Best Mastercard Credit Cards in Canada for 2023
No foreign transaction fees
$100 annual travel enhancement credit
31-day insurance coverage
Mastercard Airport Experiences
Get unlimited Wi-Fi through Boingo
Earn 3% in travel rewards on all eligible travel purchases(6 Points per $1) and 1.5% in travel rewards on all other eligible purchases(3 Points per $1).
This card comes with no foreign transaction fees, 31-day emergency travel medical insurance coverage, a 10% discount on hotel bookings, unlimited Wifi through Boingo, extended warranty, purchase assurance, and $100 travel enhancement credit.
The HSBC World Elite® Mastercard® is a modern rewards card that is quite useful for any clients who are using their credit cards for any type of purchase. With this card, you can get 6 points for every $1 you spend on eligible travel purchases, 3 points per $1 spent on all other eligible purchases.
This card also comes with no foreign transaction fees, 31-day emergency travel medical insurance coverage, a 10% discount on hotel bookings, unlimited Wifi through Boingo, extended warranty, purchase assurance, and $100 travel enhancement credit.
The HSBC World Elite® Mastercard® costs $149 a year and comes with a standard interest on purchases of 19.9% and interest on balance transfers and cash advances of 22.9%.The current Welcome Bonus is 20,000 Points ($100 travel value) PLUS apply by May 31, 2023 and get an additional 40,000 Points ($200 travel value) when you spend $6,000 in the first 6 months of account opening*, and get a 1st Year annual fee rebate for Primary Cardholder*($149 value), and receive an additional 20,000 Points ($100 travel value) as an Anniversary Bonus*
You can use all points accumulated on this card to purchase airplane tickets to the airline partners of HSBC, which are British Airways, Singapore Miles and Asia Miles. As for medical travel insurance, this card is one of the absolute best, coming with $1 million in medical insurance, $500,000 in common carrier travel insurance, $750 for lost or delayed baggage, $5,000 trip cancellation in total, and another $65,000 in auto rental collision insurance.
Insurance Coverage
Price Protection Service
Insurance Coverage: Shop confidently knowing that your eligible purchases are well-protected when you make them using your card.
Price Protection Service: If you find a lower price within 60 days of your purchase the difference will be refunded – up to $500.
If you are looking for a card with low interest and annual fees, the HSBC +Rewards™ Mastercard® could be a good option. One of the main draws to this card is that not only do you have low fees and interest, but also the opportunity to earn points on every purchase. Not everyone is familiar with HSBC as a bank, as it is more internationally focused.
However, Canadians can find an excellent credit card with flexible redemption as well as an enticing welcome bonus offer that could be just what they are looking for in a credit card. Here’s our review of the HSBC +Rewards™ Mastercard® to help you decide if it will meet your needs.
It’s always smart to look at welcome bonuses credit cards offer new cardholders. You will find a pretty generous offer for becoming a HSBC +Rewards™ Mastercard® holder with a first year annual fee waiver for the Primary Cardholder and 35,000 bonus HSBC Rewards points with a minimum purchase of $2,000 within 180 days of account opening. Earn 5,000 points*when you start your application online ($25 travel value)
This is twice as much time to get your bonus points, as many banks often require the spend within the first three months. As well, an HSBC Rewards point is worth $0.005 when redeemed for travel, so you start off right out of the gate with up to $150 available. All of this for a low annual fee of just $25.
In hand with the above-mentioned bonus, although not an extensive list of perks, there are many other benefits and features with the HSBC +Rewards™ Mastercard® including:
- Low yearly fees of $25
- Low interest rate of 11.99%
- Double points on eligible dining and entertainment
- Price Protection for comparison shoppers
- Purchase insurance
- No minimum income requirement so anyone can apply
- Contactless payment perfect for pandemic shopping
The card is accepted worldwide and offers optional travel insurance for those who need it.
As mentioned, you have very reasonable low fees with the HSBC +Rewards™ Mastercard® at just $25 a year for the primary cardholder and $10/year for associated cards issued. Other fees include:
- 2.5% foreign currency fee
- 5% of your balance transfer
- $2 withdrawal fees for ATM withdrawals in Canada
- $2 wire transfer fee
Where you really see a difference is in the low interest rate of just 11.9%. This represents exceptional savings for those who tend to carry a balance.
