Mastercard is one of the top three credit card networks in Canada, which is why there are so many options to choose from. But with such a large selection, choosing a card can become complicated. Credit cards can become even more intricate once you realize what additional benefits the issuers (typically banks or retailers) have to offer.
First, let’s breakdown what you can typically expect from your Mastercard:
- Accepted worldwide in over 210 countries and at more than 24 million locations.
- Checkout securely and efficiently online with Masterpass.
- Generally compatible with mobile wallets.
- Features three tiers including Standard, World, and World Elite cards for select services and coverages.
Mastercard features can range from zero fraud liability — to protect cardholders from unauthorized purchases made to their account — to airport lounge access and other travel benefits. However, all Mastercard members in Canada can benefit from Priceless Cities and Priceless Surprises if they choose to signup. Cardholders can access exclusive experiences, discounts, deals, and upgrades just by using their Mastercard.
When it comes to the issuer, you may choose to simply grab the first credit card offered by your bank. But before you do, you should compare credit cards because it is the issuer that will offer you your interest rate, rewards, points, cash back offers, and possibly even more exclusive benefits and deals from their affiliates. To help you out, we have selected the top eight Mastercard credit cards in Canada.
Our top picks
| Credit card | Great features | Annual fee |
|---|---|---|
| AIR MILES, travel | $120 | |
| Cash back | $120 | |
| 3. President’s Choice Financial® Mastercard® | PC Optimum points, groceries | $0 |
| Cash back | $0 | |
| Cash back | $79 | |
| Cash back | $0 | |
| Canadian Tire Money | $0 | |
| Low-interest rate | $0 |
1. BMO® AIR MILES®† World Elite®* Mastercard®*
The BMO® AIR MILES®† World Elite®* Mastercard®* is just one of many great Mastercard credit cards BMO has to offer. Featuring travel and medical protection, and membership in Mastercard Airport Experiences provided by LoungeKey, this card may be ideal for the frequent traveller.
Earn additional rewards when you shop at participating partners. When you’re ready to cash in your AIR MILES you can shop in-store or online and treat yourself to events, attractions, merchandise, or travel.
Based on our Best of Finance methodology, the average Canadian can earn $735 in AIR MILES within the first two years of card membership.
Credit score requirement for approval:
Excellent: You've had a credit card, or loan for at least 10 years. You've had good credit for the last seven years (no bankruptcies or no defaults on credit as a result of failing to pay debts back to creditors). You haven't opened a new credit card account, loan, or line of credit in the last nine months. You've made the minimum payments on your existing credit cards for the past six months.
Annual fee:
$120
Limited time offer/bonus:
- Earn up to an additional 3,000 bonus AIR MILES. Receive the first 1,000 bonus AIR MILES when you make your first purchase using the card. Receive the additional 2,000 AIR MILES when you spend at least $3,000 within the first three months of card membership. Plus, the annual fee is waived for the primary cardholder for the first year.
Sign-Up Bonus Expiry Date: January 15, 2020
Rewards:
- Earn 1 reward mile for every $10 in credit card purchases.
- Earn two times the reward miles at National Car Rental and Alamo Rent A Car locations.
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 24-month period.
Rewards earned over a 24-month period = 6,840 AIR MILES
Monetary value = $855.00
Annual fee (x2 for 24-month period) = $120
Total earned over a 24-month period (rewards minus annual fee) = $735.00
*We put the value of an AIR MILE at 12.5 cents, however, redemption value varies depending on how you choose to spend your MILES. The annual fee has also been waived for the first year.
You can redeem your points for:
- Travel
- Events and attractions
- Merchandise
- Online cash rewards
- In-store cash rewards
Insurance:
- Purchase assurance
- Extended warranty
- BMO AIR MILES World Elite Travel and Medical Protection
Other perks:
- Access an exclusive 15% flight discount on all AIR MILES flights in North America (no blackout dates).
- Receive a complimentary membership in Mastercard Experiences provided by LoungeKey. This includes exclusive VIP access and two annual complimentary passes.
- Enjoy 15% off admission to Cirque du Soleil shows touring in Canada, and 20% resident Cirque du Soleil shows in Las Vegas.
- Double-dip at AIR MILES Partners when you use your AIR MILES Collector Card.
A similar option:
- For those looking for a similar option with fewer qualifying requirements, the BMO® AIR MILES®† Mastercard®* earns two times the Miles for every $20 spent at AIR MILES Partners and 1 Mile for every $20 spent elsewhere.
2. BMO® CashBack® World Elite®* Mastercard®*
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Apply for the BMO® CashBack® World Elite®* Mastercard®* and earn 5% cash back in your first three months of card membership, up to a maximum spend of $4,000 ($200 cash back). After the welcome rate expires, earn 1.5% everywhere you shop. This could put an extra $596 in your wallet according to our Best of Finance methodology.
