Best Mastercards In Canada For October 2025
High worldwide acceptance plus high rewards.
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®.
However, it's a tough category, and many other credit cards belong on the list of top Mastercards. Here, we've categorized these cards to help you find the specific type of Mastercard that works best for you.
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 three tiers of Mastercard in Canada: Basic, World, and World Elite.
- If you don’t want a Mastercard, the closest equivalent is a Visa credit card.
The ten best Mastercards in Canada
According to our unbiased math, the best Mastercards in Canada are:
| Category | Credit card | Welcome bonus | Annual fee |
|---|---|---|---|
| Best Mastercard in Canada | MBNA Rewards World Elite® Mastercard® |  $150 GC Boost + 30,000 bonus points (terms) | $120 |
| Best Mastercard for students | BMO CashBack Mastercard for students | $20 GeniusCash + 5% cash back for the first 3 months (terms) | $0 |
| Best Air Miles Mastercard | BMO AIR MILES®† World Elite®* Mastercard®* | $150 GeniusCash + Up to 9,000 bonus miles, first year free (terms) | $120 |
| Best low rate Mastercard | MBNA True Line Mastercard | $135 GeniusCash + 0% interest on balance transfers for 12 months (terms) | $0 |
| Best cash back Mastercard | BMO CashBack® World Elite®* Mastercard®* | $150 GeniusCash + Up to $480 cash back in the first year, first year free (terms) | $120 |
| Best perks and insurance Mastercard | BMO Ascend™ World Elite®* Mastercard®* | $125 GeniusCash + Up to 90,000 100,000 bonus points, first year free (terms) | $150 |
| Best no annual fee Mastercard | Tangerine World Mastercard® | $125 GeniusCash + 10% extra cash back for the first 2 months (terms) | $0 |
| Best Mastercard for newcomers | Tangerine Money-Back Credit Card | $125 GeniusCash + 10% extra cash back for the first 2 months (terms) | $0 |
| Best business Mastercard | BMO Ascend World Elite Business Mastercard | $100 GeniusCash + Up to 70,000 100,000 bonus points (terms) | $149 |
| Best secured Mastercard | Neo Secured Credit | None | $95.88 |
1. Best Mastercard in Canada: MBNA Rewards World Elite Mastercard
×4 Award winner 
GC: $125 + $25
4x Award winner The MBNA Rewards World Elite Mastercard is a premium credit card that’s no stranger to our award lists, winning four awards in 2025 alone. The card earns 5 MBNA Rewards points per $1 spent at restaurants, groceries stores, and select recurring bills (to a maximum of $50,000 per category per year) and 1 point per $1 spent on everything else.
It’s a straightforward rewards card that gives high value rewards for travel, e-gift cards, and gift cards, although those aren’t your only options. The card also comes with the full range of Canadian Mastercard World Elite perks when you take off, which definitely offset this card’s modest $120 annual fee.
Pros:
- 12 types of included insurance coverage
- 10% bonus birthday points
- 10% off Avis and Budget rental cars
- Two high-value rewards categories: e-gift cards and travel
- Payment plans available for $100+ purchases
Cons:
- $80,000 personal or $150,000 household income required
- $50 per additional card
- No first-year fee waiver
2. Best Mastercard for students: BMO CashBack Mastercard for students
Students looking for a no annual fee Mastercard have a few options, but the BMO CashBack Mastercard for students is the best. For one thing, it has a lower credit score requirement, making it easier to qualify. It also comes with a pretty nice welcome bonus for a no fee card and a great earn rate for groceries (one of a student’s biggest spending categories) and recurring bills.
You won’t get much insurance coverage from this card, but the flexible cash back redemption options just might make up for it. You can deposit the money into a BMO chequing account, add it to a BMO Investorline account, or apply it as a statement credit to your next credit card bill.
Pros:
- 5% cash back for the first 3 months, up to $2,500 in spend
- Up to 3% cash back on purchases
- No annual fee
- Save up to 7 cents per litre at Shell
Cons:
- Only earns 0.5% cash back outside of bonus categories
- Limited insurance included
Read more: Best no annual fee credit cards
3. Best Air Miles Mastercard: BMO AIR MILES World Elite Mastercard
×1 Award winner GC: $150
1x Award winner If the Air Miles rewards program is your travel program of choice, the BMO AIR MILES World Elite Mastercard is worth checking out. You’ll earn a base rate of 1 Air Mile per $12 spent everywhere, but 2x the miles at grocery and wholesale stores and 3x the miles at participating partner retailers.
