Best Mastercard credit card in Canada for 2020 award seal

While most of the big 5 banks issue Visa cards, nearly all of the other Canadian credit card issuers supply Mastercards in their portfolio, including MBNA, National Bank, Rogers, and Canadian Tire.

Plus, if you shop at Costco, Mastercard is the only credit accepted at their warehouses.

If you want the best, you'll need to get a World or World Elite card, both of which have slightly steep income requirements.

For World cards, you need either a personal income of $60,000 or a household income of $100,000. If it's a World Elite card, that jumps to $80,000 and $150,000 respectively.

These cards usually have annual fees ranging from $75 to $150, and sometimes more.

But, if you spend more than $1,200 per month on your credit card, the increased annual fee more than pays for itself with extra rewards and great benefits.

What are some of these benefits? Glad you asked.

Mastercard Priceless Cities comes with invitations to exclusive events in cities all over the world. These are exclusive events only available to Mastercard cardholders that you won't be able to find anywhere else.

Concierge service is also available on most of these cards, which will give you access to 24/7 help with:

  • dinner reservations at even the hardest restaurants to get into,
  • planning your upcoming Christmas party or your next vacation, or even...
  • doing research to help you find that perfect gift for your special someone.

Plus, with great insurance packages and perks like free lounge passes, you'll also be covered in your travels.

Here's a look at our best choices for Mastercard credit cards for 2020:

Best Mastercard in Canada for 2020

Here are our picks for the reigning Mastercard champions for 2020:

CategoryCredit CardCurrent Welcome Bonus Offer
Best Mastercard credit cardBMO® AIR MILES®† World Elite®* Mastercard®*2,000 miles, first year free (terms)
Best airline rewards MastercardAlaska Airlines Platinum Plus® Mastercard®20,000 miles (terms)
Best flexible rewards MastercardBrim World Elite Mastercard$500 after the first purchase with participating retailers, first year free (terms)
Best no fee flexible rewards MastercardMBNA Rewards Platinum Plus® Mastercard®Up to 10,000 points, plus 4 points per $1 spent in the first 3 months (terms)
Best premium cash back MastercardBMO® CashBack® World Elite®* Mastercard®*10% cash back for the first 3 months (terms)

Review all 10 top Mastercards here.

Best Mastercard credit card

If you want the best Mastercard available in Canada, the is our top choice.

It starts by giving you a sign-up bonus of 2,000 miles after you spend $3,000 in the first 3 months.

Plus, you earn 1 AIR MILE for every $10 spent – one of the best earn rates of any AIR MILES card.

The cherry on top? You'll get a 15% discount on the number of miles you need to redeem for a flight within North America.

Add in an extensive insurance package and access to airport lounges with Mastercard Airport Experiences provided by LoungeKey, and you've got yourself a terrific credit card.

All for an annual fee of $120 that's waived for the first year.

It's also our Best AIR MILES credit card for 2020, but that's no surprise.

Best Mastercard for airline rewards

The is our top airline rewards Mastercard because it gets you the most value for your miles and lets you travel around the world.

Earn 1 Alaska Airline mile for every $1 you spend, plus 3x the miles for purchases made with Alaska Airlines. And while that may not seem like much, we value 1 Alaska Airline mile at 2.3 cents each, which gives a terrific return on spending.

As a sign-up bonus, you'll get 20,000 miles when you spend $1,000 in the first 3 months.

Use your miles to travel not only with Alaska Airlines but these global carriers as well:

  • British Airways,
  • Cathay Pacific,
  • Emirates,
  • Korean Air,
  • Japan Airlines, and
  • Qantas, to name a few.

And with Alaska Airlines, you'll get a companion voucher every year, allowing you to take someone with you for only $99 USD plus taxes and fees.

Plus with 7 types of travel and purchase insurance, know that you'll be covered throughout your voyages.

Best Mastercard with flexible rewards

Want some flexible rewards you can use for anything? The is our top choice.

