Mastercards are very flexible regarding how effectively you can use them for activities like travel, rentals, and insurance. Unfortunately, despite this versatility, it’s not being offered by some banks in Canada. The banks that do issue it, however, make it a priority to give them an edge over the more common visa debit cards. And this certainly comes at a hefty price, but the facilities provided to you are no less significant.
Don’t have a Mastercard; we’ve got you covered. If you find a suitable credit card for yourself, just click the associated link, and it will redirect you to the bank’s secure webpage, where you can read through the fine-tuned details and apply for the card. You’ll have it with you in no time.
That being said, here are some of the best Mastercards in Canada that you can apply for right now.
HSBC World Elite Mastercard
HSBC World Elite Mastercard is part of the HSBC Reward Program. HSBC is one of the biggest banks in the world, and their web of international service means that they are an excellent choice for travellers.
A quick summary of the card’s benefits:
- You will get 6 points per dollar on all travel purchases and 3 points per dollar on all other purchases
- You can use your points on any travel expense charged to your Card
- $100 Annual Travel enhancement credit
- No foreign currency conversion fees. Exchange rates will apply, however
In addition to these, you will receive a few other travel perks. For starters, you gain exclusive access to airport lounges provided by LoungeKey (every visit will cost $32, however). In addition, a 10% discount will be made available on hotels booked with HSBC’s Expedia and Agoda. Also, HSBC will provide a 31 day worldwide Emergency Travel Medical Insurance, Trip Cancellation or Delay Insurance, Baggage Loss or Delay insurance, and rental car Insurance.
This card is accepted everywhere, including Costco. The points that you receive from the reward system can be spent on travel facilities, gift cards, products, and financial returns.
2. MBNA Rewards Platinum Plus Mastercard
If, on the other hand, you are looking for a decent reward on your returns with no additional fee, then MBNA Rewards Platinum Plus Mastercard might be the card for you. With this card, you won’t have to worry about troublesome annual fees.
At a glance, here are some of the services you will receive:
- A High Earn Rate: For every dollar, you spend on eligible fuel pumps, groceries, and restaurant purchases, you will gain four points which will narrow down to two points after the first 90 days.
- A Superb Sign Up Bonus Offer: You can secure up to 14,800 bonus points
- Extended Warranty: Get double the manufacturer’s warranty period on consumer goods that you purchase with this card
You will enjoy a few other perks, such as a decent return on travel, zero-liability insurance, enhanced security, and 24-hour customer support.
The interest is quite high; however, you’ll have to give 19.99% interest on purchases and 24.99% on cash advances. And it does not particularly provide a host of other benefits besides waiving off the annual fees. It will not offer many eclectic benefits like travel insurance, mobile device protection, and roadside assistance.
3. Brim World Elite Mastercard
Brim World Elite Mastercard has some strong features and is a very innovative credit card in terms of its offers. It comes with several perks like insurance, mobile phone protection, and global Wi-Fi. The trade-off is that it comes at a very steep annual fee.
Some services that you will receive include:
- You receive 1000 points if you apply for the card with a referral worth $10. In addition, there is a trial version in which you can use the card for a short time with no additional cost.
- Earning rewards is convenient, with 2 points awarded for every dollar spent up to a total of 30 points for every dollar if you spend at select Brim partners. However, it caps up after spending $25,000 every year. Thereafter, the rate is 1 point for every dollar.
- This premium card also offers excellent insurance coverage, including:
1. Rental car insurance up to $85,000
2. Trip cancellation and flight delay covers
3. Hotel/motel burglary insurance
As a world-renowned Mastercard, you automatically get LoungeKey membership (charges apply for every visit) and free Boingo Wi-Fi. But, by far, the most valuable perk is that it charges absolutely no foreign exchange fees, which, in Canada, is hard to come by.
The only downside is that it has a sizeable $199 annual fee which is waived off for the first year. Also, any additional cards you get will cost $50 apiece.
