MBNA Rewards World Elite® Mastercard® vs CIBC Costco Mastercard: Which one is better?
MBNA Rewards World Elite® Mastercard®
5
CIBC Costco Mastercard
2.8
Welcome Bonus*
20,000 bonus points†† (approximately $165 in cash back value) after you make $2,000 or more in eligible purchases within the first 90 days of your account opening. 10,000 bonus points††(approximately $80 in cash back value) once enrolled for paperless e-statements within the first 90 days of account opening. This offer is not available for residents of Quebec.
Welcome Bonus
N/A
Our Cash Offer
$120 Cash Rebate offer from FinlyWealth
Our Cash Offer
N/A
Rewards Breakdown
Annual Rewards
$657.62
MBNA Rewards
First Year Bonus Value
+
$300
MBNA Rewards
Annual Fee
-
$120
Finly Rebate
+
$120Exclusive Offer
First Year Value
$957.62
$537.62 in years after
Based on a hypothetical $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$347.33
First Year Bonus Value
+
$0
Annual Fee
-
$0
First Year Value
$347.33
Based on a hypothetical $2,000/mo average spending. Calculate your rewards.
While the first year bonus value here may show $0, the actual welcome bonus offer for this credit card is , which we value at $NaN when you meet the minimum spending or other listed requirements. The value of $0 here was derived based on numbers in the spending inputs and whether you meet the minimum listed requirements.
How to Earn Rewards*
- Earn 5 points‡ for every $1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases until $50,000 is spent annually in the applicable category.
- 1 point‡ for every $1 on all other eligible purchases.
- Each year, you will receive Birthday Bonus Points‡ equal to 10% of the total number of Points the Account earned in the 12 months before the month of the primary cardholder's birthday, to a maximum Birthday Bonus each year of 15,000 Points.
How to Earn Rewards
- 3% cash back on Restaurants
- 3% cash back on Costco Gas stations and 2% cash back on non-Costco Gas up to a combined maximum of $5,000 in spending (max $150 cashback per year)
- 2% cash back on Costco.ca purchases up to $8,000 in spending (max $160 cashback per year)
- 1% on everything else
Insurance Included*
Mobile Device Insurance
$1000
Extended Warranty
Up to a year
Purchase Protection
Up to 90 days
Lost or Stolen Baggage
$1000/person
Baggage Delay
$1000/person.svg)
Car Rental Damage & Theft
31 days
Travel Accident
$1,000,000
Emergency Out of province Medical
$2M for 21 daysFlight Delay
$500/person after 4 hours
Insurance Included
Mobile Device Insurance
$1000Extended Warranty
Up to a yearPurchase Protection
Up to 90 days
Extra Benefits*
Price Protection
$500/item, $1000/account per year
Car Rental Discount
10% off base rate of Avis Rent A Car and Budget Rent A Car in Canada and US and 5% internationally
Trip and legal Assistance
Annual Birthday Bonus
10% of the Points earned the 12 months prior to the primary cardholder's birthday month (up to a max 15,000 bonus points per year).svg)
Concierge Services
Extra Benefits
N/A
Interest Rates*
Purchase:
19.99%1
Cash Advance:
24.99%1
Balance Transfer:
22.99%1
Interest Rates
Purchase:
20.75%
Cash Advance:
22.49%
Balance Transfer:
22.49%
Annual Fee*
$120
Annual Fee
$0
Income Required*
Min Personal Income:
$80,000
Min Household Income:
$150,000
Income Required
Min Personal Income:
$15,000
Min Household Income:
N/A
Loyalty Program*
Loyalty Program
N/A
Point Redemption Options*
Most Optimal
Travel
1¢ / point
Gift Cards
0.98¢ / point
Statement Credits (Cash) - World Elite
0.82¢ / point
Merchandise
0.8¢ / pointStatement Credits (Cash) - Platinum
0.5¢ / point
Point Redemption Options
Not Applicable
Is this card worth it?
The MBNA Rewards World Elite® Mastercard® is one of the best reward credit cards in Canada, offering high rewards on frequently spent categories such as groceries and restaurant purchases. The annual birthday bonus, unique to this card, also provides a significant boost to your yearly earnings. Additionally, the card features a comprehensive list of benefits, including price protection—a rare and valuable perk not found with many other cards in Canada. These factors make this card one of the best to have in Canada.
Is this card worth it?
The CIBC Costco Mastercard offers one of the highest cashback rates on restaurant purchases in Canada, making it an excellent choice for optimizing rewards in this specific category, especially since it has no annual fees. If you use Costco Gas or shop on Costco Online, there is a decent cashback rate as well. However, for other categories, the cashback rate is average. Notably, you will be better off using other credit cards for warehouse Costco purchases, as you will only earn 1% cashback. If you are looking for no annual fee credit cards only, this is a good card to go for.
Pros
- Both restaurants and groceries, two of the most commonly spent categories, earn the most rewards.
- The MBNA rewards world elite mastercard offers a great annual birthday bonus with up to $150 in value.
- A solid list of travel insurance and benefits.
- Price protection, a rare feature not offered by many other cards.
- Good value for many of the card's redemption options.
Pros
- Decent reward rate for a no annual fee credit card
- One of the highest cashback rates for restaurant purchases in Canada
- Has Mobile insurance
Cons
- Trip cancellation and interruption insurance, two great benefits are missing from this card.
- Not the best card for gas purchases.
Cons
- Doesn't come with a lot of benefits
- Doesn't earn much on Costco Warehouse purchases!
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