The perfect Mastercard bank cards for October 2023

Greatest for money again with bonus classes

Tangerine Cash-Again Mastercard*

At a look: Flexibility is the secret with the no-fee Tangerine Cash-Again Mastercard. You may earn 2% money again in as much as three spending classes that you choose based mostly in your spending habits, and you may change your classes on-line.

• Annual charge: $0
• Rates of interest: 19.95% on purchases, 19.95% on money advances, 19.95% on stability transfers
• Welcome bonus: You may earn an additional 10% again on as much as $1,000 in on a regular basis purchases inside the first 2 months. Should apply by October thirty first, 2023.
• Earn fee: 2% money again on purchases in as much as three spending classes and 0.5% money again on the whole lot else
• Extra advantages: Buy assurance covers loss, theft or harm for 90 days after buy; prolonged guarantee of as much as one yr
• Annual earnings requirement: $12,000

Professionals 

• The two% earn fee is aggressive for a no-fee card.
• You need to use this card strategically to get 2% money again on bigger purchases by altering over your spending classes. For instance, should you’re planning a visit you could possibly choose “resort/motel” as a bonus class. Simply make sure you make the change one assertion cycle previous to needing it.
• With a $12,000 annual earnings requirement, this card could be very accessible.

Cons 

• Doesn’t embrace journey insurance coverage or perks.
• The bottom earn fee of 0.5% is on the low finish for money again playing cards.

Greatest for money again

Rogers World Elite Mastercard

At a look: The no-fee Rogers World Elite Mastercard affords boosted earn charges on purchases in a overseas forex, journey perks and insurance coverage protection—for individuals who meet the minimal annual earnings necessities. This card will enchantment to individuals who don’t wish to hassle with monitoring spending classes and infrequently journey.

• Annual charge: $0
• Rates of interest: 19.99% on purchases, 22.99% on money advances, 22.99% on stability transfers
• Welcome bonus: Earn $25 in money again.
• Earn fee: 3% on purchases made in U.S. {dollars}; 1.5% on all different eligible purchases
• Extra advantages: Rental automotive collision and harm protection; emergency medical insurance coverage; journey cancellation or interruption safety
• Annual earnings requirement: Private earnings of $80,000 or family earnings of $150,000

Professionals 

• No-fee bank cards don’t normally embrace a lot in the best way of perks or advantages, however this one contains some journey insurance coverage and perks like complimentary membership to Mastercard Journey Go, which provides you entry to airport lounges.
• The three% earn fee on purchases in U.S. {dollars} covers the overseas transaction charges most bank cards cost.
• You may earn limitless rewards and so they’re redeemable immediately.
• In the event you use a Rogers Financial institution bank card to pay for a brand new cellular phone at a Rogers, Fido or Shaw-branded retailer, you should use Rogers’ Equal Cost Plan to unfold out your funds over three or 4 years as an alternative of the same old two. There’s no curiosity, so long as you retain up along with your month-to-month funds. (You don’t have to be a Rogers Wi-fi buyer to make use of the Equal Cost Plan.)

Cons 

• The journey insurance coverage doesn’t have some protections, similar to misplaced or delayed baggage, flight delay, or resort housebreaking.
• The common earn fee of 1.5% money again is lower than you’ll get on another no-fee playing cards.
• Though cardholders are enrolled in DragonPass, there aren’t any included lounge visits that means that every go to will price an extra USD$32.
• The annual earnings necessities will hold this card out of attain for some households.

Greatest for grocery purchases

PC Monetary World Elite Mastercard*

At a look: The no-fee PC Monetary World Elite Mastercard permits you to rack up substantial factors within the ever-popular PC Optimum program at a pretty earn fee of 30 factors per $1 spent at Loblaw shops, PC Journey and Esso; 45 factors per $1 at Consumers Drug Mart; and 10 factors per $1 in every single place else. The cardboard is finest suited to those that store commonly at Loblaw banner shops.

