Best No Fee Credit Cards in Canada for 2026

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, and have chosen what we believe are the seven best no fee credit cards in Canada today.

And remember, if you browse for cards in the Borrowell app, we'll tell you your chances of getting approved for each credit card before you apply, based on your unique credit profile.

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. So let's take a look at the best

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 no fee credit cards in Canada 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

*First year value estimates were taken directly from the Borrowell Marketplace and are subject to change

Best No Fee Credit Cards in Canada

Based on our research, here are the seven 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 

• Borrowell Exclusive Offer: Get 6 months of Crave Standard with Ads if you apply and get approved for this card through Borrowell.

• 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)

• 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 for 9 months (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%.

Apply through Borrowell and get 6 months of Crave Standard with Ads if you get approved for this card.

Best No Fee Card for Restaurants

Simplii Financial Cash Back Visa Card

Overview

• Annual Fee: $0

• Supplementary Card: $0

• Purchase Interest Rate: 21.99% 

• 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

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

Overview

• Annual Fee: $0

• Supplementary Card: $0

• Purchase Interest Rate: 21.99%

• Cash Advance Interest Rate: 22.97%

Rewards and Perks 

• Welcome offer: 20,000 Bonus PC Points ($20 value)

• 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). 

Visit the PC Financial website to apply.

Best No Fee Card for Everyday Spending

RBC Cash Back Mastercard

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

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

SimplyCash Card from American Express

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.