What are the Top No-Fee Credit Cards in Canada?
Eva MarcilleWhen it comes to credit cards, it's important to find the right one that suits your needs. In Canada, there are many no-fee credit cards available, but which ones stand out? In this article, we'll take a closer look at the top no-fee credit cards in Canada.
1. Tangerine Money-Back Credit Card
The Tangerine Money-Back Credit Card is a great option for those looking to earncashback rewardswithout having to pay an annual fee. With this card, you can earn 2% cashback on up to three categories of your choice, and 0.5% cashback on all other purchases. Plus, there's no limit on the amount of cashback you can earn.
2. SimplyCash Card from American Express
The SimplyCash Card from American Express offers 1.25% cashback on all purchases, with no limit on the amount of cashback you can earn. Additionally, this card comes with a welcome bonus of 2.5% cashback on all purchases for the first three months (up to $150).
3. MBNA Rewards Platinum Plus Mastercard
The MBNA Rewards Platinum Plus Mastercard is a great option for those who want to earnrewards pointswithout having to pay an annual fee. With this card, you can earn 2 points for every $1 spent on eligible gas, groceries, and restaurant purchases, and 1 point for every $1 spent on all other purchases. Plus, there's no limit on the amount of points you can earn.
4. BMO CashBack Mastercard
The BMO CashBack Mastercard is a simple and straightforward cashback credit card that offers 1% cashback on all purchases. Additionally, this card comes with a welcome bonus of 5% cashback on all purchases for the first three months (up to $100).
5. Rogers Platinum Mastercard
The Rogers Platinum Mastercard is a great option for those who want to earn rewards points that can be redeemed for travel, merchandise, and more. With this card, you can earn 3 points for every $1 spent on purchases made in foreign currencies, 2 points for every $1 spent on Rogers products and services, and 1.25 points for every $1 spent on all other purchases.
Tips for Applying for a Credit Card
When applying for a credit card, it's important to keep a few things in mind. First, make sure to read the terms and conditions carefully to understand any fees or interest rates associated with the card. Additionally, make sure to only apply for a credit card that you know you'll be able to pay off in full each month to avoid accumulating debt.
Saving Money with a Credit Card
One way to save money with a credit card is to take advantage of any cashback or rewards programs that the card offers. Additionally, some credit cards offer perks like travel insurance or extended warranties on purchases, which can help you save money in the long run.
Annual Fees and Avoiding Risks
When it comes to annual fees, make sure to weigh the benefits of the credit card against the cost of the fee. If the rewards or perks associated with the card outweigh the fee, it may be worth it to keep the card. Additionally, it's important to use your credit card responsibly to avoid risks like accumulating debt or damaging your credit score.
Credit Card Companies to Consider
Somecredit card companiesthat are worth considering in Canada include American Express, TD Canada Trust, and Scotiabank. These companies offer a range of credit cards with different rewards programs and benefits, so it's important to do your research to find the right one for you.
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