Credit Card Reviews: What’s the Difference Between Visa, Mastercard, and American Express in Canada?

When researching credit cards in Canada, it's easy to get overwhelmed by all the options. That’s why credit card reviews are so popular—they help you make sense of what’s available and which brand might suit your lifestyle best. Three of the biggest names in the market are Visa, Mastercard, and American Express (Amex). While they all help you make purchases, they operate in different ways and come with their own set of benefits and drawbacks.

Here’s a detailed breakdown of the differences between Visa, Mastercard, and American Express—so you can make an informed decision the next time you're comparing credit card reviews.

Credit Card Reviews: Comparing the Big Three in Canada

1. How Each Credit Card Company Operates

In Canada, Visa and Mastercard work as payment networks. That means they process your transactions but don’t issue cards directly. Instead, they partner with Canadian banks like TD, Scotiabank, RBC, and CIBC. Those banks issue the cards, set the terms, and manage customer accounts.

American Express, however, does things a bit differently. Amex acts as both a payment network and a card issuer in Canada. That means they issue their own cards and control interest rates, fees, and rewards programs directly. This gives them more influence over the customer experience.

2. Acceptance in Canada and Worldwide

• Visa and Mastercard are widely accepted across Canada and nearly everywhere abroad. If you’re looking for universal acceptance, these are your best bet.

• American Express is accepted at many major retailers and online stores in Canada, but not all merchants take it—especially small businesses. This is also true when you travel outside the country.

3. Fees Charged to Merchants

A big reason why Amex isn’t accepted everywhere comes down to interchange fees—the amount merchants pay when you use your card.

• American Express generally charges higher fees to merchants, which can lead some businesses to avoid accepting it. The upside is that these fees help fund richer rewards programs and premium travel perks for Amex users.

• Visa and Mastercard charge lower merchant fees, which helps them achieve broader acceptance across Canada.

  
  

4. Rewards, Perks, and Programs

One thing you’ll notice when reading credit card reviews is how much emphasis is placed on rewards and perks—and for good reason.

• With Visa and Mastercard, the rewards and benefits depend on the issuing bank. A Scotia Momentum Visa Infinite card, for example, might offer cash back, while a BMO World Elite Mastercard focuses on travel points. The network itself (Visa or Mastercard) also provides perks, especially for premium tiers like Visa Infinite or World Elite Mastercard.

• American Express controls both the network and the card issuing, so they offer in-house rewards programs such as Membership Rewards, known for their value in travel redemptions. Cards like the Amex Gold and Platinum are especially popular among frequent flyers and high spenders.

  
  

5. Security and Cardholder Protection

All three networks—Visa, Mastercard, and Amex—offer strong security measures for Canadian cardholders:

• Zero liability for unauthorized purchases

• Fraud monitoring and real-time alerts

• Extended warranties and purchase protection

• Travel insurance on premium cards

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However, the specific protections vary depending on both the network and the card issuer, so it’s important to read the details when choosing a card.

Final Thoughts

Visa, Mastercard, and American Express each bring something different to the table. If wide acceptance and flexibility are your top priorities, Visa or Mastercard are great choices. If you're after luxury perks, exceptional travel rewards, and don’t mind more limited acceptance, an American Express card could be well worth it.

Before you apply, take the time to compare credit card reviews and match the benefits of each card to your personal needs and spending habits. That way, you'll not only find the right card—you’ll make the most of it.