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Top 9 No-Fee Mastercards in Canada for October 2025
Published Oct 27, 2025 9:37 AM • 9 min read
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Credit Card ExpertAmong the big three —Visa, American Express, and Mastercard—Mastercard is the most widely accepted credit card network in Canada. In this post, we'll look at the best no-annual-fee Mastercards on the market and discuss why they're some of the best Mastercard credit cards in Canada.
Data-driven rankings of 120+ credit cards using a proprietary algorithm
Comprehensive analysis using 25+ data points including terms and conditions, points programs, and more
Objective editorial approach - we strive for unbiased reviews following our editorial guidelines
FinlyWealth's credit cards content, including rankings and recommendations, is overseen by a team of engineers and writers who specialize in credit cards, banking, and personal finance. Our work has been featured in The Globe and Mail, GoBankingRates, and AOL. Our proprietary analysis systems evaluate product features, terms, and conditions to deliver comprehensive reviews and comparisons while maintaining strict editorial standards for accuracy and integrity.
Rogers Red World Elite® Mastercard®: Best Overall
MBNA True Line® Mastercard®: Best for Balance Transfers
Tangerine® Money-Back World Mastercard®*: Best for Customizable Cashback
Rogers Red Mastercard®: Best Accessible Card for Rogers Customers
Tangerine Money-Back Mastercard: Best Accessible Card for Customizable Cashback
MBNA Rewards Platinum Plus Mastercard®: Best for Food
Neo World Mastercard®: Best for Flexible Benefits and Partner Rewards
Capital One Smart Rewards™ Mastercard®: Best for Encouraging Positive Payment Habits
Students – BMO CashBack® Mastercard®*: Best for Students
Our choice for: Best Overall
APPLY NOW
on Rogers Bank's website
Welcome Bonus
N/A
Annual Fee
$0
Interest Rates
20.99% - 25.99%* / 22.99% - 27.99%*
This card is one of the best in Canada, especially if you are a Rogers, Fido, or Shaw customer. With those services, you can effectively get a 3% cashback rate, which is higher than what almost any other card offers, even those with annual fees! Additionally, for a no-fee card, you gain access to an extensive list of travel benefits, many of which are typically offered only with cards that have annual fees. Therefore, we recommend this card to anyone who meets the income requirements, even if you are not a Rogers customer!
Pros
- Voted the Best No Annual Fee Cash Back Card in Canada by FinlyWealth.
- There is no annual fee which is a notable benefit for a card with such high rewards. Most cards with slightly lower reward rates typically include yearly fees.
- Many benefits, such as trip cancellation insurance, are only available on credit cards with an annual fee. It is rare to see these benefits on a no-annual-fee card!
- Offers the flexibility to redeem cash towards Rogers, Shaw, Comwave or Fido services, potentially increasing your rewards.
- The Roam Like Home benefit is a benefit unique only to this card through an eligible Rogers mobile plan.
- It is accepted at nearly all locations as it's a Mastercard.
Cons
- Harder to qualify due to the high credit score and income requirements.
- Out of all possible travel insurances, this card is missing Baggage delay and Hotel Burglary insurance. If these two insurances are essential to someone, this card needs to be paired with another travel card to cover them.
