As one of the top credit card companies in the world, Mastercard is extremely popular and also widely accepted. For those already banking at BMO Bank of Montreal, a major Canadian bank that’s associated with Mastercard, these cards may offer all the perks you’re after, along with opportunities to “double dip” on rewards or loyalty programs. Whether you’re looking to earn points or cash, travel more or keep your interest rates down, chances are there’s a Mastercard for you on this list. (Want to consider other options? Browse our full list of the best credit cards in Canada.)
The best Mastercard credit cards in Canada
| Card | Rewards / Features | Annual fee |
|---|---|---|
| Tangerine Money-Back (get more details)* |
|
$0 |
| Rogers World Elite (get more details) |
|
$0 |
| BRIM Financial Mastercard (get more details)* |
|
$0 |
| PC Financial World Elite (get more details)* |
|
$0 |
| MBNA Rewards Platinum Plus (get more details)* |
|
$0 |
| BMO World Elite (get more details)* |
|
$150 |
| MBNA Rewards World Elite (get more details)* |
|
$120 |
| MBNA True Line Gold (get more details)* |
|
$0 |
| BMO Air Miles World Elite (get more details)* |
|
$120 |
| BMO CashBack Mastercard (get more details)* |
|
$0 |
†Up to $5,000 in annual purchases per category; 1 point per $1 spent thereafter)
††Up to $500 in monthly purchases per category; 0.5% thereafter)
Best for cash back with bonus categories
Tangerine Money-Back*
With 2% back on all purchases in your choice of up to three spending categories, including grocery, home improvement, gas and travel accommodations (0.5% on everything else), there’s no Mastercard that puts quite as much back in your wallet on as many bonus categories as the Tangerine Money-Back credit card. Cardholders can choose two categories in which to receive 2% cash back; plus, when they set up an automatic deposit of rewards into a Tangerine savings account, they receive cash back in a third category. With no annual fee, a three-month bonus of 4% cash back in three categories for new members and a low income requirement, this Mastercard is a winner.
- Annual fee: $0
- Welcome bonus: New cardholders can transfer balances at a low rate of 1.95% for 6 months (increases to 19.95% once the promotional period is up)
- Earn rate: 2% cash back on purchases in up to 3 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
- Income requirement: $12,000
Get more details about the Tangerine Money-Back Card*
Best cash back Mastercard
Rogers World Elite Mastercard
With an unlimited 1.5% cash back earn rate on all purchases, this is one of the best cash back cards out there. On top of that, you’ll get 3% on all purchases in U.S. currency.
Most cards charge a 2.5% foreign transaction fee, so the savings can really add up for frequent travellers to the U.S. and cross-border or online shoppers. There’s no limit on the amount of cash you can earn and, even better, there’s no annual fee.
- Annual fee: $0
- Welcome bonus: $25 after making your first purchase within your first 3 months
- Earn rate: 3% on purchases in another currency; 1.5% on all other eligible purchases
- Additional benefits: Rental car collision and damage coverage; emergency medical insurance; trip cancellation or interruption protection
- Income requirement: $80,000 individual; $150,000 household
Best no FX fee Mastercard
Brim Financial Mastercard*
Brim Financial is relatively new to the Canadian credit card market, launching in 2018. Brim’s card line-up–available in three variants, including World, World Elite and an entry-level no fee Mastercard—offers a novel mix of rewards, insurance and perks that piqued our interest.
Brim’s headline perk— available with all three cards—is that there are no foreign transaction fees whether you’re shopping online or in-person—saving you 2.5% right off the top on all purchases made in a non-Canadian currency.
