The MBNA Rewards Platinum Plus Mastercard is one of the best no-fee credit cards in Canada. Each purchase is eligible for flexible rewards, which you can redeem for six different types of perks, like travel, gift cards, and statement credits. Plus, you’ll receive a fantastic welcome bonus for a no-fee credit card, giving you bonus rewards on gas, groceries, and restaurants.
Picking one of Canada’s top rewards credit cards is a smart move if you’re looking for a new card. This MBNA Rewards Platinum Plus review gives you an inside look at all the details to help you decide if this card is right for you.
MBNA Rewards Platinum Plus Mastercard At A Glance
- After making your first eligible purchase within the first 90 days of account opening, you will receive 5,000 bonus points ($25 worth of cashback)
- Once you enrol for e-statements within 90 days of opening your account, you’ll receive 5,000 bonus points ($25 in cashback value)
- Every $1 spent at an eligible restaurant, grocery, digital media, membership, and utility purchase will earn 2 points, up to a maximum of $10,000 per year.
- For every dollar you spend on other eligible purchases, you get 1 point
- No Annual Fee
- As long as you keep your account open and in good standing, your MBNA Rewards Points never expire.
- You can add up to 9 authorized users without additional annual fees.
How To Redeem The MBNA Platinum Plus Mastercard Rewards
Members of MBNA Rewards can redeem their points for almost anything they want, including cashback against a statement, travel rewards (airfares, hotels, rental cars), gift cards, merchandise, and more. For example, if you redeem MBNA Rewards points for travel, 100 points equal $1. On the other hand, 200 points are worth $1 if you redeem them for cashback against a statement. Those who prefer cashback may be discouraged by the relatively low redemption rate. But you can get the MBNA Rewards World Elite® Mastercard instead, which offers a higher redemption rate.
Key card benefits
1. No annual fee
MBNA Rewards Platinum Plus Mastercard has no annual fee, unlike some other cards. Thus, you don’t need to worry about spending a certain amount just to cover the cost of carrying the card.
2. No minimum income requirement
Unlike some credit cards, this one does not have a minimum income requirement. Therefore, many Canadians, irrespective of their income level, can apply.
3. Options for high-value redemptions
Travel redemption is the only good use of most flexible rewards programs. But, this isn’t the case here. If you redeem MBNA Rewards points for gift cards or merchandise, you only lose a slight amount of value – making it easy to use your points.
4. Insurance coverages
These types of insurance are included free of charge, and no income requirement is necessary.
Mobile Device Insurance
You can receive up to $1,000 in coverage in the event of loss, theft, accidental damage, or mechanical failure for eligible mobile devices.
Purchase Assurance
Your MBNA credit card covers eligible items purchased with the card for theft or damage within 90 days from the date of purchase. There is a lifetime maximum accumulative amount of $60,000 per account.
Extended Warranty Benefits
The written manufacturer’s warranty on eligible new purchases made with your MBNA credit card is doubled for an additional year.
The downsides
With this card, you will lose out on half the value of your points on cashbacks. Its cashback value makes the card more appealing to those who want to redeem their points for travel.
Those interested in redeeming for cashback are encouraged to look at the MBNA Rewards World Elite® Mastercard, which offers a better cashback redemption rate.
Final Verdict
MBNA Rewards Platinum Plus Mastercard has no annual fee and offers flexible rewards redemption options.
Therefore, you can use the same card as a loyalty card, a cash-back card, and a travel card.
After reviewing the MBNA Rewards Platinum Plus Mastercard, we’re satisfied to say that it’s definitely a card worth considering if you’re looking for no-fee options, and especially a no-fee travel card.