The Best Mastercard Credit Cards January 2025
Last updated on December 16, 2024
In the market for a Canadian Mastercard? Overwhelmed with so many choices? Here we make it easy and pick the best Mastercards from the dozens available in our market.
Quick jump to each of the categories on this page:
Only one of three cards in Canada that Rewards Canada considers a true Points Earning Machine, the MBNA Rewards World Elite Mastercard® does not disappoint when it comes to racking up points quickly. The card offers 5 points per dollar for restaurant, grocery, digital media, membership, and household utility purchases. This is key for Loblaw grocery store shoppers since the other Points Earning Machine cards are American Express and they aren't accepted at Loblaw stores. This card is accepted at Loblaw stores and it is the best earning card for those purchases. The fact you can earn the 5x points on other groceries, dining and more categories just make the card shine even more. You can then redeem those points for any travel booked via MBNA Rewards with a value of 1 cent per point, which gives you a 5% return on the 5x points earning and that doesn't take into account the 10% birthday bonus the cards awards!
Why is this card the best overall Mastercard?
Earn 5 points for every $1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases
Receive Birthday Bonus Points equal to 10% of the total number of Points the Account earned in the 12 months before the month of your birthday, to a maximum Birthday Bonus each year of 15,000 Points
Redeem for travel via MBNA Rewards where you can make partial or full redemptions where you get full value from your points (up to 5.5%)
Redeem for eGfit cards that can provide excellent value and also for cash back statement credits
MBNA Rewards World Elite® Mastercard®
Earn up to 30,000 MBNA Rewards Points†
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 of your account opening.
10,000 bonus points†† (approximately $80 in cash back value) once enrolled for paperless e-statements within the first 90 days of account opening.
$120 annual fee. $50 Additional Card Annual Fee for one authorized user (if you have one).
- Earn 5 points‡ for every $1 spent 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.
- Each year, you will receive Birthday Bonus Points‡ equal to 10% of the total number of Points the Account earned in the 12 months before the month of your birthday, to a maximum Birthday Bonus each year of 15,000 Points.
- Redeem points‡ for cash back, brand-name merchandise, gift cards from participating retailers, charitable donations, and travel.
- Standard Annual Interest Rates of 19.99% on purchases, 22.99% on balance transfers✪, and 24.99% on cash advances.
- Mobile Device Insurance***
With Mobile Device Insurance, you’ve got up to $1,000 in coverage for eligible mobile devices in the event of loss, theft, accidental damage or mechanical breakdown.
- $120 annual fee. $50 Additional Card Annual Fee for one authorized user (if you have one).
- To qualify, your personal annual income must be greater than $80,000, or your household annual income must be $150,000 or greater.††††
- This offer is not available for residents of Quebec. For residents of Quebec, please click here.
- Click here to apply for the MBNA Rewards World Elite® Mastercard®
††, ‡, ✪, ***, ††††, Terms and Conditions apply.
This offer is not available for residents of Quebec. For residents of Quebec, please click here.
Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.
The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank..
This card was the best overall no fee travel rewards card in Canada up until 2022 when it slipped down to second and most recenlty third spot, but the difference between first and third is minimal. While the top card is now the American Express® Green Card, the MBNA Rewards Platinum Plus® Mastercard® is no slouch in this category. It is a great no fee travel rewards card with strong earn rates and it is your best bet if you don't want an American Express Card. When you get the card you can earn up to 10,000 bonus points and you can 4 points per dollar spent on the card in select categories in the first 90 days. That's a 4% return when redeemed for travel. Once those 90 days are up the card earns 2 points per dollar (2% return) in those categories for spend up to $10,000 annually and 1 point per dollar (1%) on all other spending.
Why is this card the best no annual fee travel Mastercard?
Earn 4 points for every $1 spent on eligible restaurant, grocery, digital media, membership and household utility purchases during the first 90 days
Earn 2 points for every $1 spent on eligible restaurant, grocery, digital media, membership, and household utilities (2% value when redeemed for travel) up to $10,000 annually. 1 point per dollar on all other purchases (1% value)
Birthday Bonus Points equal to 10% of the total number of Points the Account earned in the 12 months prior
Redeem for travel via MBNA Rewards where you can make partial or full redemptions
MBNA Rewards Platinum Plus® Mastercard®
Earn up to 10,000 MBNA Rewards Points†
5,000 bonus points†† ($25 in cash back value) after you make $500 or more in eligible purchases within the first 90 days of your account opening.
5,000 bonus points†† ($25 in cash back value) once enrolled for paperless e-statements within the first 90 days of account opening.
$0 annual fee | $0 Additional Card
- Earn 4 points†† for every $1 spent on eligible restaurant, grocery, digital media, membership and household utility purchases during the first 90 days, and 2 points‡ for every $1 spent on eligible purchases in those categories thereafter – in both cases, these earn rates apply until $10,000 is spent annually in the applicable category. 1 point‡ for every $1 spent on all other eligible purchases.
