Annual Fee
Extra Card Fee
Cash Advance
Balance Transfer
Personal Income
Household Income
Canadian resident who has reached the provincial age of majority.
Best Cash Back Credit Card in Canada for 2018 award seal
People’s Choice Credit Card for 2018 award seal
  • Please note: Starting September 1st, 2018 the annual fee for this card will be increasing to $120.
  • Also please note: On February 1st, 2019 the return on spending for this card will be going from 2% back to 1.67% back when redeeming for cash.
  • Earn 2 points for every $1 spent, equivalent to 2% cash back on all your purchases.
  • Receive a signup bonus of 10,000 points (a $100 cash value).
  • Doubles as a travel rewards card: points can be redeemed for cash or travel at the same rate.
  • No tiers, limits or restrictions on the amount of points you earn and your points never expire.
  • Unlimited reward flexibility - redeem any time and any way you want.
  • Reward options include cash, travel, merchandise, gift cards, charity donations, and more.
  • Redeem for cash by direct deposit, cheque, or statement credit.
  • Comes with 8 types of insurance including trip interruption, travel accident, and rare price protection.
  • Extra cardholders are free so the entire family can rack up the cash, fast.
  • Concierge service is included so you can get help with travel arrangements, event bookings, reservations, and more.
Extended Warranty 1 year
Purchase Protection 90 days
Price Protection Yes
Travel Accident $1,000,000
Trip Interruption $2,000
Rental Car Theft & Damage Yes
Rental Car Accident $200,000
Rental Car Personal Effects $1,000

Please review your insurance certificate for details, exclusions and limitations of your coverage.

Our Review

The MBNA Rewards World Elite is, without question, the best cash back credit card in Canada.

The strange part is that you actually earn points with this card instead of cash. MBNA used to market it more as a flexible rewards/travel card - but has since embraced it as primarily a cash back card because that is how people prefer to use it.

Flexibility, simplicity, and high rewards are the hallmarks of this card. True, there are other cards that give you up to 4% cash back on some types of spending. But, no other card gives you a consistent 2% on all your purchases while being so flexible.

That consistent 2% combined with its lower than normal annual fee usually means you will come out further ahead. You can enter your own monthly spending numbers into our credit card comparison tool to see which card will net you the most rewards, but chances are this is the one. All the other great features and perks are just gravy.

Speaking of perks and gravy, this card has plenty more than most cash back cards are accustomed to. Concierge? Yep. Price protection? Definitely! In fact, there's 8 types of insurance coverage in all.

This card won't hold your cash hostage either by only paying you once a year or dupe you with tiered rewards rates or caps that cut you off when you spend a lot in a given year. There's literally no restrictions with this card other than the $50 minimum required to cash out which you'll probably hit within the first month or two of having the card.

When it comes to downsides, there aren't many. Some people complain about marketing calls from MBNA, but I've had an MBNA card since 2006 and after asking to be removed from all their marketing lists, I've never received a single call.

Simply put, if you want the best cash back credit card, you can stop looking. You've found it.

Featured In

The Globe and Mail