The Best Mastercard Credit Cards March 2023
Last updated on March 1, 2023
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:
Now approaching five years of being in the Canadian market, the HSBC World Elite Mastercard continues to prove to be an amazing card and contender in the top 5 cards overall. It has earn rates that give you 1% to 3% back on your spending when you redeem for any travel (yes any travel with any travel provider) Or you can choose to convert points to three airline programs (British Airways being the most popular) which can provide huge outsized value, think 5 to 15% or more. It has a $100 annual travel enhancement credit, business class lounge access and the biggie - it has no foreign transaction fees. Whether you do travel lots or shop online in other currencies you'll save on average 2.5% over most cards in Canada. On top of this it even provides quite a good insurance benefits package. These are the reasons the HSBC World Elite Mastercard is the best Mastercard in Canada.
Why this card is the best Mastercard in Canada?
The welcome bonus of 80,000 HSBC Rewards Points and no annual fee in the first year provide huge travel value
Earn 6 points per dollar spent on any travel (3% return) and 4 points per dollar on gas, groceries, and drug stores
No Foreign Transaction fees
Redeem points for any travel you book on the card. No restrictions of booking via a credit card's travel agency!
Ability to convert points to British Airways Executive Club, Cathay Pacific Asia Miles & Singapore Airlines KrisFlyer
HSBC World Elite® Mastercard®
Top No Foreign Transaction Fee Credit Card for 2023
Earn up to 80,000 Points* PLUS a full annual fee rebate for the Primary Cardholder for the first year*
Primary Cardholder Annual Fee: $149 (1st year annual fee rebate*) | Authorized User Annual Fee: $0 Per Card | Annual interest rate: 20.99% on purchases and 22.99% on cash advances and balance transfers. | $80,000 personal or $150,000 household annual income
Special offer: Earn up to 80,000 points* ($400 travel value) PLUS a full annual fee rebate for the primary cardholder for the first year* ($149 value) and receive a $100 annual travel enhancement credit*. Must apply by May 31, 2023. Conditions apply.
• Welcome bonus of 20,000 points* ($100 travel value)
• Earn 10,000 points* each month when you spend at least $1,000 each month for the first 6 months of account opening (up to $300 travel value)
• First year annual fee rebate for the primary cardholder* ($149)
• Receive a $100 annual travel enhancement credit*
• With the HSBC World Elite Mastercard you earn 6 points for $1 in Net Purchases which are Travel Purchases, 4 Points for $1 in Net Purchases that are Gas, Grocery and Drugstore Purchases and 2 Points for $1 in Net Purchases, other than Travel, Gas, Grocery and Drugstore Purchases.
• Save on all your foreign currency purchases (even online) with no additional foreign currency conversion charges.
• Enjoy maximum flexibility and redeem your Points on your terms for:
• Travel
• Gift cards and valuable merchandise
• Financial rewards
• Rewards for miles
*Terms and Conditions apply
®/TM Mastercard and World Elite are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. Used pursuant to licence
This offer is only available to residents of Canada other than the province of Quebec (Quebec residents eligible for separate offer)
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 however and it is the best earning card for those Loblaw 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 Mastercard for earning points?
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® • 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. • 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.  ‡ ††, ‡, ✪, ***, ††††, 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 $10,000 annually. 1 point per dollar on all other purchases (1% value)
Birthday Bonus Points equal to 10% of the total number of Points the Account earned in the 12 months prior
Redeem for travel via MBNA Rewards where you can make partial or full redemptions
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The Rogers World Elite Mastercard may be relatively unknown to the non-rewards enthusiasts in Canada but it has been a mainstay for those entrenched in earning cash back and saving cash over the years. While the card has lost some of the heralded perks that made it so popular with enthusiasts it still holds onto enough prowess to be one of the better cards in Canada. It was one of the first no fee World Elite cards in Canada which meant you would and still get World Elite benefits with paying an annual fee, ever. So it has decent insurance, airport lounge access membership and free global Wi-Fi with Boingo (works on WestJet flights) plus it earns 1.5% cash back on all eligible spending with that boosted to 3% for purchases made in US$ (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?
$25 sign up bonus
1.5% return on all spending except for US$ purchases which earn 3%
Your cash back balance has to only reach $20 to cash out
Great suite of travel and purchase insurance benefits
Mastercard TravelPass by DragonPass and free Boingo global Wi-Fi
 Rogers World Elite Mastercard · Earn $25 Cash Back Reward when you make your first purchase on this card · Annual Fee: $0 · Earn 3% in on all eligible U.S. currency purchases, 1.5% on all other eligible purchases · Extended Warranty and Purchase Protection, Rental Car Collision/Damage, Out-of-Province/Out-of-Country Emergency Medical, Trip Interruption and Trip Cancellation. · Complimentary membership in Mastercard TravelPass by DragonPass · Interest Rate: Purchases 19.9% Cash Advances 21.5% · Minimum Income: $80,000 Personal or $150,000 Household |
The Neo Mastercard is a relative newcomer in Canada but the Fintech company that was started by the same people as SkipTheDishes are making some really quick in roads in the Canadian market. The Neo Mastercard is a no fee card that rewards you with cash back on all spending with the best earn rates coming from local merchants who have partnered with Neo. You can get up to 15% cash back on your first purchase at their partners (there are a lot of them!) and then average about 5% cash back at those partners after that. All you other spending is guaranteed to earn you 1% cash back.
Why is this card the best no annual fee cashback Mastercard?
Your first purchase with many partners can earn up to 15%¹ cashback
An average of 5%¹ cashback when you using your card at Neo partners
Easy to apply and you can start using your digital card right away before you even get your physical card
Limited time offer: $25 welcome bonus2 when you apply and are approved for a Neo Card™
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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 70,000 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
Welcome Offer: Get up to 70,000 BMO reward points - 50,000 points when you spend $5,000 in the first three months and an additional 20,000 points when you spend $35,000 in the first twelve months. Plus, we’ll waive the $149 annual fee for the first year.*
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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!