The MBNA Rewards World Elite® Mastercard® is a premium financial tool designed for those who value flexibility, competitive rewards, and access to exclusive benefits. This card stands out in the Canadian market as an excellent option for individuals who want to maximize their spending potential while enjoying perks tailored to their lifestyle.
Whether you’re earning points for cashback, redeeming gift cards, or planning your next vacation, this card offers robust rewards to suit diverse preferences. Its recognition as one of the best credit cards in Canada further highlights its reliability and appeal for discerning cardholders.
Key information about the credit card
How does the annual fee work?
The MBNA Rewards World Elite® Mastercard® comes with an annual fee of $120 for the primary cardholder and an additional $50 for each supplementary cardholder. While this fee might seem steep to some, it is standard for premium credit cards offering robust rewards programs. Unfortunately, the card does not offer first-year fee waivers, but the extensive benefits often outweigh the costs.
For those concerned about affordability, MBNA provides a convenient payment plan to cover large purchases, which indirectly aids in managing the overall cost of owning the card. By leveraging its rewards program and unique benefits, cardholders can offset the annual fee and make the most of their spending.
How is the credit limit determined?
MBNA determines the credit limit for the Rewards World Elite® Mastercard® based on various factors, including the applicant’s credit score, income, and financial history. This ensures that the credit limit reflects the cardholder’s ability to manage their spending responsibly.
For traditional credit cards, the institution evaluates the applicant’s financial standing using comprehensive criteria, while for secured cards, the limit depends on a security deposit made by the applicant. This card, however, targets individuals with strong financial profiles, offering higher initial limits compared to standard options.
Advantages of the credit card
- Generous welcome bonuses: Earn up to 30,000 bonus points in the first 90 days, valued at approximately $245 in cashback or rewards.
- Flexible rewards program: Redeem points for travel, gift cards, cashback, merchandise, and even charitable donations, giving you complete control over how to use your rewards.
- High earning rates: Earn 5 points for every $1 spent in categories like groceries, restaurants, and utilities, and 1 point for every $1 spent elsewhere.
- Birthday bonus points: Celebrate your birthday with an extra 10% of the points earned in the previous 12 months, up to a maximum of 15,000 points annually.
- No expiration on points: MBNA Rewards Points never expire as long as the account is in good standing, offering long-term value.
- Payment plan options: Break down larger purchases into manageable installments of 6, 12, or 18 months for better budgeting.
Standout advantage
One of the most unique features of the MBNA Rewards World Elite® Mastercard® is its birthday bonus. This program rewards cardholders with an additional 10% of the points earned over the past year during their birthday month. With a maximum of 15,000 bonus points annually, this is a standout benefit that ensures cardholders feel appreciated while boosting their reward balance significantly.
Disadvantages
- High annual fee: The $120 fee may deter those who spend less or don’t maximize the rewards program.
- Strict eligibility criteria: The card requires a personal income of $80,000 or a household income of $150,000, limiting access for many.
- Cap on high-earning categories: The 5-point earning rate is limited to $50,000 annually in selected categories, which may restrict high spenders.
- No first-year fee waiver: Unlike some competitors, this card does not offer a grace period for the annual fee, which could impact initial affordability.
A standout disadvantage
The most significant drawback of the MBNA Rewards World Elite® Mastercard® is its strict eligibility requirements. With a personal annual income threshold of $80,000 or household income of $150,000, the card is out of reach for many Canadians. This exclusivity limits its accessibility, making it more suitable for high earners who can fully leverage its benefits.
Who can apply for this card?
To qualify for the MBNA Rewards World Elite® Mastercard®, applicants must meet several prerequisites. You must be a Canadian resident of the age of majority in your province or territory. Additionally, you need a personal annual income exceeding $80,000 or a household income of at least $150,000.
Applicants should also have a good credit score and a clean financial history to increase their chances of approval. This card is not suitable for individuals with lower income levels or poor credit, as it is tailored for those with strong financial profiles. Proof of income and other documents may also be required during the application process.
How to apply for the MBNA Rewards World Elite® Mastercard®
For the website
The easiest way to apply is through the MBNA website. Navigate to the card’s dedicated page and click on the “Apply Now” button. You’ll be directed to a secure application form where you can input your personal details, including your name, address, and financial information. Double-check all the information for accuracy before submitting the form. Once submitted, you’ll receive a response within minutes or a follow-up within a few business days. The online process is efficient and secure, providing a hassle-free way to start enjoying your new card.
Through the app
The MBNA mobile app offers a seamless way to apply for the Rewards World Elite® Mastercard®. After downloading the app, log in or create an account. Go to the credit cards section and select the MBNA Rewards World Elite® Mastercard®. Follow the step-by-step instructions to complete your application. The app allows you to upload any required documents directly and track your application status in real time, ensuring transparency throughout the process.
At the branch
For those who prefer a face-to-face approach, MBNA representatives are available at select branches to assist with the application. Visit a participating location with your documents, such as proof of income and ID. The representative will guide you through the application process, answering any questions you may have. While this method may take longer, it provides personalized assistance and ensures that all aspects of your application are handled correctly.
