Find the best Mastercard credit cards without impacting your credit score

Best overall and cash back Mastercard

Ratehub.ca's take

If you’re looking for the best cash back Mastercard on the market right now, you’d be hard-pressed to find a better deal than the BMO Cash Back World Elite. 

Cardholders will get an industry-leading 5% back on groceries, then 3% back on gas (including electric vehicle charging), 4% on transit and 2% on recurring bills. That’s a whole lot of value on one card. Plus, the annual fee of $120 is quite reasonable for a card with this much earning potential.

It’s also surprisingly flexible: there’s no limit to how much cash back you can earn, you’ll be able to redeem for as little as a dollar at a time, and you can spend your rewards on your statement, deposit it in a BMO bank account, or use it towards stock trading at BMO InvestorLine.

Extra perks on the card also include complimentary roadside assistance and eight-day out-of-province/out-of-country emergency medical benefits up to two million dollars.

Pros

• Welcome offer - earn up to 10% cash back in your first three months and have the $120 annual fee waived in the first year.
• Earn 5% on groceries, 4% on transit, 3% on gas (including electric vehicle charging), 2% on recurring bills, and 1% on all other purchases
• No limit on how much you can earn
• Redeem for as little as a dollar at a time
• Redemption flexibility: statement credit, BMO chequing/savings account, InvestorLine

Cons

• Personal income requirement of $80,000 can be prohibitive to some users
• $50 charge for any additional cardholders

Ratehub.ca's take

If you’re looking for a great all-around cash back card with no annual fee, the Tangerine Money-Back Mastercard might just be the perfect fit. With this card, you’ll earn an unlimited 2% cash back in two spending categories of your choice (there are a total of 10 categories to pick from, including everything from groceries, restaurants, gas, and more), and 0.5% on all other purchases. Plus, if you opt to have your cash back rewards deposited into a Tangerine Savings Account, you’ll get a third category earning 2% cash back (making opening a savings account with the online bank a no brainer). 

In sharp contrast to the Tangerine Money-Back Card, most other no fee rewards cards from Mastercard (or Visa) either offer only two bonus categories, earn up to a maximum 1%, or have rewards caps that can put a ceiling on how much cash back or points you can collect.

The flexibility to pick your own bonus categories - to match your particular spending habits - is a standout feature and isn’t offered by any other credit card in Canada. Better yet, Tangerine lets you change your chosen bonus categories at any time (though, it can take one statement period for the changes to come into effect).

Unlike most other cash back cards, which only let you redeem your cash back once every year, the Tangerine Money-Back Card will deposit your rewards every month. That means you can start taking advantage of your rewards that much sooner.

Plus, if you earn an income of at least $60,000 (or $100,000 as a household), you could be eligible for the higher-tier Tangerine World Mastercard, which comes with additional perks including rental car coverage and mobile device insurance.

Pros

• No annual fee
• 2% cash back on purchases in up to three spending categories of your choice gives you unprecedented flexibility to customize your rewards
• Excellent welcome bonus - earn an extra 10% back on up to $1,000 in everyday purchases within the first 2 months. Must apply by May 2, 2023.
• No limit on amount of rewards you can earn, allowing you to rack up huge savings
• Minimum income requirement of $12,000 makes this card incredibly accessible for most users

Cons

• 0.5% cash back rate on everything else is quite low
• Other cards offer more than 2% cash back on specific spending categories, so if you rank value over flexibility, you may be better off with those
• Not a ton of extra perks

Ratehub.ca's take

HSBC has a no foreign transaction fee credit card: the HSBC World Elite Mastercard with a $149 annual fee and individual annual income requirements of $80,000. With the welcome bonus, you can earn up to $649 in total value* for the first year! Must apply by May 31, 2023. Conditions apply. In terms of rewards, you can pocket up to 3% in points for every dollar you spend on eligible travel purchases. This card also includes great travel insurance benefits. A drawback of the card, however, is their redemption structure as you’ll need to rack up 25,000 points before you can start redeeming for travel rewards.

Ratehub.ca's take

With the PC Financial World Elite, you’ll earn 30 PC Optimum points (the equivalent of 3% in store credit) at Loblaws-owned grocery stores. While that obviously includes Loblaws chains, it also includes several other locations - from No Frills and Fortinos to Real Canadian Superstores, and more. Unfortunately, if you use the card at groceries where PC products aren’t sold, like Metro or Longo's, you’ll earn a basic 10 points (1%) per dollar.