HSBC +Rewards™ Mastercard® is designed to make it easy for people to both earn and redeem points. As with other cards, your points earned are broken down into categories, with 2 points for every $1 on eligible dining or entertainment purchases and 1 point for every $1 spent on everything else.
Some people might find it confusing for points redemption as the value varies based on the rewards you choose. You can redeem for travel, gift cards, merchandise or financial rewards. If you were travelling 30,000 points is equal to about $150.
On the other hand, what people love about this approach is they have more flexibility and can use their points where they need them most or to suit their lifestyle. You can also use the Mastercard Pay App if you want to build up your cashback automatically then redeem your points to make purchases from their online rewards catalogue.
As mentioned, many people choose the HSBC +Rewards™ Mastercard® due to its flexibility on how points are redeemed whether it is travel rewards, gift cards, or merchandise. Your choices include:
- Personal Finance such as your mortgage, credit card or savings account
- Rewards towards gift cards, electronics and exciting experiences
- Travel points towards flights, hotels, car rentals, etc.
As long as your account is in good standing, you never lose your points. That means you can continue to use your card to earn the number of points needed to meet certain goals whether it is planning a trip, paying down your mortgage or buying something special.
HSBC +Rewards™ Mastercard® Eligibility and Requirements
You just need to meet the age of majority in your home province and be a Canadian resident to apply. With no minimum income, it becomes easier to be eligible as long as you have a fair credit score of 680 or higher. Just be sure you have proof of identity and residency such as a driver’s license. You can apply online with an ID ready to go for instant verification.
Another popular choice in this category of credit cards is the Scotia Value Visa card. Here’s how it lines up with the HSBC +Rewards™ Mastercard®:
- Welcome offers: 0.99% introductory interest rate on balance transfers for the first 6 months
- Annual fee: $29, $0 for supplementary cards
- ARP interest rate: 12.99% on purchases, cash advances, balance transfers and Scotia Credit Card Cheques
- Credit Limit: $500.00 minimum
- Tap your Scotiabank Value® Visa* Card or your smartphone
- Save up to 25% off base car rental rates at participating AVIS and Budget locations in Canada and the U.S.
One of the biggest advantages of the Scotia Value Visa card is if you have a balance owed on a high-interest rate card you can balance that transfer to your new card and pay only 0.99% interest for six months. Planned right you can save tons of money, especially if you can completely pay down the balance in that period. However, the card doesn’t offer the same benefits and features as the HSBC +Rewards™ Mastercard® such as rewards, price protection, extended warranties and more. It all depends on your goals and what is most important to you.
This is the best card for people who want a card with rewards, don’t mind paying a low annual fee and are looking to reduce the interest they pay. If you have a fair to good credit score, but no income, you can reap the rewards of the points program, enjoy a low interest rate and use your reward points to help establish your financial health.
You can also use the rewards to work towards something like a trip or purchase. The HSBC +Rewards™ Mastercard® might have limited perks but compared to the Scotia Value Visa card you really are seeing much more value. You get a good base card that helps you save not just on interest but also on purchases in many categories allowing you to compare shop and still see savings if you find a better offer within 60 days of your purchase. It also offers excellent protection for this category of card.
You can also enjoy more nights out with double points earned on dining and entertainment, with those points used to pay for future meals and fun. All in all it is a nice rounded card for those looking to collect points on a low fee, low interest card.
As with any credit card you can apply online using their online application form. Be prepared to provide ID to prove you are a Canadian resident such as a driver’s license or something with your address and a photo as well as your social insurance number. The process is quick and painless and if approved you should receive your card within a few days via mail.
The bottom line is that the HSBC +Rewards™ Mastercard® is a solid card offering enough perks to make it worth the low $25 annual fee. It is really a great starter card, but also allows you to reduce how much interest you pay if you tend to carry a balance. If you are looking for basic perks including a very respectable and flexible rewards program, you can use your card to work towards a dream trip or to help you out financially.
You can also simply use your rewards towards purchases, and everything you purchase provides points. However, if you are interested in no fees or extensive benefits and insurance, this isn’t the card for you. Although you will find cards with many more benefits that also help you earn rewards more quickly, this is the perfect choice for a starter card, or for people looking for the best of both worlds: Low annual fees and interest rates plus a way to collect rewards to go towards financial support or living life to the fullest.
