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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 what you need. You’ll get cashback rewards on all your purchases and enjoy a great introductory offer to help you get started. Read on to learn more about this credit card and discover if it’s the right card for you.

MBNA Rewards Platinum Plus Mastercard

MBNA Rewards Platinum Plus Mastercard

Rated 4.7/5 stars.

Our Review

  • Welcome Offer 10,000 points ($50 cash value)
  • Annual Fee $0
  • Regular APR/Interest rates Purchases: 19.99%, Cash Advances: 24.99%
  • Recommended Credit 660 - 724

Rewards

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 cashback options. 

How to Earn Rewards

Similar to other cash back credit cards, you can earn cashback 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, ect.)
  • 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.

Cardholders are also eligible for 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. 

Welcome Bonus

The MBNA Rewards Platinum Plus Mastercard also offers an excellent welcome bonus for new cardholders. You can earn 5,000 points if you spend $500 in the first 90 days of opening your account and an additional 5,000 points by signing up for MBNA’s online banking program and consenting to Paperless Statements for the account.  With 10,000 points, cardholders can redeem up to $50 in cash back or $100 in travel rewards.  

Within the first 90 days of opening account, cardholders are also eligible to receive double the points (4 points per $1 spent) on restaurant, grocery, digital media, membership, and house hold utility purchases. 

How to Redeem Rewards

Redeeming your rewards points with the MBNA Rewards Platinum Plus Mastercard is easy. First, you must 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. 

What Can I Use My Rewards For?

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 cashback 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 cashback option.

Other Perks

The MBNA Rewards Platinum Plus Mastercard also offers a few other perks for cardholders. For example, you can use the Mastercard app to keep track of your spending, and you will get discounts from select retailers. Additionally, you can take advantage of the social media campaigns that MBNA runs every so often to give you extra reward points.

Insurance and Warranty

With the MBNA Rewards Platinum Plus Mastercard, you will get insurance coverage for everyday purchases and extended warranties on many items. This is great peace of mind if something goes wrong with an item you’ve purchased.

Eligibility

To qualify for the MBNA Rewards Platinum Plus Mastercard, you must be of legal age (or have attained the age of the majority in your province) and have a Canadian address. You’ll also need proof of income, although no minimum income is required, and employment history. The application can be done online and can be reviewed within minutes of applying.

Fees and Interests

The MBNA Rewards Platinum Plus Mastercard has an annual fee of $0 and a 19.99% interest rate on purchases. Balance transfers have a higher interest rate of 22.99% and cash advances have a 24.99% interest rate. The card will also charge a foregin transaction fee of 2.5% for purchases and refunds received in a foreign currency.

MBNA Rewards Platinum Plus Mastercard Alternatives

The MBNA Rewards Platinum Plus Mastercard is a great card, but some great alternatives are available. If you’re looking for a cashback rewards program and the flexibility of a credit line, Tangerine World Mastercard is a great alternative. It offers 15% cashback on all purchases above $5000 for the first two months and 0.5% cashback on all other purchases. 

The American Express Cobalt Card is also a good alternative, offering 5 points per dollar spent on dining and groceries and 2 points per dollar spent on gas, public transport, and travel. Plus, you’ll get one monthly point bonus with the card.

Tangerine World Mastercard

Tangerine World Mastercard

Rated 4.4/5 stars.

Our Review

  • Welcome Offer 1.95% balance transfer interest for first 6 months
  • Annual Fee $0
  • Regular APR Purchases & Cash Advances: 19.95%
  • Recommended Credit 660-724

Pros and Cons

The MBNA Rewards Platinum Plus Mastercard is an excellent rewards program, but weigh the pros and cons before deciding if this card is right for you is essential.

Pros

  • No annual fee
  • Birthday Bonus Rewards
  • $1000 mobile device insurance coverage
  • Flexible rewards program

Cons

  • High-interest rates
  • Need a lot of points to redeem rewards

Is the MBNA Rewards Platinum Plus Mastercard Right For Me?

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.

Frequently Asked Questions