Canada’s best credit cards 2021 + MORE May 8th

Finding the right credit card could save you hundreds, if not thousands, of dollars a year. Whether you’re looking for lower fees, more rewards or simply valuable perks like travel medical insurance or rental car savings, every dollar counts. If you use your credit card wisely, pay off your balance monthly and find the right rewards program for you, and you are sure to come out ahead. There’s a slew of credit card options out there, and it can be challenging to find the best deal—but this list of best credit cards in Canada is here to help. We’ve highlighted the best in 13 different categories so that you can zero in on the ones that fit your spending habits, and offer features you truly value. Remember, this “best credit cards” ranking is the starting point; the final decision is yours to make. 

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As one of the top credit card companies in the world, Mastercard is extremely popular and also widely accepted. For those already banking at BMO Bank of Montreal, a major Canadian bank that’s associated 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 other options? Browse our full list of the best credit cards in Canada.)
The best Mastercard credit cards in Canada

Card
Rewards / Features
Annual fee

Tangerine Money-Back
(get more details)*

2% cash back in up to 3 spending categories
0.5% on everything else

$0

Rogers World Elite
(get more details)

3% cash back on USD purchases (0.5% after FX fees)
1.5% on everything else

$0

BRIM Financial Mastercard
(get more details)*

1 pt/$1 on everyday purchases
No FX fees
Get bonus points at eligible retailers
1 pt = 1% in cash back

$0

PC Financial World Elite
(get more details)*

45 pts/$1 at Shoppers Drug Mart
30 pts/$1 at Loblaws banner stores
10 pts/$1 on everything else
10 pts = 1% in savings

$0

MBNA Rewards Platinum Plus
(get more details)*

2 pts/$1 on groceries, gas and dining†
1 pt/$1 on everything else
1 pt = 1% in travel rewards

$0

BMO World Elite
(get more details)*

3 pts/$1 on travel, dining and entertainment
2 pts/$1 on everything else
Airport lounge access
1 point = 0…

As a reminder, a TFSA allows any Canadian over the age of 18 to save or invest money in a tax-free account. “Tax free” means that you don’t pay taxes on the money you make inside your TFSA. That means things like interest payments, stock dividends or capital gains. (Don’t get us started about the name. Yes, it’s called a savings account, but it’s designed to hold investments).

Compare the Best TFSA Rates in Canada* >

Every year more room gets added to the contribution limit for everyone 18 and older—and it’s cumulative meaning your contribution room builds each year. Assuming the TFSA contribution limit for 2022 will be $6,000, same as for this year, if you turned 18 before the year 2009, your maximum lifetime TFSA contribution limit will be $81,500.
If you take money out of the TFSA, you get that room back on January 1 the following year. Just don’t go over your limit. Doing so will invite stiff penalties.
 
So how much room do you have? Try our tool to find out…