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World Mastercard Or World Elite Mastercard – Which Is Better?

Mastercard World or Mastercard World Elite – which is better?

Sandra MacGregor

By Sandra MacGregor

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Today there seems to be a never-ending array of premium credit cards with enticing perks and rewards, and it can be tough to navigate your way around the fine print to figure out just what the heck you’re getting for your annual fee.

Among the most popular — if least clearly understood designations — are the Mastercard World and World Elite Mastercard programs.

It’s easy to dismiss the addition of “World” and “Elite” as just an attention-getting, look-how-special-you-are gimmick.

But there are differences between the two.

World Mastercard and World Elite Mastercard comparison chart

With my other cards, I assumed that the World Elite Mastercard moniker was just something the company threw on to add a sense of status to the card. 

Turns out that these Mastercard designations do correspond to higher-tier features, though they’re not necessarily consistent from one card issuer to the next.

Here’s a comparison of World and World Elite Mastercards:

Feature World Mastercard World Elite Mastercard
Minimum annual income requirement $60,000 individual or $100,000 household $80,000 individual or $150,000 household
Extended warranty Yes Yes
Purchase protection Yes Yes
Priceless cities Provided by some World Mastercards, though not all Yes
Price protection Rarely offered Rarely offered
Travel insurance benefits Provided by some World Mastercards; coverage may be limited Provided by all World Elite Mastercards; coverage can be quite comprehensive
Airport lounge access Lounge membership provided by some World Mastercards; does not include free lounge visits Lounge membership provided by all World Elite Mastercards; some cards include free annual lounge visits

Though the basic Mastercard does have some potentially attractive perks (see below), the World Mastercard and World Elite Mastercard offer a lot more bells and whistles.

To understand the added incentives, we need to first step back and check out what comes standard with most Mastercards.

Mastercard has three levels of credit cards: Standard, World and World Elite. A Standard Mastercard comes with a very low or no annual fee and offers a basic level of perks.

Unfortunately, unlike what appears to be the case with the American Mastercard program levels, the Canadian Mastercard tiers are not as strictly delineated. The Mastercard website is careful to list potential features of its Standard cards with the carefully crafted caveat “the selection of benefits on your card varies by card type and by card issuer. Contact your issuing financial institution for complete coverage terms and conditions.” But in general, these are the most popular basic Mastercard offerings:

  • Zero Liability: You’re not liable if someone makes unauthorized purchases with your card.
  • Mastercard Global Service: You’ll have access to 24/7 emergency assistance in almost any language to help you with things like cancelling a stolen card, getting an emergency replacement card, locating an ATM and more.
  • Purchase Protection: Mastercard will reimburse you if an eligible item you charged to the card is damaged or stolen within 90 days of purchase.
  • Extended Warranty: Mastercard will double the original manufacturer’s warranty of 12 months or less if you purchased the item with your Mastercard.

It’s good to know that even if you don’t want to shell out for a hefty annual fee, Mastercard offers cardholders some quality basic benefits. That being said, sometimes a high annual fee on a premium card can be worth the extra perks. Keep in mind, however, that you should consult your credit card provider to confirm what perks your card features.

Some great examples of standard Mastercards

RBC Cash Back Mastercard

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3.2

Read Review
Apply now

$0 Annual Fee

Good Recommended Credit Score

Neo Mastercard

Apply Now

2.2

Read Review
Apply now

$0 Annual Fee

Good Recommended Credit Score

Amazon.ca Rewards Mastercard

Apply Now

2.5

Read Review
Apply now

Get 5% back at Amazon.ca, Whole Foods Market stores in Canada, grocery stores and restaurants. Valid for the first 6 months, on your first $3,000 in eligible purchases††.

$0 Annual Fee

Fair Recommended Credit Score

$0 Required Annual Personal Income

World Mastercard is the second tier of Mastercard programs, and can be thought of as the middle child of Mastercard credit card offerings.

World Mastercards require a higher minimum annual income than Standard Mastercards: At least $60,000 for an individual applicant or at least $100,000 in combined income for a household.

Some World Mastercards may come with an annual fee, usually (but not always) less than $100. They also feature all the benefits of a standard Mastercard—zero liability, purchase protection and extended warranty—but may add quite a few more perks to either justify an annual fee or draw the interest of those with a higher annual income. World Mastercard features may include:

Priceless cities

This experiential benefit gives World Mastercard cardholders the chance to enjoy (for an additional fee) exclusive, one-of-a-kind experiences in select cities around the world, like a multi-course meal with a Michelin-starred chef or a VIP concert experience.

