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National Bank of Canada debuts changes to Platinum and World Elite credit cards

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If you appreciate great rewards credit cards, here’s some excellent news from National Bank: It’s revamping its popular World Elite and Platinum Mastercard credit cards, giving cardholders even more bang for their buck, as well as upgraded insurance and travel perks.

But what’s changing specifically? Let’s take a deep dive and find out.

A quick summary

Credit card

What’s new

National Bank World Elite Mastercard

  • Improved earn rates
  • Addition of mobile device insurance for two years
  • New eligible travel expenses
  • Withdrawal of annual maximums for each travel expense category
  • Maximum annual refund of $150 for eligible travel expenses
  • Withdrawal of insurance for personal effects aboard a rental vehicle

National Bank Platinum Mastercard

  • Improved earn rates
  • Annual fee reduced to $70
  • Addition of mobile device insurance for two years
  • Reduced coverage for trip cancellation/trip interruption
  • Withdrawal of insurance of personal effects aboard a rental vehicle

 

National Bank World Elite Mastercard

 

As National Bank’s premium credit card, the World Elite Mastercard has been upgraded across the board to reflect its new focus on everyday spending. While the cash value of points hasn’t changed, customers can now earn more in several new categories:

  • Up to five points per dollar on eligible grocery and restaurant purchases
  • Two points per dollar on gas and electric vehicle charging
  • Two points per dollar on recurring bills
  • Two points per dollar on À la carte Travel Agency purchases
  • One point per dollar on everything else

There is a $2,500 monthly cap on gross monthly purchases charged to the card, regardless of the purchase category, for the 5x acceleration. After that, you’ll earn two points per dollar on groceries and restaurants after you’ve reached the limit.

When it comes to the card’s insurance package, National Bank has done away with its coverage for personal effects in rental cars. In its place is the more popular mobile device insurance, a current mainstay of most high-level rewards cards on the market. Mobile devices purchased with the card will be insured up to $1,000 against accidental breaks, loss and theft for two years.

National Bank has also revamped some of the travel benefits. While the card’s previous $250 maximum annual refund for travel expenses has been downgraded to $150, it now offers two new travel expense categories. Starting Jan. 1, 2023, you’ll be able to claim airline seat upgrades and airport lounge access. Also, there are no longer any per-category maximums, meaning you can choose to claim the full $150 on any eligible travel expense you’d like.

Even with these many improvements, one thing that isn’t changing is the card’s annual fee – it’s staying put at $150.

 

National Bank Platinum Mastercard

 

Similarly, the more accessible National Bank Platinum Mastercard is also debuting some changes (albeit on a slightly smaller scale).

Cardholders can now earn:

  • Up to two points per dollar on eligible grocery and restaurant purchases
  • 1.5 points per dollar on eligible gas and electric vehicle charging
  • 1.5 points per dollar on recurring bills
  • 1.5 points per dollar on À la carte Travel Agency purchases
  • One point per $1.50 on everything else

Much like the World Elite, the Platinum Mastercard comes with a monthly cap on all card purchases regardless of category, for the 2x acceleration—in this case, $1,000. Once that has been reached, you’ll still earn 1.5 points per dollar on groceries and restaurants. Not a significant loss, but worth keeping in mind.

Insurance-wise, National Bank is reducing the card’s coverage for trip cancellation and trip interruption to $1,000 and $1,500, respectively, and ditching its coverage for personal effects in rental cars entirely. The good news, however, is that it’s introducing mobile device insurance – a popular feature not offered by every card of this type.

To top off the card’s updates, its annual fee is decreasing – going down to $70 – providing even more incentive to sign up. Plus, there’s no income requirement, making the National Bank Platinum Mastercard the more accessible of the two cards.

 

The bottom line

Both of these cards have undergone big changes, but anything lost is more than made up for with increased earning potential and flexibility – making both cards an overall win for users in search of solidly performing reward points.

What do you think of the changes to National Bank’s World Elite and Platinum Mastercard credit cards? Let us know in the comments below.

 

Also read:

The 10 best travel credit cards in Canada

The best credit cards for travel insurance

Canada's best credit card promotions and sign-up offers for 2022

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