The best Mastercard credit cards in Canada
Mastercard is one of the most widely accepted credit cards in the world, and its association with the Bank of Montreal and status as the only card you can use at Costco make it a strong choice for everyday spending. Whatever you need in a credit card—whether it’s opportunities to earn cash or rewards, to travel, to take advantage of low interest rates, or to gain access to premium perks—there’s a Mastercard for you on this list.
Best for cash back with bonus categories
Tangerine Money-Back Mastercard*
At a glance: Flexibility is the name of the game with the no-fee Tangerine Money-Back Mastercard. You can earn 2% cash back in up to three spending categories that you select based on your spending habits, and you can change your categories online.
- Annual fee: $0
- Interest rates: 19.95% on purchases, 19.95% on cash advances, 19.95% on balance transfers
- Welcome bonus: Earn 15% cash back when you spend up to $1,000 in everyday purchases within your first 2 months (up to a limit of $150 cash back). Must apply by January 31st, 2023.
- Earn rate: 2% cash back on purchases in up to three spending categories and 0.5% cash back on everything else
- Additional benefits: Purchase assurance covers loss, theft or damage for 90 days after purchase; extended warranty up to one year
- Annual income requirement: $12,000
Pros
- The 2% earn rate is competitive for a no-fee card.
- You can use this card strategically to get 2% cash back on larger purchases by changing over your spending categories. For example, if you’re planning a trip you could select “hotel/motel” as a bonus category. Just be sure to make the change one statement cycle prior to needing it.
- With a $12,000 annual income requirement, this card is very accessible.
Cons
- There is no included travel insurance or perks.
- The base earn rate of 0.5% is on the low end for cash back cards.
Best for cash back
Rogers World Elite Mastercard
At a glance: The no-fee Rogers World Elite Mastercard offers boosted earn rates on purchases in a foreign currency, travel perks and insurance coverage—for those who meet the minimum annual income requirements. This card will appeal to people who don’t want to bother with tracking spending categories and occasionally travel.
- Annual fee: $0
- Interest rates: 22.99% on purchases, 19.99% on cash advances, 22.99% on balance transfers
- Welcome bonus: $25 after making your first purchase within your first 3 months
- Earn rate: 3% on purchases in U.S. dollars; 1.5% on all other eligible purchases
- Additional benefits: Rental car collision and damage coverage; emergency medical insurance; trip cancellation or interruption protection
- Annual income requirement: Personal income of $80,000 or household income of $150,000
Pros
- No-fee credit cards don’t usually include much in the way of perks or benefits, but this one includes some travel insurance and perks like complimentary membership to Mastercard Travel Pass, which gives you access to airport lounges.
- The 3% earn rate on purchases in U.S. dollars covers the foreign transaction fees most credit cards charge.
- You can earn unlimited rewards and they’re redeemable instantly.
Cons
- The travel insurance doesn’t have some protections, such as lost or delayed baggage, flight delay, or hotel burglary.
- The regular earn rate of 1.5% cash back is less than you’ll get on some other no-fee cards.
- Although cardholders are enrolled in DragonPass, there aren’t any included lounge visits meaning that each visit will cost an additional USD$32.
- The annual income requirements will keep this card out of reach for some households.
Best for grocery purchases
PC Financial World Elite Mastercard*
At a glance: The no-fee PC Financial World Elite Mastercard allows you to rack up substantial points in the ever-popular PC Optimum program at an attractive earn rate of 30 points per $1 spent at Loblaw stores, PC Travel and Esso; 45 points per $1 at Shoppers Drug Mart; and 10 points per $1 everywhere else. The card is best suited to those who shop regularly at Loblaw banner stores.
- Annual fee: $0
- Interest rates: 20.97% on purchases, 22.97% on cash advances, 22.97% on balance transfers
- Welcome bonus: None
- Earn rate: 30 points per $1 at Loblaw stores, PC Travel and Esso; 45 points per $1 at Shoppers Drug Mart; 10 points per $1 everywhere else
- Additional benefits: Travel emergency medical insurance for up to 10 days; car rental collision or damage; purchase protection and extended warranty; concierge services
- Annual income requirement: Personal income of $80,000 or household income of $150,000
Pros
- The earn rates are exceptional for a no-fee card, redemptions are hassle-free, and there are more than 2,500 locations where PC and President’s Choice products are sold in Canada, giving you plenty of flexibility and opportunities to earn.
