Earning 1% cash – or more – for doing nothing but shop for things you’d buy anyway?
Say hello to cash back cards with no fees. A class of cards that deserves its own lane.
Sure, cash back may not boast the “highest overall rewards” – but for those of us who like to keep the math simple (read: free cash)…This is home away from home.
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Best no fee cash back cards in Canada
Keeping the math even simpler, let’s focus on these top cards.
Because these top cards give you at least 1% cash on ALL your purchases. No mental accounting needed. And they all have low income requirements as well.
1. SimplyCash Card from American Express
The
- No minimum income requirement.
- $50 bonus cash back for each approved friend referral.
- 3 types of insurance.
The downside
Of course, you know that Amex acceptance may not be a full 100%.
But if you have a habit of paying off your balance in full every month – and if you already have another no-fee Visa or Mastercard but you’re looking for a higher earn rate – you could pair them together. Use this card everywhere Amex is accepted, and your older backup (lower earn rate) no-fee card on the rest.
Just note that you still need to have good credit to be approved for this card.
Related: Is Cash Back Better Than Travel?
2. Brim Mastercard
If you want more from your card than just rewards, the
You’ll earn a simple 1% cash back on all purchases. And the best part is you can redeem your cash back anytime you want towards any purchase made to the card, as long as you have at least $1.
But there’s more to this card than just that.
First, you’ll enjoy no foreign transaction fees, saving you that typical 2.5% other credit cards charge.
Second, Brim has partnered with over 150 retailers to help you earn bonus rewards on your purchases at these retailers.
Third, there’s a great welcome bonus – earn up to $200 worth of rewards when you make your first purchases at participating retailers.
The downsides
Brim is a relatively new credit card player in the Canadian market that has a particularly rough launch, however things have appeared to smooth out.
They also have the ability to set their own foreign exchange rates as well, so if they do keep an eye out to make sure they’re similar to what Mastercard would charge.
Related: Capital One Credit Cards: Head To Head Against Some Of The Best Credit Cards In Canada
3. Home Trust Preferred Visa
Another option for saving on foreign transaction fees is the
You get a straight-up 1% cash back on all eligible purchases – no limits or caps. Just note that you won’t earn cash back on purchases made in foreign currency.
And that sneaky 2.5% foreign transaction fee is waived when you use this card.
Add to that car rental and purchase protection insurance, and this card is one of the best no fee cash back cards out there.
The downsides
This card does not have PayPass support. Although this feature makes using a card easier, it is not necessary. And you don’t earn cash back on purchases made in a foreign currency.
4. American Express Green Card
It’s a travel card, but the
This Amex card provides 1 point per $1 spent on all purchases. You can redeem your Amex Membership Rewards for cash, towards any purchase made to your card – 1,000 points becomes $10, or a return of 1%.
And of course, there’s also the full range of Amex Membership Reward redemptions, like transferring to Aeroplan, Marriott Bonvoy, or using the Amex Fixed Points Travel program.
The downsides
It is an Amex card, so acceptance can be an issue, although it’s better than you might think.
But like we said before, simply pair a no fee Visa or Mastercard to get around this issue.
These cards almost made it…
With these cards, you don’t earn 1% or more in ALL purchases ‒ still, they deserve a mention…
5. BMO CashBack Mastercard
The
- 3% cash back on groceries (up to $500 spend per month),
- 1% cash back on recurring bills (up to $500 spend per month), and
- 0.5% cash back on all other purchases.
…annnd what other extras do you get? Glad you asked:
- Flexibility on when you get your cash.
- 25% off when you rent a car at National and Alamo.
- Free to add extra cardholders.
- 15K minimum income requirement.
- 2 types of insurance.
The downsides
Insurance isn’t as comprehensive as other BMO cards. And even though you can earn 3% on groceries, it’s capped at $500 per month.
$20 GeniusCash + Up to 5% cash back + No annual fee.*
Related: Top 5 No Fee Mastercards In Canada
6. Tangerine Money-Back Credit Card
With the
You get some flexibility and double the flat 1% earn rate that other cards in this list offer, so why isn’t it included at the top of our list?
The big downside
You only get 3 categories if you bank with Tangerine ‒ otherwise, you’re downgraded to 2 categories.
With all other purchases outside of your 2 ‒ 3 pre-selected spending categories, you earn 0.5% cash. Pretty big downside.
It doesn’t mean this card isn’t right for you. It just means that you’ll need to pay attention to your spending habits. (Quick tip: use our spending calculator to see if this card makes sense for your situation.)
×1 Award winner 
GC: $125
1x Award winner
Pro tip: Consider combining this card with any of the cards mentioned above – since it’s a no fee card that allows you to choose your higher earn rate categories, this is the perfect strategic addition to any wallet. Use your Tangerine card for your chosen categories, and one of the other cards to boost your return on all of your other purchases, and get even more rewards for your spending.
If you want a few more perks, you could also opt for the
You’ll get the same earn rates, pay no annual fees and get a couple of extra perks.
The first is mobile device insurance. Should something happen to your device, you’ll be covered up to $1,000 for repair or replacement.
The other is car rental insurance, so you’ll be able to waive the insurance the car rental agency will charge you to cover the car.
It does come with higher income requirements – either $60,000 personal or $100,000 household. But if you do qualify, there’s no downside to getting this card instead.
GC: $125
Related: No Fee Vs. Low Fee Credit Cards
Another honourable mention
The next card is one that we couldn’t go without mentioning.
Although it’s not a no fee card, it is a great low-fee alternative, with an annual fee of only $39.
7. MBNA Smart Cash World Mastercard
The
This means if you spend $500 a month on gas and groceries, you could easily earn $150 in rewards the first 6 months.
After the sign-up bonus, your earning will go to 2% cash back on gas and grocery purchases, up to $500 earned monthly. On all other purchases, you’ll earn 1% cash back.
As an added bonus, this card comes with 8 different types of insurance coverage, making this card really stand out.
And all for an annual fee of only $39.
The top no fee cash back cards side by side
If you’re looking for an automatic 1% cash back on everything, look no more. Here is a quick list of our top cash back cards – with 1% return on all purchases and free of fees – side by side.
| Card | Bonus | Income Requirement | # of Insurance Coverage |
|---|---|---|---|
| up to $100 | $0 | 3 | |
| up to $200 | $15,000 | 4 | |
| $0 | $0 | 1 | |
| 10,000 points, worth $100 in cash | $0 | 2 |
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