The two largest credit card payment networks in the world are Visa and Mastercard. You'll find both options available from most issuers, and comparing the two can feel like splitting hairs. Overall, though, Mastercards are more valuable for Canadians than Visas.
Mastercard has better acceptance across Canada, and it has the bonus of a partnership with Costco. The best Mastercards cover a variety of categories, including excellent cash back options, but there are many Visas with excellent points-earning potential too.
We've researched and compared these payment networks, and the information in the article below should tell you everything you need to know about their similarities and unique differences.
Key Takeaways
- Visa and Mastercard are credit networks that enable users to pay with credit at participating stores, but they don’t issue credit cards themselves.
- Visa credit cards generally offer more valuable points programs and travel benefits.
- Mastercard credit cards generally offer better cash back rewards and more types of insurance.
- High spenders should consider a Visa credit card, but the majority of Canadians will get more use out of Mastercard.
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The differences between Visa and Mastercard
If using your credit card was like driving a car, Visa and Mastercard would build and maintain the roads that took you to your favorite stores. In other words: your choice payment network determines where you can use your credit card and what benefits you receive.
In general, Visa credit cards are better for high-spenders and international jet-setters who like to travel in style.
Visa pros:
- Accepted at more places worldwide
- Bigger welcome bonuses, with an average value of $86
- High point values
- Premium cards include luxurious and exclusive travel, hotel, and dining benefits
- Up to 11 types of insurance coverage on the Scotiabank Passport Visa Infinite Card
- 5 Visa tiers: Classic, Gold, Platinum, Signature, Infinite, Infinite Privilege
Visa cons:
- Not accepted at Costco
- Premium cards have high annual fees
- Premium cards have high income requirements
- Standard cards have low average benefit values
Mastercard credit cards offer more benefits for the average Canadian, including higher acceptance, lower fees, and lower interest rates.
Mastercard pros:
- Accepted at more places in Canada, including Costco
- More choices for low-fee, no fee, and low-interest credit cards
- Lower interest rates, especially on balance transfers
- More and better cash back credit cards
- Premium cards include travel, shopping, and dining benefits
- 4 Mastercard tiers: Titanium, Platinum, World, World Elite
Mastercard cons:
- Smaller welcome bonuses
- Points are less valuable
Similarities between Visa and Mastercard
Standard Visa and Mastercard credit cards have more similarities than differences. It’s rare to find a retailer that won’t accept one or the other, and premium levels include travel, shopping, and concierge benefits.
You’ll also enjoy similar core protections and benefits with both networks, including:
- Zero liability for unauthorized or fraudulent purchases
- 24/7 emergency assistance in multiple languages
- Lost/stolen credit card, emergency replacement, and emergency cash advance services
- Emergency medical insurance
- Extended warranty coverage
- Purchase protection coverage
- Rental car theft and damage insurance
- Travel accident coverage
What issuers offer Visa vs. Mastercard?
Your credit card issuer is the institution that puts a credit card into your hands. They manage approvals, accounts, and billing; rewards, points, and insurance; and mail you a physical card.
Banks, stores, and credit unions can all issue credit cards in Canada. You can find cards from major subsidiaries like Simplii Financial and Tangerine, as well as stores like Loblaws and Walmart.
Here’s a round-up of your options in Canada:
| Issuer | Visa | Mastercard | Benefits |
|---|---|---|---|
| BMO | Yes | Yes | * Includes some of the best insurance packages * Owns the Air Miles retail program |
| CIBC | Yes | Yes | * Issues cash back, flexible rewards, and Aeroplan credit cards * Official issuer of the CIBC Costco Mastercard |
| MBNA | No | Yes | * Issues the best low-interest credit cards |
| RBC | Yes | Yes | * Issues a wide range of credit cards * Partners with Petro-Canada |
| Scotiabank | Yes | Yes | * Issues at least 1 card on all 3 networks * Co-owner of the retail rewards program Scene+ |
| TD | Yes | No | * Issues Aeroplan, flex rewards, and cash back cards |
The 3 best Mastercards
The best Mastercard credit cards in Canada show off the network’s greatest strengths: generous cash back rewards, below-average interest rates, and big store savings.
