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It’s amazing how many different credit cards are offered in Canada. Consequently, it is common to be unclear of which card will best serve our everyday needs while taking into account our financial circumstances. Mastercard credit cards are among the well-known brand names that are extremely well-liked. According to what we can gather from their website,best Mastercard Canada seeks to connect and fuel a digital economy that is inclusive and beneficial to everyone, everywhere by making transactions safe, easy, smart, and accessible.
95% of Canadians, according to the Canadian Bankers Association, have credit cards. Naturally, we are only talking to the percentage of the populace that has achieved the local majority age. Knowing this, it is simple to assume that selecting a credit card can be done carelessly. Consumers have access to various credit card alternatives, so it’s crucial to be informed. Many people choose to use Mastercard’s choices, thus our staff has put together a list of the finest Mastercard credit cards in Canada to assist you in making your decision and selecting the cards that best suit your needs.
It’s crucial to comprehend one of the fundamentals of credit in Canada before you start considering your options: the credit score. An analytical instrument known as a credit report offers a rough image of a person’s financial position. In contrast to being a general evaluation of the excellence of the credit report, a credit score shows the state of the account. Our credit history follows us for the rest of our life and helps us be approved for financial items like bank loans and insurance.
Mastercard is one of the most well-known and commonly used credit card providers in the world. These cards may provide all the benefits you need, along with the chance to increase on rewards or loyalty program, for people who currently bank with BMO (Bank of Montreal), a significant Canadian bank affiliated with Mastercard. If you frequently buy at Costco, you’re probably already aware that only one type of credit card is accepted there. There is probably a Mastercard on our list for you, whether you want to travel more, earn points or cash, or keep your interest rates low.
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Now, view the complete list of the best Mastercard Canada.
Best Mastercard Credit Card in Canada
1. Tangerine Money-Back Mastercard
If you want to pick the types of purchases you’ll get extra cash back for without having to pay for the privilege, the Tangerine Money-Back Mastercard Credit Card is ideal. The wide range of available categories includes food, interiors, eateries, motels and hotels, gas, ongoing expenses, pharmacies, home renovation, entertainment, and public transportation. Cardholders pay no annual fee and get to choose two categories where their purchases earn 2 percent cash back. Additionally, you can select a third category with a 2 percent cash back by setting up automatic payments to a Tangerine savings account.
Cash back accrues at a rate of 0.5 percent on every other purchase. The card’s adaptability makes it a popular choice among Canadians, and it consistently appears on our list of the top cash back cards provided by any card processor, whether it be Mastercard or not.
As opposed to some credit cards, Money-Back is routinely paid monthly rather than once a year. They can be placed straight into the Tangerine Savings Account or on your credit card statement. Cash back is available to cardholders in an unlimited amount. This is the best mastercard Canada under ‘cashback with bonus‘ category.
The card includes purchase insurance, which protects loss and damage to acquired goods for the first 90 days after purchase. The retailer’s warranty is doubled for up to an additional year by the extended warranty.
Last but not least, transfer funds during your first 30 days and pay only 1.95 percent interest on the transferred sum for the first 6 months.
There is no annual charge for the card. Purchases, debt transfers, and cash advances all have a 19.95 percent interest rate. Minimum annual income of $20,000 is required to be eligible.
2. Rogers World Elite Mastercard
Rogers World Elite Mastercard is one of the greatest cash back cards available, offering an unlimited 1.5 percent cash back earn rate on all purchases. Additionally, you will receive a bonus of 3% on all transactions made in US dollars.
For regular visitors to the United States, as well as for cross-border or online shoppers, the savings can really add up because the majority of cards levy a 2.5 percent international transaction fee. You are not restricted in how much money you may make, and even better, there is no yearly charge. This is the best mastercard Canada under ‘cashback’ category.
Annual cost: Nothing
Interest rates for purchases are 21.99%, cash advances are 19.99%, and debt transfers are 21.99%.
$25 incentive after your first purchase during the first three months.
Earnings rate: 3% on foreign currency transactions, and 1% on all other qualified purchases.
Additional advantages: Travel interruption insurance, emergency medical insurance, and accident and damage coverage for rental cars
Income prerequisite: $80,000 for an individual; $150,00 for a family.
This is the public’s best mastercard Canada for getting good amount of cashback.
3. BMO Ascend World Elite Mastercard
One of Canada’s top travel Mastercard credit cards is the BMO Ascend World Elite Mastercard. You can receive up to 70K Welcome Bonus Points with our exclusive offer:
- Earn 40K points after spending $3K within the first three months.
