The Best Mastercard in Canada

**This post may contain affiliate links. I may be compensated if you use them.

If you’re looking for the best Mastercard in Canada, you’re going to have plenty of choices. Many Mastercards rank as some of the best travel credit cards and there’s even a prepaid Mastercard that has no foreign transaction fees that will appeal to many people.

Keep in mind that the best Mastercard credit card is the World Elite version which requires a personal income of $80,000 or a household income of $150,000 for you to qualify. If you don’t meet that threshold, don’t worry, I’ve got a few other options on my list of the best Mastercards in Canada.

 Sign Up BonusAnnual Fee
WestJet RBC World Elite Mastercard$250 WestJet Dollars$119
STACK Mastercard$5$0
BMO World Elite Mastercard30,000 points$150 - First year free
Tangerine Money-Back CardN/A$0
PC Financial World Elite MastercardN/A$0

WestJet RBC World Elite Mastercard

  • $119 annual fee
  • $250 WestJet Dollars sign up bonus after your first purchase 
  • $200 Additional WestJet Dollars when you charge $5,000 in the first 3 months (must apply by Jan. 5, 2022)
  • Earn 2% back in WestJet dollars on WestJet flights or WestJet Vacations packages
  • Earn 1.5% back in WestJet dollars on everyday purchases
  • Annual companion voucher
  • Save 3¢/L on fuel and always earn 20% more Petro-Points when you link your WestJet RBC World Elite MasterCard
  • Free first checked bags for the primary cardholder (up to 8 bags on the same reservation)
  • Some travel insurance included
  • Free Boingo Wi-Fi
  • Purchase security and extended warranty insurance
  • Mastercard Airport Experiences provided by LoungeKey

When it comes to the best Mastercard in Canada, the WestJet RBC World Elite Mastercard should be on the top of your list. Although the card has an annual fee of $119, you get a generous welcome bonus of WestJet dollars after your first purchase, an annual companion voucher starting at $119 and the first checked bag free for up to 8 people on the same reservation. If you fly WestJet just once, getting this card is well worth it. If you fly WestJet on a regular basis, then this card is a must.

STACK Mastercard 

  • No annual fee
  • No foreign transaction fees
  • No ATM fees (ATM provider may charge a fee)
  • $5 free when you sign up with my referral link

If you’re not aware, unless you have a credit card without foreign transaction fees, you’ll pay a markup of 2.5% on every purchase made in a foreign currency. The STACK Mastercard takes things to a whole new level as you can even withdraw cash from foreign ATMs without having to pay any forex fees (local ATM charges still apply). STACK is a prepaid Mastercard so you can only spend what you’ve loaded but that doesn’t prevent it from being one of the best Mastercards in Canada. Use my referral link now and get $5 when you activate your card. Note that you must click this link via your mobile device for it to work.

BMO World Elite Mastercard 

  • $150 Annual fee – Fee waived in the first year
  • Get 25,000 BMO Rewards points as a welcome bonus
  • Get 5,000 points on your first anniversary
  • Earn 3 BMO Rewards points per $1 spent on dining, entertainment, and travel purchases
  • Earn 2 BMO Rewards points per $1 spent on all other purchases
  • Mastercard Airport Experiences membership provided by LoungeKey, plus 4 annual complimentary passes
  • Comprehensive travel insurance package included
  • Free global WiFi

If you prefer a Mastercard credit card that gives you more flexibility with your points, then consider the BMO World Elite Mastercard which is one of the best travel credit cards in Canada. The BMO Rewards points you earn can be applied to any type of travel as long as you book it via the BMO Rewards website or through their full-service travel agency over the phone. Don’t forget, the annual fee is waived for the first year, the signup bonus is incredibly valuable, and you get 4 free airport lounge passes. The BMO World Elite Mastercard is also one of the best credit cards with travel insurance.

Tangerine money-back credit card 

  • No annual fee
  • 2% money-back on up to 3 categories
  • 0.5% cash-back on all other purchases
  • Purchase assurance and extended warranty

The Tangerine Money-Back Credit Card is arguably the best Mastercard credit card because you get to choose up to three categories that will earn you 2%. No other credit card out there allows you to choose your categories where you earn extra points/cash back so this is a pretty big deal. The card doesn’t come with many additional benefits compared to some World Elite cards, but this is one of the best credit cards with no annual fee in Canada so there shouldn’t be much to complain about.

PC Financial World Elite Mastercard

  • No annual fee
  • Earn 45 PC Optimum Points per $1 dollar spent at Shoppers Drug Mart
  • Earn 30 PC Optimum Points per $1 spent where PC Products are sold
  • Earn 30 PC Optimum Points per $1 spent at PC Travel
  • Earn 30 PC Optimum Points per litre at Esso/Mobil locations
  • Earn 10 PC Optimum Points per $1 spent on all other purchases

If you collect PC Optimum points, then you need to get the PC Financial World Elite Mastercard since it’ll help you earn points at an insane rate. Since it takes 10,000 PC Optimum points to claim $10 in groceries or merchandise, you’re getting a 4.5% return when making purchases at Shoppers Drug Mart. Your grocery return is 3% which is also quite high. Don’t forget that there’s PC Insiders which can help you earn even more points. Even if you don’t meet the minimum income requirement for this card, PC Financial also has the PCF Mastercard and PCF World Mastercard that still earns you a lot of points.

The Best Mastercard in Canada

About Barry Choi

Barry Choi is a Toronto-based personal finance and travel expert who frequently makes media appearances. His blog Money We Have is one of Canada’s most trusted sources when it comes to money and travel. You can find him on Twitter:@barrychoi

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