Best No Annual Fee MasterCard Canada
Abid Salahi
•9 min read
Best No Annual Fee MasterCard Based on Different Criteria
1. Best overall no-fee Mastercard credit card if you are a Rogers Customer
Rogers Red Mastercard®
4.5
Finly Rating
Welcome Bonus
Up to $60 cash back
Annual Fee
$0
Interest Rates
19.99% / 22.99%
RECOMMENDED CREDIT SCORE
Why we like it
Why we like it
This card is one of our top-ranked options in terms of rewards, especially if you are a Rogers, Fido, or Shaw customer. With those services, you can effectively get a 3% cashback rate, which is a higher rate than almost any other card offers, even those with annual fees! If you have a high income of $80K or a household income of $150K, you can apply for the World Elite version of this card, which comes with additional insurance and benefits like a lounge pass.
Pros & Cons
Pros & Cons
Pros
- Voted as the Best Cash Back Card in Canada for Rogers, Fido and Shaw Customers by FinlyWealth.
- There is no annual fee, a notable perk for a card with such high reward multipliers. Most cards with slightly lower reward rates typically have annual fees.
- Offers the flexibility to redeem cash towards Rogers, Shaw, or Fido services, potentially increasing the value of your earned rewards.
- The roam-like benefit is a benefit unique only to this card.
- It is accepted at nearly all locations as it's a Mastercard.
Cons
- No real insurance coverage (only balance protection), not even purchase protection or extended warranty which are pretty standard benefits for almost all credit cards.
- Low rewards multiplier if you don't have an eligible Rogers, Shaw, or Fido service.
Product Details
Product Details
Rewards
- 2% cashback on all purchases if you have 1 qualifying Rogers, Fido or Shaw service as the account owner
- 2% cashback on all U.S dollar purchases and 1% on all other eligible purchases if you do not have a qualifying Rogers, Fido or Shaw service
- 1.5x redemption bonus on your earned cash back value when used on Rogers, Fido and Shaw purchases – that’s a 3% cash back value
Insurance
Coverage
Balance Protection
Minimum payments
Benefits
Details
No Cost roaming
5 days
Eligibility
Credit Score
Very GoodAnnual Income
N/A
2. Best no fee Mastercard for restaurant, gas and grocery purchases
MBNA Rewards Platinum Plus Mastercard®
3.4
Finly Rating
Welcome Bonus
Up to 90000 points ($900 value)
Annual Fee
$0
Interest Rates
19.99% / 24.99%
RECOMMENDED CREDIT SCORE
Why we like it
Why we like it
The MBNA Rewards Platinum Plus MasterCard is a solid no-annual-fee card choice with high returns on restaurant and grocery purchases, which are the most common spending categories for most people. Additionally, it offers one of the highest signup bonuses for a no-annual-fee card. However, there are two main considerations before choosing this card. If you are open to a card with an annual fee, many other cards offer better rewards. Furthermore, the points earned need to be used for travel to fully benefit from this card; otherwise, if you are not planning to use the points for travel, you are better off with a cashback or another type of card.
Pros & Cons
Pros & Cons
Pros
- One of the best no-annual-fee credit cards in Canada, both in terms of rewards and signup bonus. Both restaurants and groceries, two of the most commonly spent categories, earn decent rewards. Great annual birthday bonus with up to $100 in value.
Cons
- Points must be used for travel otherwise the points won't have much value
- There are better alternative cards both for cashback and paid cards that have higher reward rates
Product Details
Product Details
Rewards
- 2 points on restaurant, grocery, digital media, membership, and household utility purchases (Maximum 20000 yearly)
- 1 point for everything else
Insurance
Coverage
Mobile Device Insurance
$1000Purchase Protection
Up to 90 daysExtended Warranty
Up to a year
Benefits
Details
Annual Birthday Bonus
10% of the Points earned the 12 months prior to the primary cardholder's birthday month (up to a max 10,000 bonus points per year)Car Rental Discount
10% off base rate of Avis Rent A Car and Budget Rent A Car in Canada and US and 5% internationally
Eligibility
Credit Score
GoodAnnual Income
N/A
3. Best no fee Mastercard for restaurant purchases if you are a Costco Member
CIBC Costco Mastercard
3.4
Finly Rating
Welcome Bonus
Annual Fee
$0
Interest Rates
20.75% / 22.49%
RECOMMENDED CREDIT SCORE
Why we like it
Why we like it
The CIBC Costco Mastercard offers one of the highest cashback rates on restaurant purchases in Canada, making it an excellent choice for optimizing rewards in this specific category, especially since it has no annual fees. If you use Costco Gas or shop on Costco Online, there is a decent cashback rate as well. However, for other categories, the cashback rate is average. Notably, you will be better off using other credit cards for warehouse Costco purchases, as you will only earn 1% cashback. If you are looking for no annual fee credit cards only, this is a good card to go for.
