The best Mastercard credit cards in Canada for 2025
May 16, 2025
Explore the best variety of Mastercard credit cards, tailored to meet your unique needs. Compare, choose, and apply today for a card that matches your purchasing habits.
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Compare Canada’s best Mastercard credit cards
The best Mastercards in Canada for 2025
Mastercard is the second most popular credit card company in Canada. It's also the most widely accepted. From big-box retailers, like Costco, to smaller mom-and-pop shops and corner stores, Mastercard is accepted at a number of retailers where swiping a Visa or American Express credit card just won't cut it.
Mastercards are issued in three tiers: World Elite (typically, premium rewards credit cards), World (mid-level rewards cards), and Standard Mastercards (basic no fee, or low interest cards).
Below, we break down our picks of the best Mastercard credit cards in Canada based on card type and spending preferences.
Best overall and cash back Mastercard
Best for Everyday spending
based on spending $2,200/mo after $120 annual fee
- Earn rewards
1% – 10% / dollar spent
- Annual fee
$120 $0 first year waived
Perks of the BMO CashBack® World Elite®* MasterCard®*
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| Waived foreign transaction fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | Up to $5,000,000 per person (under 65) | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | MSRP up to $65,000 for 48 days | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Up to $500 per occurrence | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Up to $1,000 per occurrence | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Up to $1,000 per occurrence | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | 90 days | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | One additional year | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Welcome offer: Get up to 10% cash back in your first 3 months and earn an additional $75 cash back bonus when you spend $25,000 in your first year. Plus, we’ll waive the $120 annual fee in the first year*
- Earn more cash back on the categories that mean the most:
– 5% on groceries*
– 4% on transit including ride sharing, taxis and public transportation*
– 3% on gas and electric vehicle charging*
– 2% on recurring bill payments like your monthly phone bill or favourite streaming service*
– 1% unlimited cashback on all other purchases* - Get the highest cash back earn rate on groceries in Canada.*
- Get valuable benefits and offers for digital everyday services from a variety of on-demand apps and subscription services
- Extended Warranty Plus*
- Purchase ProtectionPlus*
- Complimentary membership in Mastercard Airport Experiences provided by LoungeKey*
- Access over 1 million Wi-Fi hotspots around the world – all at no added cost, and no added fees or roaming charges*
- Complimentary Roadside Assistance Program*
- BMO CashBack World Elite Travel and Medical Protection*
- Unlock Mastercard Travel Rewards cashback offers when you travel and shop outside of Canada
- Cash Advance & Balance Transfer Interest: 21.99% for Quebec residents
- The offer may vary in Quebec
- BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information
Ratehub’s take
The BMO Cashback World Elite Mastercard is a great pick if you want easily accessible and unlimited cash back rewards. The card does come with some extra features, too, which are not usually typical for cash back credit cards, although they are not the most competitive perks on the market.
Pros
- Access cash back at any time: Unlike some other cards which require you to redeem only once per year or set a higher minimum redemption, this card allows you to redeem cashback rewards at any time at a minimum of $1
- Strong earn rates: The 5% cash back on groceries is one of the highest in the market
- Unlimited cash back: 1% cash back on all purchases is not subject to any limits or maximums like with other cards
Cons
- Bonus rewards are limited: For bonus categories including groceries, transit and bill payments, you can only earn rewards on the first $300-$500 spent each month, then you’ll earn at the base rate (1%)
- Insurance package: The travel medical coverage only applies for the first 8 days of your trip, which isn’t the most competitive package on the market, plus, the card doesn’t include mobile device insurance
Eligibility requirements
Minimum credit score: 760
Minimum income: $80,000/yr
Interest rates
Purchase interest: 21.99%
Cash advance: 23.99%
Balance transfer: 23.99%
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, purchase protection and extended warranty, and eight-day out-of-province/out-of-country emergency medical benefits of up to five million dollars.
Best no-fee cash back Mastercard
Best for Flexible spending
based on spending $2,200/mo after $0 annual fee
- Earn rewards
0.5% – 10% / dollar spent
- Welcome bonus
$100
- Annual fee
$0
Perks of the Tangerine Money-Back Credit Card
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| Waived foreign transaction fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | Not included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | Not included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Not included | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Not included | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Ratehub.ca’s 2023 Award Winner – Best No Fee Cash Back Credit Card
- Feel your stress melt away with a low promotional interest rate on transferred credit card balances.
- Transfer your balance from another credit card to a Tangerine Money-Back Credit Card and pay an interest rate of only 1.95% on the transferred balance for the first 6 months (22.95% after that.)
- A Balance Transfer Fee of 1% on the amount transferred will apply. Conditions apply.†
- Offer ends: August 31. 2025
- Rack up Money-Back Rewards and pay no annual fee with Tangerine’s Money-Back Credit Card. Earn unlimited 2% cash back in 2 categories of your choice*, like gas, groceries and bills, so you can earn the most wherever you spend the most. Plus, unlock a third 2% category when you have your Rewards deposited automatically into a Tangerine Savings Account. *Conditions apply.
