The MBNA Rewards Platinum Plus Mastercard is a rewards credit card that offers cardholders a variety of ways to earn points. With this card, cardholders earn 1 point‡ for every $1 spent on any eligible purchase, anywhere. However, there are certain categories in which cardholders can earn additional points.
These categories include groceries, restaurants, digital media, memberships, and household utilities. For every $1 spent in these categories, cardholders earn 2 MBNA Rewards points. It’s important to note that there is an annual spending cap of $10,000 for each of these accelerated earning categories.
This means that once cardholders reach $10,000 in spending annually in any of these categories, they will earn 1 point‡ for every $1 in that category for the remainder of the year. However, there is no limit to the total number of points that can be earned. New cardmembers can earn 4 points for every $1 spent on eligible groceries, restaurants, digital media, memberships, and household utilities during the first 90 days of ownership of the card.
MBNA Rewards points can be redeemed on a variety of things such as cash back against a statement, travel rewards (including airfare, hotels, and rental cars), gift cards, merchandise, and more. When redeeming MBNA Rewards points for travel, 100 points are worth $1. However, when redeeming points earned from the MBNA Rewards Platinum Plus Mastercard for cash back against a statement, 200 points are worth $1.
A few on its’ features
This relatively a low cash back redemption rate may be a discouraging factor for those who prefer cash back, but if this is the case, getting a designated cash back card is advised. The MBNA Rewards Platinum Plus Mastercard also has some great features. For starters, it offers a $0 annual fee – something that is not so common in the credit card marketplace – and new cardmembers can earn up to 10,000 MBNA Rewards points as an introductory bonus.
This introductory bonus is achieved when cardholders make their first $500 in purchases within the first 90 days of ownership. The card also offers its users the option of signing up for paperless e-statements, which is often a hit amongst people due to the convenience that comes with it. Additionally, the card also comes with insurance benefits such as travel accident insurance and car rental collision loss/damage insurance.
It’s worth mentioning that the MBNA Rewards Platinum Plus Mastercard is a great choice for those who are frequent travellers. The card offers a variety of ways to earn points, which can be redeemed for travel rewards such as airfare, hotels, and rental cars. Additionally, the card also comes with a number of travel insurance benefits, which can provide added peace of mind while travelling.
The MBNA Rewards Platinum Plus Mastercard has a few drawbacks that are worth mentioning. One of the main drawbacks is that the card’s point redemption value for cash back is relatively low. When redeeming points earned from the card for cash back against a statement, 200 points are worth $1. This may be a discouraging factor for those who prefer cash back and may make the card less appealing for such individuals.
Earning and redeeming points
Another drawback of the card is that it is considered a jack of all trades, and a master of none. This means that while the card despite the various offers and means that the MBNA Rewards Platinum Plus Mastercard offers its cardholders to earn points, and the accompanying variety of ways to redeem those points, this card doesn’t particularly stand out in any category of rewards that it offers its cardholders.
For example, it may not be the best option for those who are looking for a card that specializes in a specific category such as cash back or travel rewards. A better example of a card for those who are looking for a cash back credit card may want to consider other options such as the Tangerine Money-Back Credit Card, which offers 2% in cash back rewards for a customizable array of purchase categories.
Additionally, the annual spending cap of $10,000 for each of the accelerated earning categories may be a drawback for those who spend heavily in those categories. This means that once cardholders reach $10,000 in spending annually in any of these categories, they will earn 1 point‡ per $1 in that category for the remainder of the year.
This may make the card less appealing for heavy spenders in these categories, such as individuals who own restaurants and prefer to make purchases on their credit card, or for other individuals who have a knack for eating out as they seek to taste all cuisines from around the world. Also, it is important to note that the MBNA Rewards Platinum Plus Mastercard offers a 20.99% standard interest rate across the board.
This includes purchases, cash advances (including cash-like transactions) as well as balance transfers from other credit cards. All these valuable benefits are available to all the residents of Canada, excluding those who reside in Quebec. Residents of this area should look into alternatives as the MBNA Rewards Platinum Plus Mastercard is not offered in this region yet.
Final thoughts
In conclusion, while the MBNA Rewards Platinum Plus Mastercard offers a variety of ways to earn points, and a variety of ways to redeem those points, it also has some drawbacks. For example, the card’s point redemption value for cash back is relatively low, making it less appealing for those who prefer cash back.
Additionally, the card may not be the best option for those who are looking for a card that specializes in a specific category such as cash back or travel rewards. And also, the annual spending cap of $10,000 for each of the accelerated earning categories may be a drawback for those who spend heavily in those categories. It’s important to weigh these drawbacks against the card’s benefits and determine if the MBNA Rewards Platinum Plus® Mastercard® is the right choice for you.
