Canada's 9 Best Mastercard Credit Cards of October 2026
Published Oct 16, 2026 8:03 PM • 6 min read
Fittingly, the Mastercard network has mastered the creation of multiple credit cards in various categories. From the best in cashback to travel-focused and budget-friendly, there’s something for every type of cardholder.
Data-driven rankings of 120+ credit cards using a proprietary algorithm
Comprehensive analysis using 25+ data points including terms and conditions, points programs, and more
Objective editorial approach - we strive for unbiased reviews following our editorial guidelines
FinlyWealth's credit cards content, including rankings and recommendations, is overseen by a team of engineers and writers who specialize in credit cards, banking, and personal finance. Our work has been featured in The Globe and Mail, GoBankingRates, and AOL. Our proprietary analysis systems evaluate product features, terms, and conditions to deliver comprehensive reviews and comparisons while maintaining strict editorial standards for accuracy and integrity.
Best Mastercards in Canada
Our choice for: Best Balance Transfer
on MBNA's website
Welcome Bonus
0% rate on balance transfers for 12 months (3% fee applies). Not available for residents of Quebec.†
Rewards Rate
0%
Annual Fee
$0
Interest Rates
12.99%* / 24.99%*
RECOMMENDED CREDIT SCORE
5/5
Voted the Best Balance Transfer Credit Card by FinlyWealth, the MBNA True Line offers a 0 percent introductory balance transfer rate, a feature that very few credit cards in Canada provide, along with a very competitive transfer fee. Beyond the promotional period, it continues to stand out with one of the lowest ongoing purchase interest rates in Canada. With no annual fee, this card is an excellent choice for Canadians looking to reduce interest costs.
Awards & Recognition
Best Balance Transfer Credit Card
2026
Pros
- No annual fee
- Balance transfer intro offer
- Low purchase interest rates
- Credit transfers
- Fraud protection
- Car rental discounts
Cons
- Flat transfer fee
- No rewards
Rewards
- No rewards earned on purchases.
- Standard Annual Interest Rates of 12.99% on eligible purchases, 17.99% on balance transfers✪, and 24.99% on cash advances.
- You could get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening, with a 3% transfer fee. This offer is not available for residents of Quebec.
- Use available credit on your credit card to transfer funds right to your chequing account.
- Around-the-clock fraud protection.
Benefits
Details
Car Rental Discount
10% off base rate of Avis Rent A Car and Budget Rent A Car in Canada and US and 5% internationally
Eligibility
Credit Score
GoodAnnual Income
N/A
Our choice for: Best Student
on BMO's website
Welcome Bonus
5% cash back for the first 3 months, up to $2,500 in spend
Annual Fee
$0
Interest Rates
21.99% / 23.99%□
RECOMMENDED CREDIT SCORE
4.8/5
We consider this card to be the best student credit card in Canada for it's competitive cashback rewards (3% on groceries, 1% on recurring bills), no annual fee and a generous welcome bonus. Plus, cashback redemption is flexible so no need to wait a year each time you want to get your cashback paid out.
Pros
- No annual fee
- Solid cashback optimization
- Shell fuel discounts
- Hotel booking discounts
- Entertainment discounts
Cons
- Low base earn rate
- Limited insurance
Rewards
- 3% cash back on grocery purchases (maximum $15 per statement)
- 1% cash back on recurring payments like bills or subscriptions (maximum $5 per statement)
- 0.5% cash back on all other purchases
Insurance
Coverage
Purchase Protection
90 days
Extended Warranty
1 year
Benefits
Details
Car Rental Discount
Save up to 20% on National Car Rental® and Alamo Rent A Car® and up to 5% on Enterprise Rent-A-Car® at locations worldwide using the Car Rental Booking tool.
Discount
Get 20% off admission to Cirque du Soleil shows touring Canada, and 15% off resident shows in Las Vegas.Hotel Booking Discount
Save up to 7% on your Booking.com prepaid hotel or property rental bookings at booking.com/mastercardcanada.Discount
Enjoy three months of Instacart+ and a $5 monthly Instacart credit when you enroll your eligible BMO Credit Card. Terms apply.
