Best Mastercard Credit Cards in Canada

mastercard credit cards in canada featured image

Choosing and signing up for a new credit card is a big choice for many Canadians and one that isn’t taken lightly. Deciding between a card with no annual fees or annual fees, the type of welcome bonus, benefits, and insurance coverages can be overwhelming for those who are looking for the best credit card to complement their lifestyle.

Personally, I try to keep at least one Mastercard, one Visa card, and one American Express card in my wallet at all times for merchant acceptance diversity in addition to different perks and earning rates. My Mastercard is a key component of my personal finance habits; if you are looking to add a new Mastercard to your wallet, you might as well add one of the best Mastercard credit cards that are available to Canadians.

Let’s take a look at the best Mastercard credit cards in Canada to help you find a credit card that is right for you.

Why Choose a Mastercard Credit Card?

Mastercard is one of the two most widely accepted credit card brands worldwide, making them a great option for international travel as you can always be certain that if a retailer takes credit cards, they will most likely be part of the Mastercard network.

Not to mention, many of the Mastercard credit cards available to Canadians come with a wealth of benefits, perks, and strong welcome bonuses, making them a compelling addition to your wallet.

Related: A Tutorial to Choosing Credit Card Welcome Offers

The Best Mastercard Credit Cards in Canada

Many financial institutions in Canada offer Mastercards as part of their financial product lineups. Below, we’ve captured a list of our favorite Mastercard credit cards in Canada and why you should consider adding them to your wallet.

WestJet RBC World Elite Mastercard

The WestJet RBC World Elite Mastercard offers robust travel benefits tailored to WestJet enthusiasts.

WestJet RBC World Elite Mastercard

The WestJet RBC World Elite Mastercard earns WestJet dollars and offers cardholders benefits on WestJet flights including an annual companion fare and a first free checked bag.

Check out our WestJet RBC World Elite Mastercard review for more details.

BONUS
450 WestJet dollars
MINSPEND
$5,000
NET VALUE
$331+
ANNUAL FEE
$119
FOREX FEES
Yes
EXPIRY
Jul 31, 2024

Cardholders enjoy an annual round-trip companion voucher, allowing them to bring a friend or family member on a WestJet flight for a nominal fee. This perk alone can significantly offset the card’s annual fee. Additionally, cardholders will receive one checked bag for themselves and up to eight guests on the same itinerary when flying on WestJet; this is the best way to save on WestJet baggage fees.

Furthermore, the card provides a generous welcome bonus, typically in the form of WestJet dollars, which can be redeemed for flights, vacation packages, and other travel expenses. With accelerated earn rates on WestJet purchases and everyday spending, cardholders accumulate rewards quickly.

The WestJet RBC World Elite Mastercard stands out for its comprehensive travel insurance coverage, including emergency medical coverage, trip cancellation/interruption insurance, and rental car insurance. These features enhance the cardholder’s peace of mind during their travels.

If you don’t meet the personal annual income requirement of $80,000 or household annual income requirement of $150,000 for this card, consider the WestJet RBC Mastercard as an alternative.

MBNA Rewards World Elite Mastercard

The MBNA Rewards World Elite Mastercard earns 5 MBNA Rewards points for every dollar spent on restaurant, grocery, digital media, memberships, and household utility purchases which works out to be a 5% return on all spend in these categories. Many everyday purchases will fall into these categories, making this a top-tier card for earning rewards.

MBNA Rewards World Elite Mastercard

The MBNA Rewards World Elite Mastercard earns MBNA Rewards points and gives cardholders the opportunity to earn 5x MBNA Rewards on restaurant, grocery, digital media purchases, and more.

Check out our MBNA Rewards World Elite Mastercard review for more details.

BONUS
30,000 MBNA Rewards
MINSPEND
$2,000
NET VALUE
$180+
ANNUAL FEE
$120
FOREX FEES
Yes
EXPIRY

As a perk of holding the MBNA Rewards World Elite Mastercard, cardholders will also receive birthday bonus points. This bonus is equal to 10% of the total number of points earned in the 12 months leading up to the cardholder’s birthday. This bonus has a limit of 15,000 MBNA Rewards points.

