The MBNA Rewards World Elite Mastercard is a solid all-purpose Mastercard. It has an achievable welcome bonus, a high 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 on the card, within the first 90 days of cardmembership
- 10,000 MBNA Rewards points for enrolling in paperless statements
Quebec residents are eligible for a smaller bonus, up to 20,000 MBNA Rewards points:
- 15,000 MBNA Rewards points upon making your first purchase with the card and keeping your account in good standing for 90 days
- 5,000 MBNA Rewards points for enrolling in paperless statements
The card has an annual fee of $120. You can get a partial rebate if you apply through an affiliate link at GreatCanadianRebates.ca.
There is no fee for adding authorized users to your account. You can add up to nine additional cardholders.
The MBNA Rewards World Elite Mastercard has a simple rewards structure. You’ll earn 2 points per dollar spent on any category of purchases. There are no bonuses for spending at specific types of merchants.
As of August 31, 2021, the base earning rate will be 1 point per dollar spent with a category rate of 5 points per dollar on groceries, restaurants, digital media, memberships, and household utilities, up to a limit of $50,000 spent per calendar year.
There will also be a birthday bonus every 12 months after holding the card. The bonus is 10% more points, up to 15,000 extra points.
This is a very good return for uncategorized spending – best in class among Mastercards, which usually don’t exceed 1.5% cash back, and better than any Visa cards.
MBNA Rewards can be redeemed through their 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.
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.
This card comes with the same insurance as all of MBNA’s World Elite cards. Here are a few highlights.
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. However, the card doesn’t offer insurance for trip cancellation, delays of any kind, or lost baggage at all.
For the types of coverage that extend to the cardholder’s spouse and children, they don’t need to be travelling together with the primary cardholder to be insured.
The card offers comprehensive car rental insurance, beyond the typical collision damage insurance. You are protected in the event of personal injury if you are in a rental vehicle accident.
Also, the card provides rental car burglary insurance. This means that your personal effects are insured if the car is stolen or if your belongings are stolen from the car, as opposed to just the value of the car itself being insured in the event of theft or damage.