Best Mastercard In Canada 2022: Top 6 Picks & Reviews

Noah Edis
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Reviewed by Randolph Vialva, MBA
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KOHO Easy Mastercard

KOHO Easy Mastercard

Editor’s Choice

5.0 stars - votes

Mogo Visa Platinum Prepaid Card

Mogo Visa Platinum Prepaid Card

Best Eco-friendly Card

4.6 stars - votes

BMO CashBack World Elite Mastercard

BMO CashBack World Elite Mastercard

Best Cash Back Card

4.5 stars - votes
Best Mastercard In Canada

Mastercard is one of the most popular and widely accepted debit and credit cards in Canada. Owning at least one Mastercard is a must for anyone who wants to make the most of their spending and take advantage of the numerous perks and rewards that come with this type of card. 

But with so many different Mastercards on the market, it can be challenging to know which one is right for you. That’s why we’ve put together our list of the best Mastercards in Canada for 2022, based on factors like annual fees, reward points, and more.

If you want to find the best Mastercard for you in 2022, keep reading!

Best Mastercard In Canada 2022

Thing To Know Before Get A Mastercard In Canada

Before we dive into our list of the best Mastercards in Canada, there are a few things you should know about Mastercard.

Mastercards are issued by banks and financial institutions, meaning each card comes with its unique set of features, benefits, and drawbacks. It’s important to do your research before applying for any credit card so that you can make sure you’re getting the best possible deal.

Here are a few things to keep in mind when comparing different Mastercards:

  • Card type: Mastercards can either be credit cards or prepaid cards. Credit cards allow you to borrow money from the issuer, which you will need to pay back with interest. On the other hand, prepaid cards are loaded with a set amount of money you can spend.
  • Annual fee: Many Mastercards come with an annual fee, which is a charge that you will need to pay every year just for having the card. Annual fees can range from $0 to over $100, so it’s important to factor this into your decision.
  • Rewards: One of the most significant advantages of using a Mastercard is the rewards you can earn. Depending on the card, you may be able to earn cash back, travel points, or other types of rewards.
  • Mastercard tiers: Mastercards are divided into different tiers: Standard, World, and World Elite. The tier of your card will determine the type of rewards you can earn, as well as the benefits and perks you’re entitled to.

Read more: Top 10 Best Credit Cards In Canada

KOHO Easy Mastercard

KOHO Easy Mastercard

  • No annual or account fees
  • Budgeting and credit-building features
  • No interest rates
Mogo Visa Platinum Prepaid Card

Mogo Visa Platinum Prepaid Card

  • Generous cash-back rates
  • Unique travel insurance coverage
  • Good welcome bonus
BMO CashBack World Elite Mastercard

BMO CashBack World Elite Mastercard

  • Excellent customer value
  • Fast checkout process
  • Best online tracking tool
  • Easy to use
National Bank World Elite Mastercard
  • Emergency medical for seniors
  • Hefty sign-up offer
  • Attractive rewards points
Tangerine Money-Back Credit Card

Tangerine Money-Back Credit Card

  • No annual fee
  • Flexible cash back
  • Automatic earning
HSBC World Elite Mastercard

HSBC World Elite® Mastercard®

  • No foreign exchange fees
  • Generous rewards points
  • Strong insurance benefits

Best Mastercard In Canada December 2022

Best Mastercard In Canada

KOHO Easy Mastercard

KOHO Easy Mastercard

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Read KOHO Easy Mastercard Reviews

With its no fees, zero interest rates, cash-back rewards, and unique budgeting features, the KOHO Easy Mastercard seems too good to be true. But this prepaid card is the real deal, and is, therefore, our best pick for anyone who wants to get their spending under control without paying any fees.

