Types of Canadian MasterCards

World MasterCards

The World MasterCard is a personal credit card offered by a number of Canadian banks and financial institutions, including CIBC, RBC and Capital One. This type of MasterCard includes the CIBC Divident Unlimited World MasterCard, CIBC Aventura World MasterCard, WestJet RBC World MasterCard and Aspire World MasterCard. This type of card features rewards schemes for flights, tour packages, hotel bookings and car rentals. World MasterCards also feature the PayPass function, allowing you to use your MasterCard for small purchases without the need for keying in a PIN or signing a receipt.

The World Elite MasterCard is similar to World MasterCards, but as the name implies, it is a credit card of a superior class. The BMO World Elite MasterCard is the only member of this MasterCard class. Like World MasterCards, the BMO World Elite card offers travel rewards and features PayPass. BMO World Elite goes beyond World MasterCards by offering car rental insurance, trip cancellation and delay insurance, out-of-country medical coverage and access to VIP airport lounges in many international airports.

A number of Canadian banks, retail stores and companies offer prepaid MasterCard credit cards. Prepaid MasterCards include the BMO Prepaid Travel MasterCard, DirectCash Prepaid MasterCard, Peoples Trust Secured MasterCard and the MuchMusic Prepaid MasterCard. Prepaid credit card programs vary in terms of fee structures and value load requirements. Prepaid MasterCards are available for students, people with credit problems and people new to Canada. Some Prepaid MasterCards are reloadable, while others are non-reloadable.

MasterCard offers three types of cards for midsized companies, corporations and public sector organizations in Canada. These are the Corporate Card, Purchasing Card and Fleet Card. Businesses are able to assign these types of credit cards to individuals, divisions and departments. Companies are also able to set and change spending controls and global services. Both Corporate and Fleet cards include MasterRental insurance coverage and travel assistance services. Only the Corporate Card features purchase assurance and extended warranty.