The best Mastercard credit cards for October 2023

Best for cash back with bonus categories

Tangerine Money-Back Mastercard*

At a glance: Flexibility is the name of the game with the no-fee Tangerine Money-Back Mastercard. You can earn 2% cash back in up to three spending categories that you select based on your spending habits, and you can change your categories online.

• Annual fee: $0
• Interest rates: 19.95% on purchases, 19.95% on cash advances, 19.95% on balance transfers
• Welcome bonus: You can earn an extra 10% back on up to $1,000 in everyday purchases within the first 2 months. Must apply by October 31st, 2023.
• Earn rate: 2% cash back on purchases in up to three spending categories and 0.5% cash back on everything else
• Additional benefits: Purchase assurance covers loss, theft or damage for 90 days after purchase; extended warranty of up to one year
• Annual income requirement: $12,000

Pros 

• The 2% earn rate is competitive for a no-fee card.
• You can use this card strategically to get 2% cash back on larger purchases by changing over your spending categories. For example, if you’re planning a trip you could select “hotel/motel” as a bonus category. Just be sure to make the change one statement cycle prior to needing it.
• With a $12,000 annual income requirement, this card is very accessible.

Cons 

• Does not include travel insurance or perks.
• The base earn rate of 0.5% is on the low end for cash back cards.

Best for cash back

Rogers World Elite Mastercard

At a glance: The no-fee Rogers World Elite Mastercard offers boosted earn rates on purchases in a foreign currency, travel perks and insurance coverage—for those who meet the minimum annual income requirements. This card will appeal to people who don’t want to bother with tracking spending categories and occasionally travel.

• Annual fee: $0
• Interest rates: 19.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
• Welcome bonus: Earn $25 in cash back.
• Earn rate: 3% on purchases made in U.S. dollars; 1.5% on all other eligible purchases
• Additional benefits: Rental car collision and damage coverage; emergency medical insurance; trip cancellation or interruption protection
• Annual income requirement: Personal income of $80,000 or household income of $150,000

Pros 

• No-fee credit cards don’t usually include much in the way of perks or benefits, but this one includes some travel insurance and perks like complimentary membership to Mastercard Travel Pass, which gives you access to airport lounges.
• The 3% earn rate on purchases in U.S. dollars covers the foreign transaction fees most credit cards charge.
• You can earn unlimited rewards and they’re redeemable instantly.
• If you use a Rogers Bank credit card to pay for a new cell phone at a Rogers, Fido or Shaw-branded store, you can use Rogers’ Equal Payment Plan to spread out your payments over three or four years instead of the usual two. There’s no interest, as long as you keep up with your monthly payments. (You don’t need to be a Rogers Wireless customer to use the Equal Payment Plan.)

Cons 

• The travel insurance doesn’t have some protections, such as lost or delayed baggage, flight delay, or hotel burglary.
• The regular earn rate of 1.5% cash back is less than you’ll get on some other no-fee cards.
• Although cardholders are enrolled in DragonPass, there aren’t any included lounge visits meaning that each visit will cost an additional USD$32.
• The annual income requirements will keep this card out of reach for some households.

Best for grocery purchases

PC Financial World Elite Mastercard*

At a glance: The no-fee PC Financial World Elite Mastercard allows you to rack up substantial points in the ever-popular PC Optimum program at an attractive earn rate of 30 points per $1 spent at Loblaw stores, PC Travel and Esso; 45 points per $1 at Shoppers Drug Mart; and 10 points per $1 everywhere else. The card is best suited to those who shop regularly at Loblaw banner stores.

