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Canada’s greatest Mastercard bank cards for 2023

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One of the best Credit cards in Canada for 2023

Mastercard is without doubt one of the most generally accepted bank card corporations on the earth, and its affiliation with the Financial institution of Montreal and standing as the one card you should use at Costco make it a robust selection for on a regular basis spending. No matter you want in a bank card—whether or not it’s alternatives to earn money or rewards, to journey, to benefit from low rates of interest, or to achieve entry to premium perks—there’s a Mastercard for you on this listing.

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Our greatest Mastercard bank card picks
How we decide one of the best playing cards
Ceaselessly requested questions
Extra greatest bank card rankings


Our greatest Mastercard picks


Greatest for money again with bonus classes

Tangerine Cash-Again Mastercard*

At a look: Flexibility is the secret with the no-fee Tangerine Cash-Again Mastercard. You’ll be able to earn 2% money again in as much as three spending classes that you choose based mostly in your spending habits, and you’ll change your classes on-line.

  • Annual payment: $0
  • Rates of interest: 19.95% on purchases, 19.95% on money advances, 19.95% on steadiness transfers
  • Welcome bonus: You’ll be able to earn an additional 10% again on as much as $1,000 in on a regular basis purchases inside the first 2 months. Should apply by July 5, 2023.
  • Earn charge: 2% money again on purchases in as much as three spending classes and 0.5% money again on all the pieces else
  • Further advantages: Buy assurance covers loss, theft or injury for 90 days after buy; prolonged guarantee of as much as one 12 months
  • Annual revenue requirement: $12,000

Professionals 

  • The two% earn charge is aggressive for a no-fee card.
  • You need to use this card strategically to get 2% money again on bigger purchases by altering over your spending classes. For instance, in the event you’re planning a visit you may choose “lodge/motel” as a bonus class. Simply you’ll want to make the change one assertion cycle previous to needing it.
  • With a $12,000 annual revenue requirement, this card may be very accessible.

Cons 

  • Doesn’t embody journey insurance coverage or perks.
  • The bottom earn charge of 0.5% is on the low finish for money again playing cards.

Greatest for money again

Rogers World Elite Mastercard

At a look: The no-fee Rogers World Elite Mastercard presents boosted earn charges on purchases in a overseas forex, journey perks and insurance coverage protection—for many who meet the minimal annual revenue necessities. This card will enchantment to individuals who don’t wish to hassle with monitoring spending classes and infrequently journey.

  • Annual payment: $0
  • Rates of interest: 19.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers
  • Welcome bonus: Earn $25 in money again.
  • Earn charge: 3% on purchases made in U.S. {dollars}; 1.5% on all different eligible purchases
  • Further advantages: Rental automobile collision and injury protection; emergency medical insurance coverage; journey cancellation or interruption safety
  • Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Professionals 

  • No-fee bank cards don’t normally embody a lot in the way in which of perks or advantages, however this one contains some journey insurance coverage and perks like complimentary membership to Mastercard Journey Move, which provides you entry to airport lounges.
  • The three% earn charge on purchases in U.S. {dollars} covers the overseas transaction charges most bank cards cost.
  • You’ll be able to earn limitless rewards and so they’re redeemable immediately.

Cons 

  • The journey insurance coverage doesn’t have some protections, similar to misplaced or delayed baggage, flight delay, or lodge housebreaking.
  • The common earn charge of 1.5% money again is lower than you’ll get on another no-fee playing cards.
  • Though cardholders are enrolled in DragonPass, there aren’t any included lounge visits that means that every go to will price a further USD$32.
  • The annual revenue necessities will maintain this card out of attain for some households.

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Greatest for grocery purchases

PC Monetary World Elite Mastercard*

At a look: The no-fee PC Monetary World Elite Mastercard means that you can rack up substantial factors within the ever-popular PC Optimum program at a pretty earn charge of 30 factors per $1 spent at Loblaw shops, PC Journey and Esso; 45 factors per $1 at Customers Drug Mart; and 10 factors per $1 all over the place else. The cardboard is greatest suited to those that store frequently at Loblaw banner shops.

