Neo World Elite® Mastercard® vs MBNA Rewards World Elite® Mastercard®: Which one is better?
Neo World Elite® Mastercard®
4.6
MBNA Rewards World Elite® Mastercard®
4
Finly Rebate
Now $125 until Mar 31, 2025
Finly Rebate
N/A
Rewards Breakdown
Annual Rewards
$623.18
First Year Bonus
$0
Annual Fee
$125
First Year Value
$498.18
Based on $2,000/mo average spending. Calculate your rewards.
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.
Insurance Included
Lost or Stolen Baggage
$1,000
Baggage Delay
$1,000
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Car Rental Damage & Theft
Yes
Extended Warranty
1 year
Purchase Protection
90 days
Emergency Out of province Medical
Up to $1,000,000
Flight Delay
$500
Car Rental Accident
$100,000 for cardholder, up to $10,000 per Spouse or Dependent Child
Hotel Burglary Insurance
$1,000
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Car Rental Personal Effects
$1,000
Trip Cancellation
$1,000
Trip Interruption
$1,000
Insurance Included
Lost or Stolen Baggage
$1000/person
Baggage Delay
$1000/person
Car Rental Damage & Theft
31 days
Extended Warranty
Up to a year
Purchase Protection
Up to 90 days
Emergency Out of province Medical
$2M for 21 days
Flight Delay
$500/person after 4 hours
Travel Accident
$1,000,000
Mobile Device Insurance
$1000
Extra Benefits
Airport Lounge - Dragon Pass
Pass only - pay $32 USD per visit
Extra Benefits
Price Protection
$500/item, $1000/account per year
Car Rental Discount
10% off base rate of Avis Rent A Car and Budget Rent A Car in Canada and US and 5% internationally
Trip 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)
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Concierge Services
Interest Rates
Purchase:
19.99% - 26.99% (or 19.99% - 23.99% in Newfoundland and Quebec)
Cash Advance:
22.99% - 28.99%
Interest Rates
Purchase:
19.99%
Cash Advance:
24.99%
Annual Fee
$125
Annual Fee
$120
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
N/A
Welcome Bonus
10,000 points for going Paperless. 20,000 points after spending $2,000 after 90 days of account opening
Rewards Rate
- 5% cash back on grocery purchases up to $1,000 spending per month (6% cash back if you have $5k in a Neo everyday account, or 7% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 4% cash back on recurring purchases up to $500 spending per month (4.5% cash back if you have $5k in a Neo everyday account, or 5% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 3% cash back on gas purchases up to $1,000 spending per month (3.5% cash back if you have $5k in a Neo everyday account, or 4% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 1% cash back on all other purchases with no spending caps
- 5% average cash back at Neo Partners
Note: our reward calculations use the base cash back rates assuming you do not hold any money in a Neo everyday account to earn the higher tier (boosted) cash back rates, otherwise the reward estimates may be higher.
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
Loyalty Program
N/A
Loyalty Program
Point Redemption Options
Not Applicable
Point Redemption Options
Most Optimal
Travel
1¢ / point
Gift Cards
0.85¢ / point
Statement Credits (Cash) - World Elite
0.83¢ / point
Merchandise
0.8¢ / point
Statement Credits (Cash) - Platinum
0.5¢ / point
Is this card worth it?
This card offers one of the highest cash back rates in Canada for gas (up to 4%), grocery (up to 7%) and recurring purchases (up to 5%) which is pretty hard to beat. While the cash back rates are very high, you need to mind the spend caps set for each category to see if your earning potential is really that high compared to most other credit cards. However, for a typical person who's spending is generally below $12k per year in grocery, $6k per year in recurring bills and $12k per year in gas then you'll be doing pretty well, especially with the great insurance and benefit offers.
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.
Pros
- Highest cash back rates in Canada for highest spending categories like Grocery (up to 7%), especially if you keep at least $5k in a Neo everyday account
- 12 different types of insurance coverage
- Airport lounge access with DragonPass with $32 USD per visit
- Additional cash back earning at over 10,000 Neo partners
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.
Cons
- High income requirements of $80,000 personal or $150,000 household
- Cash back spend caps can limit your rewards
- Having to keep at least $5k in an everyday account to boost your cash back tier
Cons
- Trip cancellation and interruption insurance, two great benefits are missing from this card.
- Not the best card for gas purchases.
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