Additional benefits include a complimentary roadside assistance program, discounts on select car rentals, discounted Cirque du Soleil tickets, as well as travel and medical protection.
Credit score requirement for approval:
Excellent: You've had a credit card, or loan for at least 10 years. You've had good credit for the last seven years (no bankruptcies or no defaults on credit as a result of failing to pay debts back to creditors). You haven't opened a new credit card account, loan, or line of credit in the last nine months. You've made the minimum payments on your existing credit cards for the past six months.
Annual fee:
$120
Limited time offer/bonus:
- Earn 5% cash back for every dollar spent within your first three months of card membership, up to a maximum spend of $4,000.
Sign-Up Bonus Expiry Date: March 21, 2020
Rewards:
- Earn 1.5% cash back on all eligible purchases after the welcome rate expires.
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 24-month period.
Rewards earned over a 24-month period = $716.00
Annual fee (x2 for 24-month period) = $120.00
Total earned over a 24-month period (rewards minus annual fee) = $596.00
*The annual fee has been waived for the first year.
You can redeem your points for:
- Redeem your rewards annually as a statement credit.
- Have your rewards deposited into your BMO InvestorLine account.
- Deposit your rewards into your BMO chequing or savings account.
Insurance:
- Purchase protection
- BMO World Elite Total Travel and Medical Protection
Other perks:
- Access a complimentary membership to Mastercard Airport Experiences provided by LoungeKey, and a complimentary roadside assistance program with your card.
- Enjoy discounted tickets to touring Cirque du Soleil shows in Canada and resident shows in Las Vegas, as well as discounted car rentals.
3. President’s Choice Financial® Mastercard®
The President’s Choice Financial® Mastercard® rewards loyal PC shoppers with 10 to 30 points per dollar depending on which PC partner they are shopping at. Additionally, cardholders can earn extra PC Optimum points when they scan or tap their rewards program card when making purchases.
According to our Best of Finance methodology, the average Canadian could see a return of over $582.72 within the first two years of card membership. And unlike some cards, you don’t have to wait for an annual date to receive your rewards. Once you have an increment of 10,000 or $10, you can start to cash them in at participating stores.
Credit score requirement for approval:
Good: You’ve had a credit card, or loan for at least six years. You've had good credit for the last seven years (no bankruptcies or no defaults on credit as a result of failing to pay debts back to creditors). You haven't opened a new credit card account, loan, or line of credit in the last nine months. You've made the minimum payments on my existing credit cards for the past three months.
Annual fee:
$0
Limited time offer/bonus:
- Promotional interest rate of 0.97% on balance transfers made within 90 days of account approval for the first six months.
Sign-Up Bonus Expiry Date: N/A (subject to change without notice)
Rewards:
- Earn 10 points for every dollar spent at PC Financial stores.
- Earn 25 points per dollar spent at Shoppers Drug Mart.
- Earn at least 30 PC Optimum points per litre with Esso Mobil.
- Earn 20 points per dollar spent on PC Travel.
- Earn 10 points per dollar on everything else.
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 24-month period.
Rewards earned over a 24-month period = 582,718 PC Optimum Points
Monetary value = $582.72
Annual fee (x2 for 24-month period) = $0
Total earned over a 24-month period (rewards minus annual fee) = $582.72
*Assuming all groceries are purchased at PC Financial stores, all pharmacy products are purchased at Shoppers Drug Mart, private transportation is through PC Travel, and gas is purchased through Esso Mobil.
You can redeem your points for:
You can cash in your points as soon as you have 10,000 ($10 monetary value) for:
- Merchandise at participating stores
- Online at Beautyboutique.ca, JoeFresh.ca, and Pc Express
Insurance:
- Purchase assurance
- Extended warranty
Other perks:
- Enjoy up to four supplementary cards for family members for free.
- Mastercard Global Service has cardholders covered in the event of an emergency, replacing lost or stolen cards within 48 hours from anywhere in the world.
A similar option:
For those looking for a similar, yet more powerful option, the PC Financial World Mastercard®, and the PC Financial World Elite Mastercard® offer two to three times the earning potential. However, they have higher income requirements for approval.
4. Tangerine World Mastercard®
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The Tangerine World Mastercard® and the Tangerine Money-Back Credit Card are unique in the fact that they offer 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. However, the Tangerine World Mastercard® offers 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 $546.85 over the first two years if they choose to deposit their rewards into a Tangerine Savings Account, and select grocery, restaurant, and gas as their Money-Back categories.
Credit score requirement for approval:
Excellent: You've had a credit card, or loan for at least 10 years. You've had good credit for the last seven years (no bankruptcies or no defaults on credit as a result of failing to pay debts back to creditors). You haven't opened a new credit card account, loan, or line of credit in the last nine months. You've made the minimum payments on your existing credit cards for the past six months.
