Looking for a no-annual-fee credit card that offers great rewards? Check out the MBNA Rewards Platinum Plus Mastercard Canada. This card from MBNA Canada lets you earn points on every purchase, which you can redeem for cash back, gift cards, and more.
In this MBNA Rewards Platinum Plus Mastercard review, we’ll take a closer look at the benefits and downsides of this card. As well as some alternative options to consider.
Main Highlights
- The MBNA Rewards Platinum Plus Mastercard is a great option for those who want to earn rewards on their everyday purchases without an annual fee.
- Earn 2 points per dollar spent on gas, groceries, and restaurants and 1 point per dollar spent on everything else.
- 10,000 Welcome Bonus points can help you earn rewards quickly.
- Consider other credit cards if you prefer cash back or higher rewards rates.
MBNA Rewards Platinum Plus Mastercard – Summary
MBNA Rewards Platinum Plus Mastercard
Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.
Welcome offer: Earn 5,000 bonus points after spending $500 or more in the first 90 days, plus another 5,000 points when you enroll in paperless e-statements within the first 90 days.
Interest rates: 19.99% for purchases, 22.99% for balance transfers, and 24.99% for cash advances.
Annual fee: $0
Recommended credit score:
Good to Excellent
On MBNA’s website
Benefits of the MBNA Rewards Platinum Plus Mastercard
The MBNA Rewards Platinum Plus Mastercard offers a range of benefits to its cardholders.
Here are some of the key benefits:
- Earn MBNA Rewards points – earn MBNA Rewards points on all of your purchases. You’ll earn 2 points per dollar spent on gas, groceries, and restaurants and 1 point per dollar spent on all other purchases.
- No annual fee – this means there is no annual fee to worry about, which can save you a significant amount of money over time.
- The MBNA Payment Plan – this offers a convenient way to manage your budget and pay for large purchases in monthly installments. The plan is available for eligible credit card purchases of $100 or more, with three options for payment plan terms: 6, 12, or 18 months.
- Extended warranty – The MBNA Rewards Platinum Plus Mastercard extends the manufacturer’s warranty on eligible items for up to one additional year.
- Birthday Bonus – receive an Annual Birthday Bonus Points equivalent to 10% of the Points earned in the 12 months before your birthday month. This bonus is capped at 10,000 points per year.
- Robust redemption options – MBNA Rewards points can only be redeemed for travel, merchandise, gift cards, or cash back. This means that if you’re looking for a credit card that offers more flexibility in terms of redemption options, the MBNA Rewards Platinum Plus Mastercard may not be the best choice.
Downsides of the MBNA Rewards Platinum Plus Mastercard
While the MBNA Rewards Platinum Plus Mastercard has many benefits, there are also some downsides to consider.
Here are a few of the potential drawbacks:
- Lower rewards rate on non-bonus spending – while the MBNA Rewards Platinum Plus Mastercard offers a generous 2 points per dollar spent on gas, groceries, and restaurants, the rewards rate drops to 1 point per dollar spent on all other purchases.
- High Cash Advance interest – the interest for Cash Advance transactions is 24.99%, higher than some of its competitors.
How To Apply for the MBNA Rewards Platinum Plus Mastercard
To apply for the MBNA Rewards Platinum Plus Mastercard, you can visit the MBNA website or call their customer service hotline.
You must be a Canadian resident who is of the age of majority in your province or territory of residence to be eligible.
How To Redeem MBNA Rewards Points
To redeem your MBNA Rewards points, you can visit the MBNA Rewards website or call their customer service hotline. You can redeem your points for travel, merchandise, gift cards, or cash back.
MBNA Rewards Platinum Plus Mastercard Alternatives
The MBNA Rewards Platinum Plus Mastercard is a great option for those who want to earn rewards without an annual fee. But it’s always good to compare your options before making a final decision.
Here are some other no-fee credit cards that offer similar benefits:
Tangerine World Mastercard
Tangerine World Mastercard
Rewards: Earn 2% unlimited cash back in up to 3 spending categories of your choice, plus 0.50% on all other purchases.
Welcome offer: Get 15% cash back on up to $1,000 in the first 2 months ($150 value).
Interest rates: 19.95% for purchases, balance transfers, and cash advances.
Annual fee: $0
Recommended credit score:
Fair to Excellent
On Tangerine’s website
SimplyCash Card from American Express
SimplyCash Card from American Express
Rewards: Earn up to 2% cash back on gas and groceries and 1.25% cash back on everything else.
Welcome offer: In the first 10 months, earn a $10 statement credit for each month in which you spend $300 (up to $100 in statement credits).
Interest rates: 20.99% for purchases, 21.99% for cash advances.
Annual fee: $0
Recommended credit score:
Good to Excellent
On American Express’s website
Neo Financial Mastercard
Neo Financial Mastercard
Rewards: Earn up to 15% cash back at Neo partners and never fall below 0.5% average cash back.
Welcome offer: Get an extra 15% cash back on your first purchases at many Neo partners.
Interest rates: 19.99% to 26.99% for purchases, 22.99% to 28.99% for cash advances.
Annual fee: $0
Recommended credit score:
Fair to Excellent
On Neo’s website
Should You Get the MBNA Rewards Platinum Plus Mastercard?
The MBNA Rewards Platinum Plus Mastercard is one of the best no-annual-fee credit cards in Canada. It offers a solid rewards program and a welcome bonus that can help you earn points quickly.
However, it may not be the best fit for everyone. If you’re looking for a credit card with higher rewards rates or if you prefer to earn cash back instead of points, there are other options to consider.
Here’s a summary of how the MBNA Rewards Platinum Plus Mastercard compares to some of its alternatives:
| Credit Card | Annual Fee | Cash Advance Interest Rate | Purchase Interest Rate | Rewards |
| MBNA Rewards Platinum Plus | $0 | 24.99% | 19.99% | 2 points per dollar spent on gas, groceries, and restaurants; 1 point per dollar spent on everything else |
| Tangerine World Mastercard | $0 | 19.95% | 19.95% | Earn 2% cash back in 2 Money-Back Categories, 0.50% cash back on everything else, Boingo Wi-Fi for Mastercard, Travel rewards |
| Neo Financial Mastercard | $0 | 22.99%-28.99% | 19.99%-26.99% | Earn an average of 5% cashback at 10,000+ partners across the country. |
| SimplyCash Card from Amex | $0 | 21.99% | 19.99% | Cash back on all purchases, up to 1.25% |
FAQs
Is the MBNA Rewards Platinum Plus Mastercard a good credit card?
The MBNA Rewards Platinum Plus Mastercard is a good option for those who want to earn rewards on their everyday purchases without having to pay an annual fee.
What rewards does the MBNA Rewards Platinum Plus Mastercard offer?
The MBNA Rewards Platinum Plus Mastercard offers 2 points per dollar spent on gas, groceries, and restaurants and 1 point per dollar spent on everything else.
Is there an annual fee for the MBNA Rewards Platinum Plus Mastercard?
No, there is no annual fee for the MBNA Rewards Platinum Plus Mastercard.
What is the welcome bonus for the MBNA Rewards Platinum Plus Mastercard?
The welcome bonus for the MBNA Rewards Platinum Plus Mastercard is up to 10,000 bonus points (terms apply).
