Best Mastercard credit cards in Canada
Updated: May 01, 2024
Of the three major credit card processors in Canada, Mastercard is particularly popular due to its near universal acceptance rate among merchants. Some stores even have exclusive Mastercard partnerships—a Mastercard is a necessity for those who often shop at Costco in Canada, where Visa and Amex are not accepted. Fortunately there are a wide variety of Canadian Mastercards to suit nearly every income level, habitual purchase category, and reward type preference.
Best Mastercard credit card in Canada
BMO CashBack® World Elite®* Mastercard®*
5% Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*
4% Transit: 4% cash back up to $300 spent per month ($12 in cash back)*
3% Gas: 3% cash back up to $300 spent per month ($9 in cash back)*
2% Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*
1% Everything Else: 1% cash back, unlimited*
$120 Annual Fee
20.99% Purchase APR
23.99% Cash Advance APR 21.99% for Quebec residents
23.99% Balance Transfer Rate
2.90% Foreign Transaction Fee
Excellent Recommended Credit Score
$80,000 Required Annual Personal Income
$150,000 Required Annual Household Income
Welcome Offer
Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year.
Learn moreBest Mastercard for travel
BMO Ascend™ World Elite®* Mastercard®*
5x 5x the points for every $1 spent on eligible travel purchases*
3x 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments*
1x 1 point for every $1 spent everywhere else*
$150 Annual Fee
20.99% Purchase APR
23.99% Cash Advance APR
23.99% Balance Transfer Rate 21.99% for Quebec residents
2.50% Foreign Transaction Fee
Excellent Recommended Credit Score
$80,000 Required Annual Personal Income
$150,000 Required Annual Household Income
Welcome Offer Ends May 31, 2024
Get up to 90,000 points and the annual fee waived in the first year for both the primary cardholder and authorized users.*
Learn moreBest no fee Mastercard in Canada
MBNA Rewards Platinum Plus Mastercard
10,000 Get up to 10,000 MBNA Rewards points†† as an introductory bonus (see details below)
$0 Annual Fee
19.99% Purchase APR
24.99% Cash Advance APR
22.99% Balance Transfer Rate
Good Recommended Credit Score
Welcome Offer
Earn 4 points per $1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases until $10,000 is spent annually. You could also receive up to 10,000 bonus points.
Learn moreBest cash back Mastercard in Canada
Tangerine World Mastercard®
2% Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more)
3 Get a Tangerine Savings account and get a 3rd 2% cash back category.
$0 Annual Fee
19.95% Purchase APR
19.95% Cash Advance APR
1.95% Balance Transfer Rate 1.95% for first 6 months (19.95% after that)
3.00% Balance Transfer Fee 3% of the amount transferred, or minimum of $5
2.50% Foreign Transaction Fee
Fair Recommended Credit Score
$60,000 Required Annual Personal Income
Best Mastercard for Costco
MBNA Rewards World Elite Mastercard
30,000 MBNA offers up to a 30,000-point welcome bonus
5 You get five points‡ per dollar spent on groceries, restaurants, digital media, memberships, and household utilities
1 All other purchases outside those categories earn one point per $1 spent.
$120 Annual Fee
19.99% Purchase APR
24.99% Cash Advance APR
22.99% Balance Transfer Rate
Good Recommended Credit Score
$80,000 Required Annual Personal Income
$150,000 Required Annual Household Income
Welcome Offer
Earn up to 30,000 bonus MBNA Rewards Points†† for cash back, gift cards and more.
Learn moreBest AIR MILES mastercard
BMO AIR MILES®† World Elite®* Mastercard®*
3x Cardholders earn an accelerated 3x the Miles per $12 spent at participating AIR MILES partners*,
2x 2x the Miles for every $12 spent at any eligible grocery store*
1x reward mile for every $12 in credit card purchases, everywhere you spend*
25% discount on one worldwide AIR MILES flight redemption during the calendar year.*
$120 Annual Fee
20.99% Purchase APR
23.99% Cash Advance APR 21.99% for Quebec residents
23.99% Balance Transfer Rate
Excellent Recommended Credit Score
$80,000 Required Annual Personal Income
$150,000 Required Annual Household Income
Welcome Offer
Get 2,000 AIR MILES Bonus Miles and we’ll waive the $120 annual fee for the first year*.