- Spend confidently with the Tangerine Money-Back Credit Card. Have peace of mind knowing you’re covered with Purchase Assurance and Extended Warranty** of up to $60,000 (lifetime maximum).
Ratehub’s take
While the Tangerine Money-Back Credit Card is a no annual fee card, what really sets it apart is the ability to customize your rewards. With this card, you can choose your own bonus categories (which will earn you a strong cash back rate of 2% per dollar spent). This is rare in the credit card market and means you can avoid being locked into a bonus category that you can’t take full advantage of, or that doesn’t align with your spending habits.
Pros
- Customizable bonus categories: Flexibility to pick up to three bonus categories to earn 2% cash back on (out of a total of 10 options), which is in sharp contrast to most other cards where you have fixed bonus categories that you have no control over. Users are also given the freedom to change the bonus categories at any time (changes will take up to 90 days to come into effect)
- High cash back earning rate: 2% cash back per dollar on bonus categories is one of the richest earn rates for a no-fee card, plus your rewards are unlimited and don’t have monthly or annual maximums
- Wide acceptance: Widely accepted almost everywhere including No Frills and Costco
- Additional cards at no cost: Free supplementary cards for authorized users
- Frequent cash back reimbursement: Cash back is refunded on a monthly basis, instead of the standard annual reimbursement
Cons
- Limited cash back for non-bonus categories: For all purchases that aren’t categorized under one of your chosen bonus categories, you’ll earn just 0.5% cash back
- Limited travel insurance and perks: No travel medical insurance or any substantial side perks
Eligibility requirements
Minimum credit score: 660
Minimum income: $12,000/yr
Interest rates
Purchase interest: 20.95%
Cash advance: 22.95%
Balance transfer: 22.95%
Ratehub.ca’s take
If you’re looking for a great all-around cash back card with no annual fee, the Tangerine Money-Back Credit Card 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.
Best Mastercard for groceries
based on spending $2,200/mo after $0 annual fee
- Earn rewards
10pts – 45pts / dollar spent
- Welcome bonus
20,000 points (a $20 value)
- Annual fee
$0
Perks of the PC® World Elite Mastercard®
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| Waived foreign transaction fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | For trips up to 10 days from date of departure, for those under age 65. | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | Collision damage and theft protection for your car rental needs. | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | In the event of theft, loss or damage in the first 90 days when you pay in full with your PC Financial Mastercard credit card. | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Doubles the manufacturer's regular warranty for up to an additional year on items purchased with your PC Financial Mastercard credit card. | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Award-winning, no annual fee rewards credit card
- Get up to $750 in PC Optimum™ points every year (for illustrative purposes only; results may vary.)
- Earn at least 3 cents per litre in PC Optimum™ points on gas at Esso™ and Mobil™ stations
- Earn 45 PC Optimum™ points per $1 spent at Shoppers Drug Mart® stores
- Earn 30 PC Optimum™ points for every $1 spent at Loblaw affiliated grocery stores
- Earn 30 PC Optimum™ points for every $1 spent at Joe Fresh® stores
- Earn 10 PC Optimum™ points for every $1 spent everywhere else you shop
- No limits on points earning and points don’t expire
- Welcome offer of bonus PC Optimum™ points to kickstart your rewards journey
Ratehub’s take
If you are looking for a credit card that will help you save money on groceries, the PC World Elite Mastercard is a great choice, especially for those who frequently shop at Loblaws-owned stores and Shoppers Drug Mart.
Pros
- No annual fee: For a rewards card, charging no annual fee is a major perk and can help you ramp up your earnings even more
- High return on spending: Your points are valuable at Loblaws-affiliated stores and for gas purchases because of high earn rates on everyday spending
- Points stacking: Stack your points by showing your PC Optimum card at Loblaw-affiliated stores and paying with your PC Financial World Elite Mastercard
- Competitive earn rates: Earn rates are high compared to other no-fee credit cards
- Added travel insurance: Offers travel insurance benefits adding value to cardholders
Cons
- Limited rewards outside of Loblaws: While PC Financial Mastercards offer excellent rewards at Loblaw stores, they do not provide great benefits when shopping anywhere else
- Restrictive redemption rules: Points can only be redeemed in increments of 10,000 (10,000 = $10). Points cannot be used to pay for purchases at non-Loblaws retailers or redeemed against a statement balance. Plenty of other rewards cards on the market offering more flexibility
Eligibility requirements
Minimum credit score: 560
Minimum income: $80,000/yr
Interest rates
Purchase interest: 21.99%
Cash advance: 22.97%
Balance transfer: N/A
Ratehub.ca’s take
With the PC World Elite Mastercard, 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.
Best low interest Mastercard
Purchase interest rate
- Pay $5/mo
Based on a credit balance of $500
- Annual fee
$39
Perks
- $39 annual fee
- Standard Annual Interest Rates of 10.99% on purchases, 13.99% on balance transfers✪ and 24.99% on cash advances
- This offer is not available for residents of Quebec.
- This card is made from 100% recycled plastic
- Around-the-clock-fraud protection
- Use available credit on your credit card to transfer funds right to your chequing account.
