Best Mastercard Credit Cards in Canada in 2018

Last updated on October 3, 2018 Views: 5535 Comments: 0
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Of the major credit card processors in Canada, Mastercard is popular for its near universal acceptance rate and wide array of useful features. Mastercard credit cards also have exclusive deals with major retailers, and are a necessity for those who often shop at Costco or Walmart, where Visa and Amex are not accepted. In terms of the cards that Mastercard offers to Canadians, there is a variety to suit nearly every income level, habitual purchase category, and reward type preference. Mastercard also provides some default perks and protections, including ID theft protection, extended warranties on purchases and more.

Summary of Best Canadian MasterCard Credit Cards in 2018

MasterCardCard TypeAnnual FeeCard ReviewApply for Card
Best Western MasterCardRewards MasterCard$0Read MoreApply Now
Tangerine Money Back MasterCardCashBack MasterCard$0Read MoreApply Now
MBNA True Line® Mastercard®Balance Transfer No Fee MasterCard$0Read MoreApply Now
MBNA True Line® Gold Mastercard®Top Balance Transfer, Low Interest MasterCard$39Read MoreApply Now
BMO Air Miles World Elite MastercardTravel Rewards Mastercard$120Read MoreApply Now
BMO SPC Air Miles MasterCardStudent MasterCard$0Read MoreApply Now
BMO Rewards MasterCardNo Annual Fee MasterCard$0Read MoreApply Now
BMO Shell Air Miles MasterCardGas Rewards MasterCard$0Read MoreApply Now
Rogers Platinum MasterCardNo Foreign Transaction Fee MasterCard$0Read MoreApply Now
BMO Preferred MastercardLow Interest Rate MasterCard$20Read MoreApply Now
BMO World Elite MasterCardPremium Mastercard$150Read MoreApply Now

Best Hotel Rewards Mastercard

MBNA Best Western Rewards Credit CardMBNA Best Western Rewards® Mastercard®

Eligibility Criteria:
– Credit score required: 
fair_good
– Min personal income required: $
– Annual fees: $0

Those who like to travel and enjoy new experiences in comfort can check all their boxes and simultaneously earn rewards points with the help of Best Western and MBNA. The versatile Best Western Rewards® Mastercard® accrues 1 point per dollar in eligible purchases, but accelerates this rate to 5 points per dollar when spending on Best Western properties. Your first purchase earns you Gold Status with Best Western, boosting the earnings rate by an additional 10.00% per stay. Spend $10,000 during the year and get Platinum Status, achieving an additional 15.00% alongside multiple other thoughtful perks.

Your first eligible purchase also yields a 20000-point bonus—an amount that’s equivalent to a free night’s stay. Those that have outstanding debt with other banks and want to enjoy Best Western’s magnified travel benefits can transfer their balance to the card and enjoy 1.99% interest for 10 full months.

You can learn more by reading our complete Best Western Rewards® Mastercard® review.

Click here to apply for the Best Western Rewards® Mastercard®

Best Cash Back Mastercard

Carte de crédit Remises TangerineTangerine Money-Back Credit Card

Eligibility Criteria:
– Credit score required: fair_good
– Min personal income required: $15000
– Annual fees: $0

The Tangerine Money-Back Credit Card is perfect if you want to choose the kinds of purchases you’ll earn cash back with, without paying extra for this valuable privilege. Cardholders pay no annual fee and will choose two categories where their purchases earn 2% cash back—groceries, furniture, restaurants, hotels and motels, gas, recurring bills, drug stores, home improvement, entertainment, and public transit/parking make up the wide array of categories to choose from. And by setting up automatic contributions to a Tangerine savings account, you can choose a third category with 2% cash back. On all other purchases, cash back accrues at 0.5%.

The flexible redemption process is another area where the Tangerine card shines, with cardholders able to credit their cash directly to any month’s statement. You can learn more about the card by reading our complete Tangerine Money-Back Credit Card review.

Click here to apply for the Tangerine Money-Back Credit Card

Best Balance Transfer Mastercards

MBNA True Line MasterCardMBNA True Line®  Mastercard® 

Eligibility Criteria:
– Credit score required: fair_good
– Min personal income required: $0
– Annual fees: $0

Carrying a large amount of credit card debt can be very stressful, both financially and emotionally. Fortunately MBNA offers two Mastercards that can help Canadians make serious progress in eliminating their debt.

The MBNA True Line®  Mastercard®  offers 6 billing cycles at 0% interest on all balance transfers made within 90 days of opening the account (for accounts opened before December 31, 2018). There’s  $0 annual fee for the card, which helps further reduce a credit card bill. Once a cardholder reaches the end of the promotional balance transfer period, both balance transfers and purchases will be charged 12.99% interest—lower than many similar Mastercard options.

