Best Mastercard credit card in Canada for 2020 award seal

While most of the big 5 banks issue Visa cards (except for BMO), 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 credit card 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®*Up to 3,000 miles, first year free (terms)
Best airline rewards MastercardAlaska Airlines Platinum Plus® Mastercard®20,000 miles (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®*5% cash back for the first 3 months (terms)

Review all 10 top Mastercards here.

Best Mastercard credit card

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

It starts by giving you a sign-up bonus of up to 3,000 AIR MILES – 1,000 after you make your first purchase, and another 2,000 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 of the sundae? You'll get a 15% discount on the number of miles needed 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 airline rewards Mastercard

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 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 no fee flexible rewards Mastercard

Want 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 quick. 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 that offers premium features is the .

Earn a flat rate of 1.5% cash back for all of your purchases. Plus, earn 5% 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 – start redeeming once you have $50 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.

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