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The perfect Mastercard bank cards for October 2023


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Canada’s greatest Mastercard bank cards for 2023

Mastercard is likely one of the most generally accepted bank card firms on this planet—you should use it in additional than 200 nations, making it a good selection for travellers. Plus, Mastercard’s affiliation with the Financial institution of Montreal and its standing as the one bank card you should use at Costco shops make it a powerful selection for on a regular basis spending. No matter you want in a bank card—whether or not it’s alternatives to earn money or rewards, to journey, to reap the benefits of low rates of interest, or to realize entry to premium perks—there’s a Mastercard for you on this checklist.

Our greatest Mastercard bank card picks
How we decide the perfect playing cards
Ceaselessly requested questions
Extra greatest bank card rankings


Our picks for the perfect Mastercard bank cards


Greatest for money again with bonus classes

Tangerine Cash-Again Mastercard*

At a look: Flexibility is the secret with the no-fee Tangerine Cash-Again Mastercard. You possibly can earn 2% money again in as much as three spending classes that you choose primarily based in your spending habits, and you may change your classes on-line.

  • Annual price: $0
  • Rates of interest: 19.95% on purchases, 19.95% on money advances, 19.95% on stability transfers
  • Welcome bonus: You possibly can earn an additional 10% again on as much as $1,000 in on a regular basis purchases throughout the first 2 months. Should apply by October thirty first, 2023.
  • Earn charge: 2% money again on purchases in as much as three spending classes and 0.5% money again on all the things else
  • Further advantages: Buy assurance covers loss, theft or harm for 90 days after buy; prolonged guarantee of as much as one 12 months
  • Annual revenue requirement: $12,000

Execs 

  • The two% earn charge is aggressive for a no-fee card.
  • You should use this card strategically to get 2% money again on bigger purchases by altering over your spending classes. For instance, in the event you’re planning a visit you could possibly choose “lodge/motel” as a bonus class. Simply make sure you make the change one assertion cycle previous to needing it.
  • With a $12,000 annual revenue requirement, this card could be very accessible.

Cons 

  • Doesn’t embody journey insurance coverage or perks.
  • The bottom earn charge of 0.5% is on the low finish for money again playing cards.

Greatest for money again

Rogers World Elite Mastercard

At a look: The no-fee Rogers World Elite Mastercard affords boosted earn charges on purchases in a international foreign money, journey perks and insurance coverage protection—for individuals who meet the minimal annual revenue necessities. This card will enchantment to individuals who don’t need to trouble with monitoring spending classes and sometimes journey.

  • Annual price: $0
  • Rates of interest: 19.99% on purchases, 22.99% on money advances, 22.99% on stability transfers
  • Welcome bonus: Earn $25 in money again.
  • Earn charge: 3% on purchases made in U.S. {dollars}; 1.5% on all different eligible purchases
  • Further advantages: Rental automobile collision and harm protection; emergency medical insurance coverage; journey cancellation or interruption safety
  • Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Execs 

  • No-fee bank cards don’t often embody a lot in the way in which of perks or advantages, however this one consists of some journey insurance coverage and perks like complimentary membership to Mastercard Journey Cross, which supplies you entry to airport lounges.
  • The three% earn charge on purchases in U.S. {dollars} covers the international transaction charges most bank cards cost.
  • You possibly can earn limitless rewards they usually’re redeemable immediately.
  • If you happen to use a Rogers Financial institution bank card to pay for a brand new cellphone at a Rogers, Fido or Shaw-branded retailer, you should use Rogers’ Equal Cost Plan to unfold out your funds over three or 4 years as a substitute of the standard two. There’s no curiosity, so long as you retain up along with your month-to-month funds. (You don’t have to be a Rogers Wi-fi buyer to make use of the Equal Cost Plan.)

