In this feature of Rewards Canada' Ultimate Credit Card Portfolios we look at the ultimate one for earning cash back without having to pay annual fees on any of the cards held in the wallet.
As is typically recommended by Rewards Canada, you should, at a minimum, carry at least one Visa, one Mastercard and one American Express card in your wallet. This is standard with all of our Ultimate Wallets. The reason why is that there are benefits, promotions and earning potential unique to each brand of credit card.
Not only can you make the most of the brands but by having more than one credit card you are protecting yourself if one or more get lost, stolen or blocked due to fraudulent transactions.
Ultimately there are various card options and combinations that could be utilized for this portfolio but we look at one card from each issuing family that we feel are the best fit for the no fee cash back card mission!
What is Rewards Canada's Ultimate No Fee Cash Back Rewards Credit Card Portfolio? It's the following three cards:
SimplyCash™ Card from American Express
Rogers Red World Elite Mastercard
Simplii Financial™ Cash Back Visa* Card
In this portfolio you have three really good card offerings considering they all have no annual fees. All three offer good to great cash back earn rates, you get travel benefits and also some pretty good insurance coverage.
Recommended reading: The Ultimate Cash Back Credit Card Portfolio (with annual fees)
Why these three?
A quick overview as to why these three cards make up this portfolio:
- SimplyCash Card from American Express: Ranked as the #2 cash back card in Canada with no annual fee by Rewards Canada, this card is earns 1.25% to 2% cash back on all purchases. It also provides Amex Offers and includes some insurance benefits like Mobile Device coverage
- Rogers Red World Elite Mastercard: Ranked as the #1 cash back card in Canada with no annual fee by Rewards Canada, this card has to be in the portfolio! It's a great cash back card for any Canadian who is eligible to get it and it actually gets even better if you are a Rogers customer. This is also the card to use at Costco warehouses as they only accept Mastercard.
- Simplii Financial Cash Back Visa Card: Ranked as the #5 cash back card in Canada with no annual fee it is actually the best no fee Cash Back Visa branded card in Canada. It has a strong cash back earn rate for restaurants and bars so it is the card you'll be using first when dining out or going out for a night on the town.
Key Benefits of this portfolio
- No annual fees on any of the cards
- Good to excellent cash back earn rates
- Travel benefits including airport lounge access membership
- Really good insurance coverage considering there are no annual fees
Why you want to get each of these cards:
SimplyCash Card from American Express
The first card in the portfolio is the SimplyCash® Card from American Express which has a low annual income requirement of $12,000. Rewards Canada ranks the card as the #2 cash back card in Canada with no annual fee. This is the go to card in the portfolio for gas purchases and for your grocery spending made at stores outside of the Loblaw family of stores and Costco.
On the earning side the card offers 2% cash back on gas and grocery store purchases, with the grocery purchases capped at $15,000 in spending annually ($300 cash back). Any grocery purchases made after hitting that cap will earn 1.25%. That 1.25% just happens to be this card's base earn and is what the card earns on all other spending outside of gas and groceries.
The card also provides access to Amex Offers which are exclusive promotions from merchants for using your Amex card. It also provides a quartet of insurance benefits which are $100,000 Travel Accident Insurance, Purchase Protection Plan, Buyer's Assurance Protection Plan (Extended Warranty) and Mobile Device Insurance.
There is one slight drawback to this card and that is how your cash back is rewarded. It is only paid out once per year in September.
The SimplyCash Card from American Express Card Quick Facts:
- No annual fee
- Current welcome bonus: In your first 3 months as a new SimplyCash® Card from American Express Cardmember, you can earn a bonus 5% cash back on all purchases (up to $2,000 in purchases). That’s on top of your everyday cash back earn rates. That’s up to $100 in bonus cash back.
- Income requirement: N/A
- Apply for this card here.
- Click here to read our in depth review of the SimplyCash® Card from American Express
Rogers Red World Elite® Mastercard®
The second card in the portfolio is the Rogers Red World Elite® Mastercard® which is ranked as the #1 no annual fee cash back credit card in Canada. Even though it is issued by Rogers, you don't have to be a Rogers customer to get the card and take advantage of its great earn rates. However, if you are a Rogers/Fido/Shaw customer those great earn rates become even better!
For non-Rogers/Shaw/Fido customers this will be the card you use for those places where you don't earn 2% or 4% cash back on the other two cards in the portfolio as it earns 1.5% cash back compared to the other card's 0.5%, 1.25% and 1.5%. Yes, the Simplii Visa also offers 1.5% on certain spend categories however the Rogers cards has easier access to your cash back rewards so it is the preferred choice where the earn rate is the same.
This is also the go to card for shopping at Costco Canada warehouses since they only accept Mastercard. Costco purchases will also earn 1.5% cash back.
