Credit Card Review & Application

4.0

out of 5

- Get all the features of the MBNA Rewards card with more earning potential - Earn 2 MBNA Rewards point for every $1 in eligible purchases‡
- Get 10,000 bonus points after your first eligible purchase††
- No limit to the points that can be earned in a year, points don't expire
- Redeem points for cash back, travel, brand-name merchandise, gift cards from top retailers and charitable donations
- Enjoy price protection** and concierge services**
- $89 annual fee
- Take advantage of a credit card that rewards you for who you are. Apply below for the MBNA Rewards World Elite® MasterCard® credit card



Introductory APR: N/A*
Introductory Period: N/A
APR on Purchases: 19.99% *
Annual Fee: N/A*
Card Issuer: MBNA Canada
Card Network: MasterCard
Card Category: Consumer (Premium)
Card Type: - Co-Branded
- Instant Decision Card
- Reward Card
Credit Needed: Excellent*

The MBNA Rewards World Elite MasterCard Credit Card is a rewards card that is designed for individuals who like to travel and save money on that travel. There is a low annual fee and a number of benefits that cardholders are able to take advantage of every day. Once points are accumulated, they can be used toward travel and a number of other redemption options. Points can be used to save a great deal of money on travel throughout the year as often as you need them.

The card starts off with its annual fee, which is waived for the first year. As for points, points are earned for every dollar spent on eligible purchases. Because the list of eligible purchases can change over time, MBNA sends cardholders the complete terms and conditions that describe the eligibility of the program, point accrual and redemption, limitations and restrictions, and other important conditions after the account is opened. MBNA reserves the right to change the terms and conditions at any time.

When the account is opened and you make your first eligible purchase, you receive bonus points to get you started. There is no limit to the number of points that you can earn each year and your points do not expire. MBNA also ensures that the points have very good redemption value. Cardholders are also able to enjoy World Elite Benefits, such as Price Protection, World Offers, and Concierge Service. All of these services are designed to save money or make life a little easier for the cardholder.

Price Protection is a service that ensures you get the best price. The concierge service can help you get the items that you need when you need them without you having to do it yourself. Your terms and conditions will outline the services that the concierge can provide you with. This is a service that is ideal for the individual who is very busy. As for World Offers, there are a number of offers that cardholders can take advantage of. These offers are always subject to change, so it is best to keep track of these offers on a monthly basis to see when they change and what they change to.

In regards to the cost of the card, it is rather simple. There is a default rate and that rate remains the same as long as payments are made on time. If any payments are late, then the APR increases. In order to decrease the APR after a late payment, payments must be made on-time for 12 months. If you wish to avoid interest on purchases, you can pay off the balance before the due date. There is a grace period of 21 days for the balance to be paid off and interest to be avoided.

The other fees include the annual fee that is waived he first year, a wire transfer fee that is a percentage of the transaction amount, a balance transfer fee that is a percentage of the transaction amount, an access cheque or deposit fee that is a percentage of the cash advance amount, and a cash advance fee that is a percentage of the cash advance amount. Balance transfers, access cheques and deposits, and cash advances all have their own APRs in addition to the very small fees. If traveling abroad, there is a foreign currency conversion fee that is a percentage of the transaction after it has been converted. Account fees, such as over the credit limit, returned payment fee, extra statement copy fee, an inactive credit balance fee, and returned access cheque fee all apply.

Lastly, you do have a protection option that you can opt into during the application process. The application is very simple and at the end asks if you would like to enroll in CreditWise coverage. This is insurance coverage that allows you to protect yourself against job loss, illness, and a number of other qualified events that would prevent you from paying your bill. The terms and conditions of the coverage are available on the online application and you can view a specimen of the CreditWise Certificate of Insurance. This allows you to make an informed decision about whether or not to pay for the coverage.


The review prepared by

Reward Types: - Airline Reward Cards
- Travel Reward Cards
- Universal Reward Cards
Reward Unit: Point
Rewards: - 2 MBNA Rewards point for every $1 spent
- 10,000 bonus points after your first purchase
Expiration: None
Yearly Limit: None
Other Benefits: - World Elite Benefits
- Price Protection
- Concierge Service
*See Terms and Conditions for other benefits
Comments: *$89 annual fee (waived for the first year of the account)
Online Account Access: Yes
Introductory APR: N/A*
Introductory Period: N/A*
APR on Purchases: 19.99% *
Annual Fee: N/A*
Grace Period: 21 days*
Late Payment Fee: N/A*
Over Limit Fee: $25.00 per billing cycle
Balance Transfer: Yes
Minimum Fee: $7.50
APR Cash Advances: 24.99%
Cash Advance Fee: 1.00%
Minimum Fee: $7.50
Additional Fees Foreign Currency Conversion: %2.5
Returned payment: $20.00 per occurrence
Returned access cheque: $20.00 per occurrence
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† Published on Jan 19, 2017. Information relating to the MBNA Rewards World Elite MasterCard credit card may change without notice as a result we cannot guarantee the accuracy of details above. It is important you read the terms and conditions attached to a product before submitting the application.




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