Rewards
- Earn 3% unlimited cash back on all eligible purchases made in U.S. dollars.^
- Earn 2% unlimited cash back on all eligible non-U.S. dollar purchases if you have 1 qualifying service with Rogers, Fido, Comwave or Shaw.^
- Otherwise earn 1.5% unlimited cash back on eligible non-U.S. dollar purchases.^
- Get 1.5 times more cash back every time you redeem for Rogers, Fido, Comwave or Shaw purchases.^
- 5 Roam Like Home days at no cost with an eligible Rogers mobile plan every year (up to $90 value).^
Insurance
Coverage
Emergency Medical Term
Up to 10 daysEmergency Medical (65+)
Up to 3 days
Trip Cancellation
$1,000/person, $5,000 maximum
Trip Interruption
$1,000/person, $5,000 maximum.svg)
Car Rental Damage & Theft
31 days, $65,000 car MSRP
Purchase Protection
90 days
Extended Warranty
1 year
Benefits
Details
Airport Lounge - Dragon Pass
Pass only, complimentary visits not included
No Cost roaming
5 days with eligible Rogers mobile plan
Eligibility
Credit Score
GoodAnnual Income
$80,000 personal or $150,000 household
**, ^, Terms and conditions apply. Rogers Bank is not responsible for maintaining or controlling the accuracy of the information published on this website. For full and up-to-date product information, visit Rogersbank.com. Standard rate on Purchases and Fees: 20.99%. Standard rate on Cash Advances, Cash-like Transactions and Balance Transfers: 22.99%. If you are not approved for an Account at the above rates and you reside outside Quebec, we (Rogers Bank) may still issue you an Account at our alternate interest rates, as follows: Standard Rate for Purchases and Fees: 25.99%, Standard Rate for Cash Advances, Cash-like Transactions and Balance Transfers: 27.99%. ®/TM Mastercard and World Elite are registered trademarks and the circles design is a trademark of Mastercard International Incorporated. Used under license. TM Rogers and Mobius Design, Rogers Bank and related marks, logos and brand names are trademarks of Rogers Communications Inc., or an affiliate, used under license. © 2025 Rogers Bank. Rogers Bank is the issuer of this credit card. Check here for full details and current product information.
Our choice for: Best for Balance Transfers
APPLY NOW
on MBNA's website
Welcome Bonus
0% rate on balance transfers for 12 months (3% fee applies). Not available for residents of Quebec.†
Rewards Rate
0%
Annual Fee
$0
Interest Rates
12.99%* / 24.99%*
Even though this card offers no benefits or rewards, the amount you can save on interest is substantial, making it an excellent option for reducing your monthly payments.
Pros
- Great to reduce monthly interest payments during the promotional period.
- Low purchase interest rate for people planning to put some balance on their credit card.
Cons
- A flat fee has to be paid on the balance to make the transfer happen.
- Not a good card other for purposes other than balance transfer.
Rewards
- No rewards earned on purchases.
- Standard Annual Interest Rates of 12.99% on eligible purchases, 17.99% on balance transfers✪, and 24.99% on cash advances.
- You could get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening, with a 3% transfer fee. This offer is not available for residents of Quebec.
- Use available credit on your credit card to transfer funds right to your chequing account.
- Around-the-clock fraud protection.
Benefits
Details
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
*†, ✪, Terms and Conditions apply. This offer is not available for residents of Quebec. Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button. The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank. Balance transfers will be fulfilled in the order listed and are treated as balance transfers in accordance with your Account Agreement. The total value of balance transfers cannot exceed your authorized credit limit. If the value is greater, MBNA may send a partial payment to the named creditor/designated account. THERE WILL BE A TRANSACTION FEE EQUAL TO 3.00% OF THE DOLLAR AMOUNT OF EACH BALANCE TRANSFER INITIATED WITH THIS APPLICATION. A MINIMUM FEE OF $7.50 WILL APPLY TO EACH BALANCE TRANSFER TRANSACTION. A balance transfer may not be used to pay off or down your account balance or any other balances with us (including our affiliates, which would include any member of the TD Bank Group). Important Notice: Effective September 25, 2025: If the Balance Transfer fee is less than $3.50, we will charge a minimum Balance Transfer fee of $3.50. Check here for full details and current product information.
Our choice for: Best for Customizable Cashback
APPLY NOW
on Tangerine's website
Welcome Bonus
$120 bonus after spending $1.5k in 3 months + 1.95% balance transfer promo rate for 6 months
Annual Fee
$0
Interest Rates
20.95%* / 22.95%*
While we think Tangerine World Mastercard 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. For no annual fees
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.
- Overall, it is a good no-annual-fee cashback credit card, especially if you have a Tangerine Savings account.
- A few benefits such as free DragonPass for lounge access, Boingo Wi-Fi, and insurances like mobile insurance and car rental theft and damage insurance.
Cons
- With these income and credit score requirements, there are cards with no annual fees that offer much higher rewards and benefits.
- Very low cashback rate on the other categories not selected.
Rewards
- 2% cash back on the choice of two categories chosen from the 10 offered by Tangerine (Grocery, Restaurants, Gas, Entertainment, Furniture, Hotel-Motel, Drug Store, Reoccurring Bill Payments, Home Improvement, Public Transportation and Parking).