  • Annual payment: $0
  • Rates of interest: 20.97% on purchases, 22.97% on money advances, 22.97% on steadiness transfers
  • Welcome bonus: You’ll be able to earn 20,000 PC Optimum factors ($20 worth).
  • Earn charge: 30 factors per $1 at Loblaw shops, PC Journey and Esso; 45 factors per $1 at Customers Drug Mart; 10 factors per $1 all over the place else
  • Further advantages: Journey emergency medical insurance coverage for as much as 10 days; automobile rental collision or injury; buy safety and prolonged guarantee; concierge companies
  • Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Professionals 

  • The earn charges are distinctive for a no-fee card, redemptions are hassle-free, and there are greater than 2,500 areas the place PC and President’s Selection merchandise are bought in Canada, providing you with loads of flexibility and alternatives to earn.
  • You’ll be able to earn PC Optimum factors regardless of the place you store. 
  • You’ll be able to stack your factors by exhibiting your PC Optimum card and paying together with your PC Monetary World Elite Mastercard.
  • Contains journey and automobile rental insurance coverage that’s appropriate for brief journeys.

Cons 

  • The earn charge for purchasing at non-affiliated shops is just 10 factors per $1 spent. 
  • The included journey insurance coverage isn’t sturdy sufficient for longer or complicated journeys.
  • The minimal annual revenue requirement will maintain this card out of attain for a lot of.

Honourable point out:

BMO CashBack Mastercard*

At a look: Meals is a giant spending class for many Canadians so that you’ll wish to profit from this expense. If you happen to’re searching for a card that permits you to earn on grocery purchases wherever you store, as an alternative of solely at Loblaw-affiliated shops, think about the BMO CashBack Mastercard. With 3% again on this class, it presents the best earn charge on groceries out there for a no-fee card. Further playing cards are free, so you possibly can increase your earnings shortly.

  • Annual payment: $0
  • Rates of interest: 20.99% on purchases, 22.99% on money advances (21.99% for Quebec residents), 22.99% on steadiness transfers
  • Welcome bonus: You’ll be able to earn as much as 5% money again in your first 3 months. Circumstances apply.
  • Earn charge: 3% money again on groceries; 1% money again on recurring payments; 0.5% money again on all different spends
  • Further advantages: Entry to BMO PaySmart installment cost plan; entry to the Mastercard Journey Rewards program which provides you presents and financial savings; reductions at Nationwide Automobile Rental and Alamo Automobile Rental; reductions at Cirque du Soleil; prolonged guarantee and buy safety
  • Annual revenue requirement: Private revenue of $15,000

Professionals

  • Redeem your money again while you need, and select how you employ your rewards. You’ll be able to apply them to your bank card invoice, withdraw on to your BMO chequing or financial savings account, or make investments them in your InvestorLine account.
  • With 3% money again on groceries, a month-to-month spend of $500 will get you $180 yearly from that class alone. 
  • This card places accessible money again rewards in attain for many individuals as a result of it has a low minimal revenue requirement and no annual payment. 

Cons

  • The BMO Money Again Mastercard doesn’t embody many perks. For instance, it doesn’t include journey insurance coverage.
  • With a base earn charge of 0.5%, this card much less is helpful for purchases exterior boosted classes.
  • The three% money again charge on groceries and 1% charge on recurring payments is capped at $500 per thirty days. Spends in these classes past that quantity will earn on the base charge of 0.5%.

Greatest no payment card for journey

MBNA Rewards Platinum Plus Mastercard*

At a look: The MBNA Rewards Platinum Plus Mastercard makes it straightforward to earn MBNA factors which could be redeemed for journey (and extra), and the distinctive birthday bonus perk returns 10% of your annual earnings in factors. This card will enchantment to these searching for a technique to earn factors that can be utilized for journey, with out having to pay an annual payment.

Professionals 

  • Redemptions are straightforward and versatile. You need to use MBNA factors for money again, merchandise, present card, journey and even charitable donations.
  • Yearly, get 10% of the factors you earned within the earlier 12 months as birthday bonus factors.
  • MBNA factors by no means expire.

Cons 

  • There’s an annual cap of $10,000 per class on the boosted rewards. Purchases after that may earn on the base charge of 1 level per $1 spent.
  • This card doesn’t embody a lot in the way in which of insurance coverage or different advantages.

Greatest journey bank card

BMO Ascend World Elite Mastercard*

BMO Ascend World Elite Mastercard

At a look: The BMO Ascend World Elite Mastercard permits you to earn versatile BMO Rewards which could be redeemed for journey, merchandise, assertion credit, and even investments. It contains complete journey insurance coverage and perks like Mastercard Journey Move membership together with 4 free airport lounge visits yearly.  

