The 7 Best Mastercard Credit Cards in Canada of February 2023
By Nick Robert
Mastercard credit cards are one of the most commonly accepted credit cards in Canada. But which one is best for you? In order to simplify the process of selecting a Mastercard credit card, I have ranked and reviewed the most popular options available on the market today.
Mastercards are usually issued by smaller companies like MBNA and Canadian Tire, but some of the biggest banks in Canada (such as BMO) offer a great option. Keep reading for my top choices for Canada’s best Mastercard credit card.
The best Mastercard credit cards in Canada:
My top 3 choices are summarized below, and keep reading for more great options!
BMO Cash Back World Elite MasterCard – #1 Pick
This card offers a high rewards rate on great categories
Brim World Elite MasterCard – #3 Pick
This card has the first year annual fee waived & 2% rewards on all spend
#1 Pick – BMO Cash Back World Elite Mastercard
Highlights:
- Annual fee: $120 (first year’s annual fees are waived)
- Welcome bonus: 10% cash back for the three months
- Rewards rate: 5% on grocery purchases, 4% on transit, 3% on eligible gas & electric vehicle charging purchases, 2% on recurring bill payments and 1% on all other purchases (including Costco)
- Interest rate: 20.99% on everyday purchases, 23.99% for cash advances & balance transfers
My take:
This credit card is one of the best rewards credit cards in the market today, offering 10% for the first three months and 2-5% rewards on eligible purchases afterwards. As this is a Mastercard, you can also use this card at Costco. Additionally, it’s easy to redeem points for statement credit or cash back.
This credit card does require a higher annual income to qualify of 80k personal annual income or 150k annual income per family. While it offers excellent cash-back rewards on Groceries, Transit, gas and recurring bill payments, it only offers 1% cash back on all other purchases. Other credit cards may be better if your spending habits do not fall into those categories.
Pros:
Cons:
#2 Pick – MBNA rewards World Elite Mastercard
Highlights:
- Annual fee: $120 for primary and $50 per additional card
- Welcome bonus: 30,000 MBNA points in Quebec, 20,000 points in all other provinces
- Rewards rate: 2 points per dollar spent or 2% on all purchases, and 5 points per dollar on many restaurants, groceries, digital media, memberships, and household utility purchases
- Interest rate: 19.99% on purchases, 24.99% on cash advances, 22.99% on balance transfers
My take
The MBNA World Elite Mastercard is a tremendous all-around Mastercard credit card. It boasts a solid welcome offer (especially if you live in Quebec), and its rewards structure is straightforward at 2% on all purchases – including Costco purchases. Additionally, many purchase categories qualify for up to 5% bonus points.
The downside is higher annual fees and extra fees for all additional cards. Like the BMO Mastercard, it also has a high-income qualification at 80k annually or 150k per family
Pros:
Cons:
#3 Pick – Brim World Elite Mastercard
Highlights:
- Annual fee: $199 per year, first-year fee waived
- Welcome bonus: $500 in first-time bonuses
- Rewards rate: 2% back in points up to $25k annual spend, 1% afterwards
My take
This credit card offers 2% cash back on all purchases up to $25k and then 1% afterwards. This is a great cash back rewards credit card. Additionally, Brim has all kinds of additional extra advantages like a 0% foreign transaction fee and free Global WiFi.
If you are looking for straight cash back, there are other cards on this list with higher rewards in many categories. Most people will spend over $25k annually and be moved into the lower rewards structure.
Pros:
Cons:
#4 Pick – National Bank World Elite Mastercard
Highlights:
- Annual fee: $150 per year, with the first year waived
- Welcome bonus: 60,000 rewards points
- Rewards rate: 5 points per dollar spent on Groceries & restaurants, 2 points on gas, travel & recurring bills, and 1 point on all other purchases
- Interest rate: 20.99% on purchases, 22.49% on balance transfers and cash advances
My take
This is one of the best Mastercard options available to Canadians. With a 60,000 points rewards offer and 5 points per dollar spent on groceries & restaurants, this card adds a lot of value to most Canadians. Additionally, there are many extra insurance and warranty benefits.
This card does require a high annual income to qualify. This list offers better credit card options if you spend in non-eligible categories that only earn 1 point per dollar.
