Best Mastercard credit cards in Canada
Updated: October 03, 2024
Of the three major credit card processors in Canada, Mastercard is particularly popular due to its near universal acceptance rate among merchants. Some stores even have exclusive Mastercard partnerships—a Mastercard is a necessity for those who often shop at Costco in Canada, where Visa and Amex are not accepted. Fortunately there are a wide variety of Canadian Mastercards to suit nearly every income level, habitual purchase category, and reward type preference.
Summary of best Mastercards in Canada
Best Canadian Mastercards | Best for | Get started |
---|---|---|
BMO CashBack® World Elite®* Mastercard®* | High earn rates on everyday spending categories | Apply now |
BMO Ascend™ World Elite®* Mastercard®* | Value for travel | Apply now |
MBNA Rewards Platinum Plus Mastercard | No annual fee and flexible point redemption | Apply now |
Tangerine World Mastercard® | Cash back, no annual fee | Apply now |
MBNA Rewards World Elite Mastercard | Costco purchases | Apply now |
BMO AIR MILES®† World Elite®* Mastercard®* | Air Miles | Apply now |
PC® World Elite Mastercard® | Groceries and drugstore purchases (Loblaws, No Frills, Shoppers) | Apply now |
MBNA True Line® Gold Mastercard® | Low interest | Apply now |
BMO CashBack® Mastercard®* for Students | Students | Apply now |
Best overall Mastercard credit card in Canada
BMO CashBack® World Elite®* Mastercard®*
4.9
up to 10%
Welcome offerExcellent
Suggested credit scoreGet up to 10% cash back in your first 3 months and the $120 annual fee waived in the first anniversary*.
Expires
Nov 30, 2024
Pros
-
Valuable sign-up bonus
-
High 5% cash back rate on groceries
-
Free roadside assistance
-
Excellent extended warranty and purchase protection terms
Cons
-
Restrictive spending limits for most cash back categories
-
Sign-up bonus structure is head-scratchingly complicated
-
High minimum income requirements
Eligibility
Excellent
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$80,000
Required Annual Household Income
$150,000
5%
Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*
4%
Transit: 4% cash back up to $300 spent per month ($12 in cash back)*
3%
Gas: 3% cash back up to $300 spent per month ($9 in cash back)*
2%
Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*
1%
Everything Else: 1% cash back, unlimited*
Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*
5%
Transit: 4% cash back up to $300 spent per month ($12 in cash back)*
4%
Gas: 3% cash back up to $300 spent per month ($9 in cash back)*
3%
Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*
2%
Everything Else: 1% cash back, unlimited*
1%
20.99%
Purchase APR
23.99%
Balance Transfer Rate
23.99%
Cash Advance APR 21.99% for Quebec residents
$120
Annual Fee annual fee waived in the first year*
2.5%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
23.99%
Cash Advance APR
23.99%
Annual Fee
$120
Foreign Transaction Fee
2.5%
Pros
-
Valuable sign-up bonus
-
High 5% cash back rate on groceries
-
Free roadside assistance
-
Excellent extended warranty and purchase protection terms
Cons
-
Restrictive spending limits for most cash back categories
-
Sign-up bonus structure is head-scratchingly complicated
-
High minimum income requirements
Eligibility
Excellent
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$80,000
Required Annual Household Income
$150,000
5%
Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*
4%
Transit: 4% cash back up to $300 spent per month ($12 in cash back)*
3%
Gas: 3% cash back up to $300 spent per month ($9 in cash back)*
2%
Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*
1%
Everything Else: 1% cash back, unlimited*
Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*
5%
Transit: 4% cash back up to $300 spent per month ($12 in cash back)*
4%
Gas: 3% cash back up to $300 spent per month ($9 in cash back)*
3%
Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*
2%
Everything Else: 1% cash back, unlimited*
1%
20.99%
Purchase APR
23.99%
Balance Transfer Rate
23.99%
Cash Advance APR 21.99% for Quebec residents
$120
Annual Fee annual fee waived in the first year*
2.5%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
23.99%
Cash Advance APR
23.99%
Annual Fee
$120
Foreign Transaction Fee
2.5%
Best Mastercard for travel
BMO Ascend™ World Elite®* Mastercard®
4.5
up to 90K pts
Welcome offerExcellent
Suggested credit scoreGet up to 90,000 points and the annual fee waived in your first anniversary for both the primary cardholder and authorized users.*
Expires
Nov 30, 2024
Pros
-
High-value welcome offer
-
Flexible airport lounge access
-
BMO Rewards points can be used to cover flight taxes and fees
-
Great for those who frequently rent cars
-
Good for Costco and No Frills shoppers
Cons
-
So-so earn rates relative to its annual fee
-
Points have low redemption value compared to other travel rewards programs
-
Charges foreign transaction fees
-
Relatively high minimum income requirements
Eligibility
Excellent
