Best Mastercard Credit Cards in Canada for 2026
The top Mastercards in Canada, ranked by 126+ data points
With impressive rewards, a solid insurance package, a reasonable annual fee, and many other attractive features, the best Mastercard in Canada is the MBNA Rewards World Elite Mastercard.
But the best Mastercard for you depends on your lifestyle and preferences. If you prefer straight cash back to points, check out the BMO CashBack World Elite Mastercard. For premium perks on Porter Airlines, your best option is the BMO VIPorter World Elite Mastercard.
| Credit card | Annual fee | Average earn rate | Types of insurance | Current welcome offer |
|---|---|---|---|---|
| MBNA Rewards World Elite Mastercard | $120 | 2.86% | 12 |  $20 GeniusCash + 30,000 bonus points (terms) |
| BMO CashBack World Elite Mastercard | $120 | 2.02% | 13 | $125 GeniusCash + Up to $480 cash back in the first year, first year free (terms) |
| BMO VIPorter World Elite Mastercard | $199 | 2.25% | 11 | $150 GeniusCash + Up to 70,000 bonus points, companion pass, first year free (terms) |
All of these cards earned their place as the best Mastercards in Canada by ranking highest in Genius Rating. This data-driven score is calculated from over 126 data points across 7 categories. Compared against every card in Canada, these cards come out on top. This guide compares the top three cards alongside other best-rated cards, such as the best Mastercard with no annual fee and the best Mastercard with no income requirements.
Key Takeaways
- The best Mastercard in Canada is the MBNA Rewards World Elite Mastercard, which offers sizeable rewards, insurance coverage, and perks for a reasonable annual fee.
- Mastercard is accepted nearly everywhere and partners with nearly every major bank.
- There are 3 tiers of Mastercard in Canada: Basic, World, and World Elite.
- World Elite Mastercards typically come with annual fees, but the Rogers Red World Elite Mastercard is a rare no-fee option.
Best Mastercard credit cards in Canada
Our Gold award for best Mastercard goes to the MBNA Rewards World Elite Mastercard, thanks to its strong rewards and comprehensive travel insurance. This card gets you 5% back on groceries, restaurant, and some recurring bills – plus a 10% bonus every year on your birthday.
Our Silver award goes to the BMO CashBack World Elite Mastercard. This card offers 5%
cash back on groceries. Plus, it has a solid insurance package, including travel accident insurance.
And our Bronze award goes to the BMO VIPorter World Elite Mastercard. This card has an impressive welcome bonus, valued at $1,050 and comes with automatic VIPorter Venture Avid Traveller status, which gets you complimentary seat selection among other perks. Keep in mind that this card earns Porter points, which can only be redeemed for flights and related services.
All of the best Mastercards in Canada are World Elite Mastercards. This means they come with extra perks, but also higher income requirements and typically charge annual fees. To give you more options, this guide also covers:
- The best no-fee Mastercard: Rogers Red World Elite Mastercard (a rare no-fee World Elite card)
- The best Mastercard with no income requirements: BMO VIPorter Mastercard
| Credit card | Annual fee | Average earn rate | Types of insurance | Current welcome bonus |
|---|---|---|---|---|
| Rogers Red World Elite Mastercard | $0 | 1.5% | 6 | None |
| BMO VIPorter Mastercard | $89 | 1.16% | 9 | $100 GeniusCash + Up to 40,000 bonus points, 35% flight discount, first year free (terms) |
Canada’s best Mastercard credit card: MBNA Rewards World Elite Mastercard
×7 Award winner 
GC: $20
7x Award winner 
The MBNA Rewards World Elite Mastercard is a consistent award winner, earning 5 MBNA Rewards points per $1 spent at restaurants, grocery stores, and select recurring bills (up to $50,000 per category per year), and 1 point per $1 spent on all other purchases. Your points are worth 1 cent each when spent on travel, but you can almost match this value at $0.99 per point on e-giftcards.
| Redemption Option | Point Value | Total Value |
|---|---|---|
| Any travel | 1 cent | $10 |
| e-Gift Cards | 0.99 cents | $10 |
| Gift Cards | 0.92 cents | $9 |
| Merchandise | 0.86 cents | $9 |
| Statement Credit/Direct Deposit (World Elite) | 0.83 cents | $8 |
| Statement Credit/Direct Deposit (Platinum Plus) | 0.5 cents | $5 |
The MBNA Rewards World Elite Mastercard also comes with the full range of Canadian Mastercard World Elite perks, which helps offset its $120 annual fee.
