View Best No Fee Credit Cards - Comparewise

Best No Fee Credit Cards

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No Fee

The National Bank MC1 Mastercard is the best low–risk card to manage...
  • $0
    Annual fee
  • $0
    Welcome Bonus
  • 0%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
There are two types of credit cards you can sign up for with Tangerine...
  • $0
    Annual fee
  • $100
    Welcome Bonus
  • 2%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
The highest tier available and the flagship of Crypto.com’s MCO card...
  • $0
    Annual fee
  • $0
    Welcome Bonus
  • 2%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
To access this card tier, customers are required to stake 5,000 MCO...
  • $0
    Annual fee
  • $0
    Welcome Bonus
  • 1.75%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
To access this card tier, customers are required to stake 5,000 MCO...
  • $0
    Annual fee
  • $0
    Welcome Bonus
  • 1.75%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
To access this card tier, customers are required to stake 500 MCO tokens....
  • $0
    Annual fee
  • $0
    Welcome Bonus
  • 1.5%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
To access this card tier, customers are required to stake 500 MCO tokens....
  • $0
    Annual fee
  • $0
    Welcome Bonus
  • 1.5%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: 2.5
To access this card tier, customers are required to stake 50 MCO tokens....
  • $0
    Annual fee
  • $0
    Welcome Bonus
  • 1%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
Considered the beginner-level MCO card, this card does not require the...
  • $0
    Annual fee
  • $0
    Welcome Bonus
  • 1%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: 3.5

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No Fee Credit Cards

Having a credit card can be both convenient and rewarding. However, high annual fees can be off-putting for most Canadians. That's where no-fee credit cards come in.

What is a No Fee Credit Card?

As the name implies, a no-fee credit card does not require you to pay an annual fee. These credit cards allow holders to enjoy the conveniences of a credit card without paying the typical $120 - $199 yearly fee. No-fee credit cards often have few requirements, so most applicants are approved.

Common Features and Benefits

Despite having no yearly fee, no fee credit cards offer holders good rewards programs. Some cards allow you to earn rewards for everyday purchases that you can redeem for cash back, travel, and transfers to other loyalty programs.

For instance, you can earn 2% cashback on everyday purchases with the Tangerine Money-Back Credit Card. You get this benefit and more without having to pay an annual fee.

Some no-fee credit cards offer 24-hour customer service, rental car discounts, or fraud protection. You pay no annual fee, so these benefits make these cards worth the bet.

no fee credit cards - comparewise

Pros and Cons of No Fee Credit Card

There are a few advantages and disadvantages of no-fee credit cards worth noting before you apply.

The Pros of No Fee Credit Cards

  • No annual fee. This is the primary advantage of this card. You can save the standard annual fee charged on credit cards.
  • Access to premium benefits. One would think a credit card without an annual fee would be barebones, but that’s not always the case. Most no-fee credit cards offer great rewards programs and lucrative welcome bonuses.

The Cons of No Fee Credit Cards

  • Lack of comprehensive travel insurance. While no-fee credit cards come with great rewards perks, they lack certain benefits, like insurance. So if you travel often, a no-fee credit card may not be suitable for you.
  • Lower rewards earning potential. Although some no-fee credit cards have rewards programs, they're often not of a high value. Cards with an annual fee often earn more rewards per dollar.
  • No annual fee and high-interest trade-off. No-fee credit cards still have regular interest charges and other credit card fees. Therefore, you must use your card responsibly and pay your balance off every month.

Choosing the Right No Fee Credit Card for You

Before applying for a no-fee credit card, consider these pointers to choose the best card.

  1. Look out for annual fee waivers. Some credit cards waive the annual fee for the first year. Afterwards, you’ll have to pay the standard annual fee. So make sure the $0 annual fee is permanent and not an introductory offer.
  2. Review the interest rates and surcharges. Although there’s no annual fee, some cards carry high-interest rates on purchases, cash advances, and balance transfers. Make sure you check these out before applying for a card.
  3. Check that you meet the eligibility requirements. Some no-fee credit cards require you have a certain minimum income.
  4. Read the fine print. As with every credit card, make sure you review the terms and conditions.

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Advertiser disclosure

Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

Get $20 CAD of BTC with promo code: COMPAREWISE
Min Investment
$100
Target Return
4-7%
Get up to $5,000 cashback on Canada's #1 trading platform.
Min Investment
$100
Target Return
Varied
Trace crypto on Nexo and earn up to 20% APR
Min Investment
$1
Target Return
Up to 12%
Crypto exchange starting with just $10
Min Investment
$1
Target Return
Varied
Trade 150+ cryptos plus use your crypto for purchases
Min Investment
$1
Target Return
Varied
Buy and sell shares in best-selling paintings
Min Investment
$15,000
Target Return
10-25%
Connect with you fave music & own shares of songs
Min Investment
$1
Target Return
Varied
Earn Up to 17% on your crypto and borrow USD
Min Investment
$1
Target Return
2-18%
Earn rewards when you buy and sell crypto on BlockFi
Min Investment
$1
Target Return
Up to 8.6%
Make, buy, and sell digital art NFT's using Ethereum
Min Investment
$1
Target Return
Varied
A marketplace for small and local business investment
Min Investment
$100
Target Return
10-15%
Online real estate investment in one platform
Min Investment
$25,000
Target Return
9-24%

comparewise

March 17, 2022
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FAQs about
No Fee Credit Cards

Are No Fee Credit Cards Any Different From Debit Cards?

A no-fee credit card functions like other unsecured credit cards. Your credit card provider issues you a credit line you can use for everyday purchases and other expenses. The condition is that you must pay back the spent credit.

With a debit card, you deposit your own money into an account. You’re limited to spending what you deposit, so you can’t spend beyond what you have.

Should I Get a No Fee Credit Card?

No-fee credit cards are suited for those who are budget-minded. It’s also great for students and anyone looking for a backup credit card.

A no-fee credit card is ideal if your spending habits won’t offset a reward card’s annual fee. It won’t hurt to have a no-fee credit card if you rarely use a credit card, either.

Can I Earn Rewards With a No Fee Credit Card?

It depends on the credit card provider. Some companies, like Tangerine, have a rewards program for their no-fee credit cards. However, the points or cash back are often less than the rewards earned from a card you pay an annual fee.

What’s the Best No Fee Credit Card in Canada?

Since every cardholder has unique preferences when choosing credit cards, there is no single-best no-fee credit card. The best no-fee credit card is one that suits your spending needs.

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