Putting the spotlight on the entry-level no-fee card, the Brim Mastercard has a rewards system that gets you 1 point per $1 spent everywhere. Plus, you can earn bonus points at certain retailers, like up to 4x the points at Microsoft and Nike. Points can be redeemed for statement credits against any purchase made with your card in increments of 100 points for $1, meaning that this Mastercard effectively works like a cash back card. You manage your rewards through the Brim mobile app, and the credit card can also be added to any mobile wallet.
| BRIM Mastercard | BRIM World | BRIM World Elite |
| $0 annual fee | $99 annual fee | $200 annual fee |
| 1 point per $1 | 1.5 point per $1 (up to $25,000 in annual purchases; 1 point per $1 spent thereafter) | 2 point per $1 (up to $25,000 in annual purchases; 1 point per $1 spent thereafter) |
| No FX Fees | No FX Fees | No FX Fees |
| No specific income required | $60,000 income required | $100,000 income required |
Get more details about BRIM Financial Mastercards*
- Bonus rewards: earn bonus points at over 200 retail partners, including 10% back at Lululemon, 4% at Microsoft, 4% at Nike and others
- Additional benefits: Free Boingo membership with global wi-fi access in airports, lounges, etc.; LoungeKey for for the World and World Elite; common carrier accident insurance; mobile device insurance; extended warranty and purchase protection
- Income requirement: None specified for Brim Mastercard; $60,00 (personal) or $100, 000 (household) for Brim World; $80,000 (personal) or $100, 000 (household) for Brim World Elite
Best Mastercard for groceries
PC Financial World Elite*
If you buy your groceries at Loblaws-affiliated stores (including real Canadian Superstore, No Frills and Fortinos), you should definitely be paying for them with your PC Financial World Elite Mastercard. This card, which carries no annual fee, allows you to rack up substantial points in the ever-popular PC Optimum program at an attractive earn rate of 30 points per $1 at Loblaws stores, PC Travel and Esso, 45 points per $1 at Shoppers Drug Mart and 10 points per $1 everywhere else. Points can be redeemed in denominations of 10,000 points for $10 off groceries, drug store items, or anything else available where PC products are sold. Worthy to note: There is a new $15,000 minimum annual spending requirement.
- Annual fee: $0
- Welcome bonus: None
- Earn rate: 30 points per $1 at Loblaws 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; car rental collision or damage; purchase protection and extended warranty
- Income requirement: $80,000, as well as a 15,000 annual spending minimum
Get more details about the PC Financial World Elite*
Best travel credit card
BMO World Elite Mastercard*
If you’re an avid traveller but prefer not to participate in the Air Miles program, the BMO World Elite card may be right for you. Instead of collecting Air Miles, cardholders earn BMO Rewards points—at a very competitive rate of three points for every $1 spent on dining, entertainment and meal purchases. BMO Rewards are redeemable for travel and merchandise rewards, and you’ll reach your goals faster with the current sign-up offer of 40,000 points. Since the card is geared towards travellers, it also includes a robust insurance package and complimentary access to airport lounge access.
- Annual fee: $150 (waived in the first year)
- Welcome bonus: Earn up to 30,000 points when you spend $3,000 in the first 3 months, plus another 10,000 points on your first anniversary (worth $200 when you pay with points)
- Earn rate: 3 points per $1 spent on dining, meals and entertainment, and 2 points 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; extended warranty; purchase protection
- Income requirement: $80,000
Get more details about the BMO World Elite Mastercard*
Best no fee travel card
MBNA Rewards Platinum Plus Mastercard*
Travellers love flexibility—and with the MBNA Rewards Platinum Plus Mastercard, you can choose how you earn your rewards, whether it be travel, cash back, merchandise or charitable donations. With numerous opportunities to collect bonus points on top of the two points for every $1 spent on gas, groceries and at restaurants, and one point per $1 on everything else, you’ll rack up the rewards in no time. And, you don’t need to rush to redeem; your MBNA points never expire.
- Annual fee: $0
- Earn rate: 2 points for every $1 spent on gas, groceries, and restaurants, and 1 point per $1 on everything else
- Welcome bonus: Up to 30,000 MBNA Rewards points (20,000 when you spend $2,000 in the first 3 months and another 10,000 when you sign up for paperless statements)
- Additional benefits: Emergency services; purchase protection; extended warranty
- Income requirement: None
Get more details about the MBNA Rewards Platinum Plus Mastercard*
Best Mastercard for Costco shoppers
MBNA Rewards World Elite*
If you have a large family to feed and clothe, chances are you’re all-in with warehouse shopping. Previously, the only card Costco accepted was their store-branded American Express, but things have changed. As of 2015, Costco accepts any Mastercard, which means that in addition to the savings you and your family will enjoy by buying in bulk, there are other perks to be earned from your grocery spends. When you shop at Costco with the MBNA Rewards World Elite Mastercard, you will earn 2 points for every $1—points that you can redeem for travel, rewards or cash back. And with a travel redemption value of 100 points per $1, your next trip could be closer than you think.