When you go to redeem those miles, you’ll get the best value with them for concert tickets, flights, and car rentals. The card also comes with an enhanced insurance package through Mastercard World Elite Benefits, so you’ll get $500,000 of travel accident insurance coverage, $200,000 of rental car accident insurance coverage, and 90 days of purchase protection insurance.
Pros:
- 25% discount on one Air Miles reward flight per year
- 14 types of included insurance coverage
- 7 cents off per litre at Shell
- Automatic Air Miles Onyx Collector status
- First-year annual fee waiver
- Mastercard World Elite benefits
Cons:
- $80,000 personal or $150,000 household income required
- Variable Air Miles rewards values
4. Best low rate Mastercard: MBNA True Line Mastercard
×2 Award winner GC: $135
2x Award winner If you’re worried about the effect credit card interest could have on your credit score, the MBNA True Line Mastercard has your back. Charging just 12.99% interest on overdue purchases, it’s not just one of the top Mastercards but our top pick for the best balance transfer and lowest interest rate credit card in Canada.
If you’re approved, you can consolidate your debt using a promotional 0% interest rate for 12 months on balance transfers completed within the first 90 days – and all for zero annual fees.
The catch? The True Line Mastercard doesn’t include insurance or earn BMO Rewards, and it charges a whopping 24.99% on cash advances.
Pros:
- 12.99% purchase interest rate
- $0 annual fee
- 0% interest for 12 months on balance transfers completed within the first 90 days
Cons:
- 24.99% cash advance interest rate
- 3% balance transfer fee
- No included insurance coverage
- No rewards
5. Best cash back Mastercard: BMO CashBack World Elite Mastercard
GC: $150
Rounding out the top five is a fabulous trio of cash back cards, starting with the BMO CashBack World Elite Mastercard. It features the highest income requirements and annual fees, but also the most insurance and rewards.
You can earn up to 5% cash back on groceries (up to $500 of spending per month), 4% on transit (up to $300/mo), 3% on gas (up to $500/mo), 2% on recurring bills (up to $500/mo), and 1% per $1 spent everywhere else.
You can spend the cash back you earn on BMO credit card statements, investment accounts, or direct deposits for a return rate of 2.05%.
BMO also has no fee options. The BMO CashBack Mastercard and BMO CashBack Mastercard for students have no annual fees, offer basic insurance, and earn cash back rewards at a lower level: up to 3% cash back on groceries, 1% cash back on recurring bills, and 0.5% cash back per $1 spent in every other category (spending caps apply). You’ll still save 7 cents per litre at Shell, too.
Pros:
- 20% off Alamo and National rental cars
- 13 types of included insurance coverage
- up to $480 cash back in the first 12 months
- 7 cents per litre off gas purchases at Shell
- 5% off Enterprise rental cars
- Cash back redemption on demand
- First year annual fee waived
- Free roadside assistance
- Mastercard World Elite benefits
Cons:
- $80,000 personal or $150,000 household income required
- $300–$500 spending cap per cash back category
- $50 per additional card
6. Best perks and insurance Mastercard: BMO Ascend World Elite Mastercard
GC: $125
The BMO Ascend World Elite Mastercard is a rewards credit card that comes with a great welcome bonus, a solid earn rate, and four lounge passes. Once you use those up, you can use your World Elite Mastercard to enter Dragonpass lounges for $32 USD per person.
Pros:
- Welcome bonus of 90,000 100,000 points
- 14 types of included insurance coverage
- Up to 5 BMO Rewards points per $1 spent
- Four complimentary passes to airport lounges within the DragonPass network
Cons:
- Requires $80,000 of personal income or $150,000 of household income
- Points are only worth about 0.67 cents each
7. Best no annual fee Mastercard: Tangerine World Mastercard
GC: $125
The Tangerine World Mastercard is one of those rare World Mastercards without an annual fee. At the World Mastercard level, you’ll enjoy Mastercard Priceless Experiences and a complimentary DragonPass membership, but you’ll have to pay $32 USD per visit.
