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MBNA Rewards Platinum Plus Mastercard Review

MBNA Rewards Platinum Plus® Mastercard® review

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4.0

Welcome Offer

Earn 4 points per $1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases until $10,000 is spent annually. You could also receive up to 10,000 bonus points.

10,000 Get up to 10,000 MBNA Rewards points†† as an introductory bonus (see details below)

$0 Annual Fee

19.99% Purchase APR

24.99% Cash Advance APR

22.99% Balance Transfer Rate

Good Recommended Credit Score

4.0

MBNA Rewards Platinum Plus® Mastercard® review

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Quick overview

Quick overview of the MBNA Rewards Platinum Plus® Mastercard®

The MBNA Rewards Platinum Plus® Mastercard® is a straightforward rewards credit card that offers accelerated rewards points on various everyday purchases, a solid flat rate on everything else, and no annual fee. A nice introductory bonus adds further value.

This MBNA card is definitely worth considering for people who want to earn points without modifying their shopping habits and not be overly restricted in how they redeem their rewards.

Who's the card for?

Who’s the MBNA Rewards Platinum Plus card for?

The MBNA Rewards Platinum Plus® Mastercard® is ideal for anyone who prefers not to pay an annual fee to earn rewards points on everyday purchases and wants flexibility in redeeming rewards. Travelers may find this card more valuable than other $0 annual fee travel rewards cards, such as the BMO Air Miles Mastercard. That card only offers an accelerated earn rate in one purchase category (travel) and rewards that can only be used at Air Miles partners.  

Pros and cons

Pros and cons

Pros

Pros

  • No annual fee

  • Accelerated rewards on groceries, restaurants, and more

  • Simple point structure with flexible redemption options

  • Generous introductory bonus of up to 10,000 points

  • No cap on total points earned

Cons

Cons

  • Lower cash back redemption rate compared to designated cash back cards

  • Limited benefits beyond rewards

  • Points system may not appeal to cash back enthusiasts

  • Higher earning categories have a spending cap of $10,000 annually

  • Better suited for travel rewards than cash back

MBNA Rewards Platinum Plus® welcome bonus

The MBNA Rewards Platinum Plus credit card's welcome bonus is 4 points for every $1 spent†† on eligible groceries, restaurants, digital media, memberships, and household utilities during the first 90 days. This MBNA welcome bonus is valued at up to 10,000 bonus points.

How to earn rewards

How to earn MBNA Rewards points with the Platinum Plus Mastercard

The MBNA Rewards Platinum Plus® Mastercard® allows cardholders to earn points on all eligible purchases, regardless of location. Despite that, MBNA Rewards Platinum Plus cardholders earn additional points in select "everyday" categories:

  • Earn 2 MBNA Rewards points for every $1 spent†† in several categories, including groceries, restaurants, digital media, memberships, and household utilities.
  • Earn 1 MBNA Rewards point for every $1 spent†† on any eligible purchase made with the card.

It's important for cardholders to note that there is an annual spending cap of $10,000 for each of these accelerated earning categories. This spending limit is quite high, considering the card has no annual fee. Once cardholders reach $10,000 in spending annually in any of the aforementioned categories, they will earn 1 point for every $1 spent†† in that category for the remainder of the year. However, there is no limit to the total number of points that can be earned.

How to redeem rewards

How to redeem MBNA Rewards points

MBNA Rewards points can be redeemed on whatever cardholder wants, including cash back against a statement, travel rewards (airfare, hotels, rental cars), gift cards, merchandise, and more. When redeeming MBNA Rewards points for travel, 100 points are worth $1. When redeeming points earned from the MBNA Rewards Platinum Plus® Mastercard® for cash back against a statement, 200 points are worth $1. This relatively low cash back redemption rate may be a discouraging factor for those who prefer cash back, but if this is the case, getting a designated cash back card is advised anyway.

*Note that a better cash back redemption rate is available on points earned from the MBNA Rewards World Elite® Mastercard®.

Key benefits

Key benefits of the MBNA Rewards Platinum Plus card

While the MBNA Rewards Platinum Plus credit card might not be the most lucrative rewards card on the Canadian market, that doesn't mean there isn't plenty to like about it.

One of the key benefits of the MBNA Rewards Platinum Plus Card is that it does not have an annual fee, which means you can enjoy all the perks without any additional cost. Another advantage of this card is its generous rewards rate, allowing you to earn rewards on your purchases and maximize your benefits.

Additionally, the MBNA Rewards Platinum Plus Card does not have a points cap, meaning there is no limit to the number of points you can accumulate, giving you the freedom to earn as much as you want.

Insurance coverage

MBNA Rewards Platinum Plus® Mastercard® insurance coverage

While the MBNA Rewards Platinum Plus Mastercard does not have an annual fee, it still provides the everyday protections and insurance benefits Canadians have come to rely on from MBNA.

  • Purchase protection: On items purchased with your MBNA credit card within the first 90 days from the date of purchase, up to $60,000 over the life of the card
  • Mobile device coverage: If your eligible mobile device is lost, stolen, or damaged, you cover at least 75% of the purchase price to pay for the phone. Value: $1,000 per year.

