The SCU World Mastercard is a rewards credit card that includes a decent insurance package and a sizable welcome bonus of 5,000 points – all for a reasonable $120 annual fee. It also has some nice benefits that specifically target seniors, mostly in terms of travel insurance.

Here's a look at all the card offers, why you may or may not want to get it, and a comparison with a similar card.

Pros of the SCU World Mastercard

The SCU World Mastercard has plenty of benefits like high earn rates, a welcome bonus, and insurance coverage that you'll be able to enjoy right away.

1. Earns plenty of points

You'll get a high return on your purchases with the SCU World Mastercard to the tune of:

• 3 points per $1 spent on groceries
• 2 points per $1 spent on dining and entertainment
• 1 point per $1 spent on all other purchases

With each point worth up to 1 cent each, you're look at a maximum return of 3% on your purchases.

These reward points can be redeemed for:

• Merchandise
• Gift cards
• Cash
• Travel
• Charitable donations

2. Welcome bonus included

Not all credit union credit cards earn welcome bonuses but the SCU World Mastercard has 5,000 points on offer after your first purchase until December 31, 2024>.

3. Includes insurance coverage

The SCU World Mastercard offers 9 types of insurance coverage, which is quite good for a card in the World Mastercard tier. One area that stands out is emergency medical coverage for those over the age of 65.

Not many examples of credit cards that offer travel insurance for seniors exist, but this one offers 10 days of coverage, giving older travellers peace of mind throughout their retirement years.

Bonus: If you're a grandparent, you'll also get insurance coverage for grandchildren travelling with you.

Cons of the SCU World Mastercard

There are 2 main drawbacks to having this card.

1. $120 annual fee

All the SCU World Mastercard's benefits come with an annual fee. In this case, you'll pay $120 per year. While it’s a fair fee based on the perks and rewards, opting for a no fee credit card will save you money – especially if this card won’t be used for everyday spending.

2. High income requirements

The income requirements of $60,000 individual or $100,000 household can be a barrier to entry for potential applicants. Many World Mastercards have slightly lower income requirements of $50,000 individual or $80,000 household.

Pro Tip: If you're a senior who is interested in the travel insurance package and rewards that this card offers, there are some workarounds. Seniors can get premium credit cards even if they don't meet income requirements in a few ways:

• By having assets
• Getting a credit card with lower income requirements from Steinbach to show that you can reliably spend money and pay it back, then asking for an upgrade
• Having a long-term relationship with Steinbach

Comparison to a popular flexible rewards card

We'll pitch the SCU World Mastercard side-by-side with the MBNA Rewards World Elite Mastercard, the best flexible rewards credit cards in Canada with the same annual fee.

	SCU World Mastercard	MBNA Rewards World Elite Mastercard
Welcome bonus	5,000 points	$20 GeniusCash + 30,000 bonus points (terms)
Rewards	* 3 points per $1 spent on groceries * 2 points per $1 spent on dining and entertainment * 1 point per $1 spent on all other purchases	* 5 points for every $1 spent on restaurants, groceries, and select recurring bills (up to $50,000 spent annually per category) * 1 point per $1 spent on all other purchases
Annual fee	$120	$120
Insurance coverage types	9	12
Other perks	* Travel insurance coverage for grandchildren	* Annual birthday bonus worth up to 15,000 points

In the end, the more popular MBNA Rewards World Elite Mastercard wins out as you get higher earn rates, a big annual benefit worth up to $150 (practically cancelling out the annual fee), and a more substantial insurance package.

The earn rates are the biggest driver of MBNA's success as you'll get a greater return in all cases except entertainment. Each MBNA Rewards point is worth 1 cent each so in the end, you'll get a better overall points haul with your daily spending.

That said, in the niche case of seniors, the SCU World Mastercard wins out in some categories.

Is the SCU World Mastercard on your radar?

With really nice perks for seniors and decent rewards on offer, the SCU World Mastercard is a well-rounded credit card with a reasonable annual fee.

Do you have this card on your roster? Let us know what you think by leaving a review below.

FAQ

How does grandchild insurance coverage work?

The SCU World Mastercard comes with protection for grandchildren accompanying you on a trip, they must be between 15 days and 18 years old (or up to 24 if a student). The child's parents may not accompany you on the trip.

What are the eligibility requirements for the SCU World Mastercard?

You'll need to have an annual income of at least $60,000 personal or $100,000 household to qualify for this card. You can be a resident of any province, including Quebec.

Does the SCU World Mastercard have an annual fee?

Yes, there is an annual fee of $120 per year for this card.