Best Mastercard in Canada

Best Mastercard in Canada

What fuels you? Whether you’re a frequent shopper, an inspiring world traveller, or a young adult on a strict budget, there’s a Mastercard that will fit to a tee.

It makes sense, then, that choosing the right Mastercard can be a hard task—it’s personal. That’s why instead of simply listing out the best Mastercards in Canada, this article will take a look at the best Mastercards for people in a variety of situations. This way, you can choose your next card based on what makes the most sense for you—not for somebody with a completely different financial situation or a different set of goals.

Table of Contents

The Best Mastercards in Canada 2022

Category
Credit Cards
Earn Rate
Annual Fee
Welcome Bonus
Best Cashback Mastercard

BMO CashBack
World Elite Mastercard

5% on groceries;
4% on transit; 3% on gas;
2% on recurring bills;
1% on everything else.
Monthly limits on the first four categories
$120
Up to 10% cash
back during the first three
months + No Annual
Fee in Year 1
Best No-fee Mastercard

Tangerine
World Mastercard

2% cashback
on any two
money-back categories
$0
Up to 15% cash back
up to $150 when $1,000 of
everyday purchases is
made within the first
2 months
Best Grocery Rewards Mastercard

BMO CashBack
Mastercard

Up to 5% cashback
in your first three
months, 1.99% interest
rate for 9 months
$0
3% cash back
up to $500 per statement
period; 1% on recurring
bills; 0.5% on every
thing else
Best No FX Fee Mastercard

Rogers World
Elite Mastercard

25% in cashback
rewards upon making
first purchase within
3 months of receiving
the card
$0
3% on all spending
in USD; 1.5% on
everything else
Best Travel Rewards Mastercard

Brim World
Elite Mastercard

2 points per $1 spent
on first $25,000
$199
No annual fee
in Year 1
Best Low Interest Mastercard

MBNA True Line
Gold Mastercard

N/A
$39
N/A
Best Student Mastercard

PC Financial
Mastercard

10 points per $1 at Loblaws
owned supermarkets;
25 points per $1 at Shoppers
Drug Mart; 30 points
per$1 at Mobil gas stations
$0
N/A

Best Cashback Mastercard in Canada

BMO CashBack World Elite Mastercard

BMO World Elite Mastercard
  • Annual fee: $120
  • Income requirement: $80,000 (individual), $150,000 (household) 
  • Welcome bonus: Up to 10% cash back during the first three months, plus annual fee waived for the first year 
  • Foreign exchange fee: 2.50%
  • APR: 20.99%

The BMO CashBack World Elite Mastercard is known not just for being one of the best Mastercards in Canada, but one of the best credit cards of any brand. With a staggering earn rate of 5% back on all grocery purchases, 4% back on transit, 3% back on gas, and 2% back on bills, this is easily the best cash back Mastercard in Canada. All other purchases get a low 1% cash back rate, but earning is unlimited. 

This card delivers on its premium promise, with complimentary purchase protection and BMO’s renowned concierge service. Frequent travellers will enjoy complete travel and medical insurance, discounted car rentals, and access to exclusive Mastercard Travel Rewards, including access to exclusive luxury travel experiences.

Best No-fee Mastercard in Canada

Tangerine World Mastercard

Tangerine World Mastercard
  • Annual fee: $0
  • Income requirement: $60,000 (individual), $100,000 (household) 
  • Welcome bonus: Up to 15% cash back up to $150 when $1,000 of everyday purchases is made within the first 2 months
  • Foreign exchange fee: 2.50%
  • APR: 19.95%

The Tangerine World Mastercard is popular, and it’s easy to see why. This card has two major things going for it—not just the fact that it’s a rewards card without an annual fee but the fact that it’s a travel card without an annual fee. 

This card’s earn rate may be nothing to write home about, but it’s impressive considering the card’s lack of annual fee, offering customers 2% cash back in two different categories of their choice and 0.5% cash back on all other purchases. Tangerine savings account holders benefit from a third 2% category.

As its name suggests, the Tangerine World Mastercard offers an array of benefits to jetsetters. Cardholders enjoy access to Mastercard Travel Rewards and Mastercard Airport Experiences, and Boingo Hotspots. Other benefits include rental car loss & damage collision insurance and mobile device insurance. 

It’s worth noting that Tangerine also offers another solid cash back Mastercard called the Money-Back Mastercard.  While it doesn’t offer the same travel perks as the World Mastercard, it does give cardholders the opportunity to earn cashback without an annual fee.

Tangerine-World-Mastercard-243x153

Tangerine World Mastercard

Tangerine World Mastercard

Receive a 1.95% Balance Transfer promo for 6 months (1% fee) with Tangerine World Mastercard

Best Grocery Rewards Mastercard in Canada

BMO CashBack Mastercard

  • Annual fee: $0
  • Income requirement: $15,000  
  • Welcome bonus:Up to 5% cash back in your first three months, 1.99% interest rate for 9 months
  • Foreign exchange fee: 2.50%
  • APR: 19.99%

While the BMO CashBack Mastercard can’t quite compete with the BMO World Elite’s offer of 5% cash back on grocery purchases, the fact that it can offer 3% on groceries with a $0 yearly fee made it an easy choice for our top pick for grocery rewards cards. Throw in the fact that it has a low income requirement and we’re extra sold.

Here’s how it works: any time a cardholder makes a purchase at a grocery store they earn 3% cash back (up to $500 per statement period). All other purchases earn a base rate of 0.5% cash back, with the exception of recurring bill payments which get 1%. Included in these recurring bill payments are monthly subscriptions including streaming services. 

