Greatest Mastercard bank cards in Canada for November 2023

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’ll be able to 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
• Welcome bonus: You’ll be able to 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 January 31, 2024.
• Earn fee: 2% money again on purchases in as much as three spending classes and 0.5% money again on the whole lot else
• Annual revenue requirement: $12,000
• Rates of interest: 19.95% on purchases, 19.95% on money advances, 19.95% on stability transfers

Execs 

• The two% earn fee is aggressive for a no-fee card.
• You should utilize 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 would choose “resort/motel” as a bonus class. Simply be sure you make the change one assertion cycle previous to needing it.
• With a $12,000 annual revenue requirement, this card may be very accessible.

Cons 

• Doesn’t embody journey insurance coverage or perks.
• The bottom earn fee 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 gives 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 attraction to individuals who don’t need to trouble with monitoring spending classes and infrequently journey.

• Annual price: $0
• Welcome bonus: Earn $25 in money again.
• Earn fee: 3% on purchases made in U.S. {dollars}; 1.5% on all different eligible purchases
• Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000
• Rates of interest: 19.99% on purchases, 22.99% on money advances, 22.99% on stability transfers

Execs 

• No-fee bank cards don’t often embody a lot in the best way of perks or advantages, however this one contains some journey insurance coverage and perks like complimentary membership to Mastercard Journey Go, which provides you entry to airport lounges.
• The three% earn fee on purchases in U.S. {dollars} covers the international transaction charges most bank cards cost.
• You’ll be able to earn limitless rewards and so they’re redeemable immediately.
• Should you use a Rogers Financial institution bank card to pay for a brand new mobile phone at a Rogers, Fido or Shaw-branded retailer, you need to use Rogers’ Equal Fee 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 Fee Plan.)

Cons 

• The journey insurance coverage doesn’t have some protections, resembling misplaced or delayed baggage, flight delay, or resort housebreaking.
• The common earn fee 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 that means that every go to will price an extra USD$32.
• The annual revenue necessities will maintain this card out of attain for some households.

Greatest 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. You’ll earn big factors multipliers at Canada’s largest pharmacy and retail large (which incorporates hundreds of places throughout Canada). At PC-affiliated shops, 10,000 factors are price $10. So, on the excessive finish with this card, you’ll get a return of 4.5% and three%, respectively, for groceries and Consumers Drug Mart.

• Annual price: $0
• Welcome bonus: You’ll be able to earn 20,000 PC Optimum factors ($20 worth).
• Earn fee: 30 factors per $1 at Loblaw shops, PC Journey and Esso; 45 factors per $1 at Consumers Drug Mart; 10 factors per $1 in every single place else
• Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000
• Rates of interest: 21.99% on purchases, 22.97% on money advances, 22.97% on stability transfers

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, 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 exhibiting your PC Optimum card and paying along with your PC Monetary World Elite Mastercard.
• Consists of journey and automotive rental insurance coverage that’s appropriate for brief journeys.

Cons 

• The earn fee for purchasing at non-affiliated shops is simply 10 factors per $1 spent. 
• The minimal annual revenue requirement will maintain this card out of attain for a lot of.

Honourable point out:

BMO CashBack Mastercard*

At a look: Meals is an enormous spending class for many Canadians so that you’ll need to profit from this expense. Should you’re in search of 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 gives the best earn fee on groceries out there for a no-fee card. Further playing cards are free, so you may increase your earnings rapidly.

• Annual price: $0
• Welcome bonus: You’ll be able to earn as much as 5% money again in your first 3 months. Circumstances apply.
• Earn fee: 3% money again on groceries; 1% money again on recurring payments; 0.5% money again on all different spends
• Annual revenue requirement: Private revenue of $15,000
• Rates of interest: 20.99% on purchases, 22.99% on money advances (21.99% for Quebec residents), 22.99% on stability transfers

Execs

• Redeem your money again once you need, and select how you utilize 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 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 fee of 0.5%, this card much less is helpful for purchases outdoors boosted classes.
• The three% money again fee on groceries and 1% fee on recurring payments is capped at $500 per thirty days. Spends in these classes past that quantity will earn on the base fee 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 straightforward 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 attraction to these in search of a approach 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 utilize 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’s an annual cap of $10,000 per class on the boosted rewards. Purchases after that can earn on the base fee of 1 level per $1 spent.
• This card doesn’t embody a lot in the best way of insurance coverage or different advantages.

Greatest journey bank card

BMO Ascend World Elite Mastercard*

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

• Annual price: $150
• 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 approved customers.
• Earn fee: 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 the whole lot else
• Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000
• Rates of interest: 20.99% on purchases, 23.99% on money advances, 23.99% on stability transfers

Execs 

• This card contains complimentary membership in Mastercard Journey Go with 4 annual airport lounge passes. 
• The included journey insurance coverage is likely one of the finest available on the market and the emergency medical is out there to travellers aged 75 and beneath (many insurance policies solely cowl these aged 65 and beneath).

