National Bank World Elite Mastercard Review

The National Bank World Elite® Mastercard® is a premium credit card that is great for getting cash back, earning rewards points, and enjoying VIP travel perks.

National Bank is one of Canada’s best banks, and in addition to its travel rewards credit card, the bank also offers credit cards in these categories:

  • Low interest rate
  • Cash back reward, and
  • No annual fees

This National Bank World Elite Mastercard review covers its benefits, downsides, fees, and alternatives.

National Bank World Elite Mastercard – At a Glance

Rewards: Earn up to 2 points per dollar spent.

Interest rates: 20.99% for purchases and 22.99% for balance transfers and cash advances.

Annual fee: $150

Min. income required: $80,000 for personal income or $150,000 for household.

National Bank World Elite Mastercard Benefits

This card has a juicy welcome offer, comprehensive travel insurance coverage, rewards program, and VIP perks.

Rewards

You earn up to 2 points per dollar depending on your overall spending over a 12-month period as follows:

  • $0 – $40,000: 1.5 points per $1
  • $40,001 – $80,000: 2 points per $1
  • $80,001+: 1.5 points per $1

As shown above, the maximum rewards occur when your spending per year is between $40,000 and $80,000.

Insurance Coverage

The National Bank World Elite Mastercard offers a comprehensive suite of travel insurance benefits including:

  • Out-of-province medical insurance with coverage up to $5 million per person
  • Rental vehicle insurance for up to 48 days
  • Flight delay insurance (up to $500)
  • Baggage delay insurance (up to $500)
  • Lost or stolen baggage insurance (up to $1,000)
  • Trip interruption insurance (up to $5,000)
  • Trip cancellation insurance (up to $2,500)
  • Purchase protection (up to 180 days)
  • Extended warranty (up to 2 extra years)

It is worth noting that this card doubles the purchase protection and extended warranty coverage offered by most credit cards.

National Bank World Elite Mastercard Travel Perks

Travellers with frequent flights via the Montreal-Trudeau airport can use the National World Elite Mastercard to gain free unlimited access to the National Bank Lounge.

This unlimited access includes snacks, drinks, free Wi-Fi, and you can bring one guest for free.

Cardholders can also get a refund of up to $250 per year on expenses relating to airport parking fees, baggage fees, and seat selection fees.

To take advantage of this offer, your flight and other fees must be charged to the card.

How To Redeem Your Points

National Bank’s credit card rewards program offers a lot of flexibility when it comes to redeeming your points.

You can use your points to book travel abroad or in Canada via À la carte travel or to process a refund for previous travel expenses.

When you book travel with À la carte Travel Agency, you earn an extra 1.5 points per $1 spent and receive $100 in discounts for every 10,000 points you earn.

If travel is not your thing, you can also redeem points for merchandise (products and gift cards) or to pay off your credit card balance.

Downsides

To qualify for the National Bank World Elite Mastercard, you need a personal annual income of at least $80,000 or $150,000 for a household.

Existing clients of the bank can also qualify based on a minimum annual spend of $25,000 or at least $400,000 in investable assets.

Alternatively, you can apply for the National Bank Platinum Mastercard which has no minimum income requirement, or go for the National Bank World Mastercard which requires an annual personal income of $60,000.

This card has a $150 annual fee. Here are some no-fee credit cards you can also answer.

Alternatives

If you are looking for a credit card that offers robust travel rewards, this World Elite Mastercard works well.

You can also look at:

1. Scotiabank Passport Visa Infinite Card

This Scotiabank Card ranks as one of the best travel credit cards for waiving the 2.50% fee you pay every time you make a foreign transaction with your card.

Cardholders earn 2 points per $1 spent on grocery, dining, entertainment, and travel purchases; and 1 point per $1 spent on everything else.

In addition to earning Scotia Rewards, the card also offers:

  • No foreign transaction fees
  • 6 complimentary VIP airport lounge access per year
  • Comprehensive travel insurance coverage including travel emergency medical, rental car, flight delay, trip cancellation, hotel burglary, and travel accident insurance

The Scotiabank Passport Visa Infinite has a $139 annual fee and you need a minimum annual personal income of $60,000 to be eligible for it.

2. American Express Cobalt Card

The American Express Cobalt Card has a $120 annual fee and offers:

  • 5 points per $1 spent on food and drinks
  • 2 points per $1 on travel and transit purchases
  • 1 point per $1 on everything else

Cardholders enjoy comprehensive travel insurance including emergency medical, flight delay, baggage delay, hotel burglary, travel accident, car rental insurance, and more.

1,000 points are equivalent to $10 when you redeem your points for travel purchases or $7 for all other eligible purchases.

  • Annual fee: $120 ($10 paid monthly)
  • Interest rates: 19.99% on purchases and 21.99% on cash advances

You can learn more in this AMEX Cobalt Card review.

Conclusion

To qualify for a National Bank World Elite Mastercard, you must be a Canadian resident and be the age of the majority in your province. This is in addition to the minimum income requirements.

I like that the card has a lot of flexibility when you want to use your points, and its insurance coverage benefits are exceptional.

Visit the bank’s website to get started.

Legal notes :

®Mastercard and World Elite are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. Authorized user: National Bank

National Bank World Elite Mastercard Review
4.5

Summary

The National Bank World Elite Mastercard offers exceptional insurance coverage, travel rewards, and a welcome bonus. This review covers its benefits, downsides, fees, and alternatives.

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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. His writing has been featured or quoted in the Toronto Star, The Globe and Mail, MSN Money, Financial Post, Winnipeg Free Press, CPA Canada, Credit Canada, Wealthsimple, 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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