Other perks include 24/7 credit score monitoring, car rental discounts, and exclusive discounts on select ticketed entertainment events. This, combined with a low income requirement, makes this card a solid offering for anyone who wants a vessel for everyday spending.

Best No-FX Fee Mastercard in Canada

Rogers World Elite Mastercard

Rogers world elite mastercard
  • Annual fee: $0
  • Income requirement: $80,000 (individual), $150,000 (household) 
  • Welcome bonus: $25 in cash back rewards upon making first purchase within 3 months of receiving the card
  • Foreign exchange fee: 0%
  • APR: 19.99%

It may seem strange to see Rogers on this list, but the Canadian telecom giant offers a little-known but highly-acclaimed credit card. While the idea of a $0 annual fee card offering no foreign exchange fees may seem farfetched, this is exactly what this card delivers. It comes with some attractive cash back rewards, too: 3% cash back on all spending in US dollars and 1.5% on all other purchases. If you’re a frequent cross-border shopper, it’s hard to beat this card.

As a travel credit card, Rogers also offers a range of travel-related insurance coverage including trip cancellation, trip interruption, rental car, and emergency medical. Cardholders also get access to Boingo WiFi hotspots, LoungeKey airport access, and Mastercard Travel Rewards redemption offers. 

Best Travel Rewards Mastercard in Canada

Brim World Elite Mastercard

Brim World Elite Mastercard
  • Annual fee: $199
  • Income requirement: $60,000 (individual), $100,000 (household) 
  • Welcome bonus:Annual fee waived for the first year
  • Foreign exchange fee: 0%
  • APR: 19.99%

Though relatively unknown in the world of Big Five Bank credit cards, the Brim World Elite Mastercard should attract the attention of any Canadian globetrotter.

With the distinction of being the sole fintech company in Canada with the ability to legally offer credit cards, Brim Financial is shaping the Mastercard landscape in Canada by offering a straightforward reward redemption and many different benefits that were designed with travellers in mind. 

Brim Financial offers a points system that awards 2 points for every dollar spent that can be redeemed or cashed in. To make things even more exciting, Brim cardholders benefit from exclusive offers from a variety of retail outlets and restaurants. If you’re somebody with brand loyalty who enjoys shopping around for a good deal, then this just might be the perfect card for you.

The magic of the Brim World Elite Mastercard lies in its wonderfully comprehensive travel insurance offerings that include trip interruption and cancellation insurance, as well as emergency medical insurance, lost/stolen/delayed baggage insurance, car rental insurance, hotel theft and insurance.

Best Low Interest Mastercard in Canada

MBNA True Line Gold Mastercard

MBNA True Line Gold Mastercard
  • Annual fee: $39
  • Income requirement: N/A
  • Welcome bonus: N/A
  • Foreign exchange fee: 2.50%
  • APR: 10.99%

Finding a card with a low APR can be a hard ask, especially if you’re looking outside of promotional balance transfer offers. Fortunately, MBNA (a division of TD bank) delivers with their True Line Gold Mastercard. With this card, all purchases are met with a 10.99% interest rate with a yearly fee of only $39.

Aside from this low interest rate, the card is relatively bare bones, though it does offer car rental discounts, purchase insurance, and extended warranty benefits. 

Best Student Mastercard in Canada

PC Financial Mastercard

PC Financial Mastercard
  • Annual fee: $0
  • Income requirement: N/A
  • Welcome bonus: N/A
  • Foreign exchange fee: 2.50%
  • APR: 20.97%

PC Financial has long time been a handy tool for students with low or no fee banking options and budget-friendly credit cards. Thanks to its parent company, Loblaws, PC Financial is able to offer exclusive earning options to cardholders to shop at affiliated stores, including 10 points per dollar at Loblaws-owned supermarkets, 25 points per dollar at Shoppers Drug Mart, and 30 points per dollar at Mobil gas stations. Once shoppers have accumulated 10,000 points they can redeem them for groceries and other free products.

While the card doesn’t offer the same travel perks as other offerings on this list, it’s easily the best no fee Mastercard in Canada. Simplicity is perfect for any student on a tight budget.  Plus, there’s no annual income requirements or annual fee, which makes it even easier to save.

Our Final Thoughts

Even if you already use a Visa or American Express, it pays to have a Mastercard in your wallet to ensure your ability to access merchants and benefit from a full rewards profile. The exact Mastercard that you choose is up to you—we hope that the details we’ve laid out above will help point you in the right direction of the one that’s calling your name.

Frequently Asked Questions

It’s hard to pick out the best Mastercard because different cards offer advantages to different audiences. However, there are certain Mastercards that are consistently lauded for their balance between rewards, travel perks, and other benefits. Tangerine Bank notably offers two popular Mastercards—the World Mastercard and the Money-Back Credit Card. While both cards offer a $0 annual fee, the World Mastercard is better-suited for anyone looking for a cash back card with travel rewards. The Money-Back Credit Card has low entry requirements and offers attractive cash back offers.

There are many Mastercards that offer Canadian consumers bonus rewards, but if there is one card that stands out above the rest it would be the BMO World Elite Mastercard. Not only is the annual fee waived for the first year for new cardholders, but the World Elite Mastercard also offers new cardholders a staggering 10% cash back on all purchases for the first three months. This offer is capped at a maximum of $260.

A premium credit card offers its cardholders a wide variety of perks and add-ons, often with an annual fee. While there is no shortage of premium Mastercards in Canada, one that is well worth the hype is the HSBC World Elite Mastercard. This card comes packed with the “not necessary but nice to have” perks that you’d expect from a premium card, including airport lounge access, complimentary travel credits, and some of the most comprehensive insurance on the market.

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