If you’re looking for near-universal acceptance, look no further than a Mastercard. We’ve rounded up the ones with the best perks.
Photo by Andrea Piacquadio
As one of the top credit card companies in the world, Mastercard is extremely popular and also widely accepted. For those already banking at BMO Bank of Montreal, a major Canadian bank that’s associated with Mastercard, these cards may offer all the perks you’re after, along with opportunities to “double dip” on rewards or loyalty programs. If you’re a Costco shopper, you likely already know that it’s the only credit card brand accepted at their stores. Whether you’re looking to earn points or cash, travel more or keep your interest rates down, chances are there’s a Mastercard for you on this list. (Want to consider other options? Browse our full list of the best credit cards in Canada.)
| Card | Rewards / Features | Annual fee |
|---|---|---|
| Tangerine Money-Back Mastercard* (get more details)* |
|
$0 |
| Rogers World Elite (get more details)* |
|
$0 |
| Brim Financial Mastercard (get more details)* |
|
$0 |
| PC Financial World Elite Mastercard (get more details)* |
|
$0 |
| MBNA Rewards Platinum Plus Mastercard (get more details)* |
|
$0 |
| BMO Ascend World Elite (get more details)* |
|
$150 |
| MBNA Rewards World Elite Mastercard (get more details)* |
|
$120 |
| MBNA True Line Gold (get more details)* |
|
$0 |
| BMO Air Miles World Elite (get more details)* |
|
$120 |
| BMO CashBack Mastercard (get more details)* |
|
$0 |
| Triangle World Elite Mastercard
|
|
$0 |
| Neo Financial Mastercard |
|
$0 |
†Up to $5,000 in annual purchases per category; 1 point per $1 spent thereafter
††Up to $500 in monthly purchases per category; 0.5% thereafter
†††Up to $12,000 annually
With 2% back on all purchases in your choice of up to three spending categories, including grocery, home improvement, gas and travel accommodations (0.5% on everything else), there’s no Mastercard that puts quite as much back in your wallet on as many bonus categories as the Tangerine Money-Back credit card. Cardholders can choose two categories in which to receive 2% cash back; plus, when they set up an automatic deposit of rewards into a Tangerine savings account, they receive cash back in a third category. With no annual fee, a three-month bonus of 4% cash back in three categories for new members and a low income requirement, this Mastercard is a winner.
Interest rates: purchases 19.95%, cash advances 19.95%, balance transfers 19.95%
Get more details about the Tangerine Money-Back Mastercard*
With an unlimited 1.5% cash back earn rate on all purchases, this is one of the best cash back cards out there. On top of that, you’ll get 3% on all purchases in U.S. currency.
Most cards charge a 2.5% foreign transaction fee, so the savings can really add up for frequent travellers to the U.S. and for cross-border or online shoppers. There’s no limit on the amount of cash you can earn and, even better, there’s no annual fee.
Interest rates: purchases 22.99%, cash advances 19.99%, balance transfers 22.99%
Brim Financial is relatively new to the Canadian credit card market, launching in 2018. Brim’s card line-up–available in three variants, including World, World Elite and an entry-level no fee Mastercard—offers a novel mix of rewards, insurance and perks that piqued our interest.
Brim’s headline perk— available with all three cards—is that there are no foreign transaction fees whether you’re shopping online or in-person—saving you 2.5% right off the top on all purchases made in a non-Canadian currency.
Putting the spotlight on the entry-level no-fee card, the Brim Mastercard has a rewards system that gets you 1 point per $1 spent everywhere. Plus, you can earn bonus points at certain retailers, like up to 4x the points at Microsoft and Nike. Points can be redeemed for statement credits against any purchase made with your card in increments of 100 points for $1, meaning that this Mastercard effectively works like a cash back card. You manage your rewards through the Brim mobile app, and the credit card can also be added to any mobile wallet.
| BRIM Mastercard | BRIM World | BRIM World Elite |
| $0 annual fee | $99 annual fee | $200 annual fee |
| 1 point per $1 | 1.5 points per $1 (up to $25,000 in annual purchases; 1 point per $1 spent thereafter) | 2 points per $1 (up to $25,000 in annual purchases; 1 point per $1 spent thereafter) |
| No FX Fees | No FX Fees | No FX Fees |
| No specific income required | $60,000 income required | $100,000 income required |
Get more details about BRIM Financial Mastercards*
Interest rates: purchases 19.99%, cash advances 21.50%, balance transfers 19.99%
If you buy your groceries at Loblaws-affiliated stores (including Real Canadian Superstore, No Frills and Fortinos), you should definitely be paying for them with your PC Financial World Elite Mastercard. This card, which carries no annual fee, allows you to rack up substantial points in the ever-popular PC Optimum program at an attractive earn rate of 30 points per $1 at Loblaws stores, PC Travel and Esso; 45 points per $1 at Shoppers Drug Mart; and 10 points per $1 everywhere else. Points can be redeemed in denominations of 10,000 points for $10 off groceries, drugstore items or anything else available where PC products are sold. Worthy to note: There is a new $15,000 minimum annual spending requirement.