The card also features the standard Mastercard insurance benefits, including 24-hour fraud monitoring, emergency card services (including emergency card replacement and emergency cash transfers), and Mastercard zero liability coverage against fraudulent transactions.

While these insurance benefits won't apply to everyone, they provide significant value (and peace of mind) should you consider getting a new tablet or phone.

Extra card benefits

Extra benefits of the MBNA Rewards Platinum Plus® Mastercard®

The MBNA Rewards Platinum Plus Mastercard has a slate of additional benefits designed to reduce the stresses of ordinary life, including:

  • Extended warranty protection
  • Rental car discounts with Avis and Budget
  • MBNA and Mastercard cardholder support

For starters, cardholders enjoy double the written manufacturer's warranties when using the MBNA Rewards Platinum Plus Mastercard to make an eligible purchase. This feature provides up to an extra year of protection, which can help reduce the stresses of making a big-ticket purchase for a new item.

There are also benefits for travelers, including savings when booking rental cars through select partners in Canada and the U.S. When you use the MBNA Rewards Platinum Plus card to book rental cars through Avis or Budget, you'll receive up to a 10% discount off the base rate (10% off in Canada and 5% off in the United States). Quote your discount code (#C078405 for Avis or #A331704 for Budget) at the time of reservation and charge the full rental to your MBNA credit card.

Other notable benefits of the Platinum Plus credit card include:

  • Mastercard contactless payments
  • Card verification codes (CVC) and chip & pin technology for an extra layer of security
How does it compare?

How does the MBNA Rewards Platinum Plus compare?

Card Name
  MBNA Rewards Platinum Plus® Mastercard®
Tangerine Money-Back Credit Card
MBNA Smart Cash Platinum Plus® Mastercard®
Welcome Offer
Earn 4 points per $1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases in the first 90 days 
Apply by April 30th, 2023. If you're approved, you’ll earn an extra 10% back on up to $1,000 in everyday purchases made within your first 2 months.*
Earn 5% cash back†† on gas and groceries for first 6 months (max $150 cash back)
Annual Fee
$0
$0
$0
Rewards
Earn 2 points per $1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases; earn 1 point per $1  spent on all other purchases
Earn unlimited 2% cash back in up to 3 spending categories of your choice; earn 0.5% back on all other purchases
Earn 2%‡ on gas and groceries (max $25 cash back per month); earn 0.5%‡ back on all other purchases
Regular Interest Rates
Purchases: 19.99%; Cash Advances: 24.99%; Balance Transfers: 22.99%
Purchases: 19.95%, Cash Advances: 19.95%, Balance Transfers: 19.95%
Purchases: 19.99%; Cash Advances: 24.99%; Balance Transfers: 22.99%✪

 The MBNA Rewards Platinum Plus® Mastercard® and Tangerine Money-Back Credit Card are two credit cards that offer different benefits and features. Let's compare them to see which one suits your needs better. When comparing the MBNA Rewards Platinum Plus and the Tangerine Money-Back card, it's vital to carefully consider your spending habits and priorities. While the MBNA card offers a range of benefits and 2 points per $1 spent on rewards in everyday categories, the Tangerine card stands out for its 2% cash back rewards on 3 customizable purchase categories. So, if you're looking for a card that allows you to tailor your cash back rewards to your specific needs, the Tangerine Money-Back card may be the better choice for you.  

Is the card worth it?

Is the MBNA Rewards Platinum Plus® card worth it?

The MBNA Rewards Platinum Plus® Mastercard® could be thought of as a jack of all trades, and a master of none. This means that for cardholders who prefer cash back, for instance, there are stronger, more focused alternatives. Its point redemption value for cash back makes the card more useful for those who plan to redeem for travel.

The MBNA Rewards Platinum Plus® Mastercard® may not excel in any particular area. Still, it offers a range of benefits that can provide value to anyone who wants a fuss-free credit card to earn rewards in key everyday categories. Cardholders who prioritize cash back may find better options available. However, if you plan to redeem points for travel, this card can be more advantageous.

Eligibility requirements

MBNA Rewards Platinum Plus® eligibility requirements

The MBNA Rewards Platinum Plus® credit card is available to all Canadian residents of the age of majority in their province/territory of residence. Additionally, a "good" credit score is generally required to successfully apply for the card or score of around 660. MBNA does not disclose any income requirements. 

FAQs

FAQs about the MBNA Rewards Platinum Plus card

  • Does MBNA offer instant approval?

    +

    Yes. MBNA provides instant approval for most applicants, meaning you likely won't have to wait to see if you're approved for the card.

  • Which credit bureau does MBNA check when applying?

    +

    TransUnion

  • What is the MBNA 5/6 rule?

    +

    MBNA has a rule called the "5/6 rule," which states that if you have had more than five new credit inquiries from TransUnion in the last six months, your current application will likely be rejected.

  • Does MBNA provide automatic credit limit increases?

    +

    Yes, MBNA may increase your credit limit. The bank will give you notice 30 days before the increase.

‡, ††, ✪, ***, Terms and Conditions apply.

This offer is not available for residents of Quebec.

Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.

The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.

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