Pros & Cons
Pros & Cons
Pros
- Decent reward rate for a no annual fee credit card
- One of the highest cashback rates for restaurant purchases in Canada
- Has Mobile insurance
Cons
- Doesn't come with a lot of benefits
- Doesn't earn much on Costco Warehouse purchases!
Product Details
Product Details
Rewards
- 3% cashback on Restaurants and CostcoGas
- 2% cashback on Costco.ca purchases (Max $160 yearly)
- 2% cashback on Gas (Max $100 yearly)
- 1% on everything else
Insurance
Coverage
Mobile Device Insurance
$1000Purchase Protection
Up to 90 daysExtended Warranty
Up to a year
Eligibility
Credit Score
GoodAnnual Income
$15,000 personal
4. Best no fee Mastercard for flexible benefits
Neo Credit Card
3.2
Finly Rating
Welcome Bonus
N/A
Annual Fee
$0
Interest Rates
19.99% - 29.99% / 22.99% - 31.99%
RECOMMENDED CREDIT SCORE
Why we like it
Why we like it
The Neo Credit Card is special because it earns rewards based on whether the merchant is a partner or not. Most of the time, the cashback earned at these partners is the highest possible compared to all other credit cards. However, we don't recommend using this card as your main credit card and suggest using it only at partner merchants. This is because the rewards at non-partner merchants are very small, and most merchants are not partnered with Neo.
Pros & Cons
Pros & Cons
Pros
- Unique cashback program which earns cashback based on partner instead of purchase category.
- Massive cashback at some partners that any other credit card couldn't beat.
- Unique benefit system where perks could be bought with a monthly fee and cancelled after use.
Cons
- Almost no cashback or very little cashback is available at non-Neo partners, which comprise most merchants.
- No built-in purchase protection and extended warranty benefit.
Product Details
Product Details
Rewards
- Average of 5% cashback at Neo Partners
- Up to 15% cashback on first purchases at Neo partners
- 1% cashback on gas and grocery
- 0% at Neo non-partners but with a 0.5% cashback guarantee on overall purchases
- With all these condition, the average estimated cashback on all purchases came to 1.2% by FinlyWealth
Benefits
Details
Neo Premium ($4.99/month)
Neo Travel Benefits ($4.99/month)
Neo Food Cashback boost ($1.99/month)
Neo Mind and Body Perks ($9.99/month)
Eligibility
Credit Score
GoodAnnual Income
N/A
5. Best no fee Mastercard for free Roadside assistance benefit
Triangle World Elite Mastercard
3.5
Finly Rating
Welcome Bonus
Annual Fee
$0
Interest Rates
21.99% / 22.99%
RECOMMENDED CREDIT SCORE
Why we like it
Why we like it
This card is the only one with no annual fee that provides a roadside assistance benefit, which can be a lifesaver for people who travel on the road a lot. The main reason to apply for this card is to have free access to this benefit, given that the rewards are not great in most categories (except for Canadian Tire and grocery purchases).
Pros & Cons
Pros & Cons
Pros
- The only credit card in Canada that offers the highly valuable benefit of roadside assistance!
Cons
- This card has a very low acceptance rate based on prior user applications. It's not a great option to have as your primary credit card, either in terms of rewards or benefits. However, it's a good card to complement your other credit cards.