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$80,000
Required Annual Household Income
$150,000
5x
Earn 5x the points for every $1 spent on eligible travel purchases*
3x
Earn 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments*
1x
Earn 1 point for every $1 spent everywhere else*
4
Complimentary membership in Mastercard Travel Pass provided by DragonPass, with 4 annual complimentary passes
Earn 5x the points for every $1 spent on eligible travel purchases*
5x
Earn 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments*
3x
Earn 1 point for every $1 spent everywhere else*
1x
Complimentary membership in Mastercard Travel Pass provided by DragonPass, with 4 annual complimentary passes
4
20.99%
Purchase APR
23.99%
Balance Transfer Rate 21.99% for Quebec residents
23.99%
Cash Advance APR
$150
Annual Fee first year waived
2.5%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
23.99%
Cash Advance APR
23.99%
Annual Fee
$150
Foreign Transaction Fee
2.5%
Pros
-
High-value welcome offer
-
Flexible airport lounge access
-
BMO Rewards points can be used to cover flight taxes and fees
-
Great for those who frequently rent cars
-
Good for Costco and No Frills shoppers
Cons
-
So-so earn rates relative to its annual fee
-
Points have low redemption value compared to other travel rewards programs
-
Charges foreign transaction fees
-
Relatively high minimum income requirements
Eligibility
Excellent
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$80,000
Required Annual Household Income
$150,000
5x
Earn 5x the points for every $1 spent on eligible travel purchases*
3x
Earn 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments*
1x
Earn 1 point for every $1 spent everywhere else*
4
Complimentary membership in Mastercard Travel Pass provided by DragonPass, with 4 annual complimentary passes
Earn 5x the points for every $1 spent on eligible travel purchases*
5x
Earn 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments*
3x
Earn 1 point for every $1 spent everywhere else*
1x
Complimentary membership in Mastercard Travel Pass provided by DragonPass, with 4 annual complimentary passes
4
20.99%
Purchase APR
23.99%
Balance Transfer Rate 21.99% for Quebec residents
23.99%
Cash Advance APR
$150
Annual Fee first year waived
2.5%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
23.99%
Cash Advance APR
23.99%
Annual Fee
$150
Foreign Transaction Fee
2.5%
Best no fee Mastercard in Canada
MBNA Rewards Platinum Plus Mastercard
4.0
up to 10K pts
Welcome offerGood
Suggested credit scoreEarn 4 points per $1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases until $10,000 is spent annually. You could also receive up to 10,000 bonus points.
Pros
-
No annual fee
-
Accelerated rewards on groceries, restaurants, and more
-
Simple point structure with flexible redemption options
-
Generous introductory bonus of up to 10,000 points
-
No cap on total points earned
Cons
-
Lower cash back redemption rate compared to designated cash back cards
-
Limited benefits beyond rewards
-
Points system may not appeal to cash back enthusiasts
-
Higher earning categories have a spending cap of $10,000 annually
-
Better suited for travel rewards than cash back
Eligibility
Good
Recommended Credit Score
Recommended Credit Score
Good
10,000
Get up to 10,000 MBNA Rewards points†† as an introductory bonus (see details below)
Get up to 10,000 MBNA Rewards points†† as an introductory bonus (see details below)
10,000
19.99%
Purchase APR
22.99%
Balance Transfer Rate
24.99%
Cash Advance APR
$0
Annual Fee
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
19.99%
Balance Transfer Rate
22.99%
Cash Advance APR
24.99%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Pros
-
No annual fee
-
Accelerated rewards on groceries, restaurants, and more
-
Simple point structure with flexible redemption options
-
Generous introductory bonus of up to 10,000 points
-
No cap on total points earned
Cons
-
Lower cash back redemption rate compared to designated cash back cards
-
Limited benefits beyond rewards
-
Points system may not appeal to cash back enthusiasts
-
Higher earning categories have a spending cap of $10,000 annually
-
Better suited for travel rewards than cash back
Eligibility
Good
Recommended Credit Score
Recommended Credit Score
Good
10,000
Get up to 10,000 MBNA Rewards points†† as an introductory bonus (see details below)
Get up to 10,000 MBNA Rewards points†† as an introductory bonus (see details below)
10,000
19.99%
Purchase APR
22.99%
Balance Transfer Rate
24.99%
Cash Advance APR
$0
Annual Fee
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
19.99%
Balance Transfer Rate
22.99%
Cash Advance APR
24.99%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Best cash back Mastercard in Canada
Tangerine World Mastercard®
4.0
max 10% back
Welcome offerGood
Suggested credit scoreGet an extra 10% cash back on up to $1,000 in everyday purchases within your first 2 months. Get 1.95% interest on balance transfers for your first 6 months.