Ratehub’s take
The MBNA True Line Gold Mastercard offers the lowest fixed interest rate for a credit card in Canada. Despite the annual fee, which some other low-interest cards don’t charge, the super-low rate makes the card a great choice for those who carry a balance.
Pros:
- Lowest fixed interest rate: Low purchase rate which doesn’t change with the prime rate or your credit score.
Cons:
- Few perks: Besides savings on rental cars, there aren’t any perks or rewards associated with this card
- Limited insurance: Aside from the standard purchase assurance and extended warranty, this card doesn’t have trip coverage or rental car insurance which are valuable for users
Eligibility requirements
Minimum credit score: 660
Minimum income: N/A
Interest rates
Purchase interest: 10.99%
Cash advance: 24.99%
Balance transfer: 13.99%
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.
Also consider:
Purchase interest rate
- Pay $5/mo
Based on a credit balance of $500
- Annual fee
$0
Perks
- Ratehub.ca’s 2023 Award Winner – Best Low Interest Credit Card and Best Balance Transfer Credit Card
- This offer is not available for residents of Quebec.
- No annual fee
- Standard Annual Interest Rates of 12.99% on purchases, 17.99% on balance transfers✪, and 24.99% on cash advances
- You could get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening, with a 3% transfer fee.
- This card is made from 100% recycled plastic
- Around-the-clock fraud protection
- Use available credit on your credit card to transfer funds right to your chequing account.
Apply for the MBNA True Line® Mastercard® credit card today.
Ratehub’s take
For those looking to reduce their credit card debt, the MBNA True Line Mastercard comes packed with helpful features. The card has no annual fee and a below-average purchase interest rate of 12.99% on purchases. For anyone trying to work themselves out of debt and rebuild their credit score, the 0% promotional annual interest rate for 12 months provides an excellent head start.
Pros
- Best promotional balance transfer offer on the market: A promotional balance transfer of 0% is available for a full year helping pay down or eliminate credit card debt (note: there is a 3% balance transfer fee)
- Fixed low interest rate: The low interest rate of 12.99% is fixed and won’t change regardless of your credit rating, income, or the bank’s prime lending rate
- Accessibility: No annual fee and no income requirements to qualify making it very accessible
Cons
- Lack of additional benefits: This card does not include insurance or other benefits
- Restrictions for Quebec residents: Offer not available to residents of Quebec
Eligibility requirements
Minimum credit score: 660
Minimum income: N/A
Interest rates
Purchase interest: 12.99%
Cash advance: 24.99%
Balance transfer: 0.00% for the first 12 months. 17.99% after promo.
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.
Promotional offer: earn a 0% promotional annual interest rate (“AIR”) for 12 months on balance transfers completed within 90 days of account opening, with a 3% transfer fee.
This offer is not available for residents of Quebec.
Best Mastercard for travel
Best for Travel perks
based on spending $2,200/mo after $150 annual fee
- Earn rewards
1pt – 5pts / dollar spent
- Welcome bonus
100,000 points (a $667 value)
- Annual fee
$150
Perks of the BMO Ascend™ World Elite®* Mastercard®*
| Perks | Details | |
|---|---|---|
| Lounge access | Includes 4 visits per year | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| Waived foreign transaction fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | $500,000 per person | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | $5,000,000 for first 21 days (under 65) | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | MSRP of up to $65,000, for 48 days | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Up to $1,500 per person | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Up to $2,000 per person | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Up to $2,000 per person | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | $500; delays 6 hours or more | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | $500; delays 6 hours or more | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Covered for 90 days | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Up to one additional year | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Welcome offer: Get up to 100,000 points and the annual fee waived in your first anniversary for both the primary cardholder and authorized users.*
- 5x the points for every $1 spent on eligible travel purchases,* 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments,* 1 point for every $1 spent everywhere else.*
- Unforgettable travel experiences start with our premium flexible travel credit card!
- Complimentary membership in Mastercard Travel Pass provided by DragonPass,* with four annual complimentary passes.
- Access over 1 million Wi-Fi hotspots around the world – all at no added cost, and no added fees or roaming charges*
- Get valuable benefits and offers for digital everyday services from a variety of on-demand apps and subscription services
- Points you can use to cover all flight charges & taxes*
- Fly on any airline, with no blackout dates*
- Best-in-class travel and medical insurance (unlimited trips per year)*
- Unlock Mastercard Travel Rewards cashback offers when you travel and shop outside of Canada
- Cash Advance & Balance Transfer Interest: 21.99% for Quebec residents
- BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information
- *Terms and conditions apply
- †Statement based on a comparison of the redeemable value of the non-promotional travel rewards points earned on premium flexible Canadian credit cards as of May 3, 2022. “Flexible” is defined as points earned when you purchase travel anywhere and “premium” refers to cards with an annual fee of ≤ $150 or has an income requirement of ≤ $150,000 annual individual income.
Ratehub’s take
The BMO Ascend World Elite Mastercard is a top choice among seasoned travellers, particularly those who prefer a Mastercard, and who like to frequently fly and dine out. This card offers a suite of perks that cater to travel enthusiasts.