  • No annual or account fees
  • Budgeting and credit-building features
  • No interest rates
  • 1.5% foreign transaction fee
  • No welcome bonus
  • No insurance coverage

KOHO offers a unique Mastercard-powered card that has the functionalities of a debit card, a credit card, and a budgeting tool all rolled into one. Unlike the traditional credit card where you’re borrowing money from a lender and then repaying that debt with interest, KOHO lets you spend only the money that you have in your account. So there are no annual fees, no interest charges, and no credit checks.

Moreover, you earn a 1% cash back on eligible purchases for groceries, bills, and services. It doesn’t seem impressive at first, but when you pair that with KOHO’s other feature that lets you earn 0.5% on your KOHO account balance, you could be looking at some serious savings over time.

You can also take advantage of KOHO’s unique budgeting and credit-building capabilities. Through the KOHO app, you can keep track of your spending, set budgets, and monitor your progress.

Meanwhile, the KOHO Credit Building feature helps you establish and improve your credit score by reporting your on-time payments to the credit bureaus. You only need to maintain $10 in your account every month.

Mogo Visa* Platinum Prepaid Card

Mogo Visa Platinum Prepaid Card

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The Mogo Visa* Platinum Prepaid Card is one of the few cards in Canada with an environment-friendly initiative. Aside from offering no annual fees, Mogo lets you earn unique rewards that will benefit the planet.

  • Green initiatives
  • No annual fee
  • Spend monitoring tool
  • No rewards on purchases
  • No credit-building feature
  • High ATM and foreign transaction fees

If you want your spending habits to have a positive impact on Mother Earth, the Mogo Visa* Platinum Prepaid Card, or the MogoCard, is the way to go. For every eligible purchase you make with the card, Mogo helps plant a tree. This, in turn, offsets your carbon footprint. 

Since this card is not a Mastercard credit card, there is no annual fee to worry about. However, it does come with a few service fees: domestic ATM fee ($1.50), international ATM fee ($3), and foreign transaction fee (2.50%)

There are no credit-building opportunities with the MogoCard, but you can take advantage of the Mogo app’s free credit score monitoring tool. The app also sends a balance alert with every purchase, giving you more visibility on your balance. Each month, you’ll receive a report on your spending patterns to help you better control your spending habit.

BMO CashBack World Elite Mastercard

BMO CashBack World Elite Mastercard

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Read BMO CashBack World Elite Mastercard Reviews

The BMO CashBack World Elite Mastercard’s generous rewards rates and exceptional perks are tough to match. It is one of the best Mastercard credit cards, offering various travel benefits while earning cash back on everyday purchases.  

  • Generous cash-back rates
  • Unique travel insurance coverage
  • Good welcome bonus
  • High-income requirements
  • Annual fee ($120)

The new welcome bonus alone is generous. You can get up to 10% cash back in your first 3 months. Meanwhile, for everyday credit card purchases, you can earn 5% on eligible grocery purchases, 4% on transit, 3% on gas and electric vehicle charging purchases, 2% on recurring bill payments, and 1% on all other purchases. There’s no set time limit on redeeming your cash back: you can redeem any time you want for as little as $1.

The BMO cash back credit card is also one of our best picks for travel credit cards, even though it is not marketed as one. This is because its travel insurance package has unique coverage not commonly offered by other Mastercard credit cards. Aside from the basic extended warranty, emergency medical, trip interruption, and flight and baggage delay, it also covers free roadside assistance and personal effects insurance. 


But with these premium rewards come high requirements. You need to have $80,000 individual or $150,000 household annual income. You also need to pay $120 yearly, but on the bright side, you can get the annual fee waived for the first year.

National Bank World Elite Mastercard

National Bank World Elite Mastercard

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When it comes to insurance, the National Bank World Elite Mastercard is one of the best in Canada. This World Elite Mastercard offers comprehensive coverage, including mobile device insurance, purchase protection, and emergency medical for individuals over 65 years old.

