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Canada's 9 Best Mastercard Credit Cards of January 2026
Published Jan 26, 2026 2:38 PM • 8 min read
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Credit Card ExpertFittingly, 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.
MBNA Rewards World Elite® Mastercard®: Best Overall
MBNA True Line® Mastercard®: Best Balance Transfer
Students – BMO CashBack® Mastercard®*: Best Student
Neo World Elite® Mastercard®: Best Cashback
Tangerine® Money-Back World Mastercard®*: Best Customizable Cashback
Rogers Red World Elite® Mastercard®: Best No-Fee
BMO VIPorter World Elite Mastercard®∗: Best Porter Airline
Neo Cathay World Elite® Mastercard®: Best Asia Miles
BMO® Ascend World Elite®* Business Mastercard®*: Best Business
Best Mastercards in Canada
Our choice for: Best Overall
APPLY NOW
on MBNA's website
Welcome Bonus
Up to 30,000 points ($245 in cash back value or $300 when redeemed for MBNA Travel)††
Annual Fee
$120
Interest Rates
21.99% / 22.99%
RECOMMENDED CREDIT SCORE
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
5/5
The MBNA Rewards World Elite® Mastercard® is one of the best reward credit cards in Canada, offering high rewards on frequently spent categories such as groceries and restaurant purchases. The annual birthday bonus, unique to this card, also provides a significant boost to your yearly earnings. Additionally, the card features a comprehensive list of benefits, including price protection—a rare and valuable perk not found with many other cards in Canada. These factors make this card one of the best to have in Canada.
Awards & Recognition
Best Rewards Credit Card
2026
Pros
- High grocery optimization
- High dining optimization
- Annual birthday bonus
- Solid travel insurance
- Rare price protection
- Good redemption values
Cons
- Missing key insurance categories
- Low gas optimization
- Annual fee
- High income requirements
Rewards
- Earn 5 points‡ for every $1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases until $50,000 is spent annually in the applicable category.
- 1 point‡ for every $1 on all other eligible purchases.
- Each year, you will receive Birthday Bonus Points‡ equal to 10% of the total number of Points the Account earned in the 12 months before the month of the primary cardholder's birthday, to a maximum Birthday Bonus each year of 15,000 Points.
Insurance
Coverage
Mobile Device Insurance
$1000
Purchase Protection
Up to 90 days
Extended Warranty
Up to a year.svg)
Car Rental Damage & Theft
31 days
Flight Delay
$500/person after 4 hours
Common Carrier Travel Accident Insurance
$1,000,000
Travel Medical Insurance
$2M for 21 days
Lost or Stolen Baggage
$1000/personBaggage Delay
$1000/person
Benefits
Details
Annual Birthday Bonus
10% of the Points earned the 12 months prior to the primary cardholder's birthday month (up to a max 15,000 bonus points per year)
Car Rental Discount
10% off base rate of Avis Rent A Car and Budget Rent A Car in Canada and US and 5% internationally
Trip and legal Assistance
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Concierge Services
Price Protection
$500/item, $1000/account per year
Eligibility
Credit Score
GoodAnnual Income
$80,000 personal or $150,000 household
**, ††, ‡, ✪, ***, ††††, 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. Check here for full details and current product information.
Our choice for: Best Balance Transfer
APPLY NOW
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
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
5/5
Even though this card offers no benefits or rewards, the amount you can save on interest is substantial, making it an excellent option for reducing your monthly payments.
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
- No coverage
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
*†, ✪, 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. Balance transfers will be fulfilled in the order listed and are treated as balance transfers in accordance with your Account Agreement. The total value of balance transfers cannot exceed your authorized credit limit. If the value is greater, MBNA may send a partial payment to the named creditor/designated account. THERE WILL BE A TRANSACTION FEE EQUAL TO 3.00% OF THE DOLLAR AMOUNT OF EACH BALANCE TRANSFER INITIATED WITH THIS APPLICATION. A MINIMUM FEE OF $7.50 WILL APPLY TO EACH BALANCE TRANSFER TRANSACTION. A balance transfer may not be used to pay off or down your account balance or any other balances with us (including our affiliates, which would include any member of the TD Bank Group). Important Notice: Effective September 25, 2025: If the Balance Transfer fee is less than $3.50, we will charge a minimum Balance Transfer fee of $3.50. Check here for full details and current product information.
