Best Mastercard Credit Cards in Canada for 2024
Kevin Shahnazari
Author8 min read
Fittingly, the Mastercard network has mastered the creation of multiple credit cards in various categories. From the best in cashback to travel-focused and budget-friendly, there’s something for every type of cardholder.
You might opt for a Mastercard instead of a Visa or American Express credit card if you frequently shop at Canadian Costco warehouses (since it's the only card network accepted there) or Walmart since it's considered a grocery store with Mastercard rather than a department store when shopping with Visa or American Express (allowing for more rewards in some cases).
To help you sift through some of Mastercard's top contenders, we built this comprehensive list of the best Mastercard credit cards in Canada.
Best Overall Mastercard Credit Card
MBNA Rewards World Elite® Mastercard®
4.7
Finly Rating
Welcome Bonus
Up to 30,000 points ($300 value)
Annual Fee
$120
Interest Rates
19.99% / 24.99%
Why we like it
Why we like it
The MBNA Rewards World Elite® Mastercard® is one of the best reward credit cards in Canada, offering high rewards on frequently spent categories such as groceries and restaurant purchases. The annual birthday bonus, unique to this card, also provides a significant boost to your yearly earnings. Additionally, the card features a comprehensive list of benefits, including price protection—a rare and valuable perk not found with many other cards in Canada. These factors make this card one of the best to have in Canada.
Pros & Cons
Pros & Cons
Pros
- Both restaurants and groceries, two of the most commonly spent categories, earn decent rewards.
- Great annual birthday bonus with up to $150 in value.
- A solid list of travel insurance and benefits.
- Price protection, a rare feature not offered by many other cards.
- Good value for many of the card's redemption options.
Cons
- Trip cancellation and interruption insurance, two great benefits are missing from this card.
- Not the best card for gas purchases.
Product Details
Product Details
Rewards
- 5 points on restaurant, grocery, digital media, membership, and household utility purchases (maximum $50,000 spend annually per category)
- 1 point for everything else
Insurance
Coverage
Mobile Device Insurance
$1000
Purchase Protection
Up to 90 days
Extended Warranty
Up to a year.svg)
Car Rental Damage & Theft
31 days
Flight Delay
$500/person after 4 hours
Travel Accident
$1,000,000
Emergency Out of province Medical
$2M for 21 days
Lost or Stolen Baggage
$1000/personBaggage Delay
$1000/person
Benefits
Details
Annual Birthday Bonus
10% of the Points earned the 12 months prior to the primary cardholder's birthday month (up to a max 15,000 bonus points per year)
Car Rental Discount
10% off base rate of Avis Rent A Car and Budget Rent A Car in Canada and US and 5% internationally
Trip and legal Assistance
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Concierge Services
Price Protection
$500/item, $1000/account per year
Eligibility
Credit Score
Very GoodAnnual Income
$80,000 personal or $150,000 household
With high rewards in two of the most popular categories (restaurants and groceries), a generous annual birthday bonus, and a solid list of travel insurance, the MBNA Rewards World Elite Mastercard is one of the best reward credit cards in Canada.
Take advantage of the welcome bonus and the birthday bonus to boost your first year value significantly – a value that more than makes up for the annual fee, even in the years that follow.
Regarding coverage, you can expect travel-specific protections like travel accident, flight and baggage delay, or emergency out of province medical. Pair those with typical purchase protection and extended warranty, plus mobile device insurance, and the rare price protection perk.
This high-value card comes with some higher expectations, so make sure you meet the income requirements and credit score recommendation to apply.
Ultimately, this card takes first place on account of how balanced it is compared to its competitors. It gives you high rewards and good benefits at a low annual fee.
Best Mastercard Credit Cards for Cashback
Sometimes, cashback credit cards are a little easier to navigate. If that’s the case, here are some of our top picks for this category:
BMO CashBack® World Elite® Mastercard®
4.2
Finly Rating
Welcome Bonus
Up to $200
Annual Fee
$120
Interest Rates
20.99% / 23.99%
Why we like it
Why we like it
If you're seeking a cashback credit card, the BMO CashBack® World Elite® Mastercard® stands out for its excellent balance between rewards and benefits. It offers a robust rewards program and a comprehensive benefits list, making it a solid choice. The high first-year value is enhanced by the annual fee waiver, and those with a BMO Premium Chequing Account can enjoy continued fee waivers. While it's highly ranked for rewards alone, it may not be the absolute top choice if benefits are less important to you.
Pros & Cons
Pros & Cons
Pros
- Offers one of the highest cashbacks on groceries and gas, two of the most frequently spent categories, compared to other credit cards in Canada.
- Includes roadside assistance, a rare but valuable benefit for people on the road.
- Provides a comprehensive list of insurance coverage and benefits.
- High first-year value.
Cons
- Does not include restaurant purchases as a reward category, which is one of the most important spending categories.
Product Details
Product Details
Rewards
- 5% cashback on groceries (maximum $25 per statement)
- 4% cashback on daily transit (maximum $12 per statement)
- 3% cashback on gas (maximum $9 per statement)
- 2% cashback on recurring payments (maximum $10 per statement)
- 1% cashback on all other credit card purchases.
Insurance
Coverage
Emergency Out of province Medical
$5M up to 8 days per covered personTravel Accident
$500,000Flight Delay
$500 After 4 hours delayLost or Stolen Baggage
$500/person, $1000 maximumBaggage Delay
$500/person, $1000 maximum After 6 hours
Hotel Burglary Insurance
$1000Car Rental Damage & Theft
$65,000 up to 48 daysPurchase Protection
90 daysExtended Warranty
Up to a year
Benefits
Details
Airport Lounge - Dragon Pass
Pass only, complimentary visits not included
Roadside Assistance
Includes free battery boosts, flat-tire change, lockout service and towingCar Rental Discount
25% off base rate of participating National Car Rental and Alamo Rent a Car.svg)
Gas Discount
Get up to seven cents off per litre on Shell® fuel
Hotel Booking Discount
Save up to 7% on your Booking.com prepaid hotel or property rental bookings
Boingo Wi-Fi hotspot
Eligibility
Credit Score
GoodAnnual Income
$80,000 personal or $150,000 household
Similar to the MBNA Rewards World Elite Mastercard, the BMO Cashback World Elite Mastercard has a high income requirement. The cards also share the same annual fee, except the BMO Cashback World Elite Mastercard’s annual fee is waived in the first year, contributing to a first year value that’s almost as impressive as its points competitor.
