{"id":168079,"date":"2021-06-27T17:39:43","date_gmt":"2021-06-27T21:39:43","guid":{"rendered":"https:\/\/mp-2702.milesopedia.dev\/?p=168079"},"modified":"2026-05-08T15:52:47","modified_gmt":"2026-05-08T15:52:47","slug":"pay-credit-card-annual-fee","status":"publish","type":"post","link":"https:\/\/mp-2702.milesopedia.dev\/en\/guide\/strategy\/pay-credit-card-annual-fee\/","title":{"rendered":"Should You Ever Pay a Credit Card Annual Fee in Canada?"},"content":{"rendered":"\n<p>Paying an annual fee for a credit card isn&#8217;t always a good idea. Several credit cards are available with no annual fee, and many users cannot justify paying an annual fee based on the rewards or privileges offered in exchange.<\/p>\n\n\n\n<p>However, there are times when a card&#8217;s benefits outweigh the expense of the annual fee. Depending on the individual&#8217;s\u00a0travel patterns and spending habits, there are four scenarios in which the cost may be justified.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-does-a-credit-card-annual-fee-mean\">What Does a Credit Card Annual Fee Mean?<\/h2>\n\n\n\n\n\n<p>Annual fees used to be common and helped card issuers to be profitable. However, in today&#8217;s market, they are less common and only exist in two instances:<\/p>\n\n\n\n<div class=\"component component__list\"><ul class=\"wp-block-list\">\n<li>The premium travel market \u2013 cards that offer premium travel benefits, large bonuses, and substantial rewards earning structure<\/li>\n\n\n\n<li>The subprime market \u2013 caters to those with bad credit and cannot obtain large credit lines or other forms of credit<\/li>\n<\/ul><\/div>\n\n\n\n<p>As a result, today&#8217;s annual fees are charged in exchange for outstanding value for the wealthy or simply access to credit for the poor.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-when-should-you-consider-paying-an-annual-fee\">When Should You Consider Paying an Annual Fee?<\/h2>\n\n\n\n<p>The following four scenarios justify you paying an annual fee.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-a-one-time-bonus-that-makes-the-annual-fee-worthwhile\">A One-Time Bonus That Makes the Annual Fee Worthwhile<\/h3>\n\n\n\n<p>Large incentives often get offered by credit cards to entice you to register an account. Common benefits include:<\/p>\n\n\n\n<div class=\"component component__list\"><ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/mp-2702.milesopedia.dev\/en\/best-credit-cards-in-canada\/aeroplan\/\">frequent flyer miles<\/a> that may be redeemed for travel expenditures<\/li>\n\n\n\n<li>a generous statement credit that can offset part of your spending<\/li>\n\n\n\n<li>points that can be redeemed for <a href=\"https:\/\/mp-2702.milesopedia.dev\/en\/guide\/strategy\/points-gift-cards-strategy\/\">gift cards<\/a> or travel expenses<\/li>\n<\/ul><\/div>\n\n\n\n<p>You want to rethink the application if the annual price is $100 and the bonus is $100. However, if the annual fee is $125 and the incentive is $600 in flights, you may want to reconsider.<\/p>\n\n\n<aside class=\"component component__notice component__notice--info wp-block-milesgutenberg-notice\">\n\t\t\t\t<i class=\"fas fa-info-circle\"><\/i>\n\t\t<div class=\"component__notice__content\">\n\t\t\t\t\n\n<p>A credit card company may have <a href=\"https:\/\/mp-2702.milesopedia.dev\/en\/offers\/cards\/new-offer-american-express-cobalt\/\">a promotion<\/a> that offers you 50,000 sign-up bonus points that can be redeemed for $500 worth of travel expenses.