• Annual charge: $0
• Rates of interest: 21.99% on purchases, 22.97% on money advances, 22.97% on stability transfers
• Welcome bonus: You may earn 20,000 PC Optimum factors ($20 worth).
• Earn fee: 30 factors per $1 at Loblaw shops, PC Journey and Esso; 45 factors per $1 at Consumers Drug Mart; 10 factors per $1 in every single place else
• Extra advantages: Journey emergency medical insurance coverage for as much as 10 days; automotive rental collision or harm; buy safety and prolonged guarantee; concierge companies
• Annual earnings requirement: Private earnings of $80,000 or family earnings of $150,000

Professionals 

• The earn charges are distinctive for a no-fee card, redemptions are hassle-free, and there are greater than 2,500 areas the place PC and President’s Selection merchandise are offered in Canada, providing you with loads of flexibility and alternatives to earn.
• You may earn PC Optimum factors regardless of the place you store. 
• You may stack your factors by displaying your PC Optimum card and paying along with your PC Monetary World Elite Mastercard.
• Contains journey and automotive rental insurance coverage that’s appropriate for brief journeys.

Cons 

• The earn fee for buying at non-affiliated shops is simply 10 factors per $1 spent. 
• The included journey insurance coverage isn’t sturdy sufficient for longer or complicated journeys.
• The minimal annual earnings requirement will hold this card out of attain for a lot of.

Honourable point out:

BMO CashBack Mastercard*

At a look: Meals is an enormous spending class for many Canadians so that you’ll wish to take advantage of this expense. In the event you’re on the lookout for a card that permits you to earn on grocery purchases wherever you store, as an alternative of solely at Loblaw-affiliated shops, contemplate the BMO CashBack Mastercard. With 3% again on this class, it affords the best earn fee on groceries out there for a no-fee card. Extra playing cards are free, so you possibly can enhance your earnings rapidly.

• Annual charge: $0
• Rates of interest: 20.99% on purchases, 22.99% on money advances (21.99% for Quebec residents), 22.99% on stability transfers
• Welcome bonus: You may earn as much as 5% money again in your first 3 months. Situations apply.
• Earn fee: 3% money again on groceries; 1% money again on recurring payments; 0.5% money again on all different spends
• Extra advantages: Entry to BMO PaySmart installment fee plan; entry to the Mastercard Journey Rewards program which provides you affords and financial savings; reductions at Nationwide Automotive Rental and Alamo Automotive Rental; reductions at Cirque du Soleil; prolonged guarantee and buy safety
• Annual earnings requirement: Private earnings of $15,000

Professionals

• Redeem your money again whenever you need, and select how you utilize your rewards. You may apply them to your bank card invoice, withdraw on to your BMO chequing or financial savings account, or make investments them in your InvestorLine account.
• With 3% money again on groceries, a month-to-month spend of $500 will get you $180 yearly from that class alone. 
• This card places accessible money again rewards in attain for many individuals as a result of it has a low minimal earnings requirement and no annual charge. 

Cons

• The BMO Money Again Mastercard doesn’t embrace many perks. For instance, it doesn’t include journey insurance coverage.
• With a base earn fee of 0.5%, this card much less is helpful for purchases outdoors boosted classes.
• The three% money again fee on groceries and 1% fee on recurring payments is capped at $500 per 30 days. Spends in these classes past that quantity will earn on the base fee of 0.5%.

Greatest no charge card for journey

MBNA Rewards Platinum Plus Mastercard*

At a look: The MBNA Rewards Platinum Plus Mastercard makes it simple to earn MBNA factors which will be redeemed for journey (and extra), and the distinctive birthday bonus perk returns 10% of your annual earnings in factors. This card will enchantment to these on the lookout for a solution to earn factors that can be utilized for journey, with out having to pay an annual charge.

Professionals 

• Redemptions are simple and versatile. You need to use MBNA factors for money again, merchandise, reward card, journey and even charitable donations.
• Yearly, get 10% of the factors you earned within the earlier yr as birthday bonus factors.
• MBNA factors by no means expire.

Cons 

• There’s an annual cap of $10,000 per class on the boosted rewards. Purchases after that may earn on the base fee of 1 level per $1 spent.
• This card doesn’t embrace a lot in the best way of insurance coverage or different advantages.

Greatest journey bank card

BMO Ascend World Elite Mastercard*

At a look: The BMO Ascend World Elite Mastercard permits you to earn versatile BMO Rewards which will be redeemed for journey, merchandise, assertion credit, and even investments. It contains complete journey insurance coverage and perks like Mastercard Journey Go membership together with 4 free airport lounge visits yearly.  

