Get a generous 4% in CTM when you shop at Canadian Tire, Sport Chek and Mark’s and other affiliate stores, and 1.5% on  up to $12,000 of purchases at grocery stores (excluding Walmart and Costco). You can choose to deposit your cash back rewards in your savings or chequing account, invest it, or use it to pay down your credit card balance. 1. It would have been better if they didn’t charge the 2.5% foreign exchange fees so we would get the full 4% cashback. Typically, no-fee cards do include very basic protections such as zero liability, purchase protection and extended warranty, but you’ll likely miss out on travel medical emergency insurance and rental car collision coverage and on perks such as airport lounge access. What really makes this card stand out is the insurance that’s included. There’s no point value analysis, no guesswork, no redemption value comparisons… All you get is cold, hard cash right back into your pocket, either in the form of: statement credits, direct deposits, or; cheques. You can read my complete Triangle World Elite Mastercard review. milquetoast Senior Member Compare 4% cash back credit cards When it comes to 2% cash back credit cards, you’ve got a lot of choice. To narrow the list down and find the single best cash back card for you, consider analyzing your … Here are CNBC Select's top seven cash-back credit cards with no-annual-fee: Winner: Chase Freedom Unlimited® Card; Runner-up: Citi® Double Cash Card Agreed, it’s probably one of the best all-around no-fee credit cards. Redeem your CTM at sporting goods stores (Sport Chek, Sports Rousseau, Sports Experts and Hockey Experts), clothing retailers (Mark’s/L’Equipeur and Atmosphere), and, of course, Canadian Tire. Excludes Costco and Walmart, Earn 4% in CT Money on purchases made at Canadian Tire, Sport Chek, and participating Mark’s/L’Equipeur and Atmosphere stores, Collect 5-7 cents per litre in CT Money when you buy fuel at Gas+ locations, Car rental collision/loss damage waiver insurance, No-fee and interest financing on qualifying purchases of $200 or more at participating stores, Redeem your CT Money easily at Canadian Tire, Sport Chek, and participating Mark’s/L’Equipeur and Atmosphere locations, 2 MBNA points (2%) for every $1 spent on groceries, gas, and restaurant purchases (on up to $5,000 per category), 1 MBNA point (1%) for every $1 in eligible purchases, 5,000 introductory bonus points when you make your first eligible purchase within 90 days of account opening, 5,000 bonus points if you enroll for e-statement within the first 90 days of opening your account, $1 million in travel accident insurance coverage, A welcome bonus of 10,000 Blue Sky points (worth $100) after your first $500 spend within 3 months of cardmembership, 25 Blue Sky points (1.25%) for every $1 spent, Redeem points starting with as little as 10,000 points towards any travel purchase charged to your card, Special access to entertainment via American Express Invites, Earn 5,000 Blue Sky points for referring a friend, 1% cash back on all purchases with no limit on how much you can earn annually, Visa auto rental collision/loss damage insurance, A welcome bonus of 5% cash back for the first 3 months (on up to maximum spending of $2,500), 3% cash back on groceries (up to $500/month), 1% cash back on recurring bill payments (up to $500/month), and 0.50% on all other purchases, 25% off rentals at participating car rentals (National Car and Alamo Rent A Car), Purchase protection and extended warranty. 15% back in Canadian Tire Money on your first purchase at a participating retailer up to $50. The only reason that it’s not #1 on this list is that it requires a minimum personal income of $60,000 per year. TD Cash Back Visa. Not so with the SimplyCash Card from American Express. Share on Reddit Get more details about the BMO CashBack Mastercard*. With the right no-fee card, you can still enjoy the basic benefits that come with using credit cards, including fraud protection, extended warranty, purchase protection, rental car and travel insurance, and more. Your email address will not be published. The SimplyCash American Express includes shopping and travel protections, including $100,000 in travel accident protection, buyer’s assurance and purchase protection. Share this article © 2002-2021 Ratehub Inc. All rights reserved. You can usually redeem your cash back rewards via statement credit… For one, you can earn up to 2% unlimited cash back on everyday