Eligibility
Credit Score
PoorAnnual Income
N/A
Our choice for: Best Cashback
on Neo Financial's website
Welcome Bonus
N/A
Annual Fee
$149 $0
Interest Rates
19.99% - 26.99%□ / 22.99% - 28.99%
RECOMMENDED CREDIT SCORE
4.6/5
This card offers some of the highest cash back rates in Canada for gas, groceries, and recurring purchases, which is pretty hard to beat. While the cash back rates are very high, you need to mind the spend caps set for each category to see if your earning potential is really that high compared to most other credit cards. However, if you're the average person whose spending is generally below $12k per year in groceries, $6k per year in recurring bills and $12k per year in gas, then you'll be doing pretty well, especially with the great insurance and benefit offers.
Awards & Recognition
Best Cash Back Credit Card
2026
Pros
- High cashback rates
- Premium insurance coverage
- Airport lounge membership
- Boosted partner cashback
- Instant approval and access
Cons
- High income requirements
- Spending caps
- Annual fee
Rewards
- 5% cash back on grocery purchases up to $1,000 spending per month
- 4% cash back on recurring purchases up to $500 spending per month
- 3% cash back on gas purchases up to $1,000 spending per month
- 1% cash back on all other purchases with no spending caps
- Up to 15% boosted cashback at thousands of partners across Canada - on top of base cashback rates
Insurance
Coverage
Travel Medical Insurance (64 & under)
Up to $1,000,000
Trip Cancellation
$1,000
Trip Interruption
$1,000
Flight Delay
$500Baggage Delay
$1,000
Hotel Burglary Insurance
$1,000
Car Rental Accident
$100,000 for cardholder, up to $10,000 per Spouse or Dependent Child.svg)
Car Rental Damage & Theft
Yes.svg)
Car Rental Personal Effects
$1,000Purchase Protection
90 daysExtended Warranty
1 year
Lost or Stolen Baggage
$1,000
Mastercard Zero Liability Protection
Yes
Benefits
Details
Airport Lounge - Dragon Pass
Pass only - pay $32 USD per visit
World Mastercard Benefits
Including discounting with participating partners and DragonPass airport lounge access.
Eligibility
Credit Score
GoodAnnual Income
$80,000 personal or $150,000 household
Our choice for: Best Unlimited Cash Back
on RBC's website
Welcome Bonus
Get 15% extra cash back on your first $2,000 in spend for 3 months. Apply by February 2, 2027.^
Annual Fee
$120
Interest Rates
21.99% / 22.99%□
RECOMMENDED CREDIT SCORE
3/5
The RBC Cash Back Preferred World Elite Mastercard is a solid choice for those who want to optimize everyday purchases like gas, groceries, dining, and transit. However, its high income requirements and annual fee may make it less accessible to certain applicants. Still, for a premium card, it provides decent value for common spending.
Pros
- Solid optimization
- Petro Canada perks
- Airport lounge membership
- Partner perks
Cons
- High income requirements
- Annual fee
Rewards
- Earn 3% cash back on groceries, dining, and food delivery1
- Earn 3% cash back on gas, EV charging, rideshare, and transit1
- Earn 3% cash back on streaming and digital gaming1
- Earn 1% cash back on all your other everyday purchases1
- Earn UNLIMITED cash back13
Insurance
Coverage
Purchase Protection2
120 daysExtended Warranty2
Up to 2 yearsCar Rental Damage & Theft2
Covers you and your responsibilities to a rental agency as stated in the rental agreement for loss or damages up to the actual cash value of the damaged or stolen rental vehicle, as well as other valid charges. Subject to terms and conditions.