On the Tangerine side, you’ll get an extra 10% cash back for the first two months, 2% cash back in their choice of up to three categories, and 0.5% back everywhere else. You can also transfer balances at a promotional interest rate of 1.95% for the first six months within your first 30 days.
Pros:
- Good earn rate on bonus categories
- Balance transfer promotion
- 4 types of insurance coverage
- No annual fee
Cons:
- Low standard earn rate
- High income requirements of $60,000 personal or $100,000 household
8. Best Mastercard for newcomers: Tangerine Money-Back Credit Card
×1 Award winner GC: $125
1x Award winner Take the above card, lose the World Mastercard benefits (and the high income and credit requirements), and you’ve got the perfect option for newcomers to Canada: the Tangerine Money-Back Credit Card.
Like its silver World counterpart, the orange Tangerine Money-Back card gets a bonus 10% cash back for the first two months, 2% cash back in up to three categories of your choice, and 0.5% back on all other purchases. All for zero annual fees and only $12,000 of personal income.
Pros:
- Higher earn rate on bonus categories
- No annual fee
- Low income requirements
Cons:
- Low everyday earn rate
- Only 2 types of included insurance coverage
9. Best business Mastercard: BMO Ascend World Elite Business Mastercard
×1 Award winner GC: $100
1x Award winner The best business credit cards give you plenty of incentives to invest in your business, and the BMO Ascend World Elite Business Mastercard is no exception. The rewards include 4 BMO Points per $1 spent on gas, office supplies, and phone/internet bills and 1.5 points per $1 spent on everything else – but you'll have to meet income requirements of $80,000 personal or $150,000 household.
Pros:
- 13 types of insurance
- Up to 7 cents per litre off gas purchases as Shell
- World Elite Mastercard perks
- Two complimentary airport lounge passes per year
Cons:
- Low point value of about 0.67 cents
- High annual fee of 149
- High income requirements
10. Best secured Mastercard
Secured credit cards don’t typically offer rewards or welcome bonuses. But if you have bad credit, a consumer proposal, or a bankruptcy in your past, you can’t do better than the Neo Secured Credit.
There are no income requirements or annual fees – all you have to do is provide a $50 minimum deposit to start rebuilding your credit score and earning up to 5% cash back with 12,000+ Neo Financial partners.
Pros:
- Up to 5% cash back with Neo partners
- Minimum security deposit of just $50
- Guaranteed approval
Cons:
- No insurance coverage
- No income requirements
- No annual fee
Compare Mastercards
GC: $150 ×4 Award winner GC: $125 + $25 4x Award winner GC: $125 + $25
GC: $150
×1 Award winner GC: $150 1x Award winner Awards are given out once a year but rating and rankings can shift throughout the year. The #1 card for 2025 is pinned to the top.
How we get our ratings
To determine the best Mastercards available in Canada, we used our creditcardGenius algorithm to examine each card’s rewards, fees, approval, perks, insurance, interest rates, and acceptance.
Here’s how we broke it down to come up with a final Genius Rating:
- Rewards: 31%
- Fees: 20%
- Approval: 15%
- Perks: 11%
- Insurance: 11%
- Interest: 7%
- Acceptance: 5%
Learn more about our Genius Rating methodology
What is Mastercard?
Mastercard credit cards are credit products that use the Mastercard payment network. It provides the digital framework that reads your credit card, contacts your bank, and processes payments to the stores where you shop.
Credit card issuers like your bank are the institutions that provide you with a credit card and credit to spend. Whenever you make a purchase, they pay the store, send you a credit card statement, and ask for you to pay them back. They also provide rewards and credit card insurance.
Mastercard credit card tiers
Canadians have a wealth of Mastercard credit card issuers, perks, and rewards to choose from but there are really only three 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 have few benefits and perks but their annual fees and income requirements are equally low. Basic cards are universally accepted and have essential features like zero liability protection, so don’t overlook them as an option.
