The best Mastercard credit cards in Canada for 2024
Whatever you need in a card—whether it’s to earn cash back, rewards points or save with low interest rates—there’s a Mastercard for you.
The best Mastercard credit cards by category
Mastercard is one of the most widely accepted credit card companies in the world—you can use it in more than 200 countries, making it a good choice for travellers. Plus, Mastercard’s status as the only credit card you can use at Costco stores make it a strong choice for everyday spending. Whatever you need in a credit card—whether it’s opportunities to earn cash or rewards, to travel, to take advantage of low interest rates, or to gain access to premium perks—there’s a Mastercard for you on this list.
| Best Mastercard by category | Why we love it |
|---|---|
| Best cash back Mastercard BMO CashBack World Elite Mastercard Annual fee: $120 | 5% cash back on groceries and 4% back on transit |
| Best no-fee cash back Mastercard Tangerine Money-Back Credit Card Annual fee: $0 | 2% cash back in up to 3 categories of your choice (including groceries, gas and dining) |
| Best travel rewards Mastercard MBNA Rewards Platinum Plus Mastercard Annual fee: $0 | Earn travel rewards for no annual fee and receive a nice birthday bonus perk annually |
| Best low-interest Mastercard MBNA True Line Gold Mastercard Annual fee: $39 | 10.99% purchase interest rate |
| Best balance transfer credit card MBNA True Line Mastercard Annual fee: $0 | You can earn a 0% promotional annual interest rate for 12 months on balance transfers completed within 90 days of opening the account, with a 3% transfer fee. |
| Best store credit card PC Financial World Elite Mastercard Annual fee: $0 | Highest rate of return on spending at one of the largest retail networks in the country |
| Best credit card for Costco Rogers Red World Elite Mastercard Annual fee: $0 | Your highest earn rate at the warehouse giant |
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Best cash back Mastercard
At a glance: The BMO CashBack World Elite Mastercard reserves its best bonus rates for popular categories like groceries, transit and gas. That said, this isn’t a card for big spenders. Due to the modest monthly spending caps, this card will work best for those who need a solid earner on moderate spends. Among the perks is free roadside assistance—an unusual benefit.
BMO CashBack World Elite
Annual fee: $120
- 5% cash back on groceries
- 4% back on transit
- 3% back on gas and electric vehicle charging
- 2% on recurring bill payments
- 1% back on everything else
Welcome offer: earn up to 10% cash back in your first 3 months and the $120 annual fee waived in your first anniversary
Card details
| Interest rates | 20.99% on purchases, 23.99% on cash advances, 23.99% on balance transfers |
| Income required | Personal income of $80,000 or household income of $150,000 |
| Credit score | 760 or higher |
Pros
- This card offers accelerated earnings in many cash back categories including two of the biggest: gas and groceries. The 5% cash back rate for groceries is the highest in the nation.
- Comes with free roadside assistance, which will come in handy should you need a tow, a battery boost or help changing a flat.
- You can redeem your cash back whenever you want, with a minimum of $1 earned.
Cons
- The boosted earn rates are capped at the first $300 or $500 spent monthly, depending on the category. This is quite restrictive for a premium card. With a card like the Scotia Momentum Visa Infinite Card, for example, your spending cap can be as high as the first $25,000 annually (more than $2,000 per month).
- The travel insurance only offers coverage for up to eight days.
- The annual income requirement of $80,000 per year for individuals and $150,000 for households may put it out of reach for many Canadians.
Best no-fee cash back Mastercard
At a glance: Flexibility is the name of the game with the no-fee Tangerine Money-Back Mastercard. You can earn 2% cash back in up to three spending categories, chosen by you based on your spending habits. And you can change your categories online.
Tangerine Money-Back Card
Annual fee: $0
- 2% in up to 3 categories of your choice (including groceries, gas and dining)
- 0.5% cash back on everything else
Welcome offer: earn an extra 10% back on up to $1,000 in everyday purchases within the first 2 months. Must apply by October 31, 2024.
Card details
| Interest rates | 19.95% on purchases, 19.95% on cash advances and 19.95% on balance transfers |
| Income required | Personal or household income of $12,000 |
| Credit score | 660 or higher |
Pros
- The 2% bonus rate is competitive for a no-fee card. Plus, there are no spending caps on bonus categories meaning that you’ll always earn 2% no matter how much you spend.
- This is the only card in Canada that lets you choose your own bonus categories. You can choose up to three categories out of 10 options and customize the card to your spending habits. Even better, you’re not locked in. You can change your selections online with 90 days’ notice.
