Rankings
Best No Annual Fee Credit Cards in Canada
No-fee Canadian credit cards ranked by how much they earn in a typical year. Top earner: Scotiabank American Express at about $364 a year.
What is the best no annual fee credit card in Canada?
The Scotiabank American Express earns about $364 a year at typical spending — the most of any no-fee card we track.
| Card | Net annual rewards | First-year value |
|---|---|---|
| TopScotiabank American Express | $364 | $464 |
| Rogers Red World Elite Mastercard | $360 | $360 |
| Triangle World Elite Mastercard | $360 | $360 |
| SimplyCash Card from American Express | $329 | $329 |
| Simplii Financial Cash Back Visa | $311 | $403 |
| PC Financial World Elite Mastercard | $308 | $358 |
| CIBC Costco Mastercard | $306 | $306 |
| BMO CashBack Mastercard | $282 | $380 |
Values assume $2,000 a month of typical spending (groceries $500, dining $200, gas $150, online $300, bills $200 and the rest spread across other categories). First-year value is the welcome bonus plus a year of rewards, minus the annual fee.
Put it into practiceNo-annual-fee cardsWhat should I watch for with no-fee cards?
Check the earn caps, the foreign transaction fee (usually 2.5%) and whether rewards are paid automatically or need to be redeemed.
Some no-fee cards pay their best rates only on categories you choose or on purchases at one retailer.
Is a no-fee card better than a card with an annual fee?
It depends on spending. A $120 fee card must earn at least $120 more in rewards to break even; at higher grocery and dining spending it often does.
Use the annual fee break-even calculator to test your own numbers.
Official sources and further reading
Terms vary by product. Confirm the provider’s current terms before acting. This guide does not predict approval, realized value or credit-score changes. How WalletReturn calculates value