Cons 

  • The journey insurance coverage doesn’t have some protections, similar to misplaced or delayed baggage, flight delay, or lodge housebreaking.
  • The common earn charge of 1.5% money again is lower than you’ll get on another no-fee playing cards.
  • Though cardholders are enrolled in DragonPass, there aren’t any included lounge visits which means that every go to will price a further USD$32.
  • The annual revenue necessities will hold this card out of attain for some households.

Greatest for grocery purchases

PC Monetary World Elite Mastercard*

pc-financial-World-elite

At a look: The no-fee PC Monetary World Elite Mastercard permits you to rack up substantial factors within the ever-popular PC Optimum program at a gorgeous earn charge of 30 factors per $1 spent at Loblaw shops, PC Journey and Esso; 45 factors per $1 at Customers Drug Mart; and 10 factors per $1 in all places else. The cardboard is greatest suited to those that store repeatedly at Loblaw banner shops.

  • Annual price: $0
  • Rates of interest: 21.99% on purchases, 22.97% on money advances, 22.97% on stability transfers
  • Welcome bonus: You possibly can earn 20,000 PC Optimum factors ($20 worth).
  • Earn charge: 30 factors per $1 at Loblaw shops, PC Journey and Esso; 45 factors per $1 at Customers Drug Mart; 10 factors per $1 in all places else
  • Further advantages: Journey emergency medical insurance coverage for as much as 10 days; automobile rental collision or harm; buy safety and prolonged guarantee; concierge providers
  • Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Execs 

  • The earn charges are distinctive for a no-fee card, redemptions are hassle-free, and there are greater than 2,500 places the place PC and President’s Selection merchandise are offered in Canada, supplying you with loads of flexibility and alternatives to earn.
  • You possibly can earn PC Optimum factors regardless of the place you store. 
  • You possibly can stack your factors by displaying your PC Optimum card and paying along with your PC Monetary World Elite Mastercard.
  • Consists of journey and automobile rental insurance coverage that’s appropriate for brief journeys.

Cons 

  • The earn charge for procuring at non-affiliated shops is barely 10 factors per $1 spent. 
  • The included journey insurance coverage isn’t robust sufficient for longer or complicated journeys.
  • The minimal annual revenue requirement will hold this card out of attain for a lot of.

Honourable point out:

BMO CashBack Mastercard*

At a look: Meals is a giant spending class for many Canadians so that you’ll need to benefit from this expense. If you happen to’re on the lookout for a card that permits you to earn on grocery purchases wherever you store, as a substitute of solely at Loblaw-affiliated shops, contemplate the BMO CashBack Mastercard. With 3% again on this class, it affords the very best earn charge on groceries accessible for a no-fee card. Further playing cards are free, so you’ll be able to increase your earnings shortly.

  • Annual price: $0
  • Rates of interest: 20.99% on purchases, 22.99% on money advances (21.99% for Quebec residents), 22.99% on stability transfers
  • Welcome bonus: You possibly can earn as much as 5% money again in your first 3 months. Situations apply.
  • Earn charge: 3% money again on groceries; 1% money again on recurring payments; 0.5% money again on all different spends
  • Further advantages: Entry to BMO PaySmart installment cost plan; entry to the Mastercard Journey Rewards program which supplies you affords and financial savings; reductions at Nationwide Automobile Rental and Alamo Automobile Rental; reductions at Cirque du Soleil; prolonged guarantee and buy safety
  • Annual revenue requirement: Private revenue of $15,000

Execs

  • Redeem your money again if you need, and select how you employ your rewards. You possibly can apply them to your bank card invoice, withdraw on to your BMO chequing or financial savings account, or make investments them in your InvestorLine account.
  • With 3% money again on groceries, a month-to-month spend of $500 will get you $180 yearly from that class alone. 
  • This card places accessible money again rewards in attain for many individuals as a result of it has a low minimal revenue requirement and no annual price. 