• Annual charge: $150
• Rates of interest: 20.99% on purchases, 23.99% on money advances, 23.99% on stability transfers
• Welcome bonus: You may earn as much as 70,000 factors and the annual charge waived within the first yr for each the first cardholder and licensed customers.
• Earn fee: 5 factors per $1 spent on eligible journey purchases; 3 factors per $1 on eating, leisure, and recurring invoice funds; 1 level per $1 on the whole lot else
• Extra advantages: Mastercard Airport Experiences membership, plus 4 annual complimentary lounge passes; BMO World Elite Whole Journey and Medical Safety insurance coverage for limitless journeys per yr of as much as 21 days every; Boingo Wi-Fi entry; prolonged guarantee; buy safety; World Elite Mastercard perks
• Annual earnings requirement: Private earnings of $80,000 or family earnings of $150,000

Professionals 

• This card contains complimentary membership in Mastercard Journey Go with 4 annual airport lounge passes. 
• The included journey insurance coverage is likely one of the finest in the marketplace and the emergency medical is accessible to travellers aged 75 and underneath (many insurance policies solely cowl these aged 65 and underneath).
• BMO Rewards are versatile and will be redeemed for journey, merchandise, reward playing cards and even investments.

Cons 

• The $150 annual charge is increased than different playing cards on this class.
• This card has excessive annual earnings necessities.

Greatest bank card for Costco

Rogers World Elite Mastercard

At a look: Why accept much less when you possibly can have extra? The CIBC Costco Mastercard—our runner up for one of the best card to make use of at Costco—is custom-tailored to the wants of loyal warehouse consumers. Nevertheless it received’t fetch you the best rewards in your spending. For that, you’ll need the Rogers World Elite Mastercard, which affords a powerful 1.5% money again on each single buy you make Costco, in retailer or on-line. The potential for limitless money again and better redemption flexibility is what provides this card an edge over the CIBC Costco Mastercard.

• Annual charge: $0
• Rates of interest: 19.99% on purchases, 22.99% on money advances, 22.99% on stability transfers
• Earn fee: 1.5% money again on all purchases; 3% money again on all U.S.-dollar purchases
• Extra advantages: Emergency medical insurance coverage; journey cancellation/interruption safety; rental automotive collision/harm protection; complimentary membership to the Mastercard Journey Go program
• Welcome provide: Earn $25 money again whenever you make your first buy inside three months of getting the cardboard.
• Annual earnings requirement: Private earnings of $80,000 or family earnings of $150,000

Professionals 

• 1.5% limitless money again on all of your Costco purchases is the actual good thing about this card. Whereas the CIBC Costco Mastercard affords increased accelerated earn charges on restaurant, Costco fuel and Costco.ca purchases, the incomes caps are relatively restrictive.

• Redeem your rewards whenever you need! You simply should have amassed $10 in earnings.
• If you store in Costco shops (as an alternative of on-line), you’ll earn 0.5% greater than you’d with the CIBC Costco Mastercard.

Cons

• To qualify, you’ll want a private earnings of $80,000 or a family earnings of $150,000. If that’s past what you earn, the CIBC Costco Mastercard is an efficient various.

Runner up: CIBC Costco Mastercard

At a look: Costco solely accepts Mastercard, and this money again card affords tailor-made advantages for Costco consumers. Earn 3% money again at eating places and Costco fuel stations, 2% at different fuel stations and when buying at Costco.ca, and 1% on all different purchases (together with Costco). The cardboard doubles as your Costco membership card, so that you don’t have to fret about carrying two playing cards or forgetting your membership card at house.

• Annual charge: $0
• Rates of interest: 19.75% on purchases, 21.49% on money advances, 21.49% on stability transfers
• Earn fee: 3% money again whenever you spend at eating places and at Costco fuel, 2% again at different fuel stations and at Costco.ca, 1% on all different purchases (together with Costco)
• Welcome provide: There isn’t a welcome provide right now.
• Extra advantages: Zero legal responsibility safety, cellular gadget insurance coverage, and buy safety and prolonged guarantee insurance coverage
• Annual earnings requirement: $15,000

Professionals 

• With no annual charge and money again on all of your purchases, this card is an efficient one is you have already got a Costco membership and wish to earn money again for use completely on Costco purchases.
• For a no annual charge card, it affords aggressive earn charges, specific for spending at eating places.

