The MBNA Rewards World Elite® Mastercard® is a premium credit card designed to provide substantial rewards and benefits to its users. With a robust rewards program, attractive welcome offers, and numerous perks, this card is an excellent choice for those who want to maximize their spending benefits. Whether you’re looking to earn cashback, redeem points for gift cards, or enjoy exclusive travel perks, the MBNA Rewards World Elite Mastercard has something to offer.

In addition to the generous rewards program, the card also comes with various features that cater to the needs of frequent shoppers and travelers alike. The competitive interest rates, birthday bonus points, and flexible payment options make it a well-rounded choice for discerning consumers.

Key information about the MBNA Rewards World Elite Mastercard card

The MBNA Rewards World Elite® Mastercard® is a premium credit card offering a generous rewards program and numerous benefits. Cardholders can earn up to 30,000 bonus points, equivalent to $245 in cashback value, by meeting specific spending criteria and enrolling in paperless e-statements within the first 90 days. The card provides 5 points per dollar spent on eligible restaurant, grocery, digital media, membership, and household utility purchases, and 1 point per dollar on all other purchases.

How does the annual fee work?

The primary cardholder is subject to an annual fee of $120, while additional cardholders incur a $50 fee each year. Unlike some cards that offer waivers for the first year or under specific conditions, the MBNA Rewards World Elite Mastercard maintains this fee consistently. This fee can be seen as an investment toward the various rewards and benefits the card offers.

How is the credit limit determined?

The credit limit for the MBNA Rewards World Elite Mastercard is determined based on several factors, including your creditworthiness, income, and overall financial health. The bank assesses your credit report, income level, and debt-to-income ratio to establish a suitable credit limit. This personalized approach ensures that the credit limit aligns with your ability to manage debt responsibly.

Credit card benefits 

• Welcome bonus: Earn up to 30,000 bonus MBNA Rewards Points††. This includes 20,000 points after spending $2,000 within the first 90 days and an additional 10,000 points for enrolling in paperless e-statements.
• Rewards points: Earn 5 points for every $1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases until $50,000 is spent annually in these categories. For all other purchases, earn 1 point for every $1 spent.
• Birthday bonus: Each year, receive bonus points equal to 10% of the total points earned in the 12 months prior to the primary cardholder’s birthday, up to a maximum of 15,000 points.
• Flexible redemption: Redeem points for cashback, merchandise, gift cards, charitable donations, and travel.
• Non-expiring points: MBNA Rewards Points never expire as long as the account remains open and in good standing.
• MBNA payment plan: Convenient payment plans for purchases over $100, with terms of 6, 12, or 18 months, helping manage budgets effectively.

Rewards program

One of the standout features of the MBNA Rewards World Elite Mastercard is its comprehensive rewards program. With the ability to earn points on everyday purchases and special categories, users can quickly accumulate points that can be redeemed for a variety of rewards. The welcome bonus alone can provide a significant boost, making it easier to earn rewards right from the start.

Disadvantages

• Annual fee: The $120 annual fee might be considered steep for some users.
• High-interest rates: Interest rates on purchases (19.99%), cash advances (24.99%), and balance transfers (22.99%) are relatively high.
• Income requirements: Strict eligibility criteria requiring a high personal or household income.

High-interest rates

The high-interest rates associated with the MBNA Rewards World Elite Mastercard can be a significant downside. For those who carry a balance month-to-month, the interest charges can quickly accumulate, outweighing the benefits earned from the rewards program. It is crucial for potential cardholders to assess their ability to pay off their balance regularly to avoid these high costs.

Who can apply for this card?

The MBNA Rewards World Elite Mastercard is available to Canadian residents who meet the following criteria:

• Must be of the age of majority in their province/territory of residence.
• Personal annual income must be greater than $80,000, or household annual income must be $150,000 or greater.
• A good credit history and credit score are required.
• The applicant must have a valid Social Insurance Number (SIN).
• This card is not typically available to those with a poor credit history or those who are currently bankrupt.

How to apply for the MBNA Rewards World Elite Mastercard card

Via WebSite

First, visit the official MBNA website and navigate to the credit cards section. Here, you’ll find a list of available credit cards. Look for the MBNA Rewards World Elite Mastercard and click on the corresponding option to access the card’s details page. On this page, you can review all the information about the card’s benefits, rewards, and terms.

After reviewing the information and deciding to proceed with the application, click the “Apply Now” button, which is usually prominently displayed on the page. This button will redirect you to the online application form. It is important to have all the necessary information on hand to complete the form, such as your personal details, contact information, and financial information.

Begin by filling out the required personal information, including your full name, date of birth, and Social Insurance Number (SIN). You will also need to provide your residential address, email address, and phone number. Ensure that all the information you enter is accurate and up-to-date to avoid any delays in the processing of your application.

Next, provide your employment and income details. This includes your current employer’s name, your job title, and your annual income. If you have additional sources of income, such as investments or rental properties, include this information as well. MBNA uses this information to assess your financial stability and determine your eligibility for the card.

You will also need to provide information about your existing financial obligations, such as mortgages, car loans, or other credit cards. This helps MBNA evaluate your debt-to-income ratio, which is an important factor in the approval process.

After submitting your application, you will receive a confirmation email from MBNA acknowledging receipt of your application. The approval process can take anywhere from a few minutes to several days, depending on the thoroughness of your application and your credit profile. MBNA may contact you for additional information or documentation if needed.

Once your application is approved, you will receive your new MBNA Rewards World Elite Mastercard in the mail. Follow the instructions provided to activate your card and start enjoying the benefits and rewards associated with your new credit card. If your application is not approved, MBNA will provide an explanation and, in some cases, offer suggestions on how to improve your chances for future applications.