4. BMO Cashback World Elite Mastercard
BMO Cashback World Elite Mastercard is an elite credit card available only to people who have an annual income of at least $80,000 individually or $150,000 as a household. This makes it most suitable for people in the upper-middle class.
Other salient features of this account include:
- In addition, you can earn unlimited cash backs on your daily purchases.
- 5% cashback rate on daily expenditure though there is a 19.99% standard interest rate on purchases and 22.99% cash advances.
- The annual fee is $120, and there is a 10% cashback welcome bonus for three months at no additional cost. After that, additional cards come for $50.
Perks include travel and medical protection for 80 days of up to $2 million. Cardholders will also get exclusive Mastercard Airport experiences. In addition, all users can enjoy purchase protection and an extended warranty on items purchased with the card and can get roadside assistance when stranded on the road while driving. They even offer a %20 discount on Cirque du Soleil shows in Las Vegas so that you can save money while doing the things you love.
The only cons are that you need a high annual income to apply for the card and that the cashback themselves don’t offer any significant or worthwhile rewards.
5. BMO Air Miles World Elite Mastercard
The BMO Air Miles World Elite Mastercard is a very versatile travel card. If you take multiple vacations or are a frequent flyer, you will find this card very helpful. And, it offers much more than just luxury travel and an impressive rewards program.
Here are some of the main features cardholders will avail of:
- Easily earn Air Miles; you will receive 3 Air Miles for every $12 spent at affiliated Air Miles Partners and 1 Air Mile for every $12 spent on eligible purchases.
- You can spend the points very flexibly—cash in your Air Miles for travel, merchandise, or bonus rewards.
- You will acquire 2000 Air Miles as a Sign-up Bonus, and the annual fee of $120 is waived off for the first year.
- And, of course, you will receive some of the finest travel insurance, including trip cancellation insurance, baggage delay insurance, and Travel and Medical protection.
Primarily focussing on improving the air travel experience, you will also receive complimentary membership in exclusive Mastercard associated VIP Lounges provided by LoungeKey. In addition, BMO will provide a 25% discount on National car rentals and a Collision Damage Waiver of up to $65,000. A host of other features such as digital services from on-demand apps, access to Wi-Fi hotspots, purchase insurance, and zero liability coverage are made available to cardholders for no extra cost.
Only individuals with an income greater than the threshold requirement of $80,000 will be eligible to apply for this card. The card interest rate is also quite high, with $20.99 for purchases and $22.99 for cash advances. Also, a card for any additional cardholder will cost $50. So, if you aren’t a frequent traveller, it might not be worth the annual fees and high interest rates.
6. MBNA True Line Mastercard Credit Card
Many credit cards on this list have come with pretty large interest rates on purchases and cash advances. If you can pay them back by the end of each month, then it is all well and good. But if, on the other hand, by some stroke of misfortune, you missed the payment and have to carry a balance on your card, you will find that it stacks up to a lot really fast. That’s where cards like MBNA True Line Mastercard come into play. They offer low interest rates so that you can pay your debts off quickly.
Here are some of the key features and valuable rewards this card offers:
- As mentioned, there is a low-interest rate which clocks in at around 12.99% for purchases and balance transfers. The interest on cash advances, however, is still pretty hefty at 24.99%. This is very suitable for everyday use, and you won’t have to worry about interest piling up.
- For the first year, you will have an interest rate of 0% on bank transfers. This is one of the best options and a very effective way to eliminate credit card debt.
- The icing on the cake? There is absolutely no annual fee which will save you some more money.
However, with privileges like this, there is often a steep trade-off. In the case of the MBNA True Line Mastercard, you will not receive insurance (any one of the 17 types provided by credit cards) and get no perks or benefits/deals on travel or luxury. There are also no extra rewards like cash back on everyday spending. To top it all off, the interest rate on cash advances is still pretty high at 24.99%, which cuts back the money saved from the transfers and purchases.