Mobile Device Insurance2
yesFlight Delay2
yesBaggage Delay2
yes
Out of Province/Country Emergency Medical Insurance2
yes
Benefits
Details
Airport Lounge - Dragon Pass9
Mastercard Travel Pass provided by Dragon Pass Membership gives you access to 1,300+ airport lounges worldwide, and access to exclusive offers from luxury retailers.svg)
Gas Discount3
Save 3¢/L on fuel and earn 20% more Petro-Points when you pay with an eligible linked RBC Credit Card
Extra points5
Link your RBC Credit Card and earn 50 Be Well™ points on every $1 spent on eligible purchases at RexallExtra points4
Get 3x Canadian Tire Money when you link your eligible RBC card to your Triangle Rewards account, scan your Triangle Rewards card and pay with your linked RBC cardDiscount6
Add your RBC Credit Card to your DoorDash account and get a free 12 month DashPass subscription.svg)
The Mastercard Collection7
Get exclusive access to The Mastercard Collection, experience exceptional global access to dining, entertainment and travel benefits
Partner Perks8
Shop, dine and relax with partners to receive Mastercard Travel Rewards cash back offers. Simply use your RBC Cash Back Preferred World Elite Mastercard when you travel outside Canada.
Eligibility
Credit Score
GoodAnnual Income
$80,000 personal or $150,000 household
Our choice for: Best Customizable Cashback
on Tangerine's website
Welcome Bonus
Get $120 with a Tangerine® Money-Back World Mastercard®* and a limited time promo rate on balance transfers
Annual Fee
$0
Interest Rates
20.95%* / 22.95%*
RECOMMENDED CREDIT SCORE
4.6/5
While we think Tangerine World Mastercard isn't the best single credit card to own, it's still a valuable card to have in your arsenal for maximizing your rewards. It offers one of the highest cashback rates for pharmacy and recurring bill payments, areas where your other credit cards might not provide significant rewards. For no annual fees
Pros
- Customizable cashback
- No annual fee
- Unique cashback categories available
- High recurring transactions optimization
- High pharmacy purchase optimization
- Airport lounge membership
Cons
- Income requirements
- Low base earn rate
Rewards
- 2% Money-Back Rewards on your choice of two categories from the 13 offered by Tangerine (Grocery, Restaurants, Gas, Entertainment, Furniture, Hotel-Motel, Drug Store, Reccurring Bill Payments, Home Improvement, Public Transportation and Parking and more). Change them up every 90 days to match spending habits.
- Have your Money-Back Rewards deposited into a Tangerine Savings Account and get a third 2% Money-Back Category.
- 0.5% cashback on all other eligible purchases.
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
1 yearMobile Device Insurance
$1,000Car Rental Damage & Theft
31 days
Benefits
Details
Airport Lounge - Dragon Pass
Pass only. No Complimentary visits!
Wireless Credit
FlexiRoam 1GB Global Data Roaming Plan and 15% off on purchase of Data Plans.
Mastercard On-Demand and Subscription Services
Access 50+ live-stream sports channels and save $30 on your first three months of Fubo (excludes Quebec)
Eligibility
Credit Score
GoodAnnual Income
$50,000 personal or $80,000 household
Our choice for: Best No-Fee
on Rogers Bank's website
Rogers, Fido, Shaw or Comwave customer?
Eligible customers unlock boosted rewards on this card
Welcome Bonus
Welcome Bonus varies
Annual Fee
$0
Interest Rates
21.99% - 25.99%* / 22.99% - 27.99%*
RECOMMENDED CREDIT SCORE
4.5/5
This card is one of the best in Canada, especially if you have 1 qualifying service with Rogers, Fido, Shaw or Comwave. With a qualifying service, you can effectively receive up to 2% cashback rate, which competitive against other no-fee contenders. Additionally, for a no-fee card, you gain access to an extensive list of travel benefits, many of which are typically offered only with cards that have annual fees. Therefore, we recommend this card to anyone who meets the income requirements, even if you are not a Rogers customer!
Awards & Recognition
Best No Fee Cash Back Credit Card
2026
Pros
- Top no-fee contender
- Member earning boosts
- USD optimization
- Comprehensive coverage
- Airport lounge membership
- Roam Like Home days
Cons
- High income requirements
- Annual spending caps
Rewards
- Earn 2% cash back on all eligible non-U.S. dollar purchases if you have 1 qualifying service with Rogers, Fido, Shaw or Comwave. Otherwise, earn 1.5% cash back on eligible non-U.S. dollar purchases.