In terms of rewards, the BMO Cashback World Elite Mastercard has one of the highest cashback rates on groceries and gas (which is helpful since the MBNA Rewards World Elite Mastercard isn’t so great for gas rewards). However, this card doesn't include any special rates on restaurant purchases (like the MBNA Rewards World Elite Mastercard), which is beneficial since restaurant expenses tend to be more expensive than other everyday purchases.
The BMO Cashback World Elite Mastercard also has a decent list of coverage, but instead of mobile device insurance (like the MBNA Rewards World Elite Mastercard) the card offers Hotel Burglary Insurance.
Travelers will also enjoy the added airport lounge Dragon Pass, hotel booking discount, and Boingo Wi-Fi hotspot added to the BMO Cashback World Elite Mastercard. Regarding rare benefits, the BMO Cashback World Elite Mastercard also comes with roadside assistance.
The choice between the BMO Cashback World Elite Mastercard and the MBNA Rewards World Elite Mastercard ultimately comes down to whether you prefer points or cashback rewards, if you want to optimize your gas expenses, and if you want a couple of travel-oriented benefits on top of decent coverage. If you prefer cashback, care about your earnings on gas, and want to pocket the previously mentioned benefits, then the BMO Cashback World Elite Mastercard might be the card for you, otherwise the MBNA Rewards World Elite Mastercard is the better choice.
Desjardins Cash Back World Elite® Mastercard®
4.7
Finly Rating
Welcome Bonus
N/A
Annual Fee
$100
Interest Rates
20.90% / 21.90%
Why we like it
Why we like it
The Desjardins Cash Back World Elite Mastercard stands out for its high earn rates across essential spending categories, including 4% cash back on groceries and 3% on restaurants, entertainment, and transit. Additionally, it offers a slightly lower annual fee compared to other World Elite Mastercards, making it an attractive option for those looking to maximize their rewards without breaking the bank. With added perks like membership to over 1,300 airport lounges and various insurance coverages, this card provides excellent value, especially for frequent travelers and everyday spenders.
Pros & Cons
Pros & Cons
Pros
- High earn rates make it a strong option for those looking to maximize rewards on their spending.
- Slightly lower annual fee compared to other cards in its category, providing good value for its benefits.
- Comes with attractive perks from being a World Elite Mastercard, such as travel and purchase protection benefits. Membership to 1,300 airport lounges across the globe through DragonPass (no free passes)
Cons
- Limited physical branch access, with branches only in Quebec and Ontario, which may be inconvenient for those living elsewhere.
- Lacks a welcome bonus, which may be a drawback compared to other cards offering substantial introductory offers.
Product Details
Product Details
Rewards
- 4% cash back on grocery purchases (up to $400 cash back annually)
- 3% cash back on restaurant purchases (up to $180 cash back annually)
- 3% cash back on entertainment and alternative transportation purchases
- 1% cash back on all other purchases
Insurance
Coverage
Extended Warranty
1 yearPurchase Protection
90 daysMobile Device Insurance
$1,000
Trip Cancellation
$500 for trips up to 3 days
Trip Interruption
$1,000 for trips up to 3 daysEmergency Out of province Medical
$5M for trips up to 3 daysEmergency Medical Over 65
$5M for trips up to 3 daysBaggage Delay
$500 for trips up to 3 daysLost or Stolen Baggage
$500 for trips up to 3 daysCar Rental Damage & Theft
Yes
Benefits
Details
Airport Lounge - Dragon Pass
Pass onlyBoingo Wi-Fi hotspot
over 1 million Boingo Wifi hotspots worldwideCar Rental Discount
25% off base rate off Hertz car rentalCar Rental Discount
10% off base rate off Thrifty or Dollar rental
Eligibility
Credit Score
Very GoodAnnual Income
$80,000 personal or $150,000 household
At a slightly lower annual fee than the BMO Cashback World Elite Mastercard (although not waived in the first year), with similar annual income requirements, and a “very good” credit score recommendation, the Desjardins Cash Back World Elite Mastercard is a great runner-up in this cashback category.
Compared to the BMO Cashback World Elite Mastercard, this card has a slightly lower cashback rate on groceries and gas, but a decent earn rate in place for restaurant and entertainment purchases, which as previously mentioned can often be more expensive.
A few helpful coverage categories the Desjardins Cash Back World Elite Mastercard adds are emergency medical over 65, trip interruption and trip cancellation insurance, and mobile device insurance, which are all sought-after protections.
Unlike the BMO Cashback World Elite Mastercard, there’s no welcome bonus and the first year value is significantly lower.
As for benefits, the two cashback cards mentioned so far offer car rental discounts, the airport lounge Dragon Pass, and the Boingo Wi-Fi hotspot. However, the list ends there for the Desjardins Cash Back World Elite Mastercard, whereas the BMO Cashback World Elite Mastercard continues on with roadside assistance, a gas discount, and a hotel booking discount.
So, if you dine out often and enjoy entertainment, and if you want some more valuable insurance coverage at a lower annual fee, the Desjardins Cash Back World Elite Mastercard could be a good alternative to the BMO Cashback World Elite Mastercard.
I currently have or may soon have an eligible Rogers, Fido or Shaw service as the primary or level 1 authorized user
Rogers Red World Elite® Mastercard®
4.8
Finly Rating
Welcome Bonus
N/A
Annual Fee
$0
Interest Rates
19.99% / 22.99%
Why we like it
Why we like it
This card is one of the best in Canada, especially if you are a Rogers, Fido, or Shaw customer. With those services, you can effectively get a 3% cashback rate, which is higher than what almost any other card offers, even those with annual fees! Additionally, for a no-fee card, you gain access to an extensive list of travel benefits, many of which are typically offered only with cards that have annual fees. Therefore, we recommend this card to anyone who meets the income requirements, even if you are not a Rogers customer!
