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6 best Mastercard credit cards of 2022

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

Mastercard is a household name, and for good reason. The popular credit card brand is accepted around the world, with a slate of benefits, including rewards points, travel and car rental insurance, and generous cashback programs, depending on the issuer you decide to sign up with.

There are 74 million credit cards in circulation in Canada, with the average Canadian owning 2 credit cards. Are you thinking of signing up for a Mastercard credit card from your bank, credit union or favourite retailer? Here’s our ultimate guide on the best Mastercards in Canada, how to choose the best credit card to suit your needs and the factors you should consider before applying for one.

Best no-fee Mastercard for cash back
Tangerine Money-Back Credit Card

Tangerine Money-Back Credit Card logo
Credit recommended (600-)
Apply now
on Tangerine's secure site
600
Min. credit score
$0
Annual fee
6 months
1.95% intro transfer APR
Up to 2%
Cash back
Earn 2% cash back in two Tangerine credit card 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. Categories include groceries, restaurants, hotels, gas, recurring bill payments, drug store, home improvement and entertainment. Plus, get access to a 1.95% interest rate on a balance transfer for the first 6 months.
  • Earn 2% cash back in two Tangerine credit card 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.
  • This card comes with a $0 annual fee.
  • Earn 10% cash back (up to $100) on up to $1,000 of purchases in the first 2 months Until July 31, 2022.
  • Get a 1.95% interest rate on balance transfers for the first six months. To take advantage of this offer, you must complete the Balance Transfer request within 30 days of account approval and activate your card within 45 days of approval. A balance transfer fee equaling the greater of 3% or $5 will be charged on each transferred amount (fee is waived by Tangerine if you're a resident of Quebec).
  • Receive only 0.5 cash back on all other categories of spending.
  • You'll pay a foreign transaction fee of 2.5% on all overseas purchases.
  • Pay a balance transfer fee of 3% of the total transferred amount or $5, whichever is greater.
Annual fee $0
Purchase APR 19.95% fixed
Balance transfer APR 1.95% intro for the first 6 months (then 19.95% fixed)
Balance transfer fee $5 or 3% of the transaction, whichever is greater
Rewards Earn 2% cash back in two Tangerine credit card 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.

Best Mastercard for cash back
BMO CashBack World Elite Mastercard

BMO CashBack World Elite Mastercard logo
Credit recommended (760-)
Apply now
on BMO's secure site
760
Min. credit score
$120 ongoing
Annual fee
Up to 5%
Cash back
10%
Welcome offer
This card offers a wide range of benefits including an attractive signup bonus and the opportunity to earn cash back. Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year. After the promotional period ends, continue to enjoy rewards at the regular rate. Earn 5% cash back on groceries, 4% on transit including ride sharing, taxis and public transportation, 3% on gas and electric vehicle charging, 2% on recurring bill payments and 1% unlimited cash back on all eligible purchases. Plus, cardholders can enjoy a host of travel and entertainment perks.
  • Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year.
  • Earn 5% cash back on groceries, 4% on transit including ride sharing, taxis and public transportation, 3% on gas and electric vehicle charging, 2% on recurring bill payments and 1% unlimited cash back on all eligible purchases.
  • Get access to extensive travel perks.
  • Get up to a 25% discount at National Car Rental and Alamo Rent A Car locations with complimentary Collision Damage Waiver benefits (MSRP of up to $65,000).
  • Get 15% off admission to Cirque du Soleil shows touring Canada, and 20% off resident shows in Las Vegas.
  • You'll get up to $2 million Out-of-Province/Out-of-Country Emergency Medical benefits.
  • This card has an annual fee of $120.
  • You'll need to accrue at least $50 in cash back before you can redeem.
  • This card has a foreign transaction fee of 2.5%. This will apply on any overseas purchases or any purchases made online with an international retailer.
  • You'll need to earn a personal income of at least $80,000, or a combined household income of at least $150,000 annually to apply.
Annual Fee $0 intro annual fee for the first year ($120 thereafter)
Purchase APR 20.99% fixed
Balance transfer APR 22.99% fixed
Welcome offer Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year.
Rewards Earn 5% cash back on groceries, 4% on transit including ride sharing, taxis and public transportation, 3% on gas and electric vehicle charging, 2% on recurring bill payments and 1% unlimited cash back on all eligible purchases.