- Plus, earn up to 3% cash back on eligible U.S. dollar purchases.
Insurance
Coverage
Travel Medical Insurance (64 & under)
Up to 10 daysTravel Medical Insurance (65 to 75)
Up to 3 daysTrip Cancellation
$1,000/person, $5,000 maximumTrip Interruption
$1,000/person, $5,000 maximumCar Rental Damage & Theft
31 days, $65,000 car MSRPPurchase Protection
90 daysExtended Warranty
1 year
Benefits
Details
Airport Lounge - Dragon Pass
Discounted access to over 1300 airport lounges with Mastercard Travel Pass. Pass only, complimentary visits not included.Roam Like Home Days
Get 5 Roam Like Home days at no cost, every year, with an eligible Rogers mobile plan.
Eligibility
Credit Score
GoodAnnual Income
$80,000 personal or $150,000 household
Our choice for: Best Porter Airline
on BMO's website
Welcome Bonus
Get up to 70,000 VIPorter points and a round-trip companion pass.* Plus receive $1,000 in Qualifying Spend.*
Annual Fee
$199 $0
Interest Rates
21.99% / 23.99%□
RECOMMENDED CREDIT SCORE
4.5/5
This is easily the best credit card in Canada for frequent Porter airline (and its partners) travelers. Earning 2x VIPorter points on common everyday purchases like groceries, dining and transportation is a massive benefit, allowing you to rack up points really fast and enjoy travel via Porter and it's airline partners. The premium benefits of this card make your travels smooth as you get priority security screening, early boarding and priority re-accommodation for flight delays, one complimentary checked bag, a carry-on bag with every fare type (including Basic), and complimentary PorterClassic seat selection.
Awards & Recognition
Best Airline Loyalty Credit Card
2026
Pros
- First-year fee rebate
- Generous welcome bonus
- Solid everyday earning opportunities
- Impressive Porter redemptions
- Comprehensive coverage
- Valuable travel perks
Cons
- Higher annual fee
- Companion pass spending requirement
- Limited redemption opportunities
- Spending caps
- High income requirements
Rewards
- Earn 3 VIPorter points for every $1 spent on eligible Porter purchases via flyporter.com (up to $20,000 in spending annually)
- Earn 2 VIPorter point for every $1 spent on eligible gas and transportation purchases (up to $5,000 in spending annually combined)
- Earn 2 VIPorter point for every $1 spent on eligible groceries and dining purchases (up to $10,000 in spending annually combined)
- Earn 2 VIPorter point for every $1 spent on eligible hotel accommodation purchases (up to $5,000 in spending annually)
- Earn 1 VIPorter point for every $1 spent everywhere else
- Primary cardholders will receive an annual companion pass after spending a minimum of $50,000 (less refunds and excluding cash advances, cash-like transactions, interest charges, fees, credit or debit adjustments) within the first 365 days after the account open date. On the anniversary date of your card, the calculation of the purchases will reset to zero and primary cardholders must qualify again for the new annual period.