7. BMO CashBack Mastercard for Students
Getting a credit card as a student can be a very stressful experience sometimes. However, it is your first step towards building a good credit history, becoming responsible for how much you spend each month, and paying back the balance on time. Many credit cards can help ease you into this experience, but none so better than BMO CashBack Mastercard (for students).
Here are a few privileges that a cardholder will enjoy:
- They will receive up to 3% cashback on all of their everyday purchases(grocery purchases and online purchases), including 3% on groceries, 1% on recurring bills (such as smartphones and streaming services), and 0.5% on everything else. They will, however, enjoy an introductory rate of 5% cashback on everything for the first 3 months, which caps up at $2500, which means you can get up to $125 as a welcome bonus.
- BMO will provide 2 types of purchase insurances to cardholders, including an extended warranty (for up to 1 year) and purchase protection if you damage a product brought with your card.
- It is easily accessible for students as they have to pay no annual fees, thus saving themselves a bit of extra cash.
There are, however, spending caps on the cash backs. This means that after the first three months, they will receive cash backs on the first $500 that they spend each month. This limits their usability and effectiveness for saving money, which is a disadvantage to students on a budget. The card also comes with an interest rate of 19.99% on purchases which is the standard. And lastly, students will also not receive travel insurance and several others luxury features.
Still, BMO Cashback is the best credit card option available to students.
8. HSBC +Reward Mastercard
If you are a savvy saver or a deal hunter, then the HSBC +Reward Mastercard would be the best option for you. This credit card has a no-nonsense flat-rate cashback system that you can use to earn yourself some great rewards.
Credit card perks include:
- You will receive an excellent first-year bonus: the cashback on all the purchases you make in the introductory period is doubled. So you can spend up to $10,000 and earn up to $300 in cashback which is more than what other banks with similar deals offer. Of course, it depends entirely on how much you spend in the first year and is not considered a welcome bonus. But it is worth squeezing out every last bit of value, especially in the first year.
- You will have a 0% interest rate for the first 12 months. No introductory interest rates make them ideal for putting off any debt you have on your previous cards (paying them back through balance transfer) or getting a shiny reward from the cash backs you accumulate.
- There is also no foreign transaction fee. Though it may be a common travel perk, you will seldom find it with a credit card with an annual fee as low as $25. It is nice to enjoy a vacation without having to worry about a transaction fee being deducted every time you use it.
New cardholders will not receive bonus rewards, but the yearlong cashback policy will more than makeup for it. It also has a very steep balance transfer fee of 4%. They also provide an impressive insurance package. It includes standard security features such as zero liability coverage and ID theft protection if your card gets stolen.
9. Alaska Airlines Platinum Plus Mastercard
If you are a member of the Mileage Plan program, then the Alaska Airlines Platinum Plus Mastercard is the choice for you. It has an attractive rewards program and doesn’t discriminate based on income. In addition, it is the perfect option for travellers who can’t get the World Elite card.
Here is what you’ll get with this travel card:
- It offers 2000 miles in the Mileage Plan program upon spending $1000 in the first three months. You will also get 3 miles for every dollar spent on Alaska Airlines fares and vacation packages and 1 mile for a dollar spent on any other purchases.
- Every year, you get one round trip companion fare at $121. It will be valid for an economy ticket within the US, Canada, Alaska, Hawaii, and Mexico. The cardholder doesn’t need to be a passenger as long as their credit card is used for the transaction.
- As with all of MBNA’s Platinum Plus cards, this card also comes with an impressive insurance package. It offers car rental insurance not only in terms of the damage to the vehicle in the collision but only any personal injuries sustained in the accident. It also comes with the car’s rental burglary insurance and any valuables that the thief stole from it. However, unlike the Platinum Plus variant, this card does not insure trip cancellations and baggage loss.
With an annual fee of just $75 and no minimum income requirements, this is easily one of the most flexible cards that travellers can get their hands on. The only downside is that they offer a moderate range of insurance facilities.