- Annual fee: $120
- Welcome bonus: Up to 30,000 MBNA Rewards points (20,000 when you spend $2,000 in the first 3 months and another 10,000 when you sign up for paperless statements)
- Earn rate: 2 points per $1
- Additional benefits: Discounts at Avis and Budget; purchase protection and extended warranty
- Income requirement: $80,000
Get more details about the MBNA Rewards World Elite*
Best for low interest
MBNA True Line Gold Mastercard*
Whether due to an unforeseen expense, an emergency or a simple overspend, most people end up holding a credit card balance at least once in their life. The trick is to take steps to pay it off quickly, and that’s where a card with a low-interest rate can help. The MBNA True Line Gold Mastercard boasts a rate of only 8.99% on purchases (super low compared with the standard 19%-plus), and an introductory rate of 0% for six months on balance transfers. Plus, the annual fee is a reasonable $39 per year.
- Annual fee: $39
- 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; purchase protection for up to 90 days; and extended warranty of up to one additional year on top of the manufacturer’s coverage
- Income requirement: None
NOTE: this offer is not available for residents of Quebec
Get more details about the MBNA True Line Gold Mastercard*
Best for Air Miles collectors
BMO Air Miles World Elite Mastercard*
Air Miles loyalty program is one of the most popular in the nation, and that’s for good reason. It has numerous program partners and just as many opportunities to redeem. Air Miles can be used for travel, merchandise or even discounts at certain retailers. Travellers will love this card’s welcome bonus of 3,000 Air Miles and its extraordinary earn rate of one Air Mile for every $10. Cardholders can make their Air Miles grow faster when they “double dip” by using the credit card along with their Air Miles loyalty card at participating sponsors. Offering extra benefits like travel and rental car insurance, plus discounts, this card is a great travel companion.
- Annual fee: $120 (waived for the first year)
- Welcome bonus: 3,000 bonus Air Miles ($310 value)
- Earn rate: 1 Mile for every $12 in purchases, 3 times the points with purchases partnered retailers
- Additional benefits: 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
- Income requirement: $80,000
Get more details about the BMO Air Miles World Elite*
Best student credit card
BMO CashBack Mastercard*
While many no fee student credit cards don’t offer much in the way of cash back, the BMO Rewards Mastercard helps you earn. Cardholders receive 5% cash back on groceries, 1% back on recurring bill payments and 0.5% on all other spends. With its strong welcome offer, purchase protection and extended warranty, this card is offering a lot of bang without charging a single buck in annual fees and can help students build up their credit history while also earning strong everyday rewards.
- Annual fee: $0
- Welcome bonus: 5% cash back on everyday purchases for the first 3 months; 1.99% introductory interest rate on balance transfer for a full 9 months
- Earn rate: 3% cash back on groceries and 1% on recurring bill payments (up to $500 spent in each category); 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 Get more details about the BMO CashBack Mastercard*
Summary
Canada’s best Mastercard credit cards
- Tangerine Money-Back — Best cash back with bonus categories
- Rogers World Elite Mastercard — Best cash back Mastercard
- Brim Financial Mastercard — Best Mastercard for no foreing transaction fees
- PC Financial World Elite — Best Mastercard for groceries
- BMO World Elite — Best Mastercard credit card for travel
- MBNA Rewards Platinum Plus — Best no fee travel card
- MBNA Rewards Elite Mastercard — Best Mastercard for Costco shoppers
- MBNA True Line Gold Mastercard — Best low-interest Mastercard
- BMO Air Miles World Elite — Best Air Miles Mastercard
- BMO CashBack Mastercard — Best for students
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