The PC World Elite also takes the cake as the best credit card to use when shopping for essentials at pharmacies, as it earns 45 PC points (the equivalent of 4.5%) at any of the over 1,300 Shoppers Drug Mart locations across Canada. That’s a huge perk considering Shoppers’ large product offering - which includes everything from health and beauty products to electronics and household items. You’ll also pocket 30 PC Points per dollar when filling up the pump at over 2,000 Esso and Mobil gas stations, and 10 PC Optimum points everywhere else.

Sadly, the card comes with a limitation common to all store credit cards: you can only redeem your points at select PC stores. Luckily, since PC is associated with Loblaws, that includes over 2,500 retailers that carry PC products (one of which is bound to be near you) including Loblaws and Shoppers Drug Mart. PC points can be redeemed in increments of 10,000, which is the equivalent of $10 (or 10 points for 1 cent in store credit).

And if you don’t meet the PC World Elite’s $80,000 or $150,000 income requirement (or spend at least $15,000 on the card annually that's required to maintain your eligibility), you still have options. You’ll automatically be considered for PC Financial's other no-fee cards (the mid-tier PC World and entry-level PC Mastercard) which have lower income requirements and slightly lower earn rates but are still great rewards cards nonetheless.

Pros

• No annual fee
• 45 PC Optimum Points per $1 at Shoppers Drug Mart and 30 PC Optimum Points per $1 at Loblaws banner stores (including No Frills, Real Canadian Superstore, Fortinos, and more, making it incredibly lucrative for loyal Loblaws customers
• Comes with travel emergency medical and car rental insurance

Cons

• Users only earn 10 PC Optimum points per $1 on outside purchases, making the card not particularly useful unless used at Loblaws-owned retailers
• Point redemption is only possible at select PC stores
• Income requirement of $80,000 (or $150,000 per household) may be prohibitive to certain users, but PC does offer lower-tier cards
• Points can only be redeemed in increments of 10,000 ($10 cash)

Ratehub.ca's take

In exchange for a nominal $39 annual fee, the MBNA True Line Gold Mastercard carries the lowest fixed interest rate of any credit card in Canada at 8.99%. No other credit card in the country, from either Visa, Mastercard, or American Express, has a fixed APR below the True Line Gold. Best of all, your interest rate won’t change regardless of your credit rating or the bank’s prime lending rate.

While you’re not getting a lot of perks and benefits with this card, its ultra-low interest rate is the star of the show here. Those looking to keep a balance on their card from month to month would be wise to choose this one.

Pros

• Incredibly low $39 annual fee
• Lowest purchase interest rate of any card on the market: 8.99%
• Fraud protection
• Add up to 9 users with no extra fees

Cons

• Not a lot of extra perks and benefits
• Much higher 24.99% interest rate on cash advances

Ratehub.ca's take

If the MBNA True Line Gold’s annual fee is the one thing keeping you from signing up, you may be interested in its lower-tier sibling, the MBNA True Line Mastercard. 

Offering no annual fee (as opposed to the True Line Gold’s $39 yearly charge), the MBNA True Line’s interest rate is set a bit higher at 12.99%, but that’s still drastically lower than nearly any other credit card on the market. For the best of both worlds, you may want to consider it.

Ratehub.ca's take

The BMO Ascend World Elite Mastercard is one of the best travel credit cards in Canada, period.

With this card, you can quickly rack up points on your everyday spending, as you’ll earn 5 BMO points for every $1 you spend on travel, 3 points per dollar on entertainment, restaurants, and recurring bills, and 1 BMO point for everything else. It also currently offers a welcome bonus of up to 60,000 points with the card’s $150 annual fee waived for the first year.

What really makes this card so appealing, however, is its top-notch travel perks. It comes with a complimentary membership in Mastercard Travel Pass provided by DragonPass along four annual complimentary passes. You’ll also be covered whenever you travel thanks to the card’s out-of-province insurance, which includes protection in the case of medical emergencies, trip delays and interruptions, lost baggage, and more.

Another great aspect of this card is its flexibility: BMO points can be used to book flights from the airline of your choice - without having to worry about blackout dates or seat restrictions. You can also use your points for other travel-related redemptions like hotels, cruises, and even vacation packages (along with their associated taxes) directly from the BMO in-house travel agency.

Pros

• 5 BMO Rewards points per dollar on travel, 3 points per dollar on dining, entertainment, and recurring bills, and 1 point per dollar on everything else
• Welcome bonus - earn up to 70,000 points and the annual fee waived in the first year for both the primary cardholder and authorized users.
• VIP lounge access with the included membership in Mastercard Travel Pass provided by DragonPass, with four annual complimentary passes
• Comprehensive travel insurance package
• Lots of flexibility: points can be used with any airline (no blackout dates or seat restrictions) or hotels, cruises, vacation packages from BMO in-house travel agency

Cons

• Personal income requirement of $80,000 could be prohibitive to some users
• Annual fee of $150 is slightly higher than average

Ratehub.ca's take

While a no fee travel card may not boast as impressive of an insurance package or the same perks offered by one with an annual fee, with the right card, you could still amass an impressive amount of travel points. Enter the MBNA Rewards Platinum Plus Mastercard.