10. Tangerine World Mastercard
The Tangerine World Mastercard offers a wonderful blend of insurances and straightforward rewards which you can customize according to your spending habits. It is a viable no-fee option for people on a budget.
Credit card features include:
- This card offers 10% cashback on all transactions up to $1000 that you spend in the first two months; you will be able to save up to $100. This also stacks with the regular earning rate so that you can earn a 12% return on some of your purchases.
- The Tangerine World Mastercard gives you a 2% cashback on three spending categories of your choice (including eligible grocery stores, furniture, eligible restaurant, hotel/motel, gas purchases, recurring bill payments, drug stores, home improvement, entertainment, and gift card). In addition, it offers a 0.5% cashback on all miscellaneous categories.
- As with most Mastercards, you will receive Airport Lounge Access and will be offered Boingo Wi-Fi. You will also receive standard insurance such as rental car insurance of up to $65,000, extended warranties, and, surprisingly, mobile device insurance (which is not common for cards with no annual fee).
The Tangerine World Mastercard provides most of the services of a regular Mastercard without the annual fee. The income requirement would make it less accessible for everyone, and it does not include a host of travel insurances. However, unlimited cashback rewards more than compensate for it. And since the individual gets to select from a wide variety of categories, it is easily customizable to suit their needs.
Why Should You Get a Mastercard in Canada
Having a Credit Card in Your Wallet is Much Safer Than Having Cash
While the physical cash and spare change you carry around can be tough to recover if lost or stolen, this is not the case with credit cards. They have several security checks and processes set in place to cancel your credit card if you feel it has been stolen or have it temporarily disabled so that no one can use it.
2. It Will Help You Create a Strong Credit Rating
Your monthly record of transactions and subsequent payment of balance make up an integral part of your credit profile. If your credit history shows timely payment of dues (a good credit history), you might be able to get a few extra perks like a lower interest rate, car loans, or a mortgage. In addition, if you pay your balance in full before the statement period ends, then you will be eligible for interest-free grace periods on future purchases.
3. You Will Earn Redeemable Points for Every Transaction You Make
Many rewards and travel credit cards give you a fixed set of points for every dollar you spend on eligible purchases like gas, bills, rents, and groceries. You can use these redeemable points to get rewards like flights with associated airlines, discounts, cash backs, and merchandise from certain stores.
4. They Work in Any Currency
This makes credit cards extremely versatile in terms of usability. Although many companies will charge a foreign exchange fee, it easily allows you to purchase from other countries. It can be convenient if you are a frequent traveller (if you run short on local currency). Some credit cards waive off the foreign exchange fees altogether. Mastercards are universally accepted. They get the edge over Visa cards here because they are also accepted at Costco warehouses.
5. They Offer Complimentary Services
Many credit cards offer a host of services at no additional cost. These cover travel insurance, trip cancellation and/or interruption insurance, and rental car insurance. Also, they will provide zero-liability coverage, purchase protection, and extended warranty on products that you buy from manufacturers. Exclusive access to VIP Lounges and free Wi-Fi at worldwide hotspots is also granted to provide a more luxurious experience to cardholders. Several credit cards also offer a financial safety net if the person is met with unexpected costs that they cannot accommodate. They will have to pay back the balance they owe, however.
Mastercards offer up to 15 different types of insurance coverages, more than any debit card.
6. You Can Easily Pay Off Debt on Existing Balances
Balance transfer credit cards allow you to shift the balance from an account with heavy interest rates to one that offers little to no interest. This can help people pay off their debt faster and prevent it from getting out of hand. It is also a neat way to save some money.
Where Mastercards Lack
The High-Interest Rate
If you are unable to pay the balance on a month-to-month basis, the chances are that it will stack to hundreds if not thousands of dollars. This means you will pay far more for the product you brought than it is worth. With the average rate on purchases climbing as high as 22%, it comes as no surprise that some people find themselves scrambling for their savings to pay for an ever-expanding pit of debt.