Product Details
Product Details
Rewards
- 4% back in CanadianTire dollars on almost everything at Canadian Tire, Sport Chek, Mark’s, L’Équipeur, Party City, Pro Hockey Life, Atmosphere, Sports Rousseau, Hockey Experts, L’Entrepôt du Hockey, and participating Sports Experts stores
- 3% back in CanadianTire dollars on Groceries (Max 360) Except Costco and Walmart
- 1% back in CanadianTire on all other purchases
Insurance
Coverage
Purchase Protection
Up to 90 daysCar Rental Damage & Theft
31 days
Benefits
Details
Gas Discount
Save 7¢/L on premium fuel and 5¢/L on all other fuel types at Gas+ and Petro-Canada locations on gasConcierge Services
Roadside Assistance
Roadside Assistance Gold Plan: With the Triangle World Elite Mastercard Roadside Assistance Gold Plan, you get towing distance of up to 250 km per service call to the destination of your choice (within Canada or the US)
Eligibility
Credit Score
ExcellentAnnual Income
$80,000 personal or $150,000 household
Honorable Mentions for Best No Annual Fee MasterCard
1. Best no-fee Mastercard for Loblaw's affiliate grocery store purchases
PC World Elite Mastercard
3.1
Finly Rating
Welcome Bonus
100,000 PC points ($100 value)
Annual Fee
$0
Interest Rates
21.99% / 22.97%
RECOMMENDED CREDIT SCORE
Why we like it
Why we like it
This is a great card to have in your arsenal if you frequently shop at Shoppers Drug Mart®, Loblaw's owned chains, and ESSO and Mobil gas stations, as you will earn significant rewards in these categories. The additional benefits, such as out-of-province medical insurance, car rental damage insurance, and concierge service, are impressive and typically only come with cards that have annual fees; however, you can access these benefits for free with this card. We do not recommend using this as your primary credit card but as a supplement to another primary card, especially because there are no fees. This is because the rewards on purchases outside the mentioned shops are very average, and many other cards offer much more substantial rewards for general use.
Pros & Cons
Pros & Cons
Pros
- Out-of-province medical insurance, concierge service, and car rental damage insurance—benefits that are usually included with cards that have fees—are included with this card.
- Decent rewards on purchases at Shoppers Drug Mart®, Loblaw's owned chains, and ESSO and Mobil gas stations.
Cons
- Many other high-spend categories don't earn as many rewards. Shopping at any other grocery chains, gas stations, or pharmacies will only give the base reward rate, and restaurant purchases and purchases in other categories don't earn much either.
Product Details
Product Details
Rewards
Insurance
Coverage
Emergency Out of province Medical
$1M, Up to 10 daysCar Rental Damage & Theft
Up to 31 daysPurchase Protection
90 daysExtended Warranty
Doubled up to a year
Benefits
Details
Concierge Services
Identity Theft Assistance
Eligibility
Credit Score
Very GoodAnnual Income
$80,000 personal or $150,000 household
2. Best no fee MasterCard for categories not covered by other cards
Tangerine Money-Back Credit Card
3.6
Finly Rating
Welcome Bonus
10% Cash Back up to $100 value
Annual Fee
$0
Interest Rates
19.95% / 19.95%
RECOMMENDED CREDIT SCORE
Why we like it
Why we like it
While we think Tangerine isn't the best single credit card to own, it's still a valuable card to have in your arsenal for maximizing your rewards. It offers one of the highest cashback rates for pharmacy and recurring bill payments, areas where your other credit cards might not provide significant rewards. This card only requires a Fair credit score, making it an excellent choice for people who don't have a high credit score yet.
Pros & Cons
Pros & Cons
Pros
- Allows you to change the categories, and you get a 2% reward depending on how your spending is changing every 90 days.
- 2% cashback on recurring Transactions and pharmacy purchases. One of the highest cashback rates on these categories among credit cards in Canada.
- Has cashback on Furniture and Home Improvement categories. Two categories that are not covered by any other card in Canada.
- Easy credit score requirements needed for this card.
- Overall, it is a good no-annual-fee cashback credit card, especially if you have a Tangerine Savings account.
Cons
- Insurance coverage is the most basic.
- Very low cashback rate on the other categories not selected.
Product Details
Product Details
Rewards
- 2% on the choice of two categories chosen from the 10 offered by Tangerine
- 0.5% cashback on all other credit card purchases.
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
Up to a year
Eligibility
Credit Score
FairAnnual Income
N/A
Why MasterCard is a Preferred Choice in Canada
- Costco's partnership with MasterCard means that's the only credit card they accept. Being exclusive to MasterCard holders, Costco allows cardholders to make bulk purchases at discounted rates while earning cash back!
- Walmart transactions using a MasterCard are classified as "grocery" at Walmart Supercenters while using Visa or Amex would be considered as "other." Essentially, the strategic classification of Walmart transactions amplifies your grocery rewards, giving MasterCard users an upper hand over other card types.