Best Mastercard for low interest
MBNA True Line Gold Mastercard

MBNA True Line Gold Mastercard logo
Credit recommended (660-)
Read review
660
Min. credit score
$39
Annual fee
8.99%
Purchase Rate
24.99%
Cash Advance Rate
The MBNA True Line Gold Mastercard has one of the most competitive interest rates on the Canadian market. You'll only be charged a 8.99% purchase interest rate, and a 8.99% on balance transfers (in addition to a 3% fee). This card is ideal for people who value having a lower interest rate over having credit card rewards or perks.
  • You'll only have to pay an interest rate of 8.99% on purchases.
  • You can get a 8.99% interest rate on balance transfers (though you'll have to pay a 3% transfer fee).
  • You'll be able to order up to 9 additional cards at no extra fee.
  • Most items you buy on your card are protected against loss and damage for up to 90 days
    days.
  • You'll get support when you travel with lost tickets and luggage assistance, pre-trip information and legal assistance where necessary.
  • You'll get double your manufacturer's warranty on consumer goods (up to 1 year) when you purchase them with your card.
  • You'll have to pay a $39 annual fee to maintain this card.
  • You'll have to pay a 3% fee on any balance transfers.
  • You'll be charged 24.99% on cash advances.
  • This card doesn't come with any rewards or cashback programs.
  • This card doesn't come with any additional benefits like travel insurance, mobile device protection or roadside assistance.
Annual fee $39
Purchase APR 8.99% fixed
Balance transfer APR 8.99% fixed
Balance transfer fee 3%
Rewards N/A
Please note: All information about MBNA True Line Gold Mastercard has been collected independently by Finder and this card is not available through this site.

Best Mastercard for travel
BMO AIR MILES World Elite Mastercard

BMO AIR MILES World Elite Mastercard logo
Credit recommended (760-)
Apply now
on BMO's secure site
760
Min. credit score
$120 ongoing
Annual fee
Up to 3x
Miles
2,000
Miles welcome offer
Earn accelerated AIR MILES that can be redeemed for travel perks and merchandise. Get 3x the Miles for every $12 spent at participating AIR MILES Reward Partners. Plus, get 1 AIR MILE for every $12 spent on eligible purchases. Earn a bonus of up to 2,000 AIR MILES. Terms apply. Plus, get the annual fee of $120 waived in the first year.
  • Earn a bonus of up to 2,000 AIR MILES. Terms apply. Plus, get the annual fee of $120 waived in the first year.
  • Earn mile per $10 spend in purchases.
  • Get a 15% discount on all AIR MILES flights in North America with no blackout periods.
  • Get peace of mind with a wide range of travel insurance benefits including up to $2,000,000 Out-of-Province/Out-of-Country Emergency Medical Protection as well as coverage for delayed flights, trip cancellations, interruptions and delays, rental car collision damage and baggage loss, theft or damage.
  • Get up to a 25% discount at National Car Rental and Alamo Rent A Car locations with complimentary Collision Damage Waiver benefits (MSRP of up to $65,000).
  • This card has an annual fee of $0 in the first year and $120 thereafter.
  • This card has a foreign transaction fee of 2.5%. This will apply on any overseas purchases or any purchases made online with an international retailer.
  • You'll need to earn a personal income of at least $80,000, or a combined household income of at least $150,000 annually.
Annual Fee $0 intro annual fee for the first year ($120 thereafter)
Purchase APR 20.99% fixed
Balance transfer APR 22.99% fixed
Welcome offer Earn a bonus of up to 2,000 AIR MILES. Terms apply. Plus, get the annual fee of $120 waived in the first year.
Rewards Get 3x the Miles for every $12 spent at participating AIR MILES Reward Partners. Plus, get 1 AIR MILE for every $12 spent on eligible purchases.

