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Mastercard is a credit card processing network with its HQ located in New York, United States. Mastercard partners with financial institutions in Canada, allowing them to issue credit cards that are processed on the Mastercard network. Using a Mastercard credit card allows you to pay for your purchases in a convenient and smart way. See the best Mastercard credit cards available in Canada and find the perfect one for all your spending needs.
Mastercard credit cards are offered by a large number of Canadian financial institutions and can include a wide variety of options for you to choose from, including student credit cards and lucrative rewards credit cards.
Mastercard credit cards fall under the following categories:
Using a Mastercard credit card allows you to access a large payment network, with tons of merchants who will happily accept your Mastercard. Similar to Visa, the Mastercard network is widespread around the globe. If you’re traveling with your Mastercard credit card, you can be rest assured that your card will be accepted at most retailers and vendors.
Mastercard credit cards are widely accepted by most retailers around the world, including Costco, making them a popular choice for many Canadians. Mastercard partners with many Canadian financial institutions, offering you a wide range of credit cards including cash back credit cards and travel credit cards. We’ve picked the top Mastercard credit cards in Canada using our Best of Finance methodology and ranked the ones that provide the highest first-year value.
Here are our picks.
| First year value* | Credit score required | Great features | ||
|---|---|---|---|---|
| $924 | Good | Earn 5 points for every $1 spent on groceries, restaurants, digital media and utility bills. | ||
| $745 | Excellent | Earn cash back rewards in a variety of categories. Includes lounge access and travel insurance: rare travel perks for a cashback card. | ||
|
Runner up |
$459 | Fair | Customize your accelerated cash back categories to maximize your rewards. No annual fee. |
The MBNA Rewards World Elite® Mastercard® is our 2023 winner for the best Mastercard in Canada. It offers five points for every $1 spent on groceries, restaurants, streaming services, and utilities. Earn one point for every $1 spent on everything else. You also get great insurance perks, such as mobile device insurance and travel accident insurance.
According to our Best of Finance methodology, you can earn up to $924 during the first year of using this card.
Annual fee
Primary cardholder: $120
Additional cardholder: $50
Welcome bonus
Receive up to 30,000 MBNA Rewards bonus points:
This offer is not available for residents of Quebec. For residents of Quebec, please click here.
Offer expiry date: Ongoing offer
Rewards
Earn 5 points for every $1 spent on:
Earn 1 point for every $1 spent on:
Earning potential
How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.
Rewards earned over a 12-month period + Welcome Bonus = $744 + $300 = $1,044
Annual fee = $120
Total earned over a 12-month period (rewards minus annual fee) = $924
Benefits
Insurance
With the BMO CashBack World Elite* Mastercard*, you can earn 5% cash back on groceries, 4% cash back on transit (which includes ride sharing, taxis, and public transportation), and 3% cash back when you fuel up at gas stations. The cash back rewards and welcome bonus can earn you up to $745 in your wallet according to our Best of Finance methodology.
Additional benefits include a complimentary roadside assistance program, discounts on select car rental, as well as travel and medical protection.
Annual fee
$120
Limited time offer/bonus
Offer expiry date: July 31, 2023
Rewards
With this card, you can earn the following:
The Tangerine World Mastercard® is a unique card that offers cardmembers the option to choose the categories that can reward them the most. Earn 2% Money-Back Rewards in up to three categories of your choice and 0.50% back on everything else. You also get additional perks, including Mastercard Airport Experiences, rental car collision insurance, and even mobile device insurance.
According to our Best of Finance methodology, the average Canadian can save an additional $459 over the first 12 months with this credit card.
Annual fee: $0
Limited time offer/bonus: Earn an extra 15% back* (up to $150) when you spend up to $1,000 in everyday purchases within your first 2 months.*
Plus, in your first 30 days, transfer balances and pay only 1.95% interest on the transferred balance for the first 6 months (19.95% after that)†.
Offer expiry date: January 31, 2023
Rewards
After the welcome offer ends, earn 2% Money-Back Rewards in your two chosen categories. And if you choose to have your Money-Back Rewards deposited in your Tangerine savings account, you are eligible for a third Money-Back category (also at 2%). Switch up your selected Money-Back categories as your spending habits evolve to maximize your return and earn 0.5% on everything else.
The 10 Tangerine Money-Back Rewards categories include:
*Rates, product information, and reward estimates are subject to change at any time and do not constitute financial advice.
Take advantage of great Mastercard services.
Masterpass is a digital payment service offered by Mastercard, which allows you to store all your Mastercard cards and shipping information in one digital wallet. When you use the Masterpass wallet, you can expect your online shopping experience to be fast and convenient, with all the information you need in one place. When you shop with Masterpass, your online transactions are protected by Mastercard’s security.
Mastercard cardholders can enjoy great experiences through the Priceless Cities program. Priceless Cities helps you find unforgettable experiences in cities around the world such as, live shows, food experiences and much more. You can also access a wide variety of digital experiences such as art tours and culinary classes.
Mastercard credit card holders have added security with transaction alerts and EVM chip technology. You also enjoy zero liability if you’re a victim of fraud. Any fraudulent transactions that are made in-store, over the telephone or online, are covered by the Zero Liability Mastercard policy. This makes paying with a Mastercard credit card safer than using cash.
Mastercard credit cards also have an additional SecureCode password that is required for online purchases, allowing you to safely do your online shopping.
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