9 Best Mastercard Credit Cards In Canada for 2023

Why we like it

You won’t need a strategy to make the most out of this bonus-category card. The BMO CashBack® World Elite®* Mastercard®* spends like a flat-rate card thanks to stellar rates on four popular daily spending categories.

Pros

• Score generous cash-back rates for popular spending categories: 5% on groceries, 4% on transit, 3% on gas, 2% on recurring bills, and 1% on everything else.
• Feel protected with 13 types of insurance and fantastic travel benefits.

Cons

• Spending categories come with easily-hit spending caps, but the 1% base rate still earns you value once you hit your monthly bonus rate limits.
• The $120 annual fee is pretty steep. While we think you’ll more than make up for it through cash back savings, the no-fee BMO CashBack® Mastercard®* is a great alternative.

• Welcome offer: Get up to 10% cash back in your first 3 months and the $120 annual fee waived 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 Protection Plus.*
• 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.*
• BMO Concierge Service.*
• Unlock Mastercard Travel Rewards cashback offers when you travel and shop outside of Canada.
• *Terms and conditions apply.
• †Statement based on a comparison of the non-promotional grocery rewards earn rate on Canadian cash back credit cards as of January 4, 2023.
• 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.

Why we like it

With airport perks, travel benefits, 24/7 concierge access, and an impressive standard earn rate — 1 AIR MILE for every $12 spent — the BMO AIR MILES®† World Elite®* Mastercard®* offers frequent flyers a luxury travel experience at a great value.

Pros

• Airport lounge access with a complimentary membership in Mastercard Airport Experiences provided by LoungeKey.
• Strong insurance policy, including up to $2 million in out-of-province/out-of-country emergency medical insurance.

Cons

• This card doesn’t offer accelerated earn rates on certain spending categories.

• Welcome offer: Get 2,000 AIR MILES Bonus Miles and we’ll waive the $120 annual fee for the first year.*
• Get 3x the Miles for every $12 spent at participating AIR MILES Partners and 2x the Miles for every $12 spent at any eligible grocery store*.
• Earn 1 reward mile for every $12 in credit card purchases, everywhere you spend.*
• Get valuable benefits and offers for digital everyday services from a variety of on-demand apps and subscription services.
• Use your card at Costco.*
• Extended Warranty.
• Access over 1 million Wi-Fi hotspots around the world – all at no added cost, and no added fees or roaming charges.*
• Complimentary membership in Mastercard Travel Pass provided by DragonPass.*
• Use less Miles with our exclusive 25% discount on one worldwide AIR MILES flight redemption during the calendar year.*
• BMO AIR MILES World Elite Travel and Medical Protection.*
• BMO Concierge Service.*
• Unlock Mastercard Travel Rewards cashback offers when you travel and shop outside of Canada.
• *Terms and conditions apply.
• 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.

Why we like it

The MBNA Rewards Platinum Plus Mastercard offers bonus rewards on common spending categories, along with flexible options for redemption.

Pros

• Flexible redemption options, including cash back, brand-name merchandise, gift cards, charitable donations and travel, and points never expire.
• You can receive up to 10,000 Birthday Bonus Points every year.

Cons

• Accelerated earn rate drops to 2x after the first 90 days, and 1x after $10,000 in spending. Considering how many categories fit into the cap, hitting the limit will be easy for families and big spenders.
• Lack of travel insurance may disappoint some cardholders.

• 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.
• Earn 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.
• 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.
• ‡, ††, ✪, ***, Terms and Conditions apply.
• This offer is not available for residents of Quebec.
• Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.

Why we like it

The BMO World Elite Business Mastercard is a solid option for business owners seeking a travel card, as it boasts travel insurance and airport lounge access for a relatively low annual fee. Plus, cardholders can take advantage of a points program that rewards business expenses, like gas, office supplies and cell phone payments.

Pros

• Accelerated rewards rates on everyday business spending, including gas, office supplies, cell phone and internet bill payments.
• Travel insurance coverage that includes trip cancellation, trip interruption, baggage delay, and more.
• Free Maple virtual care visits.

Cons

• Limited airport lounge access.
• $50 price for each employee card.

• Get up to 50,000 points when you spend $5,000 in the first three months and an additional 20,000 points when you spend $35,000 in the first twelve months.
• Take advantage of a 0.00% introductory interest rate on balance transfers for nine months with a 3% transfer fee.
• Earn 4 points for every $1 you spend on gas, office supplies, cell phone and internet bill payments, up to a $50,000 annual spending limit.
• Earn 1.5 points for every $1 you spend on all other card purchases, including category spending in excess of the annual limit.
• Redeem reward points for travel, office supplies and gifts for employees, as well as to pay for recent purchases, make cash deposits into your BMO investment account, and more.
• Get up to 22 additional cards so employees can easily make purchases on behalf of your business and help you earn points faster.
• Get protection against employee card abuse with the Liability Waiver Program.
• Enjoy two free airport lounge passes a year with a complimentary membership to Mastercard Travel Pass provided by DragonPass.
• Get automatic rebates of 1%-25% when you shop at qualifying merchants with Mastercard Easy Savings.
• Receive travel protection when you use your Mastercard to book travel arrangements. Coverage includes trip cancellation/trip interruption insurance, baggage delay insurance, a car rental collision damage waiver and more.
• Get 90-day purchase protection and extended warranty protection of up to one additional year on items you charge to the card.
• Access on-demand health care with five free virtual care visits on Maple shared by you and your family members.

Neo Secured Credit is a no-fee card that earns cash back rewards and offers access to high-interest savings.

Pros

• A small $50 minimum deposit makes this card accessible to consumers of all budgets.
• Earn up to 15% cash back on purchases with select Neo partners.

