Get rewarded for free. Simple as that.
You know that old saying, “you can’t get something for nothing”? Well, no fee cash back credit cards seem to shatter
Cash back with no strings attached.
And assuming you’re paying your bill on time, and
avoiding any pricey interest fees, you’re getting that cash completely free.
When it comes to perks and benefits, you usually get what you pay for: higher annual fee = more perks and rewards.
But not everyone can stomach annual fees. And in some cases, it makes the most sense to stick to no fees, like:
And also, sometimes free is just a straight-up no-brainer.
Check out our complete list of the top 10 best no fee cash back credit cards, so you get the best of free there is.
Just because you’re opting for a no fee credit card, it doesn’t mean you need to forgo all the other perks that the more
premium credit cards come with.
In fact, some no fee credit cards still come with:
So, when looking for a no fee credit card, it can still pay to shop around – no need to settle for just any card. We
read the fine print, look at 50+ different features that you can get with your credit card, enter that information into
our algorithm, and then tell you a card’s rating out of 5 stars – it's our
Coming out on top is the
Tangerine Money-Back Credit Card, and for good reason – it allows you to earn up to 2% cash back on your purchases.
This cash back Mastercard also stands out amongst its competitors because it works a little differently than other cards
by putting cardholders in control of how their bonus earning categories work.
Here’s how it works: You get 2% cash back in any 2 spending categories you choose. That means if the biggest
chunk of your budget goes towards gas and groceries, you can earn 2% cash back on gas and groceries.
And one of the best parts? You are able to change your categories if your spending habits change. So, if you buy a bike,
and gas is no longer one of your expenses, you can easily change that category to restaurants, or entertainment, or
Plus, if you have a Tangerine bank account, you are actually able to pick 3 categories to earn that impressive 2%.
The best American Express cash card in Canada right now, coming in as a really close second, is the
SimplyCash Card from American Express.
You’ll earn a solid
1.25% cash back on all purchases. Plus, for the first 3 months, you will get 2.5% cash back (up to $150 earned) – that’s $75 more than you’d normally get! And, as an added bonus, this Amex card will also give you a referral bonus of $100 for any approved referrals you send their way (up to $1,500 annually).
On top of all that, cardholders are given:
The best Visa card on our list, the Trust Preferred Visa has a lot of things going for it. This card offers cardholders 1% cash back on all purchases – no limits, no restrictions.
And while that is pretty nice for a no fee card, that isn’t even where this card really shines. Not only does this no
fee card offer cardholders complimentary (though slightly limited)
roadside assistance, but it also has no foreign currency exchange fee – and for the traveler and online shopper
alike…that 2.5% savings is a pretty great deal.
Something to keep in mind: with the recent closure of Chase cards, there has been an upswing in people applying for the
Home Trust Preferred Visa. Because of this, it seems that it can take up to 2 months to be approved for this card and
customer service has long wait times. (Hopefully they will be able to catch up with demand soon.)
As a recap, here are the
top 5 no fee cash back credit cards in Canada. We included the average return on spending you can expect to
get (depending on how you split your spending), as well as the ways you can expect to earn your cash back.