Canada’s greatest Mastercard bank cards for 2023

Finest 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’ll be able to earn 2% money again in as much as three spending classes that you choose based mostly in your spending habits, and you’ll change your classes on-line.

• Annual price: $0
• Rates of interest: 19.95% on purchases, 19.95% on money advances, 19.95% on steadiness transfers
• Welcome bonus: You’ll be able to earn an additional 10% again on as much as $1,000 in on a regular basis purchases inside the first 2 months. Should apply by July 5, 2023.
• Earn charge: 2% money again on purchases in as much as three spending classes and 0.5% money again on every part else
• Extra advantages: Buy assurance covers loss, theft or harm for 90 days after buy; prolonged guarantee of as much as one yr
• Annual earnings 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, for those who’re planning a visit you possibly can choose “lodge/motel” as a bonus class. Simply be sure you make the change one assertion cycle previous to needing it.
• With a $12,000 annual earnings requirement, this card may 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.

Finest 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 overseas forex, journey perks and insurance coverage protection—for many who meet the minimal annual earnings necessities. This card will attraction 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 steadiness 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
• Extra advantages: Rental automobile collision and harm protection; emergency medical insurance coverage; journey cancellation or interruption safety
• Annual earnings requirement: Private earnings of $80,000 or family earnings 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 contains some journey insurance coverage and perks like complimentary membership to Mastercard Journey Cross, which provides you entry to airport lounges.
• The three% earn charge on purchases in U.S. {dollars} covers the overseas transaction charges most bank cards cost.
• You’ll be able to earn limitless rewards they usually’re redeemable immediately.

Cons 

• The journey insurance coverage doesn’t have some protections, resembling 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 earnings necessities will hold this card out of attain for some households.

Finest for grocery purchases

PC Monetary World Elite Mastercard*

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

• Annual price: $0
• Rates of interest: 20.97% on purchases, 22.97% on money advances, 22.97% on steadiness transfers
• Welcome bonus: You’ll be able to 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 Consumers Drug Mart; 10 factors per $1 all over the place else
• Extra 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 earnings requirement: Private earnings of $80,000 or family earnings 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 bought in Canada, providing you with loads of flexibility and alternatives to earn.
• You’ll be able to earn PC Optimum factors irrespective of the place you store. 
• You’ll be able to stack your factors by displaying your PC Optimum card and paying together 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 simply 10 factors per $1 spent. 
• The included journey insurance coverage isn’t sturdy sufficient for longer or advanced journeys.
• The minimal annual earnings 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 profit from this expense. In case you’re in search of a card that allows you to earn on grocery purchases wherever you store, as a substitute of solely at Loblaw-affiliated shops, think about the BMO CashBack Mastercard. With 3% again on this class, it affords the best earn charge on groceries accessible for a no-fee card. Extra playing cards are free, so you may 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 steadiness transfers
• Welcome bonus: You’ll be able to 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
• Extra advantages: Entry to BMO PaySmart installment cost plan; entry to the Mastercard Journey Rewards program which provides 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 earnings requirement: Private earnings of $15,000

Execs

• Redeem your money again once you need, and select how you employ your rewards. You’ll be able to 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 earnings 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 helpful for purchases outdoors boosted classes.
• The three% money again charge on groceries and 1% charge on recurring payments is capped at $500 monthly. Spends in these classes past that quantity will earn on the base charge of 0.5%.

Finest no price card for journey

MBNA Rewards Platinum Plus Mastercard*

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

Execs 

• Redemptions are straightforward 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 yr 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.

Finest journey bank card

BMO Ascend World Elite Mastercard*

At a look: The BMO Ascend World Elite Mastercard allows you to earn versatile BMO Rewards which could be redeemed for journey, merchandise, assertion credit, and even investments. It contains 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 steadiness transfers
• Welcome bonus: You’ll be able to earn as much as 70,000 factors and the annual price waived within the first yr for each the first cardholder and licensed 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 every part else
• Extra advantages: Mastercard Airport Experiences membership, plus 4 annual complimentary lounge passes; BMO World Elite Whole Journey and Medical Safety insurance coverage for limitless journeys per yr of as much as 21 days every; Boingo Wi-Fi entry; prolonged guarantee; buy safety; World Elite Mastercard perks
• Annual earnings requirement: Private earnings of $80,000 or family earnings of $150,000

Execs 

• This card contains 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 offered to travellers aged 75 and beneath (many insurance policies solely cowl these aged 65 and beneath).
• BMO Rewards are versatile and could be redeemed for journey, merchandise, present playing cards and even investments.

Cons 

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

Finest for Costco buyers

MBNA Rewards World Elite Mastercard*

At a look: Costco solely accepts Mastercard, and with the MBNA Rewards World Elite, you and your loved ones will benefit from the financial savings of shopping for in bulk whereas incomes versatile MBNA rewards. The earn charge of 5 factors per $1 on restaurant, grocery, digital media, membership, and family utility purchases will enable you to rack up rewards shortly, and you’ll redeem for journey, rewards, or money again.

Execs 

• This card features a sturdy journey insurance coverage bundle, plus as much as $1,000 of latest cell machine insurance coverage that protects you towards loss, theft and harm.
• Yearly, get 10% of the factors you earned within the earlier yr as birthday bonus factors.
• Though there’s an annual cap on boosted spending classes, it’s $50,000 per class, so that you’re unlikely to succeed in it. 
• MBNA factors by no means expire.

