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18 Best Mastercard Credit Cards in Canada in 2024

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Mastercard is one of the largest payment network processors in the world, and millions of people use Mastercard credit cards in Canada daily.

Many major banks in Canada provide Mastercards, like the BMO CashBack Mastercard and Scotia Momentum Mastercard. Smaller digital banks also provide them, including the Tangerine World Mastercard and Neo Credit Mastercard.

But which is the best Mastercard for your needs? Should you get a Mastercard or Visa? In this guide, we look at Canada’s best Mastercard credit cards.

Best Mastercard Credit Cards

There are several categories of Mastercard credit cards to choose from. Whether you want a BMO Mastercard, HSBC Mastercard, or something different, here are four of the most popular categories and the best cards in each category.

Best Cash Back Mastercard in Canada

Cash back Mastercards give you a way to earn cash for every purchase. You can earn anything from 0.5% to 4% or even more. With some cards, you can cash out any time; with others, you must wait until you have earned a certain amount first.

1. Tangerine World Mastercard

Tangerine World Mastercard

Excellent no-fee cash back card with travel perks

Annual fee: $0

Rewards: Earn up to 2% unlimited cash back in 2-3 spending categories and 0.50% on all other purchases.

Welcome offer: Get an additional 10% cash back valued at $100 in the first 2 months.

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Minimum income requirement: $12,000

Recommended credit score:
660
900

Fair to Good

Tangerine Cash Back Credit Card

On Tangerine’s website

  • No annual fee.
  • Unlimited 2% cash back in two spending categories. Get an extra 2% cash back category when you deposit cash back earned in a free Tangerine savings account.
  • Unlimited 0.50% cash back on all other purchases.
  • Cash back earned is paid out monthly.
  • Complimentary Mastercard® Travel Pass Provided By DragonPass membership with access to over 1,300 airport lounges at $32 USD per visit.
  • Rental car and mobile device insurance are included.
  • Access to over 1 million Wi-Fi hotspots worldwide through Boingo Wi-Fi
  • 1.95% promotional balance transfer for first 6 months; 3% balance transfer fee applies ($5 minimum).
  • Purchase assurance to cover loss, theft or damage of new items purchased using the card for up to 90 days.
  • Compatible with Apple Pay, Google Pay, and Samsung Pay.
  • Extended warranty for up to one extra year.

No annual fee

Easy access to airport VIP lounges

Car rental and mobile device coverage

High cash back rates with unlimited earning potential

Lacks comprehensive travel benefits

The Tangerine World Mastercard offers premium perks without charging an annual fee. Its competitive cash back earn rate makes it worthwhile for any wallet, and the mobile device and car rental coverage are solid benefits to have up your sleeve.

2. Neo Credit

Neo Credit

Excellent credit card for cash back

Annual fee: $0

Rewards: Earn up to 15% cash back for first purchases at eligible partners, 5% average cash back at partner stores for subsequent purchases, and 0.5% cash back on average on all purchases.

Welcome offer: $25 bonus on approval.

Interest rates: 19.99% – 22.99% for purchases.

Minimum income requirement: None

Recommended credit score:
600
900

Fair

neocreditwithbanner

On Neo Financial’s website

  • Earn up to 15% cashback on first purchases at eligible partners.
  • Earn 5% cashback at over 10,000 merchants.
  • Earn 0.5% cash back on all other purchases.
  • Unlimited cashback on purchases.
  • Use Subscription Bundles to get extra cashback by choosing from selected categories, or get other rewards on insurance or subscriptions.
  • App Insights provides a clear picture of spending habits.

Earn unlimited cashback

Earn up to 15% cashback on first purchases

No annual fee

Useful app

High-interest rate

No extra perks besides cashback

The Neo Financial Mastercard is a great way to earn up to 15% cashback without paying an annual fee. Subscription Bundles give you more control over where you make the most cash back, and the easy-to-use app provides insights into your spending habits.