- Each year, you will receive Birthday Bonus Points‡ equal to 10% of the total number of Points earned in the 12 months before the month of your birthday, to a maximum Birthday Bonus each year of 10,000 Points.
- Redeem points‡ for cash back, brand-name merchandise, gift cards from participating retailers, charitable donations, and travel.
- Standard Annual Interest Rates of 19.99% on purchases, 22.99% on balance transfers✪ and 24.99% on cash advances.
- Mobile Device Insurance***
With Mobile Device Insurance, you’ve got up to $1,000 in coverage for eligible mobile devices in the event of loss, theft, accidental damage or mechanical breakdown.
- No annual fee.
- This offer is not available for residents of Quebec. For residents of Quebec, please click here.
- Click here to apply for the MBNA Rewards Platinum Plus® Mastercard®
‡, ††, ✪, ***, Terms and Conditions apply.
This offer is not available for residents of Quebec. For residents of Quebec, please click here.
Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.
The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank..
The Rogers World Elite Mastercard may be relatively unknown to the non-rewards enthusiasts in Canada but it has been a mainstay for those entrenched in earning cash back and saving cash over the years. It was one of the first no fee World Elite cards in Canada which meant you would and still get World Elite benefits with paying an annual fee, ever. So it has decent insurance, airport lounge access membership and free global data roaming. Recently revamped, the card is great for any Canadian but even greater if you are a Rogers/Fido/Shaw customer as they can earn 2% to 3% cash back! For non-Rogers customers it earns 1.5% cash back on all eligible spending with that boosted to 3% for purchases made in US$ (effectively making it a no FX fee card - US dollars only though)
Why is this card the best Premium no annual fee cash back Mastercard?
2% return on all spending except for US$ purchases which earn 3% for Rogers/Fido/Shaw Customers + a 50% boost on rewards when you redeem your cash back for Rogers/Fido/Shaw services/purchases (effectively a 3% to 4.5% return)
1.5% return on all spending except for US$ purchases which earn 3%
Your cash back balance has to only reach $10 to cash out
Great suite of travel and purchase insurance benefits
Mastercard TravelPass by DragonPass airport lounge access
Rogers Red World Elite Mastercard
Enjoy 3% cash back value when you redeem with Rogers plus insurance benefits
Annual Fee: $0 | Additional Card Fee: $0 | Annual interest rate 20.99% - 25.99% on purchases and 22.99% - 27.99% on funds advances* | $80,000 personal or $150,000 annual household income
- Earn 2% unlimited cash back on all eligible non-U.S. dollar purchases if you have 1 qualifying service with Rogers, Fido or Shaw. Otherwise,
- Earn 1.5% unlimited cash back on eligible non-U.S. dollar purchases.
- Earn 3% unlimited cash back on all eligible purchases made in U.S. dollars.
- Get 5 Roam Like Home days at no cost every year for Rogers mobile plans (up to $80 value)
- Get 1.5x more cash back every time you redeem for Rogers, Fido or Shaw purchases2
Travel Benefits: - Complimentary membership to Mastercard Travel Pass provided by DragonPass
Access to over 1,300 airport lounges worldwide
$32 USD per person per visit Included
Insurance Benefits: - Extended Warranty and Purchase Protection
- Rental Car Collision/Damage
- Out-of-Province/Out-of-Country Emergency Medical
- Trip Interruption
- Trip Cancellation
- Click here to apply for Rogers Red World Elite Mastercard
Rogers Bank is not responsible for maintaining or controlling the accuracy of the information published on this website. For full and up-to-date product information, visit Rogersbank.com.
* Standard rate on Purchases and Fees: 20.99%
Standard rate on Cash Advances, Cash-like Transactions and Balance Transfers: 22.99%
If
you are not approved for an Account at the above rates and you reside outside Quebec, we may still issue you an Account at our alternate interest rates, as follows: Rate for Purchases and Fees: 25.99% Rate for Cash Advances, Cash like Transactions and Balance Transfers: 27.99%
The Tangerine Money-Back Credit Card is at its best when you combine it with a free Tangerine savings accounts so that you can earn 2% cash back in three categories of spending instead of two when you do not have a savings account. This is card super flexible as you can select which categories you can earn 2% cash back so that you can really maximize your returns on the places where you spend the most. All other spending on the card earns 0.5% cash back which is what keeps this card from being even higher up the ranks. The cards offers a welcome bonus of 10% cash back on up to $1,000 of spending in the first two months of having it.
Why is this card the best no annual fee cashback Mastercard?
10% cash back on your first $1,000 in spending (on top of your everyday earn rates!)
