National Bank World Elite MasterCard Review

4.42

$150

Annual Fee

$654

Annual Rewards

60,000 points

Intro Offer

$150

Annual fee

$654

Annual rewards

60,000 points

Intro offer


Pros


  • Comprehensive travel insurance coverage
  • Generous rewards rate on everyday purchases
  • No limitation on rewards redemption
  • Airport lounge access with 6 free annual visits
  • Complimentary concierge service
  • Cashback option for reward points
  • Discount on vehicle rentals

Cons


  • $150 annual fee, not waived for the first year
  • 19.99% purchase interest rate, slightly higher than some competitors
  • Limited acceptance outside North America, as it is a MasterCard
  • Requires a minimum personal annual income of $80,000 or household income of $150,000
  • No introductory offers for new cardholders

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 National Bank World Elite MasterCard has earned a 4.42 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 National Bank 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 National Bank World Elite MasterCard the most important factors for scoring this card are its rewards and insurance.

Rewards

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

Bills2 points
Pharmacy1 point
Gas2 points
Groceries5 points
Restaurants5 points
Specific Stores2 points
Travel1 point
All Other Spend1 point

Calculating your annual rewards

We estimate that spending $2,000 per month with the National Bank World Elite MasterCard would earn $654 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
Gas$48
Groceries$300
Restaurants$120
Specific Stores$24
All Other Spend$78

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

This $654 in rewards value puts the National Bank 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 National Bank World Elite MasterCard earns $654 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%
Gas2.00%1.48%
Groceries5.00%1.71%
Restaurant5.00%1.53%
Store2.00%1.94%
Travel1.00%1.19%
Other1.00%1.08%
Above, we’ve calculated the earn rate for the National Bank World Elite MasterCard for every spend category and compared it to the average for all Canadian credit cards.
Redemption methodAnnual rewards
Transfer to partner airlines$654
Apply to statement credit$595
Gift cards$504
Merchandise$530
Make investments$543
Banking plans$654

For an annual spend of $24,000, we estimated annual rewards value at up to $654.

That’s equivalent to a 2.73% return on spending.

The National Bank World Elite MasterCard has an annual fee of $150. After deducting this, we predicted net annual rewards of $504.

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 National Bank World Elite MasterCard has a $150 annual fee.

The average card charges $85. So, the National Bank World Elite MasterCard is in the top 20% 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 National Bank 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 Advance22.49%
Balance Transfer22.49%

The average (median) credit card has a purchase interest rate of 19.99% and so the National Bank World Elite MasterCard charges 1% more than the average.

For cash advances it costs 22.49% compared to the average of 19.96%.

Testing the National Bank 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 Warranty2 years1 year
Purchase Protection180 days90 days
Emergency Medical Term60 days15 days
Emergency Medical over 6515 days4 days
Trip Cancellation$2,500$1,500
Trip Interruption$5,000$2,000
Flight Delay$500$500
Baggage Delay$500$500
Lost or Stolen Baggage$1,000$1,000
Rental Car Theft & DamageYesNo
Mobile Phone Insurance$1,000$1,000

We scored it 4.0 out of 5 for insurance.

It offers 11 types of insurance, whereas the average card has 5 types of coverage.

Approval and qualifying

Do I qualify?
Estimated Credit Score560 – 659
Personal Income$80,000
Household Income$150,000
Fees
Annual Fee$150
Extra Card Fee$0
Card typeMasterCard

We scored it 3.5 out of 5 for approval.

We predict that you will require a credit score of at least 560 to qualify for the National Bank World Elite MasterCard, while the average card requires 652 to qualify.

This puts it in the top bottom 30% 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 National Bank World Elite MasterCard is a versatile credit card offering various rewards and benefits for users. This review will discuss the earning potential, benefits, drawbacks, and other relevant information to help you determine if this card is suitable for your needs.

Earning potential

With the National Bank World Elite MasterCard, cardholders can earn points for every dollar spent. The reward rates are as follows:

  • 3 points per $1 spent on travel, dining, and entertainment
  • 2 points per $1 spent on other categories

This generous earning structure allows cardholders to accumulate points quickly and redeem them for travel, cashback, or other rewards.