Cons

  • The BMO Money Again Mastercard doesn’t embody many perks. For instance, it doesn’t include journey insurance coverage.
  • With a base earn charge of 0.5%, this card much less is beneficial for purchases exterior boosted classes.
  • The three% money again charge on groceries and 1% charge on recurring payments is capped at $500 per thirty days. Spends in these classes past that quantity will earn on the base charge of 0.5%.

Greatest no price card for journey

MBNA Rewards Platinum Plus Mastercard*

At a look: The MBNA Rewards Platinum Plus Mastercard makes it simple to earn MBNA factors which might be redeemed for journey (and extra), and the distinctive birthday bonus perk returns 10% of your annual earnings in factors. This card will enchantment to these on the lookout for a strategy to earn factors that can be utilized for journey, with out having to pay an annual price.

Execs 

  • Redemptions are simple and versatile. You should use MBNA factors for money again, merchandise, present card, journey and even charitable donations.
  • Yearly, get 10% of the factors you earned within the earlier 12 months as birthday bonus factors.
  • MBNA factors by no means expire.

Cons 

  • There may be an annual cap of $10,000 per class on the boosted rewards. Purchases after that can earn on the base charge of 1 level per $1 spent.
  • This card doesn’t embody a lot in the way in which of insurance coverage or different advantages.

Greatest journey bank card

BMO Ascend World Elite Mastercard*

BMO Ascend World Elite Mastercard

At a look: The BMO Ascend World Elite Mastercard enables you to earn versatile BMO Rewards which might be redeemed for journey, merchandise, assertion credit, and even investments. It consists of complete journey insurance coverage and perks like Mastercard Journey Cross membership together with 4 free airport lounge visits yearly.  

  • Annual price: $150
  • Rates of interest: 20.99% on purchases, 23.99% on money advances, 23.99% on stability transfers
  • Welcome bonus: You possibly can earn as much as 70,000 factors and the annual price waived within the first 12 months for each the first cardholder and approved customers.
  • Earn charge: 5 factors per $1 spent on eligible journey purchases; 3 factors per $1 on eating, leisure, and recurring invoice funds; 1 level per $1 on all the things else
  • Further advantages: Mastercard Airport Experiences membership, plus 4 annual complimentary lounge passes; BMO World Elite Complete Journey and Medical Safety insurance coverage for limitless journeys per 12 months of as much as 21 days every; Boingo Wi-Fi entry; prolonged guarantee; buy safety; World Elite Mastercard perks
  • Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Execs 

  • This card consists of complimentary membership in Mastercard Journey Cross with 4 annual airport lounge passes. 
  • The included journey insurance coverage is likely one of the greatest available on the market and the emergency medical is obtainable to travellers aged 75 and beneath (many insurance policies solely cowl these aged 65 and beneath).
  • BMO Rewards are versatile and might be redeemed for journey, merchandise, present playing cards and even investments.

Cons 

  • The $150 annual price is increased than different playing cards on this class.
  • This card has excessive annual revenue necessities.

Greatest bank card for Costco

Rogers World Elite Mastercard

At a look: Why accept much less when you’ll be able to have extra? The CIBC Costco Mastercard—our runner up for the perfect card to make use of at Costco—is custom-tailored to the wants of loyal warehouse buyers. Nevertheless it gained’t fetch you the very best rewards in your spending. For that, you’ll need the Rogers World Elite Mastercard, which affords a formidable 1.5% money again on each single buy you make Costco, in retailer or on-line. The potential for limitless money again and better redemption flexibility is what offers this card an edge over the CIBC Costco Mastercard.

