MBNA Rewards Platinum Plus Mastercard Review 2022

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by Enoch Omololu

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The MBNA Rewards Platinum Plus Mastercard is a straightforward, all-around credit card that allows you to earn points on everyday purchases without completely modifying your shopping habits.

If you’re looking for a no-annual-fee credit card where you can earn points on almost anything, this MBNA rewards credit card may be worth checking out.

This MBNA Rewards Platinum Plus Mastercard review covers everything you need to know, including how to earn and redeem points, the benefits, a few downsides, how to apply, and a few alternate credit cards.

MBNA Rewards Platinum Plus Mastercard – At a Glance

  • $0 annual fee
  • 19.99% interest rate on purchases
  • 24.99% interest rate on cash advances
  • 22.99% interest rate on balance transfers and access cheques
  • Earn 4 points for every $1 spent on eligible grocery, restaurant, digital media, membership, and household products during the first 90 days
  • Earn 2 points for every $1 spent on the above categories thereafter, until $10,000 is spent annually
  • Earn 1 point for $1 sent on all other eligible purchases
  • Every year, earn Birthday Bonus Points – equal to 10% of the total number of points earned in the past year before your birthday month (maximum of 10,000 points)
  • Redeem points for cash back, merchandise, gift cards, and travel
  • Your points never expire as long as the account is in good standing
  • MBNA Payment Plan – make monthly payments for purchases of $100 or more

MBNA Rewards Platinum Plus Mastercard Benefits

With the MBNA Rewards Platinum Plus Mastercard, you get the following benefits.

MBNA Rewards Program

With the MBNA Rewards Program, you can earn, save, and redeem points on almost anything. Your points never expire, as long as your account is open and in good standing.

You can redeem your MBNA points for travel, gift cards, and merchandise through the MBNA Rewards Catalogue.

You can also redeem your points toward a statement credit and apply it to your credit card balance, redeem for cash by cheque, deposit to another account, or donate to a charitable organization.

Redemption values:

  • Travel = 100 points per $1
  • Charity donations and cash = 200 points per $1

Insurance and Warranty Benefits

Purchase assurance – if items purchased on your card are stolen or damaged within the first 90 days, you’ll get coverage on eligible items (lifetime limit of $60,000).

Mobile device insurance – if your mobile device gets stolen, lost, or damaged, you’ll be covered for up to $1,000.

Extended warranty – on eligible purchases, get double the manufacturer’s warranties valid in Canada for up to one additional year.

Car rentals – save a minimum of 10% off the base rates in Canada and the US and 5% off the base rates internationally on qualifying car rentals at Avis and Budget locations.

Security and Everyday Services

For security, all cards are Chip and PIN enabled. Simply tap your Mastercard at participating merchants to process your payments to pay.

All MBNA credit cards have a 3-digit CVC code at the back, and if there are unauthorized payments, you will not be responsible for them.

You can get an emergency card replacement within 7-10 days, as well as cash advances at banks and ATMs.

Downsides of the MBNA Rewards Platinum Plus Mastercard

The MBNA Rewards Platinum Plus Mastercard has an annual cap on the few categories you can earn points on.

After you spend $10,000 on digital media, memberships, household items, restaurant, and grocery purchases each year, you will no longer be earning 2 points for every $1 spent.

Another downside of this credit card is the value you get for redeeming points. To get cashback or a statement credit, you’ll need to spend 200 points for every $1. Redeeming for travel is better, at 100 points for every $1.

If you’re looking for a top cashback credit card, this may not be for you.

How To Apply for the MBNA Rewards Platinum Plus Mastercard

To apply for the MBNA Rewards Platinum Plus Mastercard, click here.

You must be a Canadian resident and the age of majority in your province or territory. It is recommended to have a credit score of 725 to 759 for approval.

MBNA Rewards Program and How To Redeem Points

With the MBNA Rewards Program, you can redeem points in a few different ways.

First, you can redeem your points for travel, gift cards, and merchandise through the MBNA Rewards Catalogue. You can find the merchandise and gift card values in the catalogue.

Second, you can redeem your points toward a statement credit, redeem for cash, deposit to another chequing or savings account, or donate it to a charitable organization.

To redeem your MBNA Rewards Points, login to your online banking profile and click on the “Rewards” tab, then “Check your rewards balance” or “Go to rewards site” to view your choices.

