MBNA Rewards Platinum Plus MasterCard (QC) Review

4.37

$0

Annual Fee

$366

Annual Rewards

10,000 points

Intro Offer

$0

Annual fee

$366

Annual rewards

10,000 points

Intro offer


Pros


  • No annual fee
  • Earn 2 points per $1 spent on eligible groceries, dining, and utility payments
  • Earn 1 point per $1 spent on all other purchases
  • 5,000 bonus points with $500 spent within the first 90 days
  • Flexible redemption options for travel, merchandise, or statement credits
  • Zero liability protection against unauthorized transactions
  • Tap & Go technology for contactless payments

Cons


  • Limited to Quebec residents only
  • Not as competitive when compared to other travel or cashback credit cards
  • No travel insurance benefits
  • Lower reward earn rate for non-category spending
  • Points may expire after five years if not redeemed
  • Foreign transaction fee of 2.5%

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 MBNA Rewards Platinum Plus MasterCard (QC) has earned a 4.37 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

Rewards

Fees

Perks

Interest rates

Insurance

Acceptance

Approval

The highest scoring categories for the MBNA Rewards Platinum Plus MasterCard (QC) are fees and interest.

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 MBNA Rewards Platinum Plus MasterCard (QC) the most important factors for scoring this card are its fees and interest.

Rewards

With the MBNA Rewards Platinum Plus MasterCard (QC), here’s the rates at which you earn rewards for different spending categories per dollar you spend:

Bills2 points
Pharmacy1 point
Gas1 point
Groceries2 points
Restaurants2 points
Specific Stores1 point
Travel1 point
All Other Spend1 point

Calculating your annual rewards

We estimate that spending $2,000 per month with the MBNA Rewards Platinum Plus MasterCard (QC) would earn $366 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:

Bills$84
Groceries$120
Restaurants$48
All Other Spend$114

Our study investigating the value found that each dollar spent on the MBNA Rewards Platinum Plus MasterCard (QC) is worth up to $0.01, depending on how you redeem.

This $366 in rewards value puts the MBNA Rewards Platinum Plus MasterCard (QC) in the top 50% of credit cards in Canada based on rewards earned.

The average credit card in our database earns $337 in rewards for the same spend that the MBNA Rewards Platinum Plus MasterCard (QC) earns $366 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.

SpendThis CardAverage
Bills2.00%1.25%
Pharmacy1.00%1.17%
Gas1.00%1.48%
Groceries2.00%1.71%
Restaurant2.00%1.53%
Store1.00%1.94%
Travel1.00%1.19%
Other1.00%1.08%
Above, we’ve calculated the earn rate for the MBNA Rewards Platinum Plus MasterCard (QC) for every spend category and compared it to the average for all Canadian credit cards.
Redemption methodAnnual rewards
Redeem for travel$366
Gift cards$333
Merchandise$311
Electronics gift cards$362
Cash – World Elite$304
Cash – Platinum Plus$183

For an annual spend of $24,000, we estimated annual rewards value at up to $366.

That’s equivalent to a 1.53% return on spending.

The MBNA Rewards Platinum Plus MasterCard (QC) has an annual fee of $0. After deducting this, we predicted net annual rewards of $366.

This puts it in the top 30% of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of $254.

Fees

The MBNA Rewards Platinum Plus MasterCard (QC) has a $0 annual fee.

The average card charges $85. So, the MBNA Rewards Platinum Plus MasterCard (QC) is in the bottom 50% 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 MBNA Rewards Platinum Plus MasterCard (QC) scored a 1.2 out of 5 for perks, putting it in the bottom 50% of cards.

The average card scores 1.6 out of 5 for perks.

Interest Rates

Purchase20.99%
Cash Advance20.99%
Balance Transfer20.99%

The average (median) credit card has a purchase interest rate of 19.99% and so the MBNA Rewards Platinum Plus MasterCard (QC) charges 1% more than the average.

For cash advances it costs 20.99% compared to the average of 19.96%.

Testing the MBNA Rewards Platinum Plus MasterCard (QC) with a $2,000 starting balance, you can see in the graph how the 1% more in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

InsuranceThis CardAverage
Extended Warranty1 year1 year
Purchase Protection90 days90 days
Mobile Phone Insurance$1,000$1,000

We scored it 1.8 out of 5 for insurance.

It offers 3 types of insurance, whereas the average card has 5 types of coverage.

Approval and qualifying

Do I qualify?
Estimated Credit Score725 – 759
Personal Income$0
Household Income$0
Fees
Annual Fee$0
Extra Card Fee$0
Card typeMasterCard

We scored it 2.5 out of 5 for approval.

We predict that you will require a credit score of at least 725 to qualify for the MBNA Rewards Platinum Plus MasterCard (QC), while the average card requires 652 to qualify.

This puts it in the top top 50% of cards by approval difficulty.

The personal income requirements are $0, while the average card requires $23,896.

This puts it in the top 50% of cards by the income required to qualify.

The MBNA Rewards Platinum Plus MasterCard (QC) is a popular credit card option in Canada, especially for those who want to maximize their earning potential across various categories of spending.