Pros
- Earn points: Earn three points per $1 spent on restaurant, entertainment purchases, and recurring bills, and one point per $1 spent on everything else
- Comprehensive insurance package: Recognized for one of the best insurance packages in the market, including $5 million in out-of-country insurance, exceeding the standard $1 million in coverage offered by most other cards
- 24/7 concierge services: Enjoy around-the-clock concierge services for your travel needs
- Airport lounge access: Receive complimentary membership in Mastercard Travel Pass, including four annual complimentary passes
- Redemption flexibility: Enhanced flexibility to redeem points for flights on virtually any airline with no blackout dates (points can be used to cover taxes and fees as well)
Cons
- Income requirements: The card’s minimum personal income of $80,000 may limit accessibility for some users
- Lower point value: While BMO points are flexible, they are worth less than other travel rewards programs (usually around 1 cent per point) at 0.67 cents per point
Eligibility requirements
Minimum credit score: 760
Minimum income: $80,000/yr
Interest rates
Purchase interest: 21.99%
Cash advance: 23.99%
Balance transfer: 23.99%
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: earn up to 100,000 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.
Best no-fee Mastercard for travel points
Best for Everyday spending
based on spending $2,200/mo after $0 annual fee
- Earn rewards
1pt – 4pts / dollar spent
- Annual fee
$0
Perks of the MBNA Rewards Platinum Plus® Mastercard®
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| Waived foreign transaction fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | Not included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | Included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Included | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Included | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- This offer is not available for residents of Quebec.
- Earn 4 points†† for every $1 spent on eligible restaurant, grocery, digital media, membership and household utility purchases during the first 90 days, and 2 points‡ for every $1 spent on eligible purchases in those categories thereafter – in both cases, these earn rates apply until $10,000 is spent annually in the applicable category. 1 point‡ for every $1 spent on all other eligible purchases
- 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
- 5,000 bonus points††($25 in cash back value) once enrolled for paperless e-statements within the first 90 days of account opening
- Each year, you will receive Birthday Bonus Points‡ equal to 10% of the total number of Points earned in the 12 months before the month of your birthday, to a maximum Birthday Bonus each year of 10,000 Points
- Redeem points‡ for cash back, brand-name merchandise, gift cards from participating retailers, charitable donations, and travel.
- Standard Annual Interest Rates of 19.99% on purchases, 22.99% on balance transfers and 24.99% on cash advances
- Mobile Device Insurance***
- With Mobile Device Insurance, you’ve got up to $1,000 in coverage for eligible mobile devices in the event of loss, theft, accidental damage or mechanical breakdown
- No annual fee
Apply for the MBNA Rewards Platinum Plus® Mastercard®.
Ratehub’s take
The MBNA Rewards Platinum Plus manages to punch above its weight, offering impressive rewards on everyday spending despite the fact it has no annual fee or any specific income requirements.
The MBNA Points program is also flexible and easy-to-understand, making it a perfect fit for points beginners or anyone who doesn’t want to deal with elaborate rewards charts or maps. The drawbacks: the card doesn’t offer much in the form of perks or travel emergency insurance and comes with rewards caps that can put a ceiling (albeit a mostly negligible one) on your ability to rack up bonus points.
MBNA Rewards Platinum Platinum – Quick review
The Pros
- The MBNA Rewards Platinum Plus has no annual fee.
- It earns up to 4 points per dollar spent (2% in travel rewards) on eligible restaurant, grocery, digital media, membership and household utility purchases during the first 90 days , and 2 points‡ for every $1 spent on eligible purchases in those categories thereafter – in both cases, these earn rates apply until $10,000 is spent annually in the applicable category.
- You’ll earn at least 1 point per dollar (1% in travel rewards) on all other everyday purchases. In comparison, many other no fee rewards cards start earning rewards from as little 0.5%.
- MBNA points values are easy to calculate. 1 point = 1 cent when redeemed for travel, or 1 point = 1% in travel rewards.
- You can redeem MBNA points from virtually any airline of your choice.
- Aside from travel rewards, MBNA points also offer great value on gift card redemptions (1 point = around 0.8 – 0.9 cents on gift cards).
- The card doesn’t come with any specific income requirements.
- Cardholders will receive mobile device insurance, purchase assurance and extended warranty benefits.
- As a Mastercard, the MBNA Rewards Platinum Plus is accepted virtually everywhere.
The Cons
- There is an annual spend cap on bonus categories. You’ll earn 4x the points eligible restaurant, grocery, digital media, membership and household utility purchases during the first 90 days, and 2 points‡ for every $1 spent on eligible purchases in those categories thereafter – in both cases, these earn rates apply until $10,000 is spent – after which you’ll earn the standard 1 point per dollar.
- You must use MBNA Rewards’ proprietary website when redeeming points, which means you can’t use points to book travel directly from an airline or hotel provider.
Everyday earn rate
The MBNA Rewards Platinum Plus lets you rack up points faster than virtually any other no annual fee travel credit card in Canada.