Cons

• Interest rates could be as high as 29.99% for some users.

• Earn a 0.5% cash back guarantee, an average of 5% unlimited cash back at thousands of Neo partners, and up to 15% cash back on your first purchase at participating partners.
• No annual fee for the Standard rewards plan.
• $50 minimum security fund deposit required.
• $10,000 maximum security fund deposit.
• To apply, visit member.neofinancial.com and create an account. Select “Credit”, pick either the Neo Credit or the Hudson’s Bay Mastercard, and then choose “Secured Card” as the type of credit you are looking for.
• Hard credit checks are not made on applications.
• Guaranteed approval, as long as you meet eligibility requirements.
• Ability to upgrade to an unsecured rewards credit card.
• Link your account to a Neo Money™ account and earn 2.25% interest on savings.
• Purchase rates range from 19.99%-29.99%. The standard rate on purchases and cash advances is dependent on Neo Financial’s assessment of your credit application, credit profile, and your province.
• To be eligible, you must be able to provide security funds and be a Canadian resident of the age of majority in the province or territory where you live.
• Customers can get up to 4% cashback on all purchases at Shell gas stations and convenience locations when they use their Neo Credit, Neo Secured Credit or Neo Money™ card. Earn 2% cashback at the pump or convenience store locations. Earn 4% cashback on transactions made through the Shell App. Offer available in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. Boost these offers by 50% when you add Everyday Essentials perks to your card.

Why we like it

The BMO CashBack® Mastercard®* offers attractive earn rates on everyday purchases like groceries and utility bills, making it easy to quickly rack up rewards that you can turn into cold hard cash.

Pros

• Attractive introductory offer, especially if you’re interested in a balance transfer.
• No minimum threshold for redeeming your cash-back rewards. Redeem as little as $1 if you want.

Cons

• Accelerated earn rates for groceries and recurring bills are capped at $500 per billing cycle, a ceiling that might be easy to hit if you have a family or higher monthly balances.
• Offers fewer travel perks and types of insurance than some other cards.

• 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 a 0.99% introductory interest rate on Balance Transfers for 9 months, 2% fee applies to balance amounts transferred.*
• No Annual fee.*
• 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.*
• Extended Warranty.*
• Purchase Protection.*
• Receive a discount on car rentals.*
• *Terms and conditions apply.
• †Statement based on a comparison of the non-promotional grocery rewards earn rate on Canadian cash back credit cards as of January 4, 2023.
• 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.

Why we like it

You can earn unlimited cash back at a 2% rate in up to three categories of your choice — all while earning 0.50% back on everything else.

Pros

• You can tailor the 2% rewards to your spending by choosing up to three categories from Tangerine’s list of 10, which includes basics like gas and groceries as well as unusual picks like furniture and home improvement.
• Transfer balances within your first 30 days and pay only 1.95% interest on the transferred balance for the first six months (19.95% after that).

Cons

• 2% cash back is a competitive rate, but many cards offer double the rewards on specific categories.
• Tangerine is a virtual bank with no physical bank branches.

• 2% on two categories of your choice: grocery, furniture, restaurants, hotel-motel, gas, recurring bill payments, drug store, home improvement, entertainment, or public transportation and parking.
• Get a third cash-back category by choosing to have your rewards deposited into a Tangerine Savings Account.
• 0.50% on everything else.
• Redeem cash back monthly as a statement credit or deposited into a Tangerine Savings Account.
• No annual fee.
• Transfer balances within your first 30 days and pay only 1.95% interest on the transferred balance for the first six months (19.95% after that). 1% balance transfer fee applies to the amount transferred.
• Get free cards for any authorized users on your account.
• It only includes purchase assurance and extended protection insurance. For more insurance, consider the Tangerine World Mastercard which requires a minimum personal income of $60,000. If you meet this requirement, you will automatically be considered for the World card if you apply for the Money-Back card.
• Preferred rates: 19.95% for purchases and cash advances.
• To be eligible, a $12,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.

Why we like it

The BMO CashBack® Mastercard®* for Students has impressive earn rates — including 3% on groceries — and valuable perks, all without an annual fee.

Pros

• Earn flexible and easy-to-redeem cash rewards on everyday purchases.
• There’s no minimum threshold for redeeming your cash-back rewards. Redeem as little as $1 if you want.

Cons

• Accelerated earn rates for groceries and recurring bills are capped at $500 per billing cycle.
• Insurance is limited to extended warranty and purchase protection.

• 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.
• 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.*
• *Terms and conditions apply.
• †Statement based on a comparison of the non-promotional grocery rewards earn rate on Canadian cash back credit cards as of January 4, 2023.
• 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.

Why we like it

MBNA True Line® Gold Mastercard offers one of the lowest rates for purchases and balance transfers, plus extended warranty benefits on most new items and savings on car rentals at a modest fee.

Pros

• One of the lowest regular purchases and balance transfer interest rates of 8.99%.
• Benefit from additional purchase warranty, purchase assurance and trip assistance.

Cons

• Unlike the no-fee MBNA True Line® Mastercard®, which charges 12.99% on purchases and balance transfers, this Gold card has a $39 annual fee.
• No promotional offer or rewards program.
• Balance transfers are subject to a steep minimum fee of $7.50 per transaction.

• $39 annual fee.
• Standard Annual Interest Rates of 8.99% on purchases, 8.99% on balance transfers✪ and access cheques, and 24.99% on cash advances.
• Around-the-clock-fraud protection.
• Access to 24/7 customer service.
• ✪, Terms and Conditions apply.
• This offer is not available for residents of Quebec.
• Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.