Best Mastercards by Category
Best Overall Mastercards
| Card | Annual Fee | Earn Rate | Best Feature | Income Req. |
|---|---|---|---|---|
| Rogers World Elite MC | $0 | 1.5% cashback on everything | No fee + flat high rate | $80,000 |
| CIBC Costco MC | $0 (with membership) | 3% Costco/dining, 2% gas, 1% other | Best for Costco shoppers | $60,000 |
| Tangerine World MC | $0 | 2% on 3 categories, 0.5% other | Customizable categories | $60,000 |
| BMO World Elite MC | $150 | 5% travel, 2% dining, 1.5% other | High travel earn rate | $80,000 |
| MBNA Rewards World Elite MC | $0 (1st year) | 5 pts/$1 gas/grocery, 2 pts other | No-fee World Elite option | $80,000 |
Best No-Fee Mastercards
| Card | Annual Fee | Top Earn Rate | FX Fee | Best For |
|---|---|---|---|---|
| Rogers World Elite MC | $0 | 1.5% everything, 3% USD | 0% on USD (net) | Flat cashback, US purchases |
| Tangerine World MC | $0 | 2% on 3 categories | 2.5% | Customizable rewards |
| BMO CashBack MC | $0 | 3% groceries, 1% recurring, 0.5% other | 2.5% | Grocery shopping |
| CIBC Costco MC | $0 (with membership) | 3% Costco/dining | 2.5% | Costco members |
| PC Financial World MC | $0 | 3% at Shoppers/Loblaws, 1% other | 2.5% | Loblaw shoppers |
| Triangle World Elite MC | $0 | 4% at Canadian Tire, 3% grocery, 2% gas | 2.5% | Canadian Tire ecosystem |
Best Mastercards for Travel
| Card | Annual Fee | Travel Earn | Lounge Access | FX Fee | Insurance |
|---|---|---|---|---|---|
| BMO World Elite MC | $150 | 5% travel, 2% dining | 4 lounge visits/yr | 2.5% | Comprehensive travel |
| BMO Eclipse Visa Infinite | $120 | 5 pts/$1 travel | — | 2.5% | Good travel suite |
| Rogers World Elite MC | $0 | 1.5% (3% USD) | — | Effective 0% USD | Basic |
| National Bank World Elite MC | $150 | 5 pts/$1 travel | 4 lounge visits/yr | 2.5% | Full travel insurance |
| Brim World Elite MC | $199 | 2% everything | Priority Pass | 0% | Comprehensive |
Mastercard Tier Comparison
| Feature | Standard | World | World Elite |
|---|---|---|---|
| Income requirement | None | $60,000 | $80,000 |
| Purchase protection | 90 days | 90 days | 90 days |
| Extended warranty | — | 1 year | 1 year |
| Travel medical | — | Up to $500K | Up to $2M+ |
| Trip cancellation | — | Up to $1,500 | Up to $2,500+ |
| Car rental insurance | — | Basic | Comprehensive |
| Airport lounge | — | — | Some cards |
| Concierge | — | — | Mastercard Concierge |
| Priceless Experiences | Basic | Enhanced | Premium |
| Annual fee range | $0–$49 | $0–$99 | $0–$199 |
Cashback Comparison: $30,000 Annual Spending
| Card | Groceries ($8K) | Gas ($3K) | Dining ($3K) | Other ($16K) | Total | Net |
|---|---|---|---|---|---|---|
| Rogers World Elite | $120 | $45 | $45 | $240 | $450 | $450 |
| Tangerine World (grocery/gas/dining) | $160 | $60 | $60 | $80 | $360 | $360 |
| CIBC Costco MC | $240 | $60 | $90 | $160 | $550 | $550* |
| BMO CashBack MC | $240 | $15 | $15 | $80 | $350 | $350 |
| Triangle World Elite | $240 | $60 | $30 | $320** | $650** | $650** |
*Requires Costco membership ($65–$130). *Canadian Tire ecosystem spending required for 4% rate.
Mastercard vs Visa Acceptance in Canada
| Retailer/Situation | Visa | Mastercard | Notes |
|---|---|---|---|
| Costco (in-store) | No | Yes | Mastercard only |
| Costco.ca (online) | Yes | Yes | Both accepted |
| Grocery stores | Yes | Yes | Both widely accepted |
| Gas stations | Yes | Yes | Both accepted |
| Online shopping | Yes | Yes | Both accepted |
| International travel | Yes | Yes | Similar acceptance globally |
| Tap limit | $250 | $250 | Same in Canada |