How to choose a credit card network (Visa, Mastercard, Amex)

Picking a credit card in Canada can be tricky. There are so many things to consider, like how much the card costs, what rewards and perks you get, and any extra fees. However, people often overlook a crucial aspect: the credit card network. 

Canada’s credit card networks are Visa, Mastercard, and American Express (Amex).

The network connects your card to the store or website where you make your purchases. Knowing how each one works helps you pick the right card for your lifestyle.

How to Pick Between Visa, Mastercard, and Amex

Here’s an easy way to choose the right credit card network for you.

Step 1: Where Do You Shop?

• If you frequently shop at small local stores, choose Visa or Mastercard — they’re accepted in more places.
• If you shop at Costco, choose Mastercard. This is the only credit card network Costco accepts in-store.
• If you travel often or shop online, an Amex card might give you better rewards and travel perks, but some places, particularly those across Europe, may be hesitant to accept Amex as a form of payment.

Step 2: Check the Costs

Compare the following before you apply:

• Annual fees: Some cards are free, but others charge a yearly fee.
• Interest rates: Most cards charge between 19% and 24% on unpaid balances.
• Foreign transaction fees: Important for international shopping.

The Government of Canada reminds Canadians that if you don’t pay your full balance every month, interest and late fees can build up quickly. Always try to pay on time to avoid extra costs.

Step 3: Compare the Rewards

Ask yourself:

• Do I want cashback or points?
• What do I spend most on — groceries, gas, or restaurants?
  
  

Use FinlyWealth’s Credit Card comparison tool to compare cards based on rewards, interest rates, and fees. Essentially, this tool helps you find the best card for your spending habits and goals.

Step 4: Look at the Protections

Each credit card network gives you different kinds of safety when you shop:

• Visa: Offers travel insurance and purchase protection.
• Mastercard: Some cards include price protection and help if your identity is stolen.
• American Express (Amex): Gives strong fraud protection and excellent customer service.

FinlyWealth’s articles on credit card purchase protection and credit card fraud protection offer smart tips on what to look for when choosing a card that covers damage, theft, loss or fraud.

What Is a Credit Card Network?

Think of a credit card network as a messenger between stores and banks. When you use your card to buy something, the network quickly checks with your bank to see if you have enough credit. Once approved, the store receives payment, and your bank adds the charge to your account.

In Canada, the main credit card networks are Visa, Mastercard, and American Express (Amex).
The Government of Canada’s Payment Card Networks Act explains how these networks work and helps keep card payments safe and fair for everyone.

How is a Credit Card Network Different from a Credit Card Issuer

When you use a credit card, two companies help make it work:

1. Credit Card Network

A credit card network helps your card work in stores, online, and at ATMs. It sends payment information from the store to your bank so the payment can go through. Examples: Visa, Mastercard, American Express. A credit card network is like the road your money uses to travel.

The network decides:

• Where your card is accepted
• Fraud and security rules
• Some travel and shopping protections
• How payments get processed

2. Credit Card Issuer

A credit card issuer is the financial institution that gives you the card. They lend you money and decide the rules for your card. Examples: RBC, TD, Scotiabank, CIBC, BMO, etc. 

The issuer decides:

• Interest rate (APR)
• Annual fees and other fees
• Your credit limit
• Rewards and points (like 5x points on groceries)
• Bonus offers
• Billing due dates
• Customer service

A simple way to remember: the card network handles the payment system, while the card issuer is the bank that sets your card’s rules, fees, and rewards.

Even if two cards carry the same Visa logo, they can offer completely different interest rates, perks, or annual fees—because those details are decided by the issuing bank, not by Visa.

Easy Example Table

Why the Network Matters

Your credit card network plays a big role in how your card works. It affects:

• Where you can use it — Some stores only accept certain networks. For example, Costco only accepts Mastercard in-store..
• What rewards you earn — You might receive cashback,  points, or miles on eligible purchases.
• What fees do you pay — Like foreign transaction fees or annual fees.
  
  

In Canada, payment card networks like Visa, Mastercard, and American Express help connect banks, stores, and cardholders so that payments run smoothly and safely.

1. Visa: The Everywhere Card

Visa is one of the most accepted credit card brands in Canada and around the world. You can use it in most stores, online, and when you travel.

Why People Like Visa

• Works almost everywhere: Many shops and online stores accept Visa. The only big exception to keep in mind is Costco that only accepts Mastercard.
• Helps keep you safe: Visa safeguards you from having to pay for unauthorized charges through Zero Liability protection.
• Many card options: From student cards to travel cards, there’s a Visa for every need.
• Good for travellers: Many Visa cards include travel insurance, especially premium tiers. Exact inclusions vary by issuer and card.
  

Bottom Line: Visa credit cards are best for people who travel often, shop online, or want a card that works almost anywhere.

Ready to find the right Visa card? Explore FinlyWealth’s list of the best Visa credit cards in Canada.

2. Mastercard: Rewards and Flexibility

Mastercard is a popular choice for many Canadians. You can use a Mastercard in more than 200 countries, and it’s offered by banks like BMO, CIBC, and Tangerine.

Why People Like Mastercard

• Accepted almost everywhere: Mastercard works in most stores (including Costco), online, and most places you travel.
• Strong rewards and benefits: Many Mastercards give cashback, points, and added perks. Also some walmart stores are classified as a grocery stores on the Mastercard network allowing to earn more on grocery purchase category.
• Safe online shopping: Mastercard Identity Check helps protect you from fraud.
• Extra coverage: Some cards include travel insurance, extended warranties, or even identity protection.

To learn more, explore our guide to the best Mastercard credit cards in Canada, plus the best no-fee Mastercard credit cards in Canada, offering cashback, travel rewards, and extra protection.

3. American Express (Amex): Premium Perks, Fewer Places

When it comes to credit card networks, Amex is a bit different. It often issues its own cards like Amex Gold or Platinum.

Why People Love Amex

• Top rewards: Points are great for flights, hotels, and dining.
• Luxury perks: Lounge access, travel insurance, and early event tickets.
• Excellent service: Great customer care and strong fraud protection.

Things to Watch Out For

• Limited acceptance: Some smaller shops or destinations don’t accept Amex as a payment method.
• Higher costs: Many Amex cards have higher annual fees.

Explore FinlyWealth’s best American Express credit cards in Canada for the top picks. 

When You Might Switch Networks

You might want to switch if:

• You travel more and need global access (Visa or Mastercard)
• You want better rewards or luxury perks (Amex)
• Your current card isn’t accepted where you often shop

Conclusion  

Choosing between Visa, Mastercard, and Amex depends on what matters most — where you shop, how you travel, and what benefits you want.

Final Tip: Your credit card should make life easier, not stressful. Spend wisely, pay your balance on time, and pick a card that complements your financial habits.