MBNA Rewards World Elite MasterCard Review

4.81

$120

Annual Fee

$744

Annual Rewards

N/A

Intro Offer

$120

Annual fee

$744

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

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 World Elite MasterCard has earned a 4.81 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 World Elite MasterCard are rewards and insurance.

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 World Elite MasterCard the most important factors for scoring this card are its rewards and insurance.

Rewards

With the MBNA Rewards World Elite MasterCard, here’s the rates at which you earn rewards for different spending categories per dollar you spend:

Bills5 points
Pharmacy1 point
Gas1 point
Groceries5 points
Restaurants5 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 World Elite MasterCard would earn $744 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$210
Groceries$300
Restaurants$120
All Other Spend$114

Our study investigating the value found that each dollar spent on the MBNA Rewards World Elite MasterCard is worth up to $0.01, depending on how you redeem.

This $744 in rewards value puts the MBNA Rewards World Elite MasterCard in the top 10% 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 World Elite MasterCard earns $744 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
Bills5.00%1.25%
Pharmacy1.00%1.17%
Gas1.00%1.48%
Groceries5.00%1.71%
Restaurant5.00%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 World Elite MasterCard for every spend category and compared it to the average for all Canadian credit cards.
Redemption methodAnnual rewards
Redeem for travel$744
Gift cards$677
Merchandise$632
Electronics gift cards$737
Cash – World Elite$618
Cash – Platinum Plus$372

For an annual spend of $24,000, we estimated annual rewards value at up to $744.

That’s equivalent to a 3.10% return on spending.

The MBNA Rewards World Elite MasterCard has an annual fee of $120. After deducting this, we predicted net annual rewards of $624.

This puts it in the top 10% of credit cards for net rewards after fees.

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

Fees

The MBNA Rewards World Elite MasterCard has a $120 annual fee.

The average card charges $85. So, the MBNA Rewards World Elite MasterCard is in the top 30% 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 World Elite MasterCard scored a 2.3 out of 5 for perks, putting it in the top 20% 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 World Elite MasterCard charges 1% more than the average.

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

Testing the MBNA Rewards World Elite MasterCard 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
Travel Accident$1,000,000$500,000
Trip Interruption$2,000$2,000
Flight Delay$500$500
Baggage Delay$500$500
Lost or Stolen Baggage$500$1,000
Rental Car Theft & DamageYesNo
Rental Car Personal Effects$1,000$1,000
Rental Car Accident$200,000$200,000
Mobile Phone Insurance$1,000$1,000
Price Protection InsuranceYes90 days

We scored it 4.6 out of 5 for insurance.

It offers 12 types of insurance, whereas the average card has 5 types of coverage.

Approval and qualifying

Do I qualify?
Estimated Credit Score725 – 759
Personal Income$80,000
Household Income$150,000
Fees
Annual Fee$120
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 World Elite MasterCard, 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 $80,000, while the average card requires $23,896.

This puts it in the top 10% of cards by the income required to qualify.

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.

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.

Benefits

  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.
  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.
  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.
  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.

Drawbacks

  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.
  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.

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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