MBNA Rewards Platinum Plus MasterCard (QC) Review

3.15

$0.00

Annual Fee

$336.00

Annual Rewards

10,000 points

Intro Offer

$0.00

Annual fee

$336.00

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%

How you earn rewards

Each card earns rewards differently. Part of choosing your card is deciding what type of rewards you want to get. With MBNA Rewards Platinum Plus MasterCard (QC), here’s how you earn rewards:

Bills2 points
Groceries2 points
Restaurants / Delivery2 points
All Other Spend1 point

How much your rewards are worth

The dollar value of your rewards depends on the specific MBNA rewards program and what you choose to redeem your points for.

For MBNA Rewards Platinum Plus MasterCard (QC) in particular, if you spend $2,000.00 per month, here’s our estimated rewards earned depending on which reward you choose:

Redemption methodAnnual rewards
Redeem for travel$336.00
Gift cards$305.76
Merchandise$285.60
Electronics gift cards$332.64
Cash – World Elite$278.88
Cash – Platinum Plus$168.00

Calculating your annual rewards

$24,000.00 annual spending x $1.40% return on spending = $336.00 annual rewards

$336.00 annual rewards – $0.00 annual fee = $$336.00 net annual rewards

Details and eligibility

Do I qualify?
Estimated Credit Score725 – 759
Interest Rates
Purchase20.9%
Cash Advance20.9%
Balance Transfer20.9%
Fees
Extra Card Fee$0
Card typeMasterCard

Insurance coverage

Extended Warranty1 year
Purchase Protection90 days
Mobile Phone Insurance1000

MBNA Rewards Platinum Plus MasterCard (QC) Review

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.

1. 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.

2. Benefit 1: 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.

3. Benefit 2: 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.

4. Benefit 3: 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.

5. Benefit 4: 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.

6. Drawback 1: 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.

7. Drawback 2: 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.

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

About The Author