Neo World Elite® Mastercard® vs MBNA Rewards World Elite® Mastercard®: Which one is better?
Neo World Elite® Mastercard®
4.6
MBNA Rewards World Elite® Mastercard®
5
Welcome Bonus
N/A
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.
Our Cash Offer
$100 Cash Rebate offer from FinlyWealth
Our Cash Offer
$120 Cash Rebate offer from FinlyWealth
Rewards Breakdown
Annual Rewards
$623.18
First Year Bonus Value
+
$0
Annual Fee
-
$125
Finly Rebate
+
$100Exclusive Offer
First Year Value
$598.18
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 Up to 30,000 points ($245 in cash back value or $300 when redeemed for MBNA Travel)††, which we value at $300 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.
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.
How to Earn Rewards
- 5% cash back on grocery purchases up to $1,000 spending per month (6% cash back if you have $5k in a Neo everyday account, or 7% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 4% cash back on recurring purchases up to $500 spending per month (4.5% cash back if you have $5k in a Neo everyday account, or 5% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 3% cash back on EV charging and gas purchases up to $1,000 spending per month (3.5% cash back if you have $5k in a Neo everyday account, or 4% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 1% cash back on all other purchases with no spending caps
- 5% average cash back at Neo Partners
Note: our reward calculations use the base cash back rates assuming you do not hold any money in a Neo everyday account to earn the higher tier (boosted) cash back rates, otherwise the reward estimates may be higher.
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.
Insurance Included
Lost or Stolen Baggage
$1,000
Baggage Delay
$1,000.svg)
Car Rental Damage & Theft
Yes
Extended Warranty
1 year
Purchase Protection
90 days
Emergency Out of province Medical
Up to $1,000,000Flight Delay
$500
Car Rental Accident
$100,000 for cardholder, up to $10,000 per Spouse or Dependent Child
Hotel Burglary Insurance
$1,000.svg)
Car Rental Personal Effects
$1,000
Trip Cancellation
$1,000
Trip Interruption
$1,000
Insurance Included*
Lost or Stolen Baggage
$1000/personBaggage Delay
$1000/personCar Rental Damage & Theft
31 daysExtended Warranty
Up to a yearPurchase Protection
Up to 90 daysEmergency Out of province Medical
$2M for 21 daysFlight Delay
$500/person after 4 hours
Travel Accident
$1,000,000
Mobile Device Insurance
$1000
Extra Benefits
Airport Lounge - Dragon Pass
Pass only - pay $32 USD per visit
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
Interest Rates
Purchase:
19.99% - 26.99% (or 19.99% - 23.99% in Newfoundland and Quebec)
Cash Advance:
22.99% - 28.99%
Balance Transfer:
N/A
Interest Rates*
Purchase:
19.99%2
Cash Advance:
24.99%2
Balance Transfer:
22.99%2
Annual Fee
$125
Annual Fee*
$120
Income Required
Min Personal Income:
$80,000
Min Household Income:
$150,000
Income Required*
Min Personal Income:
$80,000
Min Household Income:
$150,000
Loyalty Program
N/A
Loyalty Program*
Point Redemption Options
Not Applicable
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
Is this card worth it?
This card offers one of the highest cash back rates in Canada for gas (up to 4%), grocery (up to 7%) and recurring purchases (up to 5%) which is pretty hard to beat. While the cash back rates are very high, you need to mind the spend caps set for each category to see if your earning potential is really that high compared to most other credit cards. However, for a typical person who's spending is generally below $12k per year in grocery, $6k per year in recurring bills and $12k per year in gas then you'll be doing pretty well, especially with the great insurance and benefit offers as outlined in our neo world elite mastercard review below.
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.
Pros
- Highest cash back rates in Canada for highest spending categories like Grocery (up to 7%), especially if you keep at least $5k in a Neo everyday account
- 12 different types of insurance coverage
- Airport lounge access with DragonPass with $32 USD per visit
- Additional cash back earning at over 10,000 Neo partners
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.
Cons
- High income requirements of $80,000 personal or $150,000 household
- Cash back spend caps can limit your rewards
- Having to keep at least $5k in an everyday account to boost your cash back tier
Cons
- Trip cancellation and interruption insurance, two great benefits are missing from this card.
- Not the best card for gas purchases.
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