Silver award Mastercard credit card: BMO CashBack World Elite Mastercard
×1 Award winner GC: $125
1x Award winner 
True to its name, the BMO CashBack World Elite Mastercard earns cash back on your purchases. You can earn:
- 5% on groceries (up to $500 of spending per month)
- 4% on transit (up to $300/month)
- 3% on gas (up to $500/month)
- 2% on recurring bills (up to $500/month)
- 1% on all other purchases
You can spend the cash back you earn on your credit card statement, investment accounts, or direct deposits. Some cards only offer statement credits on limited schedules, such as once per year, so this flexibility is a great perk.
Bronze award Mastercard credit card: BMO VIPorter World Elite Mastercard
×1 Award winner GC: $150
1x Award winner 
The BMO VIPorter World Elite Mastercard is a great Mastercard to consider if you travel often and prefer to fly with Porter Airlines. Enjoy automatic Venture status (which usually takes $3,000 in qualifying Porter spend per year to earn). With Venture, you can choose your seat and check your first bag for no additional cost. Plus, you’ll get your carry-on free, even if you fly Porter Basic.
For a $199 annual fee, this card earns 3 VIPorter Rewards points per $1 spent on Porter. Each point is worth 1.5 cents, giving this card a 2.25% earn rate.
Spending $50,000 per year earns you an annual companion pass, which allows you to take someone else with you on your flight for just the taxes and fees.
This card also comes with 11 types of insurance, including travel (flight delay, baggage delay, hotel burglary) and medical coverage when travelling.
Best Mastercard credit card for no annual fee
What makes the Rogers Red World Elite Mastercard such a great credit card is that it's one of the few World Elite Mastercard offers in Canada that charges no annual fee.
Cardholders earn up to unlimited 2% cash back with at least one eligible Rogers service (including Fido and Shaw), 3% back on all USD purchases, and 1.5% back on everything else.
It also offers a unique perk: 5 Roam Like Home days at no cost each year with an eligible Rogers mobile plan.
Like the BMO CashBack World Elite Mastercard, the Rogers Red World Elite Mastercard doesn’t lock your cash back into annual payouts. You can redeem it towards any purchase made in the last 90 days – as long as you have at least $10 accumulated.
Best Mastercard credit card with no minimum income requirements
GC: $100
The BMO VIPorter Mastercard is another great option if you like flying with Porter but don’t meet the steep income requirements for a World Elite Mastercard product.
Requiring only average credit (560-659) to apply, and with no income requirements, it’s a great entry point to the VIPorter program.
You’ll get complimentary VIPorter Passport Avid Traveller status, which bumps you to the head of the line if you ever need to call for assistance or flight information.
If you spend $25,000 annually, you’ll get 35% on the base airfare of 1 flight per year – for you and up to 3 companion travellers.
Compare Canada’s top Mastercard credit cards by Genius Rating
To determine the best Mastercards available in Canada, we used our creditcardGenius algorithm to evaluate each card’s rewards, fees, approval odds, perks, insurance, interest rates, and acceptance.
This is how we broke it down to come up with a final Genius Rating:
- Rewards (31%)
- Fees (20%)
- Insurance (16%)
- Perks (16%)
- Interest (7%)
- Acceptance (5%)
- Approval (5%)
After considering 126+ data points and awarding each card a final rating out of 5, here's how the best Mastercards stack up:
×7 Award winner GC: $20 7x Award winner GC: $20
×1 Award winner GC: $125 1x Award winner ×1 Award winner GC: $150 1x Award winner 
Note: The BMO VIPorter Mastercard doesn’t make the top 10 by Genius Rating, so you won’t see it in this widget, but it’s included in this article for being the top-rated card with no income requirements.