Cons 

• It’s good to be a Costco member, which can price you $60 or $120 per yr, relying in your membership.
• There’s no restrict on how a lot money again you possibly can earn all year long, however the earn charges are capped. After reaching the annual spend in a class ($5,000 for fuel and $8,000 for Costco.ca purchases), you’ll solely earn the 1% money again fee.
• Different playing cards provide better flexibility for money again redemptions. With the CIBC Costco Mastercard, you’ll obtain money again within the type of reward certificates, issued one per yr, that you may redeem for something within the Costco warehouse.

Greatest for low curiosity

MBNA True Line Gold Mastercard*

At a look: The MBNA True Line Gold Mastercard affords one of many lowest rates of interest in the marketplace with no annual earnings necessities and a low annual charge of $39. This card is a robust device for these seeking to pay down debt.

• Annual charge: $39
• Rates of interest: 8.99% on purchases, 24.99% on money advances, 8.99% on stability transfers
• Earn fee: N/A
• Extra advantages: As much as 9 further customers at no additional charge; journey help companies, together with assist changing misplaced paperwork, and assist in case your baggage goes lacking; financial savings with Avis and Funds automotive leases; buy safety for as much as 90 days; and prolonged guarantee of as much as one further yr on prime of the producer’s protection
• Welcome bonus: No welcome provide.
• Annual earnings requirement: None

Professionals 

• The 8.99% rate of interest is likely one of the lowest in the marketplace. 
• Cardholders can add as much as 9 further customers at no further price.
• Contains journey help and authorized help.

Cons 

• Whereas this can be a low curiosity card, it doesn’t have a promotional stability switch provide.
• There’s no included journey or automotive rental insurance coverage.
• These in Quebec are topic to an rate of interest of 10.99%.

Greatest for Air Miles collectors

BMO Air Miles World Elite Mastercard*

At a look:  Providing a rare earn fee of 1 Air Mile per $12 spent and further advantages like journey and rental automotive insurance coverage, plus reductions, the BMO Air Miles World Elite Mastercard is a good journey companion.

• Annual charge: $120 (waived for the primary yr)
• Rates of interest: 20.99% on purchases, 23.99% on money advances, 22.99% on stability transfers
• Welcome bonus: You may earn 3,000 AIR MILES Bonus Miles and we’ll waive the $120 annual charge for the primary yr.
• Earn fee: 1 Mile per $12 spent, 3 Miles per $12 spent at Air Miles companions and a couple of Miles per $12 spent at eligible grocery shops
• Extra advantages: Complimentary membership in Mastercard Journey Go supplied by DragonPass; unique 25% low cost on one worldwide Air Miles flight redemption through the calendar yr; journey and medical insurance coverage; flight low cost of 15% on Air Miles flights in North America; as much as 25% low cost on automobile leases at Nationwide and Alamo; prolonged guarantee and buy safety; World Elite Mastercard perks
• Annual earnings requirement: Private earnings of $80,000 or family earnings of $150,000

Professionals 

• This card provides you entry to a robust base fee of 1 Air Mile per $12 spent, plus loads of alternatives to spice up your earn fee, together with the power to “double dip” through the use of your collector’s card.
• Features a premium journey and automotive rental insurance coverage package deal.
• Comes with perks like complimentary membership in Mastercard Journey Go supplied by DragonPass which good points you entry to airport lounges, free Boingo Wi-Fi and reductions.

Cons 

• The DragonPass lounge entry doesn’t embrace passes, which price USD$32 per go to.
• The annual minimal earnings requirement will put this card out of attain for some.

Greatest for college students

BMO CashBack Mastercard*

At a look: The BMO CashBack Mastercard affords a no-fee solution to earn large on groceries, a characteristic that may enchantment to hungry college students. The three% earn fee on groceries is likely one of the highest within the nation for a no-fee card, and cardholders will get a 1% return on recurring invoice funds (the whole lot else earns 0.5% money again).

• Annual charge: $0
• Rates of interest: 20.99% on purchases, 22.99% on money advances
• Welcome bonus: You may earn 5% money again in your first 3 months
• Earn fee: 3% money again on groceries and 1% on recurring invoice funds; 0.5% on the whole lot else
• Extra advantages: Prolonged guarantee and buy safety in opposition to theft or harm for 90 days after buy; as much as 25% off at Nationwide and Alamo; reductions for Cirque du Soleil tickets
• Annual earnings requirement: None

Professionals 

• Extra playing cards are free so you possibly can earn much more money again.
• As a no-fee card with no minimal earnings requirement, this card is an especially accessible solution to earn money again in an enormous spending class. 