<\/p>\n\n\t<\/div>\n<\/aside>\n\n\n<aside class=\"component component__deferred_contents wp-block-milesgutenberg-deferred-contents\">\n\t\t\t\t<div\n\t\t\t\tdata-template='s-h'\n\t\t\t\tdata-post_type='post'\n\t\t\t\tdata-per_page='4'\n\t\t\t\tclass='deferred_container--preload container_post container_template--s-h container_count--1'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"post_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"125194\"\n\t\t\t\t\t\t\t>\n\t\t<article class=\"post-preview\">\n\t<div class=\"post-preview-thumbnail\">\n\t\t<div class=\"shimmer shimmer-image\"><\/div>\n\t<\/div>\n\t<div class=\"post-preview-content\">\n\t\t<div class=\"simmer-bar-group\">\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t<\/div>\n\t<\/div>\n<\/article>\t\t<\/div>\n\n\t\t<\/aside>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-benefits-of-everyday-spending-outweigh-the-cost-of-the-annual-fee\">The Benefits of Everyday Spending Outweigh the Cost of the Annual Fee<\/h3>\n\n\n\n<p>Finding a credit card that gives you <a target=\"_blank\" href=\"\/?page_id=135873\">1% cashback<\/a> on all your transactions or a larger cashback percentage in categories that fluctuate monthly isn&#8217;t difficult. A credit card offering\u00a0a high percentage of cashback on required purchases month after month is more difficult to come by.<\/p>\n\n\n\n<p>You&#8217;ll almost certainly have to pay an annual fee to receive a deal like this, but depending on your household&#8217;s spending patterns, you could wind up well ahead.A <a href=\"https:\/\/mp-2702.milesopedia.dev\/en\/offers\/cards\/scotia-momentum-visa-infinite-promo\/\">credit card<\/a> offers the following in exchange for an annual fee of $120:<\/p>\n\n\n\n<div class=\"component component__list\"><ul class=\"wp-block-list\">\n<li>4% cashback at selected supermarkets<\/li>\n\n\n\n<li>2% cashback at selected gas stations<\/li>\n\n\n\n<li>1% on any other purchase anywhere<\/li>\n<\/ul><\/div>\n\n\n\n<p>Let&#8217;s say your family spends $1,000 a month on groceries. You would get $480 a year based on a 4% cashback for a net benefit of $360. Should you spend extra on gas, the card becomes a sweet deal.<\/p>\n\n\n<aside class=\"component component__deferred_contents wp-block-milesgutenberg-deferred-contents\">\n\t\t\t\t<div\n\t\t\t\tdata-template='compare'\n\t\t\t\tdata-post_type='card'\n\t\t\t\tdata-per_page='4'\n\t\t\t\tclass='deferred_container--preload container_card container_template--compare container_count--3'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"card_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"22637,22695,22676\"\n\t\t\t\t\t\t\tdata-utm=\"wpb\"\n\t\t\t\t\t\t\t>\n\t\t\n    <div class=\"card card-list card-list-header\">\n        <div class=\"shimmer shimmer-bar shimmer-dark shimmer-bar--short card-specs--title\"><\/div>\n        <div class=\"shimmer shimmer-bar shimmer-dark shimmer-bar--short card-specs--title\"><\/div>\n    <\/div>\n\n\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"card-list--offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"card-list--offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"card-list--offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\t\t<\/div>\n\n\t\t<\/aside>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ongoing-travel-benefits-outweigh-the-annual-fee\">Ongoing Travel Benefits Outweigh the Annual Fee<\/h3>\n\n\n\n<p>Rewards can be substantial if your travel patterns match the incentives offered by a credit card. If you often stay at specific hotels, the card might earn you many free hotel stays.<\/p>\n\n\n\n<p>The card might come with a steep annual fee, but it could come with a substantial credit for each year&#8217;s specific hotel purchases.<strong>Example&nbsp;:<\/strong><\/p>\n\n\n\n<p>You can get up to <a href=\"https:\/\/mp-2702.milesopedia.dev\/en\/offers\/cards\/amex-platinum-new-offer-canada\/\">80,000 welcome bonus points<\/a> with an estimated value of $1,600. For every dollar spent on restaurants, you can get 3 points, 2 points for travel transactions, 1 point for everyday purchases. Along with this, you can also get a $200 Annual Travel Credit.<\/p>\n\n\n\n<p>Because credit cards are continually changing, you must first do your research and read the fine print before opening a new account.