You’ll earn:
- 4 points per dollar on eligible restaurant, grocery, digital media, membership and household utility purchases during the first 90 day, and 2 points‡ for every $1 spent on eligible purchases in those categories thereafter – in both cases, these earn rates apply until $10,000 is spent annually in the applicable category
- 1 point per dollar on everything else
When considering most rival no fee travel credit cards will earn you the equivalent of 0.5 to 1 point per dollar on everyday purchases, the MBNA Rewards Platinum really manages to stand out.
Here’s a break down how much you can earn on the credit card based on an average monthly spending scenario of $1,500 in the following categories:
| Spending Category | Monthly Spending |
| Groceries | $240 |
| Gas | $180 |
| Restaurants | $250 |
| Bills | $200 |
| Travel | $100 |
| Entertainment | $60 |
| Pharmacies | $20 |
| Everything else | $500 |
| Total rewards after 1 year | $266 |
There is a small caveat worth calling out, however: the bonus categories have an annual spending cap. You’ll earn 4 points per dollar on the first 90 days on on eligible restaurant, grocery, digital media, membership and household utility purchases. If you spend over $1,000 within a year in a particular category, like say groceries, you’ll earn 1 point per dollar on any grocery purchases from $5,001 and beyond till the end of the year.
While the annual spending caps are a drawback, there’s some silver lining.
- For one, the caps are set reasonably high at $10,000 annually, which means they won’t come into effect at all unless you spend an average of over $415 per month on groceries, gas, or dining. In other words, you’ll likely earn double the points on all or the vast majority of your spending in bonus categories.
- Secondly, even if you do hit the cap, you’ll still continue to earn rewards on bonus categories but just at a slightly lower rate of 1 point per dollar. That’s still a solid rewards rate that manages to out-earn most other no fee travel credit cards in Canada.
- Finally, the cap resets every year.
MBNA Points redemption
Points value overview
| Avg. value of 1 point | Avg. value of 10,000 points | |
| Travel | 1 cent | $100 |
| Gift cards | Avg. 0.8 – 09 cents | Avg. $80-$90 |
| Cash credits | 0.5 cents | $50 |
| Merchandise | Avg. 0.7 cents | Avg. $70 |
For travel
MBNA Rewards is first and foremost a travel points program, which means you’ll get the most value out of each MBNA point when redeeming for travel rewards including:
- Flights
- Vacation packages
- Hotel stays
- Car rentals
- Cruises
You’ll get a return of 1 cent per point (the equivalent of 1% cash back in travel savings) when using points for any of those aforementioned travel rewards. You can start redeeming for travel in increments of as little as 100 points, so you won’t have to rack a giant pile of points before you can start putting them to good use. You’ll also have the flexibility to book travel from virtually any airline, and won’t be resurrected to a limited number of partner carriers or worry about seat restrictions, black out dates or elaborate rewards charts.
There is a drawback though. You must use MBNA’s proprietary travel search engine and can’t price match or apply points against purchases you made on your own directly from an airline, hotel, or travel provider.
For gift cards
If you want to use points for rewards other than travel, you can get some pretty solid value when redeeming for gift cards.
On average, you’ll get around 0.8 to 0.9 cents per point on gift cards, which is only slightly less than what you’d typically get out of your points on travel rewards. That’s impressive, especially when considering some other points programs offer a quarter or even half as much value on gift card rewards versus travel redemptions.
The MBNA Rewards website includes quite a large catalogue of physical gift card and e-gift card options including: Amazon, Walmart, Wayfair, Home Depot, Hudson’s Bay, eBay, Uber, and more.
For cash credits
When using points for cash credits to pay off your credit card balance, you can redeem points in increments of 200 points for $1. That works out to 0.5 cents per point, which is half the value you’d get when using points for travel (1 cent) and about half what you’d get on gift card redemptions (0.8-0.9 cents).
When redeeming points for cash credits, you’ll also need to have at least 10,000 points accumulated.
All things considered, it’s better to use points for travel or gift cards, and if you’re looking for rewards to reduce your balance, a straight-up cash back credit card may be a better option.
For merchandise
The value of your points when redeeming for merchandise can vary considerably, depending on the item in question. Overall though, you’ll usually get around 0.7 cent per point. So if you’re planning on using points for non-travel rewards, it’s probably better to go the gift card route over redeeming for a specific item.
MBNA Rewards’s online merchandise catalogue is quite vast and covers virtually every product line – from electronics and toys to kitchen appliance and jewelry.
Fees, income requirements, and more
One of the best features of the MBNA Platinum Plus is its low barrier to entry – there are no annual fees and you won’t need to meet a specific income to get approved.
As per usual for a rewards credit card, you won’t owe any interest if you pay off your balance on time and in full every month, but if you do carry a balance from one month to the next, an annual purchase interest rate of 19.99% will kick in. Annual interest rates on cash advances is 24.99% while balance transfers is set at 22.99%, which is about average.
Side perks and insurance
Along with the basic coverage of purchase protection and extended warranties (up to one year) available on most credit card, the MBNA Platinum Plus also comes with purchase assurance.
With purchase assurance, most items you bought on your credit card will be covered in the event they’re damaged, lost or stolen within 90 days of the transaction date up to a lifetime value of $60,000. Note though, some items are excluded included art, jewellery, consumable goods, and several electronics.