Our choice for: Best Student
APPLY NOW
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
300⁎Poor
560⁎Fair
660⁎Good
725⁎Very Good
760⁎Excellent
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 daysExtended 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
*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. Check here for full details and current product information.
Our choice for: Best Cashback
APPLY NOW
on Neo Financial's website
Welcome Bonus
N/A
Annual Fee
$125
Interest Rates
19.99% - 26.99%□ / 22.99% - 28.99%
RECOMMENDED CREDIT SCORE
300Poor
560⁎Fair
660⁎Good
725⁎Very Good
760⁎Excellent
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% cash back at over 10,000 Neo Partners
Insurance
Coverage
Travel Medical Insurance
Up to $1,000,000
Trip Cancellation
$1,000
Trip Interruption
$1,000Flight 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 ChildCar Rental Damage & Theft
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Car Rental Personal Effects
$1,000Purchase Protection
90 daysExtended Warranty
1 yearLost or Stolen Baggage
$1,000
Benefits
Details
Airport Lounge - Dragon Pass
Pass only - pay $32 USD per visit
Eligibility
Credit Score
FairAnnual Income
$80,000 personal or $150,000 household
Our choice for: Best Customizable Cashback
APPLY NOW
on Tangerine's website
Welcome Bonus
$120 bonus after spending $1.5k in 3 months†† + 1.95% balance transfer promo rate for 6 months†
Annual Fee
$0
Interest Rates
20.95%* / 22.95%*
RECOMMENDED CREDIT SCORE
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
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
*Tangerine is not responsible for maintaining accuracy of content on this site. Please refer to Tangerine's site for the latest product details. Check here for full details and current product information.
Our choice for: Best No-Fee
APPLY NOW
on Rogers Bank's website
Welcome Bonus
N/A
Annual Fee
$0
Interest Rates
20.99% - 25.99%* / 22.99% - 27.99%*
RECOMMENDED CREDIT SCORE
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
4.5/5
This card is one of the best in Canada, especially if you are a Rogers, Fido, or Shaw customer. With those services, you can effectively get a 3% cashback rate, which is higher than what almost any other card offers, even those with annual fees! 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
- Service redemption boosts
- Member earning boosts
- USD optimization
- Comprehensive coverage
- Airport lounge membership
- No cost roaming
Cons
- High income requirements
Rewards
- Earn 3% unlimited cash back on all eligible purchases made in U.S. dollars.^
- Earn 2% unlimited cash back on all eligible non-U.S. dollar purchases if you have 1 qualifying service with Rogers, Fido, Comwave or Shaw.^
- Otherwise earn 1.5% unlimited cash back on eligible non-U.S. dollar purchases.^
- Get 1.5 times more cash back every time you redeem for Rogers, Fido, Comwave or Shaw purchases.^
- 5 Roam Like Home days at no cost with an eligible Rogers mobile plan every year (up to $90 value).^
Insurance
Coverage
Travel Medical Insurance
Up to 10 daysTravel Medical Insurance (65+)
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
Pass only, complimentary visits not includedNo Cost roaming
5 days with eligible Rogers mobile plan
Eligibility
Credit Score
GoodAnnual Income
$80,000 personal or $150,000 household
**, ^, Terms and conditions apply. Rogers Bank is not responsible for maintaining or controlling the accuracy of the information published on this website. For full and up-to-date product information, visit Rogersbank.com. Standard rate on Purchases and Fees: 20.99%. Standard rate on Cash Advances, Cash-like Transactions and Balance Transfers: 22.99%. If you are not approved for an Account at the above rates and you reside outside Quebec, we (Rogers Bank) may still issue you an Account at our alternate interest rates, as follows: Standard Rate for Purchases and Fees: 25.99%, Standard Rate for Cash Advances, Cash-like Transactions and Balance Transfers: 27.99%. ®/TM Mastercard and World Elite are registered trademarks and the circles design is a trademark of Mastercard International Incorporated. Used under license. TM Rogers and Mobius Design, Rogers Bank and related marks, logos and brand names are trademarks of Rogers Communications Inc., or an affiliate, used under license. © 2025 Rogers Bank. Rogers Bank is the issuer of this credit card. Check here for full details and current product information.
