The Best No-Annual-Fee Credit Cards – May 2026

Q: Which issuers offer credit cards with no annual fee?

Most issuers offer credit cards with no annual fee:- American Express Canada; - National Bank; - BMO; - CIBC; - MBNA; - PC Financial; - RBC; - Scotiabank; - Tangerine; - TD;

Are you looking for a no-fee credit card? These credit cards have no annual fee.

It is therefore advised to keep a card like that, year after year, to improve your credit history.

Here is a table summarizing the different offers. For more details, read on or click on the name of a card.

Tangerine® Money-Back World Mastercard®*

If you have an individual income of $60,000 or a household income of $80,000, you can choose the Tangerine^® Money-Back World Mastercard^®*.

This credit card has no annual fee and allows you to earn cash back on your everyday purchases. With the current offer, you can get $100 when you spend $1,500 within your first three months^††.

You get 2% unlimited cash back in 2 categories of your choice and 0.5% on all your other purchases. Plus, you can unlock a third 2% category when your cash back is deposited into a Tangerine Savings Account.

Choose from 13 spending categories (groceries, gas, restaurants, and more) and change them every 90 days to match your habits^◊.

The card also includes useful protections, including purchase assurance and extended warranty⁵, as well as mobile device insurance and coverage for rental vehicles⁵.

Finally, you can transfer high-interest credit card balances and enjoy a promotional rate of 1.95% for 6 months (a 1% transfer fee applies)¹¹.

PC® Mastercard®

The PC Mastercard offers a 20,000 PC Optimum^™ welcome bonus after you spend $50 in the first two months, all with no annual fee. It’s an ideal entry-level card to start earning points within the Loblaw ecosystem.

1% back in points at Loblaw banner grocery stores, including Loblaws^MD, No Frills^MD, Real Canadian Superstore^MD, Maxi^MD, and other locations³.
At least 3¢ per litre back in points on fuel at Esso and Mobil stations
2.5% back in points at Shoppers Drug Mart and Pharmaprix
1% back in points at Joe Fresh
1% back in points everywhere else

This way, you earn between 1% and 3% back on your purchases at PC Optimum stores. Your points can then be redeemed for discounts at checkout or a $7 credit per 10,000 points applied directly to your card balance.

With its 90-day purchase assurance, extended warranty, and Mastercard Global Service, this card offers valuable protections for a no-annual-fee card.

American Express® Green Card

Do you want a cash back credit card with no annual fee that earns travel points? Here’s an option for you: American Express^® Green Card.

By signing up for the American Express^® Green Card, you can earn 10,000 Membership Rewards Welcome Bonus Points when you charge $1,000 in purchases to your Card in the first 3 months of Cardmembership. This is a $100 value for travel or any purchase on the Card.

You can also transfer your points to airline partners (Aeroplan, British Airways Executive Club, Flying Blue, etc.) and hotel partners (Marriott Bonvoy, Hilton Honors).

For example, with this welcome offer, if you decide to transfer your Membership Rewards points to a partner loyalty program, you would have the choice of earning:

10,000 Aeroplan points
10,000 Avios points
10,000 Flying Blue Miles
12,000 Marriott Bonvoy points

That’s a nice welcome bonus for a credit card with no annual fee.

You’ll also have access to online promotional offers to earn points or rebates on your purchases with this no annual fee credit card.

Like all American Express Canada Cards, there is no minimum income requirement.

BMO eclipse rise Visa* Card

The new BMO eclipse rise Visa* Card is a no-annual-fee credit card with travel points, requiring no minimum income.

With this offer, you can earn up to 25,000 points as a welcome bonus:

20,000 points after $1,500 in purchases in the first 3 months
2,500 points when you redeem 12,000 points with the Pay with Points option over a 12-month period
2,500 points when you pay the balance on time for 12 months

What’s more, you can benefit from an interest rate of 0.99% on balance transfers for nine months (a 2% balance transfer fee applies).

With the new BMO eclipse rise Visa* Card, you earn :

5 points for every two dollars spent on recurring bill payments
5 points for every two dollars spent at the grocery store
5 points for every two dollars spent at restaurant and for takeaway
1 point per two dollars of purchases for all other purchase categories

You can use BMO Rewards points for all travel purchases made through the agency or website of your choice (plane tickets, hotels, rental cars, all-inclusive packages, Airbnb, etc.) or for rewards and gift cards on the BMO Rewards platform.

The new BMO eclipse rise Visa* Card also offers:

Mobile Device Insurance
Purchase Protection
Extended warranty insurance

Finally, enjoy three months of Instacart+ membership and a $5 monthly Instacart credit when you sign up with your eligible BMO credit card.

Frequent Asked Questions about credit cards

Here are some frequently asked questions in the milesopedia community about credit cards in Canada.

What's the best no-fee credit card in Canada?

Most of the credit cards with no annual fee on this page are excellent to get started. If you want points for travel, you could take the CIBC Aventura Visa* Card.

If you prefer cash back, the MBNA Smart Cash Platinum Plus^® Mastercard^® is for you!

Should I have a credit card with no annual fee in my wallet?

A credit card with no annual fee is a useful card when you’re starting or don’t have a long credit history.

As the name suggests, there are no year-to-year fees, and you can keep it for the long term. Be aware that although they are free, they are not the most rewarding. Many credit cards at $120, $399 or even $699 will save you a lot more on your trips than someone who swears by “no fee cards”.

Thus this credit card will generally be the first one on your credit history, a significant asset for establishing your credit score, or allowing you to use it at a specific retailer. It can be taken out in addition to other credit cards. No minimum income is required depending on the institution, and you may be eligible for a welcome bonus or cash back, for example.

Can I earn reward points with no-fee credit cards ?

Of course! You can earn a bonus with some no-annual-fee credit cards like cash back, travel rewards or even a free hotel night! But these offers are often less than those coming with a credit card with an annual fee.

Are there any disadvantages to choosing credit cards with no annual fee?

These credit cards may offer attractive bonuses and help you build your credit history, but the insurance, benefits and spending accumulation rates are not equivalent to those of credit cards with annual fees.

Which issuers offer credit cards with no annual fee?

Most issuers offer credit cards with no annual fee:

What's the best credit card in Canada?

There are over 200 credit cards in Canada. There is no “one best credit card” in Canada.

Several credit cards can match your needs:

How many no-fee credit cards should I hold?

Two to four no-fee cards is the sweet spot for most Canadians. The goal is to cover complementary categories: one card optimized for groceries and gas (such as the Tangerine Money-Back Mastercard with three chosen categories at 2%), one for everyday Mastercard spending (the PC Mastercard at Loblaw banners), one for American Express acceptance (the American Express Green Card), and optionally one for online or US purchases with no foreign exchange fees (the EQ Bank Card or Wealthsimple Cash Card). Beyond four, the marginal benefit drops while the cognitive overhead of tracking categories starts to outweigh the cash back gained.

Can I get approved for a no-fee credit card with limited credit history?

Several no-fee Canadian cards are designed for newcomers, students or applicants rebuilding credit. The BMO eclipse rise Visa Card reports to Equifax and TransUnion and is accessible with limited credit history. The EQ Bank Card is technically a prepaid Mastercard with no credit check at all. KOHO offers a Credit Building add-on that reports a payment trade line to credit bureaus for around $10 per month. The Capital One Guaranteed Mastercard accepts applicants with bruised credit by securing the line with a deposit. Use any of these for six to twelve months of on-time payments, then graduate to a mainstream no-fee or premium card.