- You can earn PC Optimum points no matter where you shop.
- You can stack your points by showing your PC Optimum card and paying with your PC Financial World Elite Mastercard.
- Includes travel and car rental insurance that’s suitable for short trips.
Cons
- The earn rate for shopping at non-affiliated stores is only 10 points per $1 spent.
- The included travel insurance isn’t strong enough for longer or complex trips.
- The minimum annual income requirement will keep this card out of reach for many.
Best no fee card for travel
MBNA Rewards Platinum Plus Mastercard*
At a glance: The MBNA Rewards Platinum Plus Mastercard makes it easy to earn MBNA points which can be redeemed for travel (and more), and the unique birthday bonus perk returns 10% of your annual earnings in points. This card will appeal to those looking for a way to earn points that can be used for travel, without having to pay an annual fee.
- Annual fee: $0
- Interest rates: 19.99% on purchases, 24.99% on cash advances, 22.99% on balance transfers
- Welcome bonus: Earn 4 points per $1 spent on eligible restaurant, grocery, digital media, membership and household utility purchases during your first 90 days. Plus, get 5,000 bonus points (a cash value of $25) after you make at least $500 in eligible purchases in those 90 days. You’ll earn another 5,000 points if you opt for paperless e-statements within the same time period. (Not available for residents of Quebec, instead click here.)
- Earn rate: 2 points per $1 spent on groceries, restaurants, digital media, memberships, and household utilities ($10,000 max annual spend per category), and 1 point per $1 on everything else
- Additional benefits: Up to $1,000 in mobile device insurance; savings with Avis and Budget car rentals; purchase protection; extended warranty
- Annual income requirement: None
Pros
- Redemptions are easy and flexible. You can use MBNA points for cash back, merchandise, gift card, travel and even charitable donations.
- Every year, get 10% of the points you earned in the previous year as birthday bonus points.
- MBNA points never expire.
Cons
- There is an annual cap of $10,000 per category on the boosted rewards. Purchases after that will earn at the base rate of 1 point per $1 spent.
- This card doesn’t include much in the way of insurance or other benefits.
Best travel credit card
BMO Ascend World Elite Mastercard*
At a glance: The BMO Ascend World Elite Mastercard lets you earn flexible BMO Rewards which can be redeemed for travel, merchandise, statement credits, or even investments. It includes comprehensive travel insurance and perks like Mastercard Travel Pass membership along with four free airport lounge visits annually.
- Annual fee: $150
- Interest rates: 20.99% on purchases, 23.99% on cash advances, 22.99% on balance transfers
- Welcome bonus: Earn up to 60,000 points and the annual fee waived in the first year for both the primary cardholder and authorized users.
- Earn rate: 5 points per $1 spent on eligible travel purchases; 3 points per $1 on dining, entertainment, and recurring bill payments; 1 point per $1 on everything else
- Additional benefits: Mastercard Airport Experiences membership, plus 4 annual complimentary lounge passes; BMO World Elite Total Travel and Medical Protection insurance for unlimited trips per year of up to 21 days each; Boingo Wi-Fi access; extended warranty; purchase protection; World Elite Mastercard perks
- Annual income requirement: Personal income of $80,000 or household income of $150,000
Pros
- This card includes complimentary membership in Mastercard Travel Pass with four annual airport lounge passes.
- The included travel insurance is one of the best on the market and the emergency medical is available to travellers aged 75 and under (many policies only cover those aged 65 and under).
- BMO Rewards are flexible and can be redeemed for travel, merchandise, gift cards and even investments.
Cons
- The $150 annual fee is higher than other cards in this category.
- This card has high annual income requirements.
Best for Costco shoppers
MBNA Rewards World Elite Mastercard*
At a glance: Costco only accepts Mastercard, and with the MBNA Rewards World Elite, you and your family will enjoy the savings of buying in bulk while earning flexible MBNA rewards. The earn rate of 5 points per $1 on restaurant, grocery, digital media, membership, and household utility purchases will help you rack up rewards quickly, and you can redeem for travel, rewards, or cash back.