• Annual fee: $0
• Interest rates: 21.99% on purchases, 22.97% on cash advances, 22.97% on balance transfers
• Welcome bonus: You can earn 20,000 PC Optimum points ($20 value).
• Earn rate: 30 points per $1 at Loblaw stores, PC Travel and Esso; 45 points per $1 at Shoppers Drug Mart; 10 points per $1 everywhere else
• Additional benefits: Travel emergency medical insurance for up to 10 days; car rental collision or damage; purchase protection and extended warranty; concierge services
• Annual income requirement: Personal income of $80,000 or household income of $150,000

Pros 

• The earn rates are exceptional for a no-fee card, redemptions are hassle-free, and there are more than 2,500 locations where PC and President’s Choice products are sold in Canada, giving you plenty of flexibility and opportunities to earn.
• You can earn PC Optimum points no matter where you shop. 
• You can stack your points by showing your PC Optimum card and paying with your PC Financial World Elite Mastercard.
• Includes travel and car rental insurance that’s suitable for short trips.

Cons 

• The earn rate for shopping at non-affiliated stores is only 10 points per $1 spent. 
• The included travel insurance isn’t strong enough for longer or complex trips.
• The minimum annual income requirement will keep this card out of reach for many.

Honourable mention:

BMO CashBack Mastercard*

At a glance: Food is a big spending category for most Canadians so you’ll want to make the most of this expense. If you’re looking for a card that lets you earn on grocery purchases wherever you shop, instead of only at Loblaw-affiliated stores, consider the BMO CashBack Mastercard. With 3% back in this category, it offers the highest earn rate on groceries available for a no-fee card. Additional cards are free, so you can boost your earnings quickly.

• Annual fee: $0
• Interest rates: 20.99% on purchases, 22.99% on cash advances (21.99% for Quebec residents), 22.99% on balance transfers
• Welcome bonus: You can earn up to 5% cash back in your first 3 months. Conditions apply.
• Earn rate: 3% cash back on groceries; 1% cash back on recurring bills; 0.5% cash back on all other spends
• Additional benefits: Access to BMO PaySmart installment payment plan; access to the Mastercard Travel Rewards program which gives you offers and savings; discounts at National Car Rental and Alamo Car Rental; discounts at Cirque du Soleil; extended warranty and purchase protection
• Annual income requirement: Personal income of $15,000

Pros

• Redeem your cash back when you want, and choose how you use your rewards. You can apply them to your credit card bill, withdraw directly to your BMO chequing or savings account, or invest them in your InvestorLine account.
• With 3% cash back on groceries, a monthly spend of $500 will get you $180 annually from that category alone. 
• This card puts accessible cash back rewards in reach for many people because it has a low minimum income requirement and no annual fee. 

Cons

• The BMO Cash Back Mastercard does not include many perks. For example, it does not come with travel insurance.
• With a base earn rate of 0.5%, this card less is useful for purchases outside boosted categories.
• The 3% cash back rate on groceries and 1% rate on recurring bills is capped at $500 per month. Spends in these categories beyond that amount will earn at the base rate of 0.5%.

Best no fee card for travel

MBNA Rewards Platinum Plus Mastercard*

At a glance: The MBNA Rewards Platinum Plus Mastercard makes it easy to earn MBNA points which can be redeemed for travel (and more), and the unique birthday bonus perk returns 10% of your annual earnings in points. This card will appeal to those looking for a way to earn points that can be used for travel, without having to pay an annual fee.

Pros 

• Redemptions are easy and flexible. You can use MBNA points for cash back, merchandise, gift card, travel and even charitable donations.
• Every year, get 10% of the points you earned in the previous year as birthday bonus points.
• MBNA points never expire.

Cons 

• There is an annual cap of $10,000 per category on the boosted rewards. Purchases after that will earn at the base rate of 1 point per $1 spent.
• This card doesn’t include much in the way of insurance or other benefits.

Best travel credit card

BMO Ascend World Elite Mastercard*

At a glance: The BMO Ascend World Elite Mastercard lets you earn flexible BMO Rewards which can be redeemed for travel, merchandise, statement credits, or even investments. It includes comprehensive travel insurance and perks like Mastercard Travel Pass membership along with four free airport lounge visits annually.  