Best Mastercard for students
BMO CashBack Mastercard For Students

BMO CashBack Mastercard For Students logo
Credit recommended (660-)
Apply now
on BMO's secure site
660
Min. credit score
$0
Annual fee
Up to 3%
Cash back
5%
Welcome offer
The BMO CashBack Mastercard For Students offers a $0 annual fee and the chance to earn cash back. Earn 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases. Plus, new cardholders can take advantage of an appealing signup bonus. Get up to 5% cash back in the first three months (up to a maximum spend of $2,500, and earn 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases thereafter).
  • The minimum required income for this card is $0.
  • This card comes with a $0 annual fee.
  • Get up to 5% cash back in the first three months (up to a maximum spend of $2,500, and earn 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases thereafter).
  • Earn 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases.
  • Eligible items charged to your card are automatically insured against theft and damage. Plus, double the original manufacturer's warranty on eligible items purchased with your card by up to 1 additional year.
  • Get up to 25% off on car rentals with National Car Rental and Alamo Rent A Car.
  • This card has a foreign transaction fee of 2.5%. This will apply on any overseas purchases or any purchases made online with an international retailer.
  • You won't get many of the complimentary add-ons that usually come with more premium credit cards such as travel insurance and flight and hotel credits.
Annual Fee $0
Purchase APR 19.99% fixed
Balance transfer APR 22.99% fixed
Welcome offer Get up to 5% cash back in the first three months (up to a maximum spend of $2,500, and earn 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases thereafter).
Rewards Earn 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases.

Best Mastercard for bad credit
Capital One Guaranteed Secured Mastercard

Capital One Guaranteed Secured Mastercard logo
Credit recommended (N/A-)
Read review
N/A
Min. credit score
$59
Annual fee
19.8% fixed
Purchase APR
From $75
Min. deposit
The Capital One Guaranteed Secured Mastercard is a guaranteed-acceptance card, as long as you meet some basic qualification requirements. You'll have to submit at least the minimum security deposit of $75, which becomes your available card balance. This card comes with a number of travel benefits like common carrier travel accident insurance, car rental collision/loss damage waiver, baggage delay coverage and travel assistance. Purchases made on your card will also be covered with a price protection service, purchase assurance and extended warranty coverage.
  • Enjoy an interest rate of 19.8% on your everyday purchases.
  • This card comes with a number of travel benefits including common carrier travel accident insurance, car rental collision/loss damage waiver, baggage delay coverage and travel assistance.
  • Purchases on your card are covered with a price protection service, purchase assurance and extended warranty coverage.
  • You'll be approved for this card if you meet basic criteria such as being the age of majority in your province or territory, being in good standing with Capital One, not having an existing Capital One credit card and being able to submit a minimum security deposit.
  • You can use this card with a deposit as small as $75.
  • Enjoy protection from unauthorized use of your card with Mastercard Zero Liability protection.
  • This card comes with an annual fee of $59.
  • Because this is a secured credit card, the amount you can spend is limited to what you can load onto the card up to a maximum of $2,500.
  • The Capital One Guaranteed Secured Mastercard doesn't offer rewards points or cash back on your purchases.
Annual fee $59
Purchase APR 19.8% fixed
Balance transfer APR 19.8% fixed
Recommended minimum credit score N/A
Please note: All information about Capital One Guaranteed Secured Mastercard has been collected independently by Finder and this product is not available through this site.

What are the benefits of using a Mastercard?

Mastercard logo

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.

Here’s a look at the key benefits of using a Mastercard:

  • Global acceptance

Mastercard is accepted universally 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. Some Mastercard issuers even provide no foreign transaction fees, whether you’re shopping online or in person. That’s a saving of 2.5% on all of your purchases made in foreign currencies.

  • 24/7 emergency services

You can contact Mastercard’s customer service team on 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?

      While credit cards with all the bells and whistles from insurance to rewards points are great, you need a credit card that comes with convenience and safety first. These are the key 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?

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

        If you’re on the fence about which Mastercard to go with, here are some important factors to help you narrow down your shortlist:

        • 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. You may choose to go with your main banking institution or your favourite retailer for convenience’s sake.
        • 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.

