When it comes to finding the best no-fee cash-back credit card in Canada, you’re looking for a card that offers great rewards without the burden of an annual fee. Cash-back cards are popular because they allow you to earn money on everyday purchases, and when you don’t have to pay a fee to access these benefits, it’s even better. In this post, we’ll break down the top no-fee cash-back credit cards in Canada for 2024, helping you maximize your rewards without any extra cost.
A no-fee cash-back credit card is exactly what it sounds like—a credit card that gives you a percentage of your purchases back in cash without charging an annual fee. These cards are perfect for those who want to earn rewards without the commitment of a yearly cost. Typically, these cards offer cash back on a wide range of purchases, from groceries to gas, and some even provide higher rewards in specific categories.
The Tangerine Money-Back Credit Card is a top contender for the best no-fee cash-back credit card in Canada. What sets this card apart is its customizable rewards structure. You can choose up to three spending categories where you’ll earn 2% cash back. Categories include groceries, restaurants, gas, and more. For all other purchases, you earn 0.5% cashback.
Simplii Financial offers a straightforward cash-back card with no annual fee and strong rewards on everyday spending. You earn 4% cash back on restaurant, bar, and coffee shop purchases, 1.5% on groceries, and 0.5% on everything else. It’s an excellent choice for those who frequently dine out.
The Rogers World Elite Mastercard is a great option for those who travel frequently or spend a lot on foreign purchases. This card offers 1.5% cash back on all purchases and 3% on purchases made in foreign currency, which is higher than many other no-fee cards.
The BMO CashBack Mastercard is another excellent no-fee option. It offers 3% cash back on groceries, 1% on recurring bill payments, and 0.5% on all other purchases. Additionally, BMO often has promotions that give new cardholders a higher cash-back rate for the first few months.
For students looking to earn cash back without paying an annual fee, the CIBC Dividend Visa Card for Students is a great choice. It offers 2% cash back on groceries and 1% on all other purchases. Plus, as a student card, it has no income requirements.
When selecting the best no-fee cash-back credit card, consider your spending habits. Here are a few factors to keep in mind:
No-fee cash-back credit cards are a fantastic choice for those who want to earn rewards without worrying about an annual fee. They allow you to keep more of your rewards and are typically easier to manage since you don’t have to calculate if the rewards outweigh the cost of the card.
Moreover, with so many options available in Canada, you can easily compare credit cards Canada-wide to find the best one that suits your financial needs.
Choosing the best no-fee cash-back credit card in Canada depends on your spending habits and financial goals. Whether you’re looking for high cash-back rates in specific categories or a card with no income requirements, there’s something out there for everyone. Be sure to review your options and pick the card that offers the most benefits without the burden of an annual fee.
