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MBNA Rewards Platinum Plus® Mastercard®

MBNA Rewards Platinum Plus® Mastercard®

Get a head start with up to 5,000 bonus points as follows:
• Receive 2,500 bonus points†† after your first eligible purchase
• Receive 2,500 bonus points†† once enrolled for e-statements

Annual Fee Interest Rate Balance Transfer Cash Advance Credit Score Good: -- I've had a credit card, or loan for 6+ years. I've had good credit for the last 7 years (no bankruptcies or no defaults on credit as a result of failing to pay debts back to creditors). I haven't opened a new credit card account, loan, or line of credit in the last nine months. I've made the minimum payments on my existing credit cards for the past three months. Rewards Are all rewards created equal? From points, to miles, to cash back – how do you know how much you’re really getting? To help you find the best rewards card, we’ve created the Your Reward Return, an estimate on the dollar value of your rewards based on your monthly spend so that you can compare like for like. Now that’s wise thinking!
$0.00 19.99% 22.99% 24.99% Good 2.00% *maximum
  • Card Details Details
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Card Details

Accelerate rewards points on common purchases!



  • No annual fee

  • 1 point for every $1 in eligible purchases

  • 2 points for every $1 spent on eligible gas, groceries and restaurant purchases ($5,000 annual cap on each category)

  • Receive 2,500 bonus points†† after your first eligible purchase within the first 90 days of account opening

  • Receive 2,500 bonus points†† once enrolled for e-statements within the first 90 days of account opening

  • Redeem points‡ for travel, brand-name merchandise, gift cards from participating retailers, cash back, and charitable donations

  • Standard Annual Interest Rates of 19.99% on eligible purchases, 22.99% on balance transfers✪ and access cheques, and 24.99% on cash advances

  • A suite of comprehensive insurance**


Take advantage of an everyday rewards card with no annual fee. Apply now for the MBNA Rewards® credit card.

Features and Benefits

  • Purchase protection and extended warranty
  • Rental vehicle insurance

RateSupermarket.ca's Review

This well-rounded card boasts a comprehensive rewards scheme, with points earned when you use the card for gas, groceries and even restaurant purchases. This means you won't have to change your spending habits to start accruing points. In addition to this, with the MBNA Rewards Platinum Plus® Mastercard®, you can kick-start your collection with 5,000 MBNA Reward Points, simply by making at least one purchase and opting for paperless bills within 90 days of opening your account††.

 

There is no annual fee, so as you would expect, the rewards scheme only offers modest returns. But cardholders do enjoy the benefits of Mastercard insurance coverage. The interest rate for both purchases and cash advances is about average (19.99%), but not as low as some no-fee cards. With this in mind, you should try to pay the balance in full each month.

Earning Potential: $562.93-worth of MBNA Rewards Points

So, how does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much you could earn over a 24-month period.


Assuming $1,222.96 is spent on the card monthly, at eligible retailers in the following categories*:

 

Pharmacy Food Gas
$55.33 $758.53 $155.72
Travel Other Monthly Total
$151.21 $102.17 $1,222.96

 

Factor in the 5,000 bonus points you can receive within the first 90 days of sign up.

 

Rewards earned over a 24-month period: 56293.04 MBNA Rewards Points
Monetary worth: $562.93.

*Source: Statistics Canada
**Based on $1.00/litre gas prices

This reward scheme won't change your life, but it's a decent chunk of change from a no-fee credit card! Thanks to the flexibility in eligible purchases, you don't have to change up your shopping routine or go out of your way to start collecting points.

Pros

  • No annual fee.
  • Receive 2,500 bonus points after your first eligible purchase within the first 90 days of opening the account††.
  • Receive another 2,500 bonus points, simply by signing up for paperless e-statements within the first 90 days of opening the account††.
  • Earn 2 points for every dollar spent on eligible gas, groceries and restaurant items, and 1 point for all other eligible purchases.
  • Redeem points from the MBNA Rewards catalogue that includes a wide range of purchasing options, including travel, brand-name merchandise, select gift cards, cash-back, charitable donations and more.
  • Enjoy the benefits of comprehensive Mastercard insurance coverage.

Cons

  • If you are unable to pay your full balance every month, the interest rates of 19.99% on eligible purchases, 22.99% on balance transfers and 24.99% on cash advances can accumulate debt quickly.
  • Points earned for gas, groceries and restaurant purchases are capped at $5,000 annually for each category, although, if you are spending this much, you should really consider a card with a more lucrative rewards program.

 

‡ These are highlights of the credit card rewards program (the ""Program"") associated with this credit card account. Points will be awarded on eligible transactions charged to your account as set out in the Program terms and conditions. You will earn two (2) points per dollar spent on eligible gas, grocery and restaurant purchases to a maximum annual amount of $5,000 in each category. Eligible purchases that are not eligible gas, grocery and restaurant purchases will earn a Base Earn Rate of one (1) point per dollar. The redemption rate for Points earned may differ depending on the redemption option chosen. Complete terms and conditions describing Program eligibility, accrual, earn limits, and redemption of Points, and other important conditions will be sent after your account is opened. Please read the terms and conditions carefully upon receipt.

††To qualify for this offer, an applicant must be approved for the specific credit card account described in the offer and: (a) in order to obtain a "First Eligible Transaction Bonus" of 2,500 bonus points, the account must be used for at least one eligible transaction within the first 90 days of account opening that is not subsequently rescinded, the subject of a charge back request or otherwise disputed, and (b) in order to obtain a "Paperless Bonus" of 2,500 bonus points, you must enroll in online banking at www.mbna.ca, and consent to Paperless Statements for the account within the first 90 days of account opening, and not subsequently rescind such enrollment throughout this period. Please allow 8–10 weeks from the transaction date and the Paperless Statement enrollment for the applicable bonus points to be posted to your points account. Limit one-time bonus point offer (no cash value) per new account for each of the First Eligible Transaction Bonus and the Paperless Bonus). This promotion is offered by MBNA and may be amended or cancelled at any time without notice.

Rate, product information and rewards estimate are subject to change at any time and does not constitute financial advice. Please contact supplier for complete details

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