- Annual fee: $120
- Interest rates: 19.99% on purchases, 24.99% on cash advances, 22.99% on balance transfers
- Welcome bonus: up to 30,000 bonus points ($300 travel value) in their first year alone: 20,000 points after $2,000 spent in the first 90 days and another 10,000 points for enrolling for e-statements also within the first 90 days. (Not available for residents of Quebec, instead click here.)
- Earn rate: Earn 5 points per $1 spent on eligible restaurant, grocery, digital media, membership and household utility purchases (up to $50,000 per category, annually); 1 point per $1 on all other eligible purchases
- Additional benefits: Travel medical insurance; delayed and lost baggage; flight and trip delay; car rental collision damage waiver; mobile device insurance; 10% back in points with the annual Birthday Bonus; discounts at Avis and Budget car rentals; purchase protection and extended warranty
- Annual income requirement: Personal income of $80,000 or household income of $150,000
Pros
- This card includes a strong travel insurance package, plus up to $1,000 of new mobile device insurance that protects you against loss, theft and damage.
- Every year, get 10% of the points you earned in the previous year as birthday bonus points.
- Although there is an annual cap on boosted spending categories, it’s $50,000 per category, so you’re unlikely to reach it.
- MBNA points never expire.
Cons
- The base rate of 1 point per $1 spent is not very competitive.
- You can’t transfer MBNA points to other loyalty programs.
- The minimum income requirements will put this card out of reach for some.
Best for low interest
MBNA True Line Gold Mastercard*
At a glance: The MBNA True Line Gold Mastercard offers one of the lowest interest rates on the market with no annual income requirements and a low annual fee of $39. This card is a strong tool for those looking to pay down debt.
- Annual fee: $39
- Interest rates: 8.99% on purchases, 24.99% on cash advances, 8.99% on balance transfers
- Earn rate: N/A
- Additional benefits: Up to 9 additional users at no extra fee; trip assistance services, including help replacing lost documents, and support if your luggage goes missing; savings with Avis and Budget car rentals; purchase protection for up to 90 days; and extended warranty of up to one additional year on top of the manufacturer’s coverage
- Annual income requirement: None
Pros
- The 8.99% interest rate is one of the lowest on the market.
- Cardholders can add up to nine additional users at no additional cost.
- Includes trip assistance and legal assistance.
Cons
- While this is a low interest card, it doesn’t have a promotional balance transfer offer.
- There’s no included travel or car rental insurance.
- Those in Quebec are subject to an interest rate of 10.99%.
Best for Air Miles collectors
BMO Air Miles World Elite Mastercard*
At a glance: Offering an extraordinary earn rate of one Air Mile per $12 spent and extra benefits like travel and rental car insurance, plus discounts, the BMO Air Miles World Elite Mastercard is a great travel companion.
- Annual fee: $120
- Interest rates: 20.99% on purchases, 23.99% on cash advances, 22.99% on balance transfers
- Welcome bonus: You’ll get 3,000 bonus Air Miles when you spend a minimum of $3,000 in the first three months. They’ll also waive the card’s annual fee for the first year.
- Earn rate: 1 Mile per $12 spent, 3 Miles per $12 spent at Air Miles partners and 2 Miles per $12 spent at eligible grocery stores
- Additional benefits: Complimentary membership in Mastercard Travel Pass provided by DragonPass; exclusive 25% discount on one worldwide Air Miles flight redemption during the calendar year; travel and medical insurance; flight discount of 15% on Air Miles flights in North America; up to 25% discount on vehicle rentals at National and Alamo; extended warranty and purchase protection; World Elite Mastercard perks
- Annual income requirement: Personal income of $80,000 or household income of $150,000
Pros
- This card gives you access to a strong base rate of 1 Air Mile per $12 spent, plus plenty of opportunities to boost your earn rate, including the ability to “double dip” by using your collector’s card.
- Includes a premium travel and car rental insurance package.
- Comes with perks like complimentary membership in Mastercard Travel Pass provided by DragonPass which gains you access to airport lounges, free Boingo Wi-Fi and discounts.
Cons
- The DragonPass lounge access does not include passes, which cost USD$32 per visit.
- The annual minimum income requirement will put this card out of reach for some.
