Best Mastercard credit cards in Canada

It's the highest cash-back offer on groceries in Canada at 5%. Everyone buys groceries. It's 4% cash back on transit (rideshare, taxis, public transit) ain't bad either. Another 3% cash back on gas, and 2% on recurring bills and 1% on eveerything else—that's a top Mastercard.

And just because it's a cash back card, doesn't mean BMO skimps on travel with $2 million in emergency medical insurance and a complimentary membership to Mastercard Travel Pass by DragonPass (you'll still have to pay per use to access the airport lounges).

Honestly, it's a tough fought battle between the Ascend Mastercard and the BMO AIR MILES World Elite Mastercard.

You're picking between the BMO Rewards program and the AIR MILES program.

The welcome bonus: 90,000 Rewards points vs. 2,000 AIR MILES—though it all depends on how you're redeeming your points.

Where the Ascend comes out on top is their four annual complimentary airport lounge passes (not just the DragonPass Membership) and the 21-days of total travel and medical protection (as opposed to the AIR MILES 15 days).

Yes, the annual fee is $30 more, but you walk away with more than that in value. Plus, the annual fee is waived in the first year.

Credit cards with high annual fees and steeper income requirements also give cardholders a greater array of perks. There are few travel Mastercards that can rival the BMO Ascend™ World Elite^®* Mastercard^®*, which offers a massive welcome bonus of up to 90,000 BMO Rewards points, plus a waiver of the first year’s $150 fee* (on your first anniversary) for both the primary cardholder and authorized users.* That’s approximately $550 in value but other bonuses, like the waiver on the $50 annual fee for the first authorized cardholder*, boost this number to an impressive value in your first year.

The card also accrues 5x the points for every $1 spent on eligible travel purchases,* 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments,* 1 point for every $1 spent everywhere else.* Points can be redeemed on all travel arrangements, including luxury 4-star hotels and airfare. If you can meet the income requirement of $80,000 per year, you’ll also likely spend more per month on the card. For $5,000 per month, at the end of your first year you’ll have accrued enough points to spend 7 nights in an all-inclusive 5-star resort in Mexico, or a flight all the way from Canada to Dubai. During the layover, enjoy one of your four yearly complimentary VIP lounge passes. Last but not least, travellers and their families are protected with World Elite Total Travel and Medical protection package from BMO, which represents the cherry on top for this Mastercard.

*Terms and conditions apply

†Statement based on a comparison of the redeemable value of the non-promotional travel rewards points earned on premium flexible Canadian credit cards as of May 3, 2022. “Flexible” is defined as points earned when you purchase travel anywhere and “premium” refers to cards with an annual fee of ≤ $150 or has an income requirement of ≤ $150,000 annual individual income.

Well, no annual fee is a big perk, but the flexibility of point redemption from cash back to travel, gift cards, charitably donations and merch is awesome, too. There's no rush to decide because your points never expire.

As a bonus, every year you'll receive a Birthday Bonus equal to 10% of the total number of points you earned the year leading up to your big day (max 10,000 points, roughly $50 in value, talk about a Happy Birthday).

You'll earn 4 points for every $1 you spend on eligible restaurants, buying groceries, digital media, memberships, and household utilities, but only for the first 90 days. After that, it's 2 points per dollar.

They also give you $1,000 in mobile device insurance in the event of loss, theft, damage or mechanical breakdown.

Don't get me wrong. There are all kinds of reasons to love the Tangerine Money-Back Mastercard.

Side by side, neither card charges an annual fee, they have the exact same welcome offer, unlimited money-back rewards on categories of your choosing, too.

The Tangerine World Mastercards also includes Boingo Wi-Fi access, credit card car rental insurance, mobile device insurance, and a Mastercard Travel Pass by DragonPass (though you'll need to pay per visit, at least your membership fees are covered).

So, why wouldn't everyone go for the card with more perks? Two words: Income requirements. The Money-Back card doesn't need much in the way of credit score and a minimum income requirement of $12,000 whereas the World Mastercard requires a good credit score and at least $60k personal or $100k household income per year.

The average rate of return on the MBNA card is better. The CIBC Costco card gives you 3% cash back on Costco gas and restaurants and 2% cash back on gas elsewhere. But no big rewards for your impulse buys at Costco?

You'll also need a Costco membership to apply, which in all honesty, you'll still need if you plan on shopping at Costco anyway. Oh, the CIBC card is not a true cash back card. Your "rewards" are paid out once per year in the form of a rebate coupon to be used when you checkout.

