Whether you’re just getting your first card or looking to add another card to your credit card collection, it’s worth considering the supported operating network of your favourite stores.
Mastercard is one of the popular credit card networks out there that is accepted at over 37 million merchants across 210+ countries.
Like other credit card networks, Mastercard comes in different categories to meet different needs. You can choose from no-fee, cashback, reward, travel, and low-interest to business Mastercards.
With several Mastercard credit card issuers in Canada, it could be challenging to choose the best option especially if you’re just starting. Fortunately, I have done the hard job for you by identifying the best Mastercard credit cards in Canada across different categories.
After reading this review, you should be able to decide for yourself which Mastercard is perfect for your needs.
Overview of the Best Mastercard Credit Cards in Canada
Let’s start with the highlight of the current best Mastercards in Canada.
| Mastercard | Annual Fee |
|---|---|
| Scotia Momentum Mastercard Credit Card | $0 |
| RBC Cash Back Mastercard | $0 |
| Neo Card | $0 |
| Tangerine Money-Back Credit Card | $0 |
| PC Financial World Elite Mastercard | $0 |
| MBNA Rewards Platinum Plus Mastercard | $0 |
| HSBC +Rewards Mastercard | $25 (waived for the first year) |
| BMO Preferred Rate Mastercard | $20 (waived for the first year) |
| Brim World Elite Mastercard | $199 (waived for the first year) |
| Rogers World Elite Mastercard | $0 |
| PC Money Account | $0 |
| Stack Prepaid Mastercard | $95.88 |
| Students – BMO CashBack Mastercard | $0 |
| BMO CashBack Business Mastercard | $0 |
| RBC Business Cash Back Mastercard | $0 |
Best No-Fee Mastercards in Canada
If you’re looking to save costs on your credit card usage, a no-fee Mastercard is worth considering. The following are some of the best no-fee Mastercard cards to choose from in Canada.
1. Scotia Momentum Mastercard Credit Card
- Annual fee: None
- Annual interest: 20.99% on purchases & 22.99% on cash advances
- Welcome offer: 7.99% introductory purchase interest throughout the first six months of membership
- Minimum income eligibility: $12,000 personal annual income
The Scotia Momentum Mastercard Credit Card is a no-fee Mastercard with competitive promo and rewards on purchases.
New card users are offered a low introductory interest on purchases of 7.99% throughout their first six months of membership. Making eligible purchases with the card will earn you 1% cash back while every other purchase will earn you 0.5% cash back.
There’s an optional insurance coverage known as “Account Balance Protector” that protects you in the event of hospitalization, disability, job loss etc.
The major downside of the Scotia Momentum Mastercard Credit Card lies in its above-average interest on purchases and cash advances.
Learn more: 15 Best Scotiabank Credit Cards
2. RBC Cash Back Mastercard
- Annual fee: None
- Annual interest: 19.99% on purchases & 22.99% on cash advances
- Welcome offer: N/A
- Minimum income eligibility: N/A
The RBC Cash Back Mastercard doubles as a no-fee and cash back Mastercard offered by the biggest bank in Canada.
Grocery purchases with this card will earn you unlimited 2% cash back while pre-authorized payments and every other eligible purchase will earn you 1% cash back.
Fuel purchases at Petro-Canada with the card will attract a 3¢ discount per litre. This is in addition to 3-month free delivery from DoorDash and 50 additional Be Well points on every qualified $1 purchase at Rexall.
Finally, your optimal peace of mind is covered with comprehensive insurance and protection including Purchase Security, Extended Warranty, RBC Road Assistance, and Balance Protector Insurance.
Related: Best No-Fee Credit Cards in Canada
Best Cash Back Mastercards in Canada
Cash back Mastercard is a cost-saving vehicle that is worth considering if you’re looking to get on top of your finances without sacrificing your needs. Below are some of the best cash back Mastercards in Canada to choose from.
3. Neo Card
- Annual fee: None
- Annual interest: 19.99% on purchases & 26.99% on cash advances
- Welcome offer: 15% cashback
- Minimum income eligibility: N/A
The Neo Card is is a credit Mastercard from Neo Financial. The card doesn’t have monthly fees or income requirements and It’s popular for offering competitive Cashback rates
This card welcomes new users with an extremely high promotional cash back of up to 15% on their first purchase at partner stores.
Purchases at partner stores with the card attract an average cash back of 5% while every other purchase earns you 0.5% cash back.
Learn more about the card on this Neo Financial credit card review.
4. Tangerine Money-Back Credit Card
- Annual fee: None
- Annual interest: 19.95% on purchases & cash advances
- Welcome offer: 10% cashback & 1.95% introductory interest on balance transfers
- Minimum income eligibility: $12,000 average personal annual income
The Tangerine Money-Back Credit Card also doubles as cash back and no-fee Mastercard. It is one of the two credit cards offered by Tangerine with the other being the Tangerine World Mastercard.