  • Emergency medical for seniors
  • Hefty sign-up offer
  • Attractive rewards points
  • Rewards limit
  • High eligibility requirements
  • High annual fee ($150)

You can find 10 types of credit card payment insurance coverage in the National Bank World Elite Mastercard. Trip cancellation and interruption, emergency medical for both regular adults and older adults over 65, 2-year extended warranty, purchase protection for 180 days, and mobile device insurance – these benefits make up just half of what is included in the package.

But the card also offers decent earning potential. Here is the rewards points system: 5 points on eligible restaurant and grocery purchases, 2 points on eligible gas, regularly recurring bill payments, and store purchases, and 1 point on any other eligible purchases. The welcome bonus points offers up to 60,000 rewards points in the first year for net purchases of $2,000 spent every monthly billing period.

Just watch out for the eligibility requirements of $80,000 individual or $150,000 household annual income. There is also a rewards cap on the 5 points. If you spend more than $2,500 per month, you’ll only earn 2 points.

Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit Card is the perfect Mastercard for those who don’t want to be bothered by annual fees. You can save as much as possible with the unlimited cash-back rewards. You also get flexibility on your spending categories. 

  • No annual fee
  • Flexible cash back
  • Automatic earning
  • No travel insurance package
  • Online bank only

The highest cash-back rate you can earn with Tangerine is 2%. However, the main appeal here is that the earnings are unlimited, and you can choose which spending categories to assign the rate to, such as restaurants, grocery stores, household utility purchases, and recurring bills. Any other eligible purchases will earn you 0.5%.

Getting the cashback is also easy. The rewards will go straight to your Tangerine savings account every month. Other credit cards tend to impose time restrictions on when you can redeem your rewards.

As mentioned, there is no annual fee. The remaining fees Tangerine does charge are relatively competitive. You can enjoy a promotional interest rate of 1.95% for balance transfers for the first 6 months.

HSBC World Elite® Mastercard®

HSBC World Elite Mastercard

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Read HSBC World Elite Mastercard Reviews

When spending internationally, foreign currency conversion fees can add up. You can avoid these costly charges with the HSBC World Elite Mastercard, which offers zero foreign exchange fees, alongside robust travel insurance coverage, and high rewards points.

  • No foreign exchange fees
  • Generous rewards points
  • Strong insurance benefits
  • High annual fee ($149)
  • High qualifications

HSBC’s rewards tier system is simple. You can earn 6 points per dollar spent on eligible travel purchases and 3 points on everything else. Considering many other credit cards offer only 1 point for common purchases, this is a decent earning potential.

As for insurance, you can rest easy knowing you’re covered for a wide range of incidents. From the standard emergency medical, trip interruption and cancellation, and lost or delayed baggage, to rental car insurance, purchase protection, and extended warranty, HSBC’s insurance package is robust.

Plus, the card provides complimentary membership to Mastercard Travel Pass provided by DragonPass, giving you access to over a thousand airport lounges.

This is one of the few rewards credit cards that don’t charge for foreign exchange fees, so if such is your main concern, HSBC’s Mastercard is worth considering.

How Does Mastercard Work?

Mastercard is a payment processor that partners with banks and financial institutions to issue credit and debit cards. When you use your Mastercard to make in-store or online purchases, the money is transferred from your bank account to the merchant’s account through Mastercard’s network.

Mastercard also sets the rules and regulations for how its cards can be used and provides customer support if you have any questions or problems.

Reasons To Consider A Mastercard

There are numerous reasons to consider owning a Mastercard, whether it’s your primary credit card or a supplementary card. Here are some of the main reasons to use a Mastercard:

Widespread Acceptance

Mastercards are accepted by over 37 million merchants worldwide, which makes them one of the most widely accepted credit cards. This is especially useful when you’re traveling abroad and need to make sure you have a card that will be accepted wherever you go.

Fraud Protection

Mastercard comes with built-in fraud protection features that help to keep your card and your personal information safe. If your card is ever lost or stolen, you can also get emergency assistance from Mastercard.