Expires
Nov 1, 2024
Pros
-
No annual fee
-
Unlimited money-back rewards
-
High 2% earn rate
-
Exclusive experiences through MasterCard
Cons
-
$60,000 minimum income requirement
-
Travel insurance would be a welcome addition to the travel-related benefits
Eligibility
Good
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Personal Income
$60,000
Required Annual Household Income
$100,000
2%
Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more)
3
Get a Tangerine Savings account and get a 3rd 2% cash back category.
1
Boingo Hotspot membership for Wi-Fi at airports and on planes
1
A DragonPass membership to airport lounges (no passes)
$1000
Mobile device insurance up to $1,0000
$60,000
Purchase assurance and extended warranty protection up to $60,000 lifetime
Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more)
2%
Get a Tangerine Savings account and get a 3rd 2% cash back category.
3
Boingo Hotspot membership for Wi-Fi at airports and on planes
1
A DragonPass membership to airport lounges (no passes)
1
Mobile device insurance up to $1,0000
$1000
Purchase assurance and extended warranty protection up to $60,000 lifetime
$60,000
19.95%
Purchase APR
1.95%
Balance Transfer Rate 1.95% for first 6 months (with a 1% fee) † ;19.95% after that
19.95%
Cash Advance APR
$0
Annual Fee
2.5%
Foreign Transaction Fee
Purchase APR
19.95%
Balance Transfer Rate
1.95%
Cash Advance APR
19.95%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Pros
-
No annual fee
-
Unlimited money-back rewards
-
High 2% earn rate
-
Exclusive experiences through MasterCard
Cons
-
$60,000 minimum income requirement
-
Travel insurance would be a welcome addition to the travel-related benefits
Eligibility
Good
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Personal Income
$60,000
Required Annual Household Income
$100,000
2%
Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more)
3
Get a Tangerine Savings account and get a 3rd 2% cash back category.
1
Boingo Hotspot membership for Wi-Fi at airports and on planes
1
A DragonPass membership to airport lounges (no passes)
$1000
Mobile device insurance up to $1,0000
$60,000
Purchase assurance and extended warranty protection up to $60,000 lifetime
Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more)
2%
Get a Tangerine Savings account and get a 3rd 2% cash back category.
3
Boingo Hotspot membership for Wi-Fi at airports and on planes
1
A DragonPass membership to airport lounges (no passes)
1
Mobile device insurance up to $1,0000
$1000
Purchase assurance and extended warranty protection up to $60,000 lifetime
$60,000
19.95%
Purchase APR
1.95%
Balance Transfer Rate 1.95% for first 6 months (with a 1% fee) † ;19.95% after that
19.95%
Cash Advance APR
$0
Annual Fee
2.5%
Foreign Transaction Fee
Purchase APR
19.95%
Balance Transfer Rate
1.95%
Cash Advance APR
19.95%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Best Mastercard for Costco
MBNA Rewards World Elite Mastercard
4.0
30,000 pts
Welcome offerGood
Suggested credit scoreEarn up to 30,000 bonus MBNA Rewards Points†† for cash back, gift cards and more.
Pros
-
High earn rates: Up to 5 points per $1 on groceries, restaurants, digital media, memberships, utilities
-
Generous welcome bonus of up to 30,000 points, covering first-year annual fee
-
Points never expire, flexible redemption options including travel and statement credit
-
Birthday bonus: Up to 15,000 points annually, 10% of points earned in the previous year
-
Comprehensive benefits: Price protection, purchase assurance, extended warranty, travel insurance
Cons
-
High income requirements: $80,000 personal or $150,000 household income
-
Annual fee of $120 after the first year
-
Travel insurance package not as robust as other cards at similar price points
Eligibility
Good
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Personal Income
$80,000
Required Annual Household Income
$150,000
30,000
MBNA offers up to a 30,000-point welcome bonus
5
You get five points‡ per dollar spent on groceries, restaurants, digital media, memberships, and household utilities
1
All other purchases outside those categories earn one point per $1 spent.