Insurance
Coverage
Extended Warranty
1 yearPurchase Protection
90 daysTravel Medical Insurance (64 & under)
Up to $5M per insured person, per trip, for 21 days per trip
Common Carrier Travel Accident Insurance
Up to $500,000 per insured personTrip Cancellation
Up to $1,500 per insured person, per trip (maximum of $5,000 per trip for all insured persons combined)Trip Interruption
$2,000 per insured personFlight Delay
Up to a maximum of $500 per trip for all insured persons combinedBaggage Delay
Up to $500 per insured person, to a maximum of $1,000 per trip for all insured persons combined, for the purchase of essential itemsLost or Stolen Baggage
Up to $500 per insured person to a maximum of $1,000 per trip for all insured persons combinedHotel Burglary Insurance
Up to $1,000 per occurrence for all insured persons combinedCar Rental Damage & Theft
Rental period up to 48 days, with a Manufacturer’s Suggested Retail Price (MSRP) of up to $65,000
Benefits
Details
Airport Lounge - Dragon Pass
Complimentary membership in Mastercard Travel Pass provided by DragonPass. As a member enjoy lounge access for a fee of just US$32 per person, per visit.*.svg)
Free first checked bag
1 complimentary checked bag as well as 1 complimentary carry-on bag on all Porter fare types up to 8 companions travelling on the same booking
Companion Voucher
A round-trip companion pass per year
Priority Travel
Priority check-in, security, and early boarding for up to 8 companions travelling on the same bookingCar Rental Discount
Save up to 20% on National Car Rental®†† and Alamo Rent A Car®†† and up to 5% on Enterprise Rent-A-Car®†† at locations worldwide using the Car Rental Booking toolHotel Booking Discount
Save up to 7% on your Booking.com prepaid hotel or property rental bookings at booking.com/mastercardcanada*Mastercard On-Demand and Subscription Services
Discount
Enjoy six months of Instacart+ and a $10 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
Eligibility
Credit Score
GoodAnnual Income
$80,000 personal or $150,000 household
Our choice for: Best Asia Miles
on Neo Financial's website
Welcome Bonus
Up to 35,000 Asia Miles
Annual Fee
$180
Interest Rates
19.99% - 26.99%* / 22.99% - 28.99%*
RECOMMENDED CREDIT SCORE
4.2/5
The Cathay World Elite Mastercard is a top choice for frequent travelers to Asia, offering up to 35,000 bonus Asia Miles, high earn rates at Neo retail partners, and exclusive Cathay Pacific benefits like priority check-in and lounge access. With 12 types of insurance coverage, airport lounge access through DragonPass, and the ability to earn up to 15 miles per dollar spent at select partners, this card provides substantial value for those who regularly fly with Cathay Pacific and its partners. However, the card does require a higher income and comes with a $180 annual fee.
Pros
- Generous welcome bonus
- Discount on flights
- High earn rates
- Cathay Pacific perks
- Comprehensive coverage
- Airport lounge access
Cons
- High income requirements
- Annual fee
- Limited redemption opportunities
Rewards
- Earn 4x Asia Miles per $1 spent on Cathay Pacific flights
- Earn 2x Asia Miles per $1 spent on purchases made in foreign currencies
- Earn 1x Asia Miles per $1 spent in Canada
- Earn an average of 5x the Asia Miles when you spend at thousands of Neo partners nationwide
Insurance
Coverage
Car Rental Personal Effects
$1,000/person, $2,000 combinedCar Rental Accident
$100K for Cardholder, $10K spouse and childCar Rental Damage & Theft
48 daysBaggage Delay
$1,000 after 4 hoursLost or Stolen Baggage
$1,000Trip Cancellation
$5,000Trip Interruption
$5,000Travel Medical Insurance (64 & under)
14 daysFlight Delay
$250/day, $500 MaximumHotel Burglary Insurance
$1,000Purchase Protection
90 daysExtended Warranty
1 year
Benefits
Details
Airport Lounge - Dragon Pass
DragonPass only. No Complimentary visits!Priority Travel
Online priority check-in and extra baggage redemption for Cathay Pacific, and Cathay Pacific Business class lounge redemption accessPriority Travel
Airport Security Fast Track with and professional and punctual airport with Mastercard benefits
Boingo Wi-Fi hotspot
Discount
Save up to 15% off on flights to Asia and beyond when you pay with your Cathay World Elite Mastercard and enter the discount code CXNEO15OFF (valid until Dec 31, 2025)
Eligibility
Credit Score
GoodAnnual Income
$80,000 personal or $150,000 household
Our choice for: Best Business
on BMO's website
Welcome Bonus
Up to 100,000 bonus BMO Rewards Points ($669 value)[1]
Annual Fee
$149 $0
Interest Rates
18.99% / 23.99%
RECOMMENDED CREDIT SCORE
4.2/5
BMO’s strongest business points card, with 4x on gas, office supplies, and telecom — categories where most businesses naturally spend. That translates to roughly 2.7% return in those categories, which is competitive. The welcome bonus of up to 100,000 points (~$670 value) and first-year fee rebate make the first year especially strong. You also get airport lounge access and solid travel insurance. The weak spot is the 1.5x base rate on everything else and the annual spending caps on bonus categories. At $149/year, it works well for businesses that spend meaningfully on fuel, supplies, and phone/internet. Less compelling if your spending is spread across categories this card doesn’t bonus.
