MBNA Rewards World Elite Credit Card Review
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 eligible 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 $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
Hello,
Is there anything comparable to the MBNA World Elite ? I did a lot of research to land on this card last year because it’s a Mastercard as I use it in places like Costco, gas and groceries which paid out favourably, therefore i didn’t mind the $89 annual fee. But with the hike and the drop in reward points, I really don’t want to stay with MBNA.
Any recommendations? i am looking for the same flexibility, Mastercard and cashback.
Thanks so much in advance for the help
Hi Chuck!
We’re also disappointed that the MBNA World Elite will experience some rough changes soon, but we’re also encouraged that there many other options to rely on. If you shop frequently at Costco and want to save more on gas and groceries as well, then there an especially robust selection of alternatives to the old MBNA Rewards card.
For example, we’re keen on the Rogers World Elite Mastercard, which will be great for Costco as it earns 1.75% cash back on all purchases. This applies to gas and groceries as well. Though it’s a bit short of your old card’s 2.00% cash back, the Rogers card has no annual fee, and also earns 4.00% cash back on purchases made in a foreign currency. That means it’s great for travelling with (especially given its insurance benefits) and for ordering things from abroad online.
If the World Elite card’s annual income requirement is too steep for you, just go with its little brother, the Rogers Platinum Mastercard. If you need more recommendations let us know!
GreedyRates
After years of having world elite mastercard, no annual fee, 2 per cent cashback….received letter this week saying that as of september there will be 120.00 annual fee, and (approx) 1.66 per cent cashback. That makes the advertised rate for new applications better than the revised rates for current cardholders, but of course no way of knowing if they will also raise the annual fee and lower the cashback rate soon after people apply and receive their cards.
Hi Jon,
Appreciate the comment! We’ve got a few comments of our own, the first being that the MBNA Rewards World Elite card never had a $0 annual fee: It was always $89, and it being raised by $31 to $120, with no indication that MBNA will surprise us with another hike. Second, the rate of return on the card is still going to be 2.00%, but the bank is making it a bit more expensive to redeem points for cash back specifically. It’s still relatively competitive, but the changes do reduce its value for existing cardholders and bring other cards into running for “Best Cash Back Card in Canada”.
If you want a nonexistent annual fee, a great “all purpose” cash back rate, and some other nice perks, the Rogers World Elite card is the new go-to. With 1.75% on all purchases in Canadian dollars, 4.00% on foreign transactions (including online), and $0 paid annually, it’s a huge value-driver for cardholders who travel and those who don’t. It also has a nice array of insurance benefits as well. We’d be happy to provide other suggestions if you’re in the market for a replacement. Happy hunting!
GreedyRates
I forgot to mention in my previous posting that the letter also indicated that the redemption rate will change from 1,000 points for a dollar cashback to 2,000 points for a dollar cashback.
So the effective rate will be 1% for gas, groceries and restaurants and 0.5% for everything else. So it’s not even a good “no-fee” card anymore.
I have already applied for the Rogers World Elite and will start using it in February 2019.
Just got a letter today from MBNA regarding this card. Good News first – No more $89.00 annual fee starting September 5, 2018.
Now the bad news … It will now be a 1% cashback for most purchases and the 2% cashback will be for Gas, groceries and restaurants up to to a maximum of $5000.00 annually in each category. This starts on February 1, 2019.
The letter I just received from MBNA about my World Elite card said the annual fee will be increasing from $89 a year to $120 a year as of Sep. 1, 2018. Are different customers being offered different deals? The letter also said that as of Feb. 1, 2019, it will take 12,000 points to get a $100 reward instead of the current 10,000 points to get a $100 reward. It will also take a minimum of 6,000 points to obtain a cash reward instead of the current 5,000 points. Under these new conditions, the card isn’t worth it for me. I can earn 2% cashback with no annual fee on gas, groceries and recurring bills and 3% cashback with no annual fee at restaurants on my other credit cards.
Hi Cajon,
Thanks for coming to GreedyRates and letting us know your opinion on the upcoming changes to the MBNA Rewards World Elite Mastercard. While unfortunate, the changes occurring to the card are the same for all cardholders—no one is exempt from them regardless of how long they’ve been with MBNA. The details given to you were also correct. As of later this year (in September), the annual fee is increasing by $31, and then in February a handful of months afterwards, the redemption ratio for cash back is changing.
