The National Bank World Elite Mastercard is a top travel rewards credit card in Canada. It has one of the best insurance packages for a credit card, and you can earn up to 2 points per dollar spent.
If you travel often and are looking for a credit card with a high earning potential, this one might be worth checking out.
This National Bank World Elite Mastercard Review covers the benefits, how to apply, and a few alternative travel rewards credit cards.
National Bank World Elite Mastercard – At a Glance
- $150 annual fee (waived in the first year)
- $50 for additional cards
- $5,000 minimum credit limit
- 20.99% purchase interest rate
- 22.49% balance transfer and funds advance interest rate
- Earn up to 2 points for every $1 spent, based on your net spending
- A wide range of travel insurance and benefits
National Bank World Elite Mastercard Benefits
National Bank is giving new cardholders a generous welcome bonus of a few different rewards valued at $1,117 if you spend at least $3,000 in the first 3 months of cardmembership.
These benefits include:
- $250 in travel-fee refunds
- Unlimited access to the National Bank Lounge at the Montreal Airport (valued at over $150)
- 20,000 rewards points (valued at $167 in travel discounts)
- No annual fee in the first year ($150 for the main card plus $50 for additional cards)
- Over $350 value in rewards points if you spend $2,500 each month
Other benefits of the National Bank World Elite Mastercard include the following.
Points and Travel Rewards
With this Mastercard, you can earn up to 2 points for every $1 spent over a 12-month period. The earning structure is as follows:
$0 to $40,000 = 1.5 points per $1 spent
$40,001 to $80,000 = 2 points per $1 spent
$80,001+ = 1.5 points per $1 spent
Travel rewards included with this card are called À La Carte Rewards, where you can redeem your points to save on vacation packages and airline tickets.
Alternatively, you could pay your credit card balance with your rewards points online.
The National Bank World Elite Mastercard includes a wide range of insurance benefits, including the following:
Zero liability protection
Purchase protection – in the event of theft or damage, get coverage up to 180 days following the purchase date
Extended warranty protection – you have the possibility of tripling the manufacturer’s warranty for up to 2 years
Trip cancellation insurance – up to $2,500 per person
Trip interruption insurance – up to $5,000 per person
Out-of-province medical/hospital insurance – up to $5 million per person
Departure flight delay insurance – up to $500 per person
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Delayed baggage insurance – up to $500 per person
Stolen or lost baggage insurance – up to $1,000 per person
Vehicle rental insurance – get coverage against collision, damage, or theft for up to 48 days
Medical, general, and legal assistance
Downsides of the National Bank World Elite Mastercard
The National Bank World Elite Mastercard has an annual personal income requirement of $80,000 or $150,000 household. Otherwise, you must have a minimum of $400,000 assets under management.
Another downside is the steep interest rate of 20.99% for purchases and 22.49% for cash advances and balance transfers.
Also, this card does not offer much in terms of travel benefits or cash back rewards. It has a weird tier system of how many points you earn per dollar spent based on your 12-month spending, which isn’t that great compared to other travel rewards Mastercards.
How To Apply for the National Bank World Elite Mastercard
To apply for the National Bank World Elite Mastercard, click here.
To be eligible, you must be a Canadian resident and meet the age of majority in your province or territory.
You also need to have a minimum $80,000 annual personal income or $150,000 annual household income. Otherwise, you should have $400,000 investable assets or charge $25,000 to the card each year.
Alternatives to the National Bank World Elite Mastercard
A few alternate travel rewards credit cards include:
National Bank World Elite Mastercard vs Scotiabank Gold American Express Card
The Scotiabank Gold American Express Card has a $120 annual fee (waived in the first year), with each additional card costing $29 per year.
The interest rate on purchases is 19.99% and 22.99% on cash advances. Scotiabank also does not charge any foreign transaction fees.
You earn Scene points for every purchase, as per the following:
- 5x the points for every $1 spent on groceries, restaurants, bars, and entertainment purchases
- 3x the points for every $1 spent on gas, daily transit, and select streaming services
- 1x the points for every $1 spent on everything else
These points can be redeemed on movies, travel, dining, entertainment, and other purchases.
You get access to Amex offers, events, and front of the line. This card includes a range of travel insurance like flight delay insurance, travel accident insurance, and more.
National Bank World Elite Mastercard vs Tangerine World Mastercard
The Tangerine World Mastercard has a $0 annual fee. It is a top cash back credit card where you can earn 2% cash back in up to 3 categories of your choice and 0.5% cash back on everything else.
It has a 19.95% interest rate on purchases and cash advances along with a 3% balance transfer fee.
The Tangerine World Mastercard also includes a few travel benefits and insurance, including Boingo Wi-Fi and a DragonPass travel pass.
National Bank World Elite Mastercard vs American Express Aeroplan Card
The American Express Aeroplan Card has a $150 annual fee, with each additional card costing $50.
It is a charge card with no pre-set spending limit. There are no interest charges if you pay your balance in full, but if you don’t, you’ll be faced with a 30% interest rate.
You’ll earn 2x the Aeroplan points on eligible Air Canada purchases, 1.5x the Aeroplan points on eligible food and restaurant purchases, and 1x the points on all other purchases.
This card comes with many travel benefits, including a first checked bag for free, reach Aeroplan Elite status faster, and access to American Express experiences and events.
Travel insurance includes flight delay, baggage delay, hotel burglary, travel emergency insurance, and more.
Is the National Bank World Elite Mastercard For You?
If you meet the income requirement and want to earn points that can be redeemed for a statement credit or travel rewards, then this card may be for you.
The National Bank World Elite Mastercard has a range of travel insurance benefits, so you’ll be covered if you travel often.
However, the minimum income requirement to qualify is quite high, and the interest rate is 20.99% or 22.49%, which is quite a lot for a credit card.
Comparison Table – At a Glance
|Annual Fee||Supplementary Card Fee||Purchase Interest Rate||Funds Advance Interest Rate||Top Rewards|
|National Bank World Elite Mastercard||$150 (waived in the first year)||$50 (waived in the first year)||20.99%||22.49%||Earn up to 2 points for every $1 spent in a 12-month period|
|American Express Aeroplan Card||$150||$50||N/A||N/A||2x Aeroplan points on Air Canada purchases, 1.5x Aeroplan points on food and restaurant purchases, 1x the points on all other purchases|
|Scotiabank Gold American Express Card||$120||$29||19.99%/||22.99%||5x Scene+ points for every $1 spent on groceries, restaurants, bars, and entertainment purchases, 3x Scene+ points for every $1 spent on gas, daily transit, and select streaming services, 1x the points for every $1 spent on everything else|
|Tangerine World Mastercard||$0||$0||19.95%||19.95%||Earn 2% cash back in up to 3 categories of your choice and 0.5% cash back on everything else|