So, we recommend the MBNA Rewards World Elite where you can earn 5 points for every $1 on restaurants, groceries, and recurring bills. Plus, you'll get the MBNA Birthday points up to a max of 15,000 points (roughly $75) every year.

To start, It's the best AIR MILES credit card in Canada. It has this incredible ability to rack up the reward miles—1 mile for every $12 you spend on all your purchases, double the miles with groceries, and if you happen to shop with Air Miles partners you can get 3x the miles. BMO also gives you an added bonus when redeeming your miles—a 25% discount on required miles once per year.

Its loaded with all the insurance and they'll waive the $120 annual fee for the first year.

However, there are income requirements: $80,000 personal or $150,000 household. If you don't qualify, consider the BMO AIR MILES Mastercard.

The PC® World Elite Mastercard® is one of Canada’s best credit cards for earning back on groceries, and is a particularly good option for those who are allergic to annual fees and who shop regularly at Loblaw banner stores, like Loblaws, No Frills, and Real Canadian Superstore.

The card earns 30 PC Optimum™ points per $1 spent at Loblaw banner grocery stores (a 3% return rate); 30 points per litre of gas purchased at Canadian Esso™ and Mobil™ stations; 45 points per $1 at Shoppers Drug Mart or Pharmaprix; 30 points per $1 on PC travel services; and 10 points per $1 on everything else.

Sponsored advertising. President’s Choice Financial^® Mastercard^® is provided by President’s Choice Bank. The PC Optimum™ program is provided by President's Choice Services Inc. President’s Choice Bank is not responsible for the contents of this site, including any editorials or reviews that may appear on this site. For complete information regarding the PC^® Mastercard^®, PC^® World Mastercard^®, or PC^® World Elite Mastercard^®, please click on the “Apply Now” or other applicable button.

If you’re committed to eliminating your credit card debt and are willing to pay a small annual fee in exchange for lower interest, the MBNA True Line^® Gold Mastercard^® is a top choice. The card offers competitively low rates on balance transfers, 13.99%^✪, and purchases, 10.99%, which could save you hundreds if not thousands over those other high 20%+ interest rates you’re probably paying. These rates afford the cardholder with some ease when it comes to paying down their credit card debt, a feature well worth the card’s $39 annual fee. Just avoid cash advances with this card, as they’re subject to a crushing 24.99% interest rate, which is rather out of step with its low purchase and balance transfer rates.

Interest rates aside, other notable features for the MBNA True Line^® Gold Mastercard^® are relatively scant, though cardholders do benefit from purchase assurance and extended warranty protection.

^✪, Terms and Conditions apply.

This offer is not available for residents of Quebec.

Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button

The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ^®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.

The BMO CashBack^® Mastercard^®* for Students offers great cash back rates on groceries but doesn’t charge an annual fee, the perfect combination for students with meagre budgets.

New cardholders start off earning at a special 5% cash back rate for the first three months, on up to $2,500 in purchases (max $125 in cash back)*. After that you’ll earn 3% cash back on groceries (up to $500 spent on groceries per month); 1% back on recurring bills (up to $500 spent per month); and 0.5% back on everything else*. The card also offers purchase protection* and extended warranty coverage*, rental car discounts*, as well as discounts on Cirque du Soleil shows touring Canada and in Las Vegas*.

*Terms and conditions apply

Costco Canada accepts Mastercard credit cards for in-store purchases, reflecting a shift from their earlier exclusive partnership with American Express. Online, Costco.ca may accept a wider range of payment methods.

How do I activate a prepaid Mastercard?

To activate a prepaid Mastercard, call the phone number or visit the website provided on the card's packaging. Follow the instructions, usually requiring the card's number and security details. Activation might also involve setting a PIN.

To pay a Mastercard bill online, log into your card issuer's online banking or mobile app. Navigate to the payments section, select the Mastercard account, enter the payment amount, and choose a funding source (usually a bank account). Confirm the details and submit the payment. Payment processing times vary by issuer.

Mastercard is widely accepted globally but not everywhere. Acceptance depends on the merchant and location. Some businesses, especially in remote or smaller regions, may prefer other payment methods or specific card networks.

Mastercard is a publicly traded company, owned by its shareholders. It is not owned by any single entity, but rather by the collective group of individuals and institutional investors who hold its stock—MA on NYSE.