With Tangerine Money-Back Credit Card, individuals with $12,000 personal annual income enjoy competitive rewards and promotions with no annual fee.
As a way of saying welcome, new users are currently offered 10% cash back on $1,000 in purchases within their first two months of membership.
This is in addition to a 1.95% introductory interest on balance transfers that last throughout the first six months of membership.
Following the expiration of the promotions, you will be charged 19.95% interest on balance transfers and earn 2% cash back on up to three category purchases. Every other purchase with the card will earn you 0.5% cashback.
Learn more:
- Tangerine Money-Back Card Review
- Tangerine World Mastercard vs Tangerine Money-Back Comparison
- Best Cash Back Credit Cards in Canada
Best Reward Mastercard in Canada
Reward cards also help you save costs from your everyday purchases. But in this case, you have flexible options of redeeming your rewards for travel, gift craft, merchants, charity or cash. If this sounds okay to you, below are some of the best rewards Mastercards to choose from in Canada.
5. PC Financial World Elite Mastercard
- Annual fee: None
- Annual interest: 20.97% on purchases & 22.97% on cash advances
- Welcome offer: N/A
- Minimum income eligibility: $80,000 personal annual income or $150,000 household annual income
The PC Financial World Elite Mastercard is the first no-fee World Elite Mastercard in Canada. With no annual fee and competitive rewards, the card ranks among the best reward Mastercards in Canada.
Eligible purchases with the PC Financial World Elite Mastercard will earn you up to 45 points depending on the store you use.
In addition, you will earn 10 points for every other purchase with the card. Once you accumulate up to 10,000 points (valued at $10), you can redeem your points for groceries, gas purchases, car wash, or products at no cost.
Finally, the card has you covered with comprehensive insurance and protection ranging from:
- Car Rental Collision/Loss Damage Waiver Insurance
- Travel Emergency Medical Insurance
- Identity Theft Assistant Service
6. MBNA Rewards Platinum Plus Mastercard
- Annual fee: None
- Annual interest: 19.99% on purchases & 24.99% on cash advances
- Welcome offer: 5,000 bonus points
- Minimum income eligibility: N/A
The MBNA Rewards Platinum Plus Mastercard is a no-fee reward Mastercard with no income eligibility.
The card offers a competitive welcome bonus of 5,000 points (valued at $25) upon making a minimum of $500 eligible purchases within your first 90 days of membership.
Besides the welcome bonus, the card also offers competitive rewards for completing the following tasks:
- Set up paperless e-statements within your first 90 days of membership: 5,000 points
- Spend a minimum of $10,000 on every eligible grocery, restaurant, household utility, digital media and membership: 4 points
- Make every other eligible purchase: 1 point
What I also like about this card is that it has multiple redemption options ranging from gift cards, travel, charity, cash and merchandise. However, the redemption value varies for travel, merchandise, gift cards and other options.
Besides rewards, the card also offers access to discounts on car rentals at Avis and Budget locations.
Moreover, supported insurance coverage includes Purchase Assurance, Extended Warranty, Mobile Device Insurance, and Mastercard Zero Liability
Best Low-Interest Mastercards in Canada
One of the proven strategies for avoiding high interest on credit card debt lies in using a low-interest credit card.
However, not all low-interest credit cards are the same. Below are some of the best low-interest credit cards operating on the Mastercard network in Canada.
7. HSBC +Rewards Mastercard
- Annual fee: $25 (waived for the first year)
- Annual interest: 11.9% on purchases, cash advances & balance transfers
- Welcome offer: Up to 35,000 points
- Minimum income eligibility: N/A
The HSBC +Rewards Mastercard is a reward low-interest Mastercard with a low annual fee. The card charges $25 annually but the fee is waived for the first year.
In addition, new users are welcomed with up to 35,000 bonus points by applying online and spending a minimum of $2,000 within their first six months of membership.
After the promo expires, you will earn 2 points on every $1 purchase on dining and entertainment. Every other purchase will earn you 1 point.
With this and other unique features, it’s obvious why the HSBC +Rewards Mastercard attracted multiple awards in the past.
8. BMO Preferred Rate Mastercard
- Annual fee: $20 (waived for the first year)
- Annual interest: 12.99% for purchases & 15.99% for cash advances
- Welcome offer: 0.99% introductory interest rate on balance transfers
- Minimum income eligibility: N/A
The BMO Preferred Rate Mastercard is an all-around low-interest Mastercard with competitive interest on purchases, cash advances and balance transfers.