You'll earn a simple 2 points per $1 spent on your first $25,000 in spending, and 1 point per $1 after that.

And redeeming these points is simple. You just use them to pay for any transaction made to the card, at any time, as long as you have $1 worth of rewards accumulated. Since 1 point is worth 1 cent, this card gives you a return of up to 2% on all your purchases.

And, if you shop at Brim's 150+ partners, you can get bonus rewards on your purchases, ranging anywhere from 3% to 30%, depending on the merchant.

But there's more. On top of all of this, you'll also get 15 types of insurance, no foreign exchange fees, and plenty of other great Brim perks.

This card does come with a high annual fee of $199, but with all these great perks and a solid rewards earn rate, we think it might be worth your while.

Best no fee Mastercard with flexible rewards

Would you rather have a flexible rewards travel card that also has no annual fee? The has you covered.

Earn plenty of points on your everyday spending:

  • 2 points per $1 spent on gas, groceries, and restaurants (up to $5,000 per year on each category), and
  • 1 point per $1 spent everywhere else.

The points are sure to add up quickly. Use them for travel, merchandise, gift cards, or even cash statements – the choice is yours.

Plus, enjoy 7 types of travel and purchase protection, including rare rental car accident and personal effects insurance.

For travel rewards and no annual fee, MBNA has you covered.

Best premium cash back Mastercard

Our top pick for a cash back Mastercard with premium features is the .

Earn a flat rate of 1.5% unlimited cash back for all of your purchases. Plus, earn 10% cash back in the first 3 months, on the first $2,000 in spend.

As a bonus, there's no waiting for an annual statement credit to get your rewards – you can start redeeming them once you have $1 built up.

And it doesn't stop there.

Get free roadside assistance to help get you on your way when your vehicle breaks down or you get locked out, a value of $69.

Then, get 13 types of purchase and travel protection, among the very best for not just cash back cards, but any type of credit card as well.

If you like cash back, premium perks, and insurance (of course you do), this is definitely a card to consider.

Compare Mastercard Credit Cards

How we get our rankings

How do we decide what the best Mastercard credit cards are? We take into account over 126 features of each card, broken down into 7 main categories:

Mastercard page genius rating scoring

We then take those features and put them through our algorithm, which calculates a score out of 5. And since we're talking about Mastercard credit cards, we don't give extra weight to any category, as we're interested in the best Mastercards overall.

Learn more about our Genius Rating methodology.

Best Mastercard in Canada FAQ

Which do you consider to be the best Mastercard credit card in Canada, overall?

Our top pick as the best Mastercard credit card in Canada ALSO happens to be our top choice for best AIR MILES credit card in Canada: The BMO AIR MILES World Elite Mastercard. With a rewards earn rate of 1 mile for every $10 spent, it has one of the best earn rates for any AIR MILES credit card. On top of that you get all the World Elite travel perks, and 14 types of insurance coverage. All for a lower-than-average annual fee of $120, which is currently waived for the first year.

Is there a great no fee Mastercard that has extra perks or rewards?

There is! We are big fans of the MBNA Rewards Platinum Plus Mastercard, which is our top choice for a no fee Mastercard that also offers flexible rewards. With this credit card you’ll earn 2 points per $1 spent on gas, groceries, and restaurants (up to $5,000 per year on each), and 1 point per $1 spent on all other purchases. These points can be redeemed for travel, merchandise, gift cards, or even cash back.

What’s the best choice for a cash back Mastercard credit card in Canada?

Based on the unbiased math-based algorithm we use to analyze over 126 different credit card features, the best premium cash back Mastercard in Canada is currently the BMO CashBack World Elite Mastercard. This card gives you a solid unlimited flat cash back earn rate of 1.5% on all purchases, and also has all the other World Elite perks and features. As a welcome bonus, you can also earn 10% cash back on all purchases in the first 3 months (up to $2,000 spent), and you even get your first year free. If you can qualify for this card, it’s a great option for your wallet.

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