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MBNA Rewards World Elite Credit Card Review

MBNA Rewards World Elite MasterCard credit cardConfused over which credit card is right for you – cash back, points, or travel? How about an all-in-one card. Don’t want to trade-off flexibility for value? You don’t have to.

The MBNA Rewards World Elite MasterCard® credit card is like having multiple cards in one. You can redeem your points for cash back, travel, merchandise, gift cards or charity – the choice is yours, and your points never expire.

Earning your points is just as simple, you get 2 points per dollar spent on all purchases, with no limits. Spend $15,000, get 30,000 points, equivalent to $300. That’s right up there at the pinnacle of Canada’s top earning premium travel cards, except MBNA gives you the flexiblity to redeem for cash back at full value – no other card offers that feature.

To entice people to try the card, MBNA offers a 10,000 point welcome bonus (worth $100). It comes with a low $89 annual fee. The welcome bonus makes the first year free to try, and gives you access to the richest flat rate cash back credit card in Canada.

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MBNA Rewards World Elite Benefits

You earn 2 points per dollar spent on all purchases. When redeeming for cash back or travel, each MBNA point is worth $.01. As a result you earn $.02 per dollar spent. Spend $10,000, get $200 in rewards.

When booking for travel you have two choices. You can redeem through MBNA’s travel centre, or you can book your own travel.

When booking through the travel centre, MBNA will quote you a price (they will price match AirCanada.com and WestJet.com). You can then redeem the required number of points to pay for the ticket. A $350 dollar ticket, would require 35,000 points.

However, you can also book your own flight or travel through discounters like hotels.com, expedia, travelocity and priceline and then have MBNA pay off the travel by applying the required number of points to your statement.

If you want to redeem for cash back, it couldn’t be any easier. 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!

Here are some of the additional perks that help the MBNA World Elite MasterCard stand-out from the pack:

  • Earn 2 MBNA Rewards Points for every $1 in eligible purchases.
  • Receive 10,000 Bonus Points after your first eligible purchase. That’s a $100 value when redeemed for cash back or travel.
  • No limit to the points that can be earned.
  • Points don’t expire.
  • Low $89 annual fee.
  • 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.
  • 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.

Worth It?

With a super low $89 annual fee offset by the $100 welcome bonus, 2% rewards per dollar spent and options to redeem for cash, travel or merchandise this card really does stand out from the pack.

Redemptions are a breeze. While many cash back cards only allow you to redeem once a year as a statement credit, you can redeem as often as you want, in whatever form you want – a check, a deposit into your account or a statement credit.

The card does not have the strongest travel insurance program, but for those who don’t need it, MBNA makes up for it in the lower annual fee of $89, and the high rewards rate of 2%, with incredibly flexible redemptions.

Eligibility
You will need to either have a minimum personal income of $70,000 or a minimum household income of $120,000 to be eligible for the card. If you don’t, MBNA can make the Rewards Platinum card available to you.

Better Offers?
To our knowledge, there are no other Canadian credit cards that offer cash back higher than 2% on all spend with no limits. The flexibility to book your own travel and apply your points against the dollar value of your ticket is as flexible as it gets. It ensures you get the ticket you want, when you want it at the lowest possible price.

This is the only 2% credit card in Canada we know of that allows you to redeem at 2% for cash or travel. If you’ve seen a better offer than a flat 2% rewards rate, feel free to share. For now, we think this is the best offer in the Canadian marketplace.

Apply Now!

25 comments

  1. I read above (Nancy) that you can get the first year free and also get $100 bonus…is this still the case?

  2. I’m interested to know re the cash back if there is any limit? I understand collecting points is unlimited, but is there a maximum amount in cash back points that can be redeemed?

  3. Hi There
    I am wondering whether the promotion “no annual fee in the first year, a $100 welcome bonus” is still valid?
    Thank you

    • Hi Nat,

      MBNA no longer waives the first year annual fee of $89. However the $100 welcome bonus is still in effect, making the first effectively free to try.

      Hope that helps,

      GreedyRates Staff

  4. Loved this card, but coming up to the end of my first year free. However, I’m doing some traveling next summer. Are the travel benefits and rental car benefits worth keeping the card and paying the $89 annual fee?

    • Hi Lou,

      The two travel insurances the MBNA Rewards World Elite card does not have are out of country travel medical insurance and trip cancellation insurance. It does come with car rental insurance, trip interruption and travel accident insurance.

      Hope that helps,

      GreedyRates Staff

  5. Love this card. No hassle rewards and no restrictions on the 2%.
    My first year free is coming up soon and I’m thinking of canceling and reapplying.
    How long do I have to wait to reapply and would I be eligible for the $100 welcome and annual fee rebate again?

    • Hi Cory,

      We love it as well, that’s why it makes it in our Best Cash Back and Best Travel card rankings.

      First, yes you can apply for a second MBNA Platinum Plus card, but it should be at least 8 months since you opened your last one and yes you would still be eligible for the $100 welcome rebate if you get approved.

      Second, MBNA has withdrawn the first year annual fee waiver. However, getting another card with the $100 welcome bonus will at least off-set the first year annual fee of $89, making the first year free.

      Hope that helps,

      GreedyRates Staff

  6. How does this card “substantially” differ from the mnba Rewards card other then ….no annual fee and only 1 point / dollar spent vs 2 pts ?

    • Hi Rad,

      The biggest differences between the MBNA Rewards World Elite MasterCard and the no fee MBNA Rewards MasterCard are indeed the $89 annual fee, the 2% versus 1% cash back difference, and the $100 welcome bonus versus the $50 welcome bonus. In addition, the MBNA Rewards World Elite card comes with price protection (find a product you purchased at a lower price within 60 days, the difference will be refunded) and concierge services.

      Hope that helps,

      GreedyRates Staff

  7. Hi Will I get points if I have utility bills paid from my credit card?

  8. you forgot CAPITAL ONE WORLD ASPIRE MASTERCARD. They’ve been doing this exact same card for over 5 years now. MBNA = Playing catch up.

    • Hi Dan,

      It’s similar but the MBNA Rewards World Elite is more flexible from a rewards perspective. While both offer 2% rewards per dollar spent, you can only redeem your rewards for travel related purchases with the CapOne card, while you can redeem for cash back with the MBNA Rewards World Elite card and still get the full 2% value. Moreover, with MBNA it’s not merely a statement credit, you can also request MBNA deposit your cash back in your bank account, or send you a check.

      GreedyRates Staff

  9. I am wondering whether the promotion “no annual fee in the first year, a $100 welcome bonus” is still valid today? Thanks!

  10. Can I obtain a card for my spouse?

  11. Great looking card , very interested.
    Also , there’s a fun sentence buried in there
    “If you want to redeem for cash back , it could be any easier”

  12. Can you purchase giftcards and get points for this? I am not clear on what ‘eligible purchases’ are. Thanks

    • Hi Kate,

      Yes you can buy gift cards and get points for the transaction. The only transactions that do not accrue points are cash like transactions, such as cash advances, balance transfers and in most places lottery tickets.

      Hope that helps,

      GreedyRates Staff

  13. Just wondering, for the cash back option, do you have to redeem in certain increments (e.g., $50) or can you redeem at any time and for any amount?

    • Hi Jen,

      Great question! Actually you are not required to redeem in increments. However, there is a minimum redemption amount of $50. That said, you can redeem for $73. But you you can’t redeem for $27. You can redeem at any time and have the cashback sent via check, transferred directly to your bank checking account or applied as a statement credit.

      Hopefully that makes sense.

      GreedyRates Staff

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