Most low-interest Mastercards in Canada usually lower only their purchase and cash advances interest rates. But the BMO Preferred Rate Mastercard took a step further to lower balance transfer interest rates.
In addition to waiving the annual fee for the first year, new users of the card enjoy a 0.99% introductory interest rate on balance transfers throughout their first 9 months of membership.
Finally, the card features a Zero Liability policy, extended warranty and purchase protection, and 24/7 emergency support.
Best Travel Mastercards in Canada
Travelling with a dedicated credit card for travel will help you save costs while accessing exclusive benefits. If you’re looking for the best travel Mastercard in Canada, consider the following options.
9. Brim World Elite Mastercard
- Annual fee: $199 (waived for the first year)
- Annual interest: 19.99% on purchases & 21.50% on cash advances
- Welcome offer: Up to $500 in Brim points for making your first purchase at eligible merchant
- Minimum income eligibility: $80,000 personal annual income or $150,000 annual household income
Brim World Elite Mastercard is a reward travel Mastercard that’s popular for its comprehensive and premium insurance coverage highlighted below:
| Common Carrier Accident Insurance | Event Ticket Protector Insurance | Flight Delay Insurance |
| Mobile Device Insurance | Extended Warranty | Car Rental Accidental Death & Dismemberment Insurance |
| Purchase Security Insurance | Baggage Delay Insurance | Out-of-Province Emergency Travel Medical Insurance |
| Hotel/ Motel Burglary Insurance | Trip Cancellation Insurance | Trip Interruption Insurance |
| Travel Assistance | Car Rental Personal Effects Insurance | Car Rental Collision/Loss Damage Insurance |
Besides offering comprehensive insurance coverage, the Brim World Elite Mastercard also rewards users with 2 points for every $1 purchase.
In addition, the card offers access to free foreign transactions, free Global WiFi and interactive budgeting tools and purchase monitoring.
10. Rogers World Elite Mastercard
- Annual fee: None
- Annual interest: 19.99% on purchases & 22.99% on cash advances
- Welcome offer: $25 cash bonus
- Minimum income eligibility: $80,000 annual personal income or $150,000 annual household income
The Rogers World Elite Mastercard is a no-fee Mastercard that’s suitable for US dollar purchases.
As a way of saying welcome, the card offers you a $25 bonus on your first purchase within the initial three months of membership.
After that, you will earn 3% cash back on every eligible US dollar purchase and 1.5% cash back on every other purchase.
The travel benefits of the card range from free Wi-Fi access, exclusive cash rebates, and access to 1,000+ LoungeKey airport lounges.
Finally, the insurance coverage on the Rogers World Elite Mastercard includes:
- Out-of-Province/Out-of-Country Emergency Medical
- Purchase Protection
- Extended Warranty
- Rental Car Collision/Damage
- Trip Interruption and Cancellation
READ ALSO: National Bank World Elite Mastercard
Best Prepaid Mastercards in Canada
Prepaid cards make it easier to save costs and take more control of your finances. The major reason is that they operate using only the funds you deposit in the card account, helping you avoid debt.
If that’s what you’re looking for, consider the following options.
11. PC Money Account
- Annual fee: None
- Annual interest: None
- Welcome offer: Up to 150,000 points
- Minimum income eligibility: N/A
PC Money Account is a prepaid card account with no annual fee, interest rates and no minimum balance. Despite this, the card still offers a competitive welcome bonus and rewards on purchases.
Currently, new PC Money Account users are offered up to 200,000 welcome points for completing the following tasks:
- Deposit a minimum of $150 in your PC Money Account = 20,000 points
- Make up to eight bill payments of $50 or more = 80,000 points
- Make eligible payroll deposit for 4 months = 50,000 points
After the welcome offer, every other purchase with the card will earn you 10 PC Optimum points.
Even more interesting is the fact that the card doesn’t charge a fee for online or in-store transactions. In addition, you can withdraw your funds at ATMs for free.
Finally, the PC Money Account comes with a Zero Liability policy. Your funds are also covered by the Canada Deposit Insurance Corporation (CDIC) for up to $100,000.
Learn more: PC Money Account Review
12. Stack Prepaid Mastercard
- Annual fee: $95.88 ($7.99/month waived when you spend a minimum of $350 per month)
- Annual interest: None
- Welcome offer: N/A
- Minimum income eligibility: N/A
Stack Prepaid Mastercard is another reward Mastercard with, interest rates, transaction fees and ATM withdrawal fees.
With this card, you will get instant cash back when you make purchases at any of the 140+ supported stores.
In addition, you will earn cash back by making foreign transactions and international ATM withdrawals with the card.
What also makes this card unique is that it allows you to split your bills with friends and family and round up your near-to-dollar purchases.
Unlike other prepaid cards, the Stack Prepaid Mastercard helps you manage your finance with real-time data through its Financial IQ dashboard.