Concierge services

Get your own personal assistant who can help you with things like making dinner reservations, shopping and restaurant suggestions, securing concert tickets and even arranging to buy and deliver gifts. Click here to learn more about concierge services.

Special offers

World Mastercard cardholders receive exclusive offers for things like discounts at select stores and rental car agencies, hotel upgrades, and more.

Mobile device insurance

World Mastercards offering this feature will cover up to $1,000 toward the cost of a mobile device that is lost, stolen, damaged, or that experiences mechanical failure, provided the device was purchased with the World Mastercard in question.

Recommended read: Best credit cards with mobile device insurance.

Below are examples of World Mastercards that offer substantial value, despite having low or no annual fees.

Tangerine World Mastercard®

Apply now

4.0

max 10% back

Welcome offer

Good

Suggested credit score

Get 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

Apply now

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

Recommended Credit Score

Good

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

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

Recommended Credit Score

Good

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

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

Purchase APR

19.95%

Balance Transfer Rate

1.95%

Cash Advance APR

19.95%

Annual Fee

$0

Foreign Transaction Fee

2.5%

The Tangerine World Mastercard® is unusual among cash back cards, in that it allows you to truly tailor the cash back you earn according to your specific spending habits. Cardholders can choose from 10 different spending categories (including groceries, gas, restaurants, etc.), selecting two categories where they’ll earn 2% cash back. A third 2% category is available to those that elect to deposit their earned cash back into a Tangerine Savings account.

The card also offers the most impressive overall benefit package among all World Mastercards in Canada, packing in enough value-added features to outshine even some World Elite Mastercards. Highlights include free access to over one million Boingo Wi-Fi hotspots around the world; up to 31 days of car rental insurance; up to $1,000 worth of mobile device insurance; and complimentary membership in Mastercard Travel Pass Provided by DragonPass. Your complimentary membership gives you exclusive dining, retail and spa offers in over 650 airports worldwide, along with access to over 1,300 airport lounges at $32 USD per visit.

Those who do not meet the Tangerine World Mastercard’s income requirements may instead qualify for the Tangerine Money-Back Credit Card, which offers similarly flexible cash back, though without the raft of additional benefits provided by the World Mastercard.

Key features

  • Annual fee: $0
  • Cash Back rates: 2% in up to three purchase categories of your choice; 0.5% on all other eligible purchases
  • Balance transfer promo: 1.95% interest on the transferred balance for 6 months (19.95% after that). A Balance Transfer fee of 1% on the amount transferred will apply.†
  • Additional benefits: Free Boingo Wi-Fi access; mobile device insurance; car rental insurance; complimentary Mastercard® Travel Pass Provided by DragonPass; and more.

*Terms and Conditions apply

PC® World Mastercard®

4.0

Good

Suggested credit score

to receive the latest news, tips and offers by email

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

Earn 20 points per $1 spent at Loblaw Banner Grocery Stores (includes Loblaws, No Frills, Valu-Mart, Independent Grocers, Zehrs, Real Canadian Superstore, Fortinos, etc.)

20

Earn 35 points per $1 spent at Shoppers Drug Mart/Pharmaprix

35

Earn 30 points per litre for gas purchased at Esso™ or Mobil™ stations

30

Earn 10 points per $1 spent everywhere else

10

Purchase APR

21.99%

Balance Transfer Rate

5%

Cash Advance APR

22.97%

Annual Fee

$0

The PC® World Mastercard® is a good card for those who shop frequently within the President’s Choice store network, earning enhanced PC Optimum points  with PC merchants (including Loblaw-affiliated grocery stores, Esso and Mobil gas stations, and Shoppers Drug Mart), and 10 points per $1 spent everywhere else. 

Unfortunately the PC® World Mastercard® doesn’t come with many of the extra goodies we might typically associate with a World Mastercard. Its one standout World Mastercard feature is concierge service, in which cardholders have access to 24/7 assistance in booking dining and event reservations. Otherwise the card does not come with goodies like extra insurance protections or airport lounge access.

Key features

  • Rewards rates: Up to 35 PC Optimum points per $1 spent
  • Additional benefits: Concierge service; Purchase Assurance; Extended Warranty

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.