Pros
- Impressive optimization
- Generous welcome bonus
- First-year fee rebate
- Airport lounge access
- Comprehensive coverage
- Shell fuel discounts
- Additional employee cards
Cons
- High annual fee
- Low base earn rate
- Annual spending caps
- High income requirements
- Low point values
- Additional cardholder fees
- Limited bonus categories
Rewards
- Get 4 points for every $1 you spend on gas, office supplies, cell phone and internet bill payments3,4
- Get 1.5 points for every $1 you spend on all other card purchases3,4
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
1 yearTrip Interruption
$2,000Trip Cancellation
$2,500Common Carrier Travel Accident Insurance
$500,000Baggage Delay
$500Flight Delay
$500Hotel Burglary Insurance
$1,000Lost or Stolen Baggage
$1,000Personal Effects
$1,000Car Rental Damage & Theft
IncludedCar Rental Accident
$200,000Car Rental Personal Effects
$1,000
Benefits
Details
Gas Discount
Get up to 7 cents off per litre on all your Shell®± fuel – just for being a BMO cardholder[9]Airport Lounge - Dragon Pass
complimentary membership to Mastercard Travel Pass provided by DragonPass, plus 2 free lounge passes a year.
Eligibility
Credit Score
FairAnnual Income
$80,000 personal or $150,000 household
From Our Editors: The Full List of Best Mastercard Credit Cards in Canada
Best Balance Transfer: MBNA True Line Mastercard
Another leading Mastercard from MBNA is the MBNA True Line Mastercard, one of the best balance transfer credit cards in Canada. This no-fee card offers an impressive zero-interest balance transfer rate for a whole year, plus low permanent interest rates on purchases. These low rates are paired with car rental discounts at Avis and Budget locations. Learn more in our MBNA True Line Mastercard Review.
Best Student: Students - BMO Cashback Mastercard
Who says you can't build credit and collect cashback all whilst earning a university or college degree? The Students - BMO Cashback Mastercard is the best contender for doing all of the above. In fact, it's one of the best student credit cards in Canada. With this card, you'll collect cashback on groceries and recurring payments like bills or subscriptions. In addition to standard coverage like purchase protection and extended warranty insurance, this card also sports discounts on hotel bookings and entertainment. See more in our Students - BMO Cashback Mastercard Review.
Best Boosted Cashback: Neo World Elite Mastercard – Gas & Grocery
For impressive initial cashback rates and the chance to optimize your rewards even further, check out the Neo World Elite Mastercard – Gas & Grocery, one of the best cashback credit cards in Canada. Specifically, this card collects cashback on groceries, recurring purchases, and gas purchases. These categories can be boosted when you buy from corresponding Neo partners. The coverage is extensive, offering protections like trip interruption, trip cancellation, and travel medical insurance. As for benefits, cardholders receive a Dragon Pass membership. Find out more in the Neo World Elite Mastercard – Gas & Grocery Review.
Best Unlimited Cashback: RBC Cash Back Preferred World Elite Mastercard
The RBC Cash Back Preferred World Elite Mastercard earns strong unlimited cashback on common purchases like groceries, dining, gas, transit, streaming, and digital gaming. This optimization is accompanied by notable coverage like flight and baggage delay insurance, plus out of province/country emergency medical insurance. As for perks, cardholders can expect an airport lounge DragonPass membership, discounts on gas and DoorDash, and extra BeWell points and Canadian Tire Money. To account for all these add ons, the card comes with an annual fee, not to mention some hefty income requirements to qualify. Read more in our RBC Cash Back Preferred World Elite Mastercard Review.
Best Customizable Cashback: Tangerine Money-Back World Mastercard
What if you could pick your own cashback categories? With the Tangerine Money-Back World Mastercard, you can! With this no-fee card, you can choose two categories from the 13 offered by Tangerine, plus a third when you deposit your earnings into a Tangerine Savings Account. Alongside decent coverage, this card comes with an airport lounge Dragon Pass, a roaming plan discount, and discounts on streaming services. Get all the details in our Tangerine Money-Back World Mastercard Review.