  • Annual payment: $150
  • Rates of interest: 20.99% on purchases, 23.99% on money advances, 23.99% on steadiness transfers
  • Welcome bonus: You’ll be able to earn as much as 70,000 factors and the annual payment waived within the first 12 months for each the first cardholder and approved customers.
  • Earn charge: 5 factors per $1 spent on eligible journey purchases; 3 factors per $1 on eating, leisure, and recurring invoice funds; 1 level per $1 on all the pieces else
  • Further advantages: Mastercard Airport Experiences membership, plus 4 annual complimentary lounge passes; BMO World Elite Complete Journey and Medical Safety insurance coverage for limitless journeys per 12 months of as much as 21 days every; Boingo Wi-Fi entry; prolonged guarantee; buy safety; World Elite Mastercard perks
  • Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Professionals 

  • This card contains complimentary membership in Mastercard Journey Move with 4 annual airport lounge passes. 
  • The included journey insurance coverage is without doubt one of the greatest in the marketplace and the emergency medical is accessible to travellers aged 75 and underneath (many insurance policies solely cowl these aged 65 and underneath).
  • BMO Rewards are versatile and could be redeemed for journey, merchandise, present playing cards and even investments.

Cons 

  • The $150 annual payment is increased than different playing cards on this class.
  • This card has excessive annual revenue necessities.

Greatest for Costco customers

MBNA Rewards World Elite Mastercard*

At a look: Costco solely accepts Mastercard, and with the MBNA Rewards World Elite, you and your loved ones will benefit from the financial savings of shopping for in bulk whereas incomes versatile MBNA rewards. The earn charge of 5 factors per $1 on restaurant, grocery, digital media, membership, and family utility purchases will make it easier to rack up rewards shortly, and you’ll redeem for journey, rewards, or money again.

Professionals 

  • This card features a sturdy journey insurance coverage bundle, plus as much as $1,000 of latest cellular machine insurance coverage that protects you towards loss, theft and injury.
  • Yearly, get 10% of the factors you earned within the earlier 12 months as birthday bonus factors.
  • Though there may be an annual cap on boosted spending classes, it’s $50,000 per class, so that you’re unlikely to achieve it. 
  • MBNA factors by no means expire.

Cons 

  • The bottom charge of 1 level per $1 spent will not be very aggressive.
  • You’ll be able to’t switch MBNA factors to different loyalty applications.
  • The minimal revenue necessities will put this card out of attain for some.

Greatest for low curiosity

MBNA True Line Gold Mastercard*

At a look: The MBNA True Line Gold Mastercard presents one of many lowest rates of interest in the marketplace with no annual revenue necessities and a low annual payment of $39. This card is a robust software for these seeking to pay down debt.

  • Annual payment: $39
  • Rates of interest: 8.99% on purchases, 24.99% on money advances, 8.99% on steadiness transfers
  • Earn charge: N/A
  • Further advantages: As much as 9 further customers at no additional payment; journey help companies, together with assist changing misplaced paperwork, and assist in case your baggage goes lacking; financial savings with Avis and Price range automobile leases; buy safety for as much as 90 days; and prolonged guarantee of as much as one further 12 months on prime of the producer’s protection
  • Welcome bonus: No welcome provide.
  • Annual revenue requirement: None

Professionals 

  • The 8.99% rate of interest is without doubt one of the lowest in the marketplace. 
  • Cardholders can add as much as 9 further customers at no further price.
  • Contains journey help and authorized help.

Cons 

  • Whereas this can be a low curiosity card, it doesn’t have a promotional steadiness switch provide.
  • There’s no included journey or automobile rental insurance coverage.
  • These in Quebec are topic to an rate of interest of 10.99%.

Greatest for Air Miles collectors

BMO Air Miles World Elite Mastercard*

At a look:  Providing a unprecedented earn charge of 1 Air Mile per $12 spent and additional advantages like journey and rental automobile insurance coverage, plus reductions, the BMO Air Miles World Elite Mastercard is a good journey companion.

