The Best Mastercard Credit Cards – May 2026

Q: What's the difference between Mastercard, World Mastercard and World Elite Mastercard?

The three tiers reflect ascending levels of benefits. Standard Mastercard (e.g. Tangerine Money-Back Credit Card, Rogers Red Mastercard) offers basic payment functionality and limited insurance — usually no annual fee. World Mastercard (e.g. Tangerine Money-Back World Mastercard) adds Mastercard Travel Rewards, basic concierge service and stronger purchase protection. World Elite Mastercard (e.g. BMO Ascend™ World Elite®* Mastercard®*, National Bank World Elite Mastercard, Rogers Red World Elite Mastercard) is the premium tier — it requires a higher minimum income ($60,000-$80,000 personal or $100,000-$150,000 household) and unlocks DragonPass lounge access, comprehensive travel insurance, mobile-device coverage and concierge service.

Q: Why does Costco Canada only accept Mastercard?

In 2015, Costco Canada signed an exclusive deal with Mastercard as its sole credit-card network in store and at the gas pumps, replacing American Express. This means you cannot use a Visa, Amex or Discover card at Costco Canada — only Mastercard or debit (or the Costco Mastercard, which doubles as a membership card). For Costco shoppers, this elevates Mastercard from a backup to a primary card. Top picks for Costco purchases include the Rogers Red World Elite Mastercard (3% on US-dollar purchases, 1.5% on others, no fee), the BMO CashBack World Elite Mastercard, and the BMO Ascend World Elite Mastercard (5x BMO Rewards on travel). Note that Costco gas in Canada also accepts Mastercard.

Q: What is the Mastercard Travel Pass / DragonPass benefit?

DragonPass is a global lounge-access program included as a complimentary membership on several Canadian World Elite Mastercards. The membership itself is free, and lounge visits cost roughly $32 USD per visit (charged to your card) at over 1,300 airport lounges worldwide. The BMO Ascend™ World Elite®* Mastercard®*, the National Bank World Elite Mastercard and the Rogers Red World Elite Mastercard all include DragonPass membership. It's not as generous as Priority Pass (which gives free visits) but it's substantially cheaper than buying day passes at the door (typically $50-$60 USD), and the network covers most major Canadian airports plus international hubs.

Q: Which is the best no-annual-fee Mastercard in Canada?

Three top contenders. The Tangerine Money-Back Credit Card earns 2% cash back on up to three chosen categories (restaurants, groceries, gas, drugstores, recurring bills, etc.), 0.5% on everything else, with no fee or minimum income. The Rogers Red Mastercard earns 1% on everything (2% when redeemed against Rogers/Fido/Shaw bills), no fee. The PC World Elite Mastercard earns up to 30 PC Optimum points per dollar at Loblaws-banner stores (Real Canadian Superstore, Shoppers Drug Mart, No Frills) — best in class for grocery loyalty. Pick Tangerine for flexibility, Rogers for telecom users, PC for grocery shoppers.

Q: Which is the best World Elite Mastercard in Canada?

For overall value, the BMO Ascend™ World Elite®* Mastercard®* wins with a welcome bonus of up to 100,000 BMO Rewards points ($650-$700 value), no annual fee in year one, 5x on travel and 3x on dining/entertainment/bills. For high spenders, the National Bank World Elite Mastercard earns up to 5 points per dollar on combined groceries and restaurants and includes a $150 annual travel credit. For frequent travellers, the Rogers Red World Elite Mastercard gives 3% cash back on US-dollar purchases, effectively offsetting the foreign transaction fee — uniquely valuable for Americans-style cross-border shopping or US e-commerce.

The Best Mastercard Credit Cards – May 2026

These credit cards are among the best Mastercard credit cards in Canada!

Here is a table summarizing the different offers. For more details, read on or click on the name of a card.

BMO Ascend™ World Elite®* Mastercard®*

The BMO Ascend World Elite Mastercard is one of the best World Elite Mastercard credit cards with travel points in Canada. With our exclusive welcome offer, you can earn up to 100,000 BMO Rewards points.

These points have a value of approximately $650 to $700, according to our estimate, and can be applied to your travel expenses.

Plus, there is no annual fee for the first year for the primary cardholder and additional cardholders.

You can also take advantage of a 0% introductory interest rate on balance transfers for 12 months, with a 2% balance transfer fee.

With the BMO Ascend World Elite Mastercard, you get:

5 points per dollar on eligible travel*
3 points per dollar on eligible dining, entertainment, and recurring bill payments*
1 point per dollar on all other purchases*

You can use BMO Rewards points for your travel (flights, hotels, car rentals, packages, etc.) or for rewards and gift cards on the BMO Rewards platform.

