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

BMO mastercard

This card offers a high rewards rate on great categories

MBNA Rewards World Elite MasterCard – #2 Pick

MBNA world elite mastercard

This card offers 2% cash back on all purchases

Brim World Elite MasterCard – #3 Pick

Brim Mastercard

This card has the first year annual fee waived & 2% rewards on all spend

#1 Pick – BMO Cash Back World Elite Mastercard


  • 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
BMO mastercard

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.


  • The first year’s annual fee is waived

  • 10% cash back for the first three months

  • 2-5% rewards on all eligible purchase categories and 1% on all other eligible purchases

  • Easy to redeem points for a statement credit

  • Purchase protection plus and extended warranty on most items you purchase

  • Credit card payment insurance

  • 25% off car rentals


  • High annual income is required to qualify

  • Depending on your spending habits, there could be better options

#2 Pick – MBNA rewards World Elite Mastercard


  • 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
MBNA world elite mastercard

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


  • 30,000 points for signing up in Quebec or 20,000 in all other provinces

  • Good rewards program at 2% on most items and up to 5% on eligible restaurant or grocery purchases

  • Easy to redeem points for statement credits, shopping online, or for charitable donations

  • Rental vehicle benefits, including collision damage waiver

  • Insurance coverage on Flights & travel

  • Extended warranty protection on credit card purchases

  • Payment insurance on credit card purchases


  • Expensive annual fee

  • High annual income is required to qualify

#3 Pick – Brim World Elite Mastercard


  • 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
Brim Mastercard

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.


  • First-year annual fee waived

  • $500 in first-time bonuses
  • 2% rewards on all purchases up to 25k annual spend, 1% afterwards

  • 0% foreign transaction fees

  • Free Global wifi

  • Mobile device insurance

  • Event ticket reimbursement


  • Rewards at 2% are capped at $25k of spend, and then only 1% after

  • Other cards have higher rewards rate

#4 Pick – National Bank World Elite Mastercard


  • 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
National Bank Mastercard

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.


  • First-year annual fee waived

  • 60,000 welcome points

  • High rewards rates in many categories

  • Excellent insurance coverage

  • Extended warranty & purchase protection on purchases


  • Higher annual income required to qualify ($80k personally or $150k per family)

  • Lower rewards rates on non-eligible categories

#5 Pick – Tangerine World Mastercard


  • 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
Tangerine masterCard

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.


  • No annual fee

  • 15% back up to $1,000 of spend for the first two months

  • 2% rewards on two categories of your choice

  • Mastercard travel rewards

  • Rental car collision and loss damage insurance


  • Annual income of $60,000 or household income of $100,000

  • Lower rewards structure than other Mastercard options

#6 Pick – PC Financial Mastercard


  • 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
PC Financial Mastecard

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.


  • No fee!

  • High rewards of 3% on gas purchases, 2.5% at shoppers, 2% PC travel rewards and 1% at Loblaw-related stores

  • Bonus points are available at many Loblaw storesLow annual income requirement of just $21k


  • Lower rewards at non-Loblaw-related stores

  • Points are only redeemable at PC-related stores

#7 Pick – Neo Financial Mastercard


  • 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
Neo financial mastercard

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.


  • Unlimited cash-back rewards
  • No monthly or annual fees
  • 15% cash-back welcome bonus on the first day of purchases
  • 5% cash-back rewards earned on average
  • Bill-splitting features


  • Rewards are only available at Neo Partners
  • No physical bank locations (online-only)

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:

Nick Robert

About the Author

Nick Robert is the founder and creator of 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.

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