<\/p>\n\n\n<aside class=\"component component__deferred_contents wp-block-milesgutenberg-deferred-contents\">\n\t\t\t\t<div\n\t\t\t\tdata-template='compare'\n\t\t\t\tdata-post_type='card'\n\t\t\t\tdata-per_page='4'\n\t\t\t\tclass='deferred_container--preload container_card container_template--compare container_count--2'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"card_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"22616,22613\"\n\t\t\t\t\t\t\tdata-utm=\"wpb\"\n\t\t\t\t\t\t\t>\n\t\t\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"card-list--offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"card-list--offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\t\t<\/div>\n\n\t\t<\/aside>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-there-is-an-annual-fee-for-the-only-card-you-can-get-approved-for\">There is an Annual Fee For the Only Card You Can Get Approved For<\/h3>\n\n\n\n<p>If you have bad credit and are trying to improve your credit score, the annual fee on the only card you can get approved for could be money well spent. A higher credit score can make the difference between getting a loan and not getting one. It can also allow you to save money on your loan because those with better credit are usually eligible for reduced interest rates.<\/p>\n\n\n\n<p>The trick is to simply pay the annual fee while attempting to <a href=\"https:\/\/mp-2702.milesopedia.dev\/en\/personal-finance\/credit-score\/improve-your-credit-score\/\">improve your credit score<\/a>. You can switch to a credit card that doesn&#8217;t impose a yearly fee once your credit score has improved.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-conclusion\">Conclusion<\/h2>\n\n\n\n<p>Penalties, fees, and interest will likely outweigh any benefits you get from a credit card with a high annual fee if you don&#8217;t pay your balance in full every month or if you tend to make late payments. In other words, unless you&#8217;re incredibly credit-conscious, don&#8217;t expect to gain from these offers. Also, keep in mind that these deals aren&#8217;t dealt with if you have to spend more than you would otherwise have to get them.<\/p>\n\n\n\n<p>Calculate whether any credit card with an annual fee gives a net benefit in your personal position before signing up. Also, consider the implications before agreeing to a new credit card account.<\/p>\n\n\n<aside class=\"component component__deferred_contents wp-block-milesgutenberg-deferred-contents\">\n\t\t\t\t<div\n\t\t\t\tdata-template='m-h'\n\t\t\t\tdata-post_type='card'\n\t\t\t\tdata-per_page='4'\n\t\t\t\tclass='deferred_container--preload container_card container_template--m-h container_count--1'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"card_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"22621\"\n\t\t\t\t\t\t\tdata-utm=\"wpb\"\n\t\t\t\t\t\t\t>\n\t\t<div class=\"card\">\n\t<div class=\"card--grid\">\n\n\t\t<div class=\"card--img-outer\">\n\t\t\t<div class=\"card--img\">\n\t\t\t\t<div class=\"shimmer shimmer-card\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card--title-offer-selling\">\n\t\t\t<div class=\"card--title-offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\t\t\t<div class=\"card--selling-points\">\n\t\t\t\t<div class=\"shimmer shimmer-bar shimmer-bar--short\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar shimmer-bar--short\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar shimmer-bar--short\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card--apply\">\n\t\t\t<div class=\"apply-btn\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n<\/div>\t\t<\/div>\n\n\t\t<\/aside>","protected":false},"excerpt":{"rendered":"<p>Let&#8217;s see why, sometimes, it&#8217;s obvious to pay a credit card annual fee&nbsp;: higher rewards, welcome bonuses, insurance, travel benefits.<\/p>","protected":false},"author":3,"featured_media":167538,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[48137],"tags":[],"mc_loyalty_program":[],"class_list":["post-168079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-strategy","tutorial-cards"],"acf":{"mc_approved_badge":false,"mc_card_used":null,"mc_featured_card_specific":null,"mc_hide_featured_card":false,"mc_post_checklist":{"mc_post_checklist_true":null,"mc_post_checklist_false":null}},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Should You Ever Pay a Credit Card Annual Fee in Canada? 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