- Easy application
- Decent return
- Transparent reward system
- Free additional cards
- Purchase benefits
0.97% Promotional balance transfers for 6 months
The President's Choice Financial MasterCard is a basic no-fee credit card that is ideal for families and individuals who frequent stores where President's Choice products are sold, including Joe Fresh, Loblaws, Real Canadian Superstore, and more. It's a good way to get the most out of your weekly grocery run but may not be the best choice if you want to carry a balance or use your rewards for cash back or travel.
- Decent return - For a no-fee card, it gives you a good return when you shop at affiliated stores.
- Transparent reward system -?The no-nonsense reward system makes it easy for you to calculate your potential rewards.
- Free additional cards - Get up to four free additional cards that you can link to your account to help boost your points.
- Purchase benefits - This credit card gives free purchase assurance in the first 90 days and doubles the manufacturer?s regular warranty for up to an additional year
Overall, the PC Financial Mastercard is a phenomenal choice! Not only does the card have no annual fee, card holders also benefit from easy to obtain PC points. Points can be earned when running your errands, such as filling up on gas and buying groceries. When you want to redeem them, you can go to eligible locations and get your food or other necessities for free!
All of the other fees, such as interest, over limit and returned payment fees, are fairly standard when compared to the industry benchmarks. However, most of these fees can be avoided so long as you manage the credit card responsibly by making payments on time and in full. Lastly, this card does not have any limitations or requirements aside from a routine credit check when you apply.
Another benefit to using this credit card is working with PC Financial. Unlike other traditional banks, PC Financial doesn't offer all the fancy services and gimmicks. Although, that means that your fees will naturally be lower since the bank doesn?t pay for things like physical branches and tons of employee?s salaries. Yet another thing to save on!
In conclusion, this credit card is affordable when compared to industry standards, rewards can be earned and redeemed on necessary purchases like food and gas, and it is accessible to essentially every Canadian. Let?s give it up for PC Financial's Mastercard!
President's Choice Financial Mastercard is a great credit card for those who like to earn and redeem Optimum points at all the partners locations.The President's Choice Financial MasterCard is a basic no-fee credit card that is ideal for families and individuals who frequent stores where President's Choice products are sold, including Joe Fresh, Loblaws, Real Canadian Superstore, and more. It's a good way to get the most out of your weekly grocery run but may not be the best choice if you want to carry a balance or use your rewards for cash back or travel.
The President's Choice Financial Mastercard has 2 close cousins worth reading about:
PC Financial World MasterCard
PC Financial World Elite MasterCard
HSBC Travel Rewards Mastercard
The HSBC Travel Rewards Mastercard allows you to earn points towards travel expenditures. For every dollar you spend on eligible travel, cardholders earn 3 points. This includes car rentals, hotels, flights, RV rentals, campground fees and more. For every dollar you spend on gas and daily transportation, such as taxis and subways, cardholders earn 2 points. For every other dollar spent, cardholders earn 1 point.
If you apply for the credit card before May 31, 2023, you can earn 25,000 points, which has a $125 value. The only requirement is you must spend $1,000 on the card within the first 180 days of opening your account. In Quebec, the special offer differs slightly. If you apply before May 31, 2023, you can earn 25,000 points as well. However, the only requirement is to keep the account open and active for 180 days.
Redemption of rewards is flexible with the HSBC Travel Rewards Mastercard. You can use your points as a statement credit or to book your next trip. In addition, you can use your points for gift cards and merchandise through HSBC’s rewards portal. Alternatively, points can be put towards a mortgage or savings account.
There is no annual fee to use this credit card. The annual interest rate is 20.99%. On balance transfers and cash advances, the interest rate is 22.99% (21.99% in Quebec). Finally, the HSBC Travel Rewards credit card comes with baggage delay, hotel/motel burglary and trip interruption insurance coverage. It also includes extended warranty and purchase assurance. Travel and medical insurance can be added on at an additional cost.
National Bank Syncro Mastercard Review
Overview
The Syncro Mastercard’s main advantage is reduced interest rates. Cardholders can take advantage of significantly lower costs of financing. There is an annual fee of $35 to use this credit card. Learn more below.