Along with a killer balance transfer offer, the MBNA True Line®  Mastercard®  offers 24/7 fraud protection and customer service. There are no other significant perks worth mentioning, just low balance transfer and regular interest rates along with all the reassurance of a Mastercard.

Click here to apply for the MBNA True Line® Mastercard®


MBNA True Line MasterCardMBNA True Line®  Gold Mastercard® 

Eligibility Criteria:
– Credit score required: fair_good
– Min personal income required: $0
– Annual fees: $39

If you’re committed to eliminating your credit card debt, and are willing to pay a small annual fee in exchange for lower interest, the MBNA True Line®  Gold Mastercard®  is a top choice. The card offers the same promotion as the no annual fee True Line®  Mastercard® —0% on balance transfers for the first 6 billing cycles, as long as you process the transfer within 90 days of opening your account (for accounts opened before December 31, 2018).

Once that promotional period ends, the balance transfer and purchase interest rate increases to only 8.99%. This is uncharacteristically low and affords the cardholder with even more time and opportunity to pay down their credit card debt, a feature well worth the card’s $0 annual fee.

Alongside the low interest rate, cardholders benefit from a comprehensive suite of travel insurance, 24/7 fraud protection, and round-the-clock customer service.

Click here to apply for the MBNA True Line®  Gold Mastercard®  card

Best Student Mastercard

BMO SPC Air Miles MastercardBMO SPC Air Miles Mastercard

Eligibility Criteria:
– Credit score required: poor_fair
– Min personal income required: $0
– Annual fees: $0

Students deserve a good credit card, but there are many that they can’t access due to high annual fees or income requirements. BMO helps them get one by offering their SPC Air Miles Mastercard, which has a $0 annual fee and solid 500-mile bonus just for making an initial purchase (conditions apply). At no cost, students get an array of basic credit card perks, such as the ability to earn 1 reward mile for every $20 they spend with the card. For just $500 in spending per month, a new member can accrue at least 800 miles in their first year, which is almost enough for a flight in BMO’s rewards center.

They’ll also get the 10.00% to 15.00% off at the hundreds of stores and brands that partner with SPC—many of them perfectly suited to campus life like cheap eats and retail clothing shops. Using the card at Air Miles partners enables cardholders to earn more miles as well. To cap off the card’s benefits, cardholders can protect their new purchases with an extended warranty and additional protections.

Click here to apply for the SPC Air Miles Mastercard

Best Travel Rewards Mastercard

BMO Air Miles World Elite MastercardBMO Air Miles World Elite Mastercard

Eligibility Criteria:
– Credit score required: good_excellent
– Min personal income required: $80000
– Annual fees: $120

Frequent travellers will appreciate the BMO Air Miles World Elite Mastercard for its simple point collecting power, exclusive travel perks and great introductory bonus. Though the card is accompanied by an annual fee of $120, it will save much more each year, as you earn 1 Air Mile for every $10 in spending.  New members who spend $3,000 in the first three months will earn a 3000 Air Miles bonus—plus the first year’s annual fee waived and a companion flight rebate.

Those that charge $5,000 a month to the card will collect over 9,000 Air Miles in their first year, including the bonus, which is the equivalent value of a flight to Hawaii. While on their travels, cardholders will also enjoy a Priority Pass membership to the world’s various VIP airport lounges, as well as World Elite travel and medical protection.

You can learn more about the card by reading our complete BMO Air Miles World Elite Mastercard review.

Click here to apply for the BMO Air Miles World Elite Mastercard

Best No Annual Fee Mastercard

BMO Rewards MasterCardBMO Rewards Mastercard

Eligibility Criteria:
– Credit score required: fair_good
– Min personal income required: $15000
– Annual fees: $0

Few will argue that a solid rewards credit card isn’t worth its annual fee, but that doesn’t mean they’re happy to pay it. In this regard, cards like the BMO Rewards Mastercard offer a worthwhile array of benefits but also exemption from the yearly fee, which might run upwards of $50 on similar cards. Cardholders can earn a solid promotional bonus of up to 20000 BMO rewards points: the first half for a single initial purchase and the other half for spending just $1,000 in the first three months (conditions apply).

In the meantime, the card accrues BMO rewards points at a rate of 1 for every dollar spent, with a special rate of 2 points plus 25.00% off the price of car rentals at National Car Rental and Alamo Rent a Car locations across Canada. Even without the accelerated rate, if you spend an average of $2,000 per month, you can earn around 45,000 rewards points in your first year. Points are redeemable on flights, hotels, and merchandise.