MBNA offers up to a 30,000-point welcome bonus
30,000
You get five points‡ per dollar spent on groceries, restaurants, digital media, memberships, and household utilities
5
All other purchases outside those categories earn one point per $1 spent.
1
19.99%
Purchase APR
22.99%
Balance Transfer Rate
24.99%
Cash Advance APR
$120
Annual Fee
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
19.99%
Balance Transfer Rate
22.99%
Cash Advance APR
24.99%
Annual Fee
$120
Foreign Transaction Fee
2.5%
Pros
-
High earn rates: Up to 5 points per $1 on groceries, restaurants, digital media, memberships, utilities
-
Generous welcome bonus of up to 30,000 points, covering first-year annual fee
-
Points never expire, flexible redemption options including travel and statement credit
-
Birthday bonus: Up to 15,000 points annually, 10% of points earned in the previous year
-
Comprehensive benefits: Price protection, purchase assurance, extended warranty, travel insurance
Cons
-
High income requirements: $80,000 personal or $150,000 household income
-
Annual fee of $120 after the first year
-
Travel insurance package not as robust as other cards at similar price points
Eligibility
Good
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Personal Income
$80,000
Required Annual Household Income
$150,000
30,000
MBNA offers up to a 30,000-point welcome bonus
5
You get five points‡ per dollar spent on groceries, restaurants, digital media, memberships, and household utilities
1
All other purchases outside those categories earn one point per $1 spent.
MBNA offers up to a 30,000-point welcome bonus
30,000
You get five points‡ per dollar spent on groceries, restaurants, digital media, memberships, and household utilities
5
All other purchases outside those categories earn one point per $1 spent.
1
19.99%
Purchase APR
22.99%
Balance Transfer Rate
24.99%
Cash Advance APR
$120
Annual Fee
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
19.99%
Balance Transfer Rate
22.99%
Cash Advance APR
24.99%
Annual Fee
$120
Foreign Transaction Fee
2.5%
Best AIR MILES mastercard
BMO AIR MILES®† World Elite®* MasterCard®*
3.3
3,000 miles
Welcome offerExcellent
Suggested credit scoreLimited time offer: Get 3,000 AIR MILES Bonus Miles! * That's enough for $310 towards purchases with AIR MILES Cash!* Plus, get the $120 annual fee waived for your first anniversary
Expires
Nov 30, 2024
Pros
-
Offers the largest Air Miles sign-up bonus on the market with a waived annual fee for the first anniversary*
-
High earn rates of up to 3x the Miles on eligible purchases
-
Exclusive travel discounts like 25% off one worldwide AIR MILES flight redemption annually
-
Airport lounge access through complimentary Mastercard Travel Pass membership
-
Comprehensive insurance package which covers medical, trip, flight delay, lost luggage and more
-
Additional Perks include BMO Concierge, digital subscriptions, and cash back promotions
Cons
-
An $80,000 personal/$150,000 household income is needed to qualify
-
Ideal for AIR MILES loyalists, may not suit those with a casual approach
-
The fixed redemption value for flights may not appeal to everyone
-
Optimal value only when frequently shopping at AIR MILES partners
Eligibility
Excellent
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$80,000
Required Annual Household Income
$150,000
3x
Cardholders earn an accelerated 3x the Miles per $12 spent at participating AIR MILES partners*
2x
the Miles for every $12 spent at any eligible grocery store*
1x
Earn 1 Mile for every $12 in credit card purchases, everywhere you spend*
25%
Get a 25% discount on one worldwide AIR MILES flight redemption during the calendar year*
Cardholders earn an accelerated 3x the Miles per $12 spent at participating AIR MILES partners*
3x
the Miles for every $12 spent at any eligible grocery store*
2x