The card also offers:

4 complimentary airport lounge accesses per year via Mastercard Travel Pass provided by DragonPass*
comprehensive travel insurance, including emergency medical coverage up to $5 million for 21 days*

Finally, enjoy six months of Instacart+ membership and a $10 monthly Instacart credit when you sign up with your eligible BMO credit card.*

National Bank World Elite Mastercard

With Milesopedia, enjoy an exclusive offer to get up to 50,000 points with the National Bank World Elite Mastercard. This offer is exclusively available through the Milesopedia network and allows you to quickly earn points by following these steps:

10,000 reward points upon enrollment in your credit card payment protection, for a minimum of 3 months of membership.
10,000 points when you make $5,000 in net purchases within the first 3 months.
20,000 points when you reach $20,000 in purchases within the first 12 months.
10,000 points when you combine your credit card with the opening of your first current account within 7 days of your credit card application.

The National Bank World Elite Mastercard is the best Mastercard credit card offered by NBC.

With this card, you earn up to 5 points per dollar on your purchases:

5 points per dollar for groceries and restaurants
2 points per dollar on gas and electric recharge purchases
2 points per dollar on recurring bills
2 points per dollar on À la carte Travel
1 point per dollar for all other purchases

And since it’s an NBC mycredit Mastercard, you can use it at Costco.

With this card, you have access to a $150 annual travel credit that you can use in any of these categories:

Airport parking
Baggage fees
Seat selection
Access to Airport Lounges
Flight upgrades

What’s more, you can enjoy access to DragonPass airport lounges and unlimited access to the National Bank Lounge at Montreal-Trudeau.

Finally, Milesopedia has named the National Bank World Elite Mastercard as the Best Travel Credit Card in 2023, 2024, 2025, and 2026.

Tangerine® Money-Back World Mastercard®*

If you have an individual income of $60,000 or a household income of $80,000, you can choose the Tangerine^® Money-Back World Mastercard^®*.

This credit card has no annual fee and allows you to earn cash back on your everyday purchases. With the current offer, you can get $100 when you spend $1,500 within your first three months^††.

You get 2% unlimited cash back in 2 categories of your choice and 0.5% on all your other purchases. Plus, you can unlock a third 2% category when your cash back is deposited into a Tangerine Savings Account.

Choose from 13 spending categories (groceries, gas, restaurants, and more) and change them every 90 days to match your habits^◊.

The card also includes useful protections, including purchase assurance and extended warranty⁵, as well as mobile device insurance and coverage for rental vehicles⁵.

Finally, you can transfer high-interest credit card balances and enjoy a promotional rate of 1.95% for 6 months (a 1% transfer fee applies)¹¹.

Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit Card has no annual fee and offers cash back.

With this limited-time welcome offer, you can earn an additional 10% cash back (up to $100) when you spend up to $1,000 on everyday purchases during the first 2 months.

You can choose two to three purchase categories that interest you (groceries, gas, home furnishings, renovations, recurring bills, pharmacy, etc.) to earn 2% cash back ! And there’s no annual cash-back limit. It is one of the best credit cards for renovations.

In addition, the Tangerine Mastercard offers several insurance coverages for your purchases :

90 days purchase insurance
One year extended warranty

Finally, during the first 30 days you hold the card, transfer credit card balances and pay only 1.95% interest on these balances for the first 6 months.

MBNA Rewards World Elite® Mastercard® (Quebec)

With the MBNA Rewards World Elite^® Mastercard^®, you can earn 5 points per dollar of purchases for:

Dining
Grocery purchases
Digital media purchases (Netflix, Spotify, etc.)
Memberships
Household utility purchases (electricity, etc.)

Everywhere else, you will get 1 point per dollar.

Enough to make the MBNA Rewards World Elite Mastercard the best MBNA credit card for restaurants, groceries, digital media, subscriptions and household utilities.

Knowing that Mastercard recognizes Walmart Supercenters as grocery stores, this is the best credit card for Walmart customers!

Plus, depending on your province of residence, you’ll get a welcome bonus of between 20,000 and 30,000 points, a value of $200 to $300!

And each year, you 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 your birthday, to a maximum Birthday Bonus each year of 15,000 Points.

