards (Cash Back or Points) 

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. 

First Year Value

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.

Additional Card Benefits

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.