The card also comes with three other major types of insurance including:
- Common carrier accidental death and dismemberment insurance: up to $1,000,000)
- Trip cancellation insurance / unexpected return home: up to $2,000
- Rental collision/damage waiver insurance: including up to $2,000 in personal effects coverage
The card’s rental car insurance, in particular, stands out for also offering personal effects coverage, which means if your rental car is stolen and some of your personal belongings along with it, you’ll receive some compensation for your belongings.
The one major drawback of the card’s insurance coverage is it doesn’t include any travel medical emergency coverage (e.g. coverage of healthcare bills if you’re sick while abroad), lost or delayed baggage insurance, or trip cancellation insurance. All things considered though, these benefits are rarely offered by other entry-level fee credit cards.
Bottom line
The MBNA Rewards Platinum Plus easily takes the top spot in our rankings as the best no fee travel card in Canada, and is an easy choice if you’re looking for an entry-level rewards card that costs nothing to carry and can help get a seat on a free or discounted flight faster.
Eligibility requirements
Minimum credit score: 660
Minimum income: N/A
Interest rates
Purchase interest: 19.99%
Cash advance: 24.99%
Balance transfer: 22.99%
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 10,000 bonus points ($50 in cash back value). Plus, get 4 points per $1 spent on eligible restaurant, grocery, digital media, membership and household utility purchases during the first 90 days.
- Lots of flexibility: redeem points on virtually any airline
Cons
- Can only redeem points in increments of 10,000
- No price matching on flights
Best Mastercard for travel insurance
based on spending $2,200/mo after $150 annual fee
- Earn rewards
1pt – 5pts / dollar spent
- Annual fee
$150
Perks of the National Bank World Elite® Mastercard®
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| Waived foreign transaction fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | Included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | Included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Included | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Included | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Earn up to 5 points per dollar in eligible grocery and restaurant purchases*
- 2 points per dollar in eligible gas and electric vehicle charging purchases, recurring bill payments and À la carte (TM) travel purchases*
- 1 point per 1 dollar in other purchases
- Up to $150 each year in refund for travel expenses on airport parking fees, seat selection fees, baggage fees, airline ticket upgrades and access to airport lounges worldwide
- Free and unlimited access along with one (1) guest per cardholder to the National Bank Lounge at Montréal-Trudeau airport.
- Reassuring protection. Travel with peace of mind thanks to our comprehensive insurance coverage up to 60 days
- Out-of-province-of-residence medical/hospital insurance, Departure flight delay insurance, Baggage insurance in case of delay, Baggage insurance in case of theft or loss, Vehicle rental insurance
- Mobile devices insurance against theft or damages for a period of up to 2 years
- Medical, general and legal assistance
- Purchase protection in case of theft or damage*
- Extended Warranty*
- With the À la carte Rewards Plan® (the “À la carte Plan”), you earn points for every dollar on eligible purchases. These points may be exchanged for rewards such as merchandise, a travel package, a gift card, a travel discount, a donation, a financial product, repayment with rewards points or any other reward offered under the À la carte Plan.
Ratehub’s take
The National Bank World Elite Mastercard offers fantastic travel insurance coverage and features for seniors, making it a strong contender among travel credit cards. The trip insurance offers will save you money on your next vacation, plus, the strong points earnings you’ll get from the card could help you cover part or all of the cost of your next trip.
Pros
- Extensive travel insurance: Strong travel insurance, including extended emergency medical insurance coverage for seniors that will cover you for 15 days of travel plus trip cancellation or disruption and flight delay insurance, and more
- Travel expense refunds: Receive up to $150 each year in refunds for airport parking, seat selection, check-in fees, airline ticket upgrades and access to airport lounges worldwide
- Flexible redemption options: Combined with high earn rates on essentials like groceries, gas and dining, this card also provides flexible redemption options on everything from travel through their A La Carte portal or redeeming for travel booked through any provider
Cons
- Annual fee: The $150 annual fee is slightly higher than average for this type of card
- Lounge access limitations: The complimentary lounge access only applies to Montreal airport
- Income requirement: The annual income requirement of $80,000 may be a barrier for some users
- Points values are fixed: Point values remain the same regardless of your destination, so it may take longer to accumulate points for longer flights. Plus, your points are worth less for anything other than booking travel through the A La Carte platform
Eligibility requirements
Minimum credit score: 660
Minimum income: $80,000/yr
Interest rates
Purchase interest: 20.99%
Cash advance: 22.49%
Balance transfer: 22.49%
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.
Best Mastercard for balance transfers
for the first 9 months. 15.99% after promo.
- Pay $436.55/mo
during the promo to pay off $3,900 transferred balance
- 2% Balance transfer fee
A fee of $78 will be added to your balance
- Annual fee
$29
Perks of the BMO® Preferred Rate MasterCard®
| Perks | Details | |
|---|---|---|
| Purchase assurance | Included | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Included | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
Other perks
- Welcome Offer: Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee*
- Enjoy our lowest interest rate of 13.99% on purchases*
- Free extended warranty and purchase protection*
- Zero Dollar Liability: protects you from unauthorized use of your credit card*
- Worldwide acceptance at over 30 million locations*
- BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information
- *Terms and conditions apply
Ratehub’s take
The BMO Preferred Rate Mastercard stands out as an excellent choice for those looking for a balance transfer credit card with a low interest rate and added benefits. Despite charging an annual fee, the competitive 15.99% interest rate, along with other features, make it a compelling option.