MBNA Smart Cash World Mastercard

Apply now

3.7

5% cash back

Welcome offer

Good

Suggested credit score

Earn 5% Cash Back on gas and groceries for the first 6 months ($500 spend cap)

Apply now

Pros

  • Welcome Bonus: Accelerated cash back rate during the initial six months of account opening

  • Above-average cash back rates after the initial six months bonus offer - up to 2% cash back on eligible purchases

  • The first additional card comes with no extra fee, making it a good option for families.

  • Rental Vehicle Collision Damage Waiver - beneficial for those who frequently rent cars.

  • Price Protection Service

  • Low annual fee

Cons

  • High income requirement

  • High-interest rates mean carrying a balance can be expensive – and quickly negate the benefits of earning cash back.

  • Monthly spend cap on higher cash back rate

  • Limited insurance benefits

  • Welcome Bonus cap

  • Regional variations in interest rates

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

Pros

  • Welcome Bonus: Accelerated cash back rate during the initial six months of account opening

  • Above-average cash back rates after the initial six months bonus offer - up to 2% cash back on eligible purchases

  • The first additional card comes with no extra fee, making it a good option for families.

  • Rental Vehicle Collision Damage Waiver - beneficial for those who frequently rent cars.

  • Price Protection Service

  • Low annual fee

Cons

  • High income requirement

  • High-interest rates mean carrying a balance can be expensive – and quickly negate the benefits of earning cash back.

  • Monthly spend cap on higher cash back rate

  • Limited insurance benefits

  • Welcome Bonus cap

  • Regional variations in interest rates

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

Earn cash 2% on gas and groceries ($500 monthly cap)

2%

Earn 1% cash back on all other purchases

1%

Include up to 9 authorized users with no additional annual fee

9

Purchase APR

19.99%

Balance Transfer Rate

22.99%

Cash Advance APR

24.99%

Annual Fee

$39

Foreign Transaction Fee

2.52%

The MBNA Smart Cash® World Mastercard® is a good choice for Canadians who spend a lot on groceries and gas but don’t want to spend too much on an annual credit card fee. Earn cash 2% on gas and groceries ($500 monthly cap); Earn 1% cash back on all other purchases.

Key features

  • Annual fee: $39
  • Cash back rates: Earn 5% Cash Back on gas and groceries for the first 6 months ($500 spend cap); 2%‡ cash back on gas and groceries when the intro promo period ends (spending limits apply); 1%‡ cash back on all other purchases.
  • Additional benefits: Rental car insurance, price protection, purchase assurance, and extended warranty. Discount at eligible rental car companies

‡, ††, ††††, ✪, 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.

In my opinion it’s debatable whether the World Elite category is inherently superior to its World counterpart, and the value of the designation really depends on the card it’s applied to.

Two major differences are as follows:

  1. 1.

    World Elite Mastercards have higher minimum annual income requirements, at $80,000 for individual applicants and $150,000 for households.

  2. 2.

    World Elite Mastercards typically come with a $120–$150 annual fee (with some exceptions), and this annual fee should correspond to a benefit package superior to that offered by a World Mastercard.

Below are a few of the benefits that may be more robust among World Elite cards.

Travel insurance

Though some World Mastercards may offer limited levels of travel insurance in one or two categories, World Elite Mastercards are more likely to offer comprehensive coverage, including:

  • Car rental collision damage Waiver Insurance: If you pay for your rental with your Mastercard, it will cover you for damage and theft.
  • Travel medical insurance/Travel accident and Emergency medical insurance: You, your spouse and your dependents are covered for any medical emergencies/death or dismemberment that occurs when you travel anywhere in the world.
  • Trip cancellation insurance: If your trip is interrupted or cancelled, you’ll be reimbursed.
  • Baggage delay insurance: You’ll be reimbursed for replacing personal or business items if your baggage is delayed.
  • Lost or damaged luggage insurance: Reimburses you for either repairing or replacing your checked or carry-on baggage if it’s lost or damaged during your flight.
  • Hotel/motel burglary insurance: You’ll be reimbursed for any personal property that’s stolen from a hotel or motel room.

Read our page on the best travel insurance credit cards

Lounge access

Another big benefit of the “Elite” Mastercard category is airport lounge access, making the “Elite” program especially appealing for globetrotters. Some World Mastercards may offer complimentary membership to Mastercard® Travel Pass provided by DragonPass, allowing cardholders free visits or access for $32 USD per person per visit. But this feature is more standard among World Elite Mastercards, and a select few World Elite cards offer a number of free lounge visits each year.

Price protection

Not many people are aware of this fantastic perk. With price protection if you find a lower price for an item you bought within 60 days from the purchase date, Mastercard will reimburse the price difference. 

