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What is attractive about this card is not just the generous earn rate of 5 points per dollar, but the massive cap on categories. It’s set at $50,000 per spending category—which includes food, entertainment and digital media.
THE BEST REWARDS CREDIT CARD IN CANADA
MBNA Rewards Platinum Plus® Mastercard®
Rates & Fees
Rate of five points on every dollar
The MBNA Rewards World Elite Mastercard earns an impressive rate of five points on every dollar spent.
Welcome Bonus
30,000 points ($245 in value)
Annual Fee
$120
Regular APR
19.99-24.99%
Credit Score
Good/Excellent
Rates & Fees
Rate of five points on every dollar
The MBNA Rewards World Elite Mastercard earns an impressive rate of five points on every dollar spent.
Welcome Bonus
30,000 points ($245 in value)
Annual Fee
$120
Regular APR
19.99-24.99%
Credit Score
Good/Excellent
- Collect 4 points for every dollar spent on dining, groceries, digital media, memberships and household utilities in the first 90 days
- Receive up to 10,000 bonus points for spending $500 and registering for paperless e-statements in the first three months
- Skip annual fees and get built-in coverage for mobile devices, purchase assurance on eligible items and extended warranty protection
- Welcome bonus of 10,000 points (5,000 for spending $500 and another 5,000 points after registering for paperless e-statements within the first 90 days)
- Earn 4 points per dollar on dining, groceries, digital media, memberships and household utilities during the first 90 days (2 points after for the first $10,000 in each category)
- Earn 1 point per dollar on all other purchases
- Claim 10% of points earned over 12 months as an annual birthday bonus (10,000 total points per year)
- Receive $1,000 in mobile device insurance, 90-day purchase protection and extended warranty benefits
- Save 10% or more on Avis and Budget car rentals in Canada and the U.S. (5% internationally)
- Get a 21-day interest-free grace period on new credit card purchases (excludes cash advance fees and balance transfer fees)
Why We Recommend the MBNA Rewards Platinum Plus® Mastercard®
The MBNA Rewards Platinum Plus® Mastercard® stands out for its lucrative reward system and cost-effectiveness. Here’s why this card might be your next financial companion:
- Generous Reward Points: The card offers an impressive 4 points per $1 spent on eligible categories, including restaurants, groceries, digital media, memberships, and household utilities, up to $10,000 annually. This rate is particularly beneficial for those who spend heavily in these categories.
- Welcome Bonuses: The card entices new users with up to 10,000 bonus points, divided into two parts. You receive 5,000 points after making $500 in purchases within the first 90 days and another 5,000 for enrolling in paperless e-statements. These bonuses can kickstart your rewards journey.
- No Annual Fee: This aspect is a significant plus, especially for those who are budget-conscious and want to maximize their earnings without worrying about offsetting a yearly charge.
- Additional Perks: Birthday Bonus Points (10% of the points earned in the previous year) and flexible redemption options (including cash back, travel, and merchandise) add further value to the card. This flexibility ensures that you can use your points in a way that best suits your needs.
- Insurance Benefits: The card also comes with Mobile Device Insurance, Extended Warranty Benefits, and Purchase Assurance, providing peace of mind for your purchases and devices.
In conclusion, the MBNA Rewards Platinum Plus® Mastercard® is ideal for those who want to earn significant rewards on their daily expenses without an annual fee. Its rich rewards program and additional benefits make it a strong contender in the competitive credit card market.
Using the MBNA Rewards Platinum Plus® Mastercard®
The MBNA Rewards Platinum Plus® Mastercard® is versatile, making it suitable for a broad range of financial needs. Here’s how it can fit into your life:
- Daily Expenses: With its high reward points on everyday categories, this card is perfect for regular expenses like grocery shopping, dining out, or paying for digital services and memberships.
- Budget Management: The absence of an annual fee and the MBNA Payment Plan, which allows for installment payments on larger purchases, make it easier to manage your budget effectively.
- Travel and Leisure: The card is also suitable for travel enthusiasts. The points earned can be redeemed for travel expenses, and car rental discounts with Avis and Budget enhance your travel experiences. Plus, the included insurance benefits offer extra security while on the move.