• Annual fee: $150
• Interest rates: 20.99% on purchases, 23.99% on cash advances, 23.99% on balance transfers
• Welcome bonus: You can earn up to 70,000 points and the annual fee waived in the first year for both the primary cardholder and authorized users.
• Earn rate: 5 points per $1 spent on eligible travel purchases; 3 points per $1 on dining, entertainment, and recurring bill payments; 1 point per $1 on everything else
• Additional benefits: Mastercard Airport Experiences membership, plus 4 annual complimentary lounge passes; BMO World Elite Total Travel and Medical Protection insurance for unlimited trips per year of up to 21 days each; Boingo Wi-Fi access; extended warranty; purchase protection; World Elite Mastercard perks
• Annual income requirement: Personal income of $80,000 or household income of $150,000

Pros 

• This card includes complimentary membership in Mastercard Travel Pass with four annual airport lounge passes. 
• The included travel insurance is one of the best on the market and the emergency medical is available to travellers aged 75 and under (many policies only cover those aged 65 and under).
• BMO Rewards are flexible and can be redeemed for travel, merchandise, gift cards and even investments.

Cons 

• The $150 annual fee is higher than other cards in this category.
• This card has high annual income requirements.

Best credit card for Costco

Rogers World Elite Mastercard

At a glance: Why settle for less when you can have more? The CIBC Costco Mastercard—our runner up for the best card to use at Costco—is custom-tailored to the needs of loyal warehouse shoppers. But it won’t fetch you the highest rewards on your spending. For that, you’ll want the Rogers World Elite Mastercard, which offers an impressive 1.5% cash back on every single purchase you make Costco, in store or online. The potential for unlimited cash back and greater redemption flexibility is what gives this card an edge over the CIBC Costco Mastercard.

• Annual fee: $0
• Interest rates: 19.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
• Earn rate: 1.5% cash back on all purchases; 3% cash back on all U.S.-dollar purchases
• Additional benefits: Emergency medical insurance; trip cancellation/interruption protection; rental car collision/damage coverage; complimentary membership to the Mastercard Travel Pass program
• Welcome offer: Earn $25 cash back when you make your first purchase within three months of having the card.
• Annual income requirement: Personal income of $80,000 or household income of $150,000

Pros 

• 1.5% unlimited cash back on all your Costco purchases is the real benefit of this card. Whereas the CIBC Costco Mastercard offers higher accelerated earn rates on restaurant, Costco gas and Costco.ca purchases, the earning caps are rather restrictive.

• Redeem your rewards when you want! You just have to have accumulated $10 in earnings.
• When you shop in Costco stores (instead of online), you’ll earn 0.5% more than you would with the CIBC Costco Mastercard.

Cons

• To qualify, you’ll need a personal income of $80,000 or a household income of $150,000. If that’s beyond what you earn, the CIBC Costco Mastercard is a good alternative.

Runner up: CIBC Costco Mastercard

At a glance: Costco only accepts Mastercard, and this cash back card offers tailored benefits for Costco shoppers. Earn 3% cash back at restaurants and Costco gas stations, 2% at other gas stations and when shopping at Costco.ca, and 1% on all other purchases (including Costco). The card doubles as your Costco membership card, so you don’t have to worry about carrying two cards or forgetting your membership card at home.

• Annual fee: $0
• Interest rates: 19.75% on purchases, 21.49% on cash advances, 21.49% on balance transfers
• Earn rate: 3% cash back when you spend at restaurants and at Costco gas, 2% back at other gas stations and at Costco.ca, 1% on all other purchases (including Costco)
• Welcome offer: There is no welcome offer at this time.
• Additional benefits: Zero liability protection, mobile device insurance, and purchase security and extended warranty insurance
• Annual income requirement: $15,000

Pros 

• With no annual fee and cash back on all your purchases, this card is a good one is you already have a Costco membership and want to earn cash back to be used exclusively on Costco purchases.
• For a no annual fee card, it offers competitive earn rates, particular for spending at restaurants.

