Mastercard, one of the biggest credit card networks, offers over 30 different credit cards in Canada, which can make shopping for a new card a little overwhelming. The good news: With so many cards, it’s easy to find one that meets your unique needs.
To help you get started, we selected the best Mastercards based on features like travel rewards, cash back, low interest, and more. We’ll highlight what we love and key factors to consider when comparing your options.
Best Mastercard credit cards in Canada
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Best secured Mastercard
Secured Neo Mastercard
Earn a minimum of 1.5% cash back on all purchases, and 3% on U.S. dollar purchases. Redeem rewards when you want.
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Annual Fee:
$96
Interest Rates:
19.99% purchase, 22.99% cash advance, N/A balance transfer
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Best travel Mastercard
MBNA Rewards World Elite Mastercard
Get 5 MBNA Rewards points per $1 across five categories, plus an annual bonus of 10% of the points earned over 12 months.
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Annual Fee:
$120
Interest Rates:
21.99% purchase, 22.99% cash advance, 22.99% balance transfer
Welcome offer:
$200 value
Earn 20,000 bonus points (approximately $165 in cash back value) after you make $2,000 or more in eligible purchases within the first 90 days.
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Best balance transfer Mastercard
MBNA True Line Mastercard credit card
Get on top of your debt with a 12-month, interest-free period on balances transferred from another card.
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Annual Fee:
$0
Interest Rates:
12.99% purchase, 24.99% cash advance, 17.99% balance transfer
Before we dive into the details, get a quick look at our top Mastercard picks across the cash back, travel, low-interest, balance transfer, and secured categories.
| Category | Credit card | Annual fee | Why we love it |
|---|---|---|---|
| Best for cash back | Rogers Red World Elite Mastercard | $0 | * Steady 1.5% cash back * Earn an extra 0.5% if you have a Rogers, Fido, or Shaw service * Includes World Elite Mastercard benefits |
| Best for travel rewards | MBNA Rewards World Elite Mastercard | $120 | * Generous welcome bonus * Includes 12 types of insurance * 10% bonus points every year on your birthday |
| Best for low-interest | MBNA True Line Gold Mastercard | $39 | * Low 10.99% interest rate on purchases * Low 13.99% interest rate on balance transfers * No income requirements |
| Best for balance transfers | MBNA True Line Mastercard | $0 | * 0% promotional balance transfer rate for 12 months * Low 12.99% interest rate on purchases * No income requirements |
| Best secured card | Secured Neo Mastercard | $60 | * Low minimum deposit of $50 * Guaranteed approval * Earn cash back on purchases |
Best for cash back: Rogers Red World Elite Mastercard
The Rogers Red World Elite Mastercard is also our pick for the best cash back card in Canada. It offers a high 1.5% cash back on all purchases, with a standout 3% cash back on U.S. dollar purchases. The card has no annual fee, yet it still packs impressive perks, like comprehensive insurance and access to concierge services.
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Rogers Red World Elite Mastercard
Annual fee: $0
Rewards: 1.5% to 3% cash back
- 3% cash back on all U.S. dollar purchases
- 1.5% on all other purchases (2% for Rogers, Fido and Shaw customers)
Welcome offer: None at this time.
Card details
| Interest rates | 25.99% on purchases, 27.99% on cash advances, 27.99% on balance transfers |
| Income required | $80,000 per year |
| Credit score | 725 or higher |
Pros and cons
Pros
- Simple rewards structure: With a minimum of 1.5% cash back on all your purchases, you don’t have to think about maximizing bonus categories or rewards tiers. The base earn rate is higher than other no-fee cards in Canada.
- FX fees offset on U.S. purchases: Earn 3% cash back on all U.S. currency purchases, both in-person and online, which is enough to offset the 2.5% foreign transaction fee (this is standard for most credit cards in Canada).
- No earnings cap: There are no category spending thresholds at which point you’ll start earning less cash back on your purchases. That’s a standout feature compared to most cards in this category.
- Flexible redemptions: Cash out your cash rewards as soon as you have $10 earned. Many cards issue cash back through statement credits once per year.
Cons
- High income requirements: You’ll need a personal income of at least $80,000 or household income of at least $150,000 to qualify.
- No boosted categories: Other cards offer higher earn rates on select boosted categories, which could help you reap more rewards depending on your spending habits.