Key Features and Benefits
- Annual fee of $35 and variable interest rates
- Purchase protection, fraud protection and extended warranty coverage included
- Access to Mastercard Priceless Cities, a special travel experience program
Pros
- The interest rate is the prime rate plus 4% for purchases, currently sitting at 10.70% which is much lower than industry standards
- Insurance protection
- National Bank is rated as one of the best banks for customer service support
Cons
- No rewards
- Balance transfers and cash advances have a interest rate of 4% plus prime, currently sitting at 14.70% but still competitive compare to other credit cards.
Takeaway
The main benefit of the Syncro Mastercard is the reduced interest rates on purchases, cash advances and balance transfers which can help you save significantly compared to standard credit cards at 19.99% or 20.99% for purchase interest rate. The card is an excellent option for people who carry a balance each month on their credit cards. There aren’t any other perks that come with this credit card. If you’d prefer access to some kind of rewards program, consider another credit card.Legal notes :
® SYNCRO is a registered trademark of National Bank.
®Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Authorized user: National Bank
- Easy application
- Decent return
- Transparent reward system
- Free additional cards
- Purchase benefits
At no annual fee, the President?s Choice Financial World Elite MasterCard lets you get the fastest points towards free groceries. It also comes with other great offers ? a travel emergency medical insurance of up to 10 days and car rental collision or loss damage waiver insurance. With these added benefits at zero yearly cost, we consider this the best credit card for travel insurance coverage.
Easy application -With no annual fee and no minimum income requirement, this credit card appeals to young families.- Decent return - For a no-fee card, it gives you a good return when you shop at affiliated stores.
- Transparent reward system - The no-nonsense reward system makes it easy for you to calculate your potential rewards.
- Free additional cards - Get up to four free additional cards that you can link to your account to help boost your points.
- Purchase benefits - This credit card gives free purchase assurance in the first 90 days and doubles the manufacturer?s regular warranty for up to an additional year.
Similarly to the PC Financial World Mastercard, this card shares a lot of the same features as the PC Financial Mastercard. However, this credit card also has income limitations. In order to obtain the PC Financial World Elite Mastercard, you must earn $80,000 per year yourself or $150,000 within your household. Alternatively, you can upgrade to this card if you?re a PC Financial World Mastercard user and you spend a minimum of $25,000 per year using it.
With this version of the PC Mastercard, you earn the most points on purchases out of all three types. Keep in mind that it?s fantastic to earn more points and reap more benefits, but it?s even better if you can avoid overspending where possible. It?s easy to get caught up in spending when there are benefits attached to it, but try not to lose sight of the importance of preservation of your personal finances. Credit cards are meant to compliment your financial habits, not make your life more stressful!
All in all, this credit card is cheap compared to the industry benchmarks and has easily accessible benefits.
Great credit card for those who like to earn and redeem Optimum points at all the partners locations.
In case you do not meet the income requirements for the PC Financial World Elite MasterCard please check 2 other PC Financial credit cards:
National Bank’s most exclusive credit card is the World Elite Mastercard. Cardholders can take advantage of exclusive travel perks and earn points under the À la carte Rewards Plan at an accelerated rate. Check out the other benefits below.
Key Features and Benefits- Annual fee of $150 and standard interest rates
- Earn points towards the À la carte Rewards Plan while you spend
- Earn 1.5 points per dollar spent on net purchases up to $40,000, earn 2 points per dollar spent on net purchases between $40,001 and $80,000, and earn 1.5 points per dollar spent over $80,001 in a year
- Eligibility for a travel expense refund
- Unlimited access to National Bank Lounge at the Montreal-Trudeau Airport for you and a guest
- Minimum annual income of $80,000 for an individual or $150,000 for a household, OR have a minimum of $400,000 in assets, OR be an existing client that spends at least $25,000 per year
- Extended warranty and comprehensive travel insurance coverage included
- Access to a special travel agency and a dedicated online store under the À la carte Rewards Plan
- Redeem points for merchandise, gift cards, vacation packages, plane tickets, travel experiences, À la carte Extras, or credit card statement credits
- National Bank is rated as one of the best banks for customer service support
- Tiered points earning system under the À la carte Rewards Plan
- Minimum annual incomes, expenditures, or savings are required to apply for this credit card
- Minimum credit limit of $5,000
Takeaway
The World Elite Mastercard is the most luxury credit card National Bank has to offer. There are tons of exclusive benefits that come with the card, but not everyone spends enough to take advantage of the perks or is willing to pay the annual fee. If you’re more concerned with affordability, consider other National Bank credit cards.