  • Annual price: $0
  • Rates of interest: 19.99% on purchases, 22.99% on money advances, 22.99% on stability transfers
  • Earn charge: 1.5% money again on all purchases; 3% money again on all U.S.-dollar purchases
  • Further advantages: Emergency medical insurance coverage; journey cancellation/interruption safety; rental automobile collision/harm protection; complimentary membership to the Mastercard Journey Cross program
  • Welcome provide: Earn $25 money again if you make your first buy inside three months of getting the cardboard.
  • Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Execs 

  • 1.5% limitless money again on all of your Costco purchases is the true good thing about this card. Whereas the CIBC Costco Mastercard affords increased accelerated earn charges on restaurant, Costco fuel and Costco.ca purchases, the incomes caps are quite restrictive.
  • Redeem your rewards if you need! You simply need to have accrued $10 in earnings.
  • Once you store in Costco shops (as a substitute of on-line), you’ll earn 0.5% greater than you’d with the CIBC Costco Mastercard.

Cons

  • To qualify, you’ll want a private revenue of $80,000 or a family revenue of $150,000. If that’s past what you earn, the CIBC Costco Mastercard is an efficient various.

Runner up: CIBC Costco Mastercard

At a look: Costco solely accepts Mastercard, and this money again card affords tailor-made advantages for Costco buyers. Earn 3% money again at eating places and Costco fuel stations, 2% at different fuel stations and when procuring at Costco.ca, and 1% on all different purchases (together with Costco). The cardboard doubles as your Costco membership card, so that you don’t have to fret about carrying two playing cards or forgetting your membership card at residence.

  • Annual price: $0
  • Rates of interest: 19.75% on purchases, 21.49% on money advances, 21.49% on stability transfers
  • Earn charge: 3% money again if you spend at eating places and at Costco fuel, 2% again at different fuel stations and at Costco.ca, 1% on all different purchases (together with Costco)
  • Welcome provide: There isn’t any welcome provide presently.
  • Further advantages: Zero legal responsibility safety, cellular machine insurance coverage, and buy safety and prolonged guarantee insurance coverage
  • Annual revenue requirement: $15,000

Execs 

  • With no annual price and money again on all of your purchases, this card is an efficient one is you have already got a Costco membership and need to earn money again for use completely on Costco purchases.
  • For a no annual price card, it affords aggressive earn charges, explicit for spending at eating places.

Cons 

  • You should be a Costco member, which is able to price you $60 or $120 per 12 months, relying in your membership.
  • There’s no restrict on how a lot money again you’ll be able to earn all year long, however the earn charges are capped. After reaching the annual spend in a class ($5,000 for fuel and $8,000 for Costco.ca purchases), you’ll solely earn the 1% money again charge.
  • Different playing cards provide better flexibility for money again redemptions. With the CIBC Costco Mastercard, you’ll obtain money again within the type of present certificates, issued one per 12 months, that you may redeem for something within the Costco warehouse.

Greatest for low curiosity

MBNA True Line Gold Mastercard*

At a look: The MBNA True Line Gold Mastercard affords one of many lowest rates of interest available on the market with no annual revenue necessities and a low annual price of $39. This card is a powerful software for these trying to pay down debt.

  • Annual price: $39
  • Rates of interest: 8.99% on purchases, 24.99% on money advances, 8.99% on stability transfers
  • Earn charge: N/A
  • Further advantages: As much as 9 extra customers at no additional price; journey help providers, together with assist changing misplaced paperwork, and help in case your baggage goes lacking; financial savings with Avis and Price range automobile leases; buy safety for as much as 90 days; and prolonged guarantee of as much as one extra 12 months on high of the producer’s protection
  • Welcome bonus: No welcome provide.
  • Annual revenue requirement: None

Execs 

  • The 8.99% rate of interest is likely one of the lowest available on the market. 
  • Cardholders can add as much as 9 extra customers at no extra price.
  • Consists of journey help and authorized help.

Cons 

  • Whereas it is a low curiosity card, it doesn’t have a promotional stability switch provide.
  • There’s no included journey or automobile rental insurance coverage.
  • These in Quebec are topic to an rate of interest of 10.99%.