This no annual fee card earns new cardholders four points per dollar on eligible restaurant, grocery, digital media, membership, and household utility purchases during the first 90 days, then two points per dollar on those same categories thereafter. That’s an impressive earn rate for a no fee card, even when considering there’s a $5,000 annual cap on each bonus category. For everything else, you’ll earn one point per dollar. Plus, if you make $500 in purchases on the card and enroll to receive e-statements within the first 90 days of opening your account, you’ll earn 10,000 bonus points ($100 travel rewards). That’s an impressive welcome offer for a no fee card.

You can redeem points flexibly for flights on virtually any airline, including for the cost of applicable taxes and fees. There are a few caveats however: you’ll need to use a minimum of 10,000 points per redemption and MBNA doesn’t offer price matching on flights.

Pros

• No annual fee
• Welcome offer - earn 5,000 bonus points ($25 in cash back value) after you make $500 or more in eligible purchases within the first 90 days of your account opening.
• Lots of flexibility: redeem points on virtually any airline 

Cons

• Can only redeem points in increments of 10,000
• No price matching on flights 

Ratehub.ca's take

The National Bank World Elite makes it on our list as the best Mastercard for travel insurance due to its great welcome offer, extensive coverage period, and favourable terms for seniors.

This card also provides out-of-province medical coverage for up to 60 consecutive days for those under 55 years old. That's almost three times longer than the standard 21-day coverage period offered by most other travel cards.

Additionally, while most travel cards skimp on coverage for seniors, this card doesn’t. National Bank World Elite cardholders between 65 and 75 years old receive complimentary travel insurance for up to 15 days versus the four days of coverage typically offered to seniors. It's worth highlighting that eligibility may be impacted in the case the cardholder has pre-existing health conditions, so you’ll want to read up on the card’s terms and contact the card’s insurance provider to be fully in the know of any possible exclusions and limitations.

In addition to the insurance benefits, the card also offers up to five points per dollar on eligible groceries and restaurants and two points per dollar on eligible gas and electric vehicle charging purchases, recurring bill payments and a la carte travel purchases.

The card also carries some travel benefits: cardholders can get up to $150 each year in refunds for travel expenses on airport parking, seat selection, check-in fees, airline ticket upgrades and access to airport lounges worldwide, plus free and unlimited access along with one guest to the National Bank World MasterCard Lounge at Montréal-Trudeau airport.

Pros

• Extensively thorough travel insurance package (including better insurance for seniors than most other cards)
• Earn up to five points per dollar on eligible grocery and restaurant purchases, and two points per dollar on eligible gas and electric vehicle charging purchases, recurring bill payments and a la carte travel purchases
• Up to $150 each year in refunds for travel expenses on airport parking, seat selection, check-in fees, airline ticket upgrades and access to airport lounges worldwide
• Free and unlimited access along with one guest to the National Bank World Mastercard Lounge at Montréal-Trudeau airport
• Welcome bonus - earn 70,000 rewards points ($560 value).
• $250 refund for travel expenses

Cons

• $150 annual fee is slightly higher than average for a card of this type
• Complimentary lounge access only applies to Montreal airport
• Annual income requirement of $80,00 is quite high and could be prohibitive to some users

Ratehub.ca's take

While the BMO Preferred Rate Mastercard may not have the lowest promotional interest rate for balance transfers on the market, its window of nine months is considerably longer than average. Plus, with a regular purchase interest rate of 12.99%, its standard rate is still much lower than other balance transfer cards after the promotional period ends. That's a big comfort if you're worried about not being able to pay off all your debt on time.

In addition to the excellent balance transfer offer and standard interest rate, this card also features some basic security benefits such as extended warranty and purchase protection.

You won’t earn any rewards with the BMO Preferred Rate Mastercard, but that’s not really the card’s purpose. If you’re looking for a solid balance transfer card with an excellent promotional offer, you’ve found one here.

Pros

• $20 annual fee is incredibly reasonable
• Welcome offer - Receive a 0.99% introductory interest rate on balance transfers for nine months with a 2% transfer fee, and get an annual-fee rebate for the first year (a $20 value).

