Best Mastercard Credit Cards in Canada

If you’re looking for a new credit card, you’ll need to decide whether it will be a Visa, Mastercard, or maybe American Express. If it’s a Mastercard you’re after, it helps to know what cards are available. After all, your bank may only offer Visa credit cards.

To help you in your search, we’ve compiled a list of what we believe are the best Mastercard credit cards in Canada. In doing so, we’ve tried to include cards catering to different needs to help you find the perfect card. Note that we’ve arranged the credit cards in alphabetical order.

Best Mastercards in Canada

If you’re in the market for a new Mastercard credit card, you’ve come to the right place. Here is our list of 7 top Mastercards, arranged in alphabetical order.

BMO Air Miles World Elite Mastercard

Best For: Collecting AIR MILES

Key Features:

• Welcome Bonus: 2,000 AIR MILES Bonus Miles, plus the $120 annual fee waived for the first year
• $120 annual fee (waived for the first year)
• 20.99% Purchase interest rate
• Earn 3x the Miles at participating AIR MILES Reward Partners
• Earn 2X the Miles at any eligible grocery store
• Earn 1 Mile for every $12 spent on all other purchases
• 25% discount on one worldwide AIR MILES flight redemption during the calendar year
• Complimentary membership in Mastercard Travel Pass (airport lounges)
• BMO AIR MILES World Elite Travel and Medical Protection
• Extended Warranty
• Purchase Protection
• Mastercard Travel Rewards Program

If you’re looking for an AIR MILES Mastercard, the BMO AIR MILES World Elite Mastercard is arguably the best one in Canada. It offers an excellent opportunity to earn AIR MILES on your everyday purchases and provides several additional benefits.

For starters, there’s a generous welcome bonus of 2,000 AIR MILES, and the $120 annual fee is waived for the first year.

When it comes to earning AIR MILES, this card stands out for its attractive earning rates. For every $12 spent at participating AIR MILES partners, you’ll earn 3x the Miles. You’ll earn 2x the Miles for every $12 spent at eligible grocery stores and 1 Mile for every $12 spent on all other credit card purchases.

Using the card will help you accumulate miles more quickly, which you can redeem for various rewards, including travel.

In addition to AIR MILES, the card includes the following coverages: BMO AIR MILES World Elite Travel and Medical Protection, Extended Warranty, Purchase Protection, Mastercard Travel Rewards Program, and more.

Click Here to Apply For the BMO AIR MILES World Elite Mastercard

BMO Ascend World Elite Mastercard

Best For: Overall Travel Rewards

Key Features:

• Welcome Offer: Up to 60,000 BMO Reward points and the annual fee waived in the first year for both the primary cardholder and authorized users.
• $150 annual fee (waived for the first year)
• 20.99% Purchase interest rate
• Earn 5X the points for every dollar spent on eligible travel purchases
• Earn 3X the points for every dollar spent on eligible dining and entertainment purchases
• Earn 3X the points for every dollar spent on recurring bills
• Earn 1 point per dollar spent on all other purchases
• Complimentary airport lounge membership with 4 free passes per year
• Travel Medical Insurance
• Travel Accident Insurance
• Trip Cancellation/Trip Interruption Insurance
• Car Rental Collision Loss/Damage Waiver Insurance
• Delayed and Lost Baggage Insurance
• Flight Delay Insurance

If you’re looking for a premium travel rewards Mastercard, look no further than the BMO Ascend World Elite Mastercard. The card features a generous welcome bonus, a lucrative rewards program, and other essential travel benefits, including free airport lounge access and as many as six different travel-related insurance coverages.

When you spend with the card, you earn BMO Rewards points, which can be used to pay for flights, hotels, car rentals, vacation packages, cruises, and more. You can also redeem your points towards contributions into a BMO savings or investment account or apply them directly to eligible purchases you make with the card.

Regarding earning rate, you’ll receive 5X the points for every dollar you spend on eligible travel purchases and 3X the points for every dollar spent on eligible dining and entertainment purchases and recurring bill payments. All other purchases are worth 1 point per dollar.

As mentioned, the Ascend World Elite Mastercard includes complimentary airport lounge access. Specifically, you get membership to participating lounges in the Mastercard Travel Pass by DragonPass program and four complimentary passes per year.

There is a $150 annual fee, which is waived for the first year, and a minimum annual income requirement of $80,000 per individual or $100,000 per household.