You get to choose which categories you earn 2% cash back on
Easy acess to your cash back on a monthly basis
Tangerine Money-Back Credit Card
Apply for the Tangerine Money-Back Credit Card by January 31, 2025. If you’re approved, you’ll earn an extra 10% back on up to $1,000 in everyday purchases made within your first 2 months*.
Annual Fee: $0 | Additional Cards: $0 |
- Earn 2% cashback on your choice of up to 2 categories, 0.5% money back on all other purchases
- Have your Money-Back Rewards deposited into a Tangerine Savings Account, and get a 3rd 2% Money-Back Category.
- Money-Back Rewards are earned automatically and paid monthly, and can either be applied towards your Credit Card balance or redeemed into your Savings Account.
- Click here to apply for Tangerine Money-Back Credit Card
If you are new to Canada or looking to start building (or rebuilding credit) one of your best options is to get a secured credit card. And the best option out there is the Neo Secured Credit card. This card is exact copy of their popular Neo Credit card which offers great cash back rewards and more. You get all that with the Neo Secured Credit card and you can choose how much money you want to secure the card with. It can be as little $50 or any amount above that and that becomes your card's credit limit.
Why is this card the best?
It receives all the same rewards and benefits as the standard Neo Card!
$25 cash back bonus when you are approved for the card
No annual fee
Neo Secured Credit
Limited time offer: $25 welcome bonus2 when you apply and are approved for a Neo Secured Credit card
$5 monthly fee
- Get an average 5% unlimited cashback3 at thousands of Neo partners, plus earn enormous bonuses - like 15% cashback3 on your first purchase at most partners
- Build credit history with on-time payments
- Guaranteed approval4, no credit score needed to apply
- Up to 4% cash back on gas and grocery, up to 1% everywhere else
- Reports to both Transunion and Equifax
- Only $5 per month
2 Limited-time offer. Only new Neo Secured Credit customers are eligible for this offer. This offer is only awarded if a new customer is approved for a Neo Secured Credit. Customer has 90 days to complete the card application process. Offer is subject to the Rewards Policy, the Neo Platform Terms and Conditions and all other applicable terms and conditions. Offer may be amended or cancelled at any time without notice
3 Average based on current offers at select partners. Cashback varies per plan, offer and partner
4 Conditions apply.
There aren't a lot of Small Business Mastercard options in Canada and one bank that has been issuing them long time takes the top spot here. The recently released BMO Rewards World Elite Mastercard is your best option for Small Business Mastercard in Canada with a decent welcome bonus, no annual fee in the first year so you can try the card out and some good earn rates. Plus being a World Elite card it gets those benefits like business class lounge access and BMO even provides two free lounge access passes per year. The question you want to ask yourself is do you need a small business card or are you able to use a personal card for your business. If it is the latter that's probably the way to go as it can be be more rewarding.
Why is this the card the best Small Business Mastercard?
Strong welcome bonus of up to 100,000 points and no annual fee in the first year
4 points per dollar (2.67% return towards travel) earned on gas, office suppliers and cell phone bills
1.5 points per dollar (1% return towards travel) on all other spending
World Elite Mastercard benefits including airport lounge access with two free lounge passes each year
BMO Ascend World Elite Business Mastercard
Welcome Offer: Get up to 100,000 BMO reward points - 20,000 points on your first purchase and an additional 10,000 points per month when you spend $3,000 per month in months 3 to 12 of having the card.. Plus, we’ll waive the $149 annual fee for the first year.*
Annual Fee: $149 Primary Card | $50 Additional Card | Interest Rate: Purchases 18.99% Cash Advances 23.99%
- First-Use Bonus of 20,000 BMO Reward points earned when you make your first purchase with your card in the first 75 days after the account open date.
- Monthly Bonus Offer: 8,000 BMO Reward Points per month when you spend at least $3,000 per month within month 3 – 12 (Month 3 starts on Day 76 and Month 12 ends Day 375) after the account open date.
- Earn 4 BMO Rewards points for every $1 you spend on gas, office supplies and cell phone/internet bill payments*
- Earn 1.5 BMO Rewards points for every $1 you spend*
- Get up to 7 cents off per litre on all Shell®± fuel*
- 25 payment grace days*
- Get up to 22 additional cards so employees can easily make purchases on behalf of your business and help you earn points faster* (employee cards have an annual fee of $50)
- Use your card at Costco locations across Canada*
- Travel Protection*
- Enjoy VIP Airport Lounge Access at more than 400+ airports worldwide. You’ll get two complimentary lounge visits each year.
- Become A Cardholder & Get Access To Virtual On-Demand Healthcare With Maple*
- Click here to apply for BMO Ascend World Elite Business Mastercard
BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information
There you have it! The best Mastercard cards in Canada!
Feel free to explore our site for many more articles, tips and tricks for credit cards and loyalty programs in Canada!