- Online Shopping: For those who prefer online shopping, this card offers protection and rewards for digital purchases, making it a savvy choice for the modern consumer.
In essence, the MBNA Rewards Platinum Plus® Mastercard® is a well-rounded card that caters to various aspects of your financial life. Whether you’re looking to maximize rewards on daily spending, manage large purchases, or enjoy travel benefits, this card offers a compelling package that can complement your financial strategy.
Advantages of the MBNA Rewards Platinum Plus® Mastercard®
The MBNA Rewards Platinum Plus® Mastercard® offers several attractive features:
- Rewarding Points System: You earn 4 points for every $1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases for the first $10,000 annually. This rate is especially advantageous for those who frequently spend in these categories.
- Welcome Bonuses: The card offers a generous welcome bonus of up to 10,000 points, split into two phases. This initial boost can be highly beneficial for new cardholders.
- No Annual Fee: The absence of an annual fee makes this card a cost-effective choice for budget-conscious individuals.
- Flexible Rewards Redemption: Points can be redeemed for cash back, merchandise, gift cards, charitable donations, or travel expenses, offering great flexibility.
- Additional Perks: The card includes Birthday Bonus Points, Mobile Device Insurance, Extended Warranty Benefits, and Purchase Assurance, enhancing its overall value.
These features make the MBNA Rewards Platinum Plus® Mastercard® a strong contender for those who want to earn significant rewards without incurring high costs.
Disadvantages of the MBNA Rewards Platinum Plus® Mastercard®
However, the card has some drawbacks:
- High-Interest Rates: The interest rates for purchases (19.99%), cash advances (24.99%), and balance transfers (22.99%) are relatively high. This can be a concern for those who carry a balance.
- Limited Higher Rewards Categories: After reaching the $10,000 spend in the bonus categories, the rewards rate drops, which might be a downside for high spenders.
- Foreign Transaction Fees: For those who travel frequently or make purchases in foreign currencies, the card does not offer any waivers on foreign transaction fees.
These aspects are important to consider, especially if you tend to carry a balance or are a frequent traveler.
Credit Analysis for the MBNA Rewards Platinum Plus® Mastercard®
When applying for the MBNA Rewards Platinum Plus® Mastercard®, MBNA will conduct a thorough credit analysis. This process includes:
- Credit Score Check: A good credit score is crucial as it indicates your creditworthiness and history of managing credit.
- Income Verification: Your income level is assessed to ensure you can comfortably manage credit repayments.
- Debt-to-Income Ratio: MBNA will evaluate your existing debts against your income to determine your ability to handle additional credit.
- Residency and Age Requirements: Applicants must be Canadian residents and of the age of majority in their province or territory.
This assessment ensures that the card is a suitable financial tool for you and helps MBNA gauge the risk involved in extending credit. Being aware of these criteria can help you understand your chances of approval and prepare accordingly.
Is There a Maximum and Minimum Limit on the MBNA Rewards Platinum Plus® Mastercard®?
When it comes to the MBNA Rewards Platinum Plus® Mastercard®, the credit limits are tailored to each individual. While specific minimum and maximum limits aren’t publicly disclosed, they are determined based on your creditworthiness.
Factors like your credit score, income, and financial history play a crucial role in this decision. MBNA assesses these elements to offer a credit limit that aligns with your financial situation, ensuring you have a limit that’s both manageable and suitable for your spending needs.
Ready to Apply? Here’s How to Get the MBNA Rewards Platinum Plus® Mastercard®
If the MBNA Rewards Platinum Plus® Mastercard® sounds like the right fit for you, applying is just a few clicks away. By following these steps, you can embark on a journey to enjoying the benefits of this rewarding credit card:
- Check Your Eligibility: Ensure you meet the age and residency requirements and have a stable financial background.
- Gather Necessary Documents: Prepare your identification, proof of income, and any other relevant financial documents.
- Apply Online: Click the button below to be directed to the official application page. The online process is streamlined for your convenience, guiding you every step of the way.
- Submit and Await Approval: Once you’ve submitted your application, MBNA will review your details and conduct a credit assessment.
Don’t wait any longer to start earning rewards on your everyday expenses. Click below to apply for the MBNA Rewards Platinum Plus® Mastercard® and step into a world of valuable benefits and flexible rewards!