The debt is a large enough problem on its own, but it sends out ripples that affect your future with credit card companies. If you cannot pay off the balance each month, you will likely receive a bad credit score. Therefore, your credit profile is important if you want to secure a loan or a mortgage down the line.
2. Cash Advances Fees
Paying off the interest on your credit card purchases can be stressful enough, but having to withdraw cash on your credit card can be even more detrimental. There is a very steep interest rate on cash advances/ cash withdrawals or similar transactions such as buying foreign currency. It will charge you a fee of around 3% of the amount withdrawn, and the interest rates clock in at 22%. In addition, there is no interest-free grace period available for cash advances which leaves less incentive to customers to make hefty withdrawals.
3. Annual Fees
Though many credit cards offer no annual fee, the more exuberant ones require you to pay them; occasionally waiving off the fee for the first year to make an attractive offer. For cheaper credit cards, this may be as low as $25, but for the high-end cards, this value can rise to $800 depending on which card you choose. There is a general rule of thumb for annual fees; the more services that the card provides, the greater the annual fee. If you aren’t a big fan of having to give up a good sum of money every year, then there are plenty of no-fee options. But be sure to go through the services provided to see if it will work for you.
4. Miscellaneous Fees
Usually, when purchasing businesses, they will impose a service fee (or a convenience fee or surcharge). This fee will usually clock in at around 0.5-3% of the total amount paid for the transaction. Also, you will be charged a compensatory fee for missing a payment, spending over the limit, overseas transactions, and even balance transfers concerning the card you use. Any supplementary card you get will also cost you a hefty fee. For many people, all of these additional fees, along with the already heavy interest rates, might seem like a noose dangling above their head. So, it might not be ideal for lower-middle-class citizens.
5. Welcome Bonuses and Rewards Are Not That Helpful
Mastercard is not the best option out there if you want a pile of rewards for getting a new credit card. They offer only a moderate bonus at best, with the reward never going higher than $300. And if you need rewards from your shopping, then again, Mastercard isn’t all that great. You will receive a maximum of 3% cashback from purchasing gas, groceries, and paying bills. This is easily topped by many Visa and American Express cards.
So, Which Card Is Best?
This is a tricky question to answer because usually, the credit card finds the person and not the other way around. Therefore, a credit card that is custom-tailored to your needs is the one that should work best for you. Whether you prefer rewards over savings or high over low-interest-rate cards, here are a few of the best options out there.
Best Low-Interest Credit Card
This one has to go to HSBC +Rewards Mastercard. It can be frustrating if you don’t make payments duly by the end of each month; things can quickly get out of hand. This card charges 11.9% interest on purchases, cash advances, and balance transfers, in addition to having a generous reward system.
The Best Cash Back Card
This one has to go to Brim World Elite Mastercard. If Insurance coverages and rewards are what you’re looking for, then you don’t need to look further than this. Up to 2% cash back on purchases and over 150 associated partners easily provide cardholders with many discounts and returns.
The Best Overall
The best Mastercard on the market is the BMO Air Miles World Elite Mastercard because of its reasonable reward system, 14 types of insurance coverages, and handsome bonus. It is generally more well-rounded than other cards. Traveller or not, this is a convenient card to have around.
What Is The Best Mastercard In Canada?
This money-back credit card has no annual fee and the same personalized reward rate as any other card. Still, it offers additional features such as mobile device coverage, airport lounge access and car rental. In addition, the MBNA True Line (r) Gold Mastercard (r) offers a low-interest rate on transfers ($899) and purchases ($899) that can save you hundreds if not thousands of dollars compared to other higher interest rates of 20% that you could pay. In addition to the low fare, cardholders also benefit from comprehensive travel insurance, 24-hour fraud protection and round-the-clock customer service.