  • Annual payment: $120
  • Rates of interest: 20.99% on purchases, 23.99% on money advances, 23.99% on steadiness transfers
  • Welcome bonus: You’ll be able to earn 3,000 AIR MILES Bonus Miles and have the $120 annual payment waived for the primary 12 months. Should apply by July thirty first, 2023.
  • Earn charge: 1 Mile per $12 spent, 3 Miles per $12 spent at Air Miles companions and a couple of Miles per $12 spent at eligible grocery shops
  • Further advantages: Complimentary membership in Mastercard Journey Move supplied by DragonPass; unique 25% low cost on one worldwide Air Miles flight redemption throughout the calendar 12 months; journey and medical insurance coverage; flight low cost of 15% on Air Miles flights in North America; as much as 25% low cost on automobile leases at Nationwide and Alamo; prolonged guarantee and buy safety; World Elite Mastercard perks
  • Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Professionals 

  • This card provides you entry to a robust base charge of 1 Air Mile per $12 spent, plus loads of alternatives to spice up your earn charge, together with the flexibility to “double dip” through the use of your collector’s card.
  • Features a premium journey and automobile rental insurance coverage bundle.
  • Comes with perks like complimentary membership in Mastercard Journey Move supplied by DragonPass which positive aspects you entry to airport lounges, free Boingo Wi-Fi and reductions.

Cons 

  • The DragonPass lounge entry doesn’t embody passes, which price USD$32 per go to.
  • The annual minimal revenue requirement will put this card out of attain for some.

Greatest for college kids

BMO CashBack Mastercard*

At a look: The BMO CashBack Mastercard presents a no-fee technique to earn large on groceries, a function that may enchantment to hungry college students. The three% earn charge on groceries is without doubt one of the highest within the nation for a no-fee card, and cardholders will get a 1% return on recurring invoice funds (all the pieces else earns 0.5% money again).

  • Annual payment: $0
  • Rates of interest: 20.99% on purchases, 22.99% on money advances
  • Welcome bonus: You’ll be able to earn 5% money again in your first 3 months
  • Earn charge: 3% money again on groceries and 1% on recurring invoice funds; 0.5% on all the pieces else
  • Further advantages: Prolonged guarantee and buy safety towards theft or injury for 90 days after buy; as much as 25% off at Nationwide and Alamo; reductions for Cirque du Soleil tickets
  • Annual revenue requirement: None

Professionals 

  • Further playing cards are free so you possibly can earn much more money again.
  • As a no-fee card with no minimal revenue requirement, this card is a particularly accessible technique to earn money again in a giant spending class. 

Cons 

  • There’s a cap of $500 per assertion cycle for boosted spending classes and any spends past that may earn on the low 0.5% base charge.
  • This card doesn’t have any included journey or automobile rental insurance coverage.

Greatest for roadside help

Triangle World Elite Mastercard

At a look: It ought to come as no shock that the Triangle World Elite Mastercard from Canadian Tire presents one of the best roadside help. The cardboard’s Gold Plan lets members decide to insure both their automobile (with any driver) or themselves (in any automobile), plus provides them entry to 24/7 roadside help in Canada and the U.S., towing, flat tire adjustments, battery boosts, gasoline supply, lock-out service and extra.

  • Annual payment: $0
  • Rates of interest: 19.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers
  • Welcome bonus: None
  • Earn charge: 3% again in CT Cash on grocery purchases (as much as $12,000 yearly); 4% again on spends at Canadian Tire and associate shops; and $0.05 to $0.07 per litre again on gasoline from collaborating Fuel+/Essence+ and Husky areas; 1% again all over the place else
  • Further advantages: No-receipt returns; customized presents; prolonged guarantee and safety insurance coverage that covers loss, theft or injury for 90 days after buy
  • Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Professionals 

  • There are quite a few methods to gather Canadian Tire Cash (CT Cash) at boosted charges which you can spend on nearly something in retailer. One greenback in CT Cash = CAD$1.
  • Sports activities followers will respect accelerated charges and reductions at associate shops similar to Mark’s Work Wearhouse, Sportchek and Hockey Life.
  • You’ll be able to beat surging gasoline costs with reductions on gasoline at Fuel+/Essence+ and Husky areas.

Cons 

  • Regardless of being labeled by Mastercard as grocery shops, Walmart Supercentres will not be included within the 3% boosted grocery earn charge.
  • There’s an annual restrict of $12,000 on accelerated rewards. Purchases past that cap will earn on the base charge of 1%.
  • Though this can be a no-fee card, the excessive annual minimal revenue requirement will put it out of attain for some.

Greatest for purchasing native

Neo Credit score*

Links to Neo website

At a look: This fully-digital, no-fee bank card is nice for customers who like to buy native, earn limitless money again, and get entry to precious reductions and loyalty applications. With instruments like a money again map, in addition to elective paid bundles to speed up your earn charges and perks in an space of your selection (together with journey, food and drinks, or on a regular basis necessities), the Neo Credit score will enchantment to those that take a contemporary, hands-on method to their spending.

