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MBNA Rewards World Elite Mastercard®
Credit cards

MBNA Rewards World Elite Mastercard®

Updated 01.12.2022

About MBNA Rewards World Elite Mastercard

The MBNA Rewards World Elite Mastercard is a credit card that gives you the most significant rewards for making purchases among all cards provided by MBNA. In addition, you will be provided with a substantial welcome bonus. However, this credit card is not free, and its annual fee is very high: $120.  

MBNA Rewards World Elite Mastercard features

There are enough features to make the MBNA Rewards World Elite Mastercard an attractive option. You will receive rewards for making eligible purchases with this credit card. It has almost the same rates as the MBNA Rewards Platinum Plus Mastercard, so standard rates are:

  • 5 points per $1 spent on eligible grocery, restaurant, bills, and purchases;

  • 1 point per $1 spent on all other eligible purchases. 

What is more, MBNA offers you a welcome bonus that is a bit higher than that of MBNA Rewards Platinum Plus Mastercard cardholders. You will receive 20,000 bonus points after you make $2,000 or more in eligible purchases within the first 90 days of your account opening. According to available data, these bonuses are approximately equal to $165. 

Furthermore, MBNA provides you with more bonuses. For example, you will have an annual bonus for your birthday. Each year, you will receive Birthday Bonus Points equal to 10% of the total number of Points the Account earned in the 12 months before the month of the primary cardholder's birthday, up to 15,000 Points. Also, 10,000 bonus points equal to $80 will be granted once you enroll for paperless e-statements within the first 90 days upon account opening.

MBNA offers several ways to spend your bonuses, but you are still limited in spending options. You can redeem your rewards through the MBNA Rewards Catalogue for travel, gift cards, and brand-name merchandise. Moreover, the value of rewards is not fixed because it depends on how you spend them. For example, the redemption value for travel is 100 points per $1, while cash and charity donations are 120 points per $1. Merchandise and gift card point values are described in the Rewards Catalogue.

In addition to these options, you can redeem points towards a Statement Credit and apply it directly to your credit card balance. You also have the opportunity to redeem for cash by cheque, a deposit to a chequing or savings account, or towards a donation to a participating charitable organization you select.

Also, there are plenty of emergency services, such as trip assistance and legal assistance, a collision damage waiver that provides coverage for up to 31 consecutive days for eligible auto rental damage, and concierge services. 

The MBNA Rewards World Elite Mastercard's interest rates are 19,99% on purchases, 22,99% on money transfers, and 24,99% on cash advances. Also, it isn’t free, as the annual fee is $120 for a primary cardholder and $50 for an additional cardholder. 

Moreover, there are a lot of additional services, such as: 

  • Travel Medical Insurance up to $2 million;

  • Delayed and Lost Baggage Insurance up to $1,000;

  • Flight/Trip Delay Insurance up to $500;

  • Mobile Device Insurance up[ to $1,000;

  • Price Protection Service;

  • Avis and Budget discounts on rental cars;

  • Mastercard services. 

Pros and cons

Here we see the summary of the strong sides of MBNA Rewards World Elite Mastercard:

  • You earn bonuses for making purchases;

  • Several additional services and insurance coverage;

  • Annual birthday bonuses;

  • Welcome bonus. 

Nevertheless, below you will see some weak sides of MBNA Rewards World Elite Mastercard:

  • Interest rates are high;

  • The annual fee is high;

  • High-income requirements

  • Poor cash redemption value.  

How to apply for an MBNA Rewards World Elite Mastercard

Applying for MBNA Rewards World Elite Mastercard doesn’t require visiting the company’s office or other spots. You can do all; application processes online instead. All you need to do is go to the MBNA Rewards World Elite Mastercard webpage and click the “Apply Now” button. On the next page, you will see complete legal disclosures that must be read. Also, you will need to choose the preferred language of correspondence and go below to the application form. Fields that must be filled out are: 

  • Primary Applicant's Information: Your name, home address, housing status, years at current address, monthly payment, years at current address, phone number, and several questions: “Is your mailing address different from your home address?” and “Are you a Canadian resident?”.

  • Personal Information: date of birth, mother’s maiden name, email address, and SIN (optional).

  • Employment Information. In this section, you need to choose your employment status, and depending on it, you will be asked to provide the required information. 

Afterward, you will be offered to add an authorized user and request a balance transfer. Both options are not obligatory, so that you can skip them. In the end, you will be offered to enroll in a payment protection plan, and if you are interested in it, you will need to put a tick into the required box. Finally, you will need to click on the “Review your application” button, and the application will be made.

Am I eligible for an MBNA Rewards World Elite Mastercard?

MBNA has relatively strict requirements for potential MBNA Rewards World Elite Mastercard holders. To be approved, you need to be a Canadian resident, be over the provincial age of majority, have a credit score over 660 and a personal annual income greater than $80,000, or have a yearly household income over $150,000.
What if I don’t have $80,000 of personal income?If you don’t have $80,000 of personal income, you must have a household income over $150,000. If you don’t fit those requirements, you can apply for an MBNA Rewards Platinum Plus Mastercard.
How can I spend my MBNA rewards?You can spend your rewards on travel, cash, merchandise, and gift cards. All these ways are only available through the MBNA Rewards Catalogue.

Effective interest rate on the product

19,99% - 24,99%

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