MBNA Rewards Mastercard Credit Card Review

Sign Up Bonus Points
Sign Up Cash Value
Annual Fees
Purchase Interest Rate
Min Personal Income Required
Recommended Credit Score
740 850 670 739 580 669 0 579
Receive 5,000 bonus MBNA Rewards points after your first eligible purchase††. That's equivalent to $50 when redeemed for cash back or travel.

The MBNA Rewards Mastercard is a great card if you’re looking for a no annual fee credit card that allows you to redeem your rewards for cash back, with solid value and more flexibility than most other cash back credit cards in Canada.

To start, the MBNA Rewards Mastercard offers 1% cash back on all purchases – no caps, tiers or limits. You can then redeem your points for cash back any time you like and have the cash deposited into a bank account of your choice, or redeemed against your credit card balance.

Most other no annual fee credit cards, such as the BMO Cashback Mastercard, Scotia Momentum Visa card, RBC Cash Back MasterCard and the CIBC Dividend card only redeem your cash back as a statement credit at the end of each year. The MBNA Rewards Mastercard gives you control over when and how you get your cash back rewards.

With no annual fee, a $50 welcome bonus, a solid 1% cash back rewards rate, flexible cash back redemption, and access to cash at 0% for 6 months, this card offers plenty to consider.

MBNA Rewards Mastercard Credit Card Review:

  1. Annual Fee: The MBNA Rewards Mastercard has no annual fee.
  2. Welcome Bonus: The MBNA Rewards Mastercard comes with a $50 welcome bonus after your first purchase. You can have MBNA deposit your $50 welcome bonus right into the bank account of your choice, or wait and have them apply it against your next credit card statement. It’s a completely free, no strings $50 welcome bonus, with no minimum spend required.
  3. Cash Back Earn Rate: You will earn 1% cash back on ALL purchases, with no tiers, caps or fine print. To be specific, you will earn 1 point per dollar spent, with each point being worth 1 cent. As a result, if you spend $100 you will earn 100 points, which converts to $1 or 1% of $100.
  4. Cash Back Redemption: What makes this card stand out from most other cash back credit cards, is your ability to redeem when you want and how you want.
  5. As opposed to the no fee cash back cards from RBC, CIBC, BMO and Scotia you don’t have to wait until the end of the year to redeem your points. Moreover, you can choose to have your cash back deposited into the bank account of your choice, or applied against your credit card balance as a statement credit. The only restriction is that you have to redeem in increments of $50 (5,000 points).
  6. Travel, Gift Card, Merchandise and Charitable Redemptions: If you prefer, instead of redeeming your points for cash back, you can redeem them for travel, gift cards or merchandise using MBNA’s travel centre or online catalogue. Our preference is for cash back or travel, since you’re sure to get 1% value, i.e. your $50 redeems for $50.
  7. Benefits: While many no fee credit cards in Canada are starting to offer absolutely no protection, the MBNA Rewards Mastercard does pretty well for a no fee card.
  8. It comes with car rental insurance, extended warranty and purchase assurance which protects what you bought from theft or damage for 90 days after purchase!

All in all, the MBNA Rewards Mastercard is a great no fee cash back card. MBNA is essentially paying you $50 to give it a try. With no annual fee, it’s truly found money.

The 1% cash back rate with no limits is solid for a no fee cash back card. However, the flexible redemption terms are what make this card stand-out, allowing you to choose to redeem your cash back into your checking account or as a statement credit – whenever you want throughout the year.

Article comments

1 comment
kris Keller says:

MBNA charges ridiculous rates – minimum payment of $15K of $600 month – 400+ goes to interest – ridiculous – should be outlawed