Pros
- Additional cardholder protection: The Zero Dollar Liability provides protecting against against unauthorized purchases.This card also includes free extended warranty which doubles the manufacturer’s warranty up to one year and purchase protection
Cons
- Higher promotional balance transfer rate: This card has a higher promotional rate for balance transfers compared to other balance transfer credit cards
Eligibility requirements
Minimum credit score: 660
Minimum income: N/A
Interest rates
Purchase interest: 13.99%
Cash advance: 15.99%
Balance transfer: 0.99% for the first 9 months. 15.99% after promo.
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 13.99%, 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.
Best student Mastercard
Best for Groceries
based on spending $2,200/mo after $0 annual fee
- Earn rewards
0.5% – 3% / dollar spent
- Annual fee
$0
Perks of the BMO® CashBack® Mastercard® - Student
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| Waived foreign transaction fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | Not included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | Not included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Covered for 90 days | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Up to one additional year | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Ratehub.ca’s 2023 Award Winner – Best Student Credit Card
- Welcome offer: Get 5% cash back in your first 3 months*
- Then get 3% cash back on grocery purchases, 1% cash back on recurring bill payments and 0.5% unlimited cash back on all other purchases!*
- Now earn the highest cash back on groceries in Canada without paying an annual fee!†
- Get cash back every time you spend, plus start building a healthy credit history
- Best BMO CashBack Mastercard for Students
- Want to get your cash back ASAP? Now you can redeem your cash back anytime through direct deposit, as a credit on your statement or into your BMO InvestorLine account*
- No Annual fee*
- Extended Warranty*
- Purchase Protection*
- Receive a discount on car rentals*
- BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information
- Cash Advance & Balance Transfer Interest: 21.99% for Quebec residents
- The offer may vary in Quebec.
- *Terms and conditions apply
- †Based on a comparison of the non-promotional grocery rewards earn rate on cash back credit cards with no annual fee as of January 4, 2023
Ratehub’s take
The BMO Cashback Mastercard makes a lot of sense for cash-strapped students, because your cash back rewards are available at your fingertips anytime. If you regularly use your credit card to buy groceries or pay your phone plan, you can rack up the cash back rewards to reduce your bills and expenses for the future. Keep in mind, though, that rewards are capped monthly, so if you’re a bit of a big spender this card might not be for you.
Pros
- Redeem cash back rewards anytime: You don’t have to wait to redeem your cash back rewards like you might with other cash back cards — you can apply as little as $1 to your balance anytime, or get a credit card statement
- Flexible redemption options: You can deposit your cash back rewards into a BMO savings or investment account, a fairly rare perk, or redeem them as a statement credit to cover your balance
Cons
- Cash back earnings are limited: The bonus cash back rates of 3% on groceries and 1% on bill payments are capped at a maximum of $500 in spending per month, and then the earn rate goes back to 0.5%. This can really limit your overall annual cash back earnings
- Low regular earn rate: The regular earn rate of 0.5% on everything outside of the bonus categories is minimal, so if you exceed the monthly spending caps in those areas, or prefer to spend on other things like travel, this card might not make sense for you
Eligibility requirements
Minimum credit score: 660
Minimum income: N/A
Interest rates
Purchase interest: 21.99%
Cash advance: 23.99%
Balance transfer: 23.99%
Ratehub.ca’s take
It takes a special combination of factors to make a credit card perfect for students, and the BMO Cash Back Mastercard seems to have them all.
The cardholder can earn an ultra-competitive 3% cash back on groceries (always a necessity) and 1% on recurring bills, including streaming subscriptions like Netflix and Spotify.
The other great aspect of this card is its flexibility: your rewards will never expire, and you’ll be able to redeem them for as little as one dollar at a time.
Best store credit Mastercard
based on spending $2,200/mo after $0 annual fee
- Earn rewards
10pts – 45pts / dollar spent
- Welcome bonus
20,000 points (a $20 value)
- Annual fee
$0
Perks of the PC® World Elite Mastercard®
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| Waived foreign transaction fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | For trips up to 10 days from date of departure, for those under age 65. | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | Collision damage and theft protection for your car rental needs. | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | In the event of theft, loss or damage in the first 90 days when you pay in full with your PC Financial Mastercard credit card. | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Doubles the manufacturer's regular warranty for up to an additional year on items purchased with your PC Financial Mastercard credit card. | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Award-winning, no annual fee rewards credit card
- Get up to $750 in PC Optimum™ points every year (for illustrative purposes only; results may vary.)