Best No-Fee: Rogers Red World Elite Mastercard
For one of the best no-fee credit cards in Canada, apply for the Rogers Red World Elite Mastercard. With this card, you'll collect solid cashback on all eligible USD purchases, plus decent cashback on all eligible non-USD purchases, especially if you have a qualifying service with Rogers, Fido, Comwave or Shaw. This card also includes valuable insurance coverage like trip interruption and trip cancellation insurance, which is rare for a no-fee card. Just watch out for this contender's high income requirements and annual spending cap. Discover more in our Rogers Red World Elite Mastercard Review.
Best Porter Airline: BMO VIPorter World Elite Mastercard
Fly frequently with Porter airlines? If so, consider the BMO VIPorter World Elite Mastercard, one of the best travel credit cards in Canada. This card earns you commendable VIPorter points per dollar spent on eligible Porter purchases made via flyporter.com, gas, groceries, and hotel accommodations. On top of comprehensive coverage, this travel card boasts an airport lounge Dragon Pass, free first checked bags, an annual companion voucher, priority travel perks and more. To qualify for this card, however, you'll need to meet some high annual income requirements. Read more in our BMO VIPorter World Elite Mastercard Review.
Best Asia Miles: Neo Cathay World Elite Mastercard
For those who visit Asia often, the Neo Cathay World Elite Mastercard is a great option. This card earns you strong Asia Miles per dollar spent on Cathay Pacific flights and foreign currency purchases. You can earn even more Miles when you purchase from Neo partners. The coverage on this card is extensive, including hotel burglary, travel medical, and car rental insurance. Perks include an airport lounge Dragon Pass, priority travel perks, and discounts on flights. For more information, read our Neo Cathay World Elite Mastercard Review.
Best Business: BMO Ascend World Elite Business Mastercard
Maybe, as a business, you'd rather collect points instead of Miles. If so, apply for the BMO Ascend World Elite Business Mastercard. This card earns solid points per dollar spent on gas, office supplies, cell phone, and internet bill payments. On top of extensive coverage, members receive gas discounts and an airport lounge Dragon Pass. For the full rundown, read our BMO Ascend World Elite Business Mastercard Review.
Mastercard Tiers in Canada
Common Mastercard card tiers include:
- Standard: classic Mastercards, typically more affordable and straightforward
- World: comes with exclusive benefits and higher annual fees
- World Elite: the most premium option with impressive perks and usually higher fees and annual income requirements
Mastercard Comparison: Fees, Income Requirements and Welcome Offers
Here's how the Mastercards on this list compare on annual fee, income requirement and welcome offer:
$50 cash offer
MBNA
5.0
$100 cash offer
Neo Financial
4.6
Rogers Bank
4.5
$200 cash offer
BMO
4.5
Annual Fee
$0
$0
$149
$0 first year
$120
$0
$0
$199
$0 first year
$180
$149
$0 first year
Interest Rates
Purchase
12.99%*
Cash advance
24.99%*
Balance transfer
17.99%*
Rate details
Purchase
21.99%
Cash advance
23.99%
21.99%
Balance transfer
23.99%
21.99%
Purchase
19.99% - 26.99%
19.99% - 23.99%
Cash advance
22.99% - 28.99%
Balance transfer
22.99% - 31.99%
Purchase
21.99%
Cash advance
22.99%
21.99%
Balance transfer
22.99%
21.99%
Purchase
20.95%*
Cash advance
22.95%*
Balance transfer
22.95%*
Rate details
Purchase
21.99% - 25.99%*
Cash advance
22.99% - 27.99%*
Balance transfer
22.99% - 27.99%*
Rate details
Purchase
21.99%
Cash advance
23.99%
21.99%
Balance transfer
23.99%
21.99%
Purchase
19.99% - 26.99%*
Cash advance
22.99% - 28.99%*
Rate details
Purchase
18.99%
Cash advance
23.99%
Balance transfer
23.99%
Welcome Bonus
0% rate on balance transfers for 12 months (3% fee applies). Not available for residents of Quebec.†
5% cash back for the first 3 months, up to $2,500 in spend
—
Get 15% extra cash back on your first $2,000 in spend for 3 months. Apply by February 2, 2027.^
Get $120 with a Tangerine® Money-Back World Mastercard®* and a limited time promo rate on balance transfers
