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The MBNA World Elite MasterCard Is Credit Card That Pays For Itself

June 21, 2014 by CreditCardsCo™

The MBNA World Elite MasterCard is a rewards credit card that allows cardholders to earn points that they can use toward travel and other redemption opportunities. Cardholders also receive benefits, such as special offers, that allow them to save even more money with the card.

The MBNA Rewards World Elite MasterCard is a rewards credit card that gives cardholders something to work toward. With generous point earnings, excellent redemption options, and savings opportunities, it is a card that is given the capability to pay for all or part of itself. How much it pays for itself depends on how often you use it and how many money saving opportunities you take advantage of. You have complete power over how much money you save.

For instance, you are able to gain on average more than one point per dollar spent on eligible purchases. To know what constitutes eligible purchases, you have to be approved for the card and you will receive a list of what counts as eligible purchases. This list is always subject to change, so it is best to check it regularly. When you redeem these points, they are taking place of cash you would have to pay otherwise.

Cardholders also get to take advantage of World Elite Benefits. These are money saving benefits that include Price Protection, Concierge Service, and World Offers that can be used at any time. World Elite Benefits can change at any time, so it is ideal to check on the benefits made available to you so you can ensure you take advantage of all of them.

Application Process

The application process is very simple. After reviewing the terms and conditions, you state whether or not you are a Canadian resident. You must live in Canada and your household income must be a specific minimum amount or greater. In order to apply, you have to be current with all of your creditors and not have any liens or judgments against you professionally or personally. You must also not be in the middle of bankruptcy or have an account that was written off by a creditor as not collectible.

After you enter your basic information from your name to your household income and your Social Insurance Number, you can state whether or not you want to transfer a balance from a higher interest card to this card. You can save a great deal of money on interest when you transfer a balance from a high interest card to your MBNA card. It should be noted that you do not gain points for balance transfers.

Once you specify whether or not you wish to transfer a balance, you can opt into the CreditWise coverage. This is optional insurance coverage that protects your credit in case you become unable to pay your payment due to a qualified event. You can also view the CreditWise Certificate of Insurance to see if it is coverage that you feel you can benefit from. If so, simply check the box and you will be billed a specific amount for every $100 of your balance each month.

Card Cost

There are some standard charges that contribute to the card cost. First is the interest rate, which is a standard rate. Balance transfers, cash advances, and access cheques and deposits have different interest rates from purchases. You can avoid the interest on purchases if you pay off the card balance within the 21 days after the statement closes. If a payment is made late, then the interest rate increases to the default rate. The default rate is in place for 12 consecutive months as long as 12 consecutive on-time payments are made.

There is also an annual fee, but it is waived the first year. Add this to the fact that you get bonus points with the first use of the card and you receive a lot of savings in the first year. As for fees, there are several. For instance, you have the foreign currency conversion fee, which is a percentage of every foreign transaction that is made. This percentage is small and is competitive when compared to similar cards.

Other fees include a wire transfer fee, cash advance fee, access cheque or deposit fee, and the balance transfer fee. Each one of these result in a dollar amount charged per transaction or a percentage of the transaction, whichever is greater.

Account fees include an over the credit limit fee, a returned payment fee for each occurrence, a returned access cheque fee for each occurrence, and a fee to get an extra copy of the account statement or to get an extra copy of a sales draft. The last fee is when your credit balance is inactive for a year. If the account is inactive for 12 months and it has a balance, a fee will be assessed to the account in addition to the annual fee.

Protections

Aside from CreditWise Coverage, you are afforded a number of other protections, such as fraud monitoring. MBNA will monitor transactions through proprietary techniques that are used to identify those transactions that may indicate a fraud risk. MBNA does this by learning about you and your ordinary use of your credit card so that unusual activity can be identified. If it is suspected that the card is being used fraudulently, then MBNA reserves the right to freeze the account until the cardholder specifies otherwise.

Because the card is a MasterCard, cardholders are able to benefit from Zero Liability if the card is fraudulently used. This protection is available under specific conditions, such as not purposely giving the card number to someone. The card also has to be reported lost or stolen as soon as possible.

Conclusion

When you are looking for a credit card that gives elite benefits, awards points on eligible purchases, has a low annual fee, and is competitive, the MBNA World Elite MasterCard has all of those qualities. It gives you control over your spending and your savings.

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