For Rogers/Shaw/Fido customers, the card will be or can be used for all purchases as the card's base earn rate jumps to 2% for clients and that is further boosted to 3% if the cash back rewards are redeemed towards Rogers/Shaw/Fido purchases (services or products). In this case, for any of the clients who do want to use the cash back for their Rogers et al purchases, you want to use the Rogers Red World Elite for all purchases except for your first $5,000 in dining as the Simplii Visa will earn 4% versus the 3%. Once you hit $5K on the Simplii card, simply move your dining spend to this card.
The card also offers 3% cash back on purchases made in US dollars which grows to 4.5% to Rogers clients who redeem that cash back towards Rogers/Shaw/Fido purchases (services or products).
With this card you can cash out anytime your rewards balance reaches $10.
This card also features all the standard World Elite Mastercard benefits including Mastercard TravelPass by DragonPass airport lounge access membership and free global Boingo Wi-Fi. It also comes with 5 Roam Like Home days at no cost every year for Rogers mobile plans (up to $75 value). It also provides an excellent suite of insurance coverage including Out of Province/Country Emergency Medical Insurance, Trip Cancellation Insurance, Trip Interruption Insurance and Car Rental Theft and Damage Insurance.
The Rogers Red World Elite Mastercard Quick Facts:
- No Annual Fee
- Provides World Elite Mastercard benefits like airport lounge access membership
- Income requirements: $80,000 personal or $150,000 household income
- Apply for this card here.
- Click here to read our in-depth review of the Rogers Red World Elite Mastercard
Simplii Financial™ Cash Back Visa* Card
The third card in the portfolio is the Simplii Financial™ Cash Back Visa* Card which is ranked as the 5th best no annual fee cash back credit card in Canada. This will be the first card in the portfolio that you pull out for restaurants (dining or take, plus select food delivery services) and also for going to bars, clubs and pubs.
This card offers 4% cash back on restaurant and bar purchases up to $5,000 in spending annually after which the earn rate drops to 0.5%. It also offers 1.5% cash back on gas, groceries, drug stores and pre-authorized purchases up to $15,000 in spending annually across all four categories and then it drops to 0.5%. That 0.5% just happens to be this card's base earn and is what the card earns on all other spending outside of the aforementioned accelerated earn categories.
There are no real extras to the card but it does offer Purchase Protection Plan and Buyer’s Assurance Protection Plan (Extended Warranty) as insurance coverage.
Like the SimplyCash card, the Simplii Visa's cash back rewards are paid out once per year.
The Simplii Financial Cash Back Visa Card Quick Facts:
- No Annual Fee
- Welcome bonus: Get a $100 Skip Digital Gift Card when sign up for a Simplii Financial Cash Back Visa* Card by October 31,2024 and spend $100 anywhere with your new Cash Back Visa by November 30, 2024†.
- Income requirements: $15,000 annual income
- Apply for this card here.
- Click here to read our in-depth review of the Simplii Financial Cash Back Visa Card
† Terms and conditions apply. Click ‘Apply Now’ for complete details.This offer is not available for residents of Quebec
‡ "Purchase" means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. "Cash" means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.
Cash Back Earn rates
You can use this chart to easily compare the earn rates to determine which card you should use for various purchase categories
| SimplyCash™ Card from American Express | Rogers Red World Elite Mastercard (for non-Rogers customers) |
Rogers Red World Elite Mastercard (for Rogers / Shaw / Fido Customers) |
Simplii Financial™ Cash Back Visa* Card | |
|---|---|---|---|---|
| Restaurants & Bars | 1.25% | 1.5% | 2% to 3% | 4% (up to $5,000 in annual spend) then 0.5% after the cap is reached |
| Groceries | 2% (up to $15,000 in annual spend) then 1.25% after the cap is reached |
1.5% | 2% to 3% | 1.5% (up to $15,000 in annual spend combined with the other 1.5% rates) then 0.5% after the cap is reached |
| Gas | 2% | 1.5% | 2% to 3% | 1.5% (up to $15,000 in annual spend combined with the other 1.5% rates) then 0.5% after the cap is reached |
| Drug Store | 1.25% | 1.5% | 1.5% to 3% | 1.5% (up to $15,000 in annual spend combined with the other 1.5% rates) then 0.5% after the cap is reached |
| Pre-Authorized payments | 1.25% | 1.5% | 2% to 3% | 1.5% (up to $15,000 in annual spend combined with the other 1.5% rates) then 0.5% after the cap is reached |
| US$ Purchases | 1.25% | 3% | 3% to 4.5% | 0.5% to 4% (with annual spend caps as outlined above) |
| All other spending | 1.25% | 1.5% | 2% to 3% | 0.5% |
Earn up to $150 cash back with the welcome bonuses
Two of these cards do have welcome bonus offers that will increase your point and cash back balances in the first year.
The SimplyCash® Card from American Express provides a bonus 5% cash back on all purchases (up to $2,000 in purchases) in the first three months. That’s on top of your everyday cash back earn rates. That’s up to $100 in bonus cash back.
For your first 4 months with a Simplii Financial Cash Back Visa* Card, enjoy 10% cash back on eligible restaurants, food delivery and bar purchases. Up to $500 spend†.
