Best No Annual Fee Credit Cards in Canada by Spending Type
Six no-fee Canadian credit cards compared by where you spend: groceries, dining, Loblaw stores, US dollars and travel, with the income rules each one sets.
On this page
The best no annual fee credit card in Canada depends on where you spend: the Tangerine Money-Back Credit Card for 2% in categories you choose, the Simplii Financial Cash Back Visa for restaurants, the PC World Elite Mastercard for Loblaw, Shoppers and Esso shoppers, and the Home Trust Preferred Visa for no foreign transaction fee. None of them charges a yearly fee, but several set income minimums. Details are as of September 2026, so confirm them with the issuer before applying.
Which no annual fee credit cards earn the most in Canada?
The no-fee cards that earn the most are the ones with bonus categories, like Tangerine, Simplii and PC Financial, rather than flat 1% cards. A flat card only comes out ahead if your spending does not fit anyone's categories or you need no FX fee.
| Card | Annual fee | FX fee | Earn rate | Minimum income | Best for |
|---|---|---|---|---|---|
| Tangerine Money-Back Credit Card | No annual fee | 2.5% on foreign currency purchases | 2% in chosen categories, 0.5% on everything else | $12,000 gross annual income | No-fee cashback users who want to pick their own categories |
| Simplii Financial Cash Back Visa | No annual fee | See issuer | 4% on restaurants, bars and coffee shops (up to $5,000 a year); 1.5% on gas, groceries, drugstores and pre-authorized payments (up to $15,000 a year); 0.5% other | $15,000 household | People who eat out often |
| PC World Elite Mastercard | No annual fee | See issuer | 30 PC Optimum points per $1 at Loblaw banner grocery stores; 45 per $1 at Shoppers Drug Mart; at least 30 points per litre at Esso and Mobil; 10 per $1 elsewhere | $80,000 personal or $150,000 household | Loblaw, Shoppers and Esso regulars |
| Rogers Red World Elite Mastercard | No annual fee | 2.5% | 3% on US dollar purchases; 2% on other purchases with a Rogers, Fido or Shaw service, 1.5% without | $80,000 personal or $150,000 household | Rogers customers and US-dollar shoppers |
| Home Trust Preferred Visa | No annual fee | None | 1% cash back on eligible purchases (foreign currency purchases excluded) | See issuer | Travellers outside Quebec who want no FX fee |
| Wealthsimple Visa Infinite 1% Card (beta) | No annual fee | Optional: no-FX-fee can be chosen as one of three customizable benefits | 1% cash back on all purchases | $60,000 personal or $100,000 household income (or $250,000+ assets) | Wealthsimple clients wanting a no-fee card |
Cards without a link are ones we have not reviewed in full yet; their details come from the issuers' own pages.
How we picked
We looked at no-fee cards from Canadian banks, fintechs and retailers and ranked them on what they return in real spending categories, how their caps work, whether they charge foreign transaction fees and who can qualify. We left out cards whose only appeal is a welcome offer, and cards like the Neo Mastercard issued to former Hudson's Bay cardholders, which our review lists at 0.5% on all purchases. All data is as of September 2026.
The best no-fee cards in Canada, reviewed
Tangerine Money-Back Credit Card
This is the most flexible no-fee card. You pick two 2% categories, or three if you deposit your rewards into a Tangerine savings account, from a list that includes grocery, gas, restaurants, recurring bill payments, drug store and foreign currency spend. Everything else earns 0.5%, Tangerine asks for only $12,000 in income, and cash back is paid monthly.
The catch is the low 0.5% base rate, a 2.5% foreign transaction fee and no travel insurance.
Simplii Financial Cash Back Visa
If you eat out or buy coffee most days, Simplii's 4% on restaurants, bars and coffee shops is the highest dining rate on a no-fee card here. It also pays 1.5% on gas, groceries, drugstores and pre-authorized payments. See our Simplii Financial page for the issuer's other products.
The catch is the caps: the 4% rate stops at $5,000 a year and the 1.5% rate at $15,000, and everything else earns 0.5%. Simplii lists a 21.99% purchase rate.
PC World Elite Mastercard
For Loblaw households this card is hard to beat without a fee. It earns 30 PC Optimum points per $1 at Loblaw banner grocery stores such as Loblaws, No Frills and Real Canadian Superstore, 45 points per $1 at Shoppers Drug Mart and at least 30 points per litre at Esso and Mobil. PC Financial values 10,000 points at $10 in free rewards, so 30 points per $1 works out to 3% back in store. Read more on our PC Financial page.
The catch is that points are worth less outside Loblaw stores: PC Financial offers a $7 statement credit for 10,000 points. It also needs $80,000 personal or $150,000 household income, and purchases elsewhere earn 10 points per $1.
Rogers Red World Elite Mastercard
This no-fee World Elite card pays a flat rate: 2% on non-US-dollar purchases if you have a Rogers, Fido or Shaw service, 1.5% if you do not, and 3% on purchases in US dollars. The 3% USD rate more than offsets the card's 2.5% conversion fee. More on our Rogers Bank page.