Finally, the card features a Mastercard Zero Liability policy and your deposits are covered up to $100,000 by the CDIC.
Best Student Mastercards in Canada
Student Mastercards are designed to offer a low-cost credit card experience to students. If you’re a student or looking for a credit card for your child, the following is one of the best student Mastercards to consider.
13. Students – BMO CashBack Mastercard
- Annual fee: None
- Annual interest: 20.99% on purchases & 22.99% on cash advances
- Welcome offer: Up to 5% cash back
- Minimum income eligibility: N/A
The Students – BMO CashBack Mastercard is an award-winning card that doubles as a cash back and no-fee student Mastercard.
With this card, you will earn up to 5% cash back on $2,500 maximum purchases within your first three months of membership.
After the welcome offer expires, you will earn 3% cash back on groceries, 1% cash back on recurring payments and 0.5% cash back on every other purchase.
Besides that, the card also offers access to a 25% discount on car rentals, 20% discounts on Las Vegas resident shows and 15% discount on Cirque du Soleil shows touring Canada
Supported insurance and protection on the card include extended warranty, purchase protection and Zero Liability.
Best Business Mastercards in Canada
Do you currently run a business in Canada? If you’re about to kickstart a new business, a dedicated business credit card will help you manage your finances well. The following are some of the best business Mastercard offerings in Canada.
14. BMO CashBack Business Mastercard
- Annual fee: None
- Annual interest: 19.99% on purchases & 22.99% on cash advances
- Welcome offer: Up to 10% cash back
- Minimum income eligibility: N/A
Saving on annual fees and getting cash back on purchases is what the BMO CashBack Business Mastercard helps you achieve.
The card offers a competitive welcome offer of 10% cash back on your purchases during the initial three months of membership through the following categories:
- Gas purchases
- Office supplies
- Cellphone
- Internet bills payments
After the promo period, you will earn 1.5% cash back on the above purchase categories. In addition, you will earn 1.75% cash back on Shell/pump purchases and 0.75% cash back on every other purchase.
With up to 25% automatic rebates at partner stores and the ability to add up to 22 authorized users, the card helps you save more on your business purchases.
Moreover, the card’s insurance and protection include an extended warranty, purchase protection and a Zero Liability policy.
15. RBC Business Cash Back Mastercard
- Annual fee: None
- Annual interest: 19.99% on purchases & 22.99% on cash advances
- Welcome offer: 2% cash back on purchases
- Minimum income eligibility: N/A
The RBC Business Cash Back Mastercard is also a cost-saving Mastercard as it rewards you with competitive cash back on business purchases with no annual fee.
As a way of saying welcome, the card rewards you with 2% cash back on the first purchase you made within your initial three months of membership.
Thereafter, every other purchase with the card will earn you 1% cash back. Your reward will be disbursed once you accumulate $25 cash back.
Available discounts include 3¢ off per fuel litre at Petro-Canada locations and free delivery from DoorDash for 3 months.
With up to a 5-year extended warranty, 90-day purchase security and Zero Liability protection, the RBC Business Cash Back Mastercard could help you limit your business liabilities.
RELATED: Best Business Credit Cards in Canada
How to Choose the Best Mastercard Credit Card in Canada
It’s one thing to know the best Mastercard credit cards in Canada, it’s another thing to choose the perfect one for your needs.
Like any card from the other operating networks, you need to first determine your needs before choosing a Mastercard in Canada. The interesting thing is that there are tailored Mastercard cards for different needs in Canada.
Depending on your needs, this could mean choosing a no-fee, cash back, reward, low-interest, student or business Mastercard.
Once you identify your needs and credit card category, you can then narrow down your selection by considering the following factors:
| Factors to consider | Key things to look for |
|---|---|
| Card type | Prepaid or credit card |
| Card size | Minimum and maximum limit |
| Fees | Annual fee, cash advance fee, overlimit fee and inactivity fee |
| Annual percentage rate (APR) | Interest on purchases, cash advances and balance transfers |
| Reward type | Cash back or reward points |
| Insurance and protection | Purchase protection, extended warranty, Zero Liability, travel insurance etc. |
| Eligibility | Credit score and minimum income requirement |
Final Thoughts
The operating network is just one of several factors you need to consider when choosing the perfect credit card.
From the above review, you can see how even the best Mastercards in Canada differ in terms of interest rates, annual fees, rewards and promotions.
While you can’t go wrong with any of the above Mastercard credit cards, it’s essential you choose the one that aligns with your needs. Which one are you going with? Please let me know in the comment below.
If you enjoy reading this review, you will likely enjoy our other high-quality content on the best personal finance products and services in Canada. Kindly check them out before leaving.