Pros & Cons
Pros & Cons
Pros
- Voted the Best Cash Back Card in Canada for Rogers, Fido and Shaw customers by FinlyWealth.
- Voted the Best No Annual Fee Credit Card in Canada by FinlyWealth.
- There is no annual fee which is a notable benefit for a card with such high rewards. Most cards with slightly lower reward rates typically include yearly fees.
- Many favorable benefits for travelers.
- Many benefits, such as trip cancellation insurance, are only available on credit cards with an annual fee. It is rare to see these benefits on a no-annual-fee card!
- Offers the flexibility to redeem cash towards Rogers, Shaw, or Fido services, potentially increasing your rewards.
- The roam-like benefit is a benefit unique only to this card.
- It is accepted at nearly all locations as it's a Mastercard.
Cons
- Harder to qualify due to the high credit score and income requirements.
- Out of all possible travel insurances, this card is missing Baggage delay and Hotel Burglary insurance. If these two insurances are essential to someone, this card needs to be paired with another travel card to cover them.
Product Details
Product Details
Rewards
- 3% cash back on all U.S dollar purchases
- 2% cash back on all regular purchases if you have 1 qualifying Rogers, Fido or Shaw service as the account owner
- 1.5% cash back on all purchases if you do not have 1 qualifying service
- 1.5x redemption bonus on your earned cash back value when used on Rogers, Fido and Shaw purchases – that’s a 3% cash back value
Insurance
Coverage
Emergency Out of province Medical
$1M, Up to 10 daysEmergency Medical Over 65
$1M, Up to 3 daysTrip Cancellation
$1,000/person, $5,000 maximumTrip Interruption
$1,000/person, $5,000 maximumCar Rental Damage & Theft
$65,000Purchase Protection
90 daysExtended Warranty
1 year
Benefits
Details
Airport Lounge - Dragon Pass
Pass only, complimentary visits not included
No Cost roaming
5 days
Eligibility
Credit Score
Very GoodAnnual Income
$80,000 personal or $150,000 household
Voted the best cashback credit card in Canada for Rogers, Fido and Shaw customers, and the best no annual fee credit card in Canada, this card’s standout features are its high rewards and rare coverage. Of course though, like a couple of the other cards mentioned above, these perks are accompanied by higher income requirements and credit score recommendations.
For rewards, earn competitive cashback on U.S dollar purchases, a solid rate on regular purchases if you have a qualifying Rogers, Fido, or Shaw account, and a generous base rate on all other purchases if you’re a qualifying account holder.
Some of the supreme coverage you can expect is trip interruption and trip cancellation insurance, and emergency medical over 65, all at no upfront cost. Plus, travellers will also receive the airport lounge Dragon Pass and no cost roaming.
So, if you’re a Rogers, Fido or Shaw customer, and you’re looking for no annual fees, high-rewards, and valuable coverage, you can’t miss out on the Rogers Red World Elite Mastercard. That said, if you're not a Rogers, Fido or Shaw account holder, this card won't be as valuable and you'll want to look elsewhere.
Best Mastercard Credit Cards For Travel
While we’ve uncovered some great cards with travel benefits in the previous category already, here’s a deeper dive into Mastercard’s best travel credit cards.
BMO Ascend™ World Elite®* Mastercard®*
2.8
Finly Rating
Welcome Bonus
Up to 90,000 points and first annual fee waived
Annual Fee
$150
Interest Rates
20.99% / 23.99%, for Quebec 21.99%
Why we like it
Why we like it
The BMO Ascend World Elite Mastercard is perfect for frequent travelers who want a premium card offering high earning rates on travel, dining, and entertainment, plus valuable travel perks like lounge access and comprehensive insurance coverage. If you travel often and can meet the income requirement, this card offers flexibility and peace of mind with both rewards and protection while you're on the go.
Pros & Cons
Pros & Cons
Pros
- Generous rewards: 5 points per $1 spent on travel, 3 points per $1 spent on dining, entertainment, and recurring bills, and 1 point per $1 on other purchases.
- Lounge access: Includes 4 free annual lounge passes through Mastercard Travel Pass.
- Comprehensive insurance: 14 types of insurance, including emergency medical and trip cancellation coverage.
- First year fee waived: Try the card for a year without paying the $150 annual fee.
Cons
- Low point value: Points are worth only 0.67 cents each, which is lower than other cards.
- High income requirements: Requires $80,000 personal income or $150,000 household income, making it inaccessible for many.
- Limited lounge availability: Users have reported issues with lounge access.
Product Details
Product Details
Rewards
- 5x points per $1 spent on eligible travel purchases (up to $15,000 spent)
- 3x points per $1 spent on eligible dining, recurring bill payment and entertainment purchases (up to $10,000 spent per category)
- 1x point per $1 spent on all other eligible purchases
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
1 yearEmergency Out of province Medical
21 daysTravel Accident
$500,000Trip Interruption
$2,000 per insured personTrip Cancellation
up to $1,500/person, $5000 maxFlight Delay
$500Baggage Delay
$500Lost or Stolen Baggage
$500/person per trip, 1k per account maxHotel Burglary Insurance
$1,000.svg)
Personal Effects
$750
Car Rental Accident
$200,000Car Rental Damage & Theft
yesCar Rental Personal Effects
$1,000
Benefits
Details
Airport Lounge - Dragon Pass
4 complimentary visitsDiscount
Up to 7% discount on Booking.com prepaid hotel or property rental bookingsDiscount
20% off admission to Cirque du Soleil shows touring Canada, and 15% off resident shows in Las VegasCar Rental Discount
20% off base rate of participating National Car Rental and Alamo Rent a Car and up to 5% on Enterprise Rent-A-CarBoingo Wi-Fi hotspot
1 million Boingo Wifi hotspots worldwide
Eligibility
Credit Score
GoodAnnual Income
$80,000 personal or $150,000 household
For a slightly higher fee and a higher annual income, travellers can also opt for the BMO Ascend World Elite Mastercard. With this card, collect points on every dollar spent on eligible travel, plus decent points on eligible dining, recurring bill payments, and entertainment purchases – giving a little more value to categories that might complement your travel habits, plus a few more redemption options.
