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We talk about credit cards a fair bit here at PMB, and most cards we discuss have an annual fee. Often (but not always), the annual fee is worth it given the welcome bonus and/or credit card perks. However, several credit cards in Canada still offer excellent value and let you earn rewards or cashback without any annual fees.
Also, keeping a couple of forever cards in your wallet is good for your credit score since it helps with the “average age of accounts” factor.
RBC Ion Visa – Apply Now
While the Ion+ version gets more attention thanks to its higher earn rates, the no-annual-fee RBC Ion Visa still punches above its weight. The card is offering its highest-ever welcome bonus right now of up to 14,000 Avion points, so be sure to apply by November 4:
- 7,000 points upon approval
- 7,000 points upon spending $500 in the first 3 months
You’ll earn 1.5X points on grocery, rides (including public transit and rideshare), gas & E.V. charging, streaming, digital gaming, and subscriptions. All other purchases will earn 1X.
The real power of this card comes from pairing it with an RBC Avion card. Points earned on the Ion+ can be combined with the Avion card and transferred to airlines, unlocking premium cabin redemptions. If you transfer your Avion points to American Airlines AAdvantage, you can even book Etihad first class apartments!
Transfer your Avion points to American Airlines AAdvantage to book Etihad A380 first class apartments
Just for being a cardholder, you’ll receive 3 months of complimentary DashPass. You’ll also get 3¢ off per litre of fuel at Petro-Canada after linking your RBC card with a Petro-Points membership.
Tangerine Money-Back World Mastercard – Apply Now
The Tangerine Money-Back World Mastercard and the Tangerine Money-Back Credit Card both have no annual fee and identical cashback rates. We recommend the World Mastercard version if you qualify, as it offers better perks and insurance, including mobile device insurance and rental collision/damage coverage.
And yes, in case you’re wondering, the Money-Back card is strictly better than its Scene+-earning sibling, the Tangerine Rewards World Elite Mastercard. That one only earns 1.5 Scene+ points in elevated categories while this one earns 2% back. This is a unique feature offered by Tangerine: flexibility in where you earn elevated cashback. You get two categories where you earn 2% cashback and a third 2% category if you deposit your cashback into a Tangerine Savings Account.
If you apply by September 30, you can earn a $100 cashback bonus upon spending $1,500 in the first 3 months on the World Mastercard version. This is pure upside given that the card has no annual fee! For the non-World Mastercard version, you’ll get a bonus 10% cashback up to $100 by applying before September 30.
Spend most on groceries, gas, and public transportation? Earn 2% cashback across all of those. Spend mostly on hotels, entertainment, and foreign currency? Get 2% on these categories instead. Foreign currency is particularly fun, where 2% back basically offsets the 2.5% foreign transaction fee, which is an impressive perk for a no-annual-fee card.
Scotiabank American Express Card – Apply Now
The Scotiabank American Express Card is the no-fee version of a PMB favourite, the Scotiabank Gold American Express Card. The no-fee Scotia Amex earns a respectable 3 Scene+ points per $1 spent at Sobeys, Safeway, FreshCo, Foodland, and more. Furthermore, it earns 2 Scene+ points per $1 on dining and food subscriptions.
Scene+ points are my favourite fixed-value points currency, as you can redeem directly as a statement credit for any travel charged directly to the card.
Until October 29, Scotiabank is also offering a fantastic $1,000 bank account bonus, where the final $100 requires signing up for an eligible credit card. If you don’t want to pay an annual fee, this Scotiabank Amex is a great candidate.
Rogers Red World Elite Mastercard – Apply Now
The Rogers Red World Elite Mastercard stands out as the best card to use at Costco. Costco does not code as grocery on any merchant, so you have to use the best card for non-categorized spend. Additionally, it needs to be a Mastercard for Canadian Costcos.
The Rogers Red World Elite earns 2% cashback on all non-U.S. dollar purchases, and you earn an extra 50% in cashback when redeeming for Rogers, Fido, or Shaw, giving it an effective 3% return.
American Express Green Card – Apply Now
If I had to pick one points currency to earn in Canada, it would be Amex Membership Rewards (MR). Amex has the most airline transfer partners in Canada, and my favourites are Aeroplan, Air France KLM Flying Blue, and Cathay Pacific Asia Miles. All three are fantastic programs to book business and first class flights around the world.
The earn rate is nothing to write home about at 2X MR points on Amex Travel and 1X MR everywhere else. But MR is easily worth 2 cents per point due to how powerful it is, so if you think about it this way, the Amex Green essentially earns 2X everywhere with no annual fee.
Takeaway
Several no-annual-fee credit cards in Canada still offer excellent value. The RBC Ion Visa pairs with an Avion card to unlock airline transfers, the Tangerine Money-Back World Mastercard offers flexible 2% cashback categories, and the Rogers Red World Elite Mastercard delivers a strong 2% return on everyday purchases (3% if redeemed towards a Rogers bill).
Meanwhile, the American Express Green Card earns valuable Membership Rewards points, and the Scotiabank American Express Card offers high earning rates and straightforward redemptions. Whether you prefer cashback or points, these cards are excellent “forever cards” that can stay in your wallet long-term and continue to earn rewards without an annual fee.