MBNA Rewards points can be redeemed for travel, a statement credit, merchandise, and gift cards. Redeeming for travel purchases is the best value for your points as they can be redeemed at a rate of 100 MBNA Rewards points = $1 CAD. Within the next year, MBNA Rewards will be able to be transferred at a rate of 1:1 to the Alaska Airlines Mileage Plan program.

If you don’t meet the personal annual income requirement of $80,000 or household annual income requirement of $150,000 for this card, consider the MBNA Rewards Platinum Plus Mastercard as an alternative.

Tangerine World Mastercard

The Tangerine World Mastercard has no annual fee and is a great credit card that earns elevated cash back on categories of the cardholder’s choice.

Apply Now Learn More Earn $170 in FlyerFunds upon approval.
Tangerine World Mastercard

The Tangerine World Mastercard earns cash back and allows cardholders to choose three accelerated spending categories to increase their cash back earnings. In 2024, we awarded this card as the Best No Annual Fee Cash Back Credit Card.

Check out our Tangerine World Mastercard review for more details.

BONUS
$100 cash back
MINSPEND
$1,000
NET VALUE
$100+
ANNUAL FEE
$0
FOREX FEES
Yes
EXPIRY
Oct 31, 2024

With the Tangerine World Elite Mastercard, cardholders can participate in a customizable cash back rewards system. Cardholders can choose three spending categories to earn an enhanced 2% cash back, providing flexibility to align rewards with personal spending habits. These categories include grocery, furniture, restaurants, hotel/motel, gas, recurring bill payments, drug store, home improvement, entertainment, and public transport/parking.

Money-back rewards that are earned on the Tangerine World Mastercard are paid monthly. The cash back will be issued either as a statement credit on the credit card account or as a deposit to a Tangerine savings account, depending on the cardholder’s preference.

Additionally, cardholders enjoy perks such as rental car insurance, extended warranty coverage, and purchase assurance, enhancing the overall value of the card.

As an alternative, the Tangerine Money-Back Credit Card is also available as another potential Mastercard option.

BMO Ascend World Elite Mastercard

The BMO Ascend World Elite Mastercard offers an accelerated earning rate of 5 BMO Rewards points per dollar spent on all travel purchases.

Apply Now Learn More Earn $75 in FlyerFunds upon approval.
BMO Ascend World Elite Mastercard

The BMO Ascend World Elite Mastercard earns BMO Rewards points and provides cardholders with four complimentary airport lounge passes annually.

BONUS
90,000 BMO Rewards
MINSPEND
$30,000
NET VALUE
$603+
ANNUAL FEE
$150 (FYF)
FOREX FEES
Yes
EXPIRY
Nov 30, 2024

BMO Ascend World Elite cardholders are eligible to receive complimentary membership to the Dragonpass lounge program, in addition to four complimentary airport lounge passes. Lounge visits are a great way to make your next vacation more enjoyable with free food, drink, and exclusivity away from the rest of the terminal.

While BMO Rewards can be redeemed for travel, merchandise, gift cards, a statement credit, or cash investment in a BMO investment account, the best value is travel. When redeeming points towards bookings made through the travel portal, the redemption rate is 150 BMO Rewards points = $1 CAD.

BMO CashBack World Elite Mastercard

The BMO CashBack World Elite Mastercard is the best cash back credit card for grocery purchases in Canada.

Apply Now Learn More Earn $75 in FlyerFunds upon approval.
BMO CashBack World Elite Mastercard

The BMO CashBack World Elite Mastercard earns cash back and offers cardholders the opportunity to earn up to 5% cash back on all grocery purchases. As a result, for 2024 we selected this card for the award for Best Cashback Credit Card for Grocery Purchases.

Check out our BMO Cashback World Elite Mastercard review for more details.

