Recently, many Canadians have been on the lookout for a credit card that offers similar value to the renowned Amex Cobalt Card but isn’t an Amex. The MBNA Rewards World Elite Mastercard has emerged as a strong contender. This blog will delve into the specifics of this card and explore whether it truly stands as the best Mastercard available in Canada.

Introduction to MBNA Rewards World Elite Mastercard

The MBNA Rewards World Elite Mastercard is a product of MBNA, the credit card division of TD Bank. This card is particularly noted for its robust rewards program and high earning potential in specific categories. However, like many World Elite Mastercards, it comes with a high minimum income requirement of $80,000, making it less accessible to a broader range of Canadians. In contrast, Visa Infinite cards often have a lower requirement of $60,000.

Promotional Offer

For new applicants, the MBNA Rewards World Elite Mastercard offers a compelling promotional bonus. Upon spending $2,000 within the first 90 days, cardholders receive 20,000 points, valued at approximately $165 in cashback. Additionally, enrolling in paperless statements garners an extra 10,000 points, rounding out the initial bonus to 30,000 points, which equates to roughly $300 in value. For those seeking even more, applying through Great Canadian Rebates can provide up to an additional $80.

Benefits

The card shines in its rewards structure, offering:

• 5 points per dollar on eligible restaurants, groceries, digital media, memberships, and household utilities (up to $50,000 annually).
• 1 point per dollar on all other purchases.

Understanding the value of these points is crucial. Each point is worth about 1 cent when redeemed for travel and approximately 0.99 cents for e-gift cards. While many loyalty programs favor travel redemptions, MBNA’s near-equal value for e-gift cards makes it versatile for those who don’t travel frequently.

Comparative Analysis

When compared to other cards, the MBNA Rewards World Elite Mastercard stands out. For instance, it offers 5% rewards on groceries and recurring bills, surpassing the 4% cashback offered by the Scotia Visa Infinite Cashback card. It is also comparable to the Scotiabank Gold Amex, but with the added advantage of being a Mastercard, which is accepted at more locations.

Birthday Bonus

One unique feature of this card is the birthday bonus, which awards 10% of the total points earned throughout the year, up to 15,000 points. This means that if you earn 150,000 points in a year, you’ll receive an additional 15,000 points as a birthday gift, further enhancing the card’s value.

Insurance and Additional Perks

The MBNA Rewards World Elite Mastercard comes equipped with a comprehensive insurance package, including:

• Vehicle rental insurance
• Mobile device insurance
• Flight delay and lost baggage insurance

Additionally, the card offers a price protection service. If you purchase an item and find it advertised at a lower price within 60 days, you can be refunded the difference. This feature can be particularly beneficial during sales events like Black Friday.

Recurring Bills and Chexy

The importance of the recurring bills category has grown, especially with services like Chexy that allow rent payments via credit card. However, it’s worth noting that MBNA’s 5 points per dollar category includes digital media, memberships, and household utilities, but not all recurring bills. This might limit its attractiveness for some users.

Customer Complaints

A common gripe among users is that the MBNA Rewards World Elite Mastercard cannot be added to Google Wallet. Given the convenience of Google Wallet and Apple Pay, this limitation is a notable drawback for many potential users.

Conclusion

In conclusion, the MBNA Rewards World Elite Mastercard offers significant value through its rewards program, comprehensive insurance, and unique perks like the birthday bonus. While it has some limitations, such as the inability to add it to Google Wallet and its high income requirement, it remains a top contender among Canadian credit cards. For those who prioritize rewards in the right categories and need a card widely accepted, this Mastercard is a compelling choice.

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