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The best Mastercard credit cards in Canada

Looking for Mastercard credit cards? Why not compare your options? In under 2 minutes, we’ll narrow down your best card matches from multiple banks.

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Compare Canada's best Mastercard credit cards

The best rewards cards for

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CardBest used forAnnual feeRewards
American Express® Cobalt™ Card

Groceries & dining

$120

  • 5 pts/$1 for groceries, restaurants
  • 2 pts/$1 for gas, travel
  • 1 pts/$1 for other
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BMO eclipse Visa Infinite* Card

Food & transit

$120

  • 5 pts/$1 for gas, groceries, restaurants
  • 1 pts/$1 for other
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Triangle™ Mastercard®

Canadian Tire

$0

  • 4% Canadian Tire Spending
  • 1.5% groceries
  • 0.5% everything else
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BMO® AIR MILES® MasterCard®

Air Miles

$0

  • 0.04 pts/$1 for everywhere
  • 0.12 pts/$1 for other, Air Miles Partners
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Our top picks

Ratehub's best credit cards for January 2021

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Mastercard credit cards overview

Mastercard is the second largest of the three major credit card companies in Canada, in terms of how many credit cards it offers and how many transactions are made on those cards. Unlike American Express, Mastercard doesn’t issue credit cards on its site, nor does it offer any credit cards that are solely under the Mastercard name. Instead, your Mastercard will be issued by a bank, credit union or retailer, meaning you’ll see the issuer’s logo + the Mastercard logo on your card.

With that being said, Mastercard does divide its credit card products under three categories: Standard Mastercard, World Mastercard and World Elite 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. 
  • 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). 
  • 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 insuranceprice 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 + Mastercard offer 2 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.
  • Canadian Tire offers the no fee the Triangle Mastercard.
  • Costco: As of Fall 2014, Capital One + MasterCard are the official partners on Costco’s new credit card - the Capital One Costco Mastercard. Up until then, Costco had been partnered with American Express.
  • Harley Davidson: The Harley Davidson Mastercard lets you earn 1 Harley Davidson Genuine Rewards point for every $2 you spend on your card.
  • Hudson’s Bay Company: The Hudson’s Bay Mastercard lets you earn double the Hudson’s Bay Rewards points on almost every $1 spent at the Hudson’s Bay and partner stores.
  • PC Optimum: 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.
  • Sobeys: The No Fee BMO Sobeys MasterCard comes with $20 of free groceries and helps you earn Sobeys Points 2x faster, by giving you 2 points per $1 spent in Sobeys and 1 point per $1 spent anywhere else.
  • Sony: The MBNA SonyCard MasterCard comes with 2,000 Sony Points after your first purchase, and lets you earn double the points on purchases made at Sony stores plus points on all eligible purchases elsewhere.
  • 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 + 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.
  • Target (Now Discontinued): The Target RBC MasterCard helps you save 5% on all purchases at Target stores in Canada, as well as earn additional rewards toward Target gift cards. It has no annual fee and extended warranty on electronics.
  • Sears (Now Discontinued): Sears offers 3 MasterCards: the Sears Card (earn Sears Club Points when you shop at Sears), Sears Financial MasterCard (earn Sears Club Points when you shop anywhere) and Sears Financial Voyage MasterCard (earn 3x Sears Club Points when you shop anywhere).
  • Delta SkyMiles (Now Discontinued): The Capital One Delta SkyMiles World MasterCard came with a welcome bonus of 25,000 Delta SkyMiles, and gave cardholders priority boarding and 2-3 miles for every $1 that was spent on the card.

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. For a breakdown of our personal favourites, read our blog on the best Mastercards in Canada for 2020.


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 (+/-)

Author bio

Mikael Castaldo, Senior Manager of Everyday Banking

Mikael is a Senior Business Manager at Ratehub.ca and the driving force behind our credit cards team. He knows everything there is to know about the best credit cards, and works closely with Canada’s top financial institutions - from banks to credit unions - to help ensure our over 800,000 monthly users get matched with the right plastic. A numbers guy at heart, having worked as a strategy consultant at the Boston Consulting Group, he’s found himself right at home as a personal finance expert at Ratehub.ca.

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