🎁 Get up to $1,352 in benefits and rewards for the first year
The National Bank World Elite Mastercard is a unique credit card offering in Canada that stands out for its compelling features, especially in the realm of insurance. Despite not being widely recognized as a top-tier card, it offers a suite of benefits that make it worth considering for many users. In this review, we’ll explore the card’s features, rewards, travel benefits, and insurance coverage, and provide a final score based on these aspects.
Understanding the Point Value
One of the key features of the National Bank World Elite Mastercard is its point system, known as the “I like card rewards.” Points can be redeemed for various options including gift cards, merchandise, travel, or investments, with the value differing based on the redemption method. Generally, travel or National Bank services like mortgages or investments offer the best value, averaging 0.83 cents per point. This is competitive when compared to other cards like BMO, which offers 0.67 cents per point for travel redemptions.
Rewards Breakdown
The rewards structure is another highlight of this card, offering substantial returns in specific categories. Cardholders earn five points per dollar on groceries and restaurants, equating to a 4.15% return based on the point value. This makes it a strong contender for those categories, outperforming some other popular cards. However, the card offers two points per dollar on gas, electric vehicle charging, recurring bills, and travel through a la carte rewards, which is less appealing, especially when considering transaction fees that might negate potential savings.
Travel Benefits and Perks
For travel enthusiasts, the National Bank World Elite Mastercard provides several enticing benefits. Notably, it offers unlimited access to the National Bank lounge at the Montreal airport, a significant perk for frequent Montreal travelers. Additionally, the card includes a $150 annual refund credit applicable to almost any airport-related expense, offering flexibility in how users can offset travel costs. This includes parking fees, seat upgrades, or lounge access at discounted rates through the Mastercard Travel Pass membership.
Comprehensive Insurance Coverage
Insurance is where this card truly shines, offering ten types of coverage that are considered top-tier. While some cards offer more types, the quality and extent of coverage with the National Bank World Elite Mastercard are notable. For instance, it provides an extended manufacturer’s warranty of up to two years and purchase protection for 180 days. Importantly, it also covers travel medical insurance for users up to the age of 75, which is rare in Canada, making it an excellent choice for older travelers.