Cons 

• The bottom charge of 1 level per $1 spent shouldn’t be very aggressive.
• You’ll be able to’t switch MBNA factors to different loyalty packages.
• The minimal earnings necessities will put this card out of attain for some.

Finest 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 earnings necessities and a low annual price of $39. This card is a powerful device for these seeking to pay down debt.

• Annual price: $39
• Rates of interest: 8.99% on purchases, 24.99% on money advances, 8.99% on steadiness transfers
• Earn charge: N/A
• Extra advantages: As much as 9 further 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 Finances automobile leases; buy safety for as much as 90 days; and prolonged guarantee of as much as one further yr on high of the producer’s protection
• Welcome bonus: No welcome provide.
• Annual earnings 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 further customers at no further price.
• Consists of journey help and authorized help.

Cons 

• Whereas it is a low curiosity card, it doesn’t have a promotional steadiness 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%.

Finest for Air Miles collectors

BMO Air Miles World Elite Mastercard*

At a look:  Providing a unprecedented 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
• Rates of interest: 20.99% on purchases, 23.99% on money advances, 23.99% on steadiness transfers
• Welcome bonus: You’ll be able to earn 3,000 AIR MILES Bonus Miles and have the $120 annual price waived for the primary yr. Should apply by July thirty first, 2023.
• 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
• Extra advantages: Complimentary membership in Mastercard Journey Cross offered by DragonPass; unique 25% low cost on one worldwide Air Miles flight redemption throughout the calendar yr; 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 earnings requirement: Private earnings of $80,000 or family earnings 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 power to “double dip” by utilizing your collector’s card.
• Features a premium journey and automobile rental insurance coverage bundle.
• 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 earnings requirement will put this card out of attain for some.

Finest for college students

BMO CashBack Mastercard*

At a look: The BMO CashBack Mastercard affords a no-fee method to earn large on groceries, a characteristic that can attraction 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 (every part else earns 0.5% money again).

• Annual price: $0
• Rates of interest: 20.99% on purchases, 22.99% on money advances
• Welcome bonus: You’ll be able to 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 every part else
• Extra 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 earnings requirement: None

Execs 

• Extra playing cards are free so you may earn much more money again.
• As a no-fee card with no minimal earnings requirement, this card is a particularly accessible method 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.

Finest 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 very best 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 steadiness 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 gasoline from taking part Fuel+/Essence+ and Husky places; 1% again all over the place else
• Extra advantages: No-receipt returns; personalised affords; prolonged guarantee and safety insurance coverage that covers loss, theft or harm for 90 days after buy
• Annual earnings requirement: Private earnings of $80,000 or family earnings of $150,000

Execs 

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

Cons 

• Regardless of being labeled by Mastercard as grocery shops, Walmart Supercentres will not be 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 earnings requirement will put it out of attain for some.

Finest for procuring native

Neo Credit score*

At a look: This fully-digital, no-fee bank card is nice for customers who like to buy native, earn limitless money again, and get entry to precious reductions and loyalty packages. With instruments like a money again map, in addition to optionally available paid bundles to speed up your earn charges and perks in an space of your selection (together with journey, food and drinks, or on a regular basis necessities), the Neo Credit score will attraction to those that take a contemporary, hands-on strategy to their spending.

• Annual price: $0
• Rates of interest: 19.99% on purchases, 22.99% on money advances
• Welcome provide: earn $25 cashback once you join the Neo Bank card, plus as much as 15% cashback on first-time purchases at 10,000+ companions.
• Earn charge: It varies, however averages 5% money again at choose retailers
• Extra advantages: Mastercard Zero Legal responsibility fraud safety; freeze your misplaced card
• Annual earnings requirement: None

Execs 

• Offers you the power to earn money again at extraordinary charges. 
• You should use Neo’s instruments to help native companies.
• The cardboard is customizable with no-commitment subscription bundles so you may enhance your perks and earn charges on sure sorts of spends.
• There’s no cap on how a lot money again you may earn, and you’ll money out your earnings at any time.

Cons 

• It doesn’t include insurance coverage protection. If, for instance, you need journey insurance coverage, you’ll need to buy the journey subscription bundle.
• When you can earn irrespective of the place you store, procuring outdoors accomplice retailers will get you a considerably decrease charge (with a minimal of 0.5% again), so this card might not swimsuit individuals who aren’t in cities, the place most of Neo’s accomplice shops are situated.

Finest 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 need to use free of charge at any ATM and all over the place that accepts Mastercard—plus, you’ll additionally get money again in your purchases. While 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. Clients 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: 1% money again on groceries and transportation
• Earn charge: 1% money again on payments, providers, and groceries; as much as 5% again at choose retailers 
• Extra advantages: Entry to budgeting instruments, RoundUp, monetary teaching (free with the Further plan) credit score constructing for a price; 0.5% curiosity in your account; entry to joint accounts
• Annual earnings requirement: None

Execs 

• The Straightforward account is free however clients can entry extra perks and higher charges by upgrading their plan. For instance, for those who pay $9 monthly 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 accredited.
• 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 can assist you price range and meet your monetary objectives. Some are free, together with monetary teaching (free of charge with the Further plan) and 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 very best 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, resembling credit score constructing, come at an additional price that varies relying on the plan.
• With Koho Straightforward, travellers and cross-border buyers are charged overseas transactions (FX) charges of 1.5%. If these fees matter to you, think about the Koho Further plan, which comes with no FX charges.

Steadily requested questions

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