MBNA is one of the most recognizable names amongst all the credit card rewards programs in Canada. While its cash back program has always been wildly popular for its value, the MBNA Rewards program should not be overlooked. With MBNA Rewards, you can earn points anywhere you shop, and redeem them for flights, hotels, gift cards and merchandise. If that sounds like what you’re looking for in a rewards credit card, keep reading to find out how to earn and redeem points, and how to calculate their value.
How to Earn MBNA Rewards Points
There are two credit cards attached to the MBNA Rewards program: the MBNA Rewards MasterCard and the MBNA Rewards World Elite. The MBNA Rewards MasterCard (no annual fee) comes with a 1,000-point bonus with first purchase ($10 value), and lets you earn 1 MBNA Rewards point for every $1 spent on the card. The MBNA Rewards World Elite ($89 annual fee) comes with a 10,000-point bonus with first purchase ($100 value), and lets you earn 2 points per $1 spent.
How to Redeem MBNA Rewards Points
In order to redeem your MBNA Rewards points, you must login to your MBNA Rewards account. From there, you can redeem points for flights and hotel rooms. With the MBNA Rewards World Elite, you can also use the concierge service to book travel, make dinner reservations and find your seats at popular venues.
With the MBNA Rewards program, you also have the option to redeem points for straight cash back (5,000 points = $50 cheque). Or you can login to the MBNA Rewards catalogue and redeem points for gift cards or merchandise.
The Value of MBNA Rewards Points
The chart below outlines the return on every dollar you spend on either of the MBNA Rewards credit cards.
|Card||Point per $1 spent||Value of a Point||Total Value per $1 Spent||Return for $1 Spent|
|MBNA Rewards MasterCard||1||$10/1,000 = $0.01||$0.01 x 1 point = $0.01||$0.01/$1.00 = 1% return|
|MBNA Rewards World Elite MasterCard||2||$100/10,000 = $0.01||$0.01 x 2 points = $0.02||$0.02/$1.00 = 2% return|
As you can see, the value of 1 MBNA Rewards point is always $0.01. Since the MBNA Rewards MasterCard gives you 1 point per $1 spent, that’s a 1% return. But because the MBNA Rewards World Elite gives you 2 points per $1 spent, that card comes with a 2% return; this makes a significant difference over time, with regular credit card use. Since the cash back option on the MBNA Rewards World Elite also translates to the same rate of return, it may also be beneficial to convert your points into cash and book cheaper travel elsewhere. This card is included in our list of top 5 Canadian cash back credit cards of 2015.
No matter which card you choose, though, it’s nice to know that the value of each point you earn is always $0.01. For that reason, the MBNA Rewards program is one of the simplest rewards programs to understand, which is why it’s so popular among credit card users today.