3. BMO CashBack Mastercard

BMO Cash Back Mastercard

Good entry-level card for students

Annual fee: $0

Rewards: Earn up to 3% cash back on groceries, 1% on subscriptions and utilities, and 0.5% on all other purchases.

Interest rates: 20.99% for purchases, 22.99% for cash advances.

Minimum income requirement: $15,000

Recommended credit score:
660
900

Good

BMO Cashback Mastercard

On BMO’s website

  • Earn 3% cash back on groceries ($500 monthly spend cap).
  • Earn 1% cash back on subscriptions and utilities ($500 monthly spend cap).
  • Earn 0.5% cash back on other purchases.
  • Redeem cashback at any time and set an automatic deposit.
  • Get extra cashback for additional cardholders.
  • Extended warranty and purchase protection included.
  • Get up to 25% off car rentals at Alamo and National Car Rental.
  • Save 15% on Cirque du Soleil shows in Canada.

Earn up to 3% cashback

Redeem cashback at any time

Includes extended warranty and purchase protection

No annual fee

Few extra perks included beyond cashback

Cashback rate of 0.5% for most purchases is on low end

$500 monthly spend cap on 1% and 4% cash back categories

The BMO CashBack Mastercard is a good way to earn up to 3% cashback without paying an annual fee. The ability to cash out your cashback at any time and set automatic deposits means no more waiting for your money.

4. KOHO Mastercard

KOHO Prepaid Mastercard

Top prepaid card in Canada

Annual fee: $0* monthly for Essential card.

Rewards: Earn up to 5% unlimited cash back on debit purchases and earn 5% savings interest on your entire balance.

Welcome offer: $20 welcome bonus after your first purchase (use CASHBACK promo code when signing up).

Interest rates: 0%

Minimum income requirement: None

Recommended credit score:
N/A

None

KOHO Prepaid Mastercard 1

On KOHO’s website

  • Free KOHO users earn 1% cash back on groceries, gas and transportation
  • Earn up to 5% cashback on debit purchases at participating retailers.
  • Instantly cash out your cash back whenever you want.
  • Earn interest on the savings account.
  • Access to free credit score checks
  • No credit check is required to qualify.
  • Optional credit-building tool for $10/month, plus access to 0% APR cash advances.
  • Get spending insights and balance updates in the app.

No annual fee

Earn up to 5% cashback

Instantly cash out cashback

$1.00 inactivity fee charged after 13 months of registering and 6 months of non-use

Credit-building service has a fee

The KOHO Prepaid Mastercard is a solid rewards prepaid card in Canada. It also provides an option for people with a bad credit score or no credit history to enjoy the convenience of a credit card in the form of a prepaid card. There are no credit checks, and you can earn up to 5% cash back on purchases.

Best No-Annual Fee Mastercards

No-annual fee Mastercards do not charge an annual fee for using them. While some premium cards charge fees up to hundreds of dollars, no-fee Mastercards are free to use.

5. Tangerine Money-Back Credit Card

Tangerine Money-Back Credit Card

Best no-fee cash back credit card

Annual fee: $0

Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.

Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value).

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Minimum income requirement: $12,000

Recommended credit score:
600
900

Fair to Good

Tangerine Cash Back Credit Card

On Tangerine’s website

  • No annual fee.
  • Unlimited 2% cash back in two spending categories. Get an extra 2% cash back spending category when you deposit your rewards in a free Tangerine savings account.
  • Unlimited 0.50% cash back on all other purchases.
  • Cash back earned is paid out monthly.
  • 1.95% promotional balance transfer for first 6 months; 3% balance transfer fee applies ($5 minimum).
  • Purchase assurance to cover loss, theft or damage of new items purchased using the card for up to 90 days.
  • Works with Apple Pay, Google Pay, and Samsung Pay.
  • Extended warranty for up to one extra year.

