Canada’s finest Mastercard bank cards for 2023

The very best Mastercard bank cards in Canada

By Keph Senett on  January 3, 2023
Estimated Studying Time: 16 minutes

Mastercard is likely one of the most generally accepted bank cards on this planet, and its affiliation with the Financial institution of Montreal and standing as the one card you should utilize at Costco make it a robust alternative for on a regular basis spending. No matter you want in a bank card—whether or not it’s alternatives to earn money or rewards, to journey, to reap the benefits of low rates of interest, or to achieve entry to premium perks—there’s a Mastercard for you on this record.

Finest for money again with bonus classes

Tangerine Cash-Again Mastercard*

At a look: Flexibility is the secret with the no-fee Tangerine Cash-Again Mastercard. You possibly can earn 2% money again in as much as three spending classes that you choose primarily based in your spending habits, and you’ll change your classes on-line.

• Annual charge: $0
• Rates of interest: 19.95% on purchases, 19.95% on money advances, 19.95% on steadiness transfers
• Welcome bonus: Earn 15% money again whenever you spend as much as $1,000 in on a regular basis purchases inside your first 2 months (as much as a restrict of $150 money again). Should apply by January 31st, 2023.
• Earn fee: 2% money again on purchases in as much as three spending classes and 0.5% money again on all the pieces else
• Further advantages: Buy assurance covers loss, theft or harm for 90 days after buy; prolonged guarantee as much as one yr
• Annual revenue requirement: $12,000

Professionals 

• The two% earn fee is aggressive for a no-fee card.
• You need to use this card strategically to get 2% money again on bigger purchases by altering over your spending classes. For instance, should you’re planning a visit you would choose “lodge/motel” as a bonus class. Simply be sure you make the change one assertion cycle previous to needing it.
• With a $12,000 annual revenue requirement, this card could be very accessible.

Cons 

• There isn’t a included journey insurance coverage or perks.
• The bottom earn fee of 0.5% is on the low finish for money again playing cards.

Finest for money again

Rogers World Elite Mastercard

At a look: The no-fee Rogers World Elite Mastercard affords boosted earn charges on purchases in a overseas forex, journey perks and insurance coverage protection—for individuals who meet the minimal annual revenue necessities. This card will attraction to individuals who don’t wish to trouble with monitoring spending classes and sometimes journey.

• Annual charge: $0
• Rates of interest: 22.99% on purchases, 19.99% on money advances, 22.99% on steadiness transfers
• Welcome bonus: $25 after making your first buy inside your first Three months
• Earn fee: 3% on purchases in U.S. {dollars}; 1.5% on all different eligible purchases
• Further advantages: Rental automotive collision and harm protection; emergency medical insurance coverage; journey cancellation or interruption safety
• Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Professionals 

• No-fee bank cards don’t often embrace a lot in the best way of perks or advantages, however this one consists of some journey insurance coverage and perks like complimentary membership to Mastercard Journey Go, which supplies you entry to airport lounges.
• The three% earn fee on purchases in U.S. {dollars} covers the overseas transaction charges most bank cards cost.
• You possibly can earn limitless rewards they usually’re redeemable immediately.

Cons 

• The journey insurance coverage doesn’t have some protections, akin to misplaced or delayed baggage, flight delay, or lodge housebreaking.
• The common earn fee of 1.5% money again is lower than you’ll get on another no-fee playing cards.
• Though cardholders are enrolled in DragonPass, there aren’t any included lounge visits that means that every go to will price a further USD$32.
• The annual revenue necessities will hold this card out of attain for some households.

Finest for grocery purchases

PC Monetary World Elite Mastercard*

At a look: The no-fee PC Monetary World Elite Mastercard permits you to rack up substantial factors within the ever-popular PC Optimum program at a beautiful earn fee of 30 factors per $1 spent at Loblaw shops, PC Journey and Esso; 45 factors per $1 at Consumers Drug Mart; and 10 factors per $1 in every single place else. The cardboard is finest suited to those that store frequently at Loblaw banner shops.

• Annual charge: $0
• Rates of interest: 20.97% on purchases, 22.97% on money advances, 22.97% on steadiness transfers
• Welcome bonus: None
• Earn fee: 30 factors per $1 at Loblaw shops, PC Journey and Esso; 45 factors per $1 at Consumers Drug Mart; 10 factors per $1 in every single place else
• Further advantages: Journey emergency medical insurance coverage for as much as 10 days; automotive rental collision or harm; buy safety and prolonged guarantee; concierge companies
• Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Professionals 

• The earn charges are distinctive for a no-fee card, redemptions are hassle-free, and there are greater than 2,500 areas the place PC and President’s Selection merchandise are bought in Canada, supplying you with loads of flexibility and alternatives to earn.
• You possibly can earn PC Optimum factors regardless of the place you store. 
• You possibly can stack your factors by exhibiting your PC Optimum card and paying along with your PC Monetary World Elite Mastercard.
• Consists of journey and automotive rental insurance coverage that’s appropriate for brief journeys.

