MBNA Rewards Platinum Plus Mastercard Review for 2024

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Written by Enoch Omololu

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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:
660
900

Good to Excellent

MBNA Rewards Platinum Plus Mastercard

On MBNA’s website

  • Earn 2 points for every $1 spent on grocery, restaurant, membership, digital media, and household utility purchases (up to $10,000 annually).
  • Earn 1 point for every $1 spent on everything else with no limits.
  • As a Birthday Bonus, earn 10% of the points you’ve earned during the 12 months before your birthday month (up to 10,000 bonus points per year).
  • Flexible redemption of points for cash back, travel, merchandise, gift cards, and more.
  • MBNA points never expire as long as your account is open and in good standing.
  • Pay for eligible purchases over $100 in 6, 12, or 18-month plans with the MBNA Payment Plan.
  • $1,000 mobile device insurance is included.
  • Extended warranty and purchase assurance are included.
  • Save 5% to 10% off base rates at Avis and Budget car rental locations.
  • No minimum income is required.

Earn Birthday Bonus points each year

Flexible redemption of points

$1,000 mobile device insurance included

The 2x earn category is capped at $10,000 annually

No travel insurance or benefits included

High cash advance interest rate

The no-fee MBNA Rewards Platinum Plus Mastercard does not have many travel benefits or insurance but is great for earning points that can be flexibly redeemed on practically anything. There is no minimum income requirement to apply, and it comes with $1,000 mobile device insurance.

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 optionsMBNA 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:
600
900

Fair to Excellent

Tangerine World Mastercard

On Tangerine’s website

  • Earn 2% cash back on up to 3 spending categories of your choice with no limits.
  • Earn unlimited 0.5% cash back on all other purchases outside those categories.
  • Cash back is earned daily and paid out monthly.
  • Promotional balance transfer interest rate of 1.95% for 6 months.
  • Stay connected to over 1 million wifi hotspots with Boingo Wi-Fi for Mastercard.
  • Receive a complimentary membership to Mastercard Travel Pass provided by DragonPass.
  • Access on-demand and subscription services as a Tangerine Cardholder.
  • $1,000 mobile device insurance and rental car collision/loss damage insurance are included.
  • Purchase assurance and extended warranty benefits are included.
  • No annual fee.
  • Track and categorize your spending with the Tangerine mobile app.
  • To be eligible, you must make a minimum of $60,000 personal or $100,000 household annual income.

Earn 2% cash back in up to 3 categories

No annual fee

Includes Mastercard travel benefits and mobile device insurance

High income requirement needed to qualify

No physical bank branches

No travel insurance included

The Tangerine World Mastercard requires a higher annual income but comes with more travel benefits and insurance coverage than the Money-Back Credit Card. The Mastercard Travel Rewards, Boingo Wi-Fi for Mastercard, and Mastercard Travel Pass make it worth applying for.

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:
660
900

Good to Excellent

SimplyCash Card from American Express

On American Express’s website

  • Earn 2% cash back on gas and grocery purchases (up to $15,000 annually).
  • Earn 1.25% cash back on everything else with no limits.
  • $100,000 travel accident insurance is included.
  • Refer a friend, and you could earn up to a maximum referral bonus of $750 cash back.
  • Enjoy exclusive access to American Express Experiences.
  • Buyer’s assurance and purchase protection plans are included.
  • Use American Express Travel Online to get deals on select car rental and hotel bookings.
  • No minimum income requirement is needed to apply.

No limits on the 1.25% cash back earn rate

$100,000 travel accident insurance

High referral bonus

The 2% cash back categories are capped at $15,000 annually

Cash back is only redeemable once per year

Cash back can only be redeemed as a statement credit

This no-annual-fee SimplyCash Card has high earn rates on gas and groceries and a flat rate of 1.25% cash back on everything else without limits. It also includes travel accident insurance, which is rare for a no-fee cash back credit card.

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:
600
900

Fair to Excellent

neosecuredmastercard cc-img

On Neo’s website

  • Earn up to 15% cash back on your first purchases at many Neo partners.
  • Get an average of 5% instant cash back at over 8,000 Neo partners.
  • Never fall below 0.5% average cash back – if you do, Neo will top it up.
  • Cash back is instantly rewarded.
  • Use the Neo app to view cash back offers near you and view insights on your spending.
  • Instantly use the digital Neo card after signing up.
  • Optionally subscribe to Bundles for more cash back on certain spending categories.
  • No annual fees or income requirements.

No annual fee or income requirements

Earn up to 15% cash back

Neo mobile app shows you cash back offers near you

Only earn 15% cash back once at each Neo partner

You need to subscribe to Neo Bundles for more cash back

No insurance coverage

The Neo Card is an all-in-one cash back credit card and mobile app that earns you cash back on all purchases. Shop at Neo partners and earn up to 15% cash back, rewarded instantly.

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 CardAnnual FeeCash Advance Interest RatePurchase Interest RateRewards
MBNA Rewards Platinum Plus$024.99%19.99%2 points per dollar spent on gas, groceries, and restaurants; 1 point per dollar spent on everything else
Tangerine World Mastercard$019.95%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$022.99%-28.99%19.99%-26.99%Earn an average of 5% cashback at 10,000+ partners across the country.
SimplyCash Card from Amex$021.99%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).

Bonuses & Deals for April

Free prepaid card with up to 5% cashback. No credit check & $20 bonus when you deposit $50 and complete first purchase.

Earn average of 5% unlimited cashback. No annual fees and $25 bonus.

Get a $100 cashback bonus in the first 2 months. No annual fee credit card.

No current offers for this category.

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Gravatar for Enoch Omololu

Enoch Omololu

Enoch Omololu is a personal finance expert. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. Enoch is passionate about helping others win with their finances and has written about money matters for over a decade. He has been featured or quoted in The Globe and Mail, CBC News, Yahoo Finance, GO Banking Rates, Financial Post, Bankrate, Forbes, Toronto Star, CTV News, and other personal finance publications. He founded Savvy New Canadians, one of Canada’s top financial education platforms.

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  • One of the best savings rates in Canada.
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*Terms and conditions apply. Limited time offer.
  • Earn 6.00% interest rate* on every dollar.
  • One of the best savings rates in Canada.
  • Access to free unlimited chequing account with $400 bonus.
*Terms and conditions apply. Limited time offer.