No annual fee

High cash back rates

Low-income requirement

Cash back paid monthly

Low-interest balance transfer

No travel insurance coverage

3% balance transfer fee

The Tangerine Money-Back Credit Card is one of the best cash back credit cards in Canada. It’s great for students and those who have a limited credit history. Cardholders can also enjoy no-fee chequing and a high interest savings account.

6. MBNA Rewards Platinum Plus Mastercard

MBNA Rewards Platinum Plus Mastercard

Good no-annual-fee cash back card

Annual fee: $0

Rewards: Earn 4 points on every $1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases during the first 90 day. Earn 1 point per $1 spent on all other purchases.

Interest rates: Purchases 19.99%, cash advances 24.99%.

Minimum income requirement: No minimum income is advertised.

Recommended credit score:
725
900

Very Good

MBNA Rewards Platinum Plus Mastercard

On MBNA’s website

  • Earn 2 points per $1 spent on groceries, restaurants, digital media, and household utility bills.
  • Earn 1 point per $1 spent on all other purchases.
  • Annual birthday bonus equivalent to 10% of points earned in the previous 12 months.
  • Redeem for merchandise, travel, gift cards, statement balances, or charitable donations.
  • Mobile Device insurance of up to $1,000.
  • Extended warranty and purchase assurance on items purchased through the credit card.

No annual fee

Wide variety of redemption options

Good insurance options for a no-fee card

Earn rates on the categories are capped annually at $10,000

Point redemption values are higher on other cards

Cash redemption rates are poor (200 points per $1)

This card works well as an entry-level cash back credit card without annual fees. Points earned can be easily redeemed for various rewards.

7. Rogers World Elite Mastercard

Rogers World Elite Mastercard

Best credit card for USD cash back

Annual fee: $0

Rewards: 3% unlimited cash back in U.S. dollars, 1.5% unlimited cashback on other purchases.

Welcome offer: $25 in cashback on the first purchase made within three months.

Interest rates: 19.99% for purchases, and 22.99% for cash advances

Minimum income requirement: $80,000 minimum income or $150,000 household income.

Recommended credit score:
760
900

Very Good

RogersBank_WorldElite_Card_image

On Rogers’s website

  • Earn 3% cashback for all your spending in U.S. dollars with no limit.
  • Earn 1.5% cash back on all other eligible purchases with no limit.
  • $80,000 minimum income or $150,000 household income requirement.
  • Includes Mastercard Travel Pass membership with access to over 1,300 airport lounges globally.
  • Trip interruption and trip cancellation insurance are included.
  • Extended warranty and purchase protection included.
  • Cover for rental car collision/damage included.
  • Must spend $15,000 each year to remain eligible.

Earn up to 3% cashback

Several travel benefits included

Includes travel insurance coverage

No annual fee

Must spend $15,000 a year to remain eligible

High minimum income requirement

The Rogers World Elite Mastercard offers a lot of benefits with no annual fee. The option to earn 3% cash back on U.S. dollar purchases could make it a great option for anyone who travels to the United States frequently, and the unlimited 1.5% cash back for other shopping makes it a tempting proposition.

8. MBNA Smart Cash Platinum Plus Mastercard

MBNA Smart Cash Platinum Plus Mastercard

Good entry-level cash back credit card

Annual fee: $0

Rewards: Earn cash back on every purchase you make with the card.

Interest rates: 19.99% for purchases and 24.99% for cash advances and 22.99% for balance transfers and access cheques.

Minimum income requirement: None

Recommended credit score:
660
900

Good to Excellent

MBNA Smart Cash Platinum Plus Mastercard

On MBNA’s website

  • Earn 2% cash back on gas and groceries for up to $500.00 per month.
  • Earn 0.5% cash back on all other purchases.
  • No annual or supplemental fees with the ability to add up to 9 other cardholders.
  • MBNA Payment Plan allows for monthly payments on purchases over $100.00.
  • Support for lost documents, ticket replacement, and lost luggage.
  • Purchase Assurance for most items purchased for up to 90 days.
  • Extended Warranty Benefit adds an extra year of warranty to new purchases.
  • Save with car rentals at Avis Rent A Car and Budget Rent A Car.
  • Protected by Mastercard Zero Liability for unauthorized purchases.

