Best Mastercard Credit Cards in Canada for 2024
Kevin Shahnazari
Author8 min read
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
Best Mastercard Credit Cards for Cashback
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
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
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®
5
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
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
Best Mastercard Credit Cards For Travel
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
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
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
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
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®
5
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
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
Best Mastercard Credit Cards For No Annual Fee
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
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®
5
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
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
CIBC Costco Mastercard
3
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
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
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
Eligibility
Credit Score
GoodAnnual Income
N/A
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
- Best Secured Credit Card in Canada voted by FinlyWealth.
- Only Secured Card that you can earn rewards with!
- Option to add additional benefits with a monthly fee.
- Some benefits provided are exclusive to Neo Card holders.
- Deposit of only $50 required to get started
Cons
- Only reports credit activity to TransUnion® and not Equifax®
Product Details
Product Details
Rewards
- 1% cash back on grocery purchases up to $6,000 spending per year (1.5% cash back with $1k in a Neo everyday account, 2% cash back with $3k in a Neo everyday account, 3% cash back with $5k in a Neo everyday account, and 4% cash back with $10k in a Neo everyday account) - drops to 0.5% cash back after hitting spend cap
- 2% cash back on gas purchases up to $12,000 spending per year (1.5% cash back with $1k in a Neo everyday account, 2% cash back with $3k in a Neo everyday account, 3% cash back with $5k in a Neo everyday account, and 4% cash back with $10k in a Neo everyday account) - drops to 0.5% cash back after hitting spend cap
- 0% cash back on all other purchases with $0 in a Neo everyday account, however you get 0.5% cash back with $1-3k in a Neo everyday account, and 1% cash back with $5k+ in a Neo everyday account - drops to 0% cash back again after spending $20,000 in this "other" category
- +5% earned on average at Neo Partners.
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
Frequently Asked Questions
What is the highest level of Mastercard?
Is Mastercard better than Visa?
How do I apply for a Mastercard?
- 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