What Are the Best No Fee Credit Cards in Canada?

As an English credit card expert, I am happy to provide a detailed answer to the question of what the best no fee credit cards in Canada are. In this article, I will discuss the top options available, as well as some tips forsaving moneyandavoiding riskswhen it comes to credit cards.

First and foremost, it's important to define what we mean by a "no fee" credit card. Generally, this refers to a card that does not charge an annual fee for membership. However, it's worth noting that some cards may still charge interest on balances or fees for certain transactions, such as cash advances or balance transfers. With that in mind, let's take a look at some of the best no fee credit cards in Canada.

1. Tangerine Money-Back Credit Card: This card offers 2% cash back on purchases in up to three categories of the cardholder's choice, as well as 0.5% cash back on all other purchases. Additionally, new cardholders can earn 4% cash back in their chosen categories for the first three months. There are no annual fees, and the card also offers perks like complimentary travel insurance and purchase protection.

2. SimplyCash Card from American Express: This credit card offers 1.25% cash back on all purchases, with no limit to how much cash back can be earned. The card also offers special promotions and discounts from time to time, and there are no annual fees.

3. MBNA True Line Mastercard: This card is a good option for those looking to transfer a balance from another card, as it offers a 0% promotional interest rate on balance transfers for the first six months. There are no annual fees, and the card also offers fraud protection and online account management tools.

4. Walmart Rewards Mastercard: This card offers 1.25% cash back on all purchases made at Walmart stores and on Walmart.ca, as well as 1% cash back on all other purchases. There are no annual fees, and the card also offers perks like extended warranty coverage and purchase protection.

5. BMO CashBack Mastercard: This card offers 1% cash back on all purchases, with no limit to how much cash back can be earned. Additionally, new cardholders can earn 5% cash back on all purchases for the first three months. There are no annual fees, and the card also offers perks like roadside assistance and travel insurance.

When it comes to applying for a credit card, there are a few things to keep in mind to ensure that you are getting the best deal possible. First, be sure to read the fine print and understand all of the terms and conditions associated with the card, including any fees or interest rates. Additionally, it's a good idea to check your credit score before applying, as this can affect your eligibility for certain cards and the interest rate you are offered.

To save money with a credit card, consider using it for purchases that you would be making anyway, and then paying off the balance in full each month to avoid accruing interest charges. Additionally, look for cards with perks like cash back or rewards points that can be redeemed for discounts or free merchandise.

Finally, it's important to be aware of the risks associated with credit cards and take steps to mitigate them. This includes being vigilant about fraudulent activity on your account, keeping your card information secure, and avoiding overspending or carrying a high balance, which can lead to debt and financial stress.

Overall, there are many great no fee credit card options available in Canada, each with their own unique perks and benefits. By doing your research and choosing the right card for your needs, you can take advantage of these benefits while avoiding fees and risks associated with credit cards.