        How does Mastercard travel insurance work?

        Travel insurance is another useful perk that some Mastercard issuers provide. Before you purchase travel insurance through an independent provider, it may be worth checking your Mastercard’s travel insurance to see what your policy covers and if you can buy an extended policy. In some cases, all you need to do is book your trip with your Mastercard for the benefits to kick in while others require you to buy an additional policy via your Mastercard issuer.

        Depending on your provider, your Mastercard may come with these key features or you can take out additional coverage to your existing benefits:

        Travel medical insurance

        This insurance covers the cardholder in the event that you need medical treatment while you’re on vacation. You’ll need to check your issuer’s policy to ensure your spouse or dependents are included in this coverage. Another caveat is the duration of coverage. Most travel insurance included with credit cards, especially ones without an annual fee, are capped out at 7 to 14 days. Some travel-specific cards can come with coverage up to 31 days.

        Travel accident insurance

        Travel accident insurance covers you, the cardholder, your spouse and any dependants in the case of bodily injury, including death, during travel. A physical loss includes life, speech, hearing or limbs. This is another key feature that you’ll need to check exists within your Mastercard’s travel insurance. RBC’s WestJet Mastercard travel insurance, for example, includes travel accident insurance of up to $500,000 in the event of loss while travelling on a common carrier.

        Trip cancellation/interruption insurance

        When you’re travelling, delays and cancellations are inevitable. Trip cancellation/interruption insurance covers you if you need to cancel your trip for a qualifying reason, such as an injury before your travel date or an adverse reaction to vaccinations required for your trip. You can also count on trip interruption insurance to kick in if your flight is delayed by a set amount of hours, usually 4. With this insurance, you won’t be left on the hook to pay for a trip you are unable to take, and you can rely on reimbursed funds to plan another vacation instead. Watch out for caps on how much you can claim, along with the list of eligible causes for cancellation. The policy for the BMO Mastercard travel insurance, for example, points to a maximum claim of up to $2,500 per insured person for an overall maximum of $5,000 per account.

        Lost luggage/baggage delay insurance

        Unlucky travellers may find themselves at their destination without their luggage waiting for them on the carousel. When this unfortunate situation happens, it’s great to have lost luggage and baggage delay insurance on your side. In this case, this insurance provides compensation when your baggage is lost, damaged or delayed. Either the insurance will reimburse you for the cost of your lost items or it will reimburse you for expenses you may incur for replacing items that are lost in transit.

        Travel insurance coverage varies between credit card companies, so the onus is on you to do your homework and read the fine print for your policy. Clarify what basic coverage is provided with your Mastercard, the duration of time that cardholders receive coverage for each trip, who is covered under your policy, and if you need to buy supplemental insurance via your issuer.

        How does Mastercard rental car insurance work?

        While certain Mastercard products do offer car rental insurance, this benefit’s inclusion ultimately comes down to the issuer’s discretion. Check with your issuer to see if you have access to the feature. If this feature is important to you and you don’t necessarily want a Mastercard, compare other credit cards with car rental insurance.

        What does Mastercard rental car insurance cover?

        Mastercard car rental insurance covers your rental vehicle against physical damage and theft. It may also pay for reasonable loss-of-use and towing charges. To get this coverage, use your Mastercard to pay for the entire rental and decline the rental company’s coverage.
        Mastercard car rental insurance is secondary, which means you can claim through it only after you’ve claimed through the following:

        • Your, or your authorized driver’s, primary auto insurance.
        • Coverage from the rental agency.
        • Other forms of insurance.

        There is good news: In most cases, your Mastercard policy will cover your deductible for your primary auto insurance or other forms of coverage. It’s worth noting that Mastercard car rental insurance applies worldwide, except where it’s prohibited by law or where it conflicts with a country’s law. PC Mastercard car rental insurance, for example, may not apply to rentals in foreign countries. Check with your issuer before you travel if you intend on using car rental insurance while you’re abroad.