- 2,500 points per month, up to 30K points, after $2K in monthly expenditures from the fourth to the fifteenth month.
Additionally, the first year’s yearly charge is waived for both the principal cardholder and authorised users.
The card also earns 5x the points for qualified travel expenditures, 3x the points for eligible eating and entertainment purchases, and 1 point for every $1 spent otherwise. All types of trip arrangements, including airline and opulent 4-star hotels, are eligible for point redemption. If you can make the $80,000 annual income minimum payment, you’ll also probably use the card more frequently. At the conclusion of your first year paying $5,000 each month, you will have accumulated enough points to book a ticket from Canada to Dubai or 7 nights at an all-inclusive 5-star resort in Mexico. Enjoy one of your four annual free access to a VIP lounge during the layover.
The World Elite Total Travel and Medical Protection plan from BMO provides protection for travellers and their families, and it’s the icing on the cake for this Mastercard. This is the best mastercard Canada under ‘travel‘ category.
4. Rogers Platinum Mastercard
The Rogers Platinum Mastercard credit card is another obscure but well-liked card among regular travellers. On foreign currency purchases, it gives a 3 percent rewards rate.
Travelers thus receive a rebate that is typically more than the international transaction fee even if they pay the foreign transaction fee. Therefore, it’s nearly as though there are no foreign exchange fees! A minimum income threshold and an annual fee are not included. Interest rates for purchases are 19.99 percent and for cash advances they are 21.9 percent.
There is a rewards program that, as was already noted, gives members cash back on regular purchases. There is no cap on how much cash back you can get. For each qualifying purchase made in U.S. dollars, 3 percent cash back is given; after deducting the 2.5 percent foreign transaction charge, the cardholder receives 0.50 percent cash back on those transactions. Additionally, the card offers 1% cash back on domestic transactions. Additionally, within three months of enrolling, you’ll receive a $25 cash back welcome incentive on your first purchase. This is the best mastercard Canada under ‘USD cashback‘ category.
If you don’t travel often, this card might not be the best choice for you. Other advantages, though, might appeal to you. A fraud detection system that immediately spots potentially problematic transactions is the first. Additionally, there is no liability insurance in the same vein. This means that in the event of a fraudulent transaction, the cardholder is not held accountable. Balance Protection insurance is the last type of coverage. This shields the principal cardholder’s family from any financial repercussions brought on by unanticipated circumstances.
5. HSBC World Elite Mastercard
For purchases related to travel, the HSBC World Elite Mastercard is a fantastic credit card with no foreign transaction fees.
You may acquire for a brief period of time:
- If you reside in Quebec and make no minimum purchase, you might receive up to 110,000 points ($550 in travel rewards)!
- If you reside outside of Quebec, you may receive up to 80,000 points (worth $400 in travel rewards) and the first year’s annual charge is waived.
You can benefit from the HSBC World Elite Mastercard by earning:
- Six points for every dollar spent on travel (flights, hotels, Airbnb, etc.)
- Costco purchases and all other purchases earn 3 points for every $1 spent.
According on your purchases, this translates to a return of 1.5 to 3 percent.
On every travel-related purchase made with your HSBC World Elite Mastercard, you can apply your points (flights, hotels, Airbnb,etc.). However, you may also transfer your points to the British Airways Executive Club, Asia Miles, and Singapore Airlines Krisflyer airline loyalty programs. This is the best mastercard Canada under ‘travel‘ category.
The HSBC World Elite Mastercard offers the following benefits:
- $100 per year in travel credits
- worldwide unrestricted use of Boingo WiFi hotspots
- 10% off hotel reservations made through Expedia or Agoda Premium travel and purchasing insurance
Last but not least, you save 2.5 percent on each transaction with the HSBC World Elite Mastercard because there are no conversion costs applied to foreign exchange transactions. This is the traveller’s best mastercard Canada.
6. MBNA Rewards World Elite Mastercard
Public awareness of the MBNA Rewards World Elite Mastercard is low. But it features fantastic advantages that lots of individuals will adore! The principal card’s annual charge is $120, while the fee for extra cards is $50. The interest rate for purchases, cash advances, and balance transfers is 20.99 percent. This is the best mastercard Canada under ‘shopping‘ category for Costco.
You can gain points through the rewards program by using the card to make transactions every day. After that, points can be exchanged for designer goods, gift cards from participating merchants, cash back, charitable contributions, and travel. The points are always valid as long as the account is open. Additionally, it’s one of the few credit cards in Canada to offer two points for each dollar spent globally.
