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MBNA Rewards World Elite® Mastercard®

Everything you need to know about the MBNA Rewards World Elite® Mastercard®, MBNA's flagship travel rewards credit card.

Updated on: September 25, 2024

Signup bonus:

20,000 MBNA Rewards points† upon spending $2,000 within the first 90 days of account opening 10,000 MBNA Rewards points† for opting into electronic statements† within the first 90 days of account opening Total of 30,000 MBNA Rewards points

Annual fee

$120

Interest rates:

19.99% purchases (20.99% QC) 24.99% cash advances (20.99% QC) 22.99% balance transfers (20.99% QC)

Earning rate:

5 MBNA Rewards points† per dollar spent on eligible restaurants, groceries, digital media, membership, and utility purchases 1 MBNA Rewards point† per dollar spent all other eligible purchases

Perks & benefits:

Discounts on car rentals at Avis and Budget†

Insurance:

Strong

The MBNA Rewards World Elite® Mastercard® is a compelling all-purpose Mastercard®. It has an achievable welcome bonus, an exceptional everyday earn rate, and a few unique insurance features. In particular, this card would be a good choice for anyone who often shops at Costco or other merchants that accept Mastercard®. The card is strongest for anyone who redeems their rewards for travel, but isn't beholden to a single loyalty program, although the cash back value is also extremely competitive.

Bonuses & Fees

As a premium credit card, this card offers the biggest welcome bonus for MBNA's in-house travel rewards program, up to 30,000 MBNA Rewards points:

  • 20,000 MBNA Rewards points upon spending $2,000 within the first 90 days of account opening
  • 10,000 MBNA Rewards points for enrolling in paperless statements within the first 90 days of account opening
Quebec residents are eligible for a smaller bonus, up to 20,000 MBNA Rewards points:
  • 15,000 MBNA Rewards points upon making a purchase with the card and keeping the account in good standing for 90 days
  • 5,000 MBNA Rewards points for enrolling in paperless statements
The annual fee for this card is $120. Also, there is a $50 fee for one Authorized User, $0 for subsequent Authorized Users.

Earning Rewards

The MBNA Rewards World Elite® Mastercard® has a simple rewards structure. The base earning rate is 1 MBNA Rewards point per dollar spent, with a category rate of 5 MBNA Rewards points per dollar spent on groceries, restaurants, digital media, memberships, and household utilities, up to a limit of $50,000 spent in each category per calendar year. There's also a birthday bonus every 12 months after holding the card. The bonus is 10% more points, up to 15,000 extra points Indeed, this is a very good return for categorized spending, yielding a healthy return on popular categories and with high spend caps to boot.

Redeeming Rewards

MBNA Rewards can be redeemed through the bank's online travel booking portal. You can book flights, hotels, car rentals, vacation packages, and cruises. Points can be used for bookings made through the travel portal at a rate of 100 points = $1, or 1 cent per point. For other purchases, you can use your points for statement credit at a rate of 120 points = $1, or 0.83 cents per point or 1.67% return on spending. Even if you don't use your rewards for their optimal travel value, this rate is still superior to similar Mastercard® World Elite® products from other banks. You can also exchange your points for gift cards. Rates vary depending on the brand and value of the gift card, generally at least 0.87 cents per point and occasionally even exceeding the value of travel redemptions. An interesting development is the partnership between MBNA and Alaska Airlines, through which cardholders will be able to transfer their MBNA Rewards at a 1:1 ratio to Alaska Airlines Mileage Plan. When this materializes, it'll present Canadians with the only meaningful way to access Alaska miles. MBNA Rewards never expire as long as you remain a cardholder.

Perks & Benefits

This card comes with access to the Mastercard® World Elite® Concierge service, which can be used to book travel or exclusive dinner reservations and entertainment tickets. Cardholders can also get car rental discounts at Avis and Budget: 10% in Canada or the US, and 5% internationally.

Insurance Coverage

This card comes with the best insurance package amongst the MBNA credit card line-up. Notably, the card can be used for insurance on award tickets. Coverage for a common carrier accident or an unexpected return home is valid as long as the ticket was paid at least in part on the card. Moreover, the card offers coverage for flight and baggage delays, trip cancellation, and interruption. Lastly, this card also provides better coverage than most car rental insurance policies, since it covers personal injuries and car burglaries. The insurance coverage also extends to the cardholder's spouse and children, and they don't need to be travelling together with the primary cardholder to be insured. There's also mobile device insurance available to cardholders. By paying for your smartphone, tablet, or smartwatch using your MBNA Rewards World Elite Mastercard, you'll get coverage of up to $1,000 in the event your mobile device is lost, stolen, or accidentally damaged, for up to 24 months.

†, ✪, Terms and Conditions apply. Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button. The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.

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