- With a $12,000 annual income requirement, this card is very accessible.
- If you have an annual income of $60,000, you may be considered for the Tangerine World Mastercard which comes with additional benefits like mobile device insurance, free Boingo Wi-Fi, and Mastercard Travel Pass Provided By DragonPass, all for no charge.
- Your earnings are automatically paid monthly.
Cons
- Does not include travel insurance.
- The base earn rate of 0.5% is on the low end for cash back cards.
- While a minor inconvenience, to access the third bonus category you have to open a Tangerine savings account.
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Best travel rewards Mastercard
At a glance: The MBNA Rewards Platinum Plus Mastercard will appeal to those looking for a way to earn points that can be used for travel, without having to pay an annual fee. Plus, the unique birthday bonus perk returns 10% of your annual earnings in points.
MBNA Rewards Platinum Plus Mastercard
Annual fee: $0
- 2 points per $1 on eligible groceries, restaurants, digital media and household utility purchases ($10,000 max annual spend)
- 1 point per $1 on everything else
Welcome offer: earn 10,000 bonus points ($50 in cash back value). Plus, get 4 points per $1 spent on eligible restaurant, grocery, digital media, membership and household utility purchases during the first 90 days. (Not available for residents of Quebec.)
Card details
| Interest rates | 19.99% on purchases, 24.99% on cash advances, 22.99% on balance transfers |
| Income required | None specified |
| Credit score | 660 or higher |
| Point value | 1 MBNA Rewards point = $0.01 when redeemed for travel. |
Pros
- Redemptions are easy to understand—1 MBNA point is worth $0.01 when redeemed for travel—and you don’t have to worry about complex rewards charts.
- This card has strong earn rates, particularly for a no-fee card, and lets you earn double in the bonus categories—that’s 4 points per $1—for the first 90 days of every year.
- You’ll get an annual birthday bonus of 10% of the points you earned in the previous year.
Cons
- There is an annual cap of $10,000 per category on the boosted rewards. Anything you spend over that threshold will earn at the base rate of 1 point per $1 spent.
Best low-interest Mastercard
At a glance: If you need to pay down debt, the MBNA True Line Gold Mastercard has a lot to offer, like a modest $39 annual fee and one of the lowest interest rates on the market. There is no annual income requirement, making it extremely accessible.
MBNA True Line Gold Mastercard
Annual fee: $39
Low interest rate: 10.99%
Welcome offer: This card does not have a welcome offer at this time.
Card details
| Interest rates | 24.99% on cash advances, 13.99% on balance transfers |
| Income required | None specified |
| Credit score | 660 or higher |
Pros
- If you regularly carry a balance on your card, the low 10.99% interest rate may help you save on interest costs and pay off your debt faster.
- Trip assistance and legal assistance are included with the card.
Cons
- Unlike many low-interest credit cards, the MBNA True Line Gold Mastercard doesn’t have a promotional balance transfer offer. If you need to move your debt to a low-interest card, you can consider the MBNA True Line Mastercard.
Best balance transfer credit card
At a glance: If you’re looking for a way to reduce the interest on existing debt, the MBNA True Line Mastercard offers a 0% balance transfer rate for a full year. Even at the regular balance transfer interest rate of 17.99%, this card is saving you on interest charges. There’s no annual fee for you and up to nine additional users.
MBNA True Line Mastercard
Annual fee: $0
Low interest rate: 12.99%
Balance transfer offer: earn a 0% promotional annual interest rate (“AIR”) for 12 months on balance transfers completed within 90 days of account opening, with a 3% transfer fee. This offer is not available for residents of Quebec.
Card details
| Interest rates | 24.99% on cash advances, 17.99% on balance transfers |
| Income required | None specified |
| Credit score | 660 or higher |
Pros
- The balance transfer promotional offer lasts an entire year, which is a few months longer than even other top balance transfer credit cards.
- You have up to 90 days to complete your balance transfer after opening the account, whereas most comparable cards make you transfer right away.
- With the MBNA monthly payment plan, you can split the bill on big spends over $100 into monthly installments.
Cons
- Even though the balance transfer interest rate is 0% for 12 months, there is a balance transfer fee of 3%, meaning that you pay $30 for every $1,000 transferred.
Best store credit card
At a glance: The no-fee PC Financial World Elite Mastercard allows you to rack up substantial points in the ever-popular PC Optimum program. You’ll earn huge points multipliers at Canada’s largest pharmacy, Shoppers Drug Mart, and at PC-affiliated stores, of which there are thousands of locations across Canada.
