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Mastercard credit cards

Take advantage of worldwide acceptance and exclusive perks with a Mastercard credit card.

Updated

Fact checked
Due to the COVID-19 outbreak, the WHO recommends using contactless payments. Credit card networks like Visa, MasterCard and American Express have subsequently increased their contactles pay limit from $100 to $250 per transaction. We will further update this page as more information becomes available.

Mastercard, a third party payment processor, is a common credit card option offered by a large number of credit card providers in Canada. It is not very different from its main competitor, Visa, given that credit cards with either logo find acceptance in most countries around the world.

The kind of Mastercard that is right for you depends on your particular requirements. Keep in mind, you should always pay attention to the interest and fees that each card charges, as they could vary for different Mastercard products depending on the features the card offers.

Compare Mastercards

Name Product Purchase Interest Rate Cash Advance Rate Annual Fee Minimum Income Benefits with this card Description
BMO World Elite Mastercard
19.99%
22.99%
$0 annual fee for the first year ($150 thereafter)
$80,000
Get 3 BMO Rewards points per $1 spent on eligible travel, dining and entertainment purchases (up to $50,000 spend annually), and 2 points per $1 spent on all other eligible purchases (and once you reach the $50,000 annual spend).
Get up to $575 in value in your first year. Get a bonus of 40,000 BMO Rewards points ($285 travel value booked on bmorewards.com). Plus, get the $150 annual fee waived in the first year.
Tangerine Money-Back Credit Card
19.95%
19.95%
$0
$12,000
Earn 2% cash back in two categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and 0.5% cash back on everything else.
Get a 1.95% interest rate on balance transfers for the first six months (valid within the first 30 days of account opening).
BMO Preferred Rate Mastercard
12.99%
12.99%
$20
$15,000
Take advantage of an introductory balance transfer offer, annual fee waiver in the first year, and low purchase and cash advance interest rates.
Get a rate of 3.99% on balance transfers for 9 months with a 1% transfer fee. Plus, get the $20 annual fee waived in the first year.
Shell AIR MILES Mastercard from BMO
19.99%
22.99%
$0
$15,000
Get 3x the AIR MILES for every $25 spent at eligible AIR MILES partners, and get 1 AIR MILE for every $25 spent elsewhere.
Get 800 AIR MILES Bonus Miles (enough for $80 towards purchases with AIR MILES Cash).
HSBC +Rewards™ Mastercard®
11.9%
11.9%
$0 annual fee for the first year ($25 thereafter)
N/A
Earn 2x the rewards on eligible dining and entertainment.
Earn 30,000 Points ($150 travel value), plus get a full annual fee rebate for the Primary Cardholder for the first year ($25 value). Apply by March 29, 2021. Conditions Apply. This offer is only available to residents of Canada other than the province of Quebec (Quebec residents eligible for separate offer).
Shell AIR MILES World Mastercard from BMO
19.99%
22.99%
$99
$60,000
Earn 1 Mile per $15 spent on all eligible purchases.
Earn 1 Mile per $15 spent on all eligible purchases.
HSBC World Elite® Mastercard®
19.9%
22.9%
$0 annual fee for the first year ($149 thereafter)
$80,000
Earn 3% in travel rewards on all eligible travel purchases (6 Points per $1 spent) and earn 1.5% in travel rewards on all other eligible purchases (3 Points per $1 spent).
Earn up to 40,000 Points ($200 travel value), plus a full annual fee rebate for the Primary Cardholder for the first year ($149 value). Apply by March 29, 2021. Conditions Apply. This offer is only available to residents of Canada other than the province of Quebec (Quebec residents eligible for separate offer).
BMO CashBack World Elite Mastercard
19.99%
22.99%
$0 annual fee for the first year ($120 thereafter)
$80,000
Earn 1.5% cash back on all eligible purchases.
Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year.
Tangerine World Mastercard
19.95%
19.95%
$0
$60,000
Earn 2% cash back in two categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and 0.5% cash back on everything else.
Get a 1.95% interest rate on balance transfers for the first six months (valid within the first 30 days of account opening).
Shell CashBack Mastercard from BMO
19.99%
22.99%
$0
$15,000
Get 1.5% cash back at participating Shell locations in Canada (up to a maximum spend of $2,500 in any monthly billing period), and get 0.5% cash back everywhere else.
Get $50 in cash back bonuses once you charge your first eligible purchase to your card. Plus, earn 1% cash back for the first 6 months on all eligible purchases.
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What are the benefits of using a Mastercard?

  • Global acceptance

Mastercard is accepted in hundreds of countries and millions of locations around the world. You can use your Mastercard wherever the Mastercard symbol is displayed, including at ATMs, credit card terminals in local shops, restaurants and online.

  • Mastercard Tap & Go®

Just about all newly issued Mastercard credit cards make use of this technology that enables cardholders to make contactless payments for purchases under $100. Simply hold your Mastercard up to the credit card terminal and your payment will be processed without entering a PIN or signing anything.

  • Currency conversion

When you use your Mastercard overseas, you don’t have to worry about making confusing currency conversion calculations because it automatically pays the merchant in the local currency and bills you in CAD.

  • Emergency Services

You can contact Mastercard’s customer service team at 1-800-307-7309 to help you with the reporting of lost or stolen cards, and it can provide emergency replacement cards and cash advances. It can also help you find the nearest Mastercard ATM and provide information related to your account.

  • World Mastercard

With World Mastercard, cardholders can take advantage of wine privileges at participating restaurants, complimentary meals at partnered hotels, plus exclusive dining and travelling experiences.

  • Mastercard Priceless Cities

Mastercard Priceless Cities offers cardholders access to a variety of unique and exclusive experiences ranging from dining, shopping, entertainment, travelling and golfing.

      What are the features of a Mastercard credit card?

      • Easy access to funds.
        While you can use your Mastercard to make in-store, online and over the phone purchases, you can also use it for cash advances at ATMs and supporting financial institutions.
      • Mastercard SecureCode.
        This online program provides additional security when your credit card details make it to the online marketplace, minimizing the possibility of unauthorized or fraudulent usage.
      • Zero Liability.
        Mastercard’s Zero Liability policy protects cardholders from any unauthorized or fraudulent charges.

      How can I compare Mastercard credit cards?

      • Fees.
        The fees you end up paying depend on the credit card provider you choose to go with, as well as the card you get. A basic no-frills Mastercard might require you to pay little or no annual fees compared to a gold or platinum Mastercard that may have a higher annual fee.
      • Interest rate offers.
        Compare Mastercard products based on any promotional interest rates that can help you cut costs with either balance transfer offers or no annual fee for the first year.
      • Credit card provider.
        Since they determine many of the features and fees that come with the card, it’s important to consider which bank or institution will issue the credit card.
      • Rewards.
        You can find several Mastercard credit cards linked to various rewards and travel rewards programs. This is something you should consider if you’re looking to earn points or cashback as you spend.
      • Complimentary insurance.
        Some Mastercard products offer complimentary insurance including extended warranties, price protection, Mastercard ID Theft Protection, global services, travel insurances and more.

      History of Mastercard

      Mastercard began operations in the late 1940s, at a time when a number of American banks gave their customers specially issued paper that they could use in the form of cash at local establishments. Mastercard issued its first batch of credit cards in California, to serve as direct competition to the Bank of America card that later went on to become Visa.

      With time, a number of franchises evolved in several cities, and in 1966, one such group formed the Interbank Card Association (ICA). No single bank dominated the running of this organization and member committees came into effect for this very purpose. ICA went on to become Mastercard in 1979.

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