The Most Flexible Rewards Credit Cards

Charlotte Sinclair
by Charlotte Sinclair August 4, 2016 / No Comments

Rewards credit cards have become increasingly popular. Whether you’re looking for an all-in-one rewards card, a travel credit card, or a cash back credit card, it’s important to consider the flexibility of your rewards.

There are a couple things to consider when looking at the flexibility of a rewards program. Most importantly, you want to make sure you choose a rewards credit card that’ll allow you to redeem points for the items you wish to purchase.

Some other features that are important to rewards collectors are:

  • Points can be used towards taxes and fees
  • Points have a consistent value
  • Points are transferable to other programs
  • Points can be redeemed across multiple airlines
  • Points can be used retroactively
  • Points don’t expire

MBNA Rewards World Elite

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  • Earn two points per dollar on all purchases
  • 10,000 bonus points with first eligible purchase
  • $89 annual fee waived for first year on account

 

Taxes and fees Yes
Consistent value Yes
Transferable  No
Multiple airlines Yes
Retroactivity Yes
No expiry Yes

There are a number of reasons why the MBNA Rewards World Elite MasterCard is arguably one of the most flexible rewards cards out there. First, you’ll earn two points per dollar on all your purchases. Therefore, you’re spending isn’t constricted to the categories that’ll earn you the most rewards. When it comes to redeeming points, you’ll find that each point has a consistent value. The value of an MBNA point is equal to $0.01. This means if you’re planning to make a $100 purchase you’ll need to save 10,000 rewards points. This translates to a 2% return on all purchases you make.

Your points can be redeemed to pay for travel, brand name merchandise, and you can even redeem your points into cash back. When redeeming for travel you can book your flight first and use the points to pay for it later. You can even redeem your points towards taxes and fees. The one limitation of the MBNA Rewards program is that you can’t transfer your points to other rewards programs. Finally, your points have no limit and no expiry date as long as your account remains open and in good standing. With great redemption value and superior flexibility, it’s easy to see why the MBNA Rewards World Elite MasterCard is a top pick.

MBNA Rewards MasterCard

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  • Earn one point per dollar on all purchases
  • 5,000 bonus points with first eligible purchase
  • No annual fee

 

Taxes and fees Yes
Consistent value Yes
Transferable No
Multiple airlines Yes
Retroactivity Yes
No expiry Yes

If you’re looking for a no annual fee credit card, the MBNA Rewards MasterCard is a great option. Similar to the MBNA Rewards World Elite MasterCard, this card offers great flexibility for both spending and redeeming. You’ll earn one point per dollar on all purchases. The value of an MBNA point is $0.01 and this is consistent regardless of what you purchase when redeeming your points. This works out to a 1% return on all your purchases. You’ll be able to redeem your points for travel, gift cards, brand name merchandise, and cash back. When redeeming your points towards travel you’ll be able to cover the cost of taxes and fees. You can also book now and redeem your points later. The one restriction is that you’re not able to transfer your points to any other loyalty program. Another great feature is that there is no limit on the points you can earn and your points will never expire as long as your account remains open and in good standing. It’s without a doubt that MBNA Canada offers one of the best rewards programs.

American Express Gold Rewards Card

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  • Earn up to two points for every dollar spent
  • Receive 25,000 bonus Membership Rewards points after $500 on purchases made in the first three months
  • $150 annual fee waived for the first year

 

Taxes and fees Yes
Consistent value Yes
Transferable Yes
Multiple airlines Yes
Retroactivity Yes
No expiry Yes

The American Express Gold Rewards Card will earn you points towards the American Express Membership Rewards program. This will give you a consistent value of $0.01 for each point you earn. Your points can be redeemed for almost anything. You can choose from travel, gift cards, merchandise, and much more. One of the best features of the American Express program is that your points are transferable to other programs. For example, you can redeem your points on a one-to-one basis for Aeroplan miles. In some cases you’ll find that this provides a greater return than an Aeroplan credit card. When you’re booking your next flight, feel free to book with any airline with the TripFlex program. Also you don’t have to worry about paying with your points in advance as you have up to 12 months via phone and three months via web from the purchase date to redeem your points. Finally, your points don’t expire as long as you stay enrolled in the program.

Tangerine Money-Back Credit Card

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  • Earn 4% Money-Back Rewards in your chosen categories for the first three months and 2% thereafter
  • Earn 1% Money-Back Rewards on all other purchases
  • No annual fee for yourself and additional cardholders
  • Accepted at Costco and all Loblaws stores

This isn’t your typical rewards card. Instead of earning rewards that can be redeemed for travel or merchandise, you’ll earn cash back. The Tangerine Money-Back Credit Card is one of the best cash back credit card options. You’ll earn 4% cash back in the spending categories (for example, grocery, gas, home improvement, entertainment, drug stores) you’ve chosen for the first three months. When this introductory period ends you’ll continue to earn 2% in your chosen categories. There are 10 different spending categories to choose from. You’ll automatically get two categories but if you choose to deposit the cash you earn into a Tangerine Savings Account, you’ll be able to choose three spending categories. Additionally, you’ll earn 1% cash back in all other spending categories. We’ve chosen the Tangerine credit card as one of the most flexible rewards cards because there are no restrictions on your rewards, which can be applied towards your credit card balance or deposited into a Tangerine Savings Account.

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