Our choice for: Best Porter Airline
APPLY NOW
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
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
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
Up to $5M per insured person, per trip, for 21 days per tripCommon 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
**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. Check here for full details and current product information.
Our choice for: Best Asia Miles
APPLY NOW
on Neo Financial's website
Welcome Bonus
Up to 60,000 Asia Miles (35,000 upon approval)
Annual Fee
$180
Interest Rates
19.99% - 26.99%* / 22.99% - 28.99%*
RECOMMENDED CREDIT SCORE
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
4.2/5
The Cathay World Elite Mastercard is a top choice for frequent travelers to Asia, offering up to 60,000 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 with your cathay neo card
- Earn an average of 5x the Asia Miles when you spend at thousands of Neo partners nationwide
- 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)
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
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
*The Cathay World Elite® Mastercard is issued by Neo Financial™ pursuant to license by Mastercard International Incorporated.
Mastercard, World Elite® and the circles design are registered trademarks of Mastercard International Incorporated.
The Cathay World Elite® Mastercard is not available in Quebec. Check here for full details and current product information.
Our choice for: Best Business
APPLY NOW
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
300Poor
560⁎Fair
660⁎Good
725⁎Very Good
760⁎Excellent
4.2/5
The BMO Ascend World Elite Business Mastercard is a premium business card that delivers strong value for companies with significant spending in gas, office supplies, and telecommunications. With 4x points (equivalent to 2.68% cashback) in key business categories and a generous welcome bonus worth up to $670, it's ideal for established businesses that can justify the $149 annual fee through heavy spending in bonus categories. The card combines solid earning rates with premium travel benefits like lounge access and comprehensive insurance coverage, making it a well-rounded option for business owners who travel frequently.
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
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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
*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. Check here for full details and current product information.
From Our Editors: The Full List of Best Mastercard Credit Cards in Canada
Best Overall: MBNA Rewards World Elite Mastercard
The MBNA Rewards World Elite Mastercard is one of the best credit cards in Canada, so it's no wonder that it tops this list. This Mastercard collects generous points per dollar spent on eligible restaurant, grocery, digital media, membership, and household utility purchases. This coverage is also commendable, offering protections like mobile device insurance, car rental damage and theft insurance, and travel medical insurance. For benefits, expect an annual birthday bonus of extra points, car rental discounts at participating Avis and Budget locations, concierge services, and rare price protection. To qualify for this card, however, note that you'll need to meet some high annual income requirements. Read more in our MBNA Rewards World Elite Mastercard Review.
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 Cashback: Neo World Elite Mastercard
For impressive initial cashback rates and the chance to optimize your rewards even further, check out the Neo World Elite Mastercard, 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 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. You can also increase your cashback rates when you redeem your earnings towards Rogers, Fido, Comwave or Shaw purchases. This card also includes valuable insurance coverage like trip interruption and trip cancellation insurance, which is rare for a no-fee card. 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
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.
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.
If you're looking to collect points, the MBNA Rewards World Elite Mastercard is a great option, earning you tons of points on common categories like groceries, restaurants, digital media, memberships, and household utilities.
For those more keen on cashback, the Neo World Elite Mastercard is a solid contender. This card earns you impressive initial cashback, plus bonus cashback when you shop at Neo partners.
About the author
Sara Skodak
Lead Writer
Since graduating from the University of Western Ontario, Sara has built a diverse writing portfolio, covering topics in the travel, business, and wellness sectors. As a self-started freelance content ...
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Kevin Shahnazari
Credit Card Expert
Kevin started FinlyWealth and juggles a bit of everything—digging into data, running our marketing, and keeping the finances on track. Before this, he spent years as a data scientist at tech companies...
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