Annual fee:
$0
Limited time offer/bonus:
- Earn 4% Money-Back Rewards in up to three categories for your first three months of card membership. Cardholders start with two categories but can earn the third category by choosing to have their Money-Back Rewards deposited into a Tangerine savings account.
- A promotional interest rate of 1.95% applies to balance transfers made within 30 days of account opening, for six statement periods after the last balance transfer was made to the account. A 1% fee applies to amounts transferred.
Sign-Up Bonus Expiry Date: January 31, 2020
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 castigatory 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:
- Restaurants
- Grocery
- Gas
- Entertainment
- Home Improvement
- Furniture
- Hotel-Motel
- Recurring Bills
- Drug Store
- Public Transport and Parking
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 24-month period.
Rewards earned over a 24-month period = $546.85 Money-Back rewards
Annual fee (x2 for 24-month period) = $0
Total earned over a 24-month period (rewards minus annual fee) = $546.85
*Assuming you have earned the third category by depositing your rewards into a Tangerine Savings Account and you have chosen to earn from grocery, restaurant, and gas purchases.
You can redeem your points for:
- Rewards are paid out monthly and can be deposited into your Tangerine savings account.
- Rewards can also be applied to your credit card bill as a statement credit.
Insurance:
- Purchase assurance
- Extended warranty
- Rental car collision/loss damage insurance
- Mastercard Zero Liability
- Mobile device insurance
Other perks:
- Access exclusive dining, retail, and spa offers in airports worldwide with your complimentary membership to Mastercard Airport Experiences provided by LoungeKey.
- Enjoy free supplementary cards and earn more rewards as a household.
5. Shell® CashBack World Mastercard®* from BMO
The Shell® CashBack World Mastercard®* from BMO rewards commuters with 3% CashBack rewards on every dollar they spend at Shell locations in Canada and 1.25% back on all other eligible purchases. According to our Best of Finance methodology, the average Canadian will collect $423 in rewards in just two years.
Additional benefits of this card include a roadside assistance program and various insurance coverages, which makes it perfect for the cardholder who is always on the road.
Credit score requirement for approval:
Excellent: You've had a credit card, or loan for at least 10 years. You've had good credit for the last seven years (no bankruptcies or no defaults on credit as a result of failing to pay debts back to creditors). You haven't opened a new credit card account, loan, or line of credit in the last nine months. You've made the minimum payments on your existing credit cards for the past six months.
Annual fee:
$79
Limited time offer/bonus:
- No welcome offer.
Rewards:
- Earn 3% CashBack rewards per dollar you spend at Shell locations in Canada.
- Earn 1.25% CashBack rewards everywhere else.
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 24-month period.
Rewards earned over a 24-month period = $581.00
Annual fee (x2 for 24-month period) = $158
Total earned over a 24-month period (rewards minus annual fee) = $423.00
*Assuming you have made all your gas purchases at participating Shell locations (average $240.48 per month).
You can redeem your points for:
- Rewards are issued as a statement credit.
Insurance:
- Car rental collision damage waiver
- Flight delay
- Baggage insurance
- Purchase protection
- Extended warranty
Other perks:
- Enjoy the BMO Roadside Assistance Program with your complimentary membership in the Dominion Automobile Association.
A similar option:
- For those looking for a similar option featuring AIR MILES, check out the
Shell AIR MILES World MasterCard®* from BMO.
6. Scotia Momentum® Mastercard®* Credit Card
The Scotia Momentum® Mastercard®* Credit Card is a great starter credit card with no credit history needed to apply. This card also features a low credit limit requirement of $500, so you can set reasonable limits as you introduce yourself to credit.
You may also want to transfer your balance to take advantage of the low introductory interest rate of 7.99% for the first six months. Plus, earn 1% back on gas station, grocery store, and drug store purchases, as well as recurring bill payments on the account. Earn 0.5% cash back on all other eligible purchases.
Based on our Best of Finance methodology, the average Canadian will pocket $274.10 within the first two years.
Credit score requirement for approval:
Good: You’ve had a credit card, or loan for at least six years. You've had good credit for the last seven years (no bankruptcies or no defaults on credit as a result of failing to pay debts back to creditors). You haven't opened a new credit card account, loan, or line of credit in the last nine months. You've made the minimum payments on my existing credit cards for the past three months.
Annual fee:
$0
Limited time offer/bonus:
- New cardholders can enjoy a 7.99% introductory interest rate on purchases made within the first six months (19.99% after that).
Sign-Up Bonus Expiry Date: March 1, 2020
Rewards:
- Earn 1% cash back on gas, grocery, and drug store purchases, as well as recurring bill payments.
- Earn 0.5% cash back on all other eligible purchases.
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 24-month period.
