The Best Mastercard Credit Cards December 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:
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.
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 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
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 February 28, 2023. Conditions apply.
• 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)
|
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.
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 $10,000 annually. 1 point per dollar on all other purchases (1% value)
Birthday Bonus Points equal to 10% of the total number of Points the Account earned in the 12 months prior
Redeem for travel via MBNA Rewards where you can make partial or full redemptions
|
The Rogers World Elite Mastercard may be relatively unknown to the non-rewards enthusiasts in Canada but it has been a mainstay for those entrenched in earning cash back and saving cash over the years. While the card has lost some of the heralded perks that made it so popular with enthusiasts it still holds onto enough prowess to be one of the better cards in Canada. It was one of the first no fee World Elite cards in Canada which meant you would and still get World Elite benefits with paying an annual fee, ever. So it has decent insurance, airport lounge access membership and free global Wi-Fi with Boingo (works on WestJet flights) plus it earns 1.5% cash back on all eligible spending with that boosted to 3% for purchases made in US$ (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 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  |
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
1% guaranteed cashback across all your spending
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™
|
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.*
|
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.
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
This card is no longer available to new applicants. MBNA will continue to support the card for existing clients. |
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!