There are 14 insurance types included on this card, including trip interruption and cancellation insurance, plus car rental personal effects, and personal effects coverage.
Regarding benefits, unlike other cards in this category, the BMO Ascend World Elite Mastercard offers the airport lounge Dragon Pass with some complimentary visits.
Ultimately, if you want to earn the most points on travel, but still receive solid rewards on categories like dining, recurring bills, and entertainment, the BMO Ascend World Elite Mastercard could be a good choice for you.
National Bank World Elite® Mastercard®
3.6
Finly Rating
Welcome Bonus
N/A
Annual Fee
$150
Interest Rates
20.99% / 22.49%
Why we like it
Why we like it
The National Bank World Elite Mastercard is a strong choice for frequent travelers who value rewards and comprehensive insurance coverage. With a generous earn rate on everyday spending categories like groceries and restaurants, it offers substantial value, especially if you redeem points for travel. The $150 annual travel credit effectively offsets the card's $150 annual fee, making this card almost "fee-free" if fully utilized. Additionally, the card’s airport lounge access, superior purchase protection, and extended warranties make it a great companion for those who prioritize convenience and peace of mind during their travels.
Pros & Cons
Pros & Cons
Pros
- High Earn Rates: Earn up to 5 points per $1 spent on groceries and restaurants, and 2 points per $1 on gas, recurring bills, and travel booked through National Bank’s À La Carte Rewards.
- Annual $150 Travel Credit: Get reimbursed for common travel expenses such as checked bag fees, airport parking, and seat selection.
- Comprehensive Insurance: Includes 10 types of insurance, making it one of the most robust insurance packages for travel and purchase protection.
Cons
- High Income Requirements: Requires a personal income of $80,000 or a household income of $150,000, limiting eligibility for some.
- No Welcome Bonus: Unlike many premium cards, there is no initial points bonus, which is a missed opportunity for those looking to maximize rewards early on.
Product Details
Product Details
Rewards
- 5x points per $1 spent on eligible grocery and restaurant purchases
- 2x points per $1 spent on eligible gas, electric vehicle charging, recurring bills, and travel booked through À La Carte Rewards
- 1x point per $1 spent on all other purchases
Insurance
Coverage
Purchase Protection
180 daysExtended Warranty
Up to 2 yearsEmergency Out of province Medical
60 daysEmergency Medical Over 65
15 daysTrip Interruption
$5,000Trip Cancellation
$2,500Baggage Delay
$500Flight Delay
$500Lost or Stolen Baggage
$1,000Car Rental Damage & Theft
yesMobile Device Insurance
$1,000
Benefits
Details
Airport Lounge - National Bank
Unlimited access to the National Bank Lounge at Montréal-Trudeau Airport.svg)
Travel Credit
$150 refund per year on travel expenses (seat selection, airport parking, baggage fees, airline ticket upgrades and lounges)
Extra points
2 points on À La Carte Rewards
Eligibility
Credit Score
Very GoodAnnual Income
$80,000 personal or $150,000 household
For the same annual fee (but it's not waived in the first year) and the same income requirements as the BMO Ascend World Elite Mastercard, you can opt for the National Bank World Elite Mastercard.
With this card you'll get the most points per dollar spent on eligible grocery and restaurant purchases, plus decent points per dollar spent on purchases like travel booked through À La Carte Rewards. That said, compared to the BMO Ascend World Elite Mastercard, this category is bit lower in terms of travel rewards. As for coverage, the National Bank World Elite Mastercard offers similar categories to the BMO Ascend World Elite Mastercard, some with even higher value. While the BMO Ascend World Elite Mastercard ultimately has more coverage categories, the National Bank World Elite Mastercard differs by offering both mobile device insurance and emergency medical over 65.
The benefits for the National Bank World Elite Mastercard are also a bit more sparse compared to the BMO Ascend World Elite Mastercard, but with an annual travel credit, airport lounge access, and extra points on À La Carte Rewards, there's still plenty to boast about.
Considering there's no welcome bonus like there is for the BMO Ascend World Elite Mastercard, the first year value isn't as substantial, but the overall annual value actually beats that of the BMO Ascend World Elite Mastercard.
Overall, eligible travellers who want to put an emphasis on everyday spending on restaurants and groceries might choose this card over the BMO Ascend World Elite Mastercard.
BMO AIR MILES® World Elite®* Mastercard®*
3.6
Finly Rating
Welcome Bonus
Up to 300 AIR MILES Bonus Miles
Annual Fee
$120
Interest Rates
20.99% / 23.99%, for Quebec 21.99%
Why we like it
Why we like it
The BMO Air Miles World Elite Mastercard is ideal for frequent Air Miles collectors looking for premium travel benefits and a strong rewards rate. With up to 3,000 bonus miles, a 25% annual flight discount, and automatic Onyx status, this card offers substantial value for those who frequently shop at Air Miles partners and travel often. Its comprehensive insurance coverage and first-year fee waiver also add to its appeal, though the high income requirement may limit its accessibility.
Pros & Cons
Pros & Cons
Pros
- Increased rewards: Earn 1 mile per $12 spent, tripled when shopping at participating Air Miles partners and doubled at eligible grocery, liquor, and wholesale stores.
- Travel perks: Includes a 25% discount on one Air Miles reward flight booking per year.
- Air Miles Onyx status: Automatic Air Miles Onyx status with exclusive benefits.
- Comprehensive insurance: 14 types of insurance coverage, including travel, trip cancellation, and rental car insurance.
- First-year fee waived: Try the card for free in the first year.
Cons
- High income requirements: Requires $80,000 personal or $150,000 household income, making it inaccessible for many.