Learn more about our Genius Rating methodology
How to choose the right Mastercard credit card
To choose the right Mastercard for you, consider the same factors that calculate a card’s Genius Rating – but think about how each one factors into your financial situation and lifestyle.
Rewards
Here’s how our top Mastercard picks compare when it comes to rewards:
| Credit card | Type of reward | Average earn rate | Highest earn category |
|---|---|---|---|
| MBNA Rewards World Elite Mastercard | MBNA Rewards | 2.86% | Restaurants, groceries, select recurring bills (5 points per $1) |
| BMO CashBack World Elite Mastercard | Flexible cash back: deposits or statement credits | 2.02% | Groceries (5%) |
| BMO VIPorter World Elite Mastercard | VIPorter points | 2.25% | Porter (3 points per $1) |
| Rogers Red World Elite Mastercard | Cash back towards purchases made in the last 90 days | 1.5% | U.S dollar purchases (3%) |
| BMO VIPorter Mastercard | VIPorter points | 1.16% | Porter (2 points per $1) |
You can redeem VIPorter points through Porter Airlines, Air Transat, or Alaska Airlines.
As the #1 Mastercard in Canada, MBNA Rewards World Elite Mastercard tops the charts for average earn rate. The Bronze winner, BMO VIPorter World Elite Mastercard, comes out on top of the Silver winner, BMO CashBack World Elite Mastercard, but keep in mind that this card earns Porter points, which can only be redeemed on flights (and related services). On the flip side, the BMO CashBack World Elite Mastercard’s cash back is exceptionally flexible – instead of waiting for your next trip, you can deposit cash back into your investment account throughout the year.
Fees
Fees are another major consideration when selecting the right Mastercard for you. The most critical fee to consider is the annual fee, which ranges from $0 to $399 for Mastercard cards, with higher fees for premium credit cards.
The BMO CashBack World Elite Mastercard charges a $120 annual fee, but its impressive rewards easily offset it. With an average earn rate of 2.02%, the card offers a huge $726 in annual value. Weigh the annual fee against the rewards to determine whether a card offers value for your typical purchases.
Also, take the time to look at a card's foreign exchange fee. If you travel often, find a card with no foreign transaction fee, as most cards (including all the cards in this guide) charge 2.5% on purchases made in another currency.
Finally, consider balance transfers and cash advances. Balance transfer fees are typically 1% to 3% of the amount transferred, while cash advance fees are about 5% of the amount advanced.
Insurance
The best Mastercard credit cards offer comprehensive insurance coverage beyond the basic extended warranty and purchase protection. Here’s how our top picks compare:
| MBNA Rewards World Elite Mastercard | BMO CashBack World Elite Mastercard | BMO VIPorter World Elite Mastercard | Rogers Red World Elite Mastercard | BMO VIPorter Mastercard | |
|---|---|---|---|---|---|
| Extended warranty | 1 year | 1 year | 1 year | 1 year | 1 year |
| Purchase protection | 90 days | 90 days | 90 days | 90 days | 90 days |
| Travel accident | $1,000,000 | $500,000 | $500,000 | N/A | $500,000 |
| Emergency medical | N/A | 8 days | 21 days | 10 days | 8 days |
| Trip cancellation | $2,000 | N/A | $1,500 | $1,000 | N/A |
| Trip interruption | N/A | $2,000 | $2,000 | $1,000 | N/A |
| Flight delay | $500 | $500 | $500 | N/A | $500 |
| Baggage delay | $500 | $500 | $500 | N/A | $500 |
| Hotel burglary | N/A | $1,000 | $1,000 | N/A | $1,000 |
| Mobile device | $1,000 | N/A | N/A | N/A | N/A |
| Rental car | Theft and damage protection, plus $200,000 in rental accident coverage and $1,000 for rental car personal effects | Theft and damage protection, plus $200,000 in rental accident coverage and $1,000 for rental car personal effects | Theft and damage protection | Theft and damage protection | Theft and damage protection |
The MBNA Rewards World Elite Mastercard also comes with a rare type of credit card insurance: price protection. Price protection insurance may sound similar to purchase protection, but it’s actually something else entirely.
