MBNA Rewards Platinum Plus MasterCard Review

4.37

$0

Annual Fee

$366

Annual Rewards

N/A

Intro Offer

$0

Annual fee

$366

Annual rewards

N/A

Intro offer


Pros


  • No annual fee
  • Competitive rewards earning rate on eligible purchases
  • Comprehensive insurance coverage
  • Sign-up bonus offer
  • User-friendly mobile app

Cons


  • Limited retailer redemption options for rewards
  • Foreign currency transaction fee of 2.5%
  • No travel rewards or cashback options
  • Lower rewards earning rate after initial promotional period

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 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 are fees and rewards.

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 the most important factors for scoring this card are its fees and rewards.

Rewards

With the MBNA Rewards Platinum Plus MasterCard, 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 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 is worth up to $0.01, depending on how you redeem.

This $366 in rewards value puts the MBNA Rewards Platinum Plus MasterCard 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 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 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 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 has a $0 annual fee.

The average card charges $85. So, the MBNA Rewards Platinum Plus MasterCard 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 scored a 1.5 out of 5 for perks, putting it in the top 50% of cards.

The average card scores 1.6 out of 5 for perks.

Interest Rates

Purchase19.99%
Cash Advance24.99%
Balance Transfer22.99%

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

For cash advances it costs 24.99% compared to the average of 19.96%.

Testing the MBNA Rewards Platinum Plus MasterCard 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

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 Score660 – 724
Personal Income$0
Household Income$0
Fees
Annual Fee$0
Extra Card Fee$0
Card typeMasterCard

We scored it 3.0 out of 5 for approval.

We predict that you will require a credit score of at least 660 to qualify for the MBNA Rewards Platinum Plus MasterCard, while the average card requires 652 to qualify.

This puts it in the top bottom 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 is a versatile rewards credit card designed for Canadians who value flexibility and a comprehensive rewards program.

In this review, we will discuss its earning potential, four key benefits, two potential drawbacks, and other relevant information to help you decide if this card is a good choice for you.

Earning potential

The MBNA Rewards Platinum Plus MasterCard allows cardholders to earn points on their everyday spending. The card offers 2 points for every $1 spent on eligible gas, groceries, and restaurant purchases (up to $5,000 annual spend per each category) as well as 1 point for every $1 spent on all other eligible purchases.

This versatile earning potential makes it suitable for individuals seeking reward points that can be redeemed for travel, merchandise, gift cards, or cash back.

Benefits

  1. No Annual Fee: The first major advantage of this card is its lack of an annual fee. This means that cardholders can take advantage of the rewards program without worrying about offsetting a yearly cost, making it a low-risk and budget-friendly option.
  2. Welcome Bonus: As a welcome offer, new cardholders receive a bonus of 5,000 MBNA reward points after making at least $500 in net retail purchases within the first 90 days. Additionally, cardholders also enjoy a promotional balance transfer rate of 0% for the first 10 months.
  3. User-Friendly Rewards Program: The MBNA Rewards Platinum Plus MasterCard has a user-friendly rewards program that offers flexibility in reward redemption.

    Cardholders can redeem their points for travel, merchandise, gift cards, or a statement credit, allowing them to use their rewards in a manner that best suits their preferences.
  4. Accidental Death or Dismemberment Coverage: With this card, cardholders receive automatic coverage for accidental death or dismemberment while traveling on a common carrier, offering peace of mind while traveling.

Drawbacks

  1. Drawback: A significant drawback of this card is the limited earning potential once the $5,000 annual spend cap is reached for the higher earning categories (gas, groceries, and restaurants). After reaching this cap, the earning rate is reduced to 1 point for every $1 spent, which could affect those with higher spending habits.
  2. Drawback: The MBNA Rewards Platinum Plus MasterCard lacks comprehensive travel insurance coverage compared to other reward cards. For example, it does not offer coverage for trip interruption or cancellation, baggage loss, or medical emergencies.

    This could be a drawback for frequent travelers who might seek more extensive insurance benefits.

Additional information

The MBNA Rewards Platinum Plus MasterCard is an accessible and versatile rewards credit card suitable for Canadians who value flexibility and a fee-free rewards program.

However, it may not cater to the needs of frequent travelers seeking comprehensive insurance benefits or those who have higher spending habits in the bonus categories.

Comparing this card with other reward cards based on your individual needs and spending patterns can help ensure you select the credit card that is best suited for you.

Is the MBNA Rewards Platinum Plus MasterCard not convincing you? Consider the MBNA True Line Gold MasterCard or the MBNA Rewards World Elite MasterCard. Still not the right credit card? Make sure not to miss the TD First Class Travel Visa Infinite Card.

FAQ

With the MBNA Rewards Platinum Plus MasterCard credit card, you can redeem your points for a variety of rewards. These include:

  • Travel: You can use your points to book flights, hotels, car rentals, vacation packages, and cruises through the MBNA Rewards platform.
  • Merchandise: A variety of products from popular brands are available for redemption, including electronics, appliances, jewellery, and more.
  • Gift Cards: Exchange your points for gift cards from your favourite retailers, restaurants, and service providers.
  • Cash Credit: You can opt to redeem your points as a cash credit on your credit card statement or have it deposited directly into your bank account.
  • Charitable Donations: Donate your points towards a select group of charitable organizations partnered with MBNA.

The MBNA Rewards Platinum Plus MasterCard credit card charges a foreign transaction fee of 2.5% on each purchase made outside of Canada or in a foreign currency. This fee is applied in addition to the converted transaction amount.

The MBNA Rewards Platinum Plus MasterCard does not have a minimum income requirement, making it accessible to a wider range of applicants regardless of their income levels.

Key benefits

  • Earn 2 MBNA Rewards points per $1 spent on eligible gas, groceries, and restaurant purchases (up to $5,000 annually in each category)
  • Earn 1 MBNA Rewards point per $1 spent on all other purchases
  • Receive 5,000 bonus points after making $500 in purchases within the first 90 days of account opening
  • 7 types of insurance coverage included: Purchase Assurance, Extended Warranty, Rental Vehicle Collision/ Damage Waiver, Common Carrier Travel Accident Insurance, Trip Interruption/ Trip Cancellation Insurance, Baggage Insurance, and Rental Vehicle Accidental Death & Dismemberment Insurance
  • Redeem points for a variety of merchandise from popular retailers, retail gift cards, and charitable donations
  • Modify the card with customizable personal images at no extra cost
  • Grace period of 21 days without interest, giving you time to pay off your balance
  • Tap-to-pay feature makes checking out with the MBNA Rewards Platinum Plus MasterCard fast and easy

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