No annual or supplemental fees

Earn cash back on every purchase

Limited insurance or travel benefits

Monthly cap on cash-back rewards

The MBNA Smart Cash Platinum Plus Mastercard is a great entry-level card for those looking for a simple reward system. With no annual fees and 2% cash back on staples like gas and groceries, it is a great starter card for young Canadians.

9. Scotia Momentum Mastercard

The Scotia Momentum Mastercard offers 1% cash back on gas, grocery, drug store purchases and recurring bills, and 0.5% on other purchases.

It has no annual fees.

Best Rewards Mastercard in Canada

Rewards Mastercards allow you to earn rewards points every time you spend on the card.

Depending on the rewards program, this could include discounts towards flights, categories like gas and groceries, gift cards, merchandise, and more.

10. PC Financial World Elite Mastercard

PC Financial World Elite Mastercard

Best store credit card

Annual fee: $0

Rewards: Earn 30 points per $1 spent at PC grocery stores. Earn 45 points per $1 spent at Shoppers Drug Mart. Earn 30 points per litre at Esso Mobil gas stations. Earn 10 points per $1 spent everywhere else.

Interest rates: 20.97% interest rate, 22.97% Cash advance rate

Minimum income requirement: $80,000 per year personal income or $150,000 household income.

Recommended credit score:
700
900

Good to Very Good

PC financial world elite mastercard

On PC Financial’s website

  • Earn 30 points per $1 spent at No Frills, Real Canadian Superstore, Independent Grocer, and Wholesale Club.
  • Earn 45 points per $1 spent at Shoppers Drug Mart.
  • Earn 30 points per litre at Esso Mobil gas stations.
  • Earn 10 points per $1 spent everywhere else.
  • Redeem points for free products and groceries or at Esso gas stations.
  • Various travel insurance, including emergency medical insurance and car rental collision insurance.
  • Income requirements: $80,000 annual personal income or $150,000 household income.

No annual fees

Good earning rates for groceries

Offers useful insurance benefits

High-income requirements

Points can only be redeemed at PC-branded stores

Travel insurance only covers trips under 10 days

The PC Financial World Elite Mastercard is great for those who shop exclusively at PC-branded grocery and gas locations. Redemptions for gas and groceries can help cut down on monthly expenses, which makes this an ideal card for large households.

11. BMO Ascend World Elite Mastercard

BMO Ascend World Elite Mastercard

Good BMO travel credit card

Annual fee: $150

Rewards: Earn BMO Rewards points on every purchase you make with the card.

Interest rates: 20.99% for purchases and 23.99% for advances for non-Quebec residents, and 21.99% for Quebec residents.

Minimum income requirement: $80,000 for the primary cardholders or $150,000 for a household.

Recommended credit score:
650
900

Good

BMO Ascend World Elite Mastercard

On BMO’s website

  • Earn 5X the points on eligible travel purchases.
  • Earn 3X the points for every $1.00 spent on dining, entertainment, or recurring payments.
  • Earn 1X the points for every $1.00 spent anywhere else.
  • Airport lounge access via free membership in Mastercard Travel Pass.
  • Travel insurance for up to 21 days and medical coverage for $2 million.
  • Redeem BMO Reward Points for travel purchases or even contribute them to a BMO investment account.
  • The annual fee is waived in the first year for all cardholders.
  • The supplemental cardholder fee is $50.00 per card after the first year.
  • Extended warranty and purchase protection.
  • 24/7 access to BMO’s experienced concierge staff.
  • Save up to 25% on car rentals at National Car Rental or Alamo Rent a Car.
  • Get 15% off Cirque Du Soleil shows in Canada or 20% off in Las Vegas.
  • Gain access to over 1 million WiFi Hotspots around the world through Boingo WiFi for Mastercard Cardholders.
  • Minimum income of $80,000 for the primary cardholders or $150,000 for a household.

