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It was discontinued a few years ago, but the Capital One Aspire World Elite Mastercard was a popular travel rewards credit card. Earning 2% in travel rewards, an anniversary bonus of $100 in travel every year you had the card, and top travel insurance, it’s not hard to see why.

If you had one before it was discontinued, Capital One grandfathered the card for current users, and you got to keep enjoying all of these benefits.

But some sad news has come our way.

Capital One Aspire World Elite Mastercard being devalued

Yes, devaluations are coming to this card starting on August 5, 2020. Thanks to all the RFDers on this forum for letting everyone know what the details are.

If you have the card, you may have received a letter from Capital One with the details. But if not, here’s what’s changing.

The earn rate is being lowered – from 2% to 1.5% on all purchases. While not great, this is in line with many other flexible rewards credit cards.

But the big kicker? The anniversary bonus is also disappearing. Those $100 in rewards every year helped take a big bite out of the annual fee.

It’s sad to see these changes, but it was bound to happen at some point. They didn’t discontinue the card for new members because it was a money maker. At this point, it’s too expensive for Capital One to keep it going the way it was for existing members.

The annual fee isn’t changing, so depending on when you got the card it’s still either $120 or $150 per year.

Top alternatives to the Capital One Aspire World Elite Mastercard

If this news has you bummed out and you’re looking for something to replace your Capital One Aspire World Elite Mastercard, here are some of our top alternative flexible rewards Mastercards for you to consider.

Related: Best Flexible Rewards Credit Card In Canada

Credit Card Welcome Bonus Earn Rates Annual Fee, Income Requirements Apply Now
MBNA Rewards World Elite Mastercard Up to 30,000 bonus points (terms) * 2 points per $1 spent * $120
* $80K personal or $150K household
Apply Now
Brim World Elite Mastercard Up to $500 in first time bonuses with participating retailers (terms) * 2 points per $1 spent on the first $25,000 in annual purchases
* 1 point per $1 spent afterwards
* $199, first year free
* $80K personal or $150K household
Apply Now
HSBC World Elite Mastercard Up to 60,000 bonus points (terms) * 6 points per $1 spent on eligible travel
* 3 points per $1 spent on all other purchases
* $149, first year rebated
* $80K personal or $150K household
Apply Now
BMO World Elite Mastercard Up to 40,000 bonus points (terms) * 3 points per $1 spent on travel, dining, and entertainment
* 2 points per $1 spent on all other purchases
* $150, first year free
* $80K personal or $150K household
Apply Now
National Bank World Elite Mastercard $300 cash back (terms) * 1.5 points per $1 spent on the first $40,000 in annual purchases * $150
* $80K personal or $150K household
Apply Now

To continue earning 2% back in flexible travel rewards on every purchase, your only option in Canada is the .

With this card, you’ll earn 2 points for every $1 spent. Redeem for travel through MBNA Rewards, and that’s a 2% return on every purchase.

Or you can redeem for cash instead, which will get you a 1.67% return.

There’s also a great welcome bonus – earn up to 30,000 points, worth $300 in travel. And it’s for an annual fee of $120.

Another top option to earn 2% on every purchase is the .

Earning Brim Rewards points, you’ll earn 2 points per $1 spent on your first $25,000 in annual purchases, then 1 point per $1 afterwards.

You can use your Brim Reward points to help pay for any purchase made to your card. Each point is worth 1 cent, giving a return of up to 2% back.

Plus it has top-notch insurance (with 15 types included) and other great benefits, like earning bonus rewards on your online shopping and no foreign exchange fees.

It has a high annual fee of $199, but it’s also waived for the first year.

A top replacement option that also has no foreign exchange fees is the .

You’ll earn 6 points per $1 spent on your travel purchases, while earning 3 points per $1 spent on all other purchases. An HSBC Rewards point is worth 0.5 cents each when redeemed for travel, giving you a return of up to 3%.

Plus, every year you have the card, you get access to a $100 annual travel enhancement credit, which can be used towards airline seat upgrades, baggage fees, and airport lounge access.

And, there’s a welcome bonus worth up to 60,000 points. It’s all for an annual fee of $149, that’s currently rebated for the first year.

To earn flexible rewards, and get premium perks and great insurance, look no further than the .

You’ll earn 3 BMO Reward points per $1 spent on travel, entertainment, and dining purchases, while earning 2 points per $1 spent on all other purchases.

When redeemed for travel through BMO Rewards, a point is worth 0.71 cents, giving a return of between 1.42% and 2.13%.

It also has great insurance with 14 types included, and a membership to Mastercard Airport Experiences with 4 free passes included.

To top it all off, it has a welcome bonus of up to 40,000 points and the first year is free.

Our last recommendation is the .

You’ll earn 1.5 points per $1 spent on your first $40,000 in annual purchases, 2 points per $1 on your next $40,000 in purchases, and 1.5 points per $1 after that.

Each point is worth 1 cent each when redeemed for flights and vacation packages through National Bank Rewards, for a return of up to 2%.

But the best part are the travel fee reimbursements. Every year you have the card, you can save up to $250 on these items:

  • $100 on baggage fees,
  • $100 on airport parking, and
  • $50 on seat selection.

Take full advantage, and you’ve turned an annual fee of $150 into $100 back in your pocket.

Your turn

It’s never great when a credit card gets devalued, but it happens.

If you have the Capital One Aspire World Elite Mastercard, are you thinking about changing cards?

Do any of the cards we listed interest you?

Let us know in the comments below.