What’s more, cardholders receive five points for each dollar spent on dining, groceries, digital media, subscriptions, and domestic utilities. This is valid for annual expenditures up to $50,000. One point is earned for every dollar spent on purchases in other categories.
As part of the rewards program features, cardholders receive a point bonus of up to 15,000 points, or 10% of the total amount of points that have accrued in their account over the previous 12 months, during the month of their birthday. Additionally, the card comes with a number of insurances.
Last but not least, you need to make at least $150,000 in household income or more in personal income per year to be eligible.
7. National Bank World Elite Mastercard
The World Elite Mastercard® from The National Bank is the top NBC credit card.
You may receive 35,000 points after spending $3,000 with this special welcome offer just for Milesopedia readers, plus the primary cardholder and the first extra cardholder are exempt from paying the annual fee for the first year.
Spending money with a Card can earn you up to two points for every dollar, including at Costco. Additionally, you are entitled to up to $250 in annual travel credits:
- Parking at the airport: $100
- $100 for baggage fees
- Choice of seats: $50
Additionally, Boingo offers free Wi-Fi and access to DragonPass airport lounges.
The World Elite Mastercard® from The National Bank is a credit card to keep for a number of reasons every year:
- It offers some of the top travel and purchase credit card protection available, with an annual trip credit of up to $250.
- Access to the National Bank Lounge at the airport of Montreal-Trudeau is unrestricted
This is the tourist’s best mastercard Canada.
8. BMO World Elite CashBack Mastercard
Let’s add another highly regarded BMO credit card to the list. For people who like to save money, the BMO World Elite CashBack Mastercard is a great option! A $120 annual fee is necessary. The yearly charge, however, can be reduced to $80 if the cardholder has a BMO bank account and their plan is the Performance Plan. Each extra card has an annual charge of $50. Purchase interest is 20.99 percent, and cash advance interest is 22.99 percent. Cash advance interest rates are 21.99 percent for people who live in Quebec. This is the best mastercard Canada under ‘student‘ category.
Similar to the BMO CashBack Mastercard, the BMO World Elite Cashback Mastercard offers cash rewards. The rewards programme is pretty generous, as you might expect. Customers who use their cards receive a 5 percent cash back on groceries, a 4 percent cash back on transportation, a 3 percent cash back on gas, a 2 percent cash back on pre-authorized recurring bills, and a 1 percent cash back on all other purchases.
For the first three months, you can receive up to $260 in cash back by earning 10% cash back on all purchases. Additionally, the initial year’s annual charge is eliminated.
There are buy insurance and extended warranties available for purchase protection. The benefit of this card is that it provides 180 days of damage and loss coverage for transactions. For retail products, the guarantee can last up to two years.
Additionally, cardholders automatically become Dominion Automobile Association members (DAA). Cardholders receive appealing discounts for a variety of activities,, just like with many other BMO credit cards!
The BMO World Elite Cashback Mastercard requires a minimum annual income of $100,000 per individual or $150,000 per household. This means that not everyone can use this card.
9. BMO AIR MILES World Elite Mastercard
One of the most well-known Mastercard credit cards worldwide and among fans of the Air Miles rewards program is the BMO AIR MILES World Elite Mastercard.
The annual charge for the card is $120. However, the first year following enrollment, this charge is exempt. The cost of borrowing money is 20.99 percent. For cash advances, Quebec residents pay an interest rate of 21.99 percent, while the rest of Canada pays an interest rate of 22.99 percent. This is the best MasterCard Canada under the ‘air miles collectors‘ category.
You can earn 3,000 AIR MILES Bonus Miles after making $3,000 in Card purchases with this special promotion for the BMO AIR MILES World Elite Mastercard, which has a $310 cash value.
Added benefits of the BMO AIR MILES® World Elite Mastercard card include:
- For your shopping or travel, get premium insurance
- Luxury services
- Increased miles for rental cars
Finally, the principal cardholder must earn at least $80,000 annually or $150,000/household to qualify for this card.
10. The Brim Mastercard
The Brim card is one of the top Mastercard credit cards in Canada! If you want a card that is both inexpensive and practical, this little-known card is perfect for you! It doesn’t charge a yearly fee and rewards Brim points for daily spending. Interest rates are 19.99 percent for both purchases and balance transfers. The interest rate for cash advances is 21.50 percent. This is the best MasterCard Canada under the ‘no FX fee‘ category.
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The Brim Rewards program doesn’t employ purchase categories; instead, it provides a dynamic online marketplace where customers may benefit from partner-only deals. Depending on their shopping preferences, they can multiply their points. Many partners include Microsoft, Kobo, Hellofresh, Dropbox, and Lululemon.