There is no welcome bonus offer on the Rogers Red World Elite Mastercard at this time.
Learn more about the cards here:
SimplyCash® Card from American Express
In your first 3 months as a new SimplyCash® Card from American Express Cardmember, you can earn a bonus 5% cash back on all purchases (up to $2,000 in purchases). That’s on top of your everyday cash back earn rates. That’s up to $100 in bonus cash back.
Annual Fee: $0 | Additional Card Fee: $0 | Annual interest rate 21.99% on purchases and 21.99% on funds advances; Missed payment applicable rates, 25.99% - 28.99%
- Earn accelerated earn rates on eligible gas and grocery purchases
- Earn 2% cash back on eligible gas purchases in Canada, 2% cash back on eligible grocery purchases in Canada (up to $300 cash back annually), and 1.25% cash back on all other eligible purchases
- Access events and special offers curated for Cardmembers with Amex ExperiencesTM
- Insurance coverage and 24/7 Customer Service
- American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment
- Click here to apply for the SimplyCash® Card from American Express
Rogers Red World Elite Mastercard
Enjoy 3% cash back value when you redeem with Rogers plus insurance benefits
Annual Fee: $0 | Additional Card Fee: $0 | Annual interest rate 20.99% on purchases and 22.99% on funds advances | $80,000 personal or $150,000 annual household income
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.
- 2% cash back - no limits. Exclusively for eligible Rogers, Fido or Shaw customers.
- 3% unlimited cash back on U.S. dollar purchases.
- 5 Roam Like Home days at no cost with an eligible Rogers mobile plan (up to $75 value).
- Get 1.5x more cash back every time you redeem for Rogers, Fido or Shaw purchases2
Travel Benefits:- Complimentary membership to Mastercard Travel Pass provided by DragonPass
Access to over 1,300 airport lounges worldwide
$32 USD per person per visit Included
Insurance Benefits:- Extended Warranty and Purchase Protection
- Rental Car Collision/Damage
- Out-of-Province/Out-of-Country Emergency Medical
- Trip Interruption
- Trip Cancellation
- Click here to apply for Rogers Red World Elite Mastercard
Simplii Financial™ Cash Back Visa* Card
Earn up to 10% cash back† for your first 3 months up to $1,000 eligible spend
Annual Fee: $0 | Additional Card Fee: $0 | Annual interest rate 20.99%‡ on purchases and 22.99%‡ on cash advances/balance transfers| $15,000 annual household income
- Earn 4% on eligible restaurant, bar and coffee shop purchases up to $5,000 spend per year †
- Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year †
- Earn 0.5% on on all other credit card purchases with no limit on how much you can earn †
- Purchase Security and Extended Protection Insurance †
- Click here to apply for Simplii Financial™ Cash Back Visa* Card
† Terms and conditions apply. Click ‘Apply Now’ for complete details.This offer is not available for residents of Quebec
‡ "Purchase" means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. "Cash" means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.
Note:
There is one item of contention that might affect this portfolio for a lot of Canadians and that's the income requirements for the Rogers Red World Elite Mastercard. As it is a World Elite Mastercard it requires a minimum income of $80,000 for personal or $150,000 household to apply for it. If you fall under those amounts you may not be able to get his card.
If you are Rogers / Shaw / Fido customer your best lower income option is the Rogers Red Mastercard. It has no income requirement and also awards the 2% to 3% cash back just like the World Elite card but does have a slightly lower earn rate on US$ of 2% to 3%. It also does not feature the World Elite card benefits or insurance.
If you are not a Roger / Shaw / Fido customer your best lower income option is the Tangerine Money-Back Credit Card. It has no income requirement and awards 2% cash back on up to three spending categories of your choice and then 0.5% on all other purchases.
Other Card Options:
For American Express the next best option is the American Express Green Card. It isn't a true cash back card however you can redeem the points for any eligible purchases made on the card at a rate of 1,000 points for $10 which is a 1% return on this card. With this card you then still have the option to redeem points for travel or convert to a program like Air Canada Aeroplan or Marriott Bonvoy.
On the Mastercard front there are quite a few additional options for you. We already covered two of them - the Rogers Red Mastercard and the Tangerine Money-Back Credit Card. Both are good alternatives should you not be able to meet the income requirements of the Rogers Red World Elite Mastercard. Then you also have BMO CashBack® MasterCard®* which offers 3% cash back on groceries (up to $500 per month), 1% cash back on recurring bill payments and 0.5% on all other purchases.
For Visa card;s there are quite a few options as well. If you want an east flat rate card there is the Home Trust Preferred Visa Card which provides 1% cash back on all purchases in Canada. However if you want ones with at least some accelerated earn rates of up to 2% but lower base earn rates of 0.5%, then cards like the CIBC Dividend® Visa* Card or Desjardins Cash Back Visa make good choices.
This feature was first posted on June 8, 2021 and is updated on a regular basis.