- Have your cash back Reward deposited in a Tangerine Savings Account and get a third 2% Money-Back Category.
- 0.5% cashback on all other eligible purchases.
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
1 year
Mobile Device Insurance
$1,000Car Rental Damage & Theft
31 days
Benefits
Details
Airport Lounge - Dragon Pass
Pass only. No Complimentary visits!Wireless Credit
FlexiRoam 1GB Global Data Roaming Plan and 15% off on purchase of Data Plans.
Mastercard On-Demand and Subscription Services
Access 50+ live-stream sports channels and save $30 on your first three months of Fubo (excludes Quebec)
Eligibility
Credit Score
GoodAnnual Income
$50,000 personal or $80,000 household
*Tangerine is not responsible for maintaining accuracy of content on this site. Please refer to Tangerine's site for the latest product details. Check here for full details and current product information.
Our choice for: Best Accessible Card for Rogers Customers
APPLY NOW
on Rogers Bank's website
Welcome Bonus
N/A
Annual Fee
$0
Interest Rates
20.99% - 25.99%* / 22.99% - 27.99%*
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
- Voted as the Best No Annual Fee 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.
Rewards
- Earn 2% unlimited cash back on all eligible non-U.S. dollar purchases if you have 1 qualifying service with Rogers, Fido, Comwave or Shaw.^
- Otherwise earn 1% unlimited cash back on eligible non-U.S. dollar purchases.^
- Earn 2% unlimited cash back on all eligible purchases made in U.S. dollars.^
- Get 1.5 times more cash back every time you redeem for Rogers, Fido, Comwave or Shaw purchases.^
- 5 Roam Like Home days at no cost with an eligible Rogers mobile plan every year (up to $90 value).^
Benefits
Details
No Cost roaming
5 days with eligible Rogers mobile plan
Eligibility
Credit Score
GoodAnnual Income
N/A
**, ^, Terms and conditions apply. Rogers Bank is not responsible for maintaining or controlling the accuracy of the information published on this website. For full and up-to-date product information, visit Rogersbank.com. Standard rate on Purchases and Fees: 20.99%. Standard rate on Cash Advances, Cash-like Transactions and Balance Transfers: 22.99%. If you are not approved for an Account at the above rates and you reside outside Quebec, we (Rogers Bank) may still issue you an Account at our alternate interest rates, as follows: Standard Rate for Purchases and Fees: 25.99%, Standard Rate for Cash Advances, Cash-like Transactions and Balance Transfers: 27.99%. ®/TM Mastercard and World Elite are registered trademarks and the circles design is a trademark of Mastercard International Incorporated. Used under license. TM Rogers and Mobius Design, Rogers Bank and related marks, logos and brand names are trademarks of Rogers Communications Inc., or an affiliate, used under license. © 2025 Rogers Bank. Rogers Bank is the issuer of this credit card. Check here for full details and current product information.
Our choice for: Best Accessible Card for Customizable Cashback
APPLY NOW
on Tangerine's website
Welcome Bonus
10% Cash Back (up to $100 value) + 1.95% balance transfer promo rate for 6 months
Annual Fee
$0
Interest Rates
20.95%* / 22.95%*
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
- 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.
Rewards
- 2% on the choice of two categories chosen from the 10 offered by Tangerine (Grocery, Restaurants, Gas, Entertainment, Furniture, Hotel-Motel, Drug Store, Reoccurring Bill Payments, Home Improvement, Public Transportation and Parking).
- Have your cash back Reward deposited in a Tangerine Savings Account and get a third 2% Money-Back Category.
- 0.5% cashback on all other credit card purchases.
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
Up to a year
Eligibility
Credit Score
GoodAnnual Income
N/A
*Tangerine is not responsible for maintaining accuracy of content on this site. Please refer to Tangerine's site for the latest product details. Check here for full details and current product information.