        As a general rule, Mastercard car rental insurance coverage will typically pay the lesser of:

        • $65,000 (vehicles with an MSRP of $65,000 or less).
        • The actual repair amount.
        • The wholesale market value of the vehicle.
        • The purchase invoice from the rental agency.

        What does Mastercard rental car insurance not cover?

        Keep in mind, Mastercard car rental insurance doesn’t cover all types of vehicles. These are excluded:

        • Trucks, including pickups, cargo vans, off-road vehicles, sport utility trucks and more.
        • Trailers, motorcycles, motorbikes and any other vehicle with fewer than 4 wheels.
        • Antique vehicles.
        • Limousines.
        • Any vehicle with an MSRP over $65,000.

        There is also a long list of instances when your Mastercard car rental insurance will be void. But here are the highlights that cover the vast majority of exceptions:

        • Personal items, vehicle keys and portable GPSs aren’t covered.
        • You aren’t covered for damage or theft to your vehicle due to negligence, such as driving while intoxicated, not locking or securing your vehicle, or using your vehicle in a manner contrary to your rental agreement.

        How to make a Mastercard rental car insurance claim

        Follow these steps to use your Mastercard car rental insurance:

        1. Pay for your entire rental with your eligible Mastercard. Decline the rental company’s coverage.
        2. In the event of an incident, call your Mastercard benefit administrator immediately at 1-800-MASTERCARD. A representative will give you the next steps and tell you which documentation to submit.
        3. If necessary, file a police report immediately.
        4. Within 180 days of the incident, return the documentation requested by your benefit administrator.

        The list of information to include with your claim is fairly standard, though you’ll have to do a bit more legwork if you’re claiming for loss of use. Required documentation includes:

        • Your claim form, signed and completed.
        • The receipt for your rental.
        • Your credit card statement showing that you paid for the rental with your Mastercard.
        • A copy of the rental agreement, front and back.
        • A copy of your driver’s licence, front and back.
        • A copy of the declarations page of your primary insurance or other coverage.
        • A police report if your vehicle isn’t drivable, was stolen or vandalized, was involved in a multi-vehicle collision or was involved in a collision that required the vehicle to be towed.
        • An itemized repair estimate from an authorized repair facility.
        • If applicable, a copy of the promotion or discount from the rental company.
        • If you’re claiming for loss-of-use charges, a copy of the vehicle’s class-specific fleet utilization log from the rental company.
        • Other information requested by your benefit administrator.

        If you’re unsure of what your Mastercard car rental insurance covers, call your issuer or read through your policy carefully. You can find your issuer’s full policy online. The policy for the BMO Mastercard car rental insurance, found online, includes details on car rental benefits, collision damage waiver benefits, and even limitations and exclusions.

        What other types of insurance are included with Mastercard?

        Rewards points, loyalty programs, cashback, travel and car rental insurance – Mastercard cardholders pick up plenty of perks while making purchases with plastic. There are a few more benefits of paying for big purchases on your Mastercard too, including:

        • Extended warranty insurance. Did you know that paying for a big purchase like a new laptop, state-of-the-art blender or tablet on your Mastercard can extend your warranty for up to 1 year? Mastercard cardholders can save a chunk of change by using this hack and skipping out on paying for additional warranty insurance.
        • Price protection insurance. If you find your latest buy has dipped in price within a set time, usually about 30 days, you can use your Mastercard’s price protection insurance to get reimbursed for the difference. Keep in mind, there is typically a minimum and maximum reimbursement amount for this feature.
        • Purchase security insurance. Another great Mastercard feature is purchase security insurance, which applies if an item you purchased on your credit card is lost, stolen or damaged. If, for example, your new iPhone 12 Pro is stolen, you can apply for a claim, providing your police report and any other documentation of theft or robbery.

        Where can I get Mastercard credit cards in Canada?

        If you’re ready to take the plunge and sign up for a Mastercard, you’re spoiled for choice when it comes to issuers in Canada. Below is a list of issuers that provide Mastercard credit cards across the country, from Canada’s top 5 banks to major retailers.

        Keep in mind that these Mastercard credit cards are issued by these institutions, not by Mastercard itself. Each issuer has its own set of perks and loyalty programs to sweeten the deal for your new Mastercard credit card.