Greatest for Air Miles collectors

BMO Air Miles World Elite Mastercard*

At a look:  Providing a rare earn charge of 1 Air Mile per $12 spent and further advantages like journey and rental automobile insurance coverage, plus reductions, the BMO Air Miles World Elite Mastercard is a good journey companion.

  • Annual price: $120 (waived for the primary 12 months)
  • Rates of interest: 20.99% on purchases, 23.99% on money advances, 22.99% on stability transfers
  • Welcome bonus: You possibly can earn 3,000 AIR MILES Bonus Miles and we’ll waive the $120 annual price for the primary 12 months.
  • Earn charge: 1 Mile per $12 spent, 3 Miles per $12 spent at Air Miles companions and a pair of Miles per $12 spent at eligible grocery shops
  • Further advantages: Complimentary membership in Mastercard Journey Cross offered by DragonPass; unique 25% low cost on one worldwide Air Miles flight redemption through the calendar 12 months; journey and medical insurance coverage; flight low cost of 15% on Air Miles flights in North America; as much as 25% low cost on automobile leases at Nationwide and Alamo; prolonged guarantee and buy safety; World Elite Mastercard perks
  • Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Execs 

  • This card offers you entry to a powerful base charge of 1 Air Mile per $12 spent, plus loads of alternatives to spice up your earn charge, together with the flexibility to “double dip” by utilizing your collector’s card.
  • Features a premium journey and automobile rental insurance coverage package deal.
  • Comes with perks like complimentary membership in Mastercard Journey Cross offered by DragonPass which beneficial properties you entry to airport lounges, free Boingo Wi-Fi and reductions.

Cons 

  • The DragonPass lounge entry doesn’t embody passes, which price USD$32 per go to.
  • The annual minimal revenue requirement will put this card out of attain for some.

Greatest for college kids

BMO CashBack Mastercard*

At a look: The BMO CashBack Mastercard affords a no-fee strategy to earn huge on groceries, a function that can enchantment to hungry college students. The three% earn charge on groceries is likely one of the highest within the nation for a no-fee card, and cardholders will get a 1% return on recurring invoice funds (all the things else earns 0.5% money again).

  • Annual price: $0
  • Rates of interest: 20.99% on purchases, 22.99% on money advances
  • Welcome bonus: You possibly can earn 5% money again in your first 3 months
  • Earn charge: 3% money again on groceries and 1% on recurring invoice funds; 0.5% on all the things else
  • Further advantages: Prolonged guarantee and buy safety towards theft or harm for 90 days after buy; as much as 25% off at Nationwide and Alamo; reductions for Cirque du Soleil tickets
  • Annual revenue requirement: None

Execs 

  • Further playing cards are free so you’ll be able to earn much more money again.
  • As a no-fee card with no minimal revenue requirement, this card is an especially accessible strategy to earn money again in a giant spending class. 

Cons 

  • There’s a cap of $500 per assertion cycle for boosted spending classes and any spends past that can earn on the low 0.5% base charge.
  • This card doesn’t have any included journey or automobile rental insurance coverage.

Greatest for roadside help

Triangle World Elite Mastercard

At a look: It ought to come as no shock that the Triangle World Elite Mastercard from Canadian Tire affords the perfect roadside help. The cardboard’s Gold Plan lets members decide to insure both their automobile (with any driver) or themselves (in any automobile), plus offers them entry to 24/7 roadside help in Canada and the U.S., towing, flat tire modifications, battery boosts, gas supply, lock-out service and extra.