purchases, which is excellent by itself. You can combine cards in order to maximize the rewards available and to suit your needs. Get more details about the SimplyCash Card*. However, sometimes prices and terms of the products are changed by the provider without notice. Like many no fee cards, the HomeTrust Preferred doesn’t offer much in the way of insurance beyond purchase security. That’s where secured credit cards come in handy. Here are 3 of my favourite no-fee cash back credit cards. There is one drawback, which is that applicants must have an annual income of $80,000; that’ll exclude many Canadians. The best cash back Visa cards can give you the chance to earn cash rewards for spending. The Triangle World Elite Mastercard can save you money on a good roadside assistance service while also earning 4% cash back (Canadian Tire Money) on purchases made at multiple stores. The other great thing about this card is that your rewards are send to you automatically once you achieve $50 worth of rewards. But most typical credit cards are out of reach for those with a low credit score. Thought you should know, it might affect where it’s shows in your rankings. We will update this as soon as we can. That’s because purchases in U.S. currency earn 3% cash back, which covers the foreign transaction fee credit cards typically charge—between 2.5% and 3%. To see all the cards we considered and to learn about all the rewards and benefits on all the cards visit Rewards Canada's Cash Back Credit Card Comparison Chart. And while this card offers only minimal perks like purchase assurance and extended warranty, it does allow you unlimited cash back, unlike many other cards that cap your rebates. In our review, the top three no-fee credit cards are the Tangerine Money-Back Credit Card (for 2% unlimited cash back in three categories), the SimplyCash Card AMEX (for flat cash back rate), and the Triangle World Elite Mastercard if you shop a lot at Canadian Tire and typically pay for roadside assistance. MoneySense’s goal is to provide the most relevant and up-to-date information as possible but, with all things you read on the internet, it is recommended you read critically and cross-reference with your own sources, especially before making any financial decisions. Enoch Omololu is a personal finance expert and a veterinarian. The Tangerine Money-Back Credit card qualifies as one of the best no-fee cards for cash back rewards. If you’re carrying a balance, you’ll want to get that debt onto a lower-interest card as quickly as possible. With its regular 1.5% cash back and no annual fee, this card should make Canadian no-fee card users sit up and take notice—but for online shoppers and U.S.travellers, it could be a boon. If you are looking for cash back rewards and are opposed to paying an annual fee, the options listed above are some of the best you will find for cash back. It also comes with standard insurance coverage, like extended warranty and purchase protection. The 0% foreign currency conversion charge on purchases you make when travelling abroad is one of the main attractions for this card. If you want to improve your credit score you’ll... American Express offers many credit cards. No-fee credit cards are not without benefits. The MBNA True Line® Mastercard® credit card offers 12.99% interest on balance transfers which is definitely lower than you’d be paying on other cards (without paying an annual fee). oney (CTM). Choose between a no annual fee card, a big signup bonus, an optional balance transfer, 2% cash back on specific spending categories or a 2% flat-rate of cash back on all of your purchases. Here’s how it works: When you use your PC World Elite Mastercard, you earn a minimum of 10 points per $1 spent, with multipliers for purchases at Shoppers (45 points per $1), and Esso, PC Travel or any Loblaws-owned stores, like No-Frills, Fortinos or Real Canadian Superstore (30 points per $1). In exchange for slightly lower earn rates, these no-annual-fee cards still get you perks on what you spend. Journalists and qualified financial professionals produce the content. Read Can life insurance be used as a fixed income investment? You also get $0.05 back per litre of gas from Gas+ and participating Husky stations. Compare Cash Back Credit Cards With No Annual Fee. ‡MoneySense.ca and Ratehub.ca are both owned by parent company Ratehub Inc. We may be partnered with some financial institutions, but this does not