MBNA Rewards World Elite Mastercard Review

I’ve had the MBNA Rewards World Elite MasterCard for a long time and even though I sometimes credit card churn and apply for new credit cards to try and travel hack (e.g. sign up for cards for the Aeroplan bonuses), this credit card will always be my ‘go to’ credit card and is a staple in my wallet.  I think I’ve had this card for over nine years (in whatever form it was before, I think it might have been an SPG (Starwood Preferred Guest) card before.

I regularly redeem cash back a few hundred dollars every year with this card (so far, it’s only halfway through the year and I have redeemed $400 already) and I use this towards purchases in travel or whenever I have a large statement and want a bit of assistance cutting the large credit card bill down (for example, car insurance for the year).

As always I pay off my credit card every month and it’s very important to do so otherwise, the risks (19.99% interest per month) outweigh the benefits of this card (2% cash back)!

Here’s some details on the MBNA World Elite MasterCard:

the perks

  • You get 10,000 points on your first purchase, which equates to $100
  • You earn 2 points for every $1 spent, so it works out to be about 2% cash back (it doesn’t categorize things for you for example only for grocery purchases or for gas purchases, it’s on whatever you spend on your credit card)
  • The points don’t expire
  • There’s no limit to the amount of points that you can earn
  • There’s rental vehicle collision damage waiver benefits
  • Purchase assurance- this covers price changes within 90 days of your purchase
  • Extended warranty benefits- it doubles warranties for another year on eligible purchases
  • Travel benefits- lost luggage assistance, lost document assistance
  • You can choose cash back through a statement credit or a bank deposit (that’s what I do, it goes towards my next statement, redeeming points is easy as a click of a button), charitable donations, travel, or something from their rewards catalogue.

To get Approved

To get approved, you have to have a minimum income of $80,000 annually or household income must be greater than $150,000.

The annual fee

It’s $89 for the annual fee for the MBNA Rewards World Elite MasterCard, fortunately for myself, because I was grandfathered from another card, I don’t have to pay an annual fee.

Technically since you get $100 in points on your first purchase, the $89 fee is pretty much paid for.

Gym’s opinion:

To be honest if I had to pay an annual fee I probably wouldn’t have the card.  Not because it’s not a good card or anything, but because I don’t like paying an annual fee for credit cards.  If you’re really not into paying for an annual fee, MBNA has another card (MBNA Rewards MasterCard) that has no annual fee but you get 1 point for every $1 spent, so it’s a 1% cash back return.

I do like how easy it is to redeem your points.  You don’t have to call anyone, it really is a link to the Rewards part of the card and then you type in how many points you want to redeem.  I believe it’s in $10 increments (1000

points).

The travel insurance benefits of this card isn’t that great, but if that’s not what you’re looking for in a credit card, this is still a great card for every day use.  It is essentially a cash back credit card.  It is owned by TD Canada Trust now.

Readers, do you have the MBNA Rewards World Elite MasterCard?  What do you think of it?  Is there another card that you prefer?

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About genymoney

GYM is a 30 something millennial interested in achieving financial freedom through disciplined saving, investing, and living a minimalist lifestyle.

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