Earn 1 Mile for every $12 in credit card purchases, everywhere you spend*
1x
Get a 25% discount on one worldwide AIR MILES flight redemption during the calendar year*
25%
20.99%
Purchase APR
23.99%
Balance Transfer Rate
23.99%
Cash Advance APR 21.99% for Quebec residents
$120
Annual Fee $50 for a supplementary card
Purchase APR
20.99%
Balance Transfer Rate
23.99%
Cash Advance APR
23.99%
Annual Fee
$120
Pros
-
Offers the largest Air Miles sign-up bonus on the market with a waived annual fee for the first anniversary*
-
High earn rates of up to 3x the Miles on eligible purchases
-
Exclusive travel discounts like 25% off one worldwide AIR MILES flight redemption annually
-
Airport lounge access through complimentary Mastercard Travel Pass membership
-
Comprehensive insurance package which covers medical, trip, flight delay, lost luggage and more
-
Additional Perks include BMO Concierge, digital subscriptions, and cash back promotions
Cons
-
An $80,000 personal/$150,000 household income is needed to qualify
-
Ideal for AIR MILES loyalists, may not suit those with a casual approach
-
The fixed redemption value for flights may not appeal to everyone
-
Optimal value only when frequently shopping at AIR MILES partners
Eligibility
Excellent
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$80,000
Required Annual Household Income
$150,000
3x
Cardholders earn an accelerated 3x the Miles per $12 spent at participating AIR MILES partners*
2x
the Miles for every $12 spent at any eligible grocery store*
1x
Earn 1 Mile for every $12 in credit card purchases, everywhere you spend*
25%
Get a 25% discount on one worldwide AIR MILES flight redemption during the calendar year*
Cardholders earn an accelerated 3x the Miles per $12 spent at participating AIR MILES partners*
3x
the Miles for every $12 spent at any eligible grocery store*
2x
Earn 1 Mile for every $12 in credit card purchases, everywhere you spend*
1x
Get a 25% discount on one worldwide AIR MILES flight redemption during the calendar year*
25%
20.99%
Purchase APR
23.99%
Balance Transfer Rate
23.99%
Cash Advance APR 21.99% for Quebec residents
$120
Annual Fee $50 for a supplementary card
Purchase APR
20.99%
Balance Transfer Rate
23.99%
Cash Advance APR
23.99%
Annual Fee
$120
Best Mastercard for groceries
PC® World Elite Mastercard
4.0
Fair
Suggested credit scoreto receive the latest news, tips and offers by email
Pros
-
No annual fee
-
High earn rates in certain stores
-
Easy, straightforward redemptions
-
Points don’t expire provided your account stays active and in good standing
-
Special events allow you to earn extra points
Cons
-
High income requirement to qualify
-
Accelerated earn rates are limited to certain partner stores, and points can be redeemed only for purchases within Loblaw banner stores
-
Points can’t be transferred to other loyalty programs
-
The included travel insurance is very limited
Eligibility
Fair
Recommended Credit Score
$80,000
Required Annual Personal Income
Recommended Credit Score
Fair
Required Annual Personal Income
$80,000
45 points
* 45 points per $1 spent at Shoppers Drug Mart/Pharmaprix
30 points
Earn 30 points per litre for gas purchased at Esso™ or Mobil™ stations
30 points
Earn 30 points per $1 spent on PC Travel services
30 points
Earn 30 points per $1 spent at Loblaw Banner Grocery Stores (includes Loblaws, No Frills, Valu-Mart, Independent Grocers, Zehrs, Real Canadian Superstore, Fortinos, etc.)
10 points
Earn 10 points per $1 spent everywhere else
* 45 points per $1 spent at Shoppers Drug Mart/Pharmaprix
45 points
Earn 30 points per litre for gas purchased at Esso™ or Mobil™ stations
30 points
Earn 30 points per $1 spent on PC Travel services
30 points
Earn 30 points per $1 spent at Loblaw Banner Grocery Stores (includes Loblaws, No Frills, Valu-Mart, Independent Grocers, Zehrs, Real Canadian Superstore, Fortinos, etc.)