PC Financial World Elite Mastercard

Best For: PC Optimum Rewards

Key Features:

• No annual fee
• 21.99% purchase interest rate
• Earn 45 PC Optimum points per dollar spent at Shoppers Drug Mart
• 30 points per dollar spent at PC Optimum grocery stores
• 30 points per dollar spent at Esso Mobil stations
• 30 points per dollar spent at PC Travel
• 10 points per dollar on all other purchases
• Travel Emergency Medical Insurance
• Car Rental Collision/Loss Damage Waiver Insurance
• Identity Theft Assistant Service
• Concierge service
• Minimum income requirement $80,000/year personal or $150,000/year household

If you’re a fan of the PC Optimum Rewards program, the PC Financial World Elite Mastercard may be the perfect card for you. The card allows you to earn bonus PC Optimum points when you shop at Shopper’s Drug Mart, PC Financial-affiliated grocery stores, Esso and Mobile gas stations, and PC Travel. The best part is that there’s no annual fee.

You’ll earn 45 PC Optimum points per dollar spent at Shopper’s Drug Mart, 30 points per dollar spent on groceries, 30 points per dollar spent at ESSO and Mobile gas stations, 30 points per dollar spent through PC Travel, and 10 PC Optimum points on all other purchases.

Participating grocery stores include Loblaws, NoFrills, Valu-mart, Zehrs, Real Canadian Superstore, Your Independent Grocer, Fortinos, and Wholesale Club.

You can redeem your points for free products and groceries at participating stores or online. You can also redeem points for fuel discounts and car wash packages at Esso stations.

To qualify, a minimum annual income of $80,000/year per individual or $150,000/year per household is required. In addition to earning PC points, the card has several other benefits, including Travel Emergency Medical Insurance, Car Rental Collision/Loss Damage Waiver Insurance, Identity Theft Assistant Service, and Concierge service.

Click Here to Apply for the PC Financial World Elite Mastercard

Rogers World Elite Mastercard

Best For: Rewards on U.S. Dollar purchases

Key Features:

• Welcome Bonus: $25 cash back bonus upon making your first purchase within 3 months of receiving your card.
• No annual fee
• 19.99% purchase interest rate
• No foreign exchange fees
• Earn 3% cash back on all eligible purchases made in U.S. dollars
• Earn 1.5% cash back on all other eligible purchases
• Complimentary membership to Mastercard Travel Pass provided by DragonPass
• Extended Warranty and Purchase Protection
• Rental Car Collision/Damage Insurance
• Emergency Travel Medical Insurance
• Trip Interruption/Trip Cancellation Insurance
• Minimum income requirement of $80,000 individual/$150,000 household

The Rogers World Elite Mastercard is a premium no-annual-fee-rewards credit card that comes with several travel-related benefits. What’s unique about this card is that you earn 3% unlimited cash back on all eligible purchases made in U.S. dollars. All other eligible purchases earn 1.5% cash back. That makes it an ideal card for someone who travels frequently to the U.S. but who doesn’t want to use a U.S. dollar credit card.

Travel benefits include a complimentary membership to Mastercard Travel Pass provided by DragonPass, Emergency Travel Medical Insurance, Rental Car Collision/Damage Insurance, and Trip Interruption/Trip Cancellation protection.

The Rogers World Elite Mastercard also stands out for its lack of foreign transaction fees. While many credit cards charge a 2.5-3% fee on purchases made in foreign currencies, this card allows you to save money when you shop internationally by waiving these fees.

Note that a minimum income requirement of $80,000 annual personal income or $150,000 annual household income is on the high side for a no-annual-fee card.

Tangerine Money-Back Mastercard

Best For: Flexible Rewards Earning

Key Features:

• Limited Time Welcome Offer: Apply by January 31, 2024, and earn an extra 10% cash back on up to $1,000 in purchases made within the first two months.
• No annual fee
• 19.95% Purchase interest rate
• Earn 2% cash back in up to 3 spending categories of your choice
• Earn 0.50% cash back on all other purchases
• Purchase Assurance and Extended Warranty.

Tangerine is a leading Canadian online bank. It offers two Mastercard products: the Tangerine World Mastercard and the Tangerine Money-Back Credit Card. Both are no annual fee cards, and the World Mastercard provides more benefits, but we’ve chosen the Money-Back Card for our list because it has a low minimum income requirement of only $12,000. By comparison, the World Mastercard requires you to have an annual income of $60000 or $100,000 per household.

The Tangerine Money-Back Mastercard may be the most flexible card on our list when it comes to earning rewards. That’s because you can choose two spending categories to earn the 2% bonus cash back. And if you open a Tangerine Savings Account, you can add a 3rd bonus category. All other card purchases earn 0.50% cash back.