NOTE: This perk is relatively rare even in the World and World Elite Mastercard categories, but according to the Mastercard website, it’s indeed available for some standard cards, depending on your card issuer. Read  our page on purchase protection credit cards for more info.

Below are examples of World Elite Mastercards that impress me by either offering enough overall value to more than make up for their annual fee; or by charging no annual fee at all.

BMO Ascend™ World Elite®* Mastercard®

Apply now

4.5

up to 90K pts

Welcome offer

Excellent

Suggested credit score

Get 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

Apply now

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

Recommended Credit Score

Excellent

Required Annual Personal Income

$80,000

Required Annual Household Income

$150,000

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

Recommended Credit Score

Excellent

Required Annual Personal Income

$80,000

Required Annual Household Income

$150,000

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

Purchase APR

20.99%

Balance Transfer Rate

23.99%

Cash Advance APR

23.99%

Annual Fee

$150

Foreign Transaction Fee

2.5%

The major distinguishing feature of this card is its airport access, which is the best I’ve seen in the World Elite category. You’ll get complimentary membership in Mastercard Travel Pass provided by Dragon Pass,* with 4 annual complimentary passes. It also has generous travel insurance offering a full 21 days of emergency medical coverage if you’re under 65*.

This card nets you 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.*

Learn more by reading our complete BMO Ascend™ World Elite®* Mastercard®*.

Rogers Red World Elite® Mastercard®

Apply now

4.2

Excellent

Suggested credit score

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Apply now

Pros

  • Lucrative cash back rates on USD and CAD purchases, especially for Rogers, Fido or Shaw customers

  • No annual fee with valuable insurance benefits

  • Competitive against foreign transaction fee cards

  • Convenient cash back redemption options

  • Redemption bonus of 1.5x more cash back every time you redeem for Rogers, Fido or Shaw purchases

  • Travel insurance perks and airport lounge access

Cons

  • High income requirement: $80,000 personal or $150,000 household

  • Foreign transaction fee applies

  • Limited redemption options for statement credits

Eligibility

Recommended Credit Score

Excellent

Required Annual Personal Income

$80,000

Required Annual Household Income

$150,000

Pros

  • Lucrative cash back rates on USD and CAD purchases, especially for Rogers, Fido or Shaw customers

  • No annual fee with valuable insurance benefits

  • Competitive against foreign transaction fee cards

  • Convenient cash back redemption options

  • Redemption bonus of 1.5x more cash back every time you redeem for Rogers, Fido or Shaw purchases

  • Travel insurance perks and airport lounge access

Cons

  • High income requirement: $80,000 personal or $150,000 household

  • Foreign transaction fee applies

  • Limited redemption options for statement credits

Eligibility

Recommended Credit Score

Excellent

Required Annual Personal Income

$80,000

Required Annual Household Income

$150,000

Earn 3% unlimited cash back on purchases made in US dollars

3%

Earn 2% unlimited cash back on all eligible non-US dollar purchases if you have 1 qualifying service with Rogers, Fido or Shaw

2%

Earn 1.5% unlimited cash back on everything else

1.5%

Get 1.5x more cash back every time you redeem for Rogers, Fido or Shaw purchases

1.5x Cash Back

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$0

Foreign Transaction Fee

2.5%

The “wow” factor with this card is that it’s one of the few credit cards I’m aware of with a “World Elite” designation that has $0 annual fee. Also impressive is that you’ll get 3% unlimited cash back rewards on purchases made in U.S. dollars—this kind of perk is rare among Canadian credit cards, no matter their category.

You also get 1.5% cash back rewards on all other domestic spending. You’ll earn $25 in cash back rewards when you make your first card purchase within 3 months.

Learn more by reading our complete Rogers™ World Elite® Mastercard® review.

Read our page on all the best Mastercards in Canada.

Is the World Elite a bit light on benefits?

While World Elite Mastercards are usually a step up from cards in the Standard and World Mastercard categories, it’s up to each individual cardholder to decide if the benefits of being “Elite” are worth the extra fee.

For me, because I travel often and frequently endure long layovers, paying a little more for an Elite card with airport lounge access is worth it.

Recommended read: Visa Infinite vs. World Elite 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.

Sandra MacGregor Freelance Contributor

Sandra MacGregor has been writing about finance and travel for nearly a decade. Her work has appeared in a variety of publications like the New York Times, the UK Telegraph, the Washington Post, Forbes.com and the Toronto Star.

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