MBNA Rewards World Elite MasterCard Review

3.00

$120.00

Annual Fee

$624.00

Annual Rewards

N/A

Intro Offer

$120.00

Annual fee

$624.00

Annual rewards

N/A

Intro offer


Pros


  • Earn 2 MBNA Rewards points per $1 spent on eligible purchases
  • No travel blackout dates or restrictions on booking
  • Flexible reward redemption options, including travel, merchandise, gift cards, and cashback
  • $89 annual fee waived for the first year
  • Travel benefits, such as rental car insurance and travel medical insurance
  • Provides purchase security and extended warranty protection
  • Mobile device insurance up to $1,000

Cons


  • $89 annual fee after the first year
  • No bonus points categories, all purchases earn at a flat rate
  • No welcome bonus offer currently available
  • 5,000 points required for the minimum redemption on travel rewards
  • Annual income requirement of $80,000 for an individual or $150,000 for a household

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 World Elite MasterCard, here’s how you earn rewards:

Bills5 points
Groceries5 points
Restaurants / Delivery5 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 World Elite MasterCard 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$624.00
Gift cards$567.84
Merchandise$530.40
Electronics gift cards$617.76
Cash – World Elite$517.92
Cash – Platinum Plus$312.00

Calculating your annual rewards

$24,000.00 annual spending x $2.60% return on spending = $624.00 annual rewards

$624.00 annual rewards – $120.00 annual fee = $$504.00 net annual rewards

Details and eligibility

Do I qualify?
Estimated Credit Score725 – 759
Personal Income$80,000.00
Household Income$150,000.00
Interest Rates
Purchase20.9%
Cash Advance20.9%
Balance Transfer20.9%
Fees
Annual Fee$120.00
Extra Card Fee$0
Card typeMasterCard

Insurance coverage

Extended Warranty1 year
Purchase Protection90 days
Travel Accident1000000
Trip Interruption2000
Flight Delay500
Baggage Delay500
Lost or Stolen Baggage500
Rental Car Theft & DamageYes
Rental Car Personal Effects1000
Rental Car Accident200000
Mobile Phone Insurance1000
Price Protection InsuranceYes

MBNA Rewards World Elite MasterCard Review

The MBNA Rewards World Elite MasterCard is a versatile credit card designed for Canadians who seek to maximize their earning potential on everyday spending. In this review, we will discuss its earning potential, four key benefits, two drawbacks, and other vital information to help you make an informed decision.

1. Earning potential with the card: The MBNA Rewards World Elite MasterCard offers a straightforward rewards structure, with cardholders earning 2 MBNA points for every $1 spent on eligible purchases. While there are no specific bonus categories, the 2x earning rate applies across the board, making it simple to accumulate points on all your spending. Every 100 MBNA points can be redeemed for $1 in cash back, travel, merchandise, or gift cards.

2. Benefit 1: Flexible redemption options

The MBNA Rewards World Elite MasterCard stands out with its variety of redemption options. Cardholders can choose from cash back, travel credits, gift cards, merchandise, or charitable donations, providing flexibility to redeem points for what matters most to them.

3. Benefit 2: Comprehensive insurance coverage

One significant advantage of the MBNA Rewards World Elite MasterCard is its comprehensive insurance package. This includes travel medical insurance, trip interruption insurance, car rental insurance, and purchase protection. Cardholders can feel secure knowing they have coverage on the purchases they make and the trips they take using the card.

4. Benefit 3: Price protection

A unique benefit of this card is the price protection service, where cardholders can request a refund of the price difference if they find a lower price on an item within 60 days of purchase. This feature allows cardholders to shop confidently, knowing they can potentially save money on eligible items if a better deal is found later.

5. Benefit 4: No foreign transaction fees

Another perk of the MBNA Rewards World Elite MasterCard is the omission of foreign transaction fees. This benefit makes the card an excellent travel companion, allowing cardholders to use the card abroad without incurring any extra cost from foreign transactions.

6. Drawback 1: Annual fee

A significant drawback of this card is its annual fee of $120. This fee may not suit all consumers, especially those looking for a no-fee credit card or those who don’t spend enough to offset the annual fee through rewards earned.

7. Drawback 2: No bonus categories

While the card’s simplicity in earning 2x points on all purchases is appealing, some potential cardholders may be disappointed by the lack of specific bonus categories for travel, dining, or groceries, as seen with other credit cards on the market. Those who spend a considerable amount in certain categories may find cards with higher bonus rewards on specific categories more rewarding.

8. Additional information: When applying for this card, applicants must meet specific criteria, including an individual income requirement of at least $80,000 or $150,000 as a household income. Additionally, new cardholders can look forward to a 10,000 MBNA Rewards points welcome bonus after spending $2,000 within the first 90 days.

In conclusion, the MBNA Rewards World Elite MasterCard offers an uncomplicated and reliable rewards earning structure combined with a range of flexible redemption options and additional benefits. While not suitable for everyone due to the annual fee and absence of specific bonus categories, it can be an excellent card choice for those who value simplicity and flexibility in a rewards credit card.

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

FAQ

The MBNA Rewards World Elite MasterCard allows cardholders to redeem their points for a variety of rewards, which include:

  • Travel: Points can be redeemed for flights, car rentals, hotel stays, cruises, and vacation packages through MBNA’s travel portal or even booked directly with travel providers.
  • Merchandise: A wide selection of products such as electronics, home appliances, fashion items, and more can be redeemed through the MBNA Rewards Catalogue.
  • Gift Cards: Choose from numerous popular retailers, restaurants, and entertainment providers to redeem your points for gift cards.
  • Charitable Donations: Donate your points to various organizations by converting them into cash and directing the donation to a charity of your choice.
  • Cashback: Use your points to offset your credit card statement directly, allowing you to save on your future purchases.
  • Investment: Cardholders can also put their points towards an investment account or use them to contribute to an eligible Registered Retirement Savings Plan (RRSP) or Registered Education Savings Plan (RESP).

The MBNA Rewards World Elite MasterCard does charge a foreign transaction fee. When you make purchases in a foreign currency, you will be required to pay a fee of 2.5% of the converted amount. Keep this in mind when using the card for international transactions or online purchases from foreign merchants.

The MBNA Rewards World Elite MasterCard has a minimum personal income requirement of $80,000 CAD annually or a minimum household income requirement of $150,000 CAD annually to be eligible for the card.

Key benefits

  • Product Details:
  • Issuer: MBNA Canada
  • Card Type: Travel and Rewards
  • Interest Rate: 19.99% for purchases, 22.99% for cash advances
  • Credit Limit: Variable, based on creditworthiness
  • Grace Period: 21 days on new purchases
  • Minimum Payment: $10 or 1% of balance, whichever is greater
  • Foreign Transaction Fee: 2.5% of the converted amount
  • Points Expiration: None, as long as the account is active
  • Travel Medical Insurance: Up to 15 days coverage for cardholders under 65
  • Rental Car Insurance: Collision and Loss Damage Waiver
  • Accessibility: Online and mobile banking, 24/7 customer support
  • Security Features: Chip and PIN technology, Zero Liability protection
  • Additional Cardholders: Possible at no added cost
  • Application Eligibility: Canadian residents, age of majority in province/territory

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