Click here to apply for the BMO Rewards Mastercard

Best Gas Rewards Mastercard

BMO Shell Air Miles MastercardBMO Shell Air Miles Mastercard

Eligibility Criteria:
– Credit score required: fair_good
– Min personal income required: $15000
– Annual fees: $0

When making a list of their biggest daily expenses, many will find gasoline in one of the top few spots. The BMO Shell Air Miles Mastercard helps cardholders who spend a significant amount on gas and love to travel using Air Miles. On all their expenses, members will earn 1 Air Mile for every $20 they spend, whereas on products from Shell and at other Air Miles partners that rate increases to 2 Air Miles for every $20.

New members are welcomed with impressive introductory bonuses, giving them 500 Air Miles for making a single charge on the card.  Cardholders can also accelerate their earnings by shopping at Air Miles partner stores, where they’ll earn 2 the Miles.

With purchase protection and warranties on items bought with the card eligible for an extension by up to an additional year, the card’s $0 annual fee is even more enticing.

Click here to apply for the BMO Shell Air Miles Mastercard

Best ‘No Foreign Transaction Fee’ Mastercard

Rogers™-Platinum-Mastercard®_243x153Rogers Platinum Mastercard

Eligibility Criteria:
– Credit score required: fair_good
– Min personal income required: $15000
– Annual fees: $0

Travellers are often unfortunately familiar with the dreaded foreign transaction fee, which averages 2.5% for purchases made in a currency other than Canadian dollars. Whether ordering online or flying abroad, eliminating these fees means you can reduce your trip expenses significantly.

Full disclosure: the Rogers Platinum Mastercard does not waive foreign transaction fees, but it does subsidize them in its own way. 3% cash back is awarded for each eligible foreign purchase—netting the cardholder 0.50% cash back after the 2.5% foreign transaction fee is factored in. Additionally, the card earns 1.25% on purchases domestically, meaning that no matter where you are, you’re always accumulating cash back.

For a $0 annual fee, the Rogers Platinum Mastercard is easy and inexpensive to set aside in one’s wallet just for use abroad. Rogers will even give new members a $25 cash back bonus when they make an initial purchase (conditions apply), with cash back redeemable once yearly in a lump sum statement credit.

You can learn more by reading our complete Rogers Platinum Mastercard review.

Click here to apply for the Rogers Platinum Mastercard

Best Low Interest Mastercard

BMO Preferred Rate Mastercard

Eligibility Criteria:
– Credit score required: fair_good
– Min personal income required: $15000
– Annual fees: $20

The biggest detriment to those who cannot make full balance payments each month is interest, which can accrue quickly and make reducing debt that much more difficult. Lessening the impact of interest is what helps the BMO Preferred Rate card take the bank’s top spot for Mastercards, by offering a solid balance transfer deal of 3.99% for 3 months. Moreover, the interest rate for both purchases and cash advances is a competitive 11.9%–about half of what other comparable cards can offer.

A low annual fee of $20, plus extended warranty and purchase protection benefits cap off the deal. Overall, the BMO Preferred is one of the best Mastercard credit cards for those individuals with outstanding debt, but also ongoing financial obligations that require them to use credit.

Click here to apply for the BMO Preferred Rate Mastercard

Best Premium Mastercard

bmo world elite mastercardBMO World Elite Mastercard

Eligibility Criteria:
– Credit score required: good_excellent
– Min personal income required: $80000
– Annual fees: $150

Credit cards with a higher annual fee and steeper income requirements also give cardholders a greater array of perks. There are few premium Mastercards that can rival the BMO World Elite Mastercard, which offers a massive 35000-point bonus (minimum spend of $3,000 in first 3 months), plus a waiver of the first year’s $150 fee. It doesn’t end there, however, as the card also accrues 3 BMO rewards points for every dollar spent on travel, dining, and entertainment. 2 points per dollar are granted for all other purchases.

Points can be redeemed on all travel arrangements, including luxury 4-star hotels and airfare. If you can meet the income requirement of $80000 per year, you’ll also likely spend more per month on the card. For $5,000 per month, at the end of your first year you’ll have accrued enough points to spend 7 nights in an all-inclusive 5-star resort in Mexico, or a flight all the way from Canada to Dubai. During the layoveH3r, enjoy one of your four yearly complimentary VIP lounge passes. Last, but not least, travellers and their families are protected with BMO’s World Elite Total Travel and Medical protection package.

You can learn more by reading our complete BMO World Elite Mastercard review.

Click here to apply for the BMO World Elite Mastercard

Didn’t Find Your Dream Card?

If this list of Canada’s best Mastercards hasn’t delivered what you’re looking for, please feel free to comment below or email us with some specific criteria, and we’d be happy to make some personal suggestions!

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