Interest rates: purchases 20.97%, cash advances 22.97%, balance transfers 22.97%
Get more details about the PC Financial World Elite Mastercard*
Travellers love flexibility—and with the MBNA Rewards Platinum Plus Mastercard, you can choose how you earn your rewards, whether it be travel, cash back, merchandise or charitable donations. With numerous opportunities to collect bonus points on top of the two points for every $1 spent on groceries and restaurants, and one point per $1 on everything else, you’ll rack up the rewards in no time. And, you don’t need to rush to redeem; your MBNA points never expire.
Interest rates: purchases 19.99%, cash advances 24.99%, balance transfers 22.99%
Get more details about the MBNA Rewards Platinum Plus Mastercard*
If you’re an avid traveller but prefer not to participate in the Air Miles program, the BMO Ascend World Elite card may be right for you. Instead of collecting Air Miles, cardholders earn BMO Rewards points—at a very competitive rate of three points for every $1 spent on dining, entertainment and meal purchases. BMO Rewards are redeemable for travel and merchandise rewards, and you’ll reach your goals faster with the current sign-up offer of 40,000 points. Since the card is geared towards travellers, it also includes a robust insurance package and complimentary access to airport lounge access.
Interest rates: purchases 20.99%, cash advances 23.99%, balance transfers 22.99%
Get more details about the BMO Ascend World Elite Mastercard*
If you have a large family to feed and clothe, chances are you’re all-in with warehouse shopping. Previously, the only card Costco accepted was its store-branded American Express, but things have changed. As of 2015, Costco accepts any Mastercard, which means that in addition to the savings you and your family will enjoy by buying in bulk, there are other perks to be earned from your grocery spends. When you shop at Costco with the MBNA Rewards World Elite Mastercard, you will earn 5 points for every $1 in certain categories and 1 point per $1 on everything else—points that you can redeem for travel, rewards or cash back. And with a travel redemption value of 100 points per $1, your next trip could be closer than you think.
Interest rates: purchases 19.99%, cash advances 24.99%, balance transfers 22.99%
Get more details about the MBNA Rewards World Elite Mastercard*
Whether due to an unforeseen expense, an emergency or a simple overspend, most people end up holding a credit card balance at least once in their life. The trick is to take steps to pay it off quickly, and that’s where a card with a low interest rate can help. The MBNA True Line Gold Mastercard boasts a rate of only 12.99% on purchases (super-low compared with the standard 19%-plus) and an introductory rate of 0% for six months on balance transfers. Plus, the annual fee is a reasonable $39 per year.
Interest rates: purchases 8.99%, cash advances 24.99%, balance transfers 8.99%
NOTE: This offer is not available for residents of Quebec.
Get more details about the MBNA True Line Gold Mastercard*
The Air Miles loyalty program is one of the most popular in the nation, and that’s for good reason. It has numerous program partners and just as many opportunities to redeem. Air Miles can be used for travel, merchandise or even discounts at certain retailers. Travellers will love this card’s welcome bonus of 2,000 Air Miles and its extraordinary earn rate of one Air Mile for every $12. Cardholders can make their Air Miles grow faster when they “double dip” by using the credit card along with their Air Miles loyalty card at participating sponsors. Offering extra benefits like travel and rental car insurance, plus discounts, this card is a great travel companion.
Interest rates: purchases 20.99%, cash advances 23.99%, balance transfers 22.99%
Get more details about the BMO Air Miles World Elite*
While many no fee student credit cards don’t offer much in the way of cash back, the BMO CashBack Mastercard helps you earn. Cardholders receive 5% cash back on groceries, 1% back on recurring bill payments and 0.5% on all other spends. With its strong welcome offer, purchase protection and extended warranty, this card is offering a lot of bang without charging a single buck in annual fees, and it can help students build up their credit history while also earning strong everyday rewards.