If you’re not satisfied with the value that the card delivers, feel free to cancel it and switch to another card, or use your other cards instead. Also coming in September is a decrease to the minimum number of points required to redeem your MBNA Rewards (from 5,000 to 1,000) until January 31st. If you want to cash out, you have time!
Additionally, we can’t help but notice that your other two cards lack an “all-purpose” cash back model, like the MBNA Rewards World Elite card’s 2.00% on all purchases. While you will receive 2.00% on gas and groceries, and 3.00% on restaurants (as you mentioned), what about other expenses? If you end up missing this capability, check out the Rogers World Elite Mastercard. It earns 1.75% cash back on all purchases made in Canadian Dollars, 4.00% on all purchases made in foreign currency (both abroad and when shopping online), has a $0 annual fee, and features great insurance perks as well. You can even use an awesome app called Pay with Rewards to retroactively select which past purchases you want to apply your cash back to, thus removing them from your monthly statement. Check it out!
The GreedyRates Team
I WAS paying the $89 annual fee and getting the 2% cashback for the last two years. The letter I received stated this. It would seem that with the switch to 1) No fee 2) 1% cashback and 3) double the points to receive the same dollar value, I have likely been switched down to their basic “rewards” card. I agree with Cajon that customers must be getting different deals. I’ve already applied for the Rogers Elite.
My husband and I both got the same letter from MBNA – although you are right about the “No more $89.00” annual fee, it’s not good news – the annual fee for this card has now increased to $120.00 AND they have reduced the cash rewards from 1 to 100 up to 1 to 120. So now, not only are we paying MORE annually, we are receiving LESS. I’m incredibly disappointed with MBNA at the moment – since I’ve been a loyal cardholder with an impeccable payment history for over 15 years.
Hi ArianaH,
We’re also disappointed in the changes that MBNA is making to their great Rewards World Elite Mastercard. It’s doubly frustrating that they’re both increasing the annual fee and reducing the redemption rate for cash back, but we suppose that they’re simply trying to encourage people to redeem for other things instead (though this is a bad way to do so). Regardless, no one will be surprised when MBNA’s once-loyal cardholders engage in a mass exodus when the changes hit later this year and in early 2019.
Thankfully, you have some time to get out with the value you’ve accrued intact. MBNA is reducing the minimum amount of points needed for redemption (from 5,000 to 1,000) starting in September. Even if you have relatively few points, you’ll therefore be able to “escape” without leaving money on the table. You can then apply for a card that’s arguably better in most categories, such as Rogers’ World Elite Mastercard.
Rogers’ card has 1.75% flat-rate cash back on all purchases (better than MBNA’s newly downgraded rate) and 4.00% flat-rate on all purchases made in a foreign currency (abroad or online as well). It also has great insurance and no annual fee, plus compatibility with the Mastercard Pay with Rewards program. That’s an application allowing you to apply your cash back to individual purchases on your statement, on-demand. Check it out.
GreedyRates
MBNA has just annoyed that the annual fee is increasing to 120$ while the % is dropping from 2 to 1.667.
Hi Robert,
It is quite annoying that MBNA is downgrading their wonderful Rewards World Elite Mastercard in such a way. Remember that the 2.00% is only reduced when redeeming your points on cash back, but on other rewards it remains strong. The annual fee increase is puzzling and unfortunate, though. This doesn’t mean the market is suddenly without a comparable credit card. You can find a lot of equally great alternatives on our site, and we’d be happy to suggest a few options if you like. The Rogers World Elite Mastercard comes the closest, with a 1.75% cash back rate on all purchases in Canada, and 4.00% on purchases made abroad. It also has no annual fee.
Thanks,
The GreedyRates Team
Unfortunately, just received notice that the rates are changing for the MBNA world elite mastercard card as of Feb. 1, 2019 except as stated below.
– The annual fee will increase from $89 to $120. Effective after Sept.1, 2018.
– rate at which you can redeem your points for cash reward is increasing from 100 points to 120 points per $1.00.
– minimum points required for cash reward is increasing from 5000 to 6000 points.
– balance transfer rate and access cheques increasing from 21.99% to 22.99% effective on Sept. 11, 2018.
