MBNA Rewards World Elite Credit Card Review

Sign Up Bonus Points
10,000
Sign Up Cash Value
$100
Annual Fees
$89
Purchase Interest Rate
19.99%
Min Personal Income Required
$80,000
Recommended Credit Score
740 850 670 739 580 669 0 579
Fair-Good
Elite Travel Rewards. This low annual fee card will have you going places in no time.

Confused 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.

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!

Elite Travel Rewards. This low annual fee card will have you going places in no time.
Apply Now

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 $80,000 or a minimum household income of $150,000 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.

Article comments

41 comments
Dave says:

What are the maximum monthly spending limits, provided my income is sufficient?

GreedyRates says:

Hi Dave, thanks for the comment–we’ll answer to the best of our ability. If by ‘maximum monthly spending limit’ you mean your credit limit, then the amount you’re able to charge to the card depends on what MBNA approves. During the course of your application, MBNA checks factors like your credit, existing debts, financial history, and income. Considering all these components, the bank then arrives at your personal credit limit. It’s difficult to say how much this will be, but you can get a solid estimate by looking at other credit cards you’ve been approved for recently, and determining if the components mentioned above have trended positively or negatively since then. Let us know if we misunderstood and we can readdress your question, without worries. Thanks for reading!

GreedyRates Staff

delna says:

i’ve been looking to sigh up for this exact credit card
but i’m just hesitating on this statement they make on their website
– Earn 2 MBNA Rewards Points for every $1 in “eligible purchases”
Would you know what qualifies for eligible ?

I have a TD Aeroplan Visa right now and not everything i use it for gives me aeromiles . hence my hesitation
thank you

GreedyRates says:

Hey Delna, thanks for your question. It’s good to be on the lookout for potentially troublesome clauses in the fine print. In this case ‘eligible purchases’ essentially means anything you buy with the card except for “cash-like” transactions like cash advances. You must buy actual goods and services, regardless of where or what they are, to earn the rewards listed.

GreedyRates Staff

Betty says:

Does it have trip cancellation and trip interruption? I called and they said they don’t know and transferred me to the insurance company. They said they do but I don’t know if they really know what they are talking about?

I’m debating btwn TD infinite and rbc avion and mnba world elite.

I have medical insurance with my work so that’s not a necessity. But I would like trip interruption and trip cancellation. Which cc would you prefer

Michael says:

Hi Betty, we appreciate your comments and can definitely suggest some credit cards with trip cancellation and interruption insurance for you. It’s true that the MBNA Rewards World Elite doesn’t have these benefits, though the rest are quite desirable. One interesting thing we noticed is that there is a pseudo-trip interruption insurance benefit, but it only applies when one is returning due to the immediate death of a relative. However, this isn’t applicable to your question and we hope it never is.

Alternatively, one of the options you’re looking at is the TD Aeroplan Infinite card, which happens to have one of the best trip interruption and cancellation plans available, at up to $1,500 and $5,000 worth of individual coverage, respectively. You can learn more about the card by reading the full TD Aeroplan Infinite Card review, or you can apply for it directly via this link. The RBC Infinite Avion is another great card with these two perks, and a slightly different redemption plan than its TD counterpart. You can learn more about that card by reading our full RBC Infinite Avion review, or you can apply directly via this link. We suggest looking closely at both and choosing from these two, as you really can’t go wrong with either card. Good luck!

Andrea says:

It seems like you use the same amount of points for cash back OR travel (booked by yourself). Is there really a benefit then in booking through the travel centre?

Michael says:

Hi Andrea, thanks for leaving your comment with us! You’re correct: when redeeming the points you earn with the MBNA Rewards World Elite card on either cash back or travel, they’re worth $0.01 each. We suppose you could redeem the cash back and then use it to book your own travel, but it would just be a roundabout way of doing what the card already allows you to do. You can already book whatever arrangements you like and then have MBNA pay it off by applying your points to the statement after the fact. The benefit to booking through the travel centre is convenience, but also because MBNA price matches popular carriers in the centre itself, so you’re not overpaying (albeit with points) for travel you could book elsewhere. There are also a plethora of options there, so we encourage you to check it out first before going to Expedia or another booking agency. Happy travels!

GreedyRates Staff

Lisa says:

I just got this card in the mail and excited to start earning points/cash back. I am thinking of paying my utility bills directly from the card in order to maximize the benefits. Would I have to set up these bills as re-occuring bill payments where they are paid automatically from my credit card every month?

GreedyRates says:

Hi Lisa, and thank you for your question! On the credit card side, you don’t need to automate your bills, as you can pay them a single time and still get the benefits in your points account. However, automating your payments may help get you more monthly points on your card. We would recommend checking with your utility companies regarding their recurring payment policies with credit cards and making a decision based on that. Hopefully this helps!

GreedyRates Staff

Roger Thiesen says:

Do you know how much they charge for Foreign Currency Confervsion

Roger Thiesen says:

Just found it.
2.5% foreign currency conversion fee

Judith Wine says:

okay … maybe I have this wrong … but isn’t Royal Bank Visa better … I may only get 1 point for $1 spent but if I redeem 35,000 points I can get a flight for $750 … more than double … so paying $89 for more flexibility … not necessarily more points???

GreedyRates says:

Hey Judith, thanks for your question. When comparing the RBC Visa Infinite Avion card and the MBNA Rewards World Elite, it’s basically a matter of personal preference. You’re right that the earn rate is different, but this is offset by the $89 annual fee and comparatively low introductory bonus. In the end, you have to decide if an immediate $750 in airfare is worth the lower rate of rewards, but it sounds like you’ve already made up your mind – which is great! With travel cards, there are so many with similar perks and features that it really is up the individual to determine which they like better.

GreedyRates Staff

Milan says:

Does this credit card have an Android app?

GreedyRates says:

Hi Milan,

The MBNA Rewards World Elite card doesn’t have a dedicated app to it, but there is one for all the MBNA credit services. You can download ithere.

Hope that helps,
GreedyRates Staff

Cathy McCart says:

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

Scott says:

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?

GreedyRates says:

Hi Scott,

There is no limit to how much cash back you can earn or redeem for with the MBNA World Elite Mastercard!

Hope that helps!

GreedyRates Staff

Nat says:

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

GreedyRates says:

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

Lou says:

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?

GreedyRates says:

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

Cory says:

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?

GreedyRates says:

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

Rad Darr says:

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 ?

GreedyRates says:

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

Jeff Gilpin says:

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

GreedyRates says:

Hi Jeff,

Absolutely. You will get 2% cash back when using your MBNA Rewards World Elite card to pay your utility bill.

Enjoy!

GreedyRates Staff

dan says:

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

GreedyRates says:

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

Nancy says:

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

GreedyRates says:

Hi Nancy,

The promotion is still valid. No fee first year, $100 welcome bonus.

GreedyRates staff

Blair Greenly says:

Can I obtain a card for my spouse?

GreedyRates says:

Hi Blair,

Yes you can and there is no authorized user fee.

GreedyRates Staff

Chris says:

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”

Kate says:

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

GreedyRates says:

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

Jen says:

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?

GreedyRates says:

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