Our choice for: Best for Food
APPLY NOW
on MBNA's website
Welcome Bonus
Up to 10,000 bonus points†† + 4x points on restaurant, grocery, digital media, membership and household utility purchases††
Annual Fee
$0
Interest Rates
21.99% / 22.99%
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
- 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
Rewards
- Earn 4 points†† for every $1 spent on eligible restaurant, grocery, digital media, membership and household utility purchases during the first 90 days (these earn rates apply until $10,000 is spent annually in the applicable category)
- 2 points‡ for every $1 spent on restaurant, grocery, digital media, membership and household utility purchases (these earn rates apply until $10,000 is spent annually in the applicable category)
- 1 point‡ for every $1 spent on all other eligible purchases
- Each year, you will receive Birthday Bonus Points‡ equal to 10% of the total number of Points earned in the 12 months before the month of your birthday, to a maximum Birthday Bonus each year of 10,000 Points
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
*‡, ††, ✪, ***, Terms and Conditions apply. This offer is not available for residents of Quebec. Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button. The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank. Check here for full details and current product information.
Our choice for: Best for Flexible Benefits and Partner Rewards
APPLY NOW
on Neo Financial's website
Welcome Bonus
N/A
Annual Fee
$0
Interest Rates
19.99% - 29.99%□ / 22.99% - 31.99%
This card offers balanced rewards for everyday purchases. There's a secured version of this card too, which would be beneficial for those wanting to build credit and earn cash back at the same time at only $7.99/month.
Pros
- Additional cash back earning at over 10,000 Neo partners
- Instant approval and access to your virtual card
Cons
- Basic insurance coverage
- Cash back spend caps can limit your rewards
Rewards
- 2% cash back on grocery purchases up to $1,000 spending per month
- 2% cash back on gas purchases up to $1,000 spending per month
- 2% cash back on recurring purchases up to $500 spending per month
- 0.5% cash back on all other purchases up to $2,500 spending per month
- Up to 15% cash back at Neo Partners
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
1 year
Eligibility
Credit Score
GoodAnnual Income
$50,000 personal or $80,000 household
The Capital One Smart Rewards™ Mastercard® takes a completely unique approach to credit card rewards by rewarding payment behavior rather than spending. This Canadian card earns 5 points per dollar paid toward your balance instead of rewarding purchases, which encourages responsible financial habits and consistent payment behavior. At a 1.25% return on payments (with points worth 0.25 cents each), the rewards value is actually quite competitive for a no-annual-fee card, making it both a financial discipline tool and a legitimate rewards earner. This card is particularly appealing to those who want to avoid spending-based reward temptations while still earning meaningful returns, though it requires a different mindset than traditional rewards cards.
Pros
- Solid 1.25% return rate on balance payments
- Unique rewards structure that promotes responsible payment habits
- No annual fee keeps costs low
- Encourages consistent payment behavior and financial discipline
- Good for those who want to avoid spending incentives
- Enhanced insurance coverage including purchase security and extended warranty
- Travel coverage for rental cars, baggage delays, and common carrier accidents
- Helps build positive payment history
Cons
- Only earns rewards on payments, not purchases
- No welcome bonus offered
- Rewards program may seem confusing to traditional cardholders
- Limited redemption options compared to traditional programs
- Different earning philosophy may not appeal to all users
- Lower earning potential than premium rewards cards that offer category bonuses
Rewards
- 5 points per $1 paid towards your balance
Insurance
Coverage
Travel Accident
$250,000
Baggage Delay
$100/day up to 3 daysCar Rental Damage & Theft
Up to 31 daysPurchase Protection
120 daysExtended Warranty
double up to 2 years
Benefits
Details
Price Protection
60 days, Up to $100 per item, $500 per year
Eligibility
Credit Score
PoorAnnual Income
N/A
*Capital One is not responsible for maintaining or monitoring the accuracy of information on this website. If you apply and get approved for a Capital One card, (I/we) may receive compensation from Capital One, which can be in the form of monetary payment. Check here for full details and current product information.
Our choice for: Best for Students
APPLY NOW
on BMO's website
Welcome Bonus
5% cash back for the first 3 months, up to $2,500 in spend
Annual Fee
$0
Interest Rates
21.99% / 23.99%□
We consider this card to be the best student credit card in Canada for it's competitive cashback rewards (3% on groceries, 1% on recurring bills), no annual fee and a generous welcome bonus. Plus, cashback redemption is flexible so no need to wait a year each time you want to get your cashback paid out.
Pros
- No annual fee, making it a cost-effective option for all students.
- Up to 3% cash back on groceries and 1% on recurring bill payments, giving fantastic rewards to students.
- Save up to 7 cents per litre at Shell stations when linked with Air Miles.