Cons 

• The earn fee for purchasing at non-affiliated shops is barely 10 factors per $1 spent. 
• The included journey insurance coverage isn’t robust sufficient for longer or complicated journeys.
• The minimal annual revenue requirement will hold this card out of attain for a lot of.

Finest no charge card for journey

MBNA Rewards Platinum Plus Mastercard*

At a look: The MBNA Rewards Platinum Plus Mastercard makes it simple to earn MBNA factors which will be redeemed for journey (and extra), and the distinctive birthday bonus perk returns 10% of your annual earnings in factors. This card will attraction to these searching for a strategy to earn factors that can be utilized for journey, with out having to pay an annual charge.

• Annual charge: $0
• Rates of interest: 19.99% on purchases, 24.99% on money advances, 22.99% on steadiness transfers
• Welcome bonus: Earn Four factors per $1 spent on eligible restaurant, grocery, digital media, membership and family utility purchases throughout your first 90 days. Plus, get 5,000 bonus factors (a money worth of $25) after you make at the very least $500 in eligible purchases in these 90 days. You’ll earn one other 5,000 factors should you go for paperless e-statements inside the identical time interval. (Not obtainable for residents of Quebec, as an alternative click on right here.)
• Earn fee: 2 factors per $1 spent on groceries, eating places, digital media, memberships, and family utilities ($10,000 max annual spend per class), and 1 level per $1 on all the pieces else
• Further advantages: As much as $1,000 in cellular machine insurance coverage; financial savings with Avis and Funds automotive leases; buy safety; prolonged guarantee
• Annual revenue requirement: None

Professionals 

• Redemptions are simple and versatile. You need to use MBNA factors for money again, merchandise, present card, journey and even charitable donations.
• Yearly, get 10% of the factors you earned within the earlier yr as birthday bonus factors.
• MBNA factors by no means expire.

Cons 

• There may be an annual cap of $10,000 per class on the boosted rewards. Purchases after that may earn on the base fee of 1 level per $1 spent.
• This card doesn’t embrace a lot in the best way of insurance coverage or different advantages.

Finest journey bank card

BMO Ascend World Elite Mastercard*

At a look: The BMO Ascend World Elite Mastercard allows you to earn versatile BMO Rewards which will be redeemed for journey, merchandise, assertion credit, and even investments. It consists of complete journey insurance coverage and perks like Mastercard Journey Go membership together with 4 free airport lounge visits yearly.  

• Annual charge: $150
• Rates of interest: 20.99% on purchases, 23.99% on money advances, 22.99% on steadiness transfers
• Welcome bonus: Earn as much as 60,000 factors and the annual charge waived within the first yr for each the first cardholder and approved customers.
• Earn fee: 5 factors per $1 spent on eligible journey purchases; Three factors per $1 on eating, leisure, and recurring invoice funds; 1 level per $1 on all the pieces else
• Further advantages: Mastercard Airport Experiences membership, plus Four annual complimentary lounge passes; BMO World Elite Whole Journey and Medical Safety insurance coverage for limitless journeys per yr of as much as 21 days every; Boingo Wi-Fi entry; prolonged guarantee; buy safety; World Elite Mastercard perks
• Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Professionals 

• This card consists of complimentary membership in Mastercard Journey Go with 4 annual airport lounge passes. 
• The included journey insurance coverage is likely one of the finest in the marketplace and the emergency medical is obtainable to travellers aged 75 and below (many insurance policies solely cowl these aged 65 and below).
• BMO Rewards are versatile and will be redeemed for journey, merchandise, present playing cards and even investments.

Cons 

• The $150 annual charge is greater than different playing cards on this class.
• This card has excessive annual revenue necessities.

Finest for Costco customers

MBNA Rewards World Elite Mastercard*

At a look: Costco solely accepts Mastercard, and with the MBNA Rewards World Elite, you and your loved ones will benefit from the financial savings of shopping for in bulk whereas incomes versatile MBNA rewards. The earn fee of 5 factors per $1 on restaurant, grocery, digital media, membership, and family utility purchases will enable you rack up rewards rapidly, and you’ll redeem for journey, rewards, or money again.

