Mastercards offer the assurance of near-universal acceptance. Here are our top nine options, from low-interest to cash back to travel rewards.
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As one of the top credit card companies in the world, Mastercard is both extremely popular and also nearly universally accepted. For those already banking at BMO Bank of Montreal, a major Canadian bank that associates with Mastercard, these cards may offer all the perks you’re after, along with opportunities to “double dip” on rewards or loyalty programs. 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 more options? Click here to browse our full list of the best credit cards in Canada.)
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 Money-Back Credit Card from Tangerine. 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.
Get more details about the Tangerine Money-Back Card*
With an unlimited 1.5% cash back 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 U.S. travellers, and 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.
The Air Miles loyalty program is one of the most popular in the nation, and for good reason. There are numerous program partners and just as many opportunities to redeem. Air Miles can be used for travel, merchandise or even cash off at certain retailers. Travellers will love this card’s welcome bonus of up to 2,000 Miles (you must spend $3,000 within the first three months) and its extraordinary earn rate of one Mile for every $10. Cardholders can make their 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 and lounge passes, this card is a great travel companion.
Get more details about the BMO Air Miles World Elite*
If you’re an avid traveller but prefer not to participate in the Air Miles program, the BMO 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 to the dollar 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 35,000 Points. Since the card is geared towards travellers it also includes a robust insurance package and complementary access to airport lounge access.
Get more details about the BMO 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 dollar spent on gas, groceries and at restaurants, and one point per dollar 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.
Get more details about the MBNA Rewards Platinum Plus Mastercard*
If you buy your groceries at Loblaws-affiliated stores (including real Canadian Superstore, No Frills and Fortino’s), 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 dollar at Loblaws stores, PC Travel and Esso, 45 Points per dollar at Shoppers Drug Mart and 10 Points per dollar everywhere else. Points can be redeemed in denominations of 10,000 Points for $10 off groceries, drug store items, or anything else available where PC products are sold.
Get more details about the PC Financial World Elite*
If you’ve got a large family to feed and clothe, chances are you’re all-in with warehouse shopping. Previously the only card Costco accepted was their 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 2 Points for every dollar—Points that you can redeem for travel, rewards or cash back. And with a travel redemption value of 100 Points per dollar, your next trip is closer than you might think.
Get more details about the MBNA Rewards World Elite*
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 8.99% 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.
NOTE: this offer is not available for residents of Quebec
Get more details about the True Line Gold Mastercard*
Whereas many no fee student credit cards don’t offer much in the way of cash back, the BMO Rewards 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 can help students build up their credit history while also earning strong everyday rewards.
Get more details about the BMO CashBack Mastercard*
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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.