Compare cash back cards
Earn rates, caps and interest of cards with no annual fee from Desjardins, BMO, TD and RBC.
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Independent comparison site, not a bank · $0 annual fee · Purchase interest 20.9% to 21.99%, depending on the card · Representative example
How no-fee cash back cards really work in Canada
A no-annual-fee cash back card returns a small percentage of what you spend. The headline rate, though, almost never applies to everything: each issuer pays a higher rate on a few categories, such as groceries, recurring bills or restaurants, and a base rate of 0.5% on all other purchases. Many of those higher rates also stop at a spending cap, per statement or per year.
That is why two cards with similar ads can return very different amounts. BMO pays 3% on groceries, but only on the first $500 of grocery purchases in each statement period. RBC pays 2% on groceries with no cap. TD pays 1% in four everyday categories up to $5,000 a year in each, and Desjardins pays up to 2% on restaurants, pre-authorized payments, entertainment and alternative transportation.
The other number that matters is the interest rate. On these four cards, purchases carry a rate between 20.9% and 21.99% a year. If you carry a balance, interest quickly outweighs any cash back you earn, so these cards make the most sense if you pay your full statement balance every month. Use the estimate below to see how your own spending fits each card.
How much do you spend on your card?
Simple estimate: 40% of your spending in the chosen category and 60% in other purchases, using the earn rates and caps published by each issuer on 23/10/2026. Welcome offers and interest are not included. It is not an offer: your real cash back depends on how each purchase is coded and on the issuer’s terms.
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Est. for $1,500/month · groceries
Cash advances 21.9%. 2% on the first $3,600 a year in restaurants and pre-authorized payments. Source: desjardins.com, 23/10/2026
- Up to 2% on restaurants, pre-authorized payments, entertainment and alternative transportation
- No annual fee, also for additional cards
- Cash back credited automatically every $25
- Lowest purchase rate of the four cards on this page (20.9%)
- No bonus category for groceries (0.5%)
- 2.5% currency conversion charge on foreign purchases
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Cash advances 23.99% (21.99% for Quebec residents). Source: bmo.com, 23/10/2026
- 3% on groceries and 1% on recurring bills, each up to $500 per statement period
- Redeem from $1, as a statement credit or a deposit to a BMO account
- Welcome offer: up to 5% cash back in the first 3 months, up to $125
- Cash back doesn’t expire while the account is open and in good standing
- Above the $500 caps, those purchases earn 0.5%
- Highest cash advance rate of the four (23.99%)
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Cash advances 22.99%. 1% on the first $5,000 a year in each category. Source: td.com, 23/10/2026
- 1% on grocery, gas & EV charging, public transit and recurring bills or streaming
- $0 annual fee, also for additional cardholders
- Redeem from $25, anytime or once a year
- Broad categories that cover most everyday spending
- Top rate of 1%, lower than the others in groceries
- No dining category: restaurants earn 0.5%
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Do these cards really have no annual fee?
Yes. Desjardins, BMO, TD and RBC all list a $0 annual fee for the primary card of these products. Desjardins, TD and RBC also list $0 for additional cards. Fees can change, so check the issuer’s disclosure before you apply.
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Are the higher cash back rates capped?
Most are. BMO’s 3% and 1% apply to the first $500 per statement period in each category, TD’s 1% to the first $5,000 a year in each category, and Desjardins’ 2% to the first $3,600 a year in restaurants and pre-authorized payments. RBC’s 2% on groceries has no published cap.
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What do I need to apply?
You must have reached the age of majority in your province or territory. BMO also asks applicants to be a Canadian citizen or permanent resident, with no bankruptcy in the past 7 years, and to meet minimum income requirements. Each issuer reviews your credit report, and approval is not guaranteed.
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Will applying affect my credit score?
A credit card application usually includes a credit check, which can lower your score slightly for a while. Several applications in a short period have a bigger effect, so compare first and apply for the card that fits you best.
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How do I receive my cash back?
BMO lets you redeem from $1. TD and RBC let you redeem from $25, and RBC also pays automatically every January. Desjardins credits your account automatically every time you reach $25.
RBC Cash Back Mastercard: 2% on groceries with no cap
The RBC Cash Back Mastercard pays 2% on groceries with no maximum, 1% on gas, EV charging, transit and rideshare, and 0.5% on everything else. For households whose grocery bill is well above $500 a month, the uncapped 2% can return more than a higher rate that stops at a cap.
It has no annual fee, also for additional cards. Purchases carry 21.99% and cash advances 22.99% (21.99% for Quebec residents). New applications received between October 1, 2026 and February 2, 2027 can earn an extra 5% on the first $2,000 in purchases in the first 6 months, up to $100.
As with any card, the cash back only pays off if you clear your statement balance every month. Compare it with the cards above before you decide.
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Important information
BeCred is an independent information website. We are not a bank or a card issuer, we don’t issue cards and we don’t charge for this comparison. Approval, credit limit and final terms depend on each issuer and on its review of your profile.
- Annual interest rates: Desjardins Cash Back Visa 20.9% purchases / 21.9% cash advances; BMO CashBack Mastercard 21.99% / 23.99% (21.99% in Quebec); TD Cash Back Visa 21.99% / 22.99%; RBC Cash Back Mastercard 21.99% / 22.99% (21.99% in Quebec).
- Fees: $0 annual fee on all four. Other fees (cash advances, foreign currency, over-limit) are in each issuer’s disclosure statement. Desjardins charges 2.5% on foreign currency purchases.
- Sources: official websites of Desjardins, BMO, TD and RBC, consulted on 23/10/2026. Welcome offers have end dates and can change.
Representative example
If you carry a $1,000 purchase balance for 30 days at 21.99% a year, the interest is about $18.07 (1,000 × 21.99% × 30 ÷ 365). At 20.9%, it is about $17.18. Cash advances accrue interest from the day they are taken. If you pay your full statement balance by the due date, you pay no interest on new purchases. Illustrative calculation by BeCred.