• Annual charge: $120
• Rates of interest: 19.99% on purchases, 24.99% on money advances, 22.99% on steadiness transfers
• Welcome bonus: as much as 30,000 bonus factors ($300 journey worth) of their first yr alone: 20,000 factors after $2,000 spent within the first 90 days and one other 10,000 factors for enrolling for e-statements additionally inside the first 90 days. (Not obtainable for residents of Quebec, as an alternative click on right here.)
• Earn fee: Earn 5 factors per $1 spent on eligible restaurant, grocery, digital media, membership and family utility purchases (as much as $50,000 per class, yearly); 1 level per $1 on all different eligible purchases
• Further advantages: Journey medical insurance coverage; delayed and misplaced baggage; flight and journey delay; automotive rental collision harm waiver; cellular machine insurance coverage; 10% again in factors with the annual Birthday Bonus; reductions at Avis and Funds automotive leases; buy safety and prolonged guarantee
• Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Professionals 

• This card features a robust journey insurance coverage package deal, plus as much as $1,000 of recent cellular machine insurance coverage that protects you in opposition to loss, theft and harm.
• Yearly, get 10% of the factors you earned within the earlier yr as birthday bonus factors.
• Though there may be an annual cap on boosted spending classes, it’s $50,000 per class, so that you’re unlikely to succeed in it. 
• MBNA factors by no means expire.

Cons 

• The bottom fee of 1 level per $1 spent isn’t very aggressive.
• You possibly can’t switch MBNA factors to different loyalty applications.
• The minimal revenue necessities will put this card out of attain for some.

Finest for low curiosity

MBNA True Line Gold Mastercard*

At a look: The MBNA True Line Gold Mastercard affords one of many lowest rates of interest in the marketplace with no annual revenue necessities and a low annual charge of $39. This card is a robust instrument for these trying to pay down debt.

• Annual charge: $39
• Rates of interest: 8.99% on purchases, 24.99% on money advances, 8.99% on steadiness transfers
• Earn fee: N/A
• Further advantages: As much as 9 further customers at no further charge; journey help companies, together with assist changing misplaced paperwork, and assist in case your baggage goes lacking; financial savings with Avis and Funds automotive leases; buy safety for as much as 90 days; and prolonged guarantee of as much as one further yr on high of the producer’s protection
• Annual revenue requirement: None

Professionals 

• The 8.99% rate of interest is likely one of the lowest in the marketplace. 
• Cardholders can add as much as 9 further customers at no further price.
• Consists of journey help and authorized help.

Cons 

• Whereas it is a low curiosity card, it doesn’t have a promotional steadiness switch provide.
• There’s no included journey or automotive rental insurance coverage.
• These in Quebec are topic to an rate of interest of 10.99%.

Finest for Air Miles collectors

BMO Air Miles World Elite Mastercard*

At a look:  Providing a unprecedented earn fee of 1 Air Mile per $12 spent and additional advantages like journey and rental automotive insurance coverage, plus reductions, the BMO Air Miles World Elite Mastercard is a superb journey companion.

• Annual charge: $120
• Rates of interest: 20.99% on purchases, 23.99% on money advances, 22.99% on steadiness transfers
• Welcome bonus: You’ll get 3,000 bonus Air Miles whenever you spend a minimal of $3,000 within the first three months. They’ll additionally waive the cardboard’s annual charge for the primary yr.
• Earn fee: 1 Mile per $12 spent, Three Miles per $12 spent at Air Miles companions and a pair of Miles per $12 spent at eligible grocery shops
• Further advantages: Complimentary membership in Mastercard Journey Go supplied by DragonPass; unique 25% low cost on one worldwide Air Miles flight redemption throughout the calendar yr; journey and medical insurance coverage; flight low cost of 15% on Air Miles flights in North America; as much as 25% low cost on automobile leases at Nationwide and Alamo; prolonged guarantee and buy safety; World Elite Mastercard perks
• Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Professionals 

• This card offers you entry to a robust base fee of 1 Air Mile per $12 spent, plus loads of alternatives to spice up your earn fee, together with the power to “double dip” by utilizing your collector’s card.
• Features a premium journey and automotive rental insurance coverage package deal.
• Comes with perks like complimentary membership in Mastercard Journey Go supplied by DragonPass which features you entry to airport lounges, free Boingo Wi-Fi and reductions.

Cons 

• The DragonPass lounge entry doesn’t embrace passes, which price USD$32 per go to.
• The annual minimal revenue requirement will put this card out of attain for some.