Benefits

  1. Comprehensive Travel Insurance: One of the major advantages of this card is the extensive travel insurance coverage provided. Cardholders benefit from out-of-province medical emergency coverage, trip cancellation and interruption insurance, baggage insurance, and more.

    This gives users peace of mind while traveling and can save money on purchasing additional insurance.
  2. Lounge Access and Concierge Service: The National Bank World Elite MasterCard offers cardholders complimentary LoungeKey access, providing entry to over 1,000 airport lounges worldwide. Additionally, the card includes a concierge service to help plan travel, entertainment, and dining experiences.
  3. Financial Flexibility: This card offers users financial flexibility with a generous credit limit and the option to choose between various interest rates. Cardholders can opt for a variable rate based on the National Bank’s prime rate or a fixed-rate interest option.
  4. Cashback Redemption Flexibility: With this card, you have the flexibility to redeem points for cashback directly on your credit card statement. This gives you the option to reduce your balance, pay for recent purchases, or use the cashback for future spending.

Drawbacks

  1. Annual Fee: One significant drawback to the National Bank World Elite MasterCard is the annual fee of $150. While the card does provide various benefits and earning potential, users must weigh the value of these against the annual cost.
  2. Limited Availability and Eligibility: The card is limited to Canadian residents with a minimum annual income of $80,000 (individual) or $150,000 (household). These requirements may exclude some potential users who cannot qualify based on their income or location.

Additional information

National Bank World Elite Mastercard occasionally offers promotions for new users, such as bonus points or other incentives, which can further increase the card’s value. It is essential to review the latest offers before applying to make an informed decision.

In conclusion, the National Bank World Elite MasterCard offers a strong mix of earning potential, travel perks, and redemption flexibility. However, potential users should carefully evaluate whether the benefits outweigh the annual fee and eligibility criteria.

Is the National Bank World Elite MasterCard not convincing you? Consider the National Bank Platinum MasterCard or the National Bank World MasterCard. Still not the right credit card? Make sure not to miss the National Bank MC1 MasterCard.

FAQ

With the National Bank World Elite MasterCard, you can redeem your points for a variety of rewards, including:

  • Travel: You can use your points to book flights, hotels, car rentals, vacation packages, and cruises through the À la carte Rewards Travel Agency.
  • Gift Cards: Redeem points for gift cards from popular retailers, restaurants, and entertainment providers.
  • Merchandise: Choose from a wide range of products, including electronics, home appliances, sports equipment, and more through the À la carte Rewards Catalogue.
  • Financial Products: Use points to contribute towards a variety of National Bank financial products, such as mortgage payments, investment solutions, or even paying down your credit card balance.
  • Charitable Donations: Donate your points to support various charitable organizations, including those focusing on health, education, and community projects.

Bear in mind that the value of your points may vary depending on the reward type you choose to redeem them for. It’s recommended to evaluate your options and personal preferences before redeeming your points.

The National Bank World Elite MasterCard does not charge any foreign transaction fees. This means that cardholders can enjoy making purchases in other currencies without incurring additional charges.

This benefit allows them to save money when making international transactions, making it a valuable feature for those who frequently travel or shop online from international merchants.

The National Bank World Elite MasterCard credit card does have a minimum income requirement. The minimum annual income required for eligibility is $60,000 for a single applicant or a combined household income of at least $100,000.

Key benefits

  • 1.5 points earned per $1 spent on all eligible purchases
  • 2 points earned per $1 spent on dining, grocery, and entertainment purchases
  • 3 points earned per $1 spent on travel-related purchases
  • Redeem points for flights, merchandise, gift cards, or cashback
  • Zero liability protection against unauthorized purchases
  • Enhanced coverage: rental car collision and travel medical insurance
  • Trip cancellation and interruption insurance coverage
  • Access to airport priority lanes and fast track at select airports
  • Emergency travel assistance available 24/7
  • Safe online shopping with MasterCard SecureCode
  • Mobile device insurance included
  • Personalized travel planning services

About The Author