Best for students
BMO CashBack Mastercard*
At a glance: The BMO CashBack Mastercard offers a no-fee way to earn big on groceries, a feature that will appeal to hungry students. The 3% earn rate on groceries is one of the highest in the country for a no-fee card, and cardholders will get a 1% return on recurring bill payments (everything else earns 0.5% cash back).
- Annual fee: $0
- Interest rates: 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
- Welcome bonus: Get up to 5% cash back in your first 3 months and a 1.99% introductory interest rate on Balance Transfers for 9 months.
- Earn rate: 3% cash back on groceries and 1% on recurring bill payments; 0.5% on everything else
- Additional benefits: Extended warranty and purchase protection against theft or damage for 90 days after purchase; up to 25% off at National and Alamo; discounts for Cirque du Soleil tickets
- Annual income requirement: None
Pros
- Additional cards are free so you can earn even more cash back.
- As a no-fee card with no minimum income requirement, this card is an extremely accessible way to earn cash back in a big spending category.
Cons
- There is a cap of $500 per statement cycle for boosted spending categories and any spends beyond that will earn at the low 0.5% base rate.
- This card doesn’t have any included travel or car rental insurance.
Best for roadside assistance
Triangle World Elite Mastercard
At a glance: It should come as no surprise that the Triangle World Elite Mastercard from Canadian Tire offers the best roadside assistance. The card’s Gold Plan lets members opt to insure either their car (with any driver) or themselves (in any car), plus gives them access to 24/7 roadside assistance in Canada and the U.S., towing, flat tire changes, battery boosts, fuel delivery, lock-out service and more.
- Annual fee: $0
- Interest rates: 19.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
- Welcome bonus: None
- Earn rate: 3% back in CT Money on grocery purchases (up to $12,000 annually); 4% back on spends at Canadian Tire and partner stores; and $0.05 to $0.07 per litre back on gas from participating Gas+/Essence+ and Husky locations; 1% back everywhere else
- Additional benefits: No-receipt returns; personalized offers; extended warranty and protection insurance that covers loss, theft or damage for 90 days after purchase
- Annual income requirement: Personal income of $80,000 or household income of $150,000
Pros
- There are numerous ways to collect Canadian Tire Money (CT Money) at boosted rates that you can spend on virtually anything in store. One dollar in CT Money = CAD$1.
- Sports fans will appreciate accelerated rates and discounts at partner stores such as Mark’s Work Wearhouse, Sportchek and Hockey Life.
- You can beat surging fuel prices with discounts on gas at Gas+/Essence+ and Husky locations.
Cons
- Despite being classified by Mastercard as grocery stores, Walmart Supercentres are not included in the 3% boosted grocery earn rate.
- There’s an annual limit of $12,000 on accelerated rewards. Purchases beyond that cap will earn at the base rate of 1%.
- Although this is a no-fee card, the high annual minimum income requirement will put it out of reach for some.
Best for shopping local
Neo Card*
At a glance: This fully-digital, no-fee credit card is great for users who like to shop local, earn unlimited cash back, and get access to valuable discounts and loyalty programs. With tools like a cash back map, as well as optional paid bundles to accelerate your earn rates and perks in an area of your choice (including travel, food and drink, or everyday essentials), the Neo Card will appeal to those who take a modern, hands-on approach to their spending.
- Annual fee: $0
- Interest rates: 19.99% on purchases, 22.99% on cash advances
- Welcome offer: New customers get $25 cash back after being approved for the card. Conditions apply.
- Earn rate: It varies, but averages 5% cash back at select retailers
- Additional benefits: Mastercard Zero Liability fraud protection; freeze your lost card
- Annual income requirement: None
Pros
- Gives you the ability to earn cash back at extraordinary rates.
- You can use Neo’s tools to support local businesses.
- The card is customizable with no-commitment subscription bundles so you can improve your perks and earn rates on certain kinds of spends.
- There’s no cap on how much cash back you can earn, and you can cash out your earnings at any time.
Cons
- It doesn’t come with insurance coverage. If, for example, you want travel insurance, you’ll have to purchase the travel subscription bundle.
- While you can earn no matter where you shop, shopping outside partner retailers will get you a substantially lower rate (with a minimum of 0.5% back), so this card may not suit people who aren’t in cities, where most of Neo’s partner stores are located.
This article was originally published on July 15, 2019, and has since been updated.
More of Canada’s best credit cards:
Keph Senett
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