Finest for college students

BMO CashBack Mastercard*

At a look: The BMO CashBack Mastercard affords a no-fee strategy to earn large on groceries, a characteristic that may attraction to hungry college students. The three% earn fee on groceries is likely one of the highest within the nation for a no-fee card, and cardholders will get a 1% return on recurring invoice funds (all the pieces else earns 0.5% money again).

• Annual charge: $0
• Rates of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers
• Welcome bonus: Stand up to five% money again in your first Three months and a 1.99% introductory rate of interest on Stability Transfers for 9 months.
• Earn fee: 3% money again on groceries and 1% on recurring invoice funds; 0.5% on all the pieces else
• Further advantages: Prolonged guarantee and buy safety in opposition to theft or harm for 90 days after buy; as much as 25% off at Nationwide and Alamo; reductions for Cirque du Soleil tickets
• Annual revenue requirement: None

Professionals 

• Further playing cards are free so you’ll be able to earn much more money again.
• As a no-fee card with no minimal revenue requirement, this card is a particularly accessible strategy to earn money again in an enormous spending class. 

Cons 

• There’s a cap of $500 per assertion cycle for boosted spending classes and any spends past that may earn on the low 0.5% base fee.
• This card doesn’t have any included journey or automotive rental insurance coverage.

Finest for roadside help

Triangle World Elite Mastercard

At a look: It ought to come as no shock that the Triangle World Elite Mastercard from Canadian Tire affords the very best roadside help. The cardboard’s Gold Plan lets members decide to insure both their automotive (with any driver) or themselves (in any automotive), plus offers them entry to 24/7 roadside help in Canada and the U.S., towing, flat tire modifications, battery boosts, gas supply, lock-out service and extra.

• Annual charge: $0
• Rates of interest: 19.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers
• Welcome bonus: None
• Earn fee: 3% again in CT Cash on grocery purchases (as much as $12,000 yearly); 4% again on spends at Canadian Tire and associate shops; and $0.05 to $0.07 per litre again on gasoline from collaborating Fuel+/Essence+ and Husky areas; 1% again in every single place else
• Further advantages: No-receipt returns; customized affords; prolonged guarantee and safety insurance coverage that covers loss, theft or harm for 90 days after buy
• Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Professionals 

• There are quite a few methods to gather Canadian Tire Cash (CT Cash) at boosted charges you could spend on just about something in retailer. One greenback in CT Cash = CAD$1.
• Sports activities followers will admire accelerated charges and reductions at associate shops akin to Mark’s Work Wearhouse, Sportchek and Hockey Life.
• You possibly can beat surging gas costs with reductions on gasoline at Fuel+/Essence+ and Husky areas.

Cons 

• Regardless of being categorised by Mastercard as grocery shops, Walmart Supercentres should not included within the 3% boosted grocery earn fee.
• There’s an annual restrict of $12,000 on accelerated rewards. Purchases past that cap will earn on the base fee of 1%.
• Though it is a no-fee card, the excessive annual minimal revenue requirement will put it out of attain for some.

Finest for purchasing native

Neo Card*

At a look: This fully-digital, no-fee bank card is nice for customers who like to buy native, earn limitless money again, and get entry to invaluable reductions and loyalty applications. With instruments like a money again map, in addition to elective paid bundles to speed up your earn charges and perks in an space of your alternative (together with journey, food and drinks, or on a regular basis necessities), the Neo Card will attraction to those that take a contemporary, hands-on strategy to their spending.

• Annual charge: $0
• Rates of interest: 19.99% on purchases, 22.99% on money advances
• Welcome provide: New clients get $25 money again after being authorised for the cardboard. Circumstances apply.
• Earn fee: It varies, however averages 5% money again at choose retailers
• Further advantages: Mastercard Zero Legal responsibility fraud safety; freeze your misplaced card
• Annual revenue requirement: None

Professionals 

• Provides you the power to earn money again at extraordinary charges. 
• You need to use Neo’s instruments to assist native companies.
• The cardboard is customizable with no-commitment subscription bundles so you’ll be able to enhance your perks and earn charges on sure sorts of spends.
• There’s no cap on how a lot money again you’ll be able to earn, and you’ll money out your earnings at any time.

Cons 

• It doesn’t include insurance coverage protection. If, for instance, you need journey insurance coverage, you’ll must buy the journey subscription bundle.
• Whilst you can earn regardless of the place you store, purchasing outdoors associate retailers will get you a considerably decrease fee (with a minimal of 0.5% again), so this card might not go well with individuals who aren’t in cities, the place most of Neo’s associate shops are situated.

This text was initially printed on July 15, 2019, and has since been up to date.

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