- Lower rewards compared to other premium cards: While it offers good Air Miles rewards, other cards may provide more flexible or higher rewards.
Product Details
Product Details
Rewards
- 3x Miles points per $12 spent at participating AIR MILES Partners
- 2x Miles points per $12 spent on eligible grocery, liquor and wholesale store purchases
- 1x Mile point per $12 spent on all other eligible purchases
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
1 yearTrip Cancellation
$2,500Trip Interruption
$2,000Emergency Out of province Medical
15 daysTravel Accident
$500,000Flight Delay
$500Baggage Delay
$200Lost or Stolen Baggage
$750Hotel Burglary Insurance
$500Personal Effects
$750Car Rental Accident
$200,000Car Rental Damage & Theft
yesCar Rental Personal Effects
$1,000
Benefits
Details
Airport Lounge - Dragon Pass
Pass only - complimentary visits not includedDiscount
Save up to 7% on your Booking.com prepaid hotel or property rental bookingsDiscount
Up to 7 cents off per litre on Shell® fuel if you are an AirMiles collectorCar Rental Discount
20% off base rate of participating National Car Rental and Alamo Rent a Car and up to 5% on Enterprise Rent-A-CarDiscount
Get 20% off admission to Cirque du Soleil shows touring Canada, and 15% off resident shows in Las VegasDiscount
Annual 25% discount on one worldwide AIR MILES flight redemption.svg)
Status lift
Automatic Air Miles Onyx status
Eligibility
Credit Score
GoodAnnual Income
$80,000 personal or $150,000 household
Ideal for Air-Miles-enthusiasts, the BMO Air Miles World Elite Mastercard offers impressive points on participating Air Miles Partners purchases, plus generous points on eligible grocery, liquor and wholesale store purchases.
Like the BMO Ascend World Elite Mastercard, there are 14 types of insurance coverage featured on this card, including trip interruption and trip cancellation, plus car rental personal effects coverage.
The benefits list is quite extensive as well, with the familiar airport lounge Dragon Pass, Booking.com savings, and an automatic Air Miles Onyx status upgrade.
While you will need a high annual income to qualify, the welcome bonus and waived first year fee make for an outstanding first year value.
So, if you collect Air Miles, want stacked insurance coverage, enticing benefits, plus a hefty first year value, your search stops here.
WestJet RBC World Elite Mastercard
4
Finly Rating
Welcome Bonus
Up to $450 WestJet Dollars
Annual Fee
$119
Interest Rates
20.99% / 22.99%
Why we like it
Why we like it
If you travel frequently with WestJet, you must get this card because you are missing out on many benefits, even if you don't use this card for rewards. The round-trip companion voucher, status lift, and free checked bag benefits alone more than make up for the annual fee. For WestJet purchases, this card is great for earning rewards, but for all other categories, we recommend pairing it with another card.
Pros & Cons
Pros & Cons
Pros
- A no-brainer if you are a frequent WestJet traveler. The first free checked bag, annual companion pass, and status lift benefits alone make up more than the amount paid for the annual fee.
- A very good list of travel insurance in addition to WestJet-specific benefits.
Cons
- Not the best card for rewards accumulation, so it's better if paired with another card that offers higher rewards on non-WestJet purchases.
- Rewards can only be used on WestJet, making them less flexible.
Product Details
Product Details
Rewards
- 2% back in WestJet dollars on WestJet flights or WestJet Vacations packages
- 1.5% back in WestJet dollars on other purchases
Insurance
Coverage
Emergency Out of province Medical
15 daysEmergency Medical Over 65
3 daysTravel Accident
$500KCar Rental Damage & Theft
$65K up to 48 daysTrip Interruption
$5K/person, $25K/tripFlight Delay
$250/person, $500/occurrenceBaggage Delay
$500/person, $2500/occurrencePurchase Protection
90 daysExtended Warranty
1 year
Benefits
Details
Airport Lounge - Dragon Pass
Pass only, complimentary visits not included! Companion Voucher can be exchanged for 4 visits.
Companion Voucher
Travel within Canada or to the continental U.S. (excluding Hawaii), from $119 CAD, Travel to Hawaii or Mexico from $399 CAD, Travel to the rest of the WestJet network from $399 CADStatus lift
Eern $500 in tier qualifying spend which applies towards achieving the next WestJet Rewards tier for every $15,000 CAD in Eligible Purchases on your WestJet RBC World Elite Mastercard (up to a maximum of $1,500 in tier qualifying spend in a qualifying year).svg)
Free first checked bag
First checked bag is free for primary cardholder on WestJet flight and up to 8 guestsDiscount
Member Exclusive fares: Exclusive discounts when you pay the full base fare with WestJet dollarsBoingo Wi-Fi hotspot
Gas Discount
save 3¢/L on fuel and always earn 20% more Petro-Points at Petro-CanadaExtra points
50 Be Well points for every $1 spent on eligible products at Rexall
Eligibility
Credit Score
GoodAnnual Income
$80,000 personal or $150,000 household
If you’re more of a WestJet fan, the WestJet RBC World Elite Mastercard is equipped with solid cashback in WestJet dollars for WestJet flights or WestJet Vacations packages. All other purchases get a decent cashback base rate as well.
Expect commendable coverage, including emergency medical over 65, trip interruption insurance (although its missing trip cancellation insurance), and flight and baggage delay.
Its benefits list features the airport lounge Dragon Pass, a status lift, and discounts on base fares with WestJet dollars. One of the most notable perks though is its companion voucher, which allows you to book a full fare followed by a companion fare at a lower price, redeemable at your choice of destination from the available options. The other top benefit allows you to check your first bag for free, which is applicable to the card holder and up to 8 guests.
Since the card is so focused on the WestJet airline though, you might want to consider pairing it with another card for your everyday spending. But, if you meet the income requirements, you’re in for a great first year value (almost as good as the BMO Air Miles World Elite Mastercard).
Therefore, if you're a frequent traveller with WestJet, this might be the best card to get (at least as a travel supplement to your current credit card).
