MBNA: Changes To MBNA Rewards Credit Cards

MBNA is changing the MBNA Rewards World Elite^® Mastercard^® to offer 5 points per dollar on certain purchases like other institutions have done before:

• American Express with the American Express Cobalt^® Card
• BMO with the BMO eclipse Visa Infinite* Card
• Scotia with the Scotiabank Gold American Express Card

Specifically, you can now earn 5 points per dollar of purchases for:

• Dining purchases
• Groceries
• Digital media purchases (Netflix, Spotify, etc.)
• Memberships
• Household utility purchases (electricity, etc.)

There is a generous annual spending limit to earn 5 points per dollar: up to $50,000 per category.

Once you reach this limit in the category, you will earn 1 point per dollar for all your purchases in that category.

Everywhere else, you will get 1 point per dollar (instead of 2 points per dollar before).

You have several options for using MBNA Rewards points with the MBNA Rewards World Elite^® Mastercard^®.

• For travel purchases made with the card: 10,000 points = $100
• For gift cards or items: up to 10,000 points = $100
• For cash back: 12,000 points = $100

As you can see, the best use is still for travel purchases charged to the card (airline tickets, car rentals, Airbnb rentals, hotels, etc), since MBNA Rewards has changed its redemption schedule.

If you make the best use of your MBNA Rewards points, earning 5 points per dollar in purchases can equal a return of:

• 4.16% for cash back
• 5% for travel rewards

For comparison, the American Express Cobalt^® Card now offers 5% (whether for cash back or travel) for its 5 points-per-dollar purchase categories.

However, MBNA has added a twist that may pique your interest: a birthday bonus.

Each year, you will receive a 10% birthday bonus of all points you earned in the previous 12 months, up to a maximum of 15,000 points.

This can increase your return to:

• 4.58% for cash back
• 5.5% for travel rewards

Enough to make the MBNA Rewards World Elite^® Mastercard^® the best Mastercard credit card in Canada for restaurant, grocery, digital media, membership and household utility purchases.

Knowing, for example, that Mastercard recognizes Walmart Supercenters as grocery stores, this is the best credit card for Walmart customers!

As for the welcome bonus, the offers differ depending on whether you live in Quebec or elsewhere.

Quebec – Get up to 20,000 bonus points:

• Get 15,000 bonus points after you make your first qualifying purchase within 90 days of opening your account.
• Get 5,000 bonus points when you sign up for eStatements within 90 days of opening your account.

Or a welcome bonus worth between $165 and $200 depending on your use of MBNA Rewards points. And all of this for making only one purchase.

Elsewhere in Canada – Get up to 30,000 bonus points:

• 20,000 bonus points after you make qualifying purchases of at least $2,000 within 90 days of opening your account.
• 10,000 bonus points when you sign up for paperless eStatements within 90 days of opening your account.

A welcome bonus worth $245 to $300 depending on your use of MBNA Rewards points.

If there was one area where the MBNA Rewards World Elite^® Mastercard^® fell short of the competition – especially being a World Elite card – it was for insurance.

From now on, this card offers 4 new insurances:

• travel medical insurance
• insurance for delayed or lost luggage
• flight/travel delay insurance
• mobile device insurance

This is in addition to other insurance already offered such as:

• insurance for car rental
• accidental death and dismemberment insurance on a common carrier
• insurance in case of unexpected return to Canada
• purchase insurance and extended warranty

Like most Word Elite credit cards, there is a $50 fee for the first additional card added to the account.

However, there is a subtle difference: there are no fees for other additional cards. This makes it convenient for large families.

In addition, all insurance benefits associated with your account are now available to all your authorized users.

MBNA is also changing its no annual fee credit card: the MBNA Rewards Platinum Plus^® Mastercard^®.

Specifically, you can now earn 2 points per dollar of purchases for:

• Dining purchases
• Groceries
• Digital media purchases (Netflix, Spotify, etc.)
• Memberships
• Household utility purchases (electricity, etc.)

The annual spending limit to earn 2 points per dollar is high for a no annual fee card: up to $10,000 per category.

Once you reach this limit in the category, you will earn 1 point per dollar for all your purchases in that category.

Everywhere else, you will earn 1 point per dollar.

You have several options for using MBNA Rewards points with the MBNA Rewards Platinum Plus^® Mastercard^®.

• For travel purchases made with the card: 10,000 points = $100
• For gift cards or items: up to 10,000 points = $100
• For cash back: 20,000 points = $100

So you’re better off opting for travel purchases made with the card (airfare, car rentals, Airbnb rentals, hotels, etc), since MBNA Rewards changed its redemption schedule: cash back is really not attractive with the no-annual-fee card.

However, avoid using this card for trips for which you would need insurance (such as airline tickets or car rentals). Unlike the World Elite version mentioned above, this card does not have insurance for these types of trips.

For example, try to rent apartments on Airbnb, which is less risky in terms of insurance!

If you make the best use of your MBNA Rewards points, earning 2 points per dollar in purchases can equal a return of:

• 1% for cash back
• 2% for travel rewards

Each year, you’ll receive a 10% birthday bonus of all points you earned in the previous 12 months, up to a maximum of 10,000 points.

This can increase your return to:

• 1.1% for cash back
• 2.2% for travel rewards

Enough to make the MBNA Rewards Platinum Plus^® Mastercard^® the best no-annual-fee Mastercard credit card in Canada for restaurants, groceries, digital media, subscriptions and household utilities.

As for the welcome bonus, the offers differ depending on whether you live in Quebec or elsewhere.

Quebec – Get up to 10,000 bonus points:

• Get 5,000 bonus points after you make your first qualifying purchase within 90 days of opening your account.
• Get 5,000 bonus points when you sign up for eStatements within 90 days of opening your account.

Or a welcome bonus worth $50 to $100 depending on your use of MBNA Rewards points. And all of this for making only one purchase.

Elsewhere in Canada – Get up to 10,000 bonus points:

• 5,000 bonus points after you make qualifying purchases of at least $500 within 90 days of opening your account.
• 5,000 bonus points when you sign up for paperless eStatements within 90 days of opening your account.

Or a welcome bonus worth $50 to $100 depending on your use of MBNA Rewards points.