®Mastercard, and World Elite are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. Authorized user: National Bank
Overview
Neo Financial is a Canadian, technologically driven financial services company. They’ve recently partnered with Mastercard to offer their customers a cash back credit card. Cardholders earn the highest cash back when they spend with Neo Financial partners. Learn more below.
Key Features and Benefits
- Earn cash back rewards on everyday purchases
- Special cash back offers with thousands of partners, including restaurants, gyms, grocery stores and more
- No monthly or annual fees and standard interest rates
- Complimentary, easy to use Neo Financial app
- Able to connect with Apple Pay or Google Pay
- Email and phone customer support available
Pros
- Instant cashback
- Up to 15% cashback on f purchases and 5% average cash back at 10,000+ partners
- Mobile app available in the app store and Google Play
- In addition to the physical card, users can add the card to Apple Pay or Google PayTM to make contactless payments with a smartphone
- No monthly or annual fees
- Neo Card only requires a credit score of 600+
Drawbacks
- Only earn cash back with participating partners
- No basic insurance
Takeaway
The Neo Card is ideal for individuals who live in urban areas. Neo Financial partners with thousands of restaurants, coffee shops, grocery stores and gas stations. If you don’t live close to the partner vendors, it’ll be challenging to take advantage of the cash back rewards. In addition, Neo Financial’s flexibility and no fees are beneficial for all users.
- No annual fee
- Unlimited rewards
- Automatic monthly cash back redemption
- Flexibility
- Get more rewards
Apply for a Tangerine Money-Back Credit Card by July 5th, 2023 and earn an extra 10% back (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.*
1.95% interest on the transferred balance for the first 6 months
Regarded as one of the best credit card in Canada, Tangerine Money-Back Credit Card provides no annual fee, a lucrative 2% cash back in up to 3 merchant categories, and 0.5% on all other purchases with no caps, tiers or limits. It provides choice, value and convenience to beginner credit card users and even works great as a secondary credit card.
- No annual fee -The no annual fee for both primary and secondary holders means that you are not paying for your cash back.
- Unlimited rewards -Earn as much cash back rewards regardless of the category.
- Automatic monthly cash back redemption -Every month, Tangerine will either apply your cashback dollars against your credit card balance or deposit it directly into your Tangerine Savings Account.
- Flexibility - You can choose 2-3 categories for the 2% cash back and change categories once every 90 days to match your spending pattern.
- Get more cash back rewards -Maximize your credit card rewards by choosing another cash back credit card that has bonus categories and using your Tangerine card to expand and get more bonus categories.
If you've been looking for a credit card that offers money-back rewards, then the Tangerine Money-Back Credit Card might be right for you. The card has no annual fee and is designed to offer cash back on all purchases made with the card - anytime during the year!
Great credit card for those who would like to maximize the cashback they earn by choosing their spend categories to earn more cashback.
Viewed as one of the best credit cards in Canada, Tangerine Money-Back Credit Card provides no annual fee, a lucrative 2% cash back in up to 3 merchant categories, and 0.5% on all other purchases with no caps, tiers or limits. It provides choice, value and convenience to beginner credit card users and even works great as a secondary credit card.
Apply for a Tangerine Money-Back Credit Card by July 5 th, 2023 and earn an extra 10% back (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.*
The most notable feature is the cash back rewards. Who wouldn't want to earn money while they spend! In order to determine an estimate of how much you'll earn using this card, take your total credit card spending per month and multiply it by 1%. Typically, these card users average out to 1% cash back on purchases between the special 2% categories and 0.5% on all other purchases. If you spend $1,000 a month, you'll earn $10 ($1,000 x 0.01)!
Tangerine's Money Back Credit Card has lower than average fees as well. In addition, they are an excellent bank to work with since they're owned by Scotiabank. More often than not, Tangerine's clients benefit indirectly from Scotiabank's services without paying the big bank fees. That being said, Tangerine's services are so affordable because they don't offer in person services the way traditional banks do. If that's something you value, this card might not be right for you.