This review will cover its earning potential, four major benefits, two drawbacks, and additional relevant information for potential users to make the most informed decision.

Earning potential with the card

The MBNA Rewards Platinum Plus MasterCard (QC) allows users to earn points on their everyday purchases. Cardholders earn 2 points for every $1 spent on eligible grocery, dining, and transportation purchases, as well as 1 point for every $1 spent on all other eligible purchases.

This diversified reward system allows users to accumulate points quickly in various spending categories.

Benefits

  1. Welcome Bonus: One major advantage of this card is its attractive welcome offer. New cardholders can receive 10,000 bonus points after making a minimum of $500 in net retail purchases within the first 90 days of account opening. This translates to around $50 in cash back, which can be a great incentive for new users to start using the card.
  2. No Annual Fee: The second major advantage of this card is that there is no annual fee. This means that cardholders can enjoy all the benefits and rewards without having to worry about an additional cost every year. This makes the MBNA Rewards Platinum Plus MasterCard (QC) an affordable option for those looking for a rewards credit card with no added costs.
  3. Wide Range of Redemption Options: The third major advantage is its wide range of redemption options. Cardholders can redeem their points for various reward options, including travel, brand-name merchandise, gift cards, and even cash back, giving users the flexibility to choose the rewards that best suit their lifestyle.
  4. Purchase Protection and Extended Warranty Coverage: Lastly, this card comes with several added perks, including purchase protection and extended warranty coverage.

    These features can provide peace of mind when shopping, as cardholders know they are covered in case of accidental damage or theft of their purchases, as well as receiving an extended warranty on eligible items.

Drawbacks

  1. Drawback: A significant drawback to the MBNA Rewards Platinum Plus MasterCard (QC) is the point caps on the 2x bonus categories. Cardholders are limited to earning 2 points per $1 spent on eligible grocery, dining, and transportation purchases up to a combined maximum amount of $5,000 per calendar year.

    After reaching the cap, the earning rate drops to the standard 1 point per $1 spent on all other purchases.
  2. Drawback: Another drawback is that the card lacks some travel insurance benefits that are typically found in other rewards cards, such as trip cancellation, interruption, or baggage loss insurance. For individuals who frequently travel, this may be a disadvantage to consider when selecting a credit card.

Additional information: 

In conclusion, the MBNA Rewards Platinum Plus MasterCard (QC) provides a strong earning potential on various categories of spending, with several valuable benefits and flexible redemption options. However, potential users should be aware of the point caps on bonus categories and the lack of certain travel insurance benefits.

Overall, this card can be a great option for those looking to add a rewards-focused credit card to their wallet without having to worry about annual fees.

Interested in other credit cards? Canadians that like the MBNA Rewards Platinum Plus MasterCard (QC) credit card also like the MBNA Smart Cash World MasterCard. If you’re looking for other options you should consider the MBNA Smart Cash Platinum Plus MasterCard, and the MBNA True Line Gold MasterCard.

FAQ

The MBNA Rewards Platinum Plus MasterCard (QC) offers a versatile rewards program where you can redeem your points for a variety of options, including:

  • Travel Rewards: Use your points to book flights, hotels, car rentals, cruises, and vacation packages. There are no blackout dates or seat restrictions when redeeming travel rewards, giving you more flexibility.
  • Gift Cards: Choose from a wide selection of gift cards from popular retailers, restaurants, and more.
  • Merchandise: Redeem points for products from a wide range of categories such as electronics, home goods, fashion, and other items.
  • Charitable Donations: Use your points to make a donation to a charity of your choice.
  • Statement Credits: Redeem points for cash back in the form of statement credits towards your MBNA Rewards Platinum Plus MasterCard account.

The MBNA Rewards Platinum Plus MasterCard (QC) does indeed have foreign transaction fees. When you make a transaction in a foreign currency, the credit card issuer charges a fee for the currency conversion process. For this particular credit card, the foreign transaction fee is set at 2.5% of the converted transaction amount.

This means that whenever you use the MBNA Rewards Platinum Plus MasterCard (QC) for purchases in a foreign currency, either online or while travelling abroad, you’ll need to be prepared to pay an additional 2.5% on top of the transaction amount in Canadian dollars.

The MBNA Rewards Platinum Plus MasterCard (QC) does not have a minimum income requirement, making it more accessible for a wider range of applicants.

Key benefits

  • Interest-Free Grace Period: 21 days
  • Balance Transfer Offer: 5.9% for the first 6 months
  • APR for Purchases: 19.99%
  • APR for Cash Advances: 22.99%
  • Minimum Credit Limit: $500
  • Online Account Management: 24/7 access
  • Mobile Wallet Compatibility: Apple Pay, Google Pay, Samsung Pay
  • Monthly Statement: Paper or E-Statement option
  • Customer Service Availability: Phone and email support, Mon-Fri
  • Purchase Protection: Covers new items against theft or damage for 90 days
  • Extended Warranty: Doubles manufacturer’s warranty, up to an extra year
  • Complimentary Card: Option to add authorized users with no additional fee

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