The benefits of World Mastercard include several types of travel, insurance, purchase protection and purchase perks in addition to the basics that Mastercard already offers. World Mastercards typically come with an annual fee of $89 or less and offer additional bonus rewards for every dollar spent, requiring an annual income of $60,000. Some premium Mastercard rivals, such as BMO World Elite (TM) Mastercard (r), offer a massive welcome bonus of up to 40,000 points (this offer is available through our linked waiver ), and the first-year costs $150.
While some rewards cards offer higher rewards with annual fees, you’ll find many great fee-free cards in Canada. The World Elite Mastercard is the top tier of Mastercard as a reward for credit cards. With a special rate of 2% BMO Mastercard Rewards Points on 2,500% off car rentals with National Car Rental and Alamo Rent A Car in Canada, you can earn up to 40,000 Rewards Points in the first year if you spend an average of $2,000 per month.
Your cashback rewards will be deposited each month into an account of your choice and credited to your credit card statement. While some may be concerned by the recent decision to cut transaction fees, loyalty rewards will not succeed this year. The card no longer has an annual fee category and gives cardholders a lower return than the fees that help fund the rewards program, but this is not unexpected.
This card gives unlimited cashback of 2% on two spending categories of your choice for a total of 10 categories to choose from, including groceries, restaurants, gas and 0.5% on all other purchases. Unlike some cards, other fee-paying reward cards such as Mastercard Visa only offer two bonus categories to earn a maximum of 1% back, and the reward limit sets a limit on how many cashback points you can earn. If this card’s minimum income and eligibility requirements are too high, look into the Tangerine Money-Back Credit Card.
With 2% off purchases in three spending categories of your choice, including groceries, DIY, gas, travel and lodging, plus 0.5% off, Mastercard puts as much in your wallet as Tangerine’s money-back credit card. In addition, cardholders can choose between two categories and get 2% cashback. Finally, if they establish an automatic deposit of rewards into the Tangerine savings account, they can earn cashback in a third category. With an annual fee of just $3 per month, bonuses of up to 4% back in cash in all three categories, and new members with low-income requirements, this card is a winner.
This travel card earns points and miles that you can redeem for travel purposes like air travel, hotel stays and cruises. New cardholders can transfer balances for a low promotional rate of 19.5% for 6 months (note: there is a 1% transfer fee) and receive an additional 10% back on spending up to $100 for $1,000 on daily purchases first 2 months. Apply by August 16th, 2021 Visit Site CIBC Divideenda (r) Visa Card Student Cash Get 30% Cashback when you make your first purchase 0% Visit Site Scotiabank Gold American ExpressA (r) Card Rewards 50,000 bonus points Scotia Rewards Points in your first year That’s a $500 annual fee for your first year, including additional cards1 $120 Visit Site Cash Visa Infinite Card (cashback) Earn 6% Cashback on dollar purchases in the first 3 months on total spending over $2,000.
With a Mastercard credit card, you can pay for your purchases conveniently and intelligently. Each card has its own rules and criteria for redeeming your rewards. For example, travel cards are similar to points, points or air miles programs offered by certain airlines, but redemption options focus more on travel, goods and services.
To help you find the right Mastercard for your needs, the editors of WalletHub compared more than 300 Mastercard credit card offers based on their rewards rates, fees, and approval requirements. From debit cards to travel reward cards to low-interest cards, we’ve done extensive research to compare the Canadian credit card market and hand-pick our top picks for the best credit cards in Canada. So check out the best MasterCard credit cards in Canada to find the perfect one for your spending.
MasterCard credit cards do not charge fees that are higher than, for example, Visa cards. In addition, most MasterCard credit cards have a grace period between the availability of the monthly statement and the due date of the payment. In several popular categories, the editors of WalletHub selected the best Mastercard: Having a MasterCard Visa network credit card is important if you want to travel abroad.
If you are familiar with the way credit card interest works, you know that carrying a balance from month to month can lead to interest charges. In addition, if you have credit on your reward card, you must pay at least the minimum before redeeming your cash or points. Therefore, comparing the percentages of reward points can be helpful but also misleading.