The catch is the income requirement of $80,000 personal or $150,000 household. The basic Rogers Red Mastercard has no fee too, but its bonus rates only apply to the first $16,000 you spend each year.
Home Trust Preferred Visa
This is the no-fee card for travel. Home Trust charges no exchange fee on foreign currency transactions, including online purchases, and pays 1% cash back on eligible purchases with no cap, credited once a year on your January statement. See our Home Trust page.
The catch is that foreign currency purchases earn no cash back, the card is not available in Quebec and the purchase rate is 21.99%.
Wealthsimple Visa Infinite 1% Card (beta)
Wealthsimple's no-fee card earns 1% on everything and lets you choose three benefits when you apply, including FX fee reversals, according to its Help Centre. It is an invite-only beta, and it needs $60,000 personal or $100,000 household income, or $250,000 in assets.
Which no-fee card should you choose?
Choose the card that matches your biggest spending category, because that is where the rate differences add up.
- Groceries, gas and bills at many stores: the Tangerine Money-Back, set to those three categories if you have a Tangerine savings account.
- Restaurants and coffee: the Simplii Financial Cash Back Visa, at 4% up to $5,000 a year.
- Loblaw banners, Shoppers and Esso: the PC World Elite Mastercard, if you meet its $80,000 income rule.
- US online shopping and cross-border trips: the Rogers Red World Elite Mastercard, which pays 3% on US dollar purchases.
- Travel outside North America: the Home Trust Preferred Visa, which removes the FX fee but earns nothing on foreign purchases.
- One simple card for everything: the Wealthsimple 1% card, if you receive an invitation.
When does a no-fee card beat a card with a fee?
A no-fee card beats a fee card whenever the extra rewards from the fee card are smaller than its fee. For example, the Scotia Momentum Visa Infinite + pays 4% on groceries and bills against Tangerine's 2%, so its $120 fee is covered only after about $6,000 a year in those categories.
If you spend less than that, cannot meet the $60,000-plus income rules most fee cards set, or simply want one fewer bill, stay with a no-fee card. We go deeper into this trade-off in our breakdown of when a fee card beats a no-fee card.
How should you combine no-fee cards?
Because there is no fee to justify, two no-fee cards often work better than one. A Tangerine card set to groceries, gas and bills plus a Home Trust Preferred Visa for foreign purchases covers most households. Loblaw shoppers can swap in the PC World Elite for groceries if they meet its income rule.
Who should skip no-fee cards?
- Big spenders in bonus categories. Above roughly $500 a month in groceries and bills, a paid card like the Scotia Momentum usually earns more even after its fee.
- Frequent travellers who want insurance or lounges. None of the no-fee cards here includes lounge access, and our review notes the Tangerine card has no travel insurance.
- Students with no credit history. Student cards are easier to get; see our guide to the best student credit cards in Canada.
- Anyone who carries a balance. Look at a low-rate card instead, since the FCAC notes the interest rate matters most when you do not pay in full.
Frequently asked questions
What is the best no annual fee credit card in Canada?
For most people it is the Tangerine Money-Back Credit Card, because you choose where you earn 2% and it only needs $12,000 in income. Frequent diners should look at the Simplii Financial Cash Back Visa, Loblaw shoppers at the PC World Elite Mastercard, and travellers outside Quebec at the Home Trust Preferred Visa, which has no foreign transaction fee. Confirm current terms with each issuer.
Which no annual fee credit card has no foreign transaction fee in Canada?
The Home Trust Preferred Visa charges no annual fee and no exchange fee on foreign currency purchases, including online, although those purchases do not earn cash back and the card is not offered in Quebec. The Wealthsimple Visa Infinite 1% Card also has no fee and offers FX fee reversals as an optional benefit, but it is an invite-only beta.
Do no annual fee credit cards have income requirements?
Some do. The PC World Elite Mastercard and Rogers Red World Elite Mastercard both ask for $80,000 personal or $150,000 household income because they are World Elite cards. Tangerine's Money-Back card needs $12,000 gross annual income, and the Simplii Financial Cash Back Visa needs $15,000 household income. Always check the issuer's eligibility page before applying.
How much are PC Optimum points worth?
PC Financial says 10,000 PC Optimum points are worth $10 in free rewards at participating stores, so 30 points per $1 at Loblaw banner stores equals 3% back. If you redeem the same 10,000 points for a statement credit on a PC Financial credit card, you get $7, which lowers the effective return. Redeeming in store gives the best value.
Can a no annual fee credit card help build credit?
Yes. A no-fee card builds credit history the same way a paid card does. The FCAC says payment history is the most important part of your credit score and suggests using less than 30% of your total credit limit. Paying on time every month, keeping utilization low and keeping the account open over time all help.
Is a no annual fee credit card better than one with a fee?
It is better when you would not earn enough extra rewards to cover the fee. A $120 card paying 4% on groceries and bills needs about $6,000 a year in those categories to beat a no-fee card paying 2% there. Heavy spenders and frequent travellers usually do better with a fee card; everyone else often does not.
Comments & Questions (0)
No comments yet — be the first to ask. Comments appear after review.
Leave a comment
Your comment appears after our team approves it. Or sign in to post faster.