Benchmark Money

Best no annual fee credit cards in Canada

A free card is not the same as a cheap card. The fee is the number people compare and the interest rate is the number that costs them money, so this list ranks on what the card returns rather than on the fact that it costs nothing.

We track 44 no annual fee credit cards in Canada, 44 of them with no annual fee. Every figure here comes from the issuer’s own published pages and terms, last checked 18 August 2026. Where an issuer does not publish something we leave it blank rather than guess, which is explained on how we research.

How we picked

  • An annual fee of zero that the issuer publishes as zero, not a fee waived for the first year and charged from the second.
  • What the card returns on ordinary spending, since between two free cards the return is the entire difference.
  • The interest rate, which matters more on a free card because free cards are the ones people carry balances on.
  • Whether the benefits survive the price. Insurance on a free card is usually thinner than the summary suggests, and where it is we say so on the card.

The 10 best no annual fee credit cards

  1. Tangerine Money-Back Credit Card

    TangerineNo annual fee2% on groceries4.3 out of 5

    Best no-fee card

    You pick two categories to earn 2% on, there is no fee and no cap. The simplest card here to recommend, and the easiest to hold alongside something else.

    Read the full Tangerine Money-Back Credit Card review

  2. PC Financial World Elite Mastercard

    PC FinancialNo annual fee45x on drugstore4.2 out of 5

    Best for Loblaws and Shoppers shoppers

    4.5% at Shoppers Drug Mart and 3% at Loblaws banners, with no annual fee. If you shop there anyway this is one of the best free cards in Canada. If you do not, it is a 1% card.

    Read the full PC Financial World Elite Mastercard review

  3. CIBC Dividend Visa Card for Students

    CIBCNo annual fee2% on groceries4.0 out of 5

    Best student card

    2% on groceries with no cap, 1% on gas, transit, dining and bills, and CIBC states a $0 income requirement in writing. The best combination in the student segment.

    Read the full CIBC Dividend Visa Card for Students review

  4. MBNA True Line Mastercard

    MBNANo annual fee0% on everything4.0 out of 5

    Best for balance transfers

    0% on balance transfers for twelve statement periods and a 12.99% purchase rate the rest of the time. No rewards, no insurance, and not available in Quebec.

    Read the full MBNA True Line Mastercard review

  5. Home Trust Secured Visa Card

    Home TrustNo annual fee0% on everything3.9 out of 5

    Best for rebuilding credit

    Almost anyone who puts down a deposit is approved, and it reports to the credit bureau monthly. No rewards, no insurance, and not available in Quebec.

    Read the full Home Trust Secured Visa Card review

  6. Scotiabank American Express Card

    ScotiabankNo annual fee3x on groceries3.8 out of 5

    Best no fee American Express

    3 Scene+ points a dollar at Sobeys family grocers, 2 on dining, gas, transit and streaming, and no annual fee. The catch is where American Express is accepted.

    Read the full Scotiabank American Express Card review

  7. Triangle World Elite Mastercard

    Canadian TireNo annual fee3% on groceries3.7 out of 5

    Best for Canadian Tire regulars

    4% back at Canadian Tire and Sport Chek with no annual fee, and Canadian Tire Money is worth a full dollar on the dollar. Useless if you do not shop there.

    Read the full Triangle World Elite Mastercard review

  8. CIBC Adapta Mastercard for Students

    CIBCNo annual fee2x on travel3.6 out of 5

    1.5 points a dollar in whichever three categories you spent most in that month, chosen automatically. Interesting for somebody who does not know where their money goes.

    Read the full CIBC Adapta Mastercard for Students review

  9. Rogers Red World Elite Mastercard

    Rogers BankNo annual fee1.5% on everything3.6 out of 5

    Best for Rogers and Fido customers

    2% on everything if you are a Rogers customer, and 3% in value if you spend the rewards on your Rogers bill. Despite its reputation this is not a no foreign exchange fee card.

    Read the full Rogers Red World Elite Mastercard review

  10. BMO CashBack Mastercard for Students

    BMONo annual fee3% on groceries3.5 out of 5

    3% on groceries, free, and aimed squarely at people who do not have an income yet. The 3% stops after $500 of groceries in a month, and you have to be under 25.

    Read the full BMO CashBack Mastercard for Students review

The other 34

Every no annual fee card we track, in the same order. A card outside the top ten is not a bad card; it is a card that lost to the ones above it on the criteria at the top of this page.

Questions people ask

Which is the best of the no annual fee credit cards in Canada?
On our ranking it is the Tangerine Money-Back Credit Card. That is our opinion rather than a fact, built from the criteria at the top of this page, and the runners up are close enough that your own spending can reorder them.
Are there any with no annual fee?
44 of the 44 on this page have no annual fee, and the best rated of those is the Tangerine Money-Back Credit Card.
How often is this page updated?
It is generated from our card database every time it loads, so it reflects whatever we last verified rather than whenever somebody last edited an article. Each card carries its own verification date.
Do you earn money from these links?
On some cards, yes, and it is disclosed on the card page next to the button. It does not change the ranking, which is why the ranking rules are published rather than described as a proprietary score.

Other lists

Comparing something other than no annual fee credit cards? Compare every personal card on your own spending, look at business cards, or browse the full directory.