Cons 

• You need to be a Costco member, which will cost you $60 or $120 per year, depending on your membership.
• There’s no limit on how much cash back you can earn throughout the year, but the earn rates are capped. After reaching the annual spend in a category ($5,000 for gas and $8,000 for Costco.ca purchases), you’ll only earn the 1% cash back rate.
• Other cards offer greater flexibility for cash back redemptions. With the CIBC Costco Mastercard, you’ll receive cash back in the form of gift certificates, issued one per year, that you can redeem for anything in the Costco warehouse.

Best for low interest

MBNA True Line Gold Mastercard*

At a glance: The MBNA True Line Gold Mastercard offers one of the lowest interest rates on the market with no annual income requirements and a low annual fee of $39. This card is a strong tool for those looking to pay down debt.

• Annual fee: $39
• Interest rates: 8.99% on purchases, 24.99% on cash advances, 8.99% on balance transfers
• Earn rate: N/A
• Additional benefits: Up to 9 additional users at no extra fee; trip assistance services, including help replacing lost documents, and support if your luggage goes missing; savings with Avis and Budget car rentals; purchase protection for up to 90 days; and extended warranty of up to one additional year on top of the manufacturer’s coverage
• Welcome bonus: No welcome offer.
• Annual income requirement: None

Pros 

• The 8.99% interest rate is one of the lowest on the market. 
• Cardholders can add up to nine additional users at no additional cost.
• Includes trip assistance and legal assistance.

Cons 

• While this is a low interest card, it doesn’t have a promotional balance transfer offer.
• There’s no included travel or car rental insurance.
• Those in Quebec are subject to an interest rate of 10.99%.

Best for Air Miles collectors

BMO Air Miles World Elite Mastercard*

At a glance:  Offering an extraordinary earn rate of one Air Mile per $12 spent and extra benefits like travel and rental car insurance, plus discounts, the BMO Air Miles World Elite Mastercard is a great travel companion.

• Annual fee: $120 (waived for the first year)
• Interest rates: 20.99% on purchases, 23.99% on cash advances, 22.99% on balance transfers
• Welcome bonus: You can earn 3,000 AIR MILES Bonus Miles and we’ll waive the $120 annual fee for the first year.
• Earn rate: 1 Mile per $12 spent, 3 Miles per $12 spent at Air Miles partners and 2 Miles per $12 spent at eligible grocery stores
• Additional benefits: Complimentary membership in Mastercard Travel Pass provided by DragonPass; exclusive 25% discount on one worldwide Air Miles flight redemption during the calendar year; travel and medical insurance; flight discount of 15% on Air Miles flights in North America; up to 25% discount on vehicle rentals at National and Alamo; extended warranty and purchase protection; World Elite Mastercard perks
• Annual income requirement: Personal income of $80,000 or household income of $150,000

Pros 

• This card gives you access to a strong base rate of 1 Air Mile per $12 spent, plus plenty of opportunities to boost your earn rate, including the ability to “double dip” by using your collector’s card.
• Includes a premium travel and car rental insurance package.
• Comes with perks like complimentary membership in Mastercard Travel Pass provided by DragonPass which gains you access to airport lounges, free Boingo Wi-Fi and discounts.

Cons 

• The DragonPass lounge access does not include passes, which cost USD$32 per visit.
• The annual minimum income requirement will put this card out of reach for some.

Best for students

BMO CashBack Mastercard*

At a glance: The BMO CashBack Mastercard offers a no-fee way to earn big on groceries, a feature that will appeal to hungry students. The 3% earn rate on groceries is one of the highest in the country for a no-fee card, and cardholders will get a 1% return on recurring bill payments (everything else earns 0.5% cash back).

• Annual fee: $0
• Interest rates: 20.99% on purchases, 22.99% on cash advances
• Welcome bonus: You can earn 5% cash back in your first 3 months
• Earn rate: 3% cash back on groceries and 1% on recurring bill payments; 0.5% on everything else
• Additional benefits: Extended warranty and purchase protection against theft or damage for 90 days after purchase; up to 25% off at National and Alamo; discounts for Cirque du Soleil tickets
• Annual income requirement: None

Pros 

• Additional cards are free so you can earn even more cash back.
• As a no-fee card with no minimum income requirement, this card is an extremely accessible way to earn cash back in a big spending category. 

