10 Best Mastercard Credit Cards in Canada for 2024
Aug 1, 2024The best Mastercard credit cards offer a diverse array of rewards, including cash back, Air Miles, points and more.
Mastercards are widely accepted across around the world, with plenty of card options for consumers and businesses. Thanks to a variety of co-branded rewards, Mastercards have become an indispensable tool for many Canadians.
The best Mastercard credit cards balance value and function, offering comprehensive insurance coverage, competitive rewards rates and practical perks.
Best Mastercard credit cards in Canada
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BACK TO TOPNerdWallet Canada selects the best Mastercard credit cards based on their overall consumer value as well as their suitability for specific kinds of consumers. Our evaluation methodology is weighted by the following factors: 50% rewards value, 25% intro offer, and 25% fees and interest. Rewards value considers earning rates, rewards structure, promotional rates and spending categories. The intro offer considers the welcome bonus value, promotional interest rates, and any waived fees. Fees and interest consider interest rates for purchases, balance transfers and cash advances, and additional costs such as foreign transaction fees. Other noteworthy features, such as insurance, special perks and extra benefits, earn unofficial bonus points. Only Mastercard credit cards were considered.
Guide to Mastercard credit cards
Mastercard is one of the major card networks in Canada. With its comprehensive selection of credit cards and various rewards options, it has much to offer.
What is a Mastercard credit card?
A Mastercard credit card is a card that can be used to make in-person or online transactions with available credit. Borrowed money must be repaid by the end of each billing cycle, or the outstanding balance begins accruing interest.
Transactions made with a Mastercard credit card take place on the Mastercard payment network. The task of creating and issuing cards to everyday consumers is done by financial institutions. Credit limits, annual fees, rewards programs and insurance coverage vary by card and issuer.
Mastercard credit card tiers
Mastercard offers three tiers of card membership: Standard, World and World Elite. Generally, the higher the tier, the better the card’s perks, but top-shelf cards tend to have stricter eligibility criteria and steeper annual fees.
Standard
The Standard tier is Mastercard’s baseline card category. These entry-level cards are a practical fit for first-time cardholders, newcomers or those seeking a no-frills card.
Standard Mastercards typically have low or no annual fees and less stringent eligibility requirements. But these cards may lack the enticing features and perks of higher-tier Mastercards.
World
World Mastercards occupy a practical middle ground between the Standard and World Elite categories. Credit cards in this tier tend to be tougher to qualify for than Standard Mastercards and are more likely to impose annual fees. But these drawbacks are balanced with richer rewards and better insurance coverage.
World Elite
Crowning Mastercard’s membership tiers is its World Elite category. These credit cards carry higher fees and stricter eligibility criteria. In return, they typically offer an enticing collection of perks and rewards, like comprehensive insurance coverage, airport lounge access, free global Wi-Fi, car rental discounts and more.
Mastercard perks and benefits
Some common features and programs are available to all Mastercard credit cardholders. Taking advantage of these benefits can help you get the most out of whichever Mastercard you choose.
Mastercard ID Theft Protection
The Mastercard ID Theft Protection program protects personal information and identifies fraudulent activity. The service is free, but cardholders must opt in and enroll in the program. Cardholders are alerted to suspicious activity, and Mastercard support is available 24 hours a day to resolve any issues.
Mastercard Zero Liability Protection
All Mastercard credit cardholders are covered by Mastercard’s Zero Liability Protection, which means they won’t be on the line for any unauthorized transactions should their card fall into the wrong hands. To remain covered by this policy, Mastercard states that its cardholders must take reasonable care in protecting their credit cards from loss or theft and, if lost or stolen, report the event to their financial institution immediately.
Mastercard Global Service
The Mastercard Global Service is a 24-hour support program available to Mastercard credit cardholders. Cardholders can call and speak with a Mastercard representative to report lost or stolen cards, locate ATMs, access their account information and more. Local toll-free numbers are available in over 80 countries.
Mastercard Travel and Lifestyle Services
When you book travel experiences through the Mastercard Travel and Lifestyle Services program, you can take advantage of the following perks:
Complimentary professional travel services. Get in touch with a Mastercard Lifestyle Manager by phone, email or live chat 24 hours a day to discuss your travel needs.
