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:
Fair to Good
On Tangerine’s website
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:
Fair
On Neo Financial’s website
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:
Good
On BMO’s website
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:
None
On KOHO’s website
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:
Fair to Good
On Tangerine’s website
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:
Very Good
On MBNA’s website
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:
Very Good
On Rogers’s website
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:
Good to Excellent
On MBNA’s website
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:
Good to Very Good
On PC Financial’s website
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:
Good
On BMO’s website
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:
Very Good
On Triangle’s website
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:
Good
On BMO’s website
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:
Very Good
On National Bank’s website
15. BMO CashBack World Elite Mastercard
BMO CashBack World Elite Mastercard
Good for travel rewards
Annual fee: $120
Rewards: Earn 5% cash back on groceries. Earn 4% cash back on transit. Earn 3% cash back on gas. Earn 2% cash back on recurring bills. Earn 1% cash back on all other purchases.
Interest rates: 20.99% for purchases and 23.99% for cash advances
Minimum income requirement: $80,000 minimum personal annual income and $150,000 for household income
Recommended credit score:
Good
On BMO’s website
16. WestJet RBC World Elite Mastercard
WestJet RBC World Elite Mastercard
Premium credit card for earning WestJet dollars
Annual fee: $119
Rewards: Earn up to 2% back in WestJet dollars on eligible travel purchases.
Welcome offer: Get up to 300 bonus WestJet dollars in the first 3 months.
Interest rates: 20.99% on purchases and 22.99% on cash advances.
Minimum income requirement: $80,000 for personal income and $150,000 for household income.
Recommended credit score:
Good or better
On WestJet RBC’s website
Worthy Mentions
17. MBNA Rewards World Elite Mastercard
18. Brim Financial Mastercard
What Is a Mastercard Credit Card?
A Mastercard credit card is simply a credit card that uses the Mastercard network to process payments.
Many banks and financial institutions issue them, and you can use them anywhere Mastercard is accepted in Canada and worldwide.
Pros and Cons of Mastercard Credit Cards
Pros:
- Mastercard is one of the largest payment processors; you can use these cards almost anywhere.
- Using a Mastercard is safer and more convenient than using cash. If you lose your card, you can cancel it and get a replacement without losing money.
- Many Mastercards include premium perks and benefits, like travel-related benefits or rewards programs.
Cons:
- Although rare, there may be places where Mastercard is not accepted, and you are restricted to using other credit cards like Visa.
- Some Mastercards may only come with basic features and may only have a few additional perks.
Mastercard vs. Visa Credit Cards
Mastercard and Visa credit cards in Canada are very similar, and you will find the experience of using both almost exactly the same.
Visa is slightly larger than Mastercard and has a larger global network. Despite this, some stores may not accept Visa payments. For example, Costco in Canada only accepts Mastercard.
The benefits that come with the cards are largely determined by the issuers. However, if you want a specific benefit, it may be restricted to Mastercard or Visa.
For example, Mastercard Travel Pass gives you access to over 1,300 airport lounges worldwide, a benefit specific to Mastercard.
FAQs
It depends on where you shop. If you regularly shop at a store that only accepts one or the other, this can help determine the best card for you. Otherwise, they are very similar.
The three levels of Mastercard are Standard, World, and World Elite, with World Elite providing the most benefits.
This depends on the issuer and the user, but the highest Mastercard limits in Canada can be up to $100,000 or more.
No, some Mastercards provide basic or no perks, while others come with premium benefits, including rewards points and cash back.
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