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The MBNA More Rewards MasterCard is a rewards credit card that gives Canadian cardholders a variety of benefits. These benefits begin with the earning of points for every dollar spent. Those points are then redeemed for gift cards, groceries, and much more. Included are fraud protections and online account access.
This card does not have an annual fee, which is a perk for a card that offers rewards, as many rewards cards do have annual fees. The fees to this card are rather standard, but the amount of points earned are higher than average. In addition, there are protections, such as around-the-clock fraud protection and CreditWise, which is a program that protects customers who may not be able to make payments due to terminal illness, disability, and much more.
Reward points are earned in different ways and in different quantities. For instance, cardholders can earn 3 points for every $1 in qualifying purchases on almost every purchase you use your More Rewards MasterCard. However, you may also earn 4 points for every $1 in qualifying retail purchases at stores such as Cooper's Foods, Save-On-Foods, and many more. Points do not expire and there is not a yearly limit. This means you can accumulate points for as long as you want to in order to earn enough to redeem for the rewards that you desire.
Once points are earned, they can be redeemed for merchandise, travel, charitable donations, gift cards, and select merchandise in a number of grocery stores. Being able to redeem for these items creates a number of money saving opportunities. Although the card is use to buy items, those items help earn points and that is almost the same as receiving a discount.
The Annual Interest Rate starts at a promotional rate that is very low. On balance transfers and access cheques and deposits for a period of time after the account is opened. After this introductory period, the AIR will revert to its normal rate, which is generally the same for purchases, balance transfers, access cheques and deposits, and cash advances. The standard rate will increase if the payment is late more than one time within a one year period. If on-time payments are made for a year after that, then the rate will decrease.
In order to avoid interest on purchases, there is a grace period of 21 days after a purchase. This means that you can pay off that purchase within the 21 days and only pay the purchase price plus a small minimum finance charge.
There are a number of fees associated with the MBNA More Rewards MasterCard. One fee is the foreign currency conversion fee. This fee is equal to a certain percentage of the transaction amount after it has been converted. This fee may also apply when making payments in a foreign currency and will be charged in Canadian dollars after the payment has been converted.
Other fees include a wire transfer fee, which does have a minimum and is a low fee compared to wire transfer fees of comparable cards. Also lower in percentage than comparable cards is the balance transfer fee, the access cheque or deposit fee, and the cash advance fee. Account fees include an over-the-credit-limit fee. If the account goes over its limit, this fee is charged. If a payment is returned on the account, then there is a returned payment fee per occurrence. If a check is returned, there is a fee for that as well. If this causes a late payment, then the AIR on the account is going to increase until 12 on-time payments have been made.
Online account access allows you to manage your account online. This means that you can look at your balance, available credit, transactions, and even make a payment. You may also view your statements at any time. This is very convenient, as you are able to view your information from the comfort of a computer and from anywhere. You can also use your online account management to track and redeem points via the More Rewards MasterCard website.
To be able to apply for this card, you must be a Canadian resident with a Canadian credit file, you must be at least the age of majority in the territory or province you live in, you must meet the minimum household income requirements (does not apply to students), and you must have a credit history that is clear of bankruptcy.
As for the application, it is very simple to fill out. It asks for your basic information, whether or not you want to transfer a balance, and gives you the option to take advantage of the MBNA CreditWise Plan.
The MBNA CreditWise Plan is one of the protections that MBNA offers payment protection in case a qualifying event occurs. Qualifying events include involuntary unemployment, illness, accidental death, disability due to injury or illness, loss of self employment, and more. There is a cost per $100 of the average daily balance and this coverage only insures the primary cardholder. The only benefit that stays intact after the cardholder reaches a specific age is the accidental death and dismemberment benefits. This is a benefit that can help relieve the burden that your family will have to face in the unfortunate event of your death. This option is not available if CreditWise is not applied to the account.
After deciding whether or not to choose CreditWise, the application process does continue. If approved for the card, it only takes approximately 7 to 10 days to receive the credit card in the mail.
Overall, the MBNA More Rewards MasterCard credit card is one that individuals with good credit can enjoy. With the opportunity to earn higher than average points for every dollar spent and no expiration on points, it is easy to earn toward one or more of the many rewards that are offered. In addition to the protections and 24/7 customer service, it is a card that can save cardholders money in a number of ways.
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*Terms and conditions apply Rate and product information are subject to change at any time and does not constitute financial advice. Please contact supplier for complete details.