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Performance test results

At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.

You can see our full testing methodology here to learn why we're the most trusted source for credit card reviews.

The {{card.name}} has earned a {{ranking}} DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

The highest scoring categories for the {{card.name}} are {{score_1}} and {{score_2}}.

These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.

This weighting allows us to judge cards on their merits and the customers they are designed for.

For the {{card.name}} the most important factors for scoring this card are its {{score_1}} and {{score_2}}.

Rewards

With the {{card.name}}, here's the rates at which you earn rewards for different spending categories per dollar you spend:

Calculating your annual rewards

We estimate that spending {{monthlyspend}} per month with the {{card.name}} would earn {{card.rewards}} in rewards over the year.

Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.

We found that you'd earn this per category:

Our study investigating the value found that each dollar spent on the {{card.name}} is worth up to {{card.max_reward}}, depending on how you redeem.

This {{card.rewards}} in rewards value puts the {{card.name}} in the {{decile.annual_rewards}} of credit cards in Canada based on rewards earned.

The average credit card in our database earns {{averages.mean_annual_rewards}} in rewards for the same spend that the {{card.name}} earns {{card.rewards}} in rewards value.

We can compare this card to other options by looking at the earn rate by category.

This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.

For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.

In this example, that's a 10% earn rate on gas.

For an annual spend of {{annualspend}}, we estimated annual rewards value at up to {{total_net_rewards}}.

That's equivalent to a {{total_earn_rate}} return on spending.

The {{card.name}} has an annual fee of {{card.annualFee}}. After deducting this, we predicted net annual rewards of {{net_after_fee}}.

This puts it in the {{decile.net_annual_rewards}} of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of {{averages.mean_net_annual_rewards}}.

Fees

The {{card.name}} has a {{card.annualFee}} annual fee.

The average card charges {{averages.mean_annual_fee}}. So, the {{card.name}} is in the {{decile.annual_fee}} of cards based on the cost of the annual fee.

Perks

We manually review the perks of each credit card to determine how they compare to other cards.

The {{card.name}} scored a {{factor_score_perks}} out of 5 for perks, putting it in the {{decile.factor_score_perks}} of cards.

The average card scores {{averages.mean_factor_score_perks}} out of 5 for perks.

Interest Rates

The average (median) credit card has a purchase interest rate of {{averages.median_purchase_interest_rate}} and so the {{card.name}} charges {{purchase_interest_diff}} than the average.

For cash advances it costs {{cash_advance_interest_rate}}% compared to the average of {{averages.mean_cash_advance_interest_rate}}.

Testing the {{card.name}} with a $2,000 starting balance, you can see in the graph how the {{purchase_interest_diff}} in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

We scored it {{factor_score_insurance}} out of 5 for insurance.

It offers {{insurance_count}} types of insurance, whereas the average card has {{averages.insurance_count}} types of coverage.

Approval and qualifying

We scored it {{factor_score_approval}} out of 5 for approval.

We predict that you will require a credit score of at least {{credit_score_low}} to qualify for the {{card.name}}, while the average card requires {{averages.mean_credit_score_low}} to qualify.

This puts it in the top {{decile.credit_score_low}} of cards by approval difficulty.

The personal income requirements are {{personal_income}}, while the average card requires {{averages.mean_personal_income}}.

This puts it in the {{decile.personal_income}} of cards by the income required to qualify.

The ManulifeMONEY+ Visa Platinum credit card is a versatile financial product designed to serve Canadians with its extensive list of benefits and rewards. We have deeply analyzed this credit card to provide you with the information necessary to determine if it’s the right choice for you.

Here’s our full review of the ManulifeMONEY+ Visa Platinum credit card, discussing its earning potential, key benefits, drawbacks, and other relevant details you need to know.

Earning potential with the card

The ManulifeMONEY+ Visa Platinum credit card allows users to earn points in the form of cashback rewards. The card offers 3% cashback on grocery purchases and recurring bill payments and 2% cashback on dining and transportation expenses (including Public Transportation).

Moreover, all other eligible purchases made using the card receive a standard 1% cashback. The cashback is applied to your credit card account upon reaching a minimum of $50.

Benefits

1. No Annual Fee: The first major advantage of the ManulifeMONEY+ Visa Platinum credit card is that there’s no annual fee attached. This means that you can enjoy all the benefits and rewards without incurring any additional costs, making it an affordable option for most users.





2. Purchase Security and Extended Warranty: The second major advantage is the extended warranty and purchase security features the card offers.
   
   It provides cardholders with added peace of mind by automatically doubling the manufacturer’s warranty period up to a maximum of 12 additional months, as well as protecting users from theft or damage for purchases made within 90 days from the transaction date.





3. Zero Liability Protection: The third major advantage is the zero liability protection offered by the card. If there are unauthorized transactions on your account, you’ll be fully protected and not held responsible for any fraudulent charges.





4. Complimentary Supplementary Cards: The fourth major advantage of this card is that cardholders can request complimentary supplementary cards, enabling added flexibility for those who wish to share their credit card account with family members or friends.

Drawbacks

1. Earn Rate Cap on Categories: The first significant drawback of the ManulifeMONEY+ Visa Platinum credit card is that the increased cashback rates on groceries, transportation, and recurring bill payments are capped at $500 in spending per month. Once this limit is reached, the cashback rate for these categories reverts to the standard 1%.





2. No Travel Insurance: The second significant drawback is that this card does not offer any travel insurance coverage. Many premium credit cards include various travel insurance benefits like trip cancellation, lost luggage, or medical emergencies; however, the ManulifeMONEY+ Visa Platinum credit card does not provide any such coverage.

Additional information

While the ManulifeMONEY+ Visa Platinum credit card does offer some valuable benefits, it may not be suitable for everyone.

The card is best suited for individuals who have high expenses in the affiliated high cashback earning categories and are interested in a no-annual-fee credit card focused on cash back rewards. Individuals looking for premium travel benefits may need to explore alternative options.

Interested in other credit cards? If the ManulifeMONEY+ Visa Platinum credit card isn’t perfect for you, you might want to consider the Vancity enviro Gold Visa (Low Rate Rewards). Plus, many Canadian’s that like the ManulifeMONEY+ Visa Platinum like the Air France KLM World Elite MasterCard, and the Amazon.ca Rewards Mastercard.

FAQ

Key benefits

• Annual interest rate: 19.99% on purchases, 22.99% on cash advances





• Cash back reward program





• Bonus categories: grocery, gas, dining, and entertainment purchases





• Maximum bonus cash back limit: $50 or $2,500 in spending per quarter





• Roadside Assistance Gold coverage from Dominion Automobile Association (DAA)





• Mobile device insurance: Up to $1,000 covering theft or damage





• Travel insurance: Emergency medical, trip cancellation/interruption, and lost baggage





• Purchase protection: 90 days from purchase date





• Extended warranty: Doubles manufacturer’s warranty up to 1 additional year





• Zero Liability: Protection from unauthorized use of card





• Access to special offers and promotions through Visa Offers + Perks





• Grace period for qualifying purchases: At least 21 days from statement date





• Minimum credit limit: $1,000





• Eligibility: Canadian residents with good credit history





• Recommended credit score: 660+