Actually, the only qualification is that you are of legal age in your region of residence; there is no minimum income level.
The Brim Mastercard waives currency conversion expenses and provides free accessibility to 1 million Boingo Wi-Fi hotspots for travelers. Additionally, it has internet software for managing spending. Numerous perks are available, including insurance for mobile devices, emergency show ticket refunds, protection for accidents that might happen while using public transit, and excellent payment flexibility for everyday expenses.
11. MBNA True Line Gold Mastercard
The MBNA True Line Gold Mastercard is a great option if you’re determined to paying off your credit card debt and are prepared to pay a modest yearly fee in exchange for lower interest. This is the best mastercard Canada under ‘low interest‘ category.
The card provides 8.99 percent for purchases and 8.99 percent for balance transfers, which is a relatively low rate that might save you hundreds or even thousands of dollars compared to other high interest rates you may be paying. These rates make it easier for the cardholder to pay off their credit card debt, a benefit that more than justifies the card’s $39 annual cost. Just keep away of cash advances when using this card because they come with a punishing 24.99 percent interest rate that seems out of place with the card’s limited transaction and balance transfer rates.
Aside from interest rates, there aren’t many noteworthy benefits for such MBNA True Line Gold Mastercard, although cardholders do receive extended warranty protection and purchase guarantee.
Additional advantages include up to 9 users at no additional cost, Trip Assistance services, such as assistance replacing lost documents and support in the event that your luggage is lost, a 90-day purchase protection guarantee; plus an additional year’s worth of manufacturer’s warranty coverage in addition to the extended warranty
12. Triangle World Elite Mastercard
It should come as no surprise that Canadian Tire, a company that has been at the frontline of automotive services for almost 100 years, offers one of our top picks for the finest Mastercard for roadside assistance. The Triangle series of Mastercards allows users to accrue points in Canadian Tire Money (CTM), which can be used at partner sporting goods retailers across the nation as well as at stores bearing the same name.
The integrated roadside assistance Gold plan is what propels the Triangle World Elite Mastercard to the top of our list despite its long list of benefits. This is the best MasterCard Canada under the ‘roadside assistance’ category.
The flexibility of this plan should fit all types of drivers, from families to business travelers, as members may choose to either insure their car or themselves (in any vehicle). You may travel worry-free with the Gold plan’s 24/7 roadside assistance in both Canada and the United States, towing, flat tire replacements, battery boosts, gasoline delivery, lock-out service, and other services.
Annual cost: Nothing
Earn a rate of 3 percent back in CTM on food purchases up to $12,000 yearly; a rate of 4 percent back on purchases made at Canadian Tire and partner retailers; and a rate of 5 to 7 cents per liter back on fuel.
Additional benefits include the ability to return items without a receipt, customized offers, an extended warranty, and protection insurance that provides coverage for loss, theft, or damage for 90 days following purchase.
Minimum required income: $80,000
13. Neo Financial Mastercard
Users who prefer to buy locally, earn cash back, and track where they spend the majority of their money will love this entirely digital, fee-free Neo Financial Mastercard credit card. On all transactions, you are assured to receive 1 percent cash back; however, if you shop at one of their many partners—which includes both small and large-format retailers—you may receive as much as 5 percent. Additionally, you can track your spending with this card’s stylish, user-friendly app and stay up to speed on offers from its partners. There is no limit on the amount of cash back you can earn, and you can always cash it out. This is the best MasterCard Canada under ‘local shopping‘ category.
Annual cost: Nothing
Purchase interest is 24.99%; cash advance interest is 26.99%.
Greeting offer: Earn 15% cashback on your initial purchase from the majority of Neo partners.
Earn rate: Earnings on the free basic package vary, but often range between 4% and 6% with a 1% cash back minimum.
Additional advantages: Freeze your stolen automobile with Mastercard’s Zero Liability Fraud Protection.
Final Remark
In Canada, Mastercard is the second-most widely used credit card provider. Additionally, it has the broadest support. Where using a Visa or American Express credit card simply won’t do, Mastercard is accepted at several establishments, including big-box stores like Costco and smaller shops and corner stores.
Three levels of Mastercards are available: World Elite, World, and Standard Mastercards.
The Best Mastercard Canada is listed above, broken down by card type and spending habits. It’s important to note that Mastercard collaborates with banks rather than producing its own cards. Therefore, unless you have a specific need for a Mastercard, it could be better to evaluate credit cards from different banks and card issuers based on their interest rates, awards, and benefits.
Last Updated on by alishbarehman