Mastercard Hotel Stay Guarantee. Book a three-, four- or five-star hotel stay through the Mastercard Travel and Lifestyle Services program and receive the support of Mastercard’s Lifestyle Managers should anything go wrong.
Lowest Hotel Rate Guarantee. Find the same hotel stay for less after booking a room through the Mastercard Travel and Lifestyle Service, and Mastercard pledges to refund the difference.
Mastercard luxury hotel and resorts portfolio. Enjoy upgrades at eligible properties, like complimentary daily breakfast and amenity credits.
Free nights and car upgrades. Receive car rental upgrades and free night stays with Mastercard’s partner hotels.
Mastercard Airport Concierge. Have a dedicated agent escort you and your travel companions through the airport at over 700 locations worldwide.
How to choose the Mastercard credit card that’s right for you
Though all Mastercards share the features listed above, that doesn’t mean they’re all an equally good fit for your wallet. When comparing your card options, be sure to consider the following:
Annual fee. There are plenty of Mastercards on the market with no annual fee, but you may find more valuable perks offered by cards with higher fees.
Interest rates. Credit card interest rates vary. If you tend to carry a balance, you may want to consider a low-rate credit card.
Credit score requirements. Canadian credit card providers typically don’t advertise credit score criteria, but the higher your score, the more likely you are to qualify for a credit card. You can check your credit report and work on getting a better score to be eligible for higher-tier credit cards.
Annual income criteria. You may be required to meet annual income thresholds to qualify for some Mastercards.
Rewards. Mastercard credit cards earn many types of rewards, including cash back, Air Miles, Canadian Tire Money, PC Optimum points and more.
Insurance. Coverage offerings range from baseline extended warranty and purchase protection to robust travel insurance and rental car coverage.
Mastercard credit card issuers
The following card issuers offer Mastercard credit cards:
ATB Financial.
Bank of China (Canada).
BMO Bank of Montreal.
Brim Financial.
Canadian Tire Bank.
Capital One.
CIBC.
Collabria Financial Services Inc.
Desjardins.
MBNA.
National Bank of Canada.
President’s Choice Financial.
RBC Royal Bank.
Rogers Bank.
Scotiabank.
Servus Credit Union.
Tangerine.
Walmart Canada Bank.
How to apply for a Mastercard credit card
Once you’ve determined the right Mastercard for you, you’ll need to submit an application. Whether you do this in person at a branch or online, the steps you’ll need to take will be similar:
Review the card’s terms and conditions.
Ensure you meet any eligibility criteria. Specific requirements will differ by card and issuer. However, to qualify for a Mastercard credit card, you typically must:
Be a Canadian citizen or permanent resident.
Be at least the age of majority in your province or territory.
Meet credit score requirements.
Meet annual income requirements.
Fill in your personal information. You can expect to provide your full name, residential address, employment information and other financial information.
Submit the application.
Expect to be notified by mail or email once your application has been processed. If approved, your card will be sent by mail. You’ll need to activate your new credit card before you can use it.
How to activate a Mastercard credit card
You can usually activate a new Mastercard by phone or through your card provider’s website or mobile app. You’ll need to enter some personal information, including your new credit card number, its expiration date, security code and, in some cases, an activation code.
Mastercard credit card alternatives
Mastercards are a popular credit card option accepted in more than 210 countries around the world. But but there are alternatives worth considering.
Visa credit cards
Visa credit cards are accepted in over 200 countries and offer access to more than 2.5 million ATMs around the globe. Card membership tiers include Visa Classic, Gold, Platinum, Infinite and Infinite Privilege. Card issuers include the Bank of Montreal, CIBC, RBC, Scotiabank and TD Bank, among others.
American Express credit cards
American Express is both a card network and issuer. It offers a variety of personal and business credit cards, including co-branded Aeroplan and Marriott Bonvoy credit cards.
» MORE: Explore the Best American Express Credit Cards in Canada
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Shannon Terrell
Shannon Terrell
Shannon Terrell