Cons
- Low base earn rate of 0.5% cash back on non-bonus purchases.
- Limited insurance coverage (extended warranty and purchase protection only).
Rewards
- 3% cash back on grocery purchases (maximum $15 per statement)
- 1% cash back on recurring payments like bills or subscriptions (maximum $5 per statement)
- 0.5% cash back on all other purchases
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
1 year
Benefits
Details
Car Rental Discount
Save up to 20% on National Car Rental® and Alamo Rent A Car® and up to 5% on Enterprise Rent-A-Car® at locations worldwide using the Car Rental Booking tool.
Discount
Get 20% off admission to Cirque du Soleil shows touring Canada, and 15% off resident shows in Las Vegas.Hotel Booking Discount
Save up to 7% on your Booking.com prepaid hotel or property rental bookings at booking.com/mastercardcanada.
Eligibility
Credit Score
PoorAnnual Income
N/A
*BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information. Check here for full details and current product information.
From our editors: The full list of Best No-Annual-Fee Mastercard credit cards in Canada
1. Best overall: The Rogers Red World Elite Mastercard
The Rogers Red World Elite Mastercard is not only one of the best no-fee credit cards in Canada, but it's also one of the best cards among all the other credit cards, both paid and free! If you have a qualifying Rogers, Fido, Comwave or Shaw service, you can boost your cashback earnings significantly, especially when you redeem your cashback towards eligible service purchases. Another valuable feature of this card is its inclusion of travel insurance like trip interruption, trip cancellation, and emergency medical coverage, all of which are rare for a no-fee card!
The catch? The cashback on this card is primarily impressive for eligible members, plus you're required to have a high annual income to qualify. Read more in our Rogers Red World Elite Mastercard Review.
2. Best for Balance Transfers: MBNA True Line Mastercard
If you're looking to consolidate your debt into a balance transfer credit card, then the MBNA True Line Mastercard, one of the best balance transfer credit cards in Canada, is your best bet. This contender offers a 0% promotional interest rate on balance transfers for an entire year. Sure, the card lacks a rewards program and coverage, but it does provide car rental discounts. Read more in our MBNA True Line Mastercard Review.
3. Best for Customizable Earning: Tangerine World Mastercard
Maybe you'd like a little control over how you earn cashback. In that case, consider the Tangerine World Mastercard, a contender that lets you choose 2 cashback categories out of the 10 offered by Tangerine, plus a third when you deposit your earnings into a Tangerine Savings Account. Pick from common categories like gas, grocery, and restaurant purchases, select an uncommonly high-value category like pharmacy purchases or recurring bill payments, or choose a unique earning opportunity like furniture or home improvement.
This card also includes a couple of perks like car rental damage and theft insurance, mobile device insurance, and an airport lounge Dragon Pass membership. Just be sure to meet the annual income requirements to qualify. More details are available in our Tangerine World Mastercard Review.
4. Best Accessible Card for Rogers Customers: Rogers Red Mastercard
Let's say you're a qualifying Rogers, Fido, Comwave, or Shaw customer but you don't meet the high annual income requirements of the Rogers Red World Elite Mastercard. If so, apply for the Rogers Red Mastercard instead. This card receives nearly as much cashback on USD and non-USD purchases, especially if you choose to redeem your earnings towards eligible Rogers, Fido, Comwave or Shaw purchases.
Unlike the World Elite version, however, you'll miss out on valuable travel insurance, but you'll still have access to 5-day no cost roaming opportunities. Discover more in our Rogers Red Mastercard Review.
5. Best Accessible Card for Customizable Cashback: Tangerine Money-Back Credit Card
Similar to the Tangerine World Mastercard, but without the annual income requirements, this card also lets you select 2 cashback categories out of the 10 offered by Tangerine, plus a third when you deposit your rewards into a Tangerine Savings Account. The best part about these cards is that they give you the opportunity to optimize uncommon categories like home improvement or furniture purchases, and they have some of the highest no-fee cashback rates on recurring transactions and pharmacy purchases.
Learn more about this card by reading the Tangerine Money-Back Credit Card Review.
6. Best for Food: MBNA Rewards Platinum Plus Mastercard
For the best no-fee Mastercard for stocking the fridge and covering the restaurant bill, consider the MBNA Rewards Platinum Plus Mastercard. This card earns you solid points per dollar spent on eligible restaurant and grocery purchases, plus points on membership and household utility purchases.