30 points
Earn 10 points per $1 spent everywhere else
10 points
21.99%
Purchase APR
5%
Balance Transfer Rate
22.97%
Cash Advance APR
$0
Annual Fee
Purchase APR
21.99%
Balance Transfer Rate
5%
Cash Advance APR
22.97%
Annual Fee
$0
Pros
-
No annual fee
-
High earn rates in certain stores
-
Easy, straightforward redemptions
-
Points don’t expire provided your account stays active and in good standing
-
Special events allow you to earn extra points
Cons
-
High income requirement to qualify
-
Accelerated earn rates are limited to certain partner stores, and points can be redeemed only for purchases within Loblaw banner stores
-
Points can’t be transferred to other loyalty programs
-
The included travel insurance is very limited
Eligibility
Fair
Recommended Credit Score
$80,000
Required Annual Personal Income
Recommended Credit Score
Fair
Required Annual Personal Income
$80,000
45 points
* 45 points per $1 spent at Shoppers Drug Mart/Pharmaprix
30 points
Earn 30 points per litre for gas purchased at Esso™ or Mobil™ stations
30 points
Earn 30 points per $1 spent on PC Travel services
30 points
Earn 30 points per $1 spent at Loblaw Banner Grocery Stores (includes Loblaws, No Frills, Valu-Mart, Independent Grocers, Zehrs, Real Canadian Superstore, Fortinos, etc.)
10 points
Earn 10 points per $1 spent everywhere else
* 45 points per $1 spent at Shoppers Drug Mart/Pharmaprix
45 points
Earn 30 points per litre for gas purchased at Esso™ or Mobil™ stations
30 points
Earn 30 points per $1 spent on PC Travel services
30 points
Earn 30 points per $1 spent at Loblaw Banner Grocery Stores (includes Loblaws, No Frills, Valu-Mart, Independent Grocers, Zehrs, Real Canadian Superstore, Fortinos, etc.)
30 points
Earn 10 points per $1 spent everywhere else
10 points
21.99%
Purchase APR
5%
Balance Transfer Rate
22.97%
Cash Advance APR
$0
Annual Fee
Purchase APR
21.99%
Balance Transfer Rate
5%
Cash Advance APR
22.97%
Annual Fee
$0
Best low interest Mastercard
MBNA True Line Gold Mastercard
4.0
Good
Suggested credit scoreto receive the latest news, tips and offers by email
Pros
-
Low interest rate on purchases and balance transfers
-
Proactive fraud protection
Cons
-
$39 annual fee
-
Penalty interest rate if minimum payments are missed
Eligibility
Good
Recommended Credit Score
Recommended Credit Score
Good
10.99%
10.99% interest rate on purchases and 13.99% on balance transfers✪ and access cheques
100%
This card is made from 100% recycled plastic
Funds Transfer
Use available credit on your credit card to transfer funds right to your chequing account.
10.99% interest rate on purchases and 13.99% on balance transfers✪ and access cheques
10.99%
This card is made from 100% recycled plastic
100%
Use available credit on your credit card to transfer funds right to your chequing account.
Funds Transfer
10.99%
Purchase APR
13.99%
Balance Transfer Rate
24.99%
Cash Advance APR
$39
Annual Fee $39
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
10.99%
Balance Transfer Rate
13.99%
Cash Advance APR
24.99%
Annual Fee
$39
Foreign Transaction Fee
2.5%
Pros
-
Low interest rate on purchases and balance transfers
-
Proactive fraud protection
Cons
-
$39 annual fee
-
Penalty interest rate if minimum payments are missed
Eligibility
Good
Recommended Credit Score
Recommended Credit Score
Good
10.99%
10.99% interest rate on purchases and 13.99% on balance transfers✪ and access cheques
100%
This card is made from 100% recycled plastic
Funds Transfer
Use available credit on your credit card to transfer funds right to your chequing account.
10.99% interest rate on purchases and 13.99% on balance transfers✪ and access cheques
10.99%
This card is made from 100% recycled plastic
100%
Use available credit on your credit card to transfer funds right to your chequing account.
Funds Transfer
10.99%
Purchase APR
13.99%
Balance Transfer Rate
24.99%
Cash Advance APR
$39
Annual Fee $39
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
10.99%
Balance Transfer Rate
13.99%
Cash Advance APR
24.99%
Annual Fee
$39
Foreign Transaction Fee
2.5%
Best Student Mastercard
BMO CashBack® Mastercard®* for students
4.2
5% cash back
Welcome offerGood
Suggested credit scoreGet 5% cash back in your first 3 months.*
Pros
-
No annual fee: this makes it cost-effective for students looking to build credit without incurring additional expenses.
-
Earn cash back on everyday purchases, including up to 5% cash back on every purchase in your first three months.
