Canada’s best no foreign transaction fee credit cards

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Pros

• This is the only no foreign transaction fee credit card available in Canada that doesn’t charge an annual fee and has accessible minimum income requirements.
• Earn 1% cash back on everything you buy in Canadian dollars with no limits on how much you can earn.
• Like most no-fee cards, it comes with basic perks like zero liability policy insurance and purchase security insurance

Cons

• You won’t earn any cash back on purchases made in a non-Canadian currency, which is a slight drawback but remember: you also won’t pay foreign transaction fees which means you’ll still end up saving a considerable 2.5% when using this card versus most other cards.
• Cash back is only redeemed once annually in January (as opposed to on-demand).

Pros

• This card earns a minimum of 1.5% cash back on everything you buy, an impressive rate more often seen in cards which charge an annual fee.
• The Rogers Red World Elite Mastercard earns an accelerated 3% cash back on purchases made in U.S. dollars, which offsets the roughly 2.5% foreign transaction fee, making this an ideal card for snowbirds or anyone who regularly travels to the United States.
• You can redeem your cash back rewards anytime, in increments of $10, using the Rogers app.
• Despite being a no-fee card, the Rogers Red World Elite Mastercard gives you benefits like rental car collision damage coverage and travel insurance.

Cons

• Unlike “true” no foreign transaction fee credit cards which help you save on all non-Canadian currency purchases, the Rogers Red World Elite Mastercard will only help you avoid foreign transaction fees on purchases made in U.S. dollars.
• You’ll need an income of at least $80,000 per year (or $150,000 per household) to qualify for the card—the highest income requirement on our ranking of best no foreign transaction fee credit cards.

Pros

• The Scotiabank Passport Visa Infinite is the only no forex fee card in Canada to also offer airport lounge access. With this card, you’ll receive a complimentary Priority Pass membership with six free airport lounge visits per year; that’s the most lounge passes available on a card with an annual fee below $200.
• Redeeming Scene+ points for travel rewards is intuitive and as easy as cash back in your wallet. There are no complicated travel charts or maps (1,000 points is always worth $10 in travel savings wherever you travel).
• Scotia’s Scene+ points are extremely flexible. You can redeem points using Scotia’s travel agency or apply points on any travel purchase from virtually any airline or hotel provider up to 12 months later (even for travel purchases booked through Google Travel and Airbnb).
• The Scotiabank Passport Visa Infinite rewards high-volume spenders. Every year that you charge $40,000 or more, you’ll earn an additional 10,000 bonus points ($100 value toward travel).
• This card offers a full range of travel insurance benefits including travel emergency medical insurance, trip cancellation/trip interruption insurance and more.

Cons

• While the Scotiabank Passport offers considerable perks, its annual fee is $150, which is among the highest on this list.
• Perks aside, the card’s rewards on everyday purchases in Canada—1 or 2 points per $1 on most purchases—isn’t all that impressive for a premium annual-fee card, even when compared to other Scotiabank credit cards on this list.
• You’ll need to earn an income of at least $60,000 (or $100,000 as a household) to qualify.

Pros

• This credit card’s earn rate is bound to raise eyebrows, with an outstanding 5 points on groceries and dining, and 6 points when you shop at Sobeys-affiliated stores.
• Scene+ points are flexible, easy to use and you can redeem them retroactively for up to 12 months after you make a travel purchase, which means you can book when you want and reap the rewards later.
• Redeem for travel in easy increments of 1,000 points (valued at $10). There are no complicated rules or exceptions to manage, and you will get the same value no matter where you go.
• Scotia’s definition of travel is extremely broad so you can redeem for purchases even at Uber, UberEats and Airbnb.
• The Scotiabank Gold American Express offers a full range of travel insurance benefits, including travel emergency medical coverage, trip cancellation/trip interruption insurance and more.
• This card comes with Amex Experience perks. Amex grants early access to presale tickets to a wide range of events (including concerts and sports events), while Amex Offers get you additional discounts and savings on a rotating roster of retailers.
• The card’s minimum income requirement is $12,000, making it accessible to most Canadians.