- World Mastercards: Mid-tier World Mastercards include basic perks like paid airport lounge access, better insurance coverage, and access to some exclusive offers like Mastercard Priceless Experiences. In return, potential cardholders must prove they have $60,000 of personal or $100,000 of household income at their disposal.
- 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 perks and benefits
Regardless of card level, all Mastercards have some fantastic features included:
- ID Theft Protection Program: You have to opt into this free program, but it includes suspicious activity alerts, 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 are required to report lost or stolen cards immediately to Mastercard.
- 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.
Mastercard vs. Visa and 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 huge differences, but many little things set these cards apart.
We find that Visa and Amex cards tend to 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 they accept Mastercard.
- Mastercard’s welcome bonuses tend to be lower than those for Visa and American Express.
- Mastercard credit cards have lower average earn rates than Visa and Amex, with the top card offering a return rate of only 2.6%.
How to choose a Mastercard
If you need a low income, low interest, zero fees credit card – or you have bad credit – a Mastercard credit card should be at the top of your list. Ask yourself which of the following sounds most like you, to help you decide which Mastercard to select:
- You have a poor credit score, low income, or are looking for straightforward rewards programs: select a basic Mastercard.
- You use your credit card frequently and are looking to maximize rewards based on spending categories: select a World Mastercard.
- You don’t mind paying an annual fee, and you want high-end perks: choose a World Elite Mastercard.
Visa Infinite Privilege and Amex Platinum credit cards offer more luxurious travel perks and lounge access benefits, making them a must-have for frequent flyers. Mastercard doesn’t offer any Aeroplan credit cards, either, so if you’re a frequent Air Canada guest, Mastercard probably isn’t your best choice.
Key features to look for in a Mastercard
Skim through these important credit card features when narrowing down your options:
- Income requirements: You may be required to provide proof of your annual personal or household income to qualify.
- Credit score requirements: Some cards, like premium options, require you to have at least a minimum credit score.
- Annual fee: While you can find no fee cards, many higher-end cards charge an annual fee to use the card.
- Interest rates: Pay close attention to the interest charged on purchases, balance transfers, and cash advances.
- Welcome bonus: Not all cards come with a welcome bonus, but the ones that do often give you points to get started with their rewards program.
- Rewards earn rates: These are the rates at which you earn rewards or points for making purchases with the card. They may have different earn rates by category.
- Insurance package: A card might include various types of travel insurance, mobile device insurance, or purchase protection.
- Perks included: Some cards offer unique perks and benefits, such as airport lounge access, personalized discounts, or services like roadside assistance.
As with any credit card application, you can save yourself time (and a hard credit check) by carefully reading the eligibility requirements for your chosen Mastercard. The creditcardGenius quiz helps you find the best credit cards for you based on your income, credit score, and financial goals.
Should you have a Mastercard and a Visa?
If you’re worried about acceptance, don’t be! Nearly every retailer in Canada will accept both Mastercard and Visa as forms of payment. The two issuers do, however, have some distinct differences that might make holding both worthwhile.
Still, the main reason to have multiple credit cards is to maximize your rewards. This is done by getting cards that fill different roles—one may earn a lot on grocery purchases, while another earns more on travel—which can usually be achieved within a single issuer. That said, there are no downsides to having credit cards with different issuers.
FAQ
What is the best Mastercard in Canada?
Thanks to its flexible rewards, high earn rate, generous welcome bonus, and comprehensive insurance package, the MBNA Rewards World Elite Mastercard is the best Mastercard credit card in Canada. The rewards easily balance the annual fee.
What banks have Mastercard in Canada?
You won’t have any problem finding a Canadian bank that issues Mastercards. BMO, RBC, Scotiabank, CIBC, TD, and National Bank all offer them. Several challenger banks offer them too, including Rogers, Neo Financial, Brim Financial, and KOHO.
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 features.
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, as well as Visa and Mastercards online. At this time, Amex isn’t accepted.
Is Mastercard accepted around the world?
Yes, Mastercard is widely accepted around the world. That said, foreign-issued Mastercard acceptance may be limited in certain areas due to sanctions or financial restrictions, such as Russia, Sudan, and even some places in Cuba.
What is the highest level of a Mastercard credit card?
Mastercard’s highest tier is the 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.
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 229 Canadian credit cards.
