The Best MBNA Credit Cards

Bassel Abdel-Qader
by Bassel Abdel-Qader April 14, 2016 / No Comments

Before being acquired by TD Bank in 2011, MBNA was Canada’s largest MasterCard issuer and fourth-largest credit card issuer overall. Despite the many changes made to its portfolio and point system over the years, MBNA has always upheld a reputation for offering quality credit cards. (The latest change took place as recently as last week, when the popular SmartCash Platinum Plus MasterCard was removed from its list of offerings.)

Having an MBNA MasterCard means you don’t have to worry about it not being accepted at certain places. An MBNA credit card is also usually marked by a unique benefit that sets it apart from competitors offering the same type of card. With this in mind, let’s take a look at our three favourite MBNA credit cards and why we love them.

MBNA Platinum Plus MasterCard

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  • No annual fee
  • 19.99% interest rate
  • 0% promotional annual interest rate on balance transfers for the first 12 full months
  • Travel accident and trip interruption insurance

Widely considered to be the best balance transfer credit card in Canada, the MBNA Platinum Plus MasterCard offers an impressive 0% promotional annual interest rate on balance transfers for the first 12 months. So, if you carry a lot of debt on your current credit card(s), this card will allow you to transfer your debt to it for a fee of 1% of the transaction amount, and then have all your money go toward actually paying off your balance without any of it being lost to interest charges. This can save you hundreds of dollars and provides an excellent opportunity to those who want to pay off their debt once and for all. Keep in mind that you need to transfer your debt to this card within 90 days of your account being opened in order for this promotional rate to apply.

This card also comes with MBNA’s set of platinum benefits, which includes travel accident insurance for common carriers and rental vehicles, trip interruption insurance, as well as coverage against the loss or damage of your personal effects during the time that you rent a car. This is a great insurance package, especially when you consider that the card doesn’t have an annual fee!

MBNA Rewards World Elite

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  • Get 10,000 Bonus Points after your first purchase
  • Earn 2% cash back on all purchases
  • $89 annual fee is waived for the first year

Although it’s sometimes considered a travel rewards credit card, the MBNA World Elite MasterCard is at its most valuable when it’s used as a cash back card. You’ll earn 2 MBNA Rewards Points (with no restrictions) for every dollar you charge to the card, no matter where you choose to spend. This equates to 2% back on all your purchases since each point is equal to one cent. Remember that you need to redeem at least $50 (5,000 points) at a time. Although you can redeem your points for things such as travel, merchandise, or gift cards, these rewards generally provide you with lower value than the 2% cash rewards. You’re better off getting your points back in the form of a statement credit and buying those other reward with your own money. (To see what they’re worth, check out the value of an MBNA reward point.)

As is the case with many other World Elite credit cards, this card has a solid set of perks: the annual fee of $89 is waived for the first year and you’ll receive 10,000 bonus points ($100) after you make your first purchase. Pair this with the comprehensive set of World Elite travel, medical, and shopping benefits, and it’s easy to see why this is one of the best cash back credit cards out there.

MBNA Rewards MasterCard for Students

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  • Earn 1% cash back on all your purchases
  • Earn 1,000 bonus points each year on your account anniversary
  • No annual fee

What makes the MBNA Student Rewards MasterCard one of the strongest credit cards available to students? Well, there are a few good reasons. First, there are no income or credit history requirements for potential applicants, which provides students with a great opportunity to build up their credit score. Second, there is no annual fee. This is a non-negotiable point for many students. And third, the rewards are excellent. With this card, students will earn 1 MBNA Rewards Point for every $1 they charge to the card, which equates to 1% cash back on all purchases if they choose to take the cash rewards. Alternatively, students can redeem their points for travel, brand-name merchandise, gift cards, or even make a charitable donation. However, the cash back option provides the best value. Cardholders will earn 1,000 bonus points ($10) after they make their first purchase and another 1,000 points every year on the day of their account anniversary, so the rewards never stop.

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