All of Canada’s best rewards credit cards have annual fees. Fortunately, most major Canadian banks offer premium banking packages that waive or rebate these fees.
Some of those packages can even have their own monthly fees waived as well, as long as you keep a minimum balance in your chequing account at all times. While this isn’t for everyone, rebating both your monthly premium banking fee and credit card annual fee is certainly attractive.
Unfortunately, if your premium credit card is American Express, MBNA, or another issuer without an eligible banking package, you won’t be able to take advantage of this type of rebate.
But there are still lots of options for pairing bank accounts with credit cards to avoid paying annual fees. Let’s review your choices.
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How premium banking packages work
Premium banking packages from Canada’s biggest banks often include more than everyday banking perks. They can also help you save on annual credit card fees. By linking your chequing account and credit card with the same bank, you can often qualify for an annual fee rebate (which sometimes even applies to a secondary cardholder).
These accounts typically cost around $15-30 per month, but most provide an opportunity to have that fee waived if you maintain a minimum monthly balance (which is usually between $4,000-6,000. If you already keep a healthy balance or pay monthly fees anyway, pairing your credit card with the right chequing account can deliver extra value without an extra cost.
Here is a summary of what Canadian banks offer:
| Bank | Premium banking package | Monthly fee/waiver | Credit card annual fee rebate |
|---|---|---|---|
| Scotiabank | Ultimate Package | $30.95, waived with $6,000 balance | Up to $150 |
| BMO | Premium Plan Chequing Account | $30.95, waived with $6,000 balance | Up to $150 |
| BMO | Performance Plan Chequing Account | $17.95 per month, waived with $4,000 balance | $40 |
| TD Canada Trust | All-inclusive banking plan | $30.95/waived with $6,000 balance | Full annual fee rebate |
| National Bank | The Total | $18-28.95, waived with $6,000 balance | Up to $150 cash back on annual fee |
| RBC | VIP Banking Plan | $30 | * Full rebate for primary and secondary cardholders for most premium cards * Partial rebate for VIP: $120 (primary cardholder) and $50 (secondary) |
| CIBC | Smart Account, Tier 2 or Tier 3 | Free but requires a balance of $40,000 | * $50 with a balance of $40,000 * $139 (primary cardholder) and $50 (secondary) with a balance of $100,000 |
Scotiabank Ultimate Package
Scotiabank offers the Ultimate Package. This bank account comes with a credit card annual fee waiver of up to $150 for the following cards:
Scotiabank Value Visa Card , which has an annual fee of $29Scotiabank Gold American Express® Card , which has an annual fee of $120Scotia Momentum® Visa Infinite* Card , which has an annual fee of $120Scotiabank Passport Visa Infinite Card , which has an annual fee of $150Scotiabank Passport® Visa Infinite Privilege* Card , which has an annual fee of $599
This bank account has a monthly fee of $30.95, which can be waived if you maintain a daily minimum balance of $6,000 in the account.
Benefits of the Scotiabank Ultimate Package
The Ultimate Package is the real deal among chequing accounts, with many great features, including:
- Unlimited debit transactions
- Unlimited Interac e-Transfers
- 100 free personalized cheques per year, as well as unlimited, free Canadian and U.S. dollar bank drafts
- Earn Scene+ points on debit purchases
- No fee for overdraft protection
BMO Premium Chequing Account
BMO offers the Premium Chequing Account for those who like extra perks. The plan offers an annual rebate of up to $150 on the following credit cards:
BMO® Ascend World Elite®* Business Mastercard®* , which has an annual fee of $149BMO AIR MILES®† World Elite®* Mastercard®* , which has an annual fee of $120BMO eclipse Visa Infinite* Card , which has an annual fee of $120BMO CashBack® World Elite®* Mastercard®* , which has an annual fee of $120BMO VIPorter Mastercard®* , which has an annual fee of $89
This account costs $30.95 per month, which is waived with a minimum monthly balance of $6,000.
BMO also offers a credit card rebate of up to $40 on their Performance Chequing Account, which costs $17.95 per month (free with a $4,000 balance).