  • Annual payment: $0
  • Rates of interest: 19.99% on purchases, 22.99% on money advances
  • Welcome provide: earn $25 cashback while you join the Neo Bank card, plus as much as 15% cashback on first-time purchases at 10,000+ companions.
  • Earn charge: It varies, however averages 5% money again at choose retailers
  • Further advantages: Mastercard Zero Legal responsibility fraud safety; freeze your misplaced card
  • Annual revenue requirement: None

Professionals 

  • Provides you the flexibility to earn money again at extraordinary charges. 
  • You need to use Neo’s instruments to assist native companies.
  • The cardboard is customizable with no-commitment subscription bundles so you possibly can enhance your perks and earn charges on sure sorts of spends.
  • There’s no cap on how a lot money again you possibly can earn, and you’ll money out your earnings at any time.

Cons 

  • It doesn’t include insurance coverage protection. If, for instance, you need journey insurance coverage, you’ll need to buy the journey subscription bundle.
  • When you can earn regardless of the place you store, purchasing exterior associate retailers will get you a considerably decrease charge (with a minimal of 0.5% again), so this card might not swimsuit individuals who aren’t in cities, the place most of Neo’s associate shops are positioned.

Greatest pay as you go Mastercard

Koho Pay as you go Mastercard with an Straightforward subscription*


At a look:
The Koho Pay as you go Mastercard works like a debit card you should use without spending a dime at any ATM and all over the place that accepts Mastercard—plus, you’ll additionally get money again in your purchases. Whenever you open a Koho account, you’ll obtain a digital Pay as you go Mastercard, and you’ll have to decide in to obtain the bodily card. Clients are routinely enrolled into Straightforward, Koho’s base subscription plan—and the one free one. Cardholders can select to improve to the paid Important or Further plans for higher earn charges and extra perks.

  • Annual payment: $0
  • Rates of interest: N/A
  • Welcome provide: 1% money again on groceries and transportation
  • Earn charge: 1% money again on payments, companies, and groceries; as much as 5% again at choose retailers 
  • Further advantages: Entry to budgeting instruments, RoundUp, monetary teaching (free with the Further plan) credit score constructing for a payment; 0.5% curiosity in your account; entry to joint accounts
  • Annual revenue requirement: None

Professionals 

  • The Straightforward account is free however clients can entry extra perks and higher charges by upgrading their plan. For instance, in the event you pay $9 per thirty days for the Koho Further account, you’ll earn 2% money again on groceries, payments, companies, and consuming and ingesting, plus 0.5% money again on all purchases. With Further, you’ll additionally get a $25 money bonus as soon as accredited.
  • You’ll pay no month-to-month charges with the Straightforward account, and because you preload the cardboard, you don’t have to fret about missed funds or rates of interest.
  • Koho presents a great deal of instruments that can assist you finances and meet your monetary targets. Some are free, together with monetary teaching (without spending a dime with the Further plan) and RoundUp—the place you set your account to spherical up the price of purchases to the closest $1, $2, $5 or $10, and it places the distinction apart in your financial savings.

Cons 

  • If you wish to entry one of the best perks and options, you’ll need to subscribe to Koho Important or Further, which include month-to-month charges of $4 and $9, or annual charges of $48 and $84, respectively.
  • Some perks out there with all three plans, similar to credit score constructing, come at an additional price that varies relying on the plan.
  • With Koho Straightforward, travellers and cross-border customers are charged overseas transactions (FX) charges of 1.5%. If these prices matter to you, think about the Koho Further plan, which comes with no FX charges.

Our methodology: How we decide one of the best playing cards

The MoneySense editorial workforce selects one of the best bank cards by assessing the worth they supply to Canadians throughout numerous classes. Our greatest Mastercard bank cards rating is predicated on an intensive listing of card particulars and options, together with annual charges, rates of interest, welcome presents, rewards earn charges, annual revenue necessities, and perks similar to insurance coverage protection, buy safety, roadside help, rebates, reductions and airport lounge entry. We now have additionally thought-about the professionals and cons of every card that can assist you decide which of them greatest fit your monetary wants. Our rankings are an unbiased supply of data for Canadians. The addition of hyperlinks from affiliate companions has no bearing on the outcomes. Learn extra about how MoneySense makes cash.

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