Best Mastercard in Canada

The best Mastercard in Canada depends on how you plan to use your card. Some people want cash back. Others want travel benefits or no annual fee.

If you want to spend without borrowing money or paying credit card interest, a prepaid Mastercard can also be worth considering.

KOHO Prepaid Mastercard (Credit Card Alternative)

KOHO Prepaid Mastercard is a credit card alternative that lets you spend money you already have.

With KOHO Prepaid Mastercard, you can:

• Get instant approval with no credit check

• Spend only the money you load onto your account

• Pay no interest on your purchases

• Earn up to 2% cash back

• Use your card for in-store purchases, online shopping, and recurring payments

What Should You Look for in a Mastercard?

Start with how you spend your money. Then compare the features that will actually benefit you.

Look at:

• Annual fees

• Cash back or rewards

• Interest rates

• Foreign transaction fees

• Travel benefits

• Insurance coverage

• Income requirements

• Credit score requirements

A card with an annual fee may offer stronger rewards or benefits. That does not automatically make it a better deal. The value of those perks should outweigh what you pay for the card.

What Is the Best Mastercard for Cash Back?

A cash back Mastercard may be a good fit if you want a simple reward on purchases you already make.

Look at where the highest cash back rate applies. A card that pays more on groceries may be valuable if groceries make up a large part of your spending. Another card may offer better rewards on transportation or recurring bills.

KOHO offers up to 2% cash back depending on the plan.

What Is the Best Mastercard for Travel?

Frequent travellers may get more value from a Mastercard with travel rewards and benefits.

Some World and World Elite Mastercards include additional travel-related benefits. The exact benefits depend on the card issuer.

Before choosing a travel card, check:

• Foreign transaction fees

• Travel insurance

• Airport benefits

• Points or miles earned

• How easily rewards can be redeemed

• The annual fee

Paying a high annual fee may not make sense if you only travel occasionally.

What Is the Best Mastercard With No Credit Check?

If avoiding a credit check is important, a prepaid Mastercard may be an option.

Prepaid cards use money that you have already added to the account. They do not work like traditional revolving credit cards.

KOHO's Prepaid Mastercard offers instant approval with no credit check. It also does not charge interest because you are spending your own money.

How Do You Choose the Best Mastercard in Canada?

There is no single Mastercard that is best for everyone.

Choose based on the features you will actually use. Compare the rewards against any fees. Check the interest rate if you expect to carry a balance.