MBNA Rewards World Elite Mastercard Review for 2022

The MBNA Rewards World Elite Mastercard is a solid, all-around credit card with a ton of potential for earning and redeeming points. Your MBNA World Elite points never expire, and you can earn and redeem them in many different categories.

This card has some of the highest earning potential out of many credit cards in categories you probably spend a lot of money in.

This MBNA Rewards World Elite Mastercard review covers the benefits, how you can earn and redeem points, a few alternatives, and ultimately if this credit card is for you.

MBNA Rewards World Elite Mastercard – At a Glance

  • $120 annual fee
  • $50 annual fee for each additional cardholder
  • 20.99% interest rate for purchases
  • 20.99% interest rate for cash advances
  • 20.99% interest rate for balance transfers & access cheques
  • $80,000 minimum personal annual income or $150,000 minimum household annual income to be eligible
  • Earn 5 points for every $1 spent on eligible grocery, restaurant, household, digital media, and subscriptions (until you spend $50,000 annually)
  • Earn 1 point for every $1 spent on everything else
  • 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 15,000 points)
  • Redeem points for cash back, merchandise, gift cards, travel, or donations
  • Your MBNA Rewards Points never expire
  • MBNA Payment Plan – make monthly payments (6, 12, or 18-month plans) for purchases of $100 or more

MBNA Rewards World Elite Mastercard Benefits

Some MBNA Rewards World Elite Mastercard Canada benefits include the following.

Earn and Redeem MBNA Rewards Points

You can earn, save, and redeem points with the MBNA Rewards Program.

To redeem, you can shop online with the MBNA Rewards Catalogue. You can get travel rewards, gift cards, and brand-name merchandise.

You can also apply your points as cashback towards your credit card balance, redeem them as a cheque, deposit them to another bank account, or donate to a charity of your choice.

Redemption value:

  • 100 points = $1 for travel
  • 120 points = $1 for cash and charity donations

Everyday Services

You can request an emergency card replacement if you lose your card, get cash advances at banks and ATMs internationally, and get concierge services to book your travel accommodations.

With this MBNA credit card, you also get trip and legal assistance for things like lost documents and ticket replacement, lost baggage assistance, and emergency cash transfer.

Rental vehicle benefits are also included in the form of collision damage waiver benefits with coverage for up to 31 days.

Insurance and Benefits

Travel medical insurance – get up to $2 million in coverage for the first 21 days of your trip.

Lost or delayed baggage insurance – get up to $1,000 in coverage for the purchase of essentials if your baggage is lost or delayed for over 4 hours.

Trip delay insurance – get up to $500 in coverage if your trip or flight is delayed for 4 hours or more.

Rental car savings – save a minimum of 5% or 10% off the base rates at Avis and Budget Rent A Car.

Mobile device insurance – get up to $1,000 in coverage in the event of theft, loss, breakdown, or accidental damage to eligible devices.

Price protection – if you’ve purchased an eligible item with your card and find it advertised in Canada at a lower price within 60 days of the purchase, get the difference refunded to a maximum of $500 per item and $1,000 per year.

Downsides of the MBNA Rewards World Elite Mastercard

One disadvantage of the MBNA Rewards World Elite Mastercard is the annual cap on redeeming points in certain categories.

After spending $50,000 on eligible grocery, restaurant, household, digital media, and subscription services, you’ll no longer be earning 5 points for every $1 spent.

Also, this travel credit card has quite a high minimum annual income to be eligible to apply. You must have an $80,000 minimum personal annual income or $150,000 minimum household annual income.

How To Apply for the MBNA Rewards World Elite Mastercard

To apply for this credit card, click here.

To be eligible, you must:

  • Have a personal annual income of $80,000 or more OR household annual income of $150,000 or more
  • Be a Canadian resident
  • Be the age of majority in your province or territory

MBNA Rewards Program and How To Redeem Points

The MBNA Rewards Program allows you to redeem points in the following ways:

  1. Redeem points for travel, gift cards, and merchandise through the MBNA Rewards Catalogue. You can find the merchandise and gift card values in the catalogue.
  1. Redeem your points toward a statement credit, redeem for cash as a cheque, deposit to another bank account, or donate to charity.

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 World Elite Mastercard

Below are a few alternative top travel credit cards in Canada.

