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For credit cards that offer flexible rewards, MBNA has their lineup of MBNA Rewards Mastercards.

Offering high earn rates, great insurance, and valuable rewards, there’s a lot to like with these 2 cards.

Here’s an overview of the MBNA Rewards program, and what MBNA Rewards Mastercards have to offer.

Overview of MBNA Rewards Mastercards

MBNA Rewards World Elite Mastercard MBNA Rewards Platinum Plus Mastercard
Welcome Bonus * Up to 30,000 bonus points (terms)
* Offer not available to residents of Quebec. For residents of Quebec, please click here.
* Up to 10,000 bonus points
* Double points on groceries, gas, and restaurants for the first 3 months (terms)
* Offer not available to residents of Quebec. For residents of Quebec, please click here.
Earn Rates 2 points per $1 spent on all purchases * 2 points per $1 spent on groceries, gas, and restaurants, up to $5,000 spent annually on each category
* 1 point per $1 spent on all other purchases
Insurance Coverage 8 types included 7 types included
Income Requirements 80K personal, 150K household None
Annual Fee $120 $0
Apply Now Apply Now Apply Now

A primer on the MBNA Rewards program

Before getting into the credit cards themselves, what is an MBNA Rewards point worth, and how can they be redeemed?

Redeem MBNA Reward points for travel

Redeeming your points for travel provides the best value for your points.

10,000 MBNA points will give you a $100 discount on your booking, a value of 1 cent per point.

How to use your MBNA Rewards points for travel

How do you redeem your points for travel? Your travel has to be booked through MBNA Rewards. You won’t be able to redeem for just any travel purchase charged to your card.

Make your booking, and you can use your points to help cover the costs. If you don’t have enough points, you’ll just simply need to use your MBNA Mastercard to help pay any remaining balance.

You can find the MBNA Rewards travel portal here.

Redeem MBNA Rewards points for cash

Of course, travel isn’t the only way to use your points. There are a few other ways to use them.

One of them is by turning your points into cash. And you don’t have to just get statement credits. There are a couple of other ways you can get your cash:

  • cheques, and
  • direct deposit.

What’s the value of a MBNA Rewards point when redeemed for cash?

It actually depends on the credit card.

For the , 120 points will give you $1 in cash back, a value of 0.83 cents per point.

For the , 200 points will give you $1 cash back, for a value of 0.5 cents per point.

Related: Best Cash Back Credit Cards In Canada

Redeem MBNA Rewards points for merchandise and gift cards

There’s also a wide assortment of merchandise and gift cards you can choose from. Both options have similar value.

For merchandise, we have an average value of 0.86 cents per point.

Gift cards are slightly higher, at 0.92 cents per point. However, redeem for the right gift card, and you can see a value of almost 1 cent per point.

Take this Amazon e-gift card for instance:

MBNA Rewards Amazon gift card redemption

This gift card provides a value of 0.98 cents per point, almost identical to travel.

This Amazon gift card offer is the biggest reason why MBNA Rewards credit cards are some of the best credit cards for getting Amazon gift cards.

Want to learn more about redeeming MBNA Rewards? Read our full guide on the MBNA Rewards program here.

MBNA Rewards Program

MBNA Rewards World Elite Mastercard

We’ll start with MBNA’s premium offering – the , which offers a high flat earn rate, for an annual fee of $120.

Earning MBNA Rewards points

To get started earning MBNA Rewards points, you can earn up to 30,000 welcome bonus points:

  • 20,000 bonus points after spending $2,000 in eligible purchases in the first 90 days, and
  • 10,000 bonus points when you enroll for paperless e-statements within the first 90 days of account opening.

Right there you’ve got $300 in travel rewards, or $249 in cash.

And on your purchases, you’ll earn a straightforward 2 points per $1 spent on all eligible purchases, with no caps or tiers. It’s a great return of up to 2% on your purchases, depending on what you redeem your points for.

MBNA Rewards World Elite Mastercard insurance

What about the insurance coverage? This Mastercard comes with 8 types included:

One insurance that stands out? The price protection coverage. Purchase any item with your credit card, and if you find a lower price for it within 60 days of your purchase, you can be reimbursed up to $500 for your item. Just note there is a yearly maximum refund of $1,000.

Other MBNA Rewards World Elite Mastercard benefits

There are a few other benefits associated with the card.

It’s a World Elite Mastercard, so you’ll get access to all the benefits associated with the World Elite program.

Some of these benefits include:

  • Mastercard Priceless Cities,
  • Mastercard World Experiences, and
  • Mastercard World Elite Concierge.

You can learn more about what the World Elite program offers here.

You can also receive up to 10% off the base rates for rental cars booked through Avis and Budget.

MBNA Rewards Platinum Plus Mastercard

There’s also a no fee Mastercard with the MBNA Rewards program – the , which is also one of our top ranked no annual fee credit cards.

Here’s what makes it one of the best no fee cards around.

Earning MBNA Rewards points

For a no fee card, you’ll be earning a lot of points on your purchases.

As part of signing up, you can earn up to 10,000 bonus points:

  • 5,000 bonus points after spending $500 in the first 90 days, and
  • 5,000 bonus points when you enroll for paperless e-statements in the first 90 days.

And on your everyday purchases:

  • 2 points per $1 spent on groceries, gas, and restaurants, up to $5,000 in annual spend per category, and
  • 1 point per $1 spent on all other purchases.

And as part of signing up, you’ll earn double points on groceries, gas, and restaurants for the first 90 days.

MBNA Rewards Platinum Plus Mastercard insurance

Need some insurance coverage? Even for having no annual fee, you’ll still get 7 types of included insurance:

It includes all 3 types of rental car insurance, including rare personal effects and accident insurances.

Other MBNA Rewards Platinum Plus Mastercard benefits

Besides rewards and insurance, are there any other benefits with this card?

The only other benefit offered is the rental car discount – save up to 10% on car rentals with Avis and Budget.

Which MBNA Mastercard is better?

So which of these cards is better? There really isn’t a wrong choice when it comes to these cards.

If you prefer to avoid annual fees, or have a low annual spend on credit cards, the is a terrific no annual fee card, and will get you a return of up to 2% on your purchases.

However, the high, flat earn rate of the offers lots of points on every purchase, plus a few extra perks to boot.

Want the best no fee Mastercard? See our top 5 here.

Top 5 No Fee Mastercards in Canada

In conclusion

The MBNA Rewards program offers great choices for redeeming rewards, with only small differences in the value of each type of redemption.

And with 2 stellar credit cards to choose from, you’ll be earning plenty of points in no time.

What are your thoughts on the MBNA Rewards program, as well as their Mastercards?

Let us know in the comments below.