I currently have or may soon have an eligible Rogers, Fido or Shaw service as the primary or level 1 authorized user
Rogers Red World Elite® Mastercard®
4.8
Finly Rating
Welcome Bonus
N/A
Annual Fee
$0
Interest Rates
19.99% / 22.99%
Why we like it
Why we like it
This card is one of the best in Canada, especially if you are a Rogers, Fido, or Shaw customer. With those services, you can effectively get a 3% cashback rate, which is higher than what almost any other card offers, even those with annual fees! Additionally, for a no-fee card, you gain access to an extensive list of travel benefits, many of which are typically offered only with cards that have annual fees. Therefore, we recommend this card to anyone who meets the income requirements, even if you are not a Rogers customer!
Pros & Cons
Pros & Cons
Pros
- Voted the Best Cash Back Card in Canada for Rogers, Fido and Shaw customers by FinlyWealth.
- Voted the Best No Annual Fee Credit Card in Canada by FinlyWealth.
- There is no annual fee which is a notable benefit for a card with such high rewards. Most cards with slightly lower reward rates typically include yearly fees.
- Many favorable benefits for travelers.
- Many benefits, such as trip cancellation insurance, are only available on credit cards with an annual fee. It is rare to see these benefits on a no-annual-fee card!
- Offers the flexibility to redeem cash towards Rogers, Shaw, or Fido services, potentially increasing your rewards.
- The roam-like benefit is a benefit unique only to this card.
- It is accepted at nearly all locations as it's a Mastercard.
Cons
- Harder to qualify due to the high credit score and income requirements.
- Out of all possible travel insurances, this card is missing Baggage delay and Hotel Burglary insurance. If these two insurances are essential to someone, this card needs to be paired with another travel card to cover them.
Product Details
Product Details
Rewards
- 3% cash back on all U.S dollar purchases
- 2% cash back on all regular purchases if you have 1 qualifying Rogers, Fido or Shaw service as the account owner
- 1.5% cash back on all purchases if you do not have 1 qualifying service
- 1.5x redemption bonus on your earned cash back value when used on Rogers, Fido and Shaw purchases – that’s a 3% cash back value
Insurance
Coverage
Emergency Out of province Medical
$1M, Up to 10 daysEmergency Medical Over 65
$1M, Up to 3 daysTrip Cancellation
$1,000/person, $5,000 maximumTrip Interruption
$1,000/person, $5,000 maximumCar Rental Damage & Theft
$65,000Purchase Protection
90 daysExtended Warranty
1 year
Benefits
Details
Airport Lounge - Dragon Pass
Pass only, complimentary visits not includedNo Cost roaming
5 days
Eligibility
Credit Score
Very GoodAnnual Income
$80,000 personal or $150,000 household
Back from our cashback category, the Rogers Red World Elite Mastercard is worth a mention for travellers who prefer to pay no annual fee, have decent travel coverage (notably trip interruption and trip cancellation insurance), and still earn good cashback rates especially when signed up for at least one eligible Rogers, Fido or Shaw service. Plus, with high-earn rates on U.S purchases, the card is great for those who like to make shorter trips across the border.
All in all, this card is best for budget-friendly Fido, Rogers or Shaw customers who don’t travel too far, but appreciate some travel insurance and benefits, and competitive cashback rates for no annual fee.
Best Mastercard Credit Cards For No Annual Fee
The first thing some applicants look for in a credit card is no annual fee. If you find yourself in this situation, here’s a few of the best no-fee cards to consider (one of which you might recognize):
MBNA Rewards Platinum Plus Mastercard®
3.4
Finly Rating
Welcome Bonus
Up to 90000 points ($900 value)
Annual Fee
$0
Interest Rates
19.99% / 24.99%
Why we like it
Why we like it
The MBNA Rewards Platinum Plus MasterCard is a solid no-annual-fee card choice with high returns on restaurant and grocery purchases, which are the most common spending categories for most people. Additionally, it offers one of the highest signup bonuses for a no-annual-fee card. However, there are two main considerations before choosing this card. If you are open to a card with an annual fee, many other cards offer better rewards. Furthermore, the points earned need to be used for travel to fully benefit from this card; otherwise, if you are not planning to use the points for travel, you are better off with a cashback or another type of card.
Pros & Cons
Pros & Cons
Pros
- One of the best no-annual-fee credit cards in Canada, both in terms of rewards and signup bonus.
- Both restaurants and groceries, two of the most commonly spent categories, earn decent rewards.
- Great annual birthday bonus with up to $100 in value.
Cons
- Points must be used for travel otherwise the points won't have much value
- There are better alternative cards both for cashback and paid cards that have higher reward rates
Product Details
Product Details
Rewards
- 2 points on restaurant, grocery, digital media, membership, and household utility purchases (Maximum 20000 yearly)
- 1 point for everything else
Insurance
Coverage
Mobile Device Insurance
$1000Purchase Protection
Up to 90 daysExtended Warranty
Up to a year
Benefits
Details
Annual Birthday Bonus
10% of the Points earned the 12 months prior to the primary cardholder's birthday month (up to a max 10,000 bonus points per year)Car Rental Discount
10% off base rate of Avis Rent A Car and Budget Rent A Car in Canada and US and 5% internationally
Eligibility
Credit Score
GoodAnnual Income
N/A
The MBNA Rewards Platinum Plus Mastercard comes with no annual cost, and no income requirements, but it's recommended that you have a “good” credit score when applying.
The welcome bonus adds to a nice first year value, which is also made up of points you can accumulate from restaurant and grocery purchases. Plus, every year, you can expect a birthday bonus which adds to a decent annual value overall. With all these perks in mind, it’s no wonder that this Mastercard is considered to be one of the best no-annual fee credit cards in Canada.
The catch is that you will get the most use of your points if you redeem them towards travel. So, the ideal candidate for this card would be an everyday spender who likes to be cautious of cost, and redeem points towards travel. Unfortunately though, there isn’t any travel insurance to complement the high travel redemption value, but there is a rental car benefit available if that seems helpful to you.