-
Credit building: If you’re responsible, you can build a positive credit history, which helps you get better credit cards and more
Cons
-
Higher interest rates: If you can’t pay off your balance in full, opt for a low interest credit card
-
Limited additional benefits: While there are some benefits, it’s not the full suite of perks, but then again, there’s no annual fee.
Eligibility
Good
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Personal Income
$0
Required Annual Household Income
$0
3%
Earn 3% cash back on groceries
1%
Earn 1% cash back on recurring bill payments like your mobile phone, streaming and subscription services
0.5%
Earn 0.5% cash back on all other purchases
Earn 3% cash back on groceries
3%
Earn 1% cash back on recurring bill payments like your mobile phone, streaming and subscription services
1%
Earn 0.5% cash back on all other purchases
0.5%
20.99%
Purchase APR
22.99%
Cash Advance APR 21.99% for Quebec residents
$0
Annual Fee
Purchase APR
20.99%
Cash Advance APR
22.99%
Annual Fee
$0
Pros
-
No annual fee: this makes it cost-effective for students looking to build credit without incurring additional expenses.
-
Earn cash back on everyday purchases, including up to 5% cash back on every purchase in your first three months.
-
Credit building: If you’re responsible, you can build a positive credit history, which helps you get better credit cards and more
Cons
-
Higher interest rates: If you can’t pay off your balance in full, opt for a low interest credit card
-
Limited additional benefits: While there are some benefits, it’s not the full suite of perks, but then again, there’s no annual fee.
Eligibility
Good
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Personal Income
$0
Required Annual Household Income
$0
3%
Earn 3% cash back on groceries
1%
Earn 1% cash back on recurring bill payments like your mobile phone, streaming and subscription services
0.5%
Earn 0.5% cash back on all other purchases
Earn 3% cash back on groceries
3%
Earn 1% cash back on recurring bill payments like your mobile phone, streaming and subscription services
1%
Earn 0.5% cash back on all other purchases
0.5%
20.99%
Purchase APR
22.99%
Cash Advance APR 21.99% for Quebec residents
$0
Annual Fee
Purchase APR
20.99%
Cash Advance APR
22.99%
Annual Fee
$0
What is Mastercard?
Mastercard is a global payments and technology company that operates a payments processing network, connecting consumers, financial institutions, merchants, governments, and businesses in many countries around the world, including Canada.
In Canada, Mastercard is one of the major credit card networks, alongside Visa and American Express. They offer a range of credit card products through various Canadian banks and financial institutions, with different levels of rewards, benefits, and credit requirements. Mastercard credit cards are widely accepted in Canada, both in physical stores and online.
Mastercard in Canada also actively participates in digital payment solutions and innovations. For instance, they have been involved in the development and implementation of contactless payments and mobile payment platforms, like Apple Pay and Google Pay, where Mastercard holders can add their cards to these services for easy and secure payments.
In addition to consumer-focused services, Mastercard provides various business solutions in Canada, including payment processing, data analytics, and cybersecurity services. These are designed to help businesses manage their financial transactions more efficiently and securely.
What is the difference between Visa and Mastercard?
Visa and Mastercard are both major global payment networks, but they differ mainly in the specific benefits and partnerships they offer, rather than in their fundamental function. Both networks provide the infrastructure for processing transactions and are accepted worldwide, but they do not issue cards themselves. Instead, banks and financial institutions issue cards branded with Visa or Mastercard, and these issuers may offer different interest rates, rewards, fees, and benefits.
The differences for consumers often come down to:
- 1.
Rewards and benefits: Each network may have exclusive deals or rewards programs. For example, Visa might offer special access to sporting events, while Mastercard might have different travel benefits.
- 2.
International acceptance: While both are widely accepted globally, in some regions, one might be more prevalent than the other.
- 3.
Security features: Both networks offer fraud protection, but the specifics can vary.
- 4.
Card tiers: Both offer different card tiers (like standard, gold, platinum) with varying benefits.
For most consumers, the differences are minimal in everyday use. The choice between Visa and Mastercard often depends more on the specific card issuer's offer, like the interest rate, annual fee, and rewards, rather than the payment network itself.
Frequently asked questions about Mastercard
BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
Nathan Siegel has a professional and educational passion for finance, and is a long-time writer for GreedyRates. He follows trends in the Canadian banking sector, compares competing products, and pours over fine print to make personal finance choices easier for Canadian consumers. In his spare time he loves running, swimming, and dogs of all kinds.
Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca.
Other awesome credit cards
Disclaimer
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