Wondering what's the difference between the 2 cards Compare the Tangerine Money Back vs World Mastercard®
Earn extra Rewards
Boingo Wi-Fi for Mastercard®
On-Demand and Subscription Services
Mobile Device Insurance
The Tangerine World Mastercard is a new addition to Tangerine’s financial products. As with the Tangerine Money-Back Mastercard, there is no annual fee, 2% cash back on three categories and 0.5% cash back on all other purchases. Some of Tangerine’s spending categories include restaurants, furniture, groceries, gas, home improvement and entertainment.
Apply for a Tangerine World Mastercard® by July 5, 2023 and earn an extra 10% back* (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.
The World Mastercard offers new perks to their customers that are not available to Tangerine Money-Back Mastercard users. Mobile insurance of $1,000, rental car insurance worth $65,000 for 31 days and Mastercard airport experiences are perks that cardholders gain access to. Both of these insurance packages are beneficial for individuals who have a smartphone and renting cars often. In addition, with the Mastercard LoungeKey membership, you can access airport lounges all over the world at a discounted rate.
All in all, the Tangerine World Mastercard is an excellent choice because of the cash back rewards and other perks. Start earning cash on your expenditures today!
Tangerine Frequently Asked Questions
Is Tangerine a good credit card?
Tangerine has two credit cards. The Tangerine Money-Back Credit Card and the Tangerine World Mastercard. Both offer no annual fee and a 19.95% interest rate. They offer purchase assurance and extended warranty on products fully purchased with their credit cards.
Tangerine also offers 2% Money-Back Rewards in two categories of your choice and 0.05% on all other everyday purchases. If you deposit your Money-Back directly into a Tangerine savings account, you unlock a third 2% Money-Back Rewards category. This credit card has no cap on the amount of Money-Back Rewards you can earn. The Tangerine Money-Back Credit Card is a great choice and is competitive with the credit card options of big banks. The Tangerine World Mastercard has added benefits and is harder to qualify for. Benefits include: Mastercard travel rewards, Mastercard airport experiences, mobile device insurance, car rental insurance, and worldwide wi-fi hotspot access.
Tangerine Money-Back Credit Card
To qualify for this credit card, you must have: a gross annual income of $12,000 plus, be the age of majority in your province or territory, be a permanent resident of Canada and be clear of bankruptcies over the past 7 years.
Tangerine World Mastercard
To qualify for this credit card, you must have: $60,000 plus gross annual income OR $100,000 plus household income OR $250,000 in Tangerine bank accounts. AND you must: be the age of majority in your province or territory, be a permanent resident of Canada and be clear of bankruptcies over the past 7 years.
Yes, Tangerine will do a credit check as you must agree to a credit check as part of your application process for either credit card Tangerine offers.
Tangerine pulls credit history and credit scores using the TransUnion credit reporting agency.
Tangerine does not provide information on their website about how to increase credit card limits. In most cases, maintaining a good payment history and low borrowing load will welcome credit increases. Often banks and creditors will offer regular increases without requests, but you will be asked and must approve these increases. If you would like a credit increase, you can call and speak to Tangerine’s client service representatives, who can walk you through their specific process and submit your request for a credit increase. Tangerine, like most banks, has an online credit increase form you should be able to complete and submit on your own too.
How can I apply for a Tangerine credit card?You can apply for a Tangerine credit card online, but you will need to register as a Tangerine client first. If you are already a Tangerine client, you can apply online or call now.
Wondering what's the difference between the 2 cards? Compare the Tangerine Money Back vs World Mastercard®
Author Bio
Mohamed Konate is a personal finance expert, blogger, and marketing consultant based in Toronto. He is a former financial services professional who worked at major Canadian financial institutions for many years. He managed the marketing strategy around various financial products ranging from credit cards to lines of credit. Mohamed is passionate about personal finance and holds a Bachelor's in Business Administration from the University of Quebec (Montreal) and a Master's in International Business from the University of Sherbrooke (Quebec). He is also the author of the Canadian Credit Card Guidebook and earns rewards with the American Express Cobalt credit card.