No-Fee Credit Cards Are Becoming Incredibly Popular in Canada

A very large number of Canadians have chosen to save some money by switching to no-fee debit/credit cards. One of the main reasons is the Covid pandemic that has left many people jobless. Additionally, the majority of benefits associated with using credit cards requiring you to pay monthly fees are meaningless because they cannot be put into practice.

If you wish to find out the motives behind many Canadians’ decision and learn more about the top-rated companies offering such services, please continue reading our article. We will deliver up-to-date information concerning the benefits of using fee-free credit cards, and we’ll also discuss the lifestyle changes people have to adapt to due to the pandemic.

Here Is Why Most Canadians Now Use No-Fee Credit Cards

During the Covid pandemic, numerous people were left unemployed, and most of them did their best to cut expenses to the maximum. Unfortunately, the virus is still spreading, and although most people are back to work, some of them still have to stick to certain lifestyle changes that help them save more money.

According to the analytics and consumer intelligence company J.D. Power, multitudinous Canadian residents now use no-fee credit cards. Before the rise of the pandemic, the majority of the population paid monthly or annual taxes for their debit cards. One of the major benefits of using such cards is the fact that most companies provide exclusive offers to users when paying with the respective payment service.

Nevertheless, at present, most of these benefits cannot be utilized because of the Coronavirus. For instance, some companies allow customers to collect points, which, later, can be used for flights or hotel stay discounts. Unfortunately, however, today, not many people can afford to travel. Due to this reason, some individuals have decided that using a non-tax credit card is much more convenient. Before the rise of the pandemic, many people used to get certain credit cards because of the rewards offered by the companies:

• Gift cards
• Flights discounts
• Hotel stays discounts
• Cashback

Nevertheless, most people prefer not to pay for a service they won’t be able to make use of in the near future. According to the survey, the majority of the population favor having real money in their bank accounts rather than points for certain benefits. That’s why they’ve decided to let go of their annual-fee credit cards and switch to a more budget-friendly option. Luckily, there are several prominent and secure companies that give their clients the chance to get a tax-free credit card.

Top-Rated No-Fee Credit Cards for Canadians

In the last couple of years, more and more companies gave their customers the opportunity to get a credit card that doesn’t require them to pay a monthly fee. We’ve done our research and have discovered two options that will surely fit the likings of people who want to save money and still enjoy some special advantages.

Many experts believe that most rewards offered by the majority of companies come from the annual fees paid by customers. The options we’ll deliver in the next paragraphs are a bit different, however. Users who pay with such cards are not obliged to pay any fees, yet they have access to a number of benefits.

MBNA Rewards Platinum Plus Mastercard

According to specialists, one of the best no-fee credit cards people can get is MBNA Rewards Platinum Plus Mastercard. As many of you know, Mastercard is a multinational global payment technology solutions company. It was founded in 1966 as Interbank Card Association. A few years later, the company was renamed Mastercard, and today millions of people use its services.

The MBNA Rewards Platinum Plus Mastercard is considered one of the best Mastercard products. Not only are clients free from paying an annual fee, but they’ll also be able to enjoy several substantial benefits. Customers will earn points that won’t have a validity period. The only condition is for the card to be active. Here is a list consisting of the main perks that come with the purchase of MBNA Rewards Platinum Plus Mastercard:

• A special birthday bonus
• A welcome bonus for the first $500 you spend during the first 90 days
• Cashback
• Purchase assurance
• Opportunity to extend your warranty
• Full security
• Earning of points with daily purchases

Chase Freedom Unlimited Credit Card VISA

Another preferred option among Canadians is the Chase Freedom Unlimited Credit Card VISA. That is one of the most well-liked tax-free credit cards offered by the company. VISA, similar to Mastercard, is a leading company in the payment services industry. Most of its products have superb conditions, which is one of the reasons why so many people pick VISA credit cards.

Apart from the Chase Freedom Unlimited Credit Card VISA, there are many other fee-free options, such as BlockFi Rewards VISA, Divvy Business Card VISA, and more. The Chase Freedom Unlimited one, however, comes with a number of perks, including a $200 bonus for your first $500 spent.

• Cashback on groceries
• Welcome bonus
• 1.5% on all other purchases
• Cashback rewards don’t have a validity period

Conclusion

Considering how advantageous a tax-free credit card can be, it’s not surprising that a large percentage of the population have ditched the cards accompanied by annual fees. However, it’s highly advisable for every potential client to first get familiar with the full terms and conditions related to the specific product in order to avoid potential misunderstandings