Pros:
Cons:
#5 Pick – Tangerine World Mastercard
Highlights:
- Annual fee: $0
- Welcome bonus: 15% cash back up to $1,000 of everyday purchases in the first two months ($300 value)
- Rewards rate: 2% in 2 categories of your choice and 0.5% on all other purchases
- Interest rate: 19.95% on purchases
My take
The Tangerine World Mastercard comes with no annual fee and 15% cash back for the first two months (up to $1k of spending). This card also offers 2% rewards on two spending categories of your choice and 0.5% on all other purchases. If you open a Tangerine savings account, you get access to a 3rd spending category to earn 2% cash back. This makes it one of the best no-annual-fee Mastercard options.
This card offers lower rewards of just 2% on two categories of your choice and 0.5% on all other spending. Many other options in this list offer a better rewards structure but have a higher annual fee.
Pros:
Cons:
#6 Pick – PC Financial Mastercard
Highlights:
- Annual fee: $0
- Welcome bonus: 20,000 welcome points
- Rewards rate: 3% on gas, 2.5% on Shoppers Drug Mart purchases, 1% at Loblaw family of grocery stores
- Interest rate: 20.97% on purchases, 22.97% on cash advances
My take
The PC Financial Mastercard is an excellent Mastercard choice with no fee if you shop at Loblaw’s related grocery stores or Shoppers Drug Mart. It also has some of the highest rewards for gas purchases.
If you do not frequent Loblaws-related stores, better options are available with higher cash-back rewards.
Pros:
Cons:
#7 Pick – Neo Financial Mastercard
Highlights:
- Annual fee: $0
- Welcome bonus: 15% cash back welcome bonus on the first day purchases
- Rewards rate: 3%-15% with Neo Partner’s, average of 5%
- Interest rate: 19.99-26.99% on purchases, 22.99-28.99% on cash advances
My take
Neo financial is a Canadian start-up that offers a credit card with no annual or monthly fees. Neo partners directly with retailers to offer you instant cash-back rewards that are tracked through the Neo app. Some of their partners include Sport Chek, Canadian tire, Walmart, Dollarama and more. This is a great pick because it offers high rewards at great locations.
However, rewards are only available with Neo partnered stores. So you may want to use this card with another card for purchases at non-Neo Partnered stores. For a more detailed breakdown, check out this Neo Financial review.
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Benefits of choosing a Mastercard Credit Card in Canada
Widely accepted across Canada
Mastercard is the only credit card accepted at Costco and is accepted at most online and physical retailers across Canada. Visa is also very popular, but Costco does not accept Visa cards. American Express is the least accepted card across Canada.
Excellent insurance coverage & additional benefits
Mastercard offers so much additional coverage that you can often avoid paying for extra insurance. Here is a list of the most common benefits and insurance coverage on most Mastercards.
Extended warranty on purchases
Purchase protection
Mastercard Global Service for emergency assistance virtually anytime and anywhere
Concierge services
Zero liability – only pay for purchases that you have authorized
Airport lounge access
Boingo WiFi
Car rental collision damage waiver insurance
Travel accident and emergency medical insurance
Trip cancellation insurance
Baggage delay insurance
And more…
The downside of selecting a Mastercard credit card in Canada
Some Visa and American Express credit cards offer higher rewards than the cards in this list. If your goal is to collect the most points possible, I recommend the high-fee American Express cards instead. For a list of the best credit cards in Canada, click here.
Using any credit card is a way to improve your credit score. However, you can hurt your credit score if you do not pay your balance in full. Make sure you use credit responsibly.
Summary of best Mastercard in Canada
There are many great MasterCard options available. This list summarizes the best options for cash back and has some cards listed with no fees and lower income qualifications. There should be one Mastercard in this list that will meet your needs.
Links to other helpful Personal Finance topics:
- Everything personal finance
- Best cash-back credit cards
- Best student credit cards in Canada
- How to make money online
- Best Business to start in Canada
- Best tax software in Canada
- How to increase your credit score in Canada
About the Author
Nick Robert is the founder and creator of Nickrobert.com. I created this website to educate Canadians about everything related to personal finance. As a Chartered Professional Accountant & Chartered Accountant, I have worked with many Canadians to achieve their personal finance goals.
To contact me, you can visit my contact page to email me directly, or you can visit and participate in my subreddit. Let me know about any topics you would like me to cover. If you are interested in guest posting on this website, message me through the contact page.