        • ATB Financial. Serving the province of Alberta only, ATB financial offers a variety of credit cards to consumers. ATB offers 3 Mastercard options: a standard ATB Mastercard with no annual fee, an Alberta Mastercard Secured to build or re-establish your credit rating, and an ATB Preferred Fixed-Rate Mastercard with a fixed 10.9% interest rate and low annual fee. Check out the range of ATB Mastercard options.
        • Bank of China (Canada). The Bank of China has 2 Mastercard Canadian dollar credit card options that come with a grace period of up to 50 days interest-free and 1% cashback on all of your net annual spending, among other perks.
        • BMO Bank of Montreal. Count on BMO for a string of great Mastercard options, including a BMO Cashback Mastercard with up to 5% cashback, a BMO Preferred Rate Mastercard with a 3.99% rate on balance transfers for 9 months, a BMO Rewards Mastercard, which collects up to 2 rewards points per $1 spent. If you prefer collecting Air Miles, you can also opt into the BMO Air Miles Mastercard or the BMO Air Miles World Elite Mastercard. Scroll through the full BMO Mastercard product range and each card’s key features.
        • Brim Financial. Headquartered in Toronto, Ont., Brim has a state-of-the-art credit card infrastructure and digital platform, with consumer and business credit card options. Consider a Brim World Mastercard or Brim World Elite Mastercard, both with great rewards points programs. See their full list of perks, including 0% foreign transaction fees whether you’re shopping online or travelling abroad, and flexible redemption options when you use your rewards points.
        • Canadian Tire Bank. If you’re a regular shopper at Canadian Tire, the store has 3 solid Mastercard options worth your consideration. They include Mastercards that allow you to collect Canadian Tire Money with each transaction, savings at the gas station, and cashback. Check out the trio of Canadian Tire Mastercards.
        • Capital One. With 6 Capital One Mastercard options, you’re sure to find one to suit your needs to a tee. Capital One’s range of Mastercards includes features such as a guaranteed low interest rate and a $0 annual fee Aspire Cash Platinum Mastercard.
        • Desjardins. If you’re looking for Mastercard options with a slate of useful perks, Desjardins’ roster includes the Odyssey World Elite Mastercard with up to 60 days of comprehensive travel insurance, and the Cashback World Elite Mastercard with up to 4% cashback on purchases. Read more on the Desjardins website.
        • HSBC Bank Canada. With half a dozen HSBC Mastercard options, consumers have their pick of the litter depending on their needs. The HSBC +Rewards Mastercard has an annual fee of just $25, but comes with perks, such as 20,000 points for opening an account and an interest rate of just 11.9%.
        • MBNA. Whether you’re looking for a Mastercard with a low interest rate, cashback on gas or groceries, or rewards points for hotel stays, MBNA has over a dozen Mastercard options to choose from. Check out the full range of MBNA Mastercard choices.
        • National Bank of Canada. From cashback cards offering up to 1% back on all of your purchases, to cards that support the Quebec Breast Cancer Foundation, the National Bank of Canada has 9 Mastercard options for consumers.
        • President’s Choice Financial. If you’re a regular at Shoppers Drug Mart, Loblaws, No Frills and the Real Canadian Superstore, a PC Financial Mastercard may be a great addition to your wallet. The trio of PC Financial Mastercard options on offer all come with no annual fee, and could earn you up to 30 PC Optimum points per $1 of spend. That will add up quickly, helping you to score enough points to redeem on your next big purchase.
        • RBC Royal Bank. If you’re a fan of travelling via WestJet, RBC has partnered with the Canadian airline with the WestJet RBC World Elite Mastercard, which is a great way to collect WestJet dollars to redeem on flights and vacation packages. RBC also has a Cashback Preferred World Elite Mastercard, rewarding cardholders with cashback on all of their purchases.
        • Scotiabank. If you’re banking with Scotiabank already, you may want to look into the Scotia Momentum Mastercard, with no annual fee and 1% cashback on all eligible purchases at the gas station, grocery store or with recurring payments.
        • Tangerine. Tangerine offers 2 Mastercard options, including a Money-Back Mastercard and a World Mastercard. Both come with a $0 annual fee and rewards of up to 2% cashback.
        • Walmart Canada Bank. Families who make regular trips to Walmart should check out Walmart’s 2 Mastercard options. The Walmart Rewards Mastercard comes with 1.25% earnings in rewards dollars on any Walmart purchases online and in-store, while the Walmart Rewards World Mastercard scores you up to 3% in rewards points on purchases. An introductory offer sweetens the deal: New cardholders will receive up to $25 in bonus Walmart Reward dollars.

