The Best Mastercard Credit Cards 2022

First posted on February 11, 2022


In the market for a Canadian Mastercard? Overwhelmed with so many choices? Here we make it easy and pick five Mastercards from the dozens available that are best across several categories.

Quick jump to each of the categories on this page:


Canadian Loyalty Programs

The best overall Mastercard in Canada


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 1.5% 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.


HSBC World Elite Mastercard

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Why this card is the best Mastercard in Canada?

The welcome bonus of 100,000 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 3 points per dollar on all other spending (1.5% return)

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®

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: $50 Per Card
Annual interest rate: 19.9% on purchases and 22.9% 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 October 31, 2022. Conditions apply.
• Welcome bonus of 20,000 points* ($100 travel value)
• Earn 40,000 points* when you spend $6,000 within 6 months of account opening ($200 travel value)
• Earn 20,000 points* as an anniversary bonus ($100 travel value)
• First year annual fee rebate for the primary cardholder* ($149)
• Receive a $100 annual travel enhancement credit*

• Earn 3% in travel rewards on all eligible travel purchases (6 Points per $1) and earn 1.5% in travel rewards on all other eligible purchases (3 Points per $1)
• No foreign transaction fees. Only the exchange rate will apply
• Enjoy maximum flexibility and redeem your Points on your terms for:

• Travel
• Gift cards and valuable merchandise
• Financial rewards
• Rewards for miles

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*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)


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Earn Aeroplan Points

 The Best No Annual Fee Mastercard for Travel Rewards


This card was the best overall no fee travel rewards card in Canada up until this year (2022) when it slipped down to second, but barely. 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 would it have retained top spot had the Green Card not been updated to have direct conversion options to Air Canada and other airlines. No matter the MBNA card remains the best no annual fee Mastercard for travel rewards. 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.


MBNA Rewards Platinum Plus® Mastercard®

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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 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.
• 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.
• 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.


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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.



‡ These are highlights of the credit card rewards program (the "Program") associated with this credit card account. Points will be awarded on eligible transactions charged to your account as set out in the Program terms and conditions. The account will earn two (2) points per dollar spent on eligible restaurant, grocery, digital media, membership, and household utility purchases until you spend $10,000 annually (per calendar year) in the applicable category. Other eligible purchases will earn a Base Earn Rate of one (1) point per dollar. Each year, the account 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 the primary cardholder's birthday, to a maximum Birthday Bonus each year of 10,000 Points. The Birthday Bonus Points will be added to the account before the end of the primary cardholder's birthday month. The redemption rate for Points earned may differ depending on the redemption option chosen. Complete terms and conditions describing Program eligibility, accrual, earn limits, and redemption of Points, and other important conditions will be sent after your account is opened. Please read the terms and conditions carefully upon receipt.

†† To qualify for this offer, an applicant must be approved for the specific credit card account described in the offer. Welcome bonus of 5,000 points will be awarded if $500 in eligible Purchases are made on your Account within the first 90 days of account opening that are not subsequently rescinded, the subject of a charge back request(s) or otherwise disputed. In order to obtain a "Paperless Bonus" of 5,000 bonus points, you must enroll in online banking at www.mbna.ca and consent to Paperless Statements for the account within the first 90 days of account opening, and not subsequently rescind such enrollment throughout this period. For the double the points on restaurant, grocery, digital media, membership, and household utility Purchases offer, for the first 90 days after account opening you will earn an additional 2 points/$1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases (on top of the regular earn rate of 2 points/$1 spent on such purchases as indicated in the Program terms and conditions), subject to a maximum annual cap of $10,000 in each category. Please allow 8-10 weeks for the applicable bonus points to be posted to your points account. Limit one-time bonus point offer (no cash value) per new account for each bonus point offer. This offer is not available to residents of Quebec. This promotion is offered by MBNA and may be amended or cancelled at any time without notice.

✪ Balance transfers will be fulfilled in the order listed and are treated as balance transfers in accordance with your Account Agreement. The total value of balance transfers cannot exceed your authorized credit limit. If the value is greater, MBNA may send a partial payment to the named creditor/designated account. THERE WILL BE A TRANSACTION FEE EQUAL TO 1.00 % OF THE DOLLAR AMOUNT OF EACH BALANCE TRANSFER INITIATED WITH THIS APPLICATION. A MINIMUM FEE OF $7.50 WILL APPLY TO EACH BALANCE TRANSFER TRANSACTION. A balance transfer may not be used to pay off or down your account balance or any other balances with us (including our affiliates, which would include any member of the TD Bank Group).

***Insurance coverage is underwritten by American Bankers Insurance Company of Florida (ABIC) under Group Policy MBNA-0620. To be eligible for Mobile Device Insurance you must use your Account to pay all of your monthly mobile bill payments and any upfront costs or pay at least 75% of the purchase price with your Account when paying the full cost of your mobile device up front. Benefits, features and coverages are subject to conditions, limitations and exclusions that are fully described in the Certificates of Insurance included with your Guide to Coverage. ABIC, its subsidiaries, and affiliates carry on business in Canada under the name of Assurant®. ®Assurant is a registered trademark of Assurant, Inc.

