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By Credit Card Company
mbna Rewards World Elite Mastercard Review Posted on March 24, 2016

One of the most under regarded cards in the market, even by ourselves, the mbna Rewards World Elite Mastercard is the best card in mbna's portfolio for any type of rewards! While the card may not rank in our Top 5 Travel Points cards with an annual fee, it can definitely compete with those cards as long as you are fine with lesser insurance benefits and a lower sign up bonus.

Overview

The mbna Rewards World Elite Mastercard is marketed by mbna as a travel rewards credit card, which it is, but it is also cash back credit card and one of the best at that! We recently placed it into our Ultimate Cash Back Credit Card portfolio because of this. The card is known for its strong return on everyday spending, a straight 2%. No tiers or specific categories to worry about. No matter what, your return is always 2%.

Sign up Features
The mbna Rewards World Elite Mastercard currently offers a 10,000 mbna Reward points bonus after your 1st purchase with the card. The annual fee is also waived in the first year. The 10,000 points sign bonus is worth $100 towards travel or cash back with the card.


Costs
The mbna Rewards World Elite Mastercard costs $89 per year for the primary card. Secondary cards come with no annual fee. The interest rate on the card is 19.99% which seems to be the going rate nowadays for most cards.

Earning
The mbna Rewards World Elite Mastercard earns 2 mbna Rewards Points per eligible dollar spent on the card. Simple as that.

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Redeeming
Redeeming with the mbna Rewards World Elite Mastercard is easy and straight forward. If you want to redeem for travel you simply book whatever travel you want, with whomever you want and then when the charge posts to your account you can redeem points against it. You'll need a minimum of 10,000 points to do so and seeing as the sign up bonus is 10,000 points you already have enough for your first redemption. That 10,000 points is worth $100. This is why proprietary credit card programs like mbna Rewards rock!

Related: Why proprietary credit card reward programs are the best option for most Canadians

You don't have to wait until you have enough points to redeem for a whole flight, hotel stay or any other vacation item. Like many other cards that offer this utmost in flexibility by allowing part points redemption and you can also wait until you have more points to redeem as mbna gives you up to 9 months after a charge posts to your account to redeem against it. So say the day you buy the travel you have 15,000 points worth $150 you can wait until 9 months later when perhaps you have 30,000 points and redeem $300 towards that charge.

If you don't want to use your rewards towards travel you can redeem your points for cash back. You can choose between a statement credit (just like the travel option) or choose to have mbna deposit the money in your bank account.

Due to the type redemption feature this card falls into the top end of the flexibility of travel point and hybrid credit cards.

Related: Not all Travel Points and Hybrid Credit Cards are created equal



Features and Benefits

The mbna Rewards World Elite Mastercard comes with a lower end insurance and benefits package when compared to other World Elite Mastercard cards and Visa Infinite cards. This is part of the trade off of having a lower annual fee compared to those cards that run $120 to $150 per year. Compared to these other cards the insurance benefits are very weak with this card. You get common carrier travel accident insurance (most cards offer this), car rental CDW insurance, purchase protection and extended warranty. Pretty much standard offers on most high end and even low end cards. No medical insurance, no travel delay insurance etc. It does come with Mastercard concierge service that is found on other World Elite Mastercards to assist with hotel bookings, restaurant reservations etc.

The one benefit this card does have that many others do not is price protection. Price Protection
will protect you from price drops on items you purchase with the card for up to 60 days. So if you buy a TV for $1,000 and the next week the same product is advertised for $900 you can claim the difference with the card and they'll refund you $100. You can claim up to $500 per purchase and up to $1,000 total per annum.


What is good about this card
The straight 2% return is great. It makes keeping track of your rewards easy. Then the card is so flexible in redemption options that no one should complain. Whether it is for travel or for cash back, you get 2% back.

The Price Protection benefit is also a great feature of the card.


What is not so good about this card
The serious lack of a good travel insurance benefits package is what kept this card out of our Top 5 Travel Points Credit Card category in our 2016 card rankings and is a major 'not-so-good' feature of this card. If you have another card with those benefits great, but if you plan on travelling lots and making this card your primary card be warned that you do not have much coverage. While right above we stated the sign up bonus is great because it is free, many of this card competitors are also doing first year free with a larger sign up bonus worth more so on one hand the low 10,000 points is not so good.


Who should get this card

  • Consumers who have another card that is their primary reward program and provides strong travel insurance and benefits like a Visa or American Express and want to add a Mastercard to their portfolio. Remember we always stress that you should carry at least one card from each of the three card brands!
  • Consumers who want the utmost in flexibility with a rewards card and don't want to tied into travel rewards only.
  • Consumers looking to save some money on travel or by redeeming for cash back who grab the card, getting the sign up bonus and divesting the card before the first year free is up.
  • Consumers who want a straight cash back card without worrying about spending level tiers or category bonuses

Conclusion
This card is the strongest in the market for mbna and is a great card for the person who likes to focus on earning points with a good return while not having much interest in benefits and insurance that can come with higher end cards. It is also makes great sense as a secondary or tertiary card in one's wallet where the primary cards are Visa and/or American Express with strong benefits and the need arises for a Mastercard card for purchases at places like Costco. Is it the best card on the market? No, but its not that far off. In fact when we rank travel points credit cards with an annual fee this card is in 6th place (just out of our top 5 list) but it can easily hold its own in the earn and burn category due to its 2% return.

Care to comment? Do you agree or disagree with us? Tell us what think about the mbna Rewards World Elite Mastercard by commenting below!


Related Links:
mbna Rewards World Elite Mastercard
Rewards Canada's All Travel Rewards Credit Card Comparison including the mbna Rewards World Elite Mastercard
Rewards Canada's Travel Points Only Credit Card Comparison including the mbna Rewards World Elite Mastercard

Other cards to consider if you are looking at this card:
American Express Gold Rewards Card
American Express Blue Sky Credit Card
BMO World Elite Mastercard
RBC Avion Visa Infinite
Scotiabank Gold American Express Card
TD First Class Travel Visa Infinite Card

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