Benefits of the BMO Premium Plan chequing account
Beyond the annual fee savings, here's what the Premium Plan includes:
- No-fee daily banking with private chequing accounts for family members
- Save $150 per year on identity theft protection
- Unlimited no-fee everyday banking transactions, including INTERAC e-Transfers
TD Canada Trust All-Inclusive Banking Plan
TD offers the All-Inclusive Banking Plan. It includes an annual fee waiver for the primary cardholder and one supplementary card for a variety of cards.
This account costs $30.95 per month, which is waived with a minimum daily balance of $6,000.
All of these cards are eligible:
TD® Aeroplan® Visa Infinite* Card , which has an annual fee of $139TD® Aeroplan® Visa Platinum* Card , which has an annual fee of $89TD First Class Travel® Visa Infinite* Card , which has an annual fee of $139TD Cash Back Visa Infinite* Card , which has an annual fee of $139
Benefits of the TD All-Inclusive chequing account
The TD All-Inclusive offers almost anything you need from a TD chequing account. It includes:
- Unlimited transactions,
- Unlimited Interac e-Transfers,
- No fees on non-TD ATM withdrawals,
- Free small safety deposit box,
- Free cheques, money orders, and certified cheques.
The Total from National Bank
National Bank offers The Total chequing account. While the annual fee on the credit cards does not get waived, they will give you up to $150 cash back on the annual fee for any National Bank Mastercard at enrollment, such as:
National Bank World Elite Mastercard National Bank World Mastercard National Bank Platinum Mastercard National Bank Syncro Mastercard
Depending on your age, this account costs between $18-28.95 per month, which is waived with a minimum daily balance of $6,000.
National Bank Total Chequing Account
This account has a few other unique features not found elsewhere. Here's what's included:
- Unlimited transactions,
- Unlimited Interac e-Transfers,
- Integrated line of credit up to $5,000
- Overdraft protection
- Up to $150 cashback on eligible credit cards.
RBC Royal Bank VIP Banking
RBC provides the VIP Banking plan. The plan has a monthly fee of $30 and offers a full rebate for the following cards:
RBC Avion Visa Infinite , which has an annual fee of $120RBC Visa Platinum Avion , which has an annual fee of $120RBC U.S. Dollar Visa Gold , which has an annual fee of $65RBC® British Airways Visa Infinite‡ , which has an annual fee of $165RBC Cash Back Preferred World Elite Mastercard , which has an annual fee of $99WestJet RBC World Elite Mastercard , which has an annual fee of $139
RBC also offers a partial rebate for the
CIBC Smart accounts
CIBC has 3 Tiers of the Smart account.
A Tier 1 account carries a monthly fee of $16.96, which is waived if you maintain a balance of $4,000, while Tiers 2 and 3 carry no monthly fee but require minimum balances of $40,000 and $100,000, respectively.
Unfortunately, Tier 1 accounts don’t waive credit card fees, so you’ll need to keep at least $40,000 in your chequing account to qualify for any rebates.
Tier 2 Smart account gets you a $50 rebate for the primary cardholder. The Tier 3 Smart account gets you $139 for the primary cardholder and up to $50 for additional cardholders.
Eligible credit cards include:
CIBC Aventura® Visa Infinite* Card , which has an annual fee of $139CIBC Aventura® Gold Visa* Card , which has an annual fee of $139CIBC Aeroplan Visa Infinite Card , which has an annual fee of $139CIBC Dividend® Visa Infinite* Card , which has an annual fee of $120
FAQ
What are the best bank accounts with credit cards?
The best accounts are the ones that rebate both your monthly banking fee and annual credit card fee, giving you the best overall value. Popular options include the BMO Premium Plan and TD All-inclusive Banking plan.
Can I get a free credit card with my banking plan?
Yes. Many premium banking plans include an annual fee rebate for one or more credit cards. You can get the Scotiabank Gold American Express Card – Canada’s best no-fx fee travel card – free with Scotiabank’s Ultimate Package.
Which bank's credit card is best in Canada?
It depends on your priorities and what’s most valuable to you. If you prefer flexible travel rewards, try the
Is it possible to get a credit card fee waived?
Yes. All of Canada’s Big Banks offer at least one premium chequing account that waives or rebates annual credit card fees.
Does TD waive credit card fees?
Yes. TD’s All-Inclusive Banking Plan provides a full annual fee rebate for the primary cardholder and one supplementary card on select TD credit cards.
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