- Earn at least 3 cents per litre in PC Optimum™ points on gas at Esso™ and Mobil™ stations
- Earn 45 PC Optimum™ points per $1 spent at Shoppers Drug Mart® stores
- Earn 30 PC Optimum™ points for every $1 spent at Loblaw affiliated grocery stores
- Earn 30 PC Optimum™ points for every $1 spent at Joe Fresh® stores
- Earn 10 PC Optimum™ points for every $1 spent everywhere else you shop
- No limits on points earning and points don’t expire
- Welcome offer of bonus PC Optimum™ points to kickstart your rewards journey
Ratehub’s take
If you are looking for a credit card that will help you save money on groceries, the PC World Elite Mastercard is a great choice, especially for those who frequently shop at Loblaws-owned stores and Shoppers Drug Mart.
Pros
- No annual fee: For a rewards card, charging no annual fee is a major perk and can help you ramp up your earnings even more
- High return on spending: Your points are valuable at Loblaws-affiliated stores and for gas purchases because of high earn rates on everyday spending
- Points stacking: Stack your points by showing your PC Optimum card at Loblaw-affiliated stores and paying with your PC Financial World Elite Mastercard
- Competitive earn rates: Earn rates are high compared to other no-fee credit cards
- Added travel insurance: Offers travel insurance benefits adding value to cardholders
Cons
- Limited rewards outside of Loblaws: While PC Financial Mastercards offer excellent rewards at Loblaw stores, they do not provide great benefits when shopping anywhere else
- Restrictive redemption rules: Points can only be redeemed in increments of 10,000 (10,000 = $10). Points cannot be used to pay for purchases at non-Loblaws retailers or redeemed against a statement balance. Plenty of other rewards cards on the market offering more flexibility
Eligibility requirements
Minimum credit score: 560
Minimum income: $80,000/yr
Interest rates
Purchase interest: 21.99%
Cash advance: 22.97%
Balance transfer: N/A
Ratehub.ca’s take
If you are looking for a credit card that will help you save money on groceries, the PC Financial Mastercard is a great choice, especially for those who frequently shop at Loblaws-owned stores and Shoppers Drug Mart.
Best Mastercard credit card for US shopping
Ratehub.ca’s take
The Rogers Red World Elite Mastercard is a strong option for those who travel or shop in the U.S., because the 3% unlimited cash back rate on purchases made in USD counteracts the average of 2.5% fees charged by credit card companies for purchases made in foreign currencies. It’s also a great choice for Rogers, Shaw or Fido customers, who will get a higher cash back earn rate than non-customers. Plus, for no annual fee, the card offers some valuable perks like travel medical and trip insurance, as well as a complimentary membership to get you airport lounge access.
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Mastercard credit card tiers
Mastercard does divide its credit card products under three categories: Standard Mastercard, World Mastercard and World Elite Mastercard.
1. Standard Mastercard
A Standard Mastercard can be any credit card, from a low interest credit card (e.g. the BMO Preferred Rate Mastercard) to a travel points credit card (BMO Rewards Mastercard) or a cash back credit card (BMO CashBack Mastercard). These entry-level cards are meant to help you make purchases, build credit, and potentially earn some rewards in the process. Standard Mastercards usually charge no or very low annual fees and have no income requirements. Perks on a Standard Mastercard are limited and typically include basic coverage like purchase protection and extended warranty.
2. World Mastercard
A World Mastercard, on the other hand, is always going to be a rewards credit card offering either cash back, points, or miles. These mid-tier credit card also tend to be accompanied by an annual fee (usually around $89 or less), offer additional bonus rewards on every dollar spent, and have annual income requirements of at least $60,000. Most also offer some added perks (i.e. mobile device insurance and rental car collision/damage insurance).
3. World Elite Mastercard
Finally, any World Elite Mastercard is at the top tier of Mastercard’s reward credit cards. The rewards range from cash back to travel rewards, but the cards may also include additional perks such as companion flights, complimentary airport lounge access, enhanced concierge service, and a comprehensive suite of credit card travel insurance benefits. World Elite Mastercards also offer more rewards on every dollar spent when compared to their World or Standard counterparts. Lastly, World Elite Mastercards usually command an annual income of $80,000 as an application requirement, great credit scores, and have a higher barrier to entry in the form of a $150 annual fee for the primary cardholder.
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 fee 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 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 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 World Elite Mastercard 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.
More on Mastercard
Headquartered in New York, Mastercard is the second-largest credit card company in the world. Infamous for its catchphrase, “For everything else, there’s Mastercard,” the company holds a 30% share of the credit card and debit card market according to Reuters. Mastercard operates in more than 210 countries, and is known for both its credit card, debit cards, and prepaid card products.
Cards summary (+/-)
Natasha Macmillan, Business Director of Everyday Banking
With over a decade of experience in the finance industry, Natasha works closely with Canada's top financial institutions - from banks to credit unions - to help Ratehub.ca's 1,200,000 monthly users get matched with the right banking products. read full bio
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Insurance Products
- Credit Card Rental Car Insurance
- Trip Cancellation/Interruption Insurance
- Travel Medical Insurance
- Travel Accident Insurance
- Delayed Baggage Insurance
- Lost Luggage Insurance
- Flight Delay Insurance
- Hotel/Motel Burglary Insurance
- Purchase Security Insurance
- Price Protection Insurance
- Extended Warranty Insurance