The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank.


Best Ultra Premium Aeroplan Card

 The Best No Annual Fee Mastercard for Cash Back Rewards


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)


Rogers World Elite Mastercard

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Why is this card the best 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 Aiport Experiences by LoungeKey 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 Airport Experiences provided by LoungeKey
· Interest Rate: Purchases 19.9% Cash Advances 21.5%
· Minimum Income: $80,000 Personal or $150,000 Household

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No Fee Aeroplan card

The Best Small Business Mastercard


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.



BMO Rewards® World Elite®* Business Mastercard®*


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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



BMO Rewards® World Elite®* Business Mastercard®*


Annual Fee: $149 Primary Card $50 Additional Card
Interest Rate: Purchases 17.99% Cash Advances 22.99% (21.99% for Quebec residents)

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.*

  • 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*
  • 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*

    Apply Now

    *Terms and conditions apply.
    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


International Loyalty Programs

The Only Mastercard to earn Aeroplan points


There is one Mastercard in Canada that you can earn Aeroplan points with - well not directly but the MBNA Best Western Mastercard allows you to convert the points earned into Aeroplan points. The card earns Best Western Rewards points whichcan be converted to Aeroplan at a 5 to 1 ratio. That works out to 0.2 Aeroplan points per dollar spent except at Best Western Hotels where it works out 1 Aeroplan point per dollar. Not ideal but it's an option to fill that spot in your wallet for the merchants that only accept Mastercard - namely Costco. And considering it has no annual fee there's no carrying costs associated with it.


mbna Best Western Mastercard®

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Why card?

It's a Mastercard so you can use it at Costco

Earns 1 to 5 Best Western Rewards Points per dollar spent which translates to 0.2 to 1 Aeroplan points

The welcome bonus of 20,000 points works out to 4,000 Aeroplan points

It has not annual fee

 




mbna Best Western Mastercard®


• Earn 1 Best Western Rewards® point for every $1 in eligible purchases‡
• Earn 5 Best Western Rewards® points for every $1 in eligible purchases at Best Western properties‡
• Earn 20,000 Best Western Rewards® points†† on your first purchase – enough for a free night stay
• You will be awarded "Gold Status" upon first use of your credit card and "Diamond Status" when you spend $10,000 in eligible purchases within one year◊◊
• No limit to the Best Western Rewards® points that can be earned using the credit card in a year
• Use your Best Western Rewards® points in many ways – hotel stays, dining, gift cards and more.         

• Standard Annual Interest Rates of 19.99% on standard purchases, 22.99% on balance transfers✪ and access cheques, and 22.99% on cash advances
• No annual fee
• Minimum Credit Score: 680
• This offer is not available for residents of Quebec.  For residents of Quebec, please click here.


Apply Now

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.

✪ Balance transfers will be fulfilled in the order listed and are treated as balance transfers in accordance with your Account Agreement. The total value of balance transfers cannot exceed your authorized credit limit. If the value is greater, MBNA may send a partial payment to the named creditor/designated account. THERE WILL BE A TRANSACTION FEE EQUAL TO 1.00% OF THE DOLLAR AMOUNT OF EACH BALANCE TRANSFER INITIATED WITH THIS APPLICATION. A MINIMUM FEE OF $7.50 WILL APPLY TO EACH BALANCE TRANSFER TRANSACTION. A balance transfer may not be used to pay off or down your account balance or any other balances with us (including our affiliates, which would include any member of the TD Bank Group).
‡ These are highlights of the credit card rewards program (the “Program”) associated with this credit card account. Points will be awarded on eligible transactions charged to your account as set out in the Program terms and conditions. Complete terms and conditions describing Program eligibility, accrual and redemption of points, and other important conditions, limitations and restrictions will be sent after your account is opened. Please read the terms and conditions carefully upon receipt. Accumulated points can only be redeemed in accordance with the Best Western Rewards Program. The Toronto-Dominion Bank has no liability or responsibility for any aspect of the Best Western Rewards Program. Please visit www.bestwestern.com/bwrterms, call Best Western at 1-800-237-8483 or contact Best Western by mail at P.O. Box 42007, Phoenix, AZ, 85080-2207 for complete Best Western Rewards® Program terms and conditions.
†† To qualify for this offer, an applicant must be approved for the specific credit card account described in the offer. The account must be used for at least one eligible transaction within the first 90 days of account opening that is not subsequently rescinded, the subject of a charge back request or otherwise disputed. Please allow 8–10 weeks from the transaction date for bonus points to be posted to your points account. Limit one-time bonus point offer (no cash value) per new account. This promotion is offered by Best Western and may be amended or cancelled at any time without notice. The Toronto-Dominion Bank is not responsible or liable for any aspect of this promotion.
The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank.
Each Best Western® branded hotel is independently owned and operated. Best Western and the Best Western marks are service marks or registered service marks of Best Western International, Inc.


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!