Everything else will remain the same including earning 2 points per $1.00 in purchases; merchandise and travel redemption rates; and other benefits.
This is really disappointing. An increase of $31 per year is ridiculous and bad enough but thats wasn’t good enough for TD. They needed to lower the cash redemption as well. So greedy. This was a great card which I used for all purchases but I may need to rethink that.
Maybe the Rogers World Elite. Only 1.75% cash back but 4% on foreign purchases which is pretty great with no fee. Is there any other card that you think is worth considering?
Thanks
Hey Wilbur!
You’re right about the changes coming to MBNA’s Rewards World Elite Mastercard. Though the changes are relatively slight, the credit card market is highly competitive, and so these alterations make it drastically less competitive when compared with its peers. Unfortunately, cardholders only have another 6 months to make the most of this card and switch to another one, but there are many options that are just as useful.
It’s funny you mention the Rogers World Elite Mastercard, because this is one of those that we would also recommend. With 1.75% cash back in Canada and 4.00% on purchases made in a foreign currency, it’s a real cash back powerhouse. It’s also compatible with Mastercard’s Pay with Rewards program, which lets you dynamically apply your cash back to past purchases via a nifty smartphone application. As a World Elite card, it also has a slew of nice insurance perks, and no annual fee.
Our other suggestion would be the Scotia Momentum Infinite Cash Back card, which has a great 4.00% cash back rate on groceries and gas, 2.00% on recurring bills and drug stores/pharmacies, and 1.00% everywhere else. While the catch-all 1.00% rate isn’t as high as 1.75% or 2.00%, you’ll undoubtedly have grocery and other purchases to close the gap. The annual fee is a reasonable $99—just $10 above the old MBNA Rewards card fee. It also has excellent insurance including travel medical, trip interruption, flight delay, delayed baggage, rental car, and new purchase coverage (and more).
Hope these cards work for you. If not, let us know and we can provide other suggestions.
The GreedyRates Team
Thanks. I just applied for it. I am switching over from my BMO World Elite Mastercard which, apparently, has been lowering my cashback amount without my knowledge. Let me ask you: Do you have some type of email subscription where you send out notices when card cashback rates change? Thanks.
Hi Ben,
Good to hear back from you—and congratulations on your outgoing application. We’re happy to hear that we helped you make your choice! You said that your main reason for switching over from BMO was that the bank had been secretly reducing your cash back rate—yet the card you mention earns BMO Rewards and not cash back. Could you have meant the BMO Cashback World Elite card?
Regardless, we’ve looked at the Cashback card’s terms and conditions, and it doesn’t have a “diminishing returns” clause, which is usually the likeliest reason for one to experience lesser earnings. This may occur with some cards, whereby the cardholder reaches a spending cap and then has their earning rate reduced, but not the BMO cards. The Rewards and standard World Elite cards are no exception, so we think what may have happened is that some of your purchases simply weren’t considered eligible.
Another possibility is that you noticed the drastic reduction in cash back once the initial 4.00% cash back promotion expired. Dropping from 4.00% to 1.50% is significant, and occurs with the Cash Back World Elite card after one has earned $250 in cash back. We don’t know of any tools that will send alerts when your cash back rate changes for any reason, but it’s a great idea! A simple SMS from the issuer, for example, would be appreciated when the promotional cash back rate ends. Hopefully someone makes that happen!
GreedyRates Team
What are the maximum monthly spending limits, provided my income is sufficient?
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
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
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
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
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!
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?
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
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?
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
Do you know how much they charge for Foreign Currency Confervsion
Just found it.
2.5% foreign currency conversion fee
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???
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
Does this credit card have an Android app?
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
I read above (Nancy) that you can get the first year free and also get $100 bonus…is this still the case?
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?
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
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
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
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
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
Hi Will I get points if I have utility bills paid from my credit card?
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
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
I am wondering whether the promotion “no annual fee in the first year, a $100 welcome bonus” is still valid today? Thanks!
Hi Nancy,
The promotion is still valid. No fee first year, $100 welcome bonus.
GreedyRates staff
Can I obtain a card for my spouse?
Hi Blair,
Yes you can and there is no authorized user fee.
GreedyRates Staff
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”
Thanks Chris!
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
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