Although not often as rich in rewards as the best credit cards that require you to pay an annual fee, the top three cards in this category offer a slew of rewards—everything from super low rates on balance transfers for six months to limitless cash-back and no restrictions on travel—all without having to ever dip into your pocket for an annual fee.
Winner: SimplyCash Card from American Express
Highest no-fee cash back rate: This card has the highest no fee cash back rate in all of Canada, offering 5% cash-back for the first 6 months on gas, groceries and restaurants (up to a maximum of up to $250 back). After that, you’ll still get a decent 1.25% cash-back.
Cut your interest rate: With a 1.99% interest rate on balance transfers for 6 months, you’ll get a chance to really whittle down your debt. After that, you’ll earn 1.25%.
Great entertainment perks: access to Toronto lounges at Roy Thomson Hall and Princess of Wales Theatre, plus access to advance moving screenings and special shopping deals.
Second place: Scotiabank American Express Card
- 2 points per dollar on the first $50,000 in purchases, 1 point per dollar thereafter (value of a point $0.01)
- Redeem for travel anywhere, anytime, with no restrictions
- Receive up to 25% off qualifying car rentals
- Travel emergency medical coverage is automatically provided for eligible persons for up to 8 consecutive days
Third place: Tangerine Money-Back Credit Card
- 2% cash back in 3 categories of your choice, and 0.5% everywhere else
- No limits to how much cash back you can earn
- Convenience and choice – you choose the 2-3 categories that you want to earn 2% in based on your spending habits
- Money-back rewards are earned automatically and paid monthly
What can you expect in rewards in one year*?
|Net reward (excluding 1st year sign-up bonus|
|SimplyCash Card from American Express||$300|
|Scotiabank American Express Card||$375|
|Tangerine Money-Back Credit Card||$286|
*Based on $2,000 of monthly spending
Honorary Mention: Blue Sky Credit Card
- $100 spending bonus
- 25% blue sky points for every $1 purchas
- No blackout dates, advance purchase requirements, seat restrictions or travel restrictions (must redeem points for travel)
More from Canada’s Best Credit Cards 2017:
- Credit card pairs to fast track rewards
- Credit card terminology deciphered
- Juice your credit card rewards points
- 7 serious strategies for rewards fanatics
- MoneySense Credit Card Finder