Benefits of Mastercard Credit Cards in Canada

Mastercard is one of the world’s largest payment-processing and credit card companies. As a result, it offers an array of cards for people with a wide range of credit scores and financial situations. Many of these cards offer several benefits, such as purchase protection, rewards, zero liability protection, and wide acceptance across hundreds of countries. This article will explain how Mastercard credit cards work, then dive into four benefits of getting and using one of these cards.

How do Mastercard credit cards work?

Like most credit cards, Mastercard credit cards let you borrow money as needed by swiping the card in person or using the card number for online shopping. The issuer pays the merchants you buy from.

When the billing cycle ends, you can repay the balance at your leisure. Billing cycles tend to last 30 days, and then you get a grace period of about 30 days to make at least the minimum payment. Any balances you carry accrue interest based on the card’s annual percentage rate (APR).

One example of a Mastercard is the World Elite Mastercard, which comes with exclusive perks and great rewards rates. However, many more Mastercard credit cards are available with various features and benefits to fit your needs and preferences.

What are the benefits of Mastercard credit cards?

Here are several reasons to apply for a Mastercard credit card in Canada:

1. Purchase protection

One of the greatest Mastercard benefits is purchase protection. With this feature, Mastercard will reimburse you for eligible purchases if the purchased item is lost, stolen, or damaged within a specific timeframe after buying.

For example, a new laptop could cost a lot to replace if lost or stolen. However, if you buy the laptop with your Mastercard, it might be eligible for Mastercard purchase protection. Keep in mind that purchase protection may have reimbursement limits, and some items are excluded from protection.

2. Rewards

Mastercard credit cards let you earn points on purchases. These points are redeemable for various types of rewards. Cash back cards, for instance, let you redeem points for cash or a statement credit, effectively giving you a small discount on all your spending. Meanwhile, some  rewards cards let you earn more when you spend money on gas every time you fill up your car. . Rewards rates can vary by card and spending category, so comparing each Mastercard is important to finding the best credit cards for your needs.

3. Wide acceptance

Credit cards are only useful if the places where you shop accept them. Fortunately, Mastercard is one of the most widely accepted credit cards, with millions of merchants that accept them worldwide. This can make a Mastercard credit card an ideal option if you travel often or tend to make purchases from many different retail locations.

4. Zero liability protection

Zero liability protection is a guarantee by your Mastercard issuer that you will not owe money for any fraudulent charges made without your permission. For example, if a cybercriminal gets your credit card number and uses it to make fraudulent purchases, you can contact your issuer and inform them to avoid being held liable. Similarly, if your wallet gets stolen and the thief uses your card, you can contact the issuer to take advantage of zero liability protection.

This feature provides incredible peace of mind. In any of these cases, your issuer will cancel the card immediately and issue you a new one with a new number so you can continue using it worry-free.

The bottom line

Mastercard credit cards can be extremely helpful tools for Canadians. They can save you money by protecting your purchases, earning rewards when you pay for products and services, and guarding you against fraud with zero liability protection.

Mastercard is also widely accepted, so you will seldom have an issue paying for purchases. Whether you enjoy travelling, love to shop, or just need a reliable way to save money and build your credit, consider a Mastercard credit card.