Interest rates: purchases 20.99%, cash advances 22.99%, balance transfers 22.99%
It should come as no surprise that our top pick for best Mastercard for roadside assistance is a product from Canadian Tire, an institution that’s been at the forefront of automotive services for nearly 100 years. The Triangle family of Mastercards offers members the opportunity to collect rewards in Canadian Tire Money (CTM), which is redeemable at the namesake outlets as well as at partner sports stores across the country. The Triangle World Elite Mastercard comes with plenty of perks, but it’s the included roadside assistance Gold plan that gets it on our list. With this plan, members can opt to insure either their car (with any driver) or themselves (in any car), flexibility that should suit all sorts of drivers from families to business travellers. With the Gold plan, you’ll have access to 24/7 roadside assistance in Canada and the U.S., towing, flat tire changes, battery boosts, fuel delivery, lock-out service and more, so you can hit the road worry-free.
This fully-digital, no-fee credit card is great for users who like to shop local, earn cash back and see where they’re doing the bulk of their spending. You can earn up to a whopping 5% cash back when you shop at their extensive list of partners, which includes small businesses and big box stores a like. This card also offers a chic, user-friendly app that helps you track your spending and keep up to date on deals from their partners. There’s no cap on how much cash back you can earn and you can cash out your cash back earnings at any time.
Interest rates: purchases 24.99%, cash advances 26.99%
Tangerine Money-Back Mastercard — Best cash back with bonus categories
Rogers World Elite Mastercard — Best cash back Mastercard
Brim Financial Mastercard — Best Mastercard for no foreign transaction fees
PC Financial World Elite Mastercard — Best Mastercard for groceries
BMO World Elite — Best Mastercard credit card for travel
MBNA Rewards Platinum Plus — Best no fee travel card
MBNA Rewards World Elite Mastercard — Best Mastercard for Costco shoppers
MBNA True Line Gold Mastercard — Best low-interest Mastercard
BMO Air Miles World Elite — Best Air Miles Mastercard
BMO CashBack Mastercard — Best for students
Triangle World Elite Mastercard— Best for roadside assistance
Neo Financial Mastercard— Best for shopping local
If a link has an asterisk (*) at the end of it, that means it's an affiliate link and can sometimes result in a payment to MoneySense (owned by Ratehub Inc.) which helps our website stay free to our users. It's important to note that our editorial content will never be impacted by these links. We are committed to looking at all available products in the market, and where a product ranks in our article or whether or not it's included in the first place is never driven by compensation. For more details read our MoneySense Monetization policy.
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Hi,
Thanks for the information on Matercard credit cards. I noticed that you don’t mention Walmart’s Mastercard, which is what we use. Is there a reason for that?
Thanks again,
….. john
Hello John, thanks for the feedback. We will keep all suggestions in mind for the future. In the meantime feel free to take a look at our methodology.
For the best credit cards 2020 ranking we ran the numbers for each of the cards in the seven categories based on $2,000 in monthly spending ($1,000 monthly for the student cards) as well as interest rates and offers. We also made some assumptions on spending—grocery spend of $500, gas of $200, restaurants of $200 and bill payments of $125, travel of $175, entertainment of $225, pharmacy purchases of $75 and other purchases of $500. (These were adjusted lower for student cards).
The end game was a magic number—that is, the annual net reward in dollar terms to identify the top cards in each category, plus an honorary mention. As highlighted above, our methodology also took into consideration other factors, including the value of a credit card’s welcome bonuses, insurance benefits and flexibility.
Yeah so I applied for a BMO World Elite. With a personal (not household) income of over $120,000 and a $55,000 pension and a nearly perfect credit score, I was given a card with a $10,000 limit. I commonly spend more then that each month. lol I requested a second card for my wife on my application and they never sent it. When I called to get one they informed me it’s an additional $50/yr for a second authorized user. Excuse me?!? They must be the only card on earth that charges for a second authorized user. I’ll be canceling this card.
I would really not recommend pc Mastercard. Rewards are great, but they do a lot of questionable things.
They check you credit score with 2 companies (affecting your credit).
They randomly turn off your card whenever they feel like it, it seems. We got our card and used it for our new furnace, they flagged our account for “aggressive spending” demanded a payment immediately, and 2 forms of ID.
Then it takes weeks to process all of this.
And no guarantee it wont happen again.
Plus, their customer service is atrocious. They never call back when they say they will.
I wish when we had researched the best reward cards we’d had this info.
Check out a prestige card from Desjardins, the MasterCard World Elite, you can use it at Costco, it’s probably one of the best on the market and sadly not listed on MoneySense. Cheers
How mbna would be the best card for Costco if it only gives 1% cash back while Rogers gives 1.5%. Cash back?
Like OP Jane shared her experience PC, Tangerine, Scotia cards are one of the worst credit card issuers with “questionable practices”. Too bad money sense love to promote their garbage here.