PC® World Elite® Mastercard®

The PC World Elite Mastercard currently offers a 20,000 PC Optimum points welcome bonus after spending $50 in the first two months, with no annual fee. With this Card:

4.5% back in points at Shoppers Drug Mart^{^®} and Pharmaprix^{^®5}
Get 3% back in points at Loblaw banner grocery stores including Loblaws^{^®}, No Frills^{^®}, Real Canadian Superstore^{^®}, Maxi^{^®} and at Joe Fresh.
At least 3¢ per litre back in points on fuel at Esso and Mobil
1% back in points per dollar spent everywhere else

This means you get between 1% and 4.5% back on your purchases made at PC Optimum stores. You can then use your points for discounts at checkout or convert them into $7 credit per 10,000 points directly on your card balance.

Additionally, this card includes travel medical insurance, rental car collision insurance, a concierge service, and 90-day purchase assurance—rare benefits for a no-annual-fee card.

BMO CashBack® Mastercard®* World Eliteᴹᴰ*

BMO CashBack^® World Elite^®* Mastercard^®* is one of Canada’s best cash back Mastercard credit cards.

Currently, for a limited time, you could receive up to $480 in cash back in the first year. In fact, you will receive $40 in cash back for each monthly period in which you make $2,000 in purchases on your card.

Plus, there is no annual fee for the first year!

Additionally, you benefit from a 0% introductory interest rate on balance transfers for 12 months, as well as a 2% balance transfer fee.

With BMO CashBack^® World Elite^®* Mastercard^®*, you get between 2% and 5% cash back on many categories of purchases:

5% on grocery purchases (on the first $500 you spend monthly)
4% on transit (on the first $300 you spend monthly)
3% on gas and electric vehicle charging (on the first $300 you spend monthly)
2% on recurring bill payments (on the first $500 you spend monthly)

Everywhere else, you’ll earn 1% cash back, including at Costco. It is also one of the only credit cards in its category to offer a 2 additional years extended warranty.

Finally, enjoy six months of Instacart+ membership and a monthly $10 Instacart credit when you sign up with your eligible BMO credit card.

Rogers Red World Elite® Mastercard

The Rogers Red World Elite^® Mastercard is one of the best no annual fee cash back credit cards in Canada.

With the Rogers Red World Elite^® Mastercard, you get 2% cash back on all your eligible purchases (including at Costco) if you have at least one eligible service with Rogers, Fido, Comwave, or Shaw.

Otherwise, earn 1.5% cash back on all eligible purchases in currencies other than U.S. dollars.

Receive 3% cash back on all eligible purchases in US dollars (this credit card is therefore particularly suitable for snowbirds) and 1.5 times more cash back each time you redeem it for Rogers, Fido, or Shaw eligible purchases.

Furthermore, Rogers customers get 5 Roam Like Home days at no cost, every year, with an eligible Rogers mobile plan.

As the Rogers Red World Elite^® Mastercard is a World Elite Mastercard, you receive a complimentary Mastercard Travel Pass membership (powered by DragonPass) providing access to over 1,300 airport lounges worldwide (US$32 per person per visit).

Finally, you’re protected by a wide range of insurance coverages, such as :

Extended Warranty and Purchase Protection
Rental Car Collision/Damage
Out-of-province/country emergency medical care
Trip Interruption Insurance
Trip Cancellation Insurance

Rogers Red Mastercard

The Rogers Red Mastercard is one of the best no-annual-fee credit cards in Canada, especially for Rogers, Fido, Comwave, or Shaw customers.

With the Rogers Red Mastercard, and by having at least one eligible service with Rogers, Fido, Comwave, or Shaw, you can earn 2% cash back on all your eligible purchases.

Additionally, you get 1.5 times more cash back every time you redeem for eligible Rogers, Fido, Comwave or Shaw purchases, which represents cash back valued at 3%.

Furthermore, as a Rogers Red Mastercard holder, you will get access to Roam Like Home for 5 days free, every year, for eligible Rogers mobile plans.

If you are not a Rogers, Fido, Comwave, or Shaw customer, you will get 2% cash back on your eligible purchases in U.S. dollars and 1% cash back on all other eligible purchases.

Frequently Asked Questions about Mastercard credit cards

Here are frequently asked questions in the milesopedia community about Mastercard credit cards in Canada.

What’s the difference between Mastercard, World Mastercard and World Elite Mastercard?