MBNA Rewards World Elite Mastercard
×4 Award winner 
$150 GC Boost + Up to 30,000 bonus points + birthday bonus worth up to 15k points.*
GC: $125 + $25
4x Award winner The MBNA Rewards World Elite Mastercard boasts the best of network benefits, including premium travel, lifestyle, and insurance perks, plus concierge assistance. You’ll also enjoy valuable points and flight credits through MBNA.
Who it’s for: foodies, world travelers, and people who love flexible rewards
- Up to 30,000 welcome bonus points
- Up to 5 points per $1 spent on general purchases
- Get an extra 10% bonus points on your birthday
- Includes 12 types of insurance coverage
BMO CashBack World Elite Mastercard
GC: $150
At the World Elite Mastercard level, you get premium travel, shopping, and insurance benefits, plus a generous cash back scheme courtesy of BMO.
Who it’s for: big spenders, roadtrippers, BMO customers, and people who want shopping rewards
- Up to 5% cash back on your purchases
- Cashback rewards on demand
- Includes 13 types of insurance coverage
- Includes roadside assistance
National Bank World Elite Mastercard
Maximize your enjoyment of Mastercard’s World Elite travel perks with up to 5 points for every $1 of purchases and a maximum $150 rebate on travel fees.
Who it’s for: modest spenders, young travellers, and electric vehicle owners
- Up to 5 points per $1 of spending (up to $2,500 per month)
- Annual $150 credit on travel fees such as airport parking, baggage, seat selections, and seat upgrades
- Includes 10 types of insurance coverage
The 3 best Visa cards
The best Visa credit cards in Canada make a compelling case for choosing the world’s number one network, including luxurious benefits, high-value points programs, and great travel rewards.
RBC Avion Visa Infinite
×1 Award winner GC: $100
1x Award winner Get up to $566 on flight credits so you can enjoy Visa’s highest-level travel perks, including a 24/7 digital concierge, hotel benefits, and exclusive dining and event rewards.
Who it’s for: Petro-Canada, RBC, Hudson’s Bay, and WestJet customers
- Up to 55,000 points
- Up to 2.33 cents value per point
- Save 3 cents per litre at Petro-Canada
- Includes 12 types of insurance coverage
TD Aeroplan Visa Infinite Card
The TD Aeroplan Visa Infinite Card offers lots of Air Canada-specific perks, great insurance coverage, and a high earn rate on gas and groceries for a reasonable annual fee.
Who it’s for: Air Canada flyers and people who spend a lot on gas and groceries
- Up to 45,000 bonus Aeroplan points
- Up to 1.5 points per $1 spent
- Free checked bags on Air Canada
- Includes 12 types of insurance coverage
TD First Class Travel Visa Infinite Card
GC: $25
At the Infinite level, you’ll enjoy access to the Visa Infinite Luxury Hotel Collection and Dining Series, plus the chance to save even more with TD’s Aeroplan travel rewards program.
Who it’s for: foodies, luxury travellers, and people who like browsing flight deals on Expedia.ca
- Up to 165,000 bonus points
- Up to 8 points per $1 spent
- Annual $100 travel credit
- Includes 12 types of insurance coverage
Which network do you prefer?
Mastercard may offer some great cash back programs, but we’d jump at the chance to live the high life on Visa’s Infinite travel benefits.
Which one do you have, and would you say the rewards are worthy of the two biggest credit networks in Canada? Let us know in the comments.
FAQ
Is it better to use Visa than Mastercard in Canada?
Mastercard is accepted in more places in Canada, but it’s rare to come across a store that won’t accept Visa.
Is Visa or Mastercard more widely accepted around the world?
While both Visa and Mastercard are accepted in over 200 countries around the world, Visa does more business. It led the world’s total number of credit transactions in 2023, handling over $6.445 trillion worth of transactions compared to Mastercard’s $2.727 billion.
Is Mastercard safer than Visa?
As major credit network providers, Mastercard and Visa offer world-class security and a similar number of anti-fraud measures, including zero liability for unauthorized purchases and 24/7 lost/stolen card reporting.
Why doesn’t Costco accept Visa credit cards?
Mastercard has a longstanding agreement with Costco to provide exclusive payment network services. As of September 2021, CIBC has acquired the exclusive right to issue the Costco Mastercard credit card in Canada.
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