MBNA Rewards World Elite Credit Card Review
This offer is not available for residents of Quebec. For residents of Quebec, please click here.
Confused over which credit card is right for you – cash back, rewards points, or travel? How about an all-in-one card? Don’t want to trade flexibility for value? You don’t necessarily have to.
The MBNA Rewards World Elite Mastercard® is like multiple cards in one. You can redeem your rewards points for cash back, travel, merchandise, gift cards or charity – the choice is yours, and your points never expire. The pace at which you will collect rewards with the card is also stellar: it has one of the highest flat/base earn rates of rewards points on the market.
Earning your points is simple: you get 2 points per dollar spent on all purchases, with no limits. Try to find another Canadian rewards card with an all-purpose rate this high, and you’ll have your work cut out for you. Spend $15,000, get 30,000 points, equivalent to $250-$300, depending on how you opt to redeem your points. That’s competitive with a number of top Canadian travel cards that charge higher annual fees.
To further entice people to try the card, MBNA offers up to a 30,000-point welcome bonus (limited time offer expires February 29th, 2020). All that’s required to earn it is to make $2,000 in eligible purchases (20K points), and to enroll for paperless e-statements (another 10K points), both within the first 90 days of your account opening. The welcome bonus goes a long way toward offsetting the $120 annual fee in your first year.
Aside from its appealing rewards structure, here are some of the other perks that help the MBNA World Elite Mastercard stand out from the pack:
- Rental Vehicle Collision Damage Waiver Benefits
- Price Protection – If you make a purchase with your card and find the same product advertised in Canada at a lower price within 60 days after purchase, the difference will be refunded, up to $500 per item and $1000 per year across all price protection claims.
- Purchase Assurance – Covers eligible items purchased with your MBNA credit card for the first 90 days from the date of purchase.
- Extended Warranty Benefits – Doubles eligible warranties for up to one additional year on eligible purchases made with your MBNA credit card.
- Travel Benefits – Lost Document and Ticket Replacement, Lost Luggage Assistance, Legal Assistance
- Travel Insurance: Coverage for Common Carrier Accidents, Unexpected Return Home, and Personal Effects
About MBNA Rewards
MBNA Rewards points can be redeemed on virtually whatever the cardholder wants, including cash back against a statement, travel rewards (airfare, hotels, rental cars), gift cards, merchandise, and more. When redeeming MBNA Rewards for travel, 100 points are worth $1. When redeeming for cash back against a statement, 120 points are worth $1.
If you want to redeem for cash back, you can choose to have MBNA mail you a check, apply your cash back as a statement credit, or deposit the money directly into your bank account.
Is It Worth It?
With the first year’s annual fee almost entirely offset by the card’s welcome bonus; a high flat earn rate of 2 points per dollar spent; and flexible redemption options for cash, travel or merchandise, this card is a good fit for those who want to earn and redeem rewards without rearranging their spending habits or stressing over redemption restrictions. The addition of price protection and the other benefits are just icing on the cake.
On the other hand, the card does not have the strongest travel insurance package relative to other rewards cards at its annual price point, and the absence of travel medical insurance is certainly conspicuous.
You will need to either have a minimum personal income of $80,000 or a minimum household income of $150,000 to be eligible for the card. If you don’t meet those income requirements you might consider MBNA’s Rewards Platinum Plus card instead.