While purchase protection protects you against theft or damage to your purchases, price protection helps ensure you get the best possible price. If the price of an item drops, you can make a claim for a refund.
Perks
Regardless of card level, all Mastercards have some fantastic features included:
- ID Theft Protection Program: You must opt in to this free program, which includes alerts for suspicious activity, identity monitoring, and support from identity theft resolution specialists.
- Zero Liability Protection: You are not financially responsible for unauthorized purchases on your credit card. You must report lost or stolen cards to Mastercard immediately.
- Global Service: Your card includes 24/7 emergency assistance in any language. You can get help finding an ATM, getting a cash advance, or reporting a lost or stolen card.
- Travel and Lifestyle Services: Enjoy peace of mind knowing you’re getting the best rate possible when booking hotels. You’ll also have access to concierge service, travel upgrades, and free night stays.
World Elite Mastercards offer additional perks, like concierge service and unique travel experiences.
Each of Canada’s best Mastercards comes with its own unique perks:
- MBNA Rewards World Elite Mastercard – Get up to 15,000 bonus points each year on your birthday, calculated as 10% of the points you’ve earned for the year. With points valued up to 1 cent per point, this could be an extra $150 toward your next vacation.
- BMO CashBack World Elite Mastercard – Protect your daily commute with complimentary roadside assistance. This perk has a $69 annual value, including battery boosts, flat-tire changes, lockout service, and towing.
- BMO VIPorter World Elite Mastercard – VIPorter Venture Avid status, which gives you free seat selection, baggage, and more. Plus, you can share your benefits with group bookings of up to 9 passengers.
Even no-fee cards can provide interesting perks. The Rogers Red World Elite Mastercard’s 5 free roaming cell service days, for example, provide great value if you already have a Rogers mobile plan and travel internationally.
Interest rates
As with rewards, perks, and insurance, your interest rates on a Mastercard credit card can vary significantly.
The Rogers Red World Elite Mastercard has a slightly lower purchase rate of 20.99%, but all the other cards in this guide have a rate of 21.99%.
However, Mastercard offers several options for cardholders looking for low interest rates or balance transfer rates. If this is you, check out:
Acceptance
Mastercard credit cards are widely accepted, so all of these cards rate highly for acceptance.
Approval
All of the World Elite Mastercards in this guide require a relatively high personal or household income. To be eligible, you’ll need an individual income of $80,000 or a household income of $150,000. However, the BMO VIPorter Mastercard has no income requirements.
Approval isn’t all about income, though. Credit card issuers also factor in credit score. The estimated credit score required for Canada’s best Mastercards varies:
| Credit card | Estimated credit score |
|---|---|
| MBNA Rewards World Elite Mastercard | 725 - 759 |
| BMO CashBack World Elite Mastercard | 560 - 659 |
| BMO VIPorter World Elite Mastercard | 560 - 659 |
| Rogers Red World Elite Mastercard | 760 - 900 |
| BMO VIPorter Mastercard | 560 - 659 |
Learn more:
- How to increase your credit score – Build credit back up or start from scratch
- Best secured credit cards – Explore the easiest credit cards to get approved for
Mastercard credit card tiers
Canadians have a wealth of Mastercard credit card issuers, perks, and rewards to choose from, but there are really only 3 types of Mastercard:
- Basic Mastercards: Ignore terms like "Gold," “Platinum,” and “Platinum Plus” – if the card doesn’t have “World” in its name, it’s a basic Mastercard. Basic Mastercards offer few benefits, but their annual fees and income requirements are equally low. Basic cards are universally accepted and offer essential features such as zero liability protection, so don’t overlook them as an option.