Cons 

• There is a cap of $500 per statement cycle for boosted spending categories and any spends beyond that will earn at the low 0.5% base rate.
• This card doesn’t have any included travel or car rental insurance.

Best for roadside assistance

Triangle World Elite Mastercard

At a glance: It should come as no surprise that the Triangle World Elite Mastercard from Canadian Tire offers the best roadside assistance. The card’s Gold Plan lets members opt to insure either their car (with any driver) or themselves (in any car), plus gives them access to 24/7 roadside assistance in Canada and the U.S., towing, flat tire changes, battery boosts, fuel delivery, lock-out service and more.

• Annual fee: $0
• Interest rates: 19.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
• Welcome bonus: None
• Earn rate: 3% back in CT Money on grocery purchases (up to $12,000 annually); 4% back on spends at Canadian Tire and partner stores; and $0.05 to $0.07 per litre back on gas from participating Gas+/Essence+ and Husky locations; 1% back everywhere else
• Additional benefits: No-receipt returns; personalized offers; extended warranty and protection insurance that covers loss, theft or damage for 90 days after purchase
• Annual income requirement: Personal income of $80,000 or household income of $150,000

Pros 

• There are numerous ways to collect Canadian Tire Money (CT Money) at boosted rates that you can spend on virtually anything in store. One dollar in CT Money = CAD$1.
• Sports fans will appreciate accelerated rates and discounts at partner stores such as Mark’s Work Wearhouse, Sportchek and Hockey Life.
• You can beat surging fuel prices with discounts on gas at Gas+/Essence+ and Husky locations.

Cons 

• Despite being classified by Mastercard as grocery stores, Walmart Supercentres are not included in the 3% boosted grocery earn rate.
• There’s an annual limit of $12,000 on accelerated rewards. Purchases beyond that cap will earn at the base rate of 1%.
• Although this is a no-fee card, the high annual minimum income requirement will put it out of reach for some.

Best prepaid Mastercard

Koho Prepaid Mastercard with an Easy subscription*

At a glance: The Koho Prepaid Mastercard works like a debit card you can use for free at any ATM and everywhere that accepts Mastercard—plus, you’ll also get cash back on your purchases. When you open a Koho account, you’ll receive a virtual Prepaid Mastercard, and you will have to opt in to receive the physical card. Customers are automatically enrolled into Easy, Koho’s base subscription plan—and the only free one. Cardholders can choose to upgrade to the paid Essential or Extra plans for better earn rates and more perks.

• Annual fee: $0
• Interest rates: N/A
• Welcome offer:
• Earn rate: 1% cash back on bills, services, and groceries; up to 5% back at select merchants 
• Additional benefits: Access to budgeting tools, RoundUp, financial coaching and credit building for a fee ($10 per month); 0.5% interest on your account; access to joint accounts
• Annual income requirement: None

Pros 

• The Easy account is free but customers can access more perks and better rates by upgrading their plan. For example, if you pay $9 per month for the Koho Extra account, you’ll earn 2% cash back on groceries, bills, services, and eating and drinking, plus 0.5% cash back on all purchases. With Extra, you’ll also get a $25 cash bonus once approved.
• You’ll pay no monthly fees with the Easy account, and since you preload the card, you don’t have to worry about missed payments or interest rates.
• Koho offers loads of tools to help you budget and meet your financial goals. Some are free, including RoundUp—where you set your account to round up the cost of purchases to the nearest $1, $2, $5 or $10, and it puts the difference aside in your savings.

Cons 

• If you want to access the best perks and features, you’ll have to subscribe to Koho Essential or Extra, which come with monthly fees of $4 and $9, or annual fees of $48 and $84, respectively.
• Some perks available with all three plans, such as credit building, come at an extra cost that varies depending on the plan.
• With Koho Easy, travellers and cross-border shoppers are charged foreign transactions (FX) fees of 1.5%. If these charges matter to you, consider the Koho Extra plan, which comes with no FX fees.

Frequently asked questions

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