Generous Rewards

Many Mastercards come with generous rewards programs that allow you to earn points for every dollar you spend. These points can then be redeemed for things like travel, merchandise, cash back, and more.

Contactless Payments

With a Mastercard contactless card, you can make fast and easy payments by simply tapping your card on a compatible terminal. This is a great feature if you’re always on the go and need to make quick purchases. 

How To Apply For A Mastercard In Canada

Applying for a Mastercard in Canada is a quick and easy process. You can apply for a card online, over the phone, or in person at a bank or credit card company.

The first step is to compare different cards and find the one that best suits your needs. Once you’ve found the perfect card, apply for that card and fill out the application form with your personal information.

It usually takes about 10-15 minutes to complete the application, and you’ll usually get a decision within a few days. If you’re approved, the credit card company will send you your new card in the mail along with information about how to activate it and start using it.

Final Thoughts

Many benefits come with owning a Mastercard, but it’s essential to choose the right card for you. Consider factors like annual fees, interest rates, and reward points when selecting a Mastercard. 

The best Mastercard credit card is the one that meets your needs and helps you save money or earn rewards. For our pick, we highly recommend the KOHO Easy Mastercard as it provides the best overall benefits.

Frequently Asked Questions (FAQs)

What is Mastercard?

Mastercard is a payment network that offers credit, debit, and prepaid cards that can be used to make purchases at millions of locations worldwide. Mastercard cards are issued by banks and financial institutions, and they come with a variety of features and benefits that can be tailored to meet your needs.

What are the benefits of using a Mastercard?

There are many benefits of using a Mastercard, including the ability to make purchases anywhere in the world, earn rewards points, and enjoy added security features. Mastercards also offer different types of cards that can be tailored to meet your needs, such as prepaid cards, debit cards, and credit cards.

What is credit card balance on Mastercard?

The credit card balance on Mastercard is the outstanding balance owed on the card. This can be found on the statement that is sent to the cardholder each month.

What are primary and secondary cardholders?

A primary cardholder is the primary account holder on the credit card and is responsible for making payments on any outstanding balances. Meanwhile, a secondary cardholder is an authorized user on the credit card account. They are not legally responsible for paying off any outstanding balances but may be held liable if they make unauthorized purchases.

What is statement credit?

A statement credit is a reduction in the amount of money owed on a credit card account. Statement credits can be issued for various reasons, such as returning an item that was purchased with the credit card or paying off a portion of the balance.

What are cash advances?

When you are short on cash, you may be able to get a cash advance from your credit card issuer. This is essentially a loan against your credit limit, and it will come with a fee and a high-interest rate. You should only use this option as a last resort.

How do you open an account for Mastercard?

You can usually do an account opening for Mastercard by visiting the company’s website and filling out an application. The process will be easier if you have a good credit score and annual personal income. You may also need to provide some documentation, such as your driver’s license and Social Security number.

What is the minimum credit limit for Mastercard?

There is no set credit limit for Mastercard. However, individual banks or credit card issuers may set their own minimums. The credit limit may also depend on factors such as your credit history and income.

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ABOUT THE AUTHOR

Noah Edis
Noah Edis
Business Content Writer & Editor
Noah Edis is a writer and entrepreneur with a wealth of experience in online businesses and marketing. When he's not working on his latest project, you can find him playing competitive dodgeball or pursuing his personal interest in business process automation.

ABOUT THE REVIEWER

He is an organized and creative thinking sales management professional with experience in outside and inside sales in various markets. Working as freelancer in the Greater Boston Market, he moved to St. Louis and became an Account Executive, then a Sales Manager managing and coaching 12 sales reps covering a nationwide territory. He has developed his team with a combination of consultative selling and value before price coaching mindset which has won him a President’s Cup and many other financially rewarding awards at RICOH. His most recent role as a Continuous Improvement Manager provided insight into the importance of delivering a quality product in alignment with the value and reputation of his organization. It further enhances the aspect of selling on value as opposed to price.