MBNA Rewards World Elite Mastercard vs Tangerine World Mastercard

The Tangerine World Mastercard has a $0 annual fee and a 19.95% interest rate.

Earn 2% Money-Back rewards in two 2% Money-Back Categories of your choice and 0.50% Money-Back Rewards on all other purchases. You can choose one extra 2% cash back category if you deposit your rewards in a Tangerine savings account.

You can transfer your balances from other high-interest credit cards to the Tangerine World Mastercard for six months with only a 1.95% balance transfer.

Insurance benefits include rental collision and loss damage insurance, mobile device insurance, and extended warranty and purchase protection.

You also get a complimentary membership to exclusive airport 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 15% cash back on up to $1,000 in spending in the first 2 months ($150 value).

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

Annual fee: $0

MBNA Rewards World Elite Mastercard vs American Express Cobalt Card

The American Express Cobalt Card has a monthly fee of $12.99, with a 20.99% interest rate on purchases and 21.99% on funds advances.

You earn American Express points through the Membership Rewards program:

  • 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

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

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 World Elite Mastercard vs Platinum Card from American Express

The American Express Platinum Card is a credit card with no pre-set spending limit.

It has a $699 annual fee, with a $175 annual fee for additional Platinum cards and a $50 annual fee for additional Gold cards.

You earn 3 Membership Rewards points for every $1 spent on eligible dining and food delivery in Canada and 1 point for every $1 spent on all other purchases.

You also get 1 additional point for every $1 spent on hotel or car rental bookings with American Express Travel. Learn more in this review.

The American Express Platinum Card

Rewards: Earn 3 pts per $1 spent on dining & food delivery; 2pts per $1 spent on travel; 1pt/$1 everywhere else.

Welcome offer: Get up to 110,000 bonus points in the first year.

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

Annual fee: $699

Is the MBNA Rewards World Elite Mastercard Worth It?

If you meet the minimum annual income requirement and want to earn points on almost everything in different categories, the MBNA Rewards World Elite Mastercard may be worth it.

You can earn and redeem points on travel, cashback, brand-name merchandise, and even donations. If you spend quite a bit of money with this card, you’ll rack up points relatively fast.

If you travel often, the MBNA Rewards Catalogue allows you to redeem points on plane tickets, hotel stays, rental car bookings, and more. You also get travel insurance, including up to $2 million in emergency medical coverage.

However, this card does not have the strongest or most expansive travel insurance as some other travel credit cards.

If you want to earn and redeem more points on travel and get more insurance perks, consider checking out the American Express Aeroplan Reserve Card or the Marriott Bonvoy American Express Card.

Related: Best Credit Card Promotions in Canada.

Best Credit Offers in August 2022

Earn up to 15% cash back for a limited time ($150 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 15% bonus cash back in first 2 months ($150 value).

1.95% balance transfer offer for 6 months.

Get up to 5% cashback and grow your savings ($20 bonus)

Free prepaid reloadable Mastercard (use referral code CASHBACK during signup for $20 free).

Free budgeting app with automatic savings features.

Access to a portion of your paycheque 3 days early.

1.20% savings interest on every dollar balance.*

Compare the best personal loan rates in Canada

Get the best rates from multiple lenders.

Borrow up to $50,000 regardless of your credit score.

Pre-approvals are available in as fast as 5 minutes.

Low-interest rates start at 1.99% and terms from 4-60 months.

The NeoCard pays up to 5% cash back at select retailers

Get a $25 bonus when you apply for the Card.

Up to 5% cash back at participating stores.

No annual account fees and 1% minimum cash back guaranteed.

Guaranteed instant approval credit card.

Retirement 101 eBook - 3D

Author

Photo of author
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.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  • Earn 0.50% cash back on all purchases and up to 5% at select retailers.
  • $20 welcome bonus.
  • 1.20% savings interest on your balance.*
*Limited time offer. Terms and conditions apply.
Best No Annual Fee Prepaid Cash Back Card
Best No Annual Fee Prepaid Cash Back Card
Get 0.50% cash back on all purchases and up to 5% at some retailers. $20 welcome bonus.
*Limited time offer. Terms and conditions apply.
0 Shares
Share
Pin
Tweet
WhatsApp
Reddit