The card also features mobile device insurance, car rental discounts, and an annual birthday bonus of extra points based on the previous year's earnings. Uncover more when you read our MBNA Rewards Platinum Plus Mastercard Review.
7. Best for Flexible Benefits and Partner Rewards: Neo World Mastercard
The Neo World Mastercard has a couple of unique features. For one, on top of the initial cashback rates on grocery, gas, and recurring purchases, cardholders can boost rewards even further by purchasing from Neo Partners. Secondly, spenders can to opt in and out of premium, travel, and wellness perks, subscribing only to what they need, when they need it. See more in our Neo World Mastercard Review.
8. Best for Encouraging Positive Payment Habits: Capital One Smart Rewards Mastercard
The Capital One Smart Rewards Mastercard has one of the rarest reward systems on this list. Instead of earning points on every dollar spent, collect points per dollar paid towards your balance. In short, this system rewards positive payment behaviour rather than spending, making it an effective and lucrative financial discipline tool designed to help you build or improve credit.
This card also boasts coverage like travel accident, baggage delay, and car rental damage and theft insurance, plus rare price protection. Find out more in our Capital One Smart Rewards Mastercard Review.
9. Best for Students: Student BMO CashBack Mastercard
Still studying? BMO has your back with one of the best student credit cards in Canada. The Student BMO CashBack Mastercard earns you competitive cashback on groceries, plus decent cashback on recurring payments. The card also comes with a few benefits like discounts on car rentals, Cirque du Soleil shows, and prepaid hotel or property rental bookings made through Booking.com. Get the full breakdown in our Student BMO CashBack Mastercard Review.
Why Mastercard is a Preferred Choice in Canada
Mastercard's growing popularity among Canadians can be attributed to two key factors:
- Costco's partnership with Mastercard means that it'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.
How to choose the best no-annual-fee Mastercard credit cards for you
Every credit card has its own unique rewards and benefits, so there is no single card that's one-size-fits-all. Ultimately, you'll want to select a no-fee Mastercard that complements your spending habits.
For example, if you're a Rogers customer, you may want to apply for the Rogers Red World Elite Mastercard or the Rogers Red Mastercard. Alternatively, if you're looking for more customizable cashback in rare categories or high optimization for pharmacy or recurring purchases, then you might want to get your hands on the Tangerine World Mastercard or the Tangerine Money-Back Credit Card (depending on your yearly income).
Frequently Asked Questions
The Rogers Red World Elite Mastercard is a top pick for overall value, offering generous cashback rewards, especially for qualifying Rogers, Fido, Comwave, and Shaw customers who redeem their cashback towards eligible service purchases. The addition of valuable travel insurance also makes this contender a rare no-fee find. That said, the card comes with some high annual income requirements and may not be accessible to all.
The Tangerine World Mastercard allows cardholders to pick 2 spending categories out of the 10 offered by Tangerine, including everything from gas and groceries to recurring bill and pharmacy payments to home improvement and furniture purchases. This card also includes perks like mobile device insurance and an airport lounge Dragon Pass membership, just mind the annual income requirements!
The best credit-building no-fee Mastercard is the Zolve Classic Credit Card. This card offers easy approval for those with low to no credit, plus plenty of cashback on groceries, and the rare inclusion of digital wallet payment optimization.
If you don't need any premium perks or reward programs and you shop at Costco or purchase groceries from Walmart, then a no-annual-fee Mastercard is great choice.
For starters, why pay an annual fee for perks you don't need? Paid cards tend to have annual fees to account for luxury benefits that won't suit modest spenders. It's easy to find a solid everyday earner at no extra cost.
Secondly, as mentioned, Mastercards are accepted as payment at Costco warehouses and Walmart grocery purchases are counted towards grocery earnings.
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Abid Salahi
Credit Card Expert
Abid leads the design and engineering of the FinlyWealth website, making sure everything runs smoothly and looks great. He’s a seasoned software engineer who follows best practices and designs interfa...
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Kevin Shahnazari
Credit Card Expert
Kevin started FinlyWealth and juggles a bit of everything—digging into data, running our marketing, and keeping the finances on track. Before this, he spent years as a data scientist at tech companies...
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