Cons

• There are cards with lower introductory and regular interest rates on the market
• No rewards to earn as it’s primary use is for balance transfers

World Elite program

The World Elite Mastercard program offers a wide range of benefits to enhance the cardholder experience. But the selection of features will vary by individual card and issuers. Therefore, it’s important to compare different World Elite Mastercards prior to choosing the one that’s best for you.

First, a World Elite Mastercard may include both personal assistance and personal protection benefits. This includes concierge services and zero liability protection. Any time you need assistance, whether it’s booking a reservation or buying and delivering gifts, you can rely on the exclusive concierge services provided by the World Elite program. 

Your World Elite Mastercard may also include shopping protection, including extended warranty insurance, price protection insurance, and purchase assurance. Your protection does not stop there, as the World Elite program also tends to offer top-of-the-line hotel/motel burglary insurance, lost baggage insurance, travel accident insurance, and trip cancellation insurance. This added protection is sure to decrease your worries while you’re travelling.

Two additional perks found on several World Elite Mastercards include airport lounge access provided through Mastercard Airport Experiences by Loungekey that encompasses over 1,000 lounges worldwide as well as with Mastercard global travel assistance service. This will increase your comfort while travelling and ensure you’re able to get emergency assistance virtually anytime, anywhere, and in any language.

Mastercard credit card partnerships

Some of Mastercard’s current credit card partnerships include:

Air Miles

BMO and Mastercard offer two personal Air Miles credit cards together: the BMO Air Miles Mastercard and the BMO Air Miles World Elite Mastercard. The first has no annual fee and earns 1 Mile/$25, while the latter has a $120 annual fees and earns reward faster with 1 Mile/$10. Both cards let you rack up additional Miles when shopping at Air Miles partner retailers or from the online airmilesshop.ca e-store.

Harley Davidson

The Harley Davidson Mastercard lets you earn 1 Harley Davidson Genuine Rewards point for every $2 you spend on your card.

PC Financial

The newly-merged PC Optimum program offers 3 no fee credit cards: the PC Financial Mastercard that lets you earn 25 points for every $1 spent at Shoppers Drug Mart, 10 points per $1 spent anywhere else and 20 points per litre at Esso; the PC Financial World Mastercard that offers 30 points per dollar at Shoppers Drug Mart, 20 points at eligible locations where President's Choice products are sold and 10 points per dollar on all other purchases; and the premium PC Financial World Elite that offers 45 points per dollar at Shoppers Drug Mart, 30 points at eligible PC locations and 10 points on all other purchases.

Walmart

Walmart offers two Mastercard credit cards. The Walmart Rewards Mastercard comes with a welcome bonus of up to $25 Walmart Rewards Dollars, which can be used in stores, and lets you earn 1.25% of your purchase in Walmart Rewards when you shop at Walmart and 1.00% when you shop anywhere else. The higher-tier Walmart Rewards World Mastercard earns up to 3% on online purchases from Walmart.ca; 1.25% at Walmart stores and all gas stations; and 1% everywhere else. The. Walmart Rewards World has a household income requirement of $100,000.

WestJet

RBC and WestJet partnered with Mastercard to offer two rewards credit cards for their frequent flyers. The WestJet RBC Mastercard is the more basic of the two, as it comes with a lower annual fee and a smaller welcome bonus. The WestJet RBC World Elite Mastercard, however, has a higher annual fee but also comes with up to $399 in savings in the form of an annual companion ticket.

Hudson’s Bay Company

A new Hudson’s Bay Mastercard (from Neo Financial) lets you earn double the Hudson’s Bay Rewards points on every $1 spent at the Hudson’s Bay and cash back at select retailers partnered with Neo.

Remember that all of these credit cards will be issued by a bank, credit union or retailer – not by Mastercard itself. As well, some of these credit cards may help you earn points specific to a bank’s own branded rewards program, of which there are too many to list here.

Mastercard Click to Pay

Formerly known as MasterPass, the new Mastercard Click to Pay program is a digital checkout option that allows Mastercard users to pay for items and services online with the single click of an icon.

Instead of having to remember login information for specific retail accounts or manually inputting your credit card information as a guest, simply look for the symbol that signifies Mastercard Click to Pay, then select from your saved cards the particular one you’d like to use for the purchase.

The program uses multiple layers of intelligent security such as device protection and fraud recognition to guard against misuse, ensuring your information is kept safe.

Mastercard Priceless Cities

Available exclusively to Mastercard users, the Priceless program offers cardholders the ability to have unique in-person and virtual experiences and discounts on activities and shows in cities all over the world, ranging from cooking classes and concerts to sporting events and virtual seminars