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.
Click here to see everything the SimplyCash Card from American Express has to offer.
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
Click here to see everything the Scotiabank American Express Card has to offer.
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
Click here to see everything the Tangerine Money-Back Credit Card has to offer.
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)
Click here to see everything the American Express Blue Sky Credit Card has to offer.
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- Credit card terminology deciphered
- Juice your credit card rewards points
- 7 serious strategies for rewards fanatics
- MoneySense Credit Card Finder