National Bank World Elite MasterCard Review
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
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 National Bank World Elite MasterCard, here’s how you earn rewards:
| Bills | 2 points |
| Gas | 2 points |
| Groceries | 5 points |
| Restaurants / Delivery | 5 points |
| Specific Stores | 2 points |
| All Other Spend | 1 point |
How much your rewards are worth
The dollar value of your rewards depends on the specific National Bank rewards program and what you choose to redeem your points for.
For National Bank 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 method | Annual rewards |
|---|---|
| Transfer to partner airlines | $552.00 |
| Apply to statement credit | $502.32 |
| Gift cards | $425.04 |
| Merchandise | $447.12 |
| Make investments | $458.16 |
| Banking plans | $552.00 |
Calculating your annual rewards
$24,000.00 annual spending x $2.30% return on spending = $552.00 annual rewards
$552.00 annual rewards – $150.00 annual fee = $$402.00 net annual rewards
Details and eligibility
| Do I qualify? | |
|---|---|
| Estimated Credit Score | 560 – 659 |
| Personal Income | $80,000.00 |
| Household Income | $150,000.00 |
| Interest Rates | |
|---|---|
| Purchase | 20.9% |
| Cash Advance | 22.4% |
| Balance Transfer | 22.4% |
| Fees | |
|---|---|
| Annual Fee | $150.00 |
| Extra Card Fee | $0 |
| Card type | MasterCard |
Insurance coverage
| Extended Warranty | 2 years |
| Purchase Protection | 180 days |
| Emergency Medical Term | 60 days |
| Emergency Medical over 65 | 15 days |
| Trip Cancellation | 2500 |
| Trip Interruption | 5000 |
| Flight Delay | 500 |
| Baggage Delay | 500 |
| Lost or Stolen Baggage | 1000 |
| Rental Car Theft & Damage | Yes |
| Mobile Phone Insurance | 1000 |
National Bank World Elite MasterCard Review
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.
1. 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.
2. Benefit 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.
3. Benefit 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.
4. Benefit 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.
5. Benefit 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.
6. Drawback 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.
7. Drawback 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.
8. 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
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