Learn moreBest Mastercard for groceries
PC® World Elite Mastercard®
45 points * 45 points per $1 spent at Shoppers Drug Mart/Pharmaprix
30 points At least 30 points per litre of gas purchased at Esso™ or Mobil™ stations
30 points At least 30 points per $1 spent on PC Travel services
30 points 30 points per $1 spent at Loblaw Banner Grocery Stores (includes Loblaws, No Frills, Valu-Mart, Independent Grocers, Zehrs, Real Canadian Superstore, Fortinos, etc.)
$0 Annual Fee
21.99% Purchase APR
22.97% Cash Advance APR
21.99% Balance Transfer Rate
Fair Recommended Credit Score
$80,000 Required Annual Personal Income
Best low interest Mastercard
MBNA True Line® Gold Mastercard®
8.99 8.99% interest rate on purchases and 8.99%✪ on balance transfers
$39 Annual Fee
8.99% Purchase APR
24.99% Cash Advance APR
8.99% Balance Transfer Rate
Good Recommended Credit Score
Best Student Mastercard
BMO CashBack® Mastercard®* for Students
3% Earn 3% cash back on groceries
1% Earn 1% cash back on recurring bill payments like your mobile phone, streaming and subscription services
0.5% Earn 0.5% cash back on all other purchases
$0 Annual Fee
20.99% Purchase APR
22.99% Cash Advance APR 21.99% for Quebec residents
Good Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
Summary of best Mastercards in Canada
Best Canadian Mastercards | Best for | Get started |
---|---|---|
BMO CashBack® World Elite®* Mastercard®* | High earn rates on everyday spending categories | Apply now |
BMO Ascend™ World Elite®* Mastercard®* | Value for travel | Apply now |
MBNA Rewards Platinum Plus Mastercard | No annual fee and flexible point redemption | Apply now |
Tangerine World Mastercard® | Cash back, no annual fee | Apply now |
MBNA Rewards World Elite Mastercard | Costco purchases | Apply now |
BMO AIR MILES®† World Elite®* Mastercard®* | Air Miles | Apply now |
PC® World Elite Mastercard® | Groceries and drugstore purchases (Loblaws, No Frills, Shoppers) | Apply now |
MBNA True Line® Gold Mastercard® | Low interest | Apply now |
BMO CashBack® Mastercard®* for Students | Students | Apply now |
What is Mastercard?
Mastercard is a global payments and technology company that operates a payments processing network, connecting consumers, financial institutions, merchants, governments, and businesses in many countries around the world, including Canada.
In Canada, Mastercard is one of the major credit card networks, alongside Visa and American Express. They offer a range of credit card products through various Canadian banks and financial institutions, with different levels of rewards, benefits, and credit requirements. Mastercard credit cards are widely accepted in Canada, both in physical stores and online.
Mastercard in Canada also actively participates in digital payment solutions and innovations. For instance, they have been involved in the development and implementation of contactless payments and mobile payment platforms, like Apple Pay and Google Pay, where Mastercard holders can add their cards to these services for easy and secure payments.
In addition to consumer-focused services, Mastercard provides various business solutions in Canada, including payment processing, data analytics, and cybersecurity services. These are designed to help businesses manage their financial transactions more efficiently and securely.
What is the difference between Visa and Mastercard?
Visa and Mastercard are both major global payment networks, but they differ mainly in the specific benefits and partnerships they offer, rather than in their fundamental function. Both networks provide the infrastructure for processing transactions and are accepted worldwide, but they do not issue cards themselves. Instead, banks and financial institutions issue cards branded with Visa or Mastercard, and these issuers may offer different interest rates, rewards, fees, and benefits.
The differences for consumers often come down to:
- 1.
Rewards and benefits: Each network may have exclusive deals or rewards programs. For example, Visa might offer special access to sporting events, while Mastercard might have different travel benefits.
- 2.
International acceptance: While both are widely accepted globally, in some regions, one might be more prevalent than the other.
- 3.
Security features: Both networks offer fraud protection, but the specifics can vary.
- 4.
Card tiers: Both offer different card tiers (like standard, gold, platinum) with varying benefits.
For most consumers, the differences are minimal in everyday use. The choice between Visa and Mastercard often depends more on the specific card issuer's offer, like the interest rate, annual fee, and rewards, rather than the payment network itself.
Frequently asked questions about Mastercard
BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
Nathan Siegel has a professional and educational passion for finance, and is a long-time writer for GreedyRates. He follows trends in the Canadian banking sector, compares competing products, and pours over fine print to make personal finance choices easier for Canadian consumers. In his spare time he loves running, swimming, and dogs of all kinds.
Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca.
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