Cons 

• There’s a cap of $500 per assertion cycle for boosted spending classes and any spends past that may earn on the low 0.5% base fee.
• This card doesn’t have any included journey or automotive rental insurance coverage.

Greatest for roadside help

Triangle World Elite Mastercard

At a look: It ought to come as no shock that the Triangle World Elite Mastercard from Canadian Tire affords one of the best roadside help. The cardboard’s Gold Plan lets members decide to insure both their automotive (with any driver) or themselves (in any automotive), plus provides them entry to 24/7 roadside help in Canada and the U.S., towing, flat tire modifications, battery boosts, gasoline supply, lock-out service and extra.

• Annual charge: $0
• Rates of interest: 19.99% on purchases, 22.99% on money advances, 22.99% on stability transfers
• Welcome bonus: None
• Earn fee: 3% again in CT Cash on grocery purchases (as much as $12,000 yearly); 4% again on spends at Canadian Tire and associate shops; and $0.05 to $0.07 per litre again on fuel from taking part Fuel+/Essence+ and Husky areas; 1% again in every single place else
• Extra advantages: No-receipt returns; personalised affords; prolonged guarantee and safety insurance coverage that covers loss, theft or harm for 90 days after buy
• Annual earnings requirement: Private earnings of $80,000 or family earnings of $150,000

Professionals 

• There are quite a few methods to gather Canadian Tire Cash (CT Cash) at boosted charges that you may spend on nearly something in retailer. One greenback in CT Cash = CAD$1.
• Sports activities followers will recognize accelerated charges and reductions at associate shops similar to Mark’s Work Wearhouse, Sportchek and Hockey Life.
• You may beat surging gasoline costs with reductions on fuel at Fuel+/Essence+ and Husky areas.

Cons 

• Regardless of being categorized by Mastercard as grocery shops, Walmart Supercentres should not included within the 3% boosted grocery earn fee.
• There’s an annual restrict of $12,000 on accelerated rewards. Purchases past that cap will earn on the base fee of 1%.
• Though this can be a no-fee card, the excessive annual minimal earnings requirement will put it out of attain for some.

Greatest pay as you go Mastercard

Koho Pay as you go Mastercard with an Straightforward subscription*

At a look: The Koho Pay as you go Mastercard works like a debit card you should use at no cost at any ATM and in every single place that accepts Mastercard—plus, you’ll additionally get money again in your purchases. If you open a Koho account, you’ll obtain a digital Pay as you go Mastercard, and you’ll have to decide in to obtain the bodily card. Prospects are mechanically enrolled into Straightforward, Koho’s base subscription plan—and the one free one. Cardholders can select to improve to the paid Important or Additional plans for higher earn charges and extra perks.

• Annual charge: $0
• Rates of interest: N/A
• Welcome provide:
• Earn fee: 1% money again on payments, companies, and groceries; as much as 5% again at choose retailers 
• Extra advantages: Entry to budgeting instruments, RoundUp, monetary teaching and credit score constructing for a charge ($10 per 30 days); 0.5% curiosity in your account; entry to joint accounts
• Annual earnings requirement: None

Professionals 

• The Straightforward account is free however prospects can entry extra perks and higher charges by upgrading their plan. For instance, should you pay $9 per 30 days for the Koho Additional account, you’ll earn 2% money again on groceries, payments, companies, and consuming and ingesting, plus 0.5% money again on all purchases. With Additional, you’ll additionally get a $25 money bonus as soon as authorised.
• You’ll pay no month-to-month charges with the Straightforward account, and because you preload the cardboard, you don’t have to fret about missed funds or rates of interest.
• Koho affords a great deal of instruments that can assist you price range and meet your monetary objectives. Some are free, together with RoundUp—the place you set your account to spherical up the price of purchases to the closest $1, $2, $5 or $10, and it places the distinction apart in your financial savings.

Cons 

• If you wish to entry one of the best perks and options, you’ll should subscribe to Koho Important or Additional, which include month-to-month charges of $4 and $9, or annual charges of $48 and $84, respectively.
• Some perks out there with all three plans, similar to credit score constructing, come at an additional price that varies relying on the plan.
• With Koho Straightforward, travellers and cross-border consumers are charged overseas transactions (FX) charges of 1.5%. If these costs matter to you, contemplate the Koho Additional plan, which comes with no FX charges.

Regularly requested questions

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