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Canada’s finest Mastercard bank cards for 2023

Mastercard is among the most generally accepted bank card corporations on this planet—you should use it in additional than 200 nations, making it a good selection for travellers. Plus, Mastercard’s affiliation with the Financial institution of Montreal and its standing as the one bank card you should use at Costco shops make it a powerful selection 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 make the most of low rates of interest, or to achieve entry to premium perks—there’s a Mastercard for you on this record.

Our greatest Mastercard bank card picks
How we decide the most effective playing cards
Continuously requested questions
Extra finest bank card rankings


Our picks for the most effective Mastercard bank cards


Greatest 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 based mostly in your spending habits, and you’ll change your classes on-line.

  • Annual payment: $0
  • Rates of interest: 19.95% on purchases, 19.95% on money advances, 19.95% on stability transfers
  • Welcome bonus: You possibly can earn an additional 10% again on as much as $1,000 in on a regular basis purchases inside the first 2 months. Should apply by October thirty first, 2023.
  • Earn fee: 2% money again on purchases in as much as three spending classes and 0.5% money again on every thing else
  • Further advantages: Buy assurance covers loss, theft or injury for 90 days after buy; prolonged guarantee of as much as one 12 months
  • Annual revenue requirement: $12,000

Execs 

  • 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, when you’re planning a visit you would choose “lodge/motel” as a bonus class. Simply you’ll want to make the change one assertion cycle previous to needing it.
  • With a $12,000 annual revenue requirement, this card may be very accessible.

Cons 

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

Greatest for money again

Rogers World Elite Mastercard

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

  • Annual payment: $0
  • Rates of interest: 19.99% on purchases, 22.99% on money advances, 22.99% on stability transfers
  • Welcome bonus: Earn $25 in money again.
  • Earn fee: 3% on purchases made in U.S. {dollars}; 1.5% on all different eligible purchases
  • Further advantages: Rental automotive collision and injury protection; emergency medical insurance coverage; journey cancellation or interruption safety
  • Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Execs 

  • 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 Move, 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 and so they’re redeemable immediately.
  • In the event you use a Rogers Financial institution bank card to pay for a brand new cellphone at a Rogers, Fido or Shaw-branded retailer, you should use Rogers’ Equal Cost Plan to unfold out your funds over three or 4 years as an alternative of the standard two. There’s no curiosity, so long as you retain up along with your month-to-month funds. (You don’t must be a Rogers Wi-fi buyer to make use of the Equal Cost Plan.)

Cons 

  • The journey insurance coverage doesn’t have some protections, equivalent 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 value an extra USD$32.
  • The annual revenue necessities will preserve this card out of attain for some households.

Greatest for grocery purchases

PC Monetary World Elite Mastercard*

pc-financial-World-elite

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

  • Annual payment: $0
  • Rates of interest: 21.99% on purchases, 22.97% on money advances, 22.97% on stability transfers
  • Welcome bonus: You possibly can earn 20,000 PC Optimum factors ($20 worth).
  • Earn fee: 30 factors per $1 at Loblaw shops, PC Journey and Esso; 45 factors per $1 at Customers Drug Mart; 10 factors per $1 all over the place else
  • Further advantages: Journey emergency medical insurance coverage for as much as 10 days; automotive rental collision or injury; buy safety and prolonged guarantee; concierge companies
  • Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Execs 

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

Cons 

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

Honourable point out:

BMO CashBack Mastercard*

At a look: Meals is a giant spending class for many Canadians so that you’ll wish to take advantage of this expense. In the event you’re on the lookout for a card that allows you to earn on grocery purchases wherever you store, as an alternative of solely at Loblaw-affiliated shops, take into account the BMO CashBack Mastercard. With 3% again on this class, it presents the best earn fee on groceries accessible for a no-fee card. Further playing cards are free, so you may increase your earnings rapidly.

  • Annual payment: $0
  • Rates of interest: 20.99% on purchases, 22.99% on money advances (21.99% for Quebec residents), 22.99% on stability transfers
  • Welcome bonus: You possibly can earn as much as 5% money again in your first 3 months. Situations apply.
  • Earn fee: 3% money again on groceries; 1% money again on recurring payments; 0.5% money again on all different spends
  • Further advantages: Entry to BMO PaySmart installment fee plan; entry to the Mastercard Journey Rewards program which supplies you presents and financial savings; reductions at Nationwide Automotive Rental and Alamo Automotive Rental; reductions at Cirque du Soleil; prolonged guarantee and buy safety
  • Annual revenue requirement: Private revenue of $15,000

Execs

  • Redeem your money again whenever you need, and select how you utilize your rewards. You possibly can apply them to your bank card invoice, withdraw on to your BMO chequing or financial savings account, or make investments them in your InvestorLine account.
  • With 3% money again on groceries, a month-to-month spend of $500 will get you $180 yearly from that class alone. 
  • This card places accessible money again rewards in attain for many individuals as a result of it has a low minimal revenue requirement and no annual payment. 

Cons

  • The BMO Money Again Mastercard doesn’t embrace many perks. For instance, it doesn’t include journey insurance coverage.
  • With a base earn fee of 0.5%, this card much less is helpful for purchases outdoors boosted classes.
  • The three% money again fee on groceries and 1% fee on recurring payments is capped at $500 per 30 days. Spends in these classes past that quantity will earn on the base fee of 0.5%.

Greatest no payment card for journey

MBNA Rewards Platinum Plus Mastercard*

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

Execs 

  • Redemptions are straightforward and versatile. You need to use MBNA factors for money again, merchandise, reward card, journey and even charitable donations.
  • Yearly, get 10% of the factors you earned within the earlier 12 months 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.

Greatest journey bank card

BMO Ascend World Elite Mastercard*

BMO Ascend World Elite Mastercard

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

  • Annual payment: $150
  • Rates of interest: 20.99% on purchases, 23.99% on money advances, 23.99% on stability transfers
  • Welcome bonus: You possibly can earn as much as 70,000 factors and the annual payment waived within the first 12 months for each the first cardholder and approved customers.
  • Earn fee: 5 factors per $1 spent on eligible journey purchases; 3 factors per $1 on eating, leisure, and recurring invoice funds; 1 level per $1 on every thing else
  • Further advantages: Mastercard Airport Experiences membership, plus 4 annual complimentary lounge passes; BMO World Elite Complete Journey and Medical Safety insurance coverage for limitless journeys per 12 months 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

Execs 

  • This card consists of complimentary membership in Mastercard Journey Move with 4 annual airport lounge passes. 
  • The included journey insurance coverage is among the finest available on the market and the emergency medical is on the market to travellers aged 75 and below (many insurance policies solely cowl these aged 65 and below).
  • BMO Rewards are versatile and might be redeemed for journey, merchandise, reward playing cards and even investments.

Cons 

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

Greatest bank card for Costco

Rogers World Elite Mastercard

At a look: Why accept much less when you may have extra? The CIBC Costco Mastercard—our runner up for the most effective card to make use of at Costco—is custom-tailored to the wants of loyal warehouse customers. But it surely received’t fetch you the best rewards in your spending. For that, you’ll need the Rogers World Elite Mastercard, which presents a formidable 1.5% money again on each single buy you make Costco, in retailer or on-line. The potential for limitless money again and larger redemption flexibility is what offers this card an edge over the CIBC Costco Mastercard.

  • Annual payment: $0
  • Rates of interest: 19.99% on purchases, 22.99% on money advances, 22.99% on stability transfers
  • Earn fee: 1.5% money again on all purchases; 3% money again on all U.S.-dollar purchases
  • Further advantages: Emergency medical insurance coverage; journey cancellation/interruption safety; rental automotive collision/injury protection; complimentary membership to the Mastercard Journey Move program
  • Welcome supply: Earn $25 money again whenever you make your first buy inside three months of getting the cardboard.
  • Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Execs 

  • 1.5% limitless money again on all of your Costco purchases is the actual advantage of this card. Whereas the CIBC Costco Mastercard presents larger accelerated earn charges on restaurant, Costco gasoline and Costco.ca purchases, the incomes caps are reasonably restrictive.
  • Redeem your rewards whenever you need! You simply need to have accrued $10 in earnings.
  • If you store in Costco shops (as an alternative of on-line), you’ll earn 0.5% greater than you’d with the CIBC Costco Mastercard.

Cons

  • To qualify, you’ll want a private revenue of $80,000 or a family revenue of $150,000. If that’s past what you earn, the CIBC Costco Mastercard is an efficient various.

Runner up: CIBC Costco Mastercard

At a look: Costco solely accepts Mastercard, and this money again card presents tailor-made advantages for Costco customers. Earn 3% money again at eating places and Costco gasoline stations, 2% at different gasoline stations and when buying at Costco.ca, and 1% on all different purchases (together with Costco). The cardboard doubles as your Costco membership card, so that you don’t have to fret about carrying two playing cards or forgetting your membership card at house.

  • Annual payment: $0
  • Rates of interest: 19.75% on purchases, 21.49% on money advances, 21.49% on stability transfers
  • Earn fee: 3% money again whenever you spend at eating places and at Costco gasoline, 2% again at different gasoline stations and at Costco.ca, 1% on all different purchases (together with Costco)
  • Welcome supply: There is no such thing as a welcome supply at the moment.
  • Further advantages: Zero legal responsibility safety, cellular system insurance coverage, and buy safety and prolonged guarantee insurance coverage
  • Annual revenue requirement: $15,000

Execs 

  • With no annual payment and money again on all of your purchases, this card is an efficient one is you have already got a Costco membership and wish to earn money again for use completely on Costco purchases.
  • For a no annual payment card, it presents aggressive earn charges, explicit for spending at eating places.

Cons 

  • It’s essential to be a Costco member, which is able to value you $60 or $120 per 12 months, relying in your membership.
  • There’s no restrict on how a lot money again you may earn all year long, however the earn charges are capped. After reaching the annual spend in a class ($5,000 for gasoline and $8,000 for Costco.ca purchases), you’ll solely earn the 1% money again fee.
  • Different playing cards supply larger flexibility for money again redemptions. With the CIBC Costco Mastercard, you’ll obtain money again within the type of reward certificates, issued one per 12 months, you can redeem for something within the Costco warehouse.

Greatest for low curiosity

MBNA True Line Gold Mastercard*

At a look: The MBNA True Line Gold Mastercard presents one of many lowest rates of interest available on the market with no annual revenue necessities and a low annual payment of $39. This card is a powerful instrument for these seeking to pay down debt.

  • Annual payment: $39
  • Rates of interest: 8.99% on purchases, 24.99% on money advances, 8.99% on stability transfers
  • Earn fee: N/A
  • Further advantages: As much as 9 further customers at no additional payment; journey help companies, together with assist changing misplaced paperwork, and help in case your baggage goes lacking; financial savings with Avis and Finances automotive leases; buy safety for as much as 90 days; and prolonged guarantee of as much as one further 12 months on high of the producer’s protection
  • Welcome bonus: No welcome supply.
  • Annual revenue requirement: None

Execs 

  • The 8.99% rate of interest is among the lowest available on the market. 
  • Cardholders can add as much as 9 further customers at no further value.
  • Contains journey help and authorized help.

Cons 

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

Greatest for Air Miles collectors

BMO Air Miles World Elite Mastercard*

At a look:  Providing a rare 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 payment: $120 (waived for the primary 12 months)
  • Rates of interest: 20.99% on purchases, 23.99% on money advances, 22.99% on stability transfers
  • Welcome bonus: You possibly can earn 3,000 AIR MILES Bonus Miles and we’ll waive the $120 annual payment for the primary 12 months.
  • Earn fee: 1 Mile per $12 spent, 3 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 Move supplied by DragonPass; unique 25% low cost on one worldwide Air Miles flight redemption in the course of the calendar 12 months; 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

Execs 

  • This card offers you entry to a powerful base fee of 1 Air Mile per $12 spent, plus loads of alternatives to spice up your earn fee, together with the flexibility 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 Move 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 value USD$32 per go to.
  • The annual minimal revenue requirement will put this card out of attain for some.

Greatest for college kids

BMO CashBack Mastercard*

At a look: The BMO CashBack Mastercard presents a no-fee method to earn huge on groceries, a function that may enchantment to hungry college students. The three% earn fee on groceries is among the highest within the nation for a no-fee card, and cardholders will get a 1% return on recurring invoice funds (every thing else earns 0.5% money again).

  • Annual payment: $0
  • Rates of interest: 20.99% on purchases, 22.99% on money advances
  • Welcome bonus: You possibly can earn 5% money again in your first 3 months
  • Earn fee: 3% money again on groceries and 1% on recurring invoice funds; 0.5% on every thing else
  • Further advantages: Prolonged guarantee and buy safety in opposition to theft or injury for 90 days after buy; as much as 25% off at Nationwide and Alamo; reductions for Cirque du Soleil tickets
  • Annual revenue requirement: None

Execs 

  • Further playing cards are free so you may earn much more money again.
  • As a no-fee card with no minimal revenue requirement, this card is a particularly accessible method to earn money again in a giant 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.

Greatest 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 presents the most effective roadside help. The cardboard’s Gold Plan lets members choose 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 payment: $0
  • Rates of interest: 19.99% on purchases, 22.99% on money advances, 22.99% on stability 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 Gasoline+/Essence+ and Husky places; 1% again all over the place else
  • Further advantages: No-receipt returns; personalised presents; prolonged guarantee and safety insurance coverage that covers loss, theft or injury for 90 days after buy
  • Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Execs 

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

Cons 

  • Regardless of being categorised by Mastercard as grocery shops, Walmart Supercentres will not be 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 this can be a no-fee card, the excessive annual minimal revenue requirement will put it out of attain for some.

Greatest pay as you go Mastercard

Koho Pay as you go Mastercard with an Straightforward subscription*


At a look:
The Koho Pay as you go Mastercard works like a debit card you should use without cost at any ATM and all over the place that accepts Mastercard—plus, you’ll additionally get money again in your purchases. If you open a Koho account, you’ll obtain a digital Pay as you go Mastercard, and you’ll have to choose in to obtain the bodily card. Clients are robotically enrolled into Straightforward, Koho’s base subscription plan—and the one free one. Cardholders can select to improve to the paid Important or Additional plans for higher earn charges and extra perks.

  • Annual payment: $0
  • Rates of interest: N/A
  • Welcome supply:
  • Earn fee: 1% money again on payments, companies, and groceries; as much as 5% again at choose retailers 
  • Further advantages: Entry to budgeting instruments, RoundUp, monetary teaching and credit score constructing for a payment ($10 per 30 days); 0.5% curiosity in your account; entry to joint accounts
  • Annual revenue requirement: None

Execs 

  • The Straightforward account is free however prospects can entry extra perks and higher charges by upgrading their plan. For instance, when you pay $9 per 30 days for the Koho Additional account, you’ll earn 2% money again on groceries, payments, companies, and consuming and consuming, plus 0.5% money again on all purchases. With Additional, you’ll additionally get a $25 money bonus as soon as authorized.
  • You’ll pay no month-to-month charges with the Straightforward account, and because you preload the cardboard, you don’t have to fret about missed funds or rates of interest.
  • Koho presents a great deal of instruments that can assist you finances and meet your monetary objectives. Some are free, together with RoundUp—the place you set your account to spherical up the price of purchases to the closest $1, $2, $5 or $10, and it places the distinction apart in your financial savings.

Cons 

  • If you wish to entry the most effective perks and options, you’ll need to subscribe to Koho Important or Additional, which include month-to-month charges of $4 and $9, or annual charges of $48 and $84, respectively.
  • Some perks accessible with all three plans, equivalent to credit score constructing, come at an additional value that varies relying on the plan.
  • With Koho Straightforward, travellers and cross-border customers are charged overseas transactions (FX) charges of 1.5%. If these expenses matter to you, take into account the Koho Additional plan, which comes with no FX charges.

Our methodology: How we decide the most effective playing cards

The MoneySense editorial staff selects the most effective bank cards by assessing the worth they supply to Canadians throughout varied classes. Our greatest Mastercard bank cards rating is predicated on an in depth record of card particulars and options, together with annual charges, rates of interest, welcome presents, rewards earn charges, annual revenue necessities, and perks equivalent to insurance coverage protection, buy safety, roadside help, rebates, reductions and airport lounge entry. Now we have additionally thought-about the professionals and cons of every card that can assist you decide which of them finest fit your monetary wants. Our rankings are an unbiased supply of knowledge for Canadians. The addition of hyperlinks from affiliate companions has no bearing on the outcomes. Learn extra about how MoneySense makes cash.

Continuously requested questions

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