Additional card benefits include Purchase Assurance and Extended Warranty, free authorized user cards, and no annual fee.

Click Here to Apply for the Tangerine Money-Back Credit Card

Triangle World Elite Mastercard

Best For: Triangle Rewards

Key Features:

• No annual fee
• 20.99% Purchase interest rate
• Earn 4% in CT Money on most items at Canadian Tire and its partner stores
• Earn up to 7 cents per litre in fuel discounts at Gas+ and Essence+ locations
• Earn 3% back in CT Money on eligible grocery purchases (up to $12,000 annual spend)
• Earn 1% back in CT Money on all other card purchases
• Complimentary Triangle World Elite Mastercard Roadside Assistance Gold Plan membership
• Purchase Security and Extended Warranty coverage
• Car Rental Collision/Loss Damage Waiver Insurance

If you’re a frequent shopper at Canadian Tire, you’ll definitely appreciate the benefits of the Triangle World Elite Mastercard. This card offers an impressive rewards program, along with complimentary membership perks, purchase protection, and much more.

When using your Triangle World Elite Mastercard, you can earn Canadian Tire Money on eligible purchases across various stores, including Canadian Tire, Sport Chek, Mark’s, etc.

For example, you’ll earn 4% back in CT Money on most items at Canadian Tire, Sport Chek, Mark’s, Party City, Atmosphere, Pro Hockey Life, and more. You’ll also collect 7 cents per litre in CT Money on premium fuel and 5 cents per litre on all other fuel types at Gas+ and Essence+ stations.

You’ll earn 3% back in CT Money on eligible grocery purchases, up to a $12,000 annual spend. Note that Costco and Walmart are not included in the grocery rewards. Lastly, you’ll earn 1% in CT Money on all other purchases.

The complimentary Roadside Assistance Gold Plan membership is another great perk of the Triangle World Elite Card. It’s one of Canada’s top roadside assistance programs and offers towing up to 250km per service call within Canada and the U.S.

Click Here to Apply for the Triangle World Elite Mastercard

CIBC Costco Mastercard

Best For: Costco shoppers

Key Features:

• No annual fee
• 19.75% Purchase interest rate
• 21.49% interest on cash advances
• Earn 3% cash back at restaurants and on Costco gas
• Earn 2% cash back at other gas stations and on Costco.ca
• Earn 1% cash back on all other purchases and in Costco stores

If you’re a frequent Costco shopper in Canada, you already know that Mastercard is the only type of credit card accepted by Costco. One of the best ways to maximize your Costco experience is with the CIBC Costco Mastercard.

You’ll earn 3% cash back at restaurants and on Costco Gas purchases, 2% cash back on other gas purchases and at Costco.ca, and 1% cash back on all other purchases, including in-store Costco purchases.

You can redeem your annual cash back gift certificate at any Costco warehouse in Canada, and the card also comes with insurance coverage, including Mobile Device Insurance and Purchase Security, and Extended Warranty protection.

You can stack your cash back rewards at Costco using the Costco Mastercard and a Costco Executive Membership, which on its own pays 2% cash back on eligible Costco purchases.

Final Thoughts on Canada’s Best Mastercard Credit Cards

There you have it, our list of the top Mastercard credit cards in Canada. Perhaps surprisingly, several cards on our list offer premium features but don’t charge a yearly fee.

The best card for you will depend on the types of rewards you like to earn and your spending habits. For example, the BMO Ascend World Elite Mastercard is your best bet for flexible travel rewards. If you enjoy earning PC Optimum points, then the PC Financial Card should be at the top of your list. The same goes for Canadian Tire and the Triangle World Elite Mastercard.

FAQs

Which Canadian bank offers the best Mastercard options?

While several Canadian banks offer at least one Mastercard product, BMO has the largest Mastercard lineup among the big banks and some of the best Mastercard products in Canada, including those that made our list.

Which is the best travel Mastercard?

While honourary mention goes to the RBC WestJet World Elite Mastercard, the BMO Ascend World Elite Mastercard gets our nod for the best travel MasterCard in Canada because of the flexibility you get in the many ways with which you can redeem your rewards.

Which Mastercard is best for business use in Canada?

For business use, consider cards like the BMO CashBack Business Mastercard. This card offers cashback rewards on various spending categories, such as gas, office supplies, and internet service, and doesn’t charge an annual fee. Additionally, look for cards with features like expense management tools, additional employee cards, and liability coverage for unauthorized charges.