Canada’s best Mastercard credit cards 2020 + MORE Jun 2nd

Millions of Canadians travel abroad with their domestic credit cards and don’t realize they’re racking up foreign transaction fees (often referred to as “forex” fees) that can amount to 2.5% of every purchase. The good news is there are a few credit cards that offer no foreign transaction fees, or return the fees to you as cash back, ultimately helping frequent travellers put the 2.5% back into their pockets.
If you like to explore other countries on vacation or your work frequently takes you abroad, it’s worth considering a no foreign transaction fee card that travels with you. 
The best no foreign transaction fee credit cards in Canada 2020

Home Trust Preferred Visa
Scotiabank Passport Visa Infinite
BRIM Financial Mastercards
Scotiabank Gold American Express
HSBC World Elite Mastercard
Meridian Visa Infinite Travel Rewards Card
Rogers World Elite Mastercard
Rogers Platinum Mastercard
What are foreign transaction fees and what do they mean for you?
More on the best credits cards — View a complete list of top cards by category

Home Trust Preferred Visa*
Home Trust offers one of the only credit cards that has no foreign transaction fees whatsoever…

The concept behind cash back credit cards is very easy to understand. You get a small percentage back on purchases you make with the card, and the reward comes in the form of cash back, meaning money. The beauty of this system is that cash back rewards are flexible and you can spend them on anything you want.
No two cash back credit cards are identical so you need to consider the annual fee, earn rate, how much your charge to your card and any additional benefits before you apply. To help you pick the right card we’ve put together a list of what the top options have to offer based on different categories.
The best cash back credit cards in Canada 2020

Card
Rewards
Annual fee

Tangerine Money-Back
(get more details)*

2% in up to 3 categories of your choice (including groceries, gas & more)
0.5% on everything else

$0

Rogers World Elite
(get more details)

3% on purchases in U.S. currency (0.5% after FX fees)
1.5% on everything else

$0

Amex SimplyCash Preferred
(get more details)

2% on everything

$99

CIBC Dividend Visa Infinite
(get more details)

4% on groceries & gas
2% on Telus & Tim Hortons
1% on everything else

$99

Meridian Visa Infinite Cash Back
(get more details)

4% on groceries & gas
2% on drugstores & recurring bills
1% on everything else

$99

Scotia Momentum Visa Infinite
(get more details)

4% on groceries & recurring bills
2% on gas & daily transit
1% on everything else

$120

TD CashBack Visa Infinite
(get more details)*

3% on groceries, gas & recurring bills
1% on everything else

$120

BMO CashBack Mastercard
(get more details)*

3% on groceries‡
1% on recurring bills‡
0…

As one of the top credit card companies in the world, Mastercard is both extremely popular and also nearly universally accepted. For those already banking at BMO Bank of Montreal, a major Canadian bank that associates with Mastercard, these cards may offer all the perks you’re after, along with opportunities to “double dip” on rewards or loyalty programs. Whether you’re looking to earn points or cash, travel more or keep your interest rates down, chances are there’s a Mastercard for you on this list. (Want to consider more options? Click here to browse our full list of the best credit cards in Canada.)
The best Mastercard credit cards in Canada

Tangerine Money-Back Credit Card — Best cash back with bonus categories
Rogers World Elite Mastercard — Best cash back Mastercard
BMO Air Miles World Elite — Best Air Miles Mastercard
BMO World Elite — Best Mastercard credit card for travel
MBNA Rewards Platinum Plus — Best no fee travel card
PC Financial World Elite — Best Mastercard for groceries
MBNA Rewards Elite Mastercard — Best Mastercard for Costco shoppers
MBNA True Line Gold Mastercard — Best low-interest Mastercard
BMO CashBack Mastercard — Best for students

Best for cash back with bonus categories
Tangerine Money-Back Credit Card*
With 2% back on all purchases in your choice of up to three spending categories, including grocery, home improvement, gas and travel accommodations (0…

If you’re looking for a card that delivers top rewards without an annual fee, look no further. In exchange for slightly lower earn rates, these no-annual-fee cards still get you perks on what you spend. So whether it’s cash back that you want, no foreign transaction fees or generous travel points, these no fee credit cards offer gold-plated options.
The best no fee credit cards in Canada 2020

Tangerine Money-Back Credit Card — Best for cash back
MBNA Rewards Platinum Plus — Best for travel points
Home Trust Preferred Visa — Best for no foreign transaction fees
MBNA True Line Mastercard– Best for low interest and balance transfers
BMO CashBack Mastercard – Best for students
SimplyCash from American Express – Best flat-rate cash back
PC Financial World Elite Mastercard — Best retail or store card
Rogers World Elite Mastercard — Honourable mention
Advantages of a no fee card — Learn why a no fee card might work for you
Canada’s best no fee credit cards — rewards overview
More on the best credit cards — View a complete list of top cards by category
Our methodology — For greater insight into our rankings

Best card for cash back
Tangerine Money-Back*
With its competitive cash back and flexible spending categories, the Tangerine Money-Back Mastercard serves up a sweet deal…