        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.

        Compare more Mastercards in Canada

        Name Product Welcome Offer Rewards Purchase Interest Rate Annual Fee Min. Credit Score Description
        RBC Cash Back Mastercard
        N/A
        Up to 2% cash back
        19.99%
        $0
        Min. recommended credit score: 650
        Get 2% cash back on grocery store purchases, and up to 1% cash back on all other qualifying purchases and pre-authorized payments.
        BMO CashBack Mastercard
        5% cash back
        Up to 3% cash back
        19.99%
        $0
        Min. recommended credit score: 660
        Get 5% cash back on all eligible purchases in the first three months of card membership (up to max. spend of $2,500). Plus, get a rate of 1.99% on balance transfers with a 1% balance transfer fee for nine months.
        Tangerine World Mastercard
        10% cash back
        Up to 2% cash back
        19.95%
        $0
        Min. recommended credit score: 600
        Earn 10% cash back (up to $100) on up to $1,000 of purchases in the first 2 months Until July 31, 2022. Plus, get a 1.95% interest rate on balance transfers for the first 6 months (valid within the first 30 days of account opening, 1% transfer fee applies).
        OFFER
        Tangerine Money-Back Credit Card
        10% cash back
        Up to 2% cash back
        19.95%
        $0
        Min. recommended credit score: 600
        Earn 10% cash back (up to $100) on up to $1,000 of purchases in the first 2 months Until July 31, 2022. Plus, get a 1.95% interest rate on balance transfers for the first 6 months (valid within the first 30 days of account opening, 1% transfer fee applies).
        EXCLUSIVE
        Neo Financial Mastercard
        Get $25.00
        Average 5% cash back
        19.99% - 24.99%
        $0
        Min. recommended credit score: 600
        Get $25 when you sign up for the Neo Financial Mastercard. Plus, earn bonuses like 15% cashback on your first purchase at most partners, and earn an average of 5% cashback at thousands of partners and at least 1% cashback guaranteed.
        BMO Preferred Rate Mastercard
        0.99% rate on balance transfers for 9 months
        N/A
        12.99%
        $0 annual fee for the first year ($20 thereafter)
        Min. recommended credit score: 660
        Get a rate of 0.99% on balance transfers for 9 months with a 2% transfer fee. Plus, get the $20 annual fee waived in the first year.
        Walmart Rewards Mastercard
        Up to $25 in Reward Dollars
        Up to 1.25% cash back
        19.89%
        $0
        Min. recommended credit score: 650
        Get up to $25 in bonus Walmart Reward Dollars.
        Neo Secured Card
        15% cash back
        5% cash back
        19.99%
        $0
        Min. recommended credit score: 600
        Earn bonuses like 15% cashback on your first purchase at most partners, and earn an average of 5% cashback at thousands of partners and at least 1% cashback guaranteed.
        BMO Ascend World Elite Mastercard
        60,000 points
        Up to 5x points per $1 spent
        20.99%
        $0 annual fee for the first year ($150 thereafter)
        Min. recommended credit score: 760
        Get up to 60,000 points and get the $150 annual fee waived in the first year.
        BMO Rewards Mastercard
        10,000 points
        Up to 1 points per $1 spent
        19.99%
        $0
        Min. recommended credit score: 725
        Get a bonus of 10,000 BMO Rewards points when you spend $1,000 in the first 3 months. Plus, get a rate of 1.99% on balance transfers for 9 months. A 1% fee applies to transferred balances.
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