- World Mastercards: Mid-tier World Mastercards offer basic perks such as paid airport lounge access, enhanced insurance coverage, and access to exclusive offers, including Mastercard Priceless Experiences. In return, potential cardholders must demonstrate $60,000 in personal income or $100,000 in household income.
- World Elite Mastercards: World Elite Mastercards have the highest income requirements – $80,000 personal or $150,000 household – but they also have the best perks. Depending on the card, we’re talking the most comprehensive insurance coverage, airport lounge access, and concierge access. Besides the legendary World Elite Mastercard package, cardholders might enjoy discounted tickets to Cirque du Soleil and other exclusive events.
Mastercard has announced a new tier with even more benefits than World Elite: Mastercard World Legend.
Mastercard vs. Visa vs. Amex
If you’re still undecided about getting a Mastercard, it can help to compare it to Visa or American Express cards. There aren’t significant differences, but many small details set these cards apart.
We find that Visa and Amex cards cater to high spenders and world travellers, while Mastercard serves the average Canadian. This can make it easier for Canadians to qualify for a Mastercard.
Here’s a quick rundown of some other points of consideration:
- Mastercard offers more credit cards with low-income requirements and little to no annual fees.
- Mastercard is the leading payment network in Canada and the 3rd-largest in the world. If a store accepts credit, chances are it accepts Mastercard.
- Mastercard’s welcome bonuses tend to be lower than those for Visa and American Express.
- Mastercard credit cards tend to have lower average earn rates than Visa and Amex.
FAQ
What is the best Mastercard in Canada?
The MBNA Rewards World Elite Mastercard is the best Mastercard credit card in Canada, thanks to its flexible rewards, high average earn rate, generous welcome bonus, and comprehensive insurance package. The annual rewards have an estimated value of 1,029.6, easily offsetting the $120 annual fee. This card is also the best flexible rewards credit card in Canada.
What banks have Mastercard in Canada?
Most Canadian banks issue Mastercards, including BMO, RBC, Scotiabank, CIBC, TD, and National Bank, MBNA, and more. Several challenger banks offer Mastercards, including Rogers, Neo Financial, Brim Financial, and KOHO. MBNA, a credit card issuer acquired by TD, offers the #1 Mastercard in the country: the MBNA Rewards World Elite Mastercard.
Is Mastercard better than Visa?
Mastercard is a better option than Visa if you need to build credit, perform a balance transfer, earn cash back, or save money on interest rates or annual fees. That said, Visa offers credit cards with competitive luxury travel features. Overall, Mastercard and Visa are very similar, especially when it comes to acceptance at Canadian and international retailers.
Does Costco accept Mastercard?
Thanks to an exclusive deal, Mastercard is the only type of credit card accepted at Costco. However, Costco accepts Visa debit cards in-store and Visa and Mastercard online. At this time, Amex isn’t accepted. The best Mastercards for Costco are the Rogers Red World Elite Mastercard, MBNA Rewards Platinum Plus Mastercard, and Air France KLM World Elite MasterCard.
Is Mastercard accepted around the world?
Yes, Mastercard is widely accepted worldwide. Mastercard is available in over 210 countries. That said, acceptance of foreign-issued Mastercard cards may be limited in certain areas due to sanctions or financial restrictions. As well, as of 2022, Mastercard has suspended operations in Russia. The best Mastercard for travel is the MBNA Rewards World Elite Mastercard.
What is the highest level of a Mastercard credit card?
Mastercard’s highest-tier card is Mastercard World Elite, which offers exclusive benefits and rewards. Credit cards in this tier offer premium perks, including higher earning rates, luxury travel benefits, extensive insurance, and occasional special offers. However, in the future, you can expect an even higher tier available in Canada: Mastercard World Legend.
Editorial Disclaimer: The content here reflects the author's opinion alone. No bank, credit card issuer, rewards program, or other entity has reviewed, approved, or endorsed this content. For complete and updated product information please visit the product issuer's website. Our credit card scores and rankings are based on our Rating Methodology that takes into account 126+ features for each of 231 Canadian credit cards.