PC Financial World Elite
Annual fee: $0
- 45 PC Optimum points per $1 at Shoppers Drug Mart
- 30 points per $1 at Loblaw banner grocery stores
- 10 points per $1 on everything else
Welcome offer:
Card details
| Interest rates | 21.99% on purchases, 22.97% on cash advances (21.97% for residents of Quebec), 22.97% on balance transfers |
| Income required | Personal income of $80,000 or household income of $150,000 |
| Credit score | 560 or higher |
| Point value | 10 PC points = $0.01 at Loblaws grocery network and Shoppers Drug Mart. |
Pros
- If you regularly shop at Shoppers Drug Mart or Loblaw-affiliated grocery stores, the potential earnings are high. You’ll earn 45 points per $1 at Shoppers Drug Mart, which is a 4.5% return on your spending. Groceries bought at Real Canadian Superstore, Fortinos and No Frills and other PC stores net you 30 points per $1 (equal to 3% back).
- This card includes travel and car rental insurance that’s suitable for short trips.
Cons
- The minimum annual income requirement will keep this card out of reach for many. And you’ll need to spend $15,000 annually with the card to maintain eligibility, or you’ll be downgraded to a lower-tier PC credit card. Most credit cards don’t have a minimum spending requirement.
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Best credit card for Costco
At a glance: Although CIBC offers a Costco-branded Mastercard, it’s actually the Rogers Red World Elite Mastercard with 1.5% flat cash back that gets you the best earn rate at the warehouse giant, both online and in-store. Rogers, Fido and Shaw customers earn an extra 0.5% back on all purchases. The potential for unlimited cash back and greater redemption flexibility is what gives this card an edge over the CIBC Costco Mastercard.
Rogers Red World Elite Mastercard
Annual fee: $0
- 3% cash back on all purchases in USD
- 2% back for Rogers, Fido and Shaw customers
- 1.5% cash back on all other purchases
Welcome offer: This card does not have a welcome bonus at this time.
Card details
| Interest rates | 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers |
| Income required | $80,000 per year |
| Credit score | 725 or higher |
Pros
- When you use this card you get 1.5% cash back on everything you buy—or 2%, if you’re a Rogers, Fido or Shaw customer—netting you at least 0.5% more than you would with the CIBC Costco Mastercard when you shop in person.
- You can redeem your rewards when you want, as long as you have $10 in earnings.
- The 3% earn rate on purchases in U.S. dollars is enough to cover the foreign transaction fee, which is typically around 2.5%.
- Strong travel insurance benefits are included, which is unusual for a no-fee card.
Cons
- To qualify, you’ll need a personal income of $80,000 or a household income of $150,000.
- You’ll need to spend at least $15,000 on the card annually. If you don’t, you may be downgraded to another card.
How we determine the best cards
Our editors apply their credit card expertise and knowledge of Canadians’ financial goals to come up with selection criteria that matches the needs of the intended cardholder. For this ranking, we started with our list of the best credit cards in Canada. If the best card on that list is a Mastercard, then it appears here as well. And if the best card is a Visa or American Express card, then we look to the next-best card, and so on, until we find our best Mastercard for the category. Since there’s a Mastercard option for every type of credit card in Canada (including travel, no-fee, cash back, balance transfer, etc.) we have to use different selection criteria for each category. The addition of links from affiliate partners has no bearing on the results. Read more about our selection process and about how MoneySense makes money.
Frequently asked questions
Mastercard is one of the largest payment processing companies in the world, handling payments for a variety of credit, debit and prepaid cards. The company does not issue cards itself but rather works with banks and other financial institutions to provide customers with credit products. This is why many Mastercards are co-branded with another company. However, Mastercard itself provides three tiers of benefits on its cards: Standard, World and World Elite. Each comes with its own set of perks and benefits. Mastercard products are widely accepted worldwide.
With so many different Mastercard credit cards in circulation, the answer to this question comes down to what you need from your credit card. If you’re looking for no-fee cash back rewards, we believe the Tangerine Money-Back Mastercard is the best. On the other hand, if you want a no-fee card for travel, the MBNA Rewards Platinum Plus Mastercard may be more suitable for you.
More of Canada’s best credit cards:
- Canada’s best instant approval credit cards
- Canada’s best no fee credit cards
- Canada’s best no foreign transaction fee credit cards
- Canada’s best travel credit cards
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