Alternatives to the MBNA Rewards Platinum Plus Mastercard

A few cashback reward credit cards worth checking out include the following:

MBNA Rewards Platinum Plus Mastercard vs Tangerine World Mastercard

The Tangerine World Mastercard is a $0 annual fee credit card with a 19.95% interest rate.

You can earn 2% Money-Back rewards in two 2% Money-Back Categories of your choice and 0.50% Money-Back Rewards on all other everyday purchases.

Other benefits of this card include rental collision/loss damage insurance, mobile device insurance, and extended warranty and purchase protection.

Some travel benefits include a complimentary membership to exclusive offers in over 400 airports and 1,000 lounges provided by Loungekey and access to Boingo wi-fi for Mastercard.

View a full review of the Tangerine World Mastercard here.

Tangerine World Mastercard

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

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

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

Annual fee: $0

MBNA Rewards Platinum Plus Mastercard vs AMEX Cobalt Card

The AMEX Cobalt Card is a credit card with a $12.99 monthly fee. It has a 20.99% interest rate on purchases and a 21.99% interest rate on funds advances.

You earn:

  • 5 points for every $1 spent at eligible restaurants, cafes, bars, and food delivery in Canada
  • 3 points for every $1 spent on eligible streaming subscriptions in Canada
  • 2 points for every $1 spent on eligible travel, transit, and gas purchases in Canada
  • 1 point for every $1 spent on everything else

You can redeem your points towards any card purchases, flights through the Fixed Points Travel Program, Amazon.ca purchases, and gift cards and merchandise on membershiprewards.ca.

You get emergency medical, flight delay, baggage delay, car rental theft insurance, and more with this card.

Learn more in this detailed review.

American Express Cobalt Card

Rewards: Earn 5x pts per $1 spent on food & drinks; 3x pts on streaming subscriptions; 2x pts on travel; 1x pts everywhere else.

Welcome offer: Get up to 30,000 bonus points in the first year.

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

Annual fee: $155.88

MBNA Rewards Platinum Plus Mastercard vs SimplyCash Card from American Express

The SimplyCash Card from American Express is a no-annual-fee credit card. It has a 19.99% interest rate on purchases and a 21.99% interest rate on funds advances.

You earn 1.25% cashback on purchases, and there is no limit to the amount of cashback you can earn, unlike the MBNA Rewards Platinum Plus Mastercard.

A few other perks of using this card include $100,000 travel insurance, a Buyer’s Assurance Protection Plan, and a Purchase Protection Plan.

SimplyCash Preferred Card from American Express

Rewards: Earn unlimited 2.00% cash back on all purchases.

Welcome offer: 10% cash back in your first 4 months (valued at $400).

Interest rates: 19.99% on purchases and 21.99% on cash advances.

Annual fee: $99

Is the MBNA Rewards Platinum Plus Mastercard Worth It?

Overall, the MBNA Rewards Platinum Plus Mastercard is one of the best no-annual-fee credit cards in Canada. It is a well-rounded credit card that is great for those who don’t want to pay an annual fee and don’t heavily rely on cashback rewards.

If you like earning points on your everyday purchases and getting some cashback every month or want to keep your options open for how to redeem points, this card may be for you.

However, this credit card will not be for you if you travel often. You may want to check out another credit card that allows for more travel perks, such as the American Express Aeroplan Reserve Card or the Marriott Bonvoy American Express Card.

If you are looking for a card with more cashback rewards, it’s worth checking out other cashback credit cards like the three alternatives listed above.

MBNA Rewards Platinum Plus Mastercard Review
4.4

Summary

The MBNA Rewards Platinum Plus Mastercard is a no-annual-fee credit card in Canada. This MBNA Rewards Platinum Plus Mastercard review covers how it works, its benefits, cons, and alternatives.

Best Credit Offers in July 2022

Earn up to 10% cash back for a limited time ($100 bonus)

One of the best no-fee credit cards in Canada.

Get 2% unlimited cash back on up to 3 purchase categories.

Get 0.5% unlimited cash back on all other purchases.

Get 10% bonus cash back in first 2 months ($100 value).

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Access to a portion of your paycheque 3 days early.

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Author

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Enoch Omololu

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 has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

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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