MBNA Rewards Platinum Plus Mastercard Review
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If you’re looking for a credit card with wide-ranging rewards options and low interest rates, the MBNA Rewards Platinum Plus Mastercard may be up your alley. You’ll get cash back rewards on all your purchases and enjoy a great introductory offer to help you get started.
MBNA Rewards Platinum Plus Mastercard
Rewards
- 2 pts Earn 2 points for every $1 spent at restaurants, and on groceries, digital media items, memberships, and household utilities.
- 1 pt Earn 1 point for every $1 spent on all other purchases.
- Welcome Offer Up to 10,000 reward points ($50 in cash back value) Terms and conditions apply
- Annual Rewards $300 Learn how we calculate this.
- Annual Fee $0
- Minimum Income Required None
Pros
- No minimum income requirement
- No annual fee
- Flexible rewards program
Cons
- High interest rate on cash advances
- Annual spending cap of $10,000 on rewards categories
- Diminished point value if you redeem for cash back
The MBNA Rewards Platinum Plus Mastercard is a rewards credit card that offers low fees, rewards on every purchase, and an extensive list of redemption options. It features an enticing welcome bonus (5,000 points if you spend $500 in the first 90 days, plus an additional 5,000 points for going digital and paperless with your banking).
MBNA Rewards Platinum Plus: an overview
The MBNA Rewards Platinum Plus Mastercard offers a generous rewards program allowing you to earn points on all purchases. The best part? There is no annual fee. The card also offers a welcome bonus of up to 10,000 which can be used for $50 in cash back options.
Read on to learn more about this top Canadian Mastercard and discover if it’s the right card for you.
MBNA Rewards Platinum Plus rewards
Similar to other cash back credit cards, you can earn cash back rewards for every purchase, including groceries, gas, and dining out. First, you must be a Canadian resident with a valid social insurance number. Then, you’ll have to sign up for the rewards program and make purchases using your card.
MBNA allows you to earn 2 points for every $1 spent in the following categories:
- Restaurant purchases
- Groceries
- Digital media items
- Memberships (country club, athletic organizations, private golf courses, etc.)
- Household utilities
Each purchase will reward 2 points for the first $10,000 spent in each category. After that, 1 point will be rewarded until the end of the year. MBNA will also reward you 1 point per $1 spent on all other purchases.
With 10,000 points, cardholders can redeem up to $50 in cash back or $100 in travel rewards. To redeem your rewards, log in to your account and go to the “Rewards” tab. Then, go to ‘check my rewards balance’ or directly to the ‘rewards site’ to explore your redeeming choices. Redeeming rewards has no flight or date restrictions, so you can use your rewards points whenever and however you’d like.
Rewards can be used to redeem items in the MBNA rewards catalogue, which include travel options, gift cards, and merchandise. Travel options can be redeemed for a $1 per 100 points and merchandise and gift card rewards vary depending on the item.
Rewards can also be used for cash back options. This includes paying down down your credit card balance, receiving a deposit to your sayings or chequing account, receiving a cheque, or through donation to a charity of choice. For every 200 points, $1 can be redeemed for a cash back option.
MBNA Rewards Platinum Plus eligibility
To qualify for the MBNA Rewards Platinum Plus Mastercard, you must meet the following requirements:
- Be of legal age (or have attained the age of the majority in your province)
- Have a Canadian address
- Provide proof of income (although no minimum income is required), and employment history
- Have a credit score of at least 660
The application can be done online and is usually reviewed within minutes of applying.
MBNA Rewards Platinum Plus interest rates and fees
Fees
- Annual fee: $0
- Foreign transaction fee: 2.5%
- Extra card fee: $0
Interest rates
- Purchases: 19.99%
- Balance transfers: 22.99%
- Cash advances: 24.99%
MBNA Rewards Platinum Plus perks
The MBNA Rewards Platinum Plus Mastercard also offers a few other perks for cardholders.
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Insurance and warranty
With the MBNA Rewards Platinum Plus Mastercard, you will get insurance coverage for everyday purchases and extended warranties on many items.
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Spending tracking and discounts
You can use the Mastercard app to keep track of your spending, and you will get discounts from select retailers.
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Birthday Points
MBNA will reward 10% of the total number of points earned in the 12 months leading up to a cardholders birthday month, with a maximum of 10,000 Birthday Points earned per year.
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Earn extra points
Take advantage of the social media campaigns that MBNA runs every so often to give you extra reward points.
Compare MBNA Rewards Platinum Plus alternatives
Our final thoughts
The MBNA Rewards Platinum Plus Mastercard is a solid rewards credit card. There is no minimum income required or annual fee, so if no balance is carried on the card, there is little cost with various reward options.