BONUS
$250 cash back
MINSPEND
$2,500
NET VALUE
$250+
ANNUAL FEE
$120 (FYF)
FOREX FEES
Yes
EXPIRY
Nov 30, 2024

The biggest benefit of this card is that cardholders will earn 5% cash back on all grocery purchases (up to $500 per statement period) and 4% on all transit purchases (up to $300 per statement period). While less impressive, the card also earns 3% cash back on all gasoline purchases (up to $300 per statement period), 2% cash back on all recurring bills (up to $500 per statement period), and 1% cash back on all other eligible purchases.

BMO CashBack World Elite cardholders can redeem their earned cash back as long as the balance is over $1, or you can set up automatic recurring redemptions which will trigger at the end of the billing cycle if the balance is over $25. Cashback deposits take 2-5 business days following the request or billing cycle.

Rogers Red Mastercard

The Rogers Red Mastercard has no annual fee and is a great Mastercard for those customers who have at least one service with Rogers, Fido, or Shaw as a result of the elevated cash back earnings.

Apply Now Learn More Earn $50 in FlyerFunds upon approval.
Rogers Red Mastercard

With the Rogers Red MastercardRogers, Fido and Shaw postpaid customers can earn 2% cash back on all eligible purchases and get a 1.5x redemption bonus on Rogers, Fido and Shaw purchases – a 3% cash back value.

Check out our Rogers Red Mastercard review for more details.

BONUS
$60 cash back
MINSPEND
$0
NET VALUE
$60+
ANNUAL FEE
$0
FOREX FEES
Yes
EXPIRY

Cardholders will receive up to five free “Roam Like Home” days every calendar year to be used when traveling outside of Canada. This means that they can save on paying international cell phone fees when traveling.

Cash back can be redeemed in minimum increments of $10. Cash back redemptions made in the Rogers Bank app towards Rogers purchases such as phones, bill payments, and accessories are worth 30% more. This means that a $10 redemption has a value of $13 when used towards Rogers purchases.

National Bank World Elite Mastercard

The National Bank World Elite Mastercard is a great all-around credit card for those who value travel and are looking for benefits to make their next trip that much better.

National Bank World Elite Mastercard

The National Bank World Elite Mastercard earns À la Carte Rewards points and offers cardholders benefits such as $150 in annual travel credits and access to the National Bank VIP lounge in the YUL International terminal. Due to its stellar travel insurance and purchase protection benefits, we deemed this card the Best Overall Insurance Credit Card of 2024.

Check out our National Bank World Elite Mastercard review for more details.

BONUS
0 À la carte Rewards
MINSPEND
$0
NET VALUE
$-150+
ANNUAL FEE
$150
FOREX FEES
Yes
EXPIRY

National Bank World Elite cardholders are eligible to receive a $150 travel credit per calendar year. This travel credit can be applied towards a range of ancillary travel expenses including airport parking, baggage fees, seat selection, access to airline lounges, and airline ticket upgrades.

Cardholders also receive complimentary access to the National Bank VIP airport lounge at Montreal Trudeau Airport (YUL). The lounge is located in the international terminal. This benefit entitles the cardholder, one guest, and two children 12 and under access to the lounge.

This card also has some of the best travel insurance available via credit card for Canadians, and it even provides coverage when booking award flight redemptions. Other insurances, such as mobile device insurance and purchase protection, are also available.

Conclusion

It is always worth holding at least one Mastercard credit card in your wallet for merchant acceptance reasons, and any of the best Mastercards in Canada would be a great fit based on your personal financial needs. If you are interested in seeing what other credit card options are available to Canadians, check out our credit card comparison tool.

Josh Bandura

Josh Bandura

Co-Founder at Frugal Flyer
Josh has been involved in the miles and points game since 2015 but has scaled up his knowledge and points earning potential in recent years. With a consistent attitude of "min-maxing" in many aspects of his life, Josh has transferred this mindset over to the miles and points game. Always looking for the next big opportunity, he aims to share content on a variety of topics including his travels, miles and points, and most importantly, how to get the most out of your credit cards

Previous

Buying Miles & Points: Is It Ever Worth It?

Review: Fairmont Chateau Lake Louise

Next

Leave a Comment

All comments are moderated according to our comment policy. Your email address will NOT be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.