Welcome Bonus varies
Get up to 70,000 VIPorter points and a round-trip companion pass.* Plus receive $1,000 in Qualifying Spend.*
Up to 35,000 Asia Miles
Up to 100,000 bonus BMO Rewards Points ($669 value)[1]
Rewards
N/A
$335.93
First year rewards
$625.48
First year rewards
$590.94
First year rewards
$477.86
First year rewards
$360
First year rewards
$1,787.3
First year rewards
$647.51
First year rewards
1.5x - 4x
Finly Offer
Exclusive cash back
—
—
—
—
—
on MBNA's website
on BMO's website
on Neo Financial's website
on RBC's website
on Tangerine's website
on Rogers Bank's website
on BMO's website
Welcome Bonus Details
Earn Rates
Insurance Coverage
Extra Benefits
Requirements
Welcome offers change often, and some (like the MBNA offers) aren't available to residents of Quebec, so confirm the current terms with the issuer before you apply.
How to Choose the Right Mastercard in Canada
Choosing the right Mastercard comes down to your spending habits and financial status.
For the best cashback, consider cards like the Neo World Elite Mastercard – Gas & Grocery.
Alternatively, premium travellers would benefit most from cards like the BMO VIPorter World Elite Mastercard or the Neo Cathay World Elite Mastercard.
Budget-conscious cardholders, on the other hand, might prefer no-fee options like the Rogers Red World Elite Mastercard.
Mastercard vs Visa
Mastercard and Visa credit cards are both widely accepted and packed with amazing benefits at different levels for various types of spenders. However, Mastercard is accepted in Costco warehouses in Canada whereas Visa credit cards are not. Not to mention, Walmart is usually considered a grocery store through Mastercard but not through Visa, which could make you miss out on rewards in the popular groceries category.
You’ll want to research individual cards from each network to decide which one complements you best. To help you find the perfect fit, we’ve created the credit card comparison tool which allows you to filter through credit cards from each network.
How to Apply for a Mastercard in Canada
To apply for a Mastercard, you’ll want to follow these general steps:
- Navigate to Mastercard’s official website
- Select the drop-down menu titled “Mastercard for you”
- Hover over “Find a card” before clicking “Credit card”
- Select “Find a card” again on the following page
- Choose from the featured categories
- Find a card on the curated list that matches your preferences
- Finally, hit "Apply now" for the application process
You can also select the “apply now” buttons below each card above.
Frequently Asked Questions
Mastercard is a great network for travel, cashback, and balance transfers. There are also plenty of premium and no-fee card options to choose from. Mastercard is also widely accepted, even more so compared to other networks like American Express.
Yes. Mastercard is actually the only type of credit card that Costco accepts in-store.
World Elite is the most premium Mastercard tier, with impressive perks and usually higher fees and annual income requirements. On our list, the World Elite cards each list an income requirement of $80,000 (personal) / $150,000 (household), with annual fees from $0 to $199.
Common Mastercard tiers include Standard, World, and World Elite. Standard cards are typically more affordable and straightforward, World cards come with exclusive benefits and higher annual fees, and World Elite is the most premium option with impressive perks and usually higher fees and annual income requirements.
It depends on how you like to pocket rewards. For cashback, the Neo World Elite Mastercard – Gas & Grocery earns generous rewards depending on the category, and those categories can be boosted when you shop with Neo partners.
Start with your spending habits and financial status. Cashback seekers might prefer the Neo World Elite Mastercard – Gas & Grocery, premium travellers the BMO VIPorter World Elite Mastercard or Neo Cathay World Elite Mastercard, and budget-conscious cardholders a no-fee option like the Rogers Red World Elite Mastercard. Also check each card's annual fee and income requirement before you apply.
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