MBNA Rewards Platinum Plus® Mastercard®

9.5/10

Interest Rate

20.99%

Annual Fee

$0

Balance Transfer

20.99%

Card Type

Rewards

Earn up to 10,000 bonus MBNA Rewards Points for cash back, gift cards and more

MBNA offers the option of redeeming points according to the user’s preferences. For instance, you could get the points added to the credit card statement, or withdraw the cash by issuing a cheque. Alternatively, you could deposit the amount into your savings or chequing account or donate to a charitable organization. MBNA offers a travel catalogue that lists the reward points and merchandise you could order. You can redeem 100 points for every $1 for travel and 200 points for $1 for donating to charity. In case you lose the card, you can expect to get a replacement within 7 to 10 days via courier service. MBNA provides facilities like Credit Line Increase Decisions during business hours. If you need cash advances, access them at worldwide banks and ATMs. Any purchases you make using the MBNA card entitles you to an additional one-year warranty. You also get purchase assurance for most items purchased within the first 90 days of opening an account with MBNA. All transactions made using the MBNA are absolutely secure and protected against fraud thanks to the CVC code, chip, and 4-digit Personal Identification Number (PIN).

  • 5,000 bonus points after your first eligible purchase within the first 90 days
  • 5,000 bonus points once enrolled for e-statements within the first 90 days
  • Earn 2 points for every $1 spent on eligible purchases
  • Variety of options to redeem points
  • $0 annual fee
  • Easy-to-get welcome bonuses
  • No eligibility requirements, so anyone can apply
  • Competitive interest rates

The MBNA Rewards Platinum Plus Mastercard offers you the opportunity to make significant savings each time you charge a purchase to the card. You’ll pay a $0 annual fee with the possibility of earning 1 point for every dollar you spend. But, when purchasing groceries, gas, and food at restaurants, you’ll earn 2 points for every $1. When added up, you could save up to $5,000 in each category. The exciting advantage is that you can redeem the points you earn for travel expenses, merchandise from some of the best brands, and gift cards. The company also has the MBNA Rewards Catalogue for selecting the products you wish to buy.

One of the best benefits of the MBNA Rewards Platinum Plus Mastercard is that there is no deadline for redeeming the points you earn. You can continue to accrue them as long as you maintain the account. In case you wish to charge large expenses worth $100 and above to the MBNA card, you have the option of paying in easy monthly installments. The company offers you a selection of three payment terms, such as 6, 12, and 18 months. As for eligibility, you can apply for this card if you’re an adult in any of the provinces or territories where you reside.

Signup/Welcome Bonus Offered

Signing up for the Platinum Plus card will allow you to earn up to 10,000 bonus points, and for the first three months, you’ll also earn points faster. On the higher earning gas, grocery, and restaurant categories, you’ll be earning 4 points for every dollar spent instead of 2 points per dollar. If you use the card for $500 worth of purchases within 90 days, you’ll receive a bonus of 5000 points. All you have to do for another 5000 points is register for paperless e-statements, something that takes a few minutes and is great for the environment as well.

Card Highlights

  • $0 Annual fee
  • Applicable interest on all purchases is 19.99%
  • Interest on cash advances is $24.99%
  • Interest in balance transfers and access cheques is 22.99%
  • Possibility of earning 1 point per dollar spent on all qualifying purchases and 2 points per $1 when shopping for groceries and gas, purchasing gift cards, and eating at restaurants.

The MBNA Rewards Platinum Plus card is most notable for its $0 annual fee. Combine that with the lack of minimum-income eligibility requirements and this card is available to everybody. This card offers incredibly competitive interest rates in all categories; its cash advance rate is 24.99%, the balance transfer rate is 22.99%, and the interest rate on regular purchases is 19.99%. These rates ensure that you will not be paying more interest on this card than any other comparable competitor’s card, so you can reap the benefits without being penalized on interest.

The points system is quite simple to follow; you will receive two points for every dollar spent on eligible gas, grocery, and restaurant purchases. There is a $5000 annual cap for each of those categories, so that’s something to keep in mind. All other purchases will earn you one point for every dollar spent, including purchases from the higher earning categories that go over the cap. The points you earn can be redeemed in a variety of ways: you can use them to pay for travel expenses, redeem cash back, donate to charity, pay down your credit card balance, or purchase new items from the MBNA Rewards catalogue.

MBNA Rewards Platinum Plus® Mastercard® Details Summary

  • Interest Rate: 19.99%
  • Interest Rate Promo: N/A
  • Balance Transfer Rate: 22.99%
  • Balance Transfer Rate Promo: N/A
  • Cash Advance Rate: 24.99%
  • Cash Advance Rate Promo: N/A
  • Annual Fee: $0
  • Card Best Suited For: Frequent vehicle renters, credit card newbies
  • Reward Type: MBNA Rewards points
  • Signup/Welcome Bonus Offers: Maximum of 10,000 bonus points, double the points from purchases for the first 90 days

MBNA Rewards Platinum Plus® Mastercard® – Best Suited For:

If you’ve been looking for a credit card where you won’t have to pay any annual fees, the MBNA Rewards Platinum Plus Mastercard is a great choice. The card is also ideal for users who prefer to choose from different point redemption plans. Further, if you frequently travel for business or leisure, the MBNA can prove beneficial for you. That’s because you could redeem points for purchasing air tickets, renting cars, and paying room fares.

This card is ideally suited to a couple different groups of people. First off is frequent vehicle renters. Whether you travel domestically or internationally, this card will help you get some discounts on car rentals wherever you are. With reduced rates worldwide, you’ll never have to worry about overspending on a rental again. Frequent travelers will also benefit from the flexible rewards program as the points you earn every day can be used to cover travel expenses. Domestic travel is a better fit for this card as there is no travel insurance provided.

This card is also a great choice for credit card newbies. As first cards go, it doesn’t really get better than this MBNA option. There is no annual fee or eligibility requirements based on income, so the application is open to literally everybody. The welcome bonuses are easy to get, so you’ll be able to take advantage of a sizable points balance fairly early on, especially if you are a big spender. The regards program is also very flexible, so you’ll be able to use your points for whatever fits you at the time. Extended warranty on purchased products is just another benefit that makes this card ideal for first timers.

9.5 Total Score
MBNA Rewards Platinum Plus® Mastercard® Review

PROS
  • No annual fee
  • Anyone can apply, no minimum income requirements
  • Flexible rewards program
  • Extends warranty by up to a year on purchased products
  • Rental car discounts worldwide
  • Welcome bonus points are very easy to get
CONS
  • Higher interest rate for cash advances than average
  • Annual cap on 2 points per dollar purchase categories
  • No travel insurance
  • More limited sign-up rewards than comparable cards
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