The 3 Best Mastercard Credit Cards in Canada

“There are certain things that money can’t buy; for everything else, there’s Mastercard.” This seemed like a simple choice in the ad , but with the number of Mastercard options available in Canada, deciding which Mastercard to use for everything else can be complex. Unless you have a Ph.D. in credit cards, choosing between a World or World Elite card, between a cash back or rewards card, for example, may not be obvious. To assist you in making the right choice, we have compiled a list of the best Mastercard credit cards in Canada.

1. BMO CashBack MasterCard – Best No-Fee Mastercard Credit Card

One of Mastercard’s best-value cards is the BMO CashBack Mastercard . It’s no wonder it’s one of the most popular cards among Canadians. It has no annual fee and it earns a fair amount of cash back. In addition, the interest rates offered are very standard and BMO usually has attractive welcome offers on this card.

The rewards program offers cash back up to 3%. This rate applies to all grocery expenses and makes this card one of the best cash back credit cards . For recurring bill payments that are pre-authorized on the card, the cash back rate is 1%. Finally, for all other purchases charged to the card, you get 0.5%. For instance, a typical family charging $1,000 expenses to the card monthly would get over $200 back over one year. This calculation reflects spendings of $200 in groceries, $100 in bill payments, and $700 on other card purchases.?

Among other benefits, the BMO CashBack Mastercard offers an eight-day coverage for out-of-country medical expenses up to $5 million. There is also a concierge service to facilitate reservations for the theatre, restaurants, etc.?

2. Rogers World Elite Mastercard – Best Mastercard for Cash Back on USD Purchases

The Rogers World Elite Mastercard earns 1.5% cashback on all your purchases, and even 3% cashback on all eligible purchases in U.S. dollars, which will soon wipe out the fees associated with currency conversion. This card is ideal if you like to travel to the USA or buy stuff online in US currency. It offers a welcome bonus of $25 in cashback and has no annual fees. To get the bonus, you must make your first purchase within three months of receiving your card.

The Rogers World Elite Mastercard offers an attractive range of insurance benefits when you’re outside Canada. For example, the card covers you for emergency medical care when you are out of the country, and includes trip interruption and cancellation insurance. You’ll also receive a free Mastercard Travel Pass, giving you access to 1,300 airport lounges worldwide at a cost of $32 USD per visit. And for getaways closer to home, it also offers collision and damage insurance with a rental car.

3. Neo Credit – Best Mastercard Credit Card for Shopping at Neo Partners

With Neo Credit , you get as much as 15% cash back. On average, customers get 5% at Neo partners. These include Clearly, Frank and Oak, Sport Check and several restaurants, among others. Rewards accumulate instantly, and there’s no limit to the amount of cash back you can earn.

Neo claims to have over 10,000 partners. To find out which stores near you are partners, use the Neo app. Moreover, you’re guaranteed a minimum of 0.5% cash back. In fact, if your average monthly cash back rate falls below 0.5%, Neo will compensate it, up to a maximum of $50.

With so many partners across Canada, you’d have to go to great lengths not to earn super cash back. These are just a few of the many features that make the Neo Credit card one of the best Mastercard credit cards in Canada!

This article is the shortened version of an article originally published on Hardbacon.ca by Catherine Parent under the title The 7 Best Mastercard Credit Cards in Canada.