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Best for travel rewards: MBNA Rewards World Elite Mastercard
The MBNA Rewards World Elite Mastercard offers generous and flexible rewards across a variety of categories, with special perks for travelers. In addition to earning 5 MBNA Rewards points per $1 spent across five categories—restaurant, grocery, digital media, membership, and household utility purchases on the card—cardholders get an annual birthday bonus of 10% of the points earned in the last 12 months. Think of it as a nice gift to you.
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MBNA Rewards World Elite Mastercard
Annual fee: $120
Rewards: 1 – 5 Points per dollar
- 5 points per $1 on eligible restaurant, grocery, digital media, membership and household utility purchases until $50,000 is spent annually in the applicable category
- 1 point for every $1 on all other eligible purchases
Welcome offer: earn 20,000 bonus points (approximately $165 in cash back value) after you make $2,000 or more in eligible purchases within the first 90 days. (Not available for residents of Quebec.)
Card details
| Interest rates | 21.99% on eligible purchases, 22.99% on balance transfers and 22.99% on cash advances. |
| Income required | $80,000 per year |
| Credit score | 660 or higher |
| Point value | 1 MBNA Rewards point = $0.01 when redeemed for travel |
Pros and cons
Pros
- Easy redemptions: You don’t have to worry about complex rewards charts. It’s simple to understand and use.
- High earn rates: One of the highest rates of return in Canada, this Mastercard earns a whopping 5 points per $1 spent across five spending categories.
- Benefits for travelers: You’ll get up to $2 million in travel medical insurance for the first 21 days of your trip, plus flight delay insurance, rental car discounts, and other jet-setting perks.
- Annual birthday bonus: Every year, you get a bonus equal to 10% of the points earned within the last 12 months (up to a maximum of 15,000 points).
Cons
- Travel redemption option: Points can only be redeemed for travel through the MBNA Rewards platform.
- High income requirement: As with other World Elite Mastercards, income requirements are high—$80,000 personal or $150,000 household income per year.
Best for low-interest: MBNA True Line Gold
If you need to pay down debt, the MBNA True Line Gold Mastercard has a lot to offer, like a modest $39 annual fee and one of the lowest interest rates on the market. With this card, more of your money goes toward paying off your balance rather than to fees. Plus, there is no annual income requirement, making this extremely accessible for Canadians in a tight financial spot.
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MBNA True Line Gold Mastercard
Annual fee: $39
Low interest rate: 10.99%
Welcome offer: This card does not have a welcome offer at this time.
Card details
| Interest rates | 24.99% on cash advances, 13.99% on balance transfers |
| Income required | None specified |
| Credit score | 660 or higher |
Pros and cons
Pros
- Low interest rate: The True Line Gold has the lowest interest rate of any MBNA card. If you regularly carry a balance on your card, the 10.99% interest rate may help you save on interest costs and pay off your outstanding balance faster than a card with a 19%-plus rate.
- Basic insurance: Features one year of extended warranty, 90 days of purchase protection, and rental car theft and damage coverage.
Cons
- No balance transfer offer: Unlike many low-interest cards in Canada, this one doesn’t have a promotional offer. If you need to move your debt to a low-interest card, consider the MBNA True Line Mastercard instead.
Best for balance transfers: MBNA True Line Mastercard
Feast your eyes on the best balance transfer card in Canada. If you’re looking for a way to reduce the interest on existing debt, the MBNA True Line Mastercard offers a 0% balance transfer rate for a full year. Even at the regular balance transfer interest rate of 17.99%, this card saves you on interest charges. There’s no annual fee for you and up to nine additional users, but no rewards, either.
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MBNA True Line Mastercard
Annual fee: $0
Balance transfer offer: Receive a 0% interest rate for 12 months on balance transfers completed within 90 days. (Offer not available for residents of Quebec.)
Card details
| Interest rates | 12.99% on purchases, 24.99% on cash advances, 17.99% on balance transfers |
| Income required | None specified |
| Credit score | 660 or higher |
Pros and cons
Pros
- Year-long balance transfer offer: The promotional offer lasts longer than any other balance transfer card in Canada.
- Balance transfer flexibility: You have up to 90 days to transfer your balance after opening the account.
- Pay in installments: With the MBNA monthly payment plan, split the bill on purchases over $100 into installments.
Cons
- Balance transfer fee: Even though the balance transfer interest rate is 0% for 12 months, there is a transaction fee of 3% for balance transfers ($30 for every $1,000 transferred).