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The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you. This may impact which products or services we write about and where and how they appear on the site. It does not affect the objectivity of our evaluations or reviews. Read our disclosure. Rewards Mastercard Review (2023)

The Rewards Mastercard is offered in conjunction with MBNA. If you are a regular shopper at or Whole Foods, the cash back earns rate is acceptable, especially if you have Amazon Prime Membership.

Outside of these locations, you also earn cash back on your purchases and can redeem your points for Amazon gift cards.

This Rewards Mastercard review covers how it works, its pros and cons, and alternative cash back credit cards in Canada. Rewards Mastercard – At a Glance Rewards Mastercard

Rewards: Up to 2.5% back at Amazon and Whole Foods; 1% back on other purchases.

Welcome offer: 5% cash back at and Whole Foods for the first 6 months ($150 value).

Interest rates: 19.99% on purchase; 22.99% on cash advances and balance transfers.

Annual fee: $0 Rewards Mastercard Benefits

The top benefits of the MBNA Rewards Mastercard include:

Earn cash back: You get 2.5% back on eligible purchases at and Whole Foods Market stores in Canada if you are a Prime member.

Non-Prime cardholders earn 1.5% cash back at these locations. On purchases made elsewhere, the standard earn rate for all users is 1%.

Waive FX Fees: Amazon Prime members get 2.5% back on foreign currency transactions to help them cover foreign transaction fees. Non-Prime members get 1% back on transactions involving foreign currency conversions.

Insurance coverage: This card offers standard purchase security and extended warranty benefit coverage.

Save on car rental: Cardholders can save up to 10% on car rental fees at participating Avis and Budget locations.

Welcome offer: The Rewards Mastercard offers a 5% cashback welcome bonus on up to $3,000 spent at and Whole Foods in the first six months.

How To Redeem Amazon Rewards Points

When your rewards reach 2,000 points, they are automatically redeemed for a $20 Amazon gift card and added to your account.

The points do not expire as long as your account remains open and in good standing.

The main downside of this card is that you are limited to spending rewards earned at

Also, if you don’t have a Prime membership, which costs $9.99 per month, you don’t benefit from the 2.50% cash back rates at and Whole Foods. Rewards Mastercard Review

How To Apply For The Amazon Rewards Mastercard

You can apply for this card via your account. Alternatively, visit the MBNA website to apply (which redirects you to Amazon).

The Rewards Mastercard does not have a minimum income requirement.

That said, you may need a good credit score to qualify.

Alternatives to Rewards Mastercard

1. Neo Financial Mastercard

The Neo Card pays you an average of 5% cash back at participating retailers and a guaranteed 1% cash back across all purchases.

When you apply for this no-fee credit card here, you also get a $25 bonus.

Neo Credit Mastercard (Standard)

Rewards: Average of 5% cash back at 10,000+ partners and a minimum of 0.50% cash back across all purchases

Welcome offer: Get 15% cash back on your first purchases, plus a $25 welcome cash bonus.

Interest rates: 19.99% – 29.99% on purchases; 22.99% – 31.99% for cash advances.

Annual fee: $0

2. Tangerine Money-Back Credit Card

This Tangerine credit card is one of the best no-fee cash back credit cards in Canada.

You get up to 2% unlimited cash back in 3 categories of spending and 0.5% cash back on everything else.

Also, in the first two months, it offers a 10% promo reward worth up to $100.

Tangerine Money-Back Credit Card

Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.

Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value); 1.95% balance transfer rate for 6 months.

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Annual fee: $0

3. SimplyCash Card from American Express.

If you are looking for flat-rate cash back rewards without paying annual fees, this card may be for you. You earn unlimited 1.25% cash back on most purchases.

SimplyCash Card from American Express

Rewards and benefits: Earn up to 2% cash back on gas and groceries; 1.25% cash back on all other purchases; travel accident insurance.

Welcome offer: Earn a $10 statement credit each month you spend $300 in purchases on your Card in the first 10 months (up to $100 value).

Interest rates: 20.99% on purchases and 21.99% on cash advances.

Annual fee: $0


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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in Forbes, The Globe and Mail, Business Insider, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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