Rewards earned over a 24-month period = $274.10
Annual fee (x2 for 24-month period) = $0
Total earned over a 24-month period (rewards minus annual fee) = $274.10
You can redeem your points for:
- Cash back rewards will be credited to your statement annually.
Insurance:
- Zero Liability Protection by Mastercard
Other perks:
- Enjoy a free supplementary card on your account.
- Access exclusive experiences with Mastercard.
- Save on select car rentals across Canada and the U.S. when you pay with your card.
7. Triangle™ Mastercard®
The Triangle™ Mastercard® is great for the amateur auto mechanic, the DIY decorator, the sports enthusiast, or the handyperson. Earn Canadian Tire Money on everything you buy, collect 4% in Canadian Tire Money at participating stores, and earn five cents per litre at Gas+ and participating Husky stations. Based on our Best of Finance methodology, the average Canadian will earn just over $250 in CT Money in just two years.
The Triangle™ Mastercard® also features no fee, no interest financing on qualifying purchases of $200 or more at participating Canadian Tire locations and partner stores. So, making home improvements, repairs, or larger purchases may be more manageable with this card.
Additionally, cardholders can receive personalized offers and cash in on merchandise from Canadian Tire, Sport Chek, Atmosphere, Sports Rousseau, Hockey Experts, L’Entrepôt du Hockey, and participating Mark’s/L’Équipeur and Sports Experts stores.
Credit score requirement for approval:
Unknown.
Annual fee:
$0
Limited time offer/bonus:
- No welcome offer
Rewards:
- Earn four percent back in Canadian Tire Money at Canadian Tire, Sport Chek, Sports Rousseau, Hockey Experts, L’Entrepôt du Hockey and participating Mark’s/L’Équipeur and Sports Experts stores.
- Earn five cents per litre in Canadian Tire Money at Gas+ and participating Husky gas stations.
- Collect Canadian Tire Money everywhere else you shop.
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 24-month period.
Rewards earned over a 24-month period = $257.17 Canadian Tire Money
Annual fee (x2 for 24-month period) = $0
Total earned over a 24-month period (rewards minus annual fee) = $257.17
*Assuming $100 a month is spent on the card monthly at eligible retailers.
You can redeem your points for:
- Merchandise at Canadian Tire stores and select partner locations such as Mark’s and Sport Chek
Insurance:
- Not applicable
Other perks:
- Access member-only events and receive personalized offers from some of your favourite brands.
- Enjoy no fee, no interest financing on qualifying purchases of $200 or more at participating locations and partner stores.
A similar option:
- You may be able to earn rewards faster with the Triangle™ World Elite Mastercard® if you meet the application requirements.
8. True Line® Mastercard® credit card
The True Line® Mastercard® credit card doesn’t flaunt rewards, points, or cash back, but it can really help those looking to pay down their credit card balance or access a low-interest rate.
Featuring a standard interest rate of 12.99%, this card is well below the average of 19.99%. And for a limited time, save with a 0% interest rate on balance transfers for the first 12 months. This applies to balance transfers made within 90 days of account opening. A 3% fee does apply to amounts transferred (minimum $7.50 fee).
Aside from the outstanding promotional offer, the True Line® Mastercard® credit card features Trip Assistance, providing support from lost luggage to legal assistance abroad. You can also enjoy discounts on select car rentals.
Credit score requirement for approval:
Good: You’ve had a credit card, or loan for at least six years. You've had good credit for the last seven years (no bankruptcies or no defaults on credit as a result of failing to pay debts back to creditors). You haven't opened a new credit card account, loan, or line of credit in the last nine months. You've made the minimum payments on my existing credit cards for the past three months.
Annual fee:
$0
Limited time offer/bonus:
- Save with a 0% promotional interest rate on balance transfers for the first 12 months. This applies to balance transfers completed within 90 days of account opening. A 3% fee applies to amounts transferred (minimum charge of $7.50).
Sign-Up Bonus Expiry Date: February 29, 2020
Rewards:
- Although this card doesn’t sport any rewards, it can be beneficial to those looking to pay down their debt or access a low-interest rate.
Earning potential:
There are no rewards offered from this card but that doesn’t mean there aren’t benefits!
You can redeem your points for:
- Not applicable
Insurance:
- Mastercard Zero Liability
Other perks:
- Add up to nine authorized users to your account for no additional cost.
- Enjoy the “Away from Home” feature, which provides trip assistance and support for lost documents, tickets, and luggage, as well as legal assistance.
- Benefit from discounts at select car rental companies across Canada and the U.S. when you use your card.
Compare Mastercard Credit Cards
Mastercard has a lot to offer within Canada and abroad. With its global reach, coverage, and exclusive experiences it is an asset to any wallet. Compare the best Mastercard credit cards in Canada at Rates.ca.
