MBNA Rewards World Elite® Mastercard® vs BMO CashBack® World Elite® Mastercard®: Which one is better?
MBNA Rewards World Elite® Mastercard®
4.7
BMO CashBack® World Elite® Mastercard®
4.2
Rewards Breakdown
Annual Rewards
$597.84
MBNA Rewards
First Year Bonus
$300
MBNA Rewards
Annual Fee
$120
First Year Value
$777.84
$477.84 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$500.78
First Year Bonus
$190
Annual Fee
$120
First Year Value
$690.78
$380.78 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included
Lost or Stolen Baggage
$1000/personBaggage Delay
$1000/personCar Rental Damage & Theft
31 daysTravel Accident
$1,000,000Extended Warranty
Up to a yearPurchase Protection
Up to 90 daysEmergency Out of province Medical
$2M for 21 daysFlight Delay
$500/person after 4 hoursMobile Device Insurance
$1000
Insurance Included
Lost or Stolen Baggage
$500/person, $1000 maximumBaggage Delay
$500/person, $1000 maximum After 6 hoursCar Rental Damage & Theft
$65,000 up to 48 daysTravel Accident
$500,000Extended Warranty
Up to a yearPurchase Protection
90 daysEmergency Out of province Medical
$5M up to 8 days per covered personFlight Delay
$500 After 4 hours delayHotel Burglary Insurance
$1000
Extra Benefits
Car Rental Discount
10% off base rate of Avis Rent A Car and Budget Rent A Car in Canada and US and 5% internationallyPrice Protection
$500/item, $1000/account per yearTrip and legal Assistance
Annual Birthday Bonus
10% of the Points earned the 12 months prior to the primary cardholder's birthday month (up to a max 15,000 bonus points per year)Concierge Services
Extra Benefits
Car Rental Discount
25% off base rate of participating National Car Rental and Alamo Rent a CarAirport Lounge - Dragon Pass
Pass only, complimentary visits not includedGas Discount
Get up to seven cents off per litre on Shell® fuelRoadside Assistance
Includes free battery boosts, flat-tire change, lockout service and towingHotel Booking Discount
Save up to 7% on your Booking.com prepaid hotel or property rental bookingsBoingo Wi-Fi hotspot
Interest Rates
Purchase:
19.99%
Cash Advance:
24.99%
Interest Rates
Purchase:
20.99%
Cash Advance:
23.99%
Annual Fee
$120
Annual Fee
$120
$0
First Year Waived
Income Required
Min Personal Income:
$80,000
Min Household Income:
$150,000
Income Required
Min Personal Income:
$80,000
Min Household Income:
$150,000
Welcome Bonus
10,000 points for going Paperless. 20,000 points after spending $2,000 after 90 days of account opening
Welcome Bonus
Get up to 10% cash back in your first 3 months with an incremental cashback value of $200
Rewards Rate
- 5 points on restaurant, grocery, digital media, membership, and household utility purchases (maximum $50,000 spend annually per category)
- 1 point for everything else
Rewards Rate
- 5% cashback on groceries (maximum $25 per statement)
- 4% cashback on daily transit (maximum $12 per statement)
- 3% cashback on gas (maximum $9 per statement)
- 2% cashback on recurring payments (maximum $10 per statement)
- 1% cashback on all other credit card purchases.
Loyalty Program
Loyalty Program
N/A
Point Redemption Options
Most Optimal
Travel
1¢ / pointGift Cards
0.85¢ / pointStatement Credits (Cash) - World Elite
0.83¢ / pointMerchandise
0.8¢ / pointStatement Credits (Cash) - Platinum
0.5¢ / point
Point Redemption Options
Not Applicable
Is this card worth it?
The MBNA Rewards World Elite® Mastercard® is one of the best reward credit cards in Canada, offering high rewards on frequently spent categories such as groceries and restaurant purchases. The annual birthday bonus, unique to this card, also provides a significant boost to your yearly earnings. Additionally, the card features a comprehensive list of benefits, including price protection—a rare and valuable perk not found with many other cards in Canada. These factors make this card one of the best to have in Canada.
Is this card worth it?
If you're seeking a cashback credit card, the BMO CashBack® World Elite® Mastercard® stands out for its excellent balance between rewards and benefits. It offers a robust rewards program and a comprehensive benefits list, making it a solid choice. The high first-year value is enhanced by the annual fee waiver, and those with a BMO Premium Chequing Account can enjoy continued fee waivers. While it's highly ranked for rewards alone, it may not be the absolute top choice if benefits are less important to you.
Pros
- Both restaurants and groceries, two of the most commonly spent categories, earn decent rewards.
- Great annual birthday bonus with up to $150 in value.
- A solid list of travel insurance and benefits.
- Price protection, a rare feature not offered by many other cards.
- Good value for many of the card's redemption options.
Pros
- Offers one of the highest cashbacks on groceries and gas, two of the most frequently spent categories, compared to other credit cards in Canada.
- Includes roadside assistance, a rare but valuable benefit for people on the road.
- Provides a comprehensive list of insurance coverage and benefits.
- High first-year value.
Cons
- Trip cancellation and interruption insurance, two great benefits are missing from this card.
- Not the best card for gas purchases.
Cons
- Does not include restaurant purchases as a reward category, which is one of the most important spending categories.
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