Cons

• While American Express is accepted at thousands of locations across Canada, there are some notable exceptions. For example, Loblaws doesn’t accept Amex and you might not be able to use this card at some smaller independent shops, groceries, convenience stores and restaurants. Depending on where you’re travelling, Amex acceptance may be even more limited.
• When you buy in a foreign currency, you only earn points at the base rate. This means, for example, that if you buy groceries in a foreign currency, the foreign-transaction fee will be waived but you will only earn 1 point per $1 spent rather than the 5 points usually offered in the grocery category for purchases in a Canadian currency.

Pros

• The 3 points per $1 earn rate on foreign purchases means you’ll net roughly 0.5% back on anything in a non-Canadian currency (after offsetting foreign transaction fees).
• The strong base rate of 1.5% on Canadian purchases is  an above-average return, regardless of the category.
• The annual fee for the Meridian Visa Infinite Travel Rewards card is only $99, which is less than many comparable cards on this list with no foreign transaction fees.
• The travel coverage on the Meridian Visa Infinite Travel Rewards card is outstanding and includes up to $5,000,000 in emergency travel coverage for up to 48 days, which manages to beat out travel coverage offered by even the best travel credit cards.
• While many credit card travel insurance benefits only apply to those 65 and older, the emergency travel insurance coverage on the Meridian Visa Infinite Travel Rewards credit card applies to those up to 75 years old.

Cons

• This card offers no bonus categories, so it may not be the best rewards structure for those who tend to spend a lot in common categories like groceries, gas or recurring bills.
• Rewards points can’t be used to offset the cost of airline taxes or surcharges.
• The income requirement makes it out of reach for some Canadians.

Pros

• If you’re an Amazon Prime Member, you’ll earn 2.5% in Amazon points on any purchase made in any foreign currency with the Amazon.ca Mastercard (which effectively acts to offset the foreign transaction fee).
• Amazon points are extremely easy to understand: 1% in Amazon.ca rewards points is 1 cent that can be used towards an Amazon gift card.
• Regular Amazon shoppers can earn lucrative savings with 2.5% savings on Amazon.ca (if you’re a Prime Member) and 1% on all other Canadian purchases.

Cons

• While technically a no annual fee credit card, the boosted  2.5% earn rate on foreign purchases is available exclusively to cardholders who also have a Prime membership ($99 year). If you’re not a Prime Member, you’re out of luck and have to pay the annual fee.
• Non-Prime members will also earn fewer rewards on Amazon.ca purchase (1.5% versus the 2.5% afforded to Prime members).
• As a retail card, naturally you’re restricted to redeeming rewards only on Amazon purchases by redeeming for Amazon.ca gift cards.

Pros

• As a pre-paid Mastercard, you essentially pay with the money you already put on the card. So this card is ideal for those Canadians who want to avoid using credit and better manage debt.
• This card can be used like a credit card, including to take out cash from a foreign ATM, but you won’t be hit with the withdrawal fees seen on credit cards.
• Pay no fees, including foreign exchange.
• You’ll earn 0.5% cash back on your international purchases, as well as on any spends in Canadian dollars, too.

Cons

• EQ Bank is an online bank, which means you can’t visit brick and mortar branches for in-person support, though support is available online.
• To access your cash, you have to preload the card by transferring funds from your savings account. You’ll be fine as long as you plan ahead and remember to do this.

Pros

• In addition to no foreign transaction fees on purchases in foreign currencies, there are no FX fees at the ATM.
• Earn 1% back in stock, crypto or cash when you use your card.
• As a prepaid Mastercard, the Wealthsimple Cash card acts like a debit card and enjoys a high level of acceptance worldwide.
• The more money you have invested with Wealthsimple, the higher your interest rate. Premium clients are those with $100,000 or more in assets, and they earn 4% interest. Generation clients with $500,000 or more earn 4.5%.

Cons

• Unlike a credit card, using your Wealthsimple Cash card doesn’t contribute to building your credit score.
• The 1% in rewards doesn’t apply to bill payments.