Extensive BMO Rewards Points program

Excellent travel perks

No annual fee for the first year

Higher minimum income requirement

Annual and supplemental fees after the first year

Aside from the annual fee after the first year, the BMO Ascend World Elite Mastercard is the total package. The extensive BMO Rewards Points system provides incentives to use this card regularly. Enjoy a vast offering of travel incentives and perks as well.

12. Triangle World Elite Mastercard

Triangle World Elite Mastercard

Best for Triangle rewards

Annual fee: $0

Rewards: Earn 4% cash back in Canadian Tire money at eligible stores. Earn 3% cash back in Canadian Tire money at grocery stores. Earn up to 7 cents per litre in Canadian Tire money. Earn 1% cash back in Canadian Tire money everywhere else.

Welcome offer: N/A

Interest rates: 19.99% on purchases, 22.99% on cash advances

Minimum income requirement: $80,000 personal income and $150,000 household income.

Recommended credit score:
760
900

Very Good

Triangle World Elite Mastercard

On Triangle’s website

  • Earn 4% cash back at Canadian Tire stores, including Canadian Tire, Sport Chek, and Mark’s.
  • Earn 7 cents per litre cashback on premium fuel and 5 cents per litre on other fuel at Gas+ and Essence+ gas stations.
  • Earn 3% cash back on groceries (up to $12,000 annually).
  • Earn 1% cash back everywhere else.
  • Roadside Assistance Gold Plan, which includes service calls and towing within Canada and the US.
  • Minimum income requirements of $80,000 personal income and $150,000 household income.

Roadside assistance saves on the cost of CAA membership

No annual fee

Purchase security and extended warranty

Excludes Walmart and Costco from grocery earning rates

High minimum income requirements

Redemption options are limited to retailers that accept Canadian Tire Money

The Triangle World Elite Mastercard is a great no-fee option. Combined with perks such as roadside assistance and extended warranty protection, this card is worth keeping in your wallet for everyday use. 

13. BMO AIR MILES Mastercard

BMO Air Miles Mastercard

Entry-level card for Air Miles rewards

Annual fee: $0

Rewards: Get 3X Miles on purchases made at Air Miles partners.

Interest rates: 20.99% for purchases and 22.99% for cash advances.

Minimum income requirement: $0

Recommended credit score:
660
900

Good

On BMO’s website

  • Earn 3 Miles for every $25 you spend on purchases made at participating Air Miles partners.
  • Earn 2 Miles for every $25 you spend on eligible grocery purchases.
  • Get a 25% discount on rental cars at participating National Car Rental and Alamo Rent a Car locations.
  • Access entertainment benefits like discounted access to Cirque du Soleil shows touring Canada and resident shows in Las Vegas.
  • Redeem Miles for travel, merchandise, or vouchers. 

No annual fee

Up to 3X Miles on select purchases

Attractive Miles redemption options

High purchase APR at 20.99%

Limited insurance benefits

3X Miles category is fairly restricted

The BMO Air Miles Mastercard makes a travel rewards card accessible for those who want to avoid annual fees. With the ability to earn Miles on high-spend categories, it is a great starter card for frequent travelers.

Best Travel Mastercard in Canada

With Travel Mastercards, you get travel-related perks and rewards, including travel insurance coverage, hotel discounts, flight savings, rental cars, airport lounges, vacations, and more.

14. National Bank World Elite Mastercard

National Bank World Elite Mastercard

Good travel credit card

Annual fee: $150

Rewards: Earn 5 points per $1 spent on groceries and restaurants. Earn 2 points per $1 spent on travel, gas, and bill payments. Earn 1 point per $1 spent on all other purchases.

Welcome offer: 60,000 reward points and a first year annual fee waiver.

Interest rates: 20.99% on purchases and 22.49% on cash advances

Minimum income requirement: $80,000 personal or $150,000 household.

Recommended credit score: