The 8 Best Mastercards in Canada for 2024

An Overview of the Best Mastercards in Canada

The 8 Best Mastercards in Canada

Here are the best Mastercards in Canada:

1. Best No-fee Cash Back Mastercard: Tangerine World Mastercard

• Interest Rate = 19.95%
• Annual Fee = $0
• Rewards = Up to 2% cashback

Tangerine World Mastercard is the best option if you are looking for a Mastercard with great cashback rewards and no annual fee. 

The Tangerine World Mastercard is Canada’s best cashback Credit Card that offers great features, like personalised categories, unlimited Money-Back Rewards deposited into your Account monthly and no annual fee, plus other additional benefits.

This card is ideal for those who don’t want to pay an annual credit card fee and aren’t interested in travel and air loyalty programs. The card offers unlimited cashback across various categories and no foreign transaction fees.

It also offers the following:

• 2% cash back on anything you buy in up to 3 spending categories
• 0.5% cash back on everything else
• 15% cash back (up to $150) when you spend at least $1,000 on daily purchases within the first two months of signing up on the card.
• Purchase assurance which covers loss, theft or damage for 90 days after purchase; extended warranty up to one year

Pros

• A rare no-fee World Mastercard.
• Earn an extra 10% cash back for the first two months, up to $1,000 spent.
• Choose up to 3 categories to earn 2% cash back.

Cons

• Only earns 0.5% cash back on non-category purchases.

2. Best Mastercard With No Foreign Transaction Fees: Brim World Elite Mastercard

• Annual Interest Rate on Purchase: 19.99%/21.50%
• Annual Fee: $199
• Rewards: 2% cashback on all $1 purchases.

The Brim World Elite Mastercard is one of Canada’s best, offering unlimited cashback with no foreign transaction fees. This Mastercard waives foreign transaction fees and doesn’t charge an extra 2.5% when you make any purchase in non-Canadian currencies.

For your first year, the annual fee of $199 is usually waived, helping you save more. The card offers great insurance perks for mobile devices, rental cars, medical emergencies and nine other insurance types.

Also, the card offers a base rate of 2% for every $1 you spend and is capped at $25,000. You earn 1 point per dollar after that.

Brim Financials offers easy redemption options. You can use your points to pay for transactions with up to $1 worth of rewards.

Pros

• 2% cash back on your first $25,000 in annual purchases.
• Bonus rewards when shopping with Brim’s retail partners.
• 13 types of insurance.
• No foreign exchange fees.

Cons

• High annual fee of $199
• Only earns 1% cash back after spending $25,000 annually.

3. Best Mastercard For Groceries: PC Financial World Elite Mastercard 

• Annual Interest Rate on Purchase: 20.97%/22.97%
• Annual Fee: $0
• Rewards: 30 points on every $1 eligible purchase and 10 points for all other $1 purchases.

The PC Financial World Elite Mastercard is Canada’s best Mastercard for grocery rewards. If you are a frequent shopper at Loblaws-affiliated stores, like No Frills and Fortinos, you should be using PC Financial World Elite Mastercard.

This card offers 30 points on every $1 eligible purchase at Loblaw stores, PC Travel and Esso, 45 points on every $1 eligible purchase at Shoppers Drug Mart, and 10 points for all other $1 purchases with the PC Financial World Elite Mastercard.

You can redeem $10 worth of groceries and products at your favourite stores by accumulating 10,000 points.

In addition, the PC Financial World Elite Mastercard offers purchase protection and an extended warranty plus travel emergency medical insurance.

To qualify, you must have a personal annual income of $80,000+ or $150,000+ family annual income.

Pros

• The earn rates are exceptional for a no-fee card, redemptions are hassle-free, and there are more than 2,500 locations where PC and President’s Choice products are sold in Canada, giving you plenty of flexibility and opportunities to earn.
• You can earn PC Optimum points no matter where you shop. 
• You can stack your points by showing your PC Optimum card and paying with your PC Financial World Elite Mastercard.
• Includes travel and car rental insurance that’s suitable for short trips.

Cons 

• The earn rate for shopping at non-affiliated stores is only 10 points per $1 spent. 
• The included travel insurance isn’t strong enough for longer or more complex trips.
• The minimum annual income requirement will keep this card out of reach for many.

4. Best Mastercard For Travel: BMO Ascend World Elite Mastercard

• Annual Interest Rate: 20.99%/23.99%
• Annual Fee: $150
• Rewards: 3 points per $1 spent on restaurants and entertainment, and 1 points per $1 on everything else

The BMO Ascend World Elite Mastercard is Canada’s best travel credit card. If you are an avid traveller but don’t want to participate in the BMO Air Miles program, you will find this card suitable for your needs.

This card allows you to rack up points on your daily spending. Instead of Air Miles, you earn BMO reward points are very competitive rates.

You earn 5 BMO points on every $1 you spend on travel, 3 BMO points on every $1 spent on restaurants, entertainment, and recurring bills, and 1 BMO on everything else.

Also, this Mastercard offers 60,000 points as a welcome bonus, and the annual fee of $150 is waived for the first year. The card offers easy redemption options. You can easily redeem your points for travel and merchandise rewards.

Pros 

• This card includes complimentary membership in Mastercard Travel Pass with four annual airport lounge passes. 
• The included travel insurance is one of the best on the market.
• BMO Rewards are flexible and can be redeemed for travel, merchandise, gift cards, and investments.

Cons 

• The $150 annual fee is higher than other cards in this category.
• This card has high annual income requirements.

5. Best No Fee Mastercard for Travel Points: MBNA Rewards Platinum Plus Mastercard

• Annual Interest Rate on Purchase: 19.99%/24.99%
• Annual Fee: $0
• Rewards: 4 points on all $1 eligible purchase

The MBNA Rewards Platinum Plus Mastercard sets itself apart with its $0 annual fee and unlimited reward points for travellers.

With this no-fee Mastercard, you can earn 4 points on every eligible purchase on restaurants, groceries, membership, digital media, and household utility purchases during the first 90 days of your registration and 2 points after that on these same categories, all capped at $5,000.

Also, you will earn 10,000 points if you make $500 eligible purchases on your card and enrol to receive e-statements. You can easily redeem your bonus points on flights for any airline.

Pros 

• Tied for the lowest minimum APR of any card on this list.
• No annual fee.

Cons 

• Requires an Amazon Prime membership to maximise the available rewards.
• Only provides Amazon Rewards, not cash back.

6. Best Mastercard for Shopping Locally: Neo Financial Mastercard

• Annual Interest Rate: 19.99%
• Annual Fee: $0
• Rewards: 5%+ cash back on every eligible purchase.

The Neo Financial Mastercard is Canada’s best Mastercard for cashback credit when you shop locally. This card offers high-rate cashback on eligible purchases at small businesses and big box stores in Canada.

In addition to a 15% welcome bonus, this Mastercard offers 5% cash back when you purchase items from select retailers (Neo partners).

With Neo Financial Mastercard, there is no limit to how much cash back you can earn. Also, you can redeem your cashback earnings whenever you want.

While the standard account of the Neo Financial Mastercard has no annual fee, you can improve your earnings by subscribing to the Plus or Ultra account, which has annual fees.

Pros 

• No annual fee.
• Average of 5% unlimited cash back at Neo partners.

Cons 

• The welcome bonus and cashback only apply to Neo partners.
• Does not include travel insurance or other perks.

7. Best Mastercard for Students: BMO CashBack Mastercard 

• Annual Interest Rate on Purchase: 19.99%
• Annual Fee: $0
• Rewards: 5% introductory cashback.

The BMO CashBack Mastercard is Canada’s best student credit card due to its zero annual fee and competitive cashback.

With this card, Canadian students can enjoy 5% cash back on all purchases during the initial three months of registration and an introductory balance transfer fee of 0.99% for the first nine months.

Following that, you will earn the following:

• 3% cashback on grocery spending
• 1% cashback on recurring bills spendings like Netflix and Spotify
• 0.5% cash back on all other spendings

This card also offers flexibility. Your rewards can be redeemed anytime as they never expire, and you can redeem them for as little as $1 at a time.

The card also offers an easy and affordable income requirement of $15,000, making it approachable for most students on fixed incomes.

Pros 

• The card offers the highest grocery cash-back offer in Canada and generous transit and gas cash-back offers.
• $2 million of emergency medical coverage.

Cons 

• $120 annual fee.
• High spending requirements to earn welcome bonus.

8. Best Mastercard for Roadside Assistance: Triangle World Elite Mastercard 

• Annual Interest Rate on Purchase: 19.99%
• Annual Fee: $0
• Rewards: 4% cashback on purchases from participating retailers.

The Triangle World Elite Mastercard is Canada’s top pick for roadside assistance. This card from Canadian Tire allows you to redeem rewards in Canadian Tire Money (CTM).

The Mastercard offers 4% cash back on all purchases at Canadian Tore, Marks, Chek, and other eligible stores and 3% cash back in CTM when you purchase groceries at stores excluding Costco and Walmart.

It also offers $0.7 in CT Money for every litre of premium fuel and $0.5 for all other fuel types at Gas+ and Essence+ pumps.

It offers 1% cash back in CT Money on every other purchase at any shop in Canada.

Additionally, the card offers the Roadside Assistance Gold Plan, which offers towing distance of 250 km per service call to any destination of your choice within the US or Canada.

Pros 

• High cash back rewards at Canadian Tire.
• No annual fee.

Cons 

• Only grants cash-back rewards from specific store chains.
• Only gives digital Canadian Tire Money as cash-back rewards.

What is a Mastercard

Mastercard is a major credit card network in Canada handling payments for purchases across Canada. With a Mastercard, you can shop in stores or online, using the credit available to you.

When you swipe or tap your Mastercard, the transaction goes through the Mastercard payment network. It is important to note that banks are the ones giving out these cards to people like you and me. But remember, the perks and fees can vary a lot depending on the specific card and the bank that issues it.

Mastercard Tiers in Canada

In Canada, Mastercard offers three distinct tiers of card membership: Standard, World, and World Elite. Generally, as you ascend the tiers, you’ll find better perks, though the top-tier cards often come with more stringent eligibility criteria and higher annual fees.

1. Standard Mastercard

The Standard tier represents the entry-level category in Mastercard’s lineup. These cards are designed for first-time cardholders, newcomers, or individuals seeking a straightforward option without too many frills.

Standard Mastercards typically feature low or no annual fees and relatively relaxed eligibility requirements. However, they may lack the extensive benefits and bonuses associated with higher-tier cards.

2. World Mastercard

Sitting comfortably between the Standard and World Elite tiers, World Mastercards offer a balance of rewards and accessibility.

Cards in this tier often require a bit more qualification than their Standard counterparts and may come with annual fees. Yet, they compensate for this with enhanced rewards programs and improved insurance coverage.

3. World Elite Mastercard

At the top of the hierarchy is the World Elite tier, representing Mastercard’s most exclusive offerings. These cards come with higher fees and stricter eligibility criteria but provide an array of premium perks.

From comprehensive insurance coverage to airport lounge access and global Wi-Fi, World Elite Mastercards cater to those seeking luxury and convenience in their credit card experience.

Benefits of Mastercards

Beyond offering attractive earning rates, choosing a Mastercard brings forth a plethora of perks and benefits. Here are some of the top benefits of Mastercards:

1. Widely Accepted

Mastercards reign supreme in terms of acceptance across Canada. While Visa cards come close, Mastercards hold the distinction of being the sole card accepted at Costco warehouses, giving them a slight advantage. In essence, unless a merchant doesn’t accept credit cards altogether, you can rest assured your Mastercard will be accepted.

2. Comprehensive Insurance Packages

Many Mastercards, particularly those issued by MBNA and BMO, boast impressive insurance packages. With offerings spanning up to 14 types of coverage, Mastercards surpasses other credit card options. These insurance benefits provide substantial value to cardholders.

3. Top Balance Transfer Options

When it comes to alleviating credit card debt, Mastercards dominate with some of the best balance transfer offers available. There are numerous Mastercards with competitive balance transfer offers, making them a preferred choice for those seeking to manage their debt effectively. Moreover, many of the most advantageous low-interest credit cards are Mastercards.

Downsides of Mastercards

While Mastercards offer numerous advantages, they tend to lag behind in certain areas, particularly in welcome bonuses and rewards:

1. Limited Welcome Bonuses

Looking for substantial rewards when you sign up for a new card? Mastercards in Canada may not be your best bet. Only a few cards in our lineup offer welcome bonuses valued at over $300, and they rarely exceed $500. Many American Express and Visa cards easily surpass this figure.

2. Reduced Rewards for Spending

Seeking maximum rewards for your spending? You might need to explore other options. The highest return rate on our top Mastercards is 2.6%, which is often outmatched by numerous Visa and American Express cards. The reason? Mastercards lack high-value airline miles or flight reward charts that can significantly boost the value of points.

How to Choose the Right Mastercard for Your Needs

While Mastercards may share common features, not all of them are equally tailored to your financial needs. When evaluating your options, consider the following factors:

• Annual Fee: While many Mastercards have no annual fee, some cards with higher fees offer additional perks and benefits. Consider whether the benefits outweigh the cost of the annual fee for your spending habits and needs.
• Annual Income Requirements: Some Mastercards may require applicants to meet minimum annual income thresholds to qualify. Ensure you meet these requirements before applying for a card to avoid disappointment.
• Interest Rates: Credit card interest rates vary widely. If you anticipate carrying a balance, opting for a card with a lower interest rate can save you money in the long run. Take into account your payment habits and financial situation when comparing interest rates.
• Rewards Programs: Mastercards offer various rewards programs, including cash back, travel rewards, and points systems. Consider your spending habits and preferences to choose a card with a rewards program that aligns with your lifestyle and financial goals.
• Credit Score Requirements: While credit card providers typically don’t disclose specific credit score requirements, having a higher credit score increases your likelihood of approval for premium credit cards. Monitoring your credit report and improving your credit score can enhance your eligibility for better cards.
• Insurance Coverage: Mastercards may provide different levels of insurance coverage, including extended warranties, purchase protection, travel insurance, and rental car coverage. Assess your insurance needs and choose a card that offers adequate coverage for your requirements and travel habits.

RECOMMENDED READINGS

• Tangerine Credit Cards Review
• Triangle Mastercard Review 2024: Canadian Tire Credit Card
• The 7 Best RBC Credit Cards in Canada for 2024
• The 10 Best Travel Credit Cards in Canada for 2024

Final Thoughts on the Best Mastercard in Canada

Choosing the right Mastercard can help you earn valuable rewards and perks on everyday purchases, so it’s important to research and find one that aligns with your goals.

Whether you’re looking for a card with no annual fee or one that offers premium perks like travel insurance and concierge services, there’s a Mastercard out there for you.

I hope this article helped you better understand the best Mastercards in Canada and how to choose one that suits your lifestyle and spending habits. 

So go ahead and take your pick from our list of the best Mastercards in Canada and start reaping the rewards today!