  • Annual price: $0
  • Rates of interest: 19.99% on purchases, 22.99% on money advances, 22.99% on stability transfers
  • Welcome bonus: None
  • Earn charge: 3% again in CT Cash on grocery purchases (as much as $12,000 yearly); 4% again on spends at Canadian Tire and accomplice shops; and $0.05 to $0.07 per litre again on fuel from collaborating Fuel+/Essence+ and Husky places; 1% again in all places else
  • Further advantages: No-receipt returns; personalised affords; prolonged guarantee and safety insurance coverage that covers loss, theft or harm for 90 days after buy
  • Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Execs 

  • There are quite a few methods to gather Canadian Tire Cash (CT Cash) at boosted charges that you may spend on nearly something in retailer. One greenback in CT Cash = CAD$1.
  • Sports activities followers will admire accelerated charges and reductions at accomplice shops similar to Mark’s Work Wearhouse, Sportchek and Hockey Life.
  • You possibly can beat surging gas costs with reductions on fuel at Fuel+/Essence+ and Husky places.

Cons 

  • Regardless of being categorised by Mastercard as grocery shops, Walmart Supercentres aren’t included within the 3% boosted grocery earn charge.
  • There’s an annual restrict of $12,000 on accelerated rewards. Purchases past that cap will earn on the base charge of 1%.
  • Though it is a no-fee card, the excessive annual minimal revenue requirement will put it out of attain for some.

Greatest pay as you go Mastercard

Koho Pay as you go Mastercard with an Straightforward subscription*


At a look:
The Koho Pay as you go Mastercard works like a debit card you should use totally free at any ATM and in all places that accepts Mastercard—plus, you’ll additionally get money again in your purchases. Once you open a Koho account, you’ll obtain a digital Pay as you go Mastercard, and you’ll have to decide in to obtain the bodily card. Prospects are robotically enrolled into Straightforward, Koho’s base subscription plan—and the one free one. Cardholders can select to improve to the paid Important or Further plans for higher earn charges and extra perks.

  • Annual price: $0
  • Rates of interest: N/A
  • Welcome provide:
  • Earn charge: 1% money again on payments, providers, and groceries; as much as 5% again at choose retailers 
  • Further advantages: Entry to budgeting instruments, RoundUp, monetary teaching and credit score constructing for a price ($10 per thirty days); 0.5% curiosity in your account; entry to joint accounts
  • Annual revenue requirement: None

Execs 

  • The Straightforward account is free however prospects can entry extra perks and higher charges by upgrading their plan. For instance, in the event you pay $9 per thirty days for the Koho Further account, you’ll earn 2% money again on groceries, payments, providers, and consuming and consuming, plus 0.5% money again on all purchases. With Further, you’ll additionally get a $25 money bonus as soon as accepted.
  • You’ll pay no month-to-month charges with the Straightforward account, and because you preload the cardboard, you don’t have to fret about missed funds or rates of interest.
  • Koho affords a great deal of instruments that will help you funds and meet your monetary targets. Some are free, together with RoundUp—the place you set your account to spherical up the price of purchases to the closest $1, $2, $5 or $10, and it places the distinction apart in your financial savings.

Cons 

  • If you wish to entry the perfect perks and options, you’ll need to subscribe to Koho Important or Further, which include month-to-month charges of $4 and $9, or annual charges of $48 and $84, respectively.
  • Some perks accessible with all three plans, similar to credit score constructing, come at an additional price that varies relying on the plan.
  • With Koho Straightforward, travellers and cross-border buyers are charged international transactions (FX) charges of 1.5%. If these fees matter to you, contemplate the Koho Further plan, which comes with no FX charges.

Our methodology: How we decide the perfect playing cards

The MoneySense editorial crew selects the perfect bank cards by assessing the worth they supply to Canadians throughout varied classes. Our greatest Mastercard bank cards rating relies on an intensive checklist of card particulars and options, together with annual charges, rates of interest, welcome affords, rewards earn charges, annual revenue necessities, and perks similar to insurance coverage protection, buy safety, roadside help, rebates, reductions and airport lounge entry. We have now additionally thought of the professionals and cons of every card that will help you decide which of them greatest fit your monetary wants. Our rankings are an unbiased supply of knowledge for Canadians. The addition of hyperlinks from affiliate companions has no bearing on the outcomes. Learn extra about how MoneySense makes cash.

Ceaselessly requested questions

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