The three tiers reflect ascending levels of benefits. Standard Mastercard (e.g. Tangerine Money-Back Credit Card, Rogers Red Mastercard) offers basic payment functionality and limited insurance — usually no annual fee. World Mastercard (e.g. Tangerine Money-Back World Mastercard) adds Mastercard Travel Rewards, basic concierge service and stronger purchase protection. World Elite Mastercard (e.g. BMO Ascend^™ World Elite^®* Mastercard^®*, National Bank World Elite Mastercard, Rogers Red World Elite Mastercard) is the premium tier — it requires a higher minimum income ($60,000-$80,000 personal or $100,000-$150,000 household) and unlocks DragonPass lounge access, comprehensive travel insurance, mobile-device coverage and concierge service.

Why does Costco Canada only accept Mastercard?

In 2015, Costco Canada signed an exclusive deal with Mastercard as its sole credit-card network in store and at the gas pumps, replacing American Express. This means you cannot use a Visa, Amex or Discover card at Costco Canada — only Mastercard or debit (or the Costco Mastercard, which doubles as a membership card). For Costco shoppers, this elevates Mastercard from a backup to a primary card. Top picks for Costco purchases include the Rogers Red World Elite Mastercard (3% on US-dollar purchases, 1.5% on others, no fee), the BMO CashBack World Elite Mastercard, and the BMO Ascend World Elite Mastercard (5x BMO Rewards on travel). Note that Costco gas in Canada also accepts Mastercard.

What is the Mastercard Travel Pass / DragonPass benefit?

DragonPass is a global lounge-access program included as a complimentary membership on several Canadian World Elite Mastercards. The membership itself is free, and lounge visits cost roughly $32 USD per visit (charged to your card) at over 1,300 airport lounges worldwide. The BMO Ascend^™ World Elite^®* Mastercard^®*, the National Bank World Elite Mastercard and the Rogers Red World Elite Mastercard all include DragonPass membership. It’s not as generous as Priority Pass (which gives free visits) but it’s substantially cheaper than buying day passes at the door (typically $50-$60 USD), and the network covers most major Canadian airports plus international hubs.

Which is the best no-annual-fee Mastercard in Canada?

Three top contenders. The Tangerine Money-Back Credit Card earns 2% cash back on up to three chosen categories (restaurants, groceries, gas, drugstores, recurring bills, etc.), 0.5% on everything else, with no fee or minimum income. The Rogers Red Mastercard earns 1% on everything (2% when redeemed against Rogers/Fido/Shaw bills), no fee. The PC World Elite Mastercard earns up to 30 PC Optimum points per dollar at Loblaws-banner stores (Real Canadian Superstore, Shoppers Drug Mart, No Frills) — best in class for grocery loyalty. Pick Tangerine for flexibility, Rogers for telecom users, PC for grocery shoppers.

Which is the best World Elite Mastercard in Canada?

For overall value, the BMO Ascend^™ World Elite^®* Mastercard^®* wins with a welcome bonus of up to 100,000 BMO Rewards points ($650-$700 value), no annual fee in year one, 5x on travel and 3x on dining/entertainment/bills. For high spenders, the National Bank World Elite Mastercard earns up to 5 points per dollar on combined groceries and restaurants and includes a $150 annual travel credit. For frequent travellers, the Rogers Red World Elite Mastercard gives 3% cash back on US-dollar purchases, effectively offsetting the foreign transaction fee — uniquely valuable for Americans-style cross-border shopping or US e-commerce.

Are Mastercard insurance and protection benefits as strong as Visa Infinite?

Yes — at the World Elite tier, the coverage is comparable. Most Canadian World Elite Mastercards include out-of-province emergency medical insurance (typically up to $1-2 million, 15-21 days per trip under age 65), trip cancellation/interruption, rental-car CDW (up to $65,000 vehicle value, 31 to 48 days), flight delay, baggage, mobile-device insurance (up to $1,000) and purchase protection / extended warranty. Standard (non-World) Mastercards offer much less — typically just basic purchase protection. If insurance is a priority, World Elite is the entry point. Always read the policy: limits and age cutoffs vary widely between issuers, even on the same Mastercard tier.

Should I pair a Mastercard with an Amex card?

Absolutely — and most experienced point-collectors do. American Express has the highest earn rates in Canada (5x on the Cobalt, 1.25 MR on the Business Platinum Card^®) but is not accepted at Costco Canada, many independent merchants, or some grocery banners like Loblaws-affiliated stores. A pairing strategy: use your American Express Cobalt^® Card wherever Amex is accepted (5x dining, groceries, food delivery), and keep a Mastercard like the Rogers Red World Elite Mastercard or PC World Elite Mastercard as your fallback. This combo covers virtually 100% of Canadian merchants while maximizing rewards on Amex’s strongest categories — and adds a second issuer in case one card is compromised.