I currently have or may soon have an eligible Rogers, Fido or Shaw service as the primary or level 1 authorized user
Rogers Red World Elite® Mastercard®
4.8
Finly Rating
Welcome Bonus
N/A
Annual Fee
$0
Interest Rates
19.99% / 22.99%
Why we like it
Why we like it
This card is one of the best in Canada, especially if you are a Rogers, Fido, or Shaw customer. With those services, you can effectively get a 3% cashback rate, which is higher than what almost any other card offers, even those with annual fees! Additionally, for a no-fee card, you gain access to an extensive list of travel benefits, many of which are typically offered only with cards that have annual fees. Therefore, we recommend this card to anyone who meets the income requirements, even if you are not a Rogers customer!
Pros & Cons
Pros & Cons
Pros
- Voted the Best Cash Back Card in Canada for Rogers, Fido and Shaw customers by FinlyWealth.
- Voted the Best No Annual Fee Credit Card in Canada by FinlyWealth.
- There is no annual fee which is a notable benefit for a card with such high rewards. Most cards with slightly lower reward rates typically include yearly fees.
- Many favorable benefits for travelers.
- Many benefits, such as trip cancellation insurance, are only available on credit cards with an annual fee. It is rare to see these benefits on a no-annual-fee card!
- Offers the flexibility to redeem cash towards Rogers, Shaw, or Fido services, potentially increasing your rewards.
- The roam-like benefit is a benefit unique only to this card.
- It is accepted at nearly all locations as it's a Mastercard.
Cons
- Harder to qualify due to the high credit score and income requirements.
- Out of all possible travel insurances, this card is missing Baggage delay and Hotel Burglary insurance. If these two insurances are essential to someone, this card needs to be paired with another travel card to cover them.
Product Details
Product Details
Rewards
- 3% cash back on all U.S dollar purchases
- 2% cash back on all regular purchases if you have 1 qualifying Rogers, Fido or Shaw service as the account owner
- 1.5% cash back on all purchases if you do not have 1 qualifying service
- 1.5x redemption bonus on your earned cash back value when used on Rogers, Fido and Shaw purchases – that’s a 3% cash back value
Insurance
Coverage
Emergency Out of province Medical
$1M, Up to 10 daysEmergency Medical Over 65
$1M, Up to 3 daysTrip Cancellation
$1,000/person, $5,000 maximumTrip Interruption
$1,000/person, $5,000 maximumCar Rental Damage & Theft
$65,000Purchase Protection
90 daysExtended Warranty
1 year
Benefits
Details
Airport Lounge - Dragon Pass
Pass only, complimentary visits not includedNo Cost roaming
5 days
Eligibility
Credit Score
Very GoodAnnual Income
$80,000 personal or $150,000 household
Back for the third and final time on this list is the Rogers Red World Elite Mastercard. You already know that Rogers, Fido and Shaw customers get the best cashback deals with this card. Not to mention, for a no-fee credit card, this card has some exclusive coverage, plus the airport lounge Dragon Pass and no cost roaming.
So, let us remind you that you can get all these perks at no annual cost, making it a top contender for budget-conscious cardholders with eligible Rogers, Fido and Shaw accounts who may also like to travel (specifically to the U.S).
CIBC Costco Mastercard
2.8
Finly Rating
Welcome Bonus
N/A
Annual Fee
$0
Interest Rates
20.75% / 22.49%
Why we like it
Why we like it
The CIBC Costco Mastercard offers one of the highest cashback rates on restaurant purchases in Canada, making it an excellent choice for optimizing rewards in this specific category, especially since it has no annual fees. If you use Costco Gas or shop on Costco Online, there is a decent cashback rate as well. However, for other categories, the cashback rate is average. Notably, you will be better off using other credit cards for warehouse Costco purchases, as you will only earn 1% cashback. If you are looking for no annual fee credit cards only, this is a good card to go for.
Pros & Cons
Pros & Cons
Pros
- Decent reward rate for a no annual fee credit card
- One of the highest cashback rates for restaurant purchases in Canada
- Has Mobile insurance
Cons
- Doesn't come with a lot of benefits
- Doesn't earn much on Costco Warehouse purchases!
Product Details
Product Details
Rewards
- 3% cash back on Restaurants and Costco Gas
- 2% cash back on Costco.ca purchases (Max $160 yearly)
- 2% cash back on Gas (Max $100 yearly)
- 1% on everything else
Insurance
Coverage
Mobile Device Insurance
$1000Purchase Protection
Up to 90 daysExtended Warranty
Up to a year
Eligibility
Credit Score
GoodAnnual Income
$15,000 personal
For a low annual income and a recommended "good" credit score, you can earn high cashback rates on restaurant purchases (one of the highest in Canada) and Costco Gas, plus good rates on Coscto.ca purchases and general gas. To keep you coming back, your rewards are returned to you as a gift certificate redeemable at Costco warehouses.
You should note that while the card is technically a no-annual-fee credit card, you do need to be Costco member to be a cardholder. This membership comes with its own annual cost.
As you can see, there's limited insurance attached to the card, but the addition of mobile device insurance is always a plus.
In summary, the CIBC Costco Mastercard is best for cardholders who have a Costco membership, and enjoy dining out. While you do get decent rewards for shopping at Costco online, you've probably noticed that there's no special rewards category for shopping in-store at Costco. Since Mastercard is accepted at Canadian Costco warehouses, if you want higher earn rates for shopping in-person, you could always opt for other cards on this list, like the Rogers Red World Elite Mastercard (if you regularly shop at Costco).
Tangerine World Mastercard
4.1
Finly Rating
Welcome Bonus
10% Cash Back up to $100 value
Annual Fee
$0
Interest Rates
20.95% / 22.95%
Why we like it
Why we like it
While we think Tangerine World Mastercard isn't the best single credit card to own, it's still a valuable card to have in your arsenal for maximizing your rewards. It offers one of the highest cashback rates for pharmacy and recurring bill payments, areas where your other credit cards might not provide significant rewards. For no annual fees
Pros & Cons
Pros & Cons
Pros
- Allows you to change the categories, and you get a 2% reward depending on how your spending is changing every 90 days.