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 may have extra? The CIBC Costco Mastercard—our runner up for the most effective card to make use of at Costco—is custom-tailored to the wants of loyal warehouse customers. But it surely gained’t fetch you the best rewards in your spending. For that, you’ll need the Rogers World Elite Mastercard, which gives a powerful 1.5% money again on each single buy you make Costco, in retailer or on-line. The potential for limitless money again and larger redemption flexibility is what offers this card an edge over the CIBC Costco Mastercard.

• Annual price: $0
• Earn fee: 1.5% money again on all purchases; 3% money again on all U.S.-dollar purchases
• Welcome supply: Earn $25 money again once 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
• Rates of interest: 19.99% on purchases, 22.99% on money advances, 22.99% on stability transfers

Execs 

• 1.5% limitless money again on all of your Costco purchases is the true advantage of this card. Whereas the CIBC Costco Mastercard gives increased accelerated earn charges on restaurant, Costco fuel and Costco.ca purchases, the incomes caps are moderately restrictive.

• Redeem your rewards once you need! You simply must 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’ll 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 effective different.

Greatest for low curiosity

MBNA True Line Gold Mastercard*

At a look: The MBNA True Line Gold Mastercard gives 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 robust device for these trying to pay down debt.

• Annual price: $39
• Earn fee: N/A
• Welcome bonus: No welcome supply.
• Annual revenue requirement: None
• Rates of interest: 8.99% on purchases, 24.99% on money advances, 8.99% on stability transfers

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 supply.
• There’s no included journey or automotive 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 unprecedented earn fee of 1 Air Mile per $12 spent and further advantages like journey and rental automotive insurance coverage, plus reductions, the BMO Air Miles World Elite Mastercard is a good journey companion.

• Annual price: $120 (waived for the primary yr)
• Welcome bonus: You’ll be able to earn 3,000 AIR MILES Bonus Miles and we’ll waive the $120 annual price for the primary yr.
• Earn fee: 1 Mile per $12 spent, 3 Miles per $12 spent at Air Miles companions and a couple of Miles per $12 spent at eligible grocery shops
• Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000
• Rates of interest: 20.99% on purchases, 23.99% on money advances, 22.99% on stability transfers

Execs 

• This card offers you entry to a robust base fee of 1 Air Mile per $12 spent, plus loads of alternatives to spice up your earn fee, together with the power to “double dip” by utilizing your collector’s card.
• Features a premium journey and automotive rental insurance coverage bundle.
• Comes with perks like complimentary membership in Mastercard Journey Go supplied by DragonPass which positive factors 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 gives a no-fee approach to earn huge on groceries, a function that can attraction to hungry college students. The three% earn fee 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 (the whole lot else earns 0.5% money again).

• Annual price: $0
• Welcome bonus: You’ll be able to earn 5% money again in your first 3 months
• Earn fee: 3% money again on groceries and 1% on recurring invoice funds; 0.5% on the whole lot else
• Annual revenue requirement: None
• Rates of interest: 20.99% on purchases, 22.99% on money advances

Execs 

• Further playing cards are free so you may earn much more money again.
• As a no-fee card with no minimal revenue requirement, this card is a particularly accessible approach to earn money again in an enormous 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 fee.
• This card doesn’t have any included journey or automotive rental insurance coverage.

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 need to use at no cost at any ATM and in every single place 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 choose in to obtain the bodily card. Prospects are routinely enrolled into Straightforward, Koho’s base subscription plan—and the one free one. Cardholders can select to improve to the paid Important or Additional plans for higher earn charges and extra perks.

• Annual price: $0
• Welcome supply:
• Earn fee: 1% money again on payments, companies, and groceries; as much as 5% again at choose retailers 
• Annual revenue requirement: None
• Rates of interest: N/A

Execs 

• The Straightforward account is free however prospects can entry extra perks and higher charges by upgrading their plan. For instance, for those who pay $9 per thirty days for the Koho Additional account, you’ll earn 2% money again on groceries, payments, companies, and consuming and consuming, plus 0.5% money again on all purchases. With Additional, you’ll additionally get a $25 money bonus as soon as authorized.
• 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 gives a great deal of instruments that can assist you finances and meet your monetary objectives. 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 most effective perks and options, you’ll must subscribe to Koho Important or Additional, which include month-to-month charges of $4 and $9, or annual charges of $48 and $84, respectively.
• Some perks out there 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 customers are charged international transactions (FX) charges of 1.5%. If these fees matter to you, contemplate the Koho Additional plan, which comes with no FX charges.

Incessantly requested questions

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