National Bank World Elite MasterCard Review

3.00

$150.00

Annual Fee

$552.00

Annual Rewards

60,000 points

Intro Offer

$150.00

Annual fee

$552.00

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

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:

Bills2 points
Gas2 points
Groceries5 points
Restaurants / Delivery5 points
Specific Stores2 points
All Other Spend1 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 methodAnnual 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 Score560 – 659
Personal Income$80,000.00
Household Income$150,000.00
Interest Rates
Purchase20.9%
Cash Advance22.4%
Balance Transfer22.4%
Fees
Annual Fee$150.00
Extra Card Fee$0
Card typeMasterCard

Insurance coverage

Extended Warranty2 years
Purchase Protection180 days
Emergency Medical Term60 days
Emergency Medical over 6515 days
Trip Cancellation2500
Trip Interruption5000
Flight Delay500
Baggage Delay500
Lost or Stolen Baggage1000
Rental Car Theft & DamageYes
Mobile Phone Insurance1000

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

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