- 2% cashback on recurring Transactions and pharmacy purchases. One of the highest cashback rates on these categories among credit cards in Canada.
- Has cashback on Furniture and Home Improvement categories. Two categories that are not covered by any other card in Canada.
- Overall, it is a good no-annual-fee cashback credit card, especially if you have a Tangerine Savings account.
- A few benefits such as free DragonPass for lounge access, Boingo Wi-Fi, and insurances like mobile insurance and car rental theft and damage insurance.
Cons
- With these income and credit score requirements, there are cards with no annual fees that offer much higher rewards and benefits.
- Very low cashback rate on the other categories not selected.
Product Details
Product Details
Rewards
- 2% on the choice of two categories chosen from the 10 offered by Tangerine (3 if you have Tangerine's Savings account)
- 0.5% cashback on all other credit card purchases.
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
Up to a yearMobile Device Insurance
$1000Car Rental Damage & Theft
31 days
Benefits
Details
Airport Lounge - Dragon Pass
Pass only. No Complimentary visits!Boingo Wi-Fi hotspot
Eligibility
Credit Score
GoodAnnual Income
$60,000 personal or $100,000 household
For those who appreciate some flexibility, the Tangerine World Mastercard allows you to change categories based on your spending habits. Pick two categories from the available 10 to earn a solid cashback earn rate, with the addition of a third category choice if you have a Tangerine Savings account.
While there’s no annual fee, you will need a higher annual income and a "good" credit score is recommended to qualify. If you meet this criteria, you’ll also get added mobile device insurance, car rental damage and theft coverage, the airport lounge Dragon Pass, and access to the Boingo Wi-Fi hotspot.
Best Mastercard Credit Card for Low Interest Rates
MBNA True Line® Mastercard®
5
Finly Rating
Welcome Bonus
12 months 0% promotional interest rate
Rewards Rate
0%
Annual Fee
$0
Interest Rates
12.99% / 24.99%
Why we like it
Why we like it
Even though this card offers no benefits or rewards, the amount you can save on interest is substantial, making it an excellent option for reducing your monthly payments.
Pros & Cons
Pros & Cons
Pros
- Great to reduce monthly interest payments during the promotional period.
- Low purchase interest rate for people planning to put some balance on their credit card.
Cons
- A flat fee has to be paid on the balance to make the transfer happen.
- Not a good card other for purposes other than balance transfer.
Product Details
Product Details
Rewards
No Rewards on This Card
Eligibility
Credit Score
GoodAnnual Income
N/A
If you’re budget-conscious and looking for low interest rates, the MBNA True Line Mastercard offers an interest-free first year on balance transfers for transfers made in the first few months of membership. Plus, the card comes with a low purchase interest rate. To apply, all that’s recommended is that you have “good” credit.
Since there’s no coverage or added benefits on this card, you’ll only want to get it if your goal is to keep certain interest rates low, specifically purchase interest rates, and balance transfers (especially during the promotional period).
Best Secured Mastercard Credit Card
Neo Secured Mastercard®
4.5
Finly Rating
Welcome Bonus
N/A
Annual Fee
$60
Interest Rates
19.99% - 29.99% (for Quebec 19.99% - 24.99%) / 22.99% - 31.99% (for Quebec 22.99% - 25.99%)
Why we like it
Why we like it
If you have a poor credit score and are looking to rebuild it with a secured card, then the Neo Financial Secured Credit Card is the best card to go for. This card offers so much more compared to other secured credit cards on the market, including no monthly fees, a low deposit amount needed to get started, and it is the only credit card that offers some rewards on your purchases!
Pros & Cons
Pros & Cons
Pros
Cons
Product Details
Product Details
Rewards
Benefits
Details
Neo Premium ($4.99/month)
Neo Travel Benefits ($4.99/month)
Neo Food Cashback boost ($1.99/month)
Neo Mind and Body Perks ($9.99/month)
Eligibility
Credit Score
PoorAnnual Income
N/A
If you don’t have a credit history or if you’re looking to rebuild your credit, we consider the Neo Secured Credit Card to be the best secured credit card in Canada. Attainable even with “poor” credit, this low-fee card gives you an admirable average cashback rate at Neo Partners, and a high cashback rate on your first Neo Partners purchase.
Your cashback rates on gas, groceries, and all other purchases are considered low by non-secured credit card standards, but considering it's the only secured credit card with rewards, it’s truly the best deal. Plus, you can also enjoy benefits like Neo Premium, the Neo Food Cashback boost, the Neo Mind and Body Perks, and Neo Travel Benefits.
Frequently Asked Questions
What is the highest level of Mastercard?
The Mastercard network’s highest tier is the World Elite Mastercard, which comes with premium travel benefits, comprehensive insurance coverage, exclusive experiences and rewards, plus priority customer support.
These cards were built with frequent travellers and high-income earners in mind.
Is Mastercard better than Visa?
Mastercard and Visa credit cards are both widely accepted and packed with amazing benefits at different levels for various types of spenders. However, Mastercard is accepted in Costco warehouses in Canada whereas Visa credit cards are not. Not to mention, Walmart is usually considered a grocery store through Mastercard but not through Visa, which could make you miss out on rewards in the popular groceries category.
You’ll want to research individual cards from each network to decide which one complements you best. To help you find the perfect fit, we’ve created the Best Credit Card Finder tool which allows you to filter through credit cards from each network.
How do I apply for a Mastercard?
To apply for a Mastercard, you’ll want to follow these general steps:
- Navigate to Mastercard’s official website
- Select the drop-down menu titled “Mastercard for you”
- Hover over “Find a card” before clicking “Credit card”
- Select “Find a card” again on the following page
- Choose from the featured categories
- Find a card on the curated list that matches your preferences
- Finally, hit "Apply now" for the application process
You can also select the “apply now” buttons featured on our Best Credit Card Finder lists once you discover a card that suits you.