influence the “Canada’s Best Credit Card” rankings. Here’s an idea: The Tangerine Money-Back Credit Card gives you 2% cash back in 2 different spending categories (3 different categories if you have a no fee Tangerine Chequing account), so you could use it for all purchases in the 3 categories you spend the most like groceries, recurring bills, and gas – and you should be able to earn 2% cash back on all those purchases. If you read something you feel is inaccurate or misleading, we would love to hear from you. One of the best ways to repair a not-so-favourable credit history is to use a credit card responsibly. And it might even win over some who don’t, with its no-fee financing option, which lets you make interest-free installments on qualifying purchases of at least $150 at Canadian Tire or affiliate stores. You’ll get great cash back rewards, perks, … Share on Email, Your email address will not be published. More on that below, but first let’s look at some of the top reasons why a no fee option might be best for you: One major drawback to no-fee cards is that, with few exceptions, they lack the perks and benefits—particularly insurance—that’s offered by many cards with an annual fee. Your use of the Account or your Card after the changes noted above go into effect will mean that you have accepted all of those changes. This means that unless you’re carrying outstanding debt, using the card costs you nothing. The Blue Sky Credit Card has one of the best flat cashback rates among no-fee credit cards in Canada. While most no annual fee cash back credit cards tend to come with standard APRs (around 19.99%), it is possible to find a promotional low interest rate cash back card. While the program has evolved (it’s gone digital, for instance), it still has a strong Canadian flavour. These credit cards fit the bill for best student cards and offer no- or low-fees, everyday rewards, and they have no- or low-minimum income requirements. But when you use this card to pay for an automobile rental, collision and loss coverage are included. - annual income is around $80k - beacon score (Equifax) is 836 - currently have 3 cards, main card is a a CIBC cash back 1% no fee with 20k limit, amex airmiles, and bmo mastercard. The end game was a magic number—that is, the annual net reward in dollar terms to identify the top cash back cards for each type of spender. Ultimately, you’ll have to weigh these benefits against the fees and decide whether a no-fee credit card works best for you. That’s where secured credit cards come in handy. The welcome bonus points are worth $100 (10,000 points). Canadian Tire, Sport Chek, Mark’s/L’Équipeur, Atmosphere, Party City, Sports Rousseau, Hockey Experts, L’Entrepôt du Hockey, and participating Sports Experts stores; 1.5% on grocery stores (excluding Walmart and Costco), up to $12,000 per year; $0.05 per litre back at Gas+ and Husky stations, No-fee, no-interest financing on eligible purchases of $150 or more; personalized offers, One of the best ways to repair a not-so-favourable credit history is to use a credit card responsibly. You may fondly remember the brightly-coloured bills of Canadian Tire Money stashed in parents’ glove boxes when you were younger. Best No-Fee Cash Back Credit Cards You can still earn big rewards with a no-fee card. If you do a lot of shopping at Canadian Tire or Sport Chek, and/or pay for Roadside Assistance, the Triangle World Elite Mastercard offers some excellent rewards. Canada’s top 4 credit cards with NO foreign exchange transaction fees Here is the best No Fee US Dollar credit card in Canada. I also loathe having nasty surprises on my credit card bills when I travel to the US. Get more details about the Home Trust Secured Visa*. 45 points per $1 at Shoppers Drug Mart; 30 points per $1 at Esso, PC Travel or any Loblaws-owned stores; 10 points per $1 everywhere else. Over the past few years, the fee based cards have really improved and tend to provide enough of a benefit to offset their gains over the no-fee cards. By  Simply put, every purchase you make earns cash back rewards that you can enjoy however there’s a slight twist. The best no-fee credit card varies with your needs. This credit card is an absolute steal. You don't have to pay an annual fee to get the credit card you want. No mention of Costco Master Card, No Fees (except for $60 yearly Costco membership fee) 2% cassh back at end of year.
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