MBNA Rewards Platinum Plus Mastercard review

How the Platinum Plus earns points

The MBNA Rewards Platinum Plus Mastercard earns 2 points per dollar in four categories: groceries, restaurants, digital media, and memberships and household utilities. Everything else earns 1 point per dollar. Each 2x category is capped at $10,000 of spending a year.

Here’s an example. A household spending $600 a month on groceries, $250 at restaurants, $50 on digital media, $150 on memberships and utilities and $1,000 on everything else would earn 3,100 points a month, or 37,200 a year. The birthday bonus adds 10% of that, another 3,720 points, for 40,920 points in total.

Because the $10,000 cap applies to each 2x category separately, the example household is well within the limits: its grocery spending comes to $7,200 a year.

The welcome offer

New cardholders can earn up to 10,000 MBNA Rewards points: 5,000 after $500 in purchases within 90 days, and another 5,000 for enrolling in paperless statements within 90 days. Enrolling in paperless statements is the easier half, and $500 over 90 days is a low spending target.

The card’s listing also notes a 4x rate during the first 90 days, shown alongside the grocery category. Check MBNA’s terms to confirm which categories that higher introductory rate covers.

The birthday bonus and other perks

Each year, MBNA adds a birthday bonus worth 10% of the points you earned over the previous 12 months, up to 10,000 points. To reach the maximum, you’d need to earn 100,000 points in a year, so at typical spending the top-up is smaller, such as the 3,720 points in the example above.

You can add up to nine additional cards with no fee, which makes it easier to put more household spending on the card. The card also includes discounts on Avis and Budget car rentals.

Fees, interest and the fine print

There’s no annual fee. Purchases in a foreign currency carry a 2.5% foreign transaction fee, so $1,000 of spending abroad or with US online stores adds about $25.

Purchases are charged 21.99% interest and cash advances 22.99%. Paying your statement in full by the due date avoids purchase interest, which would wipe out the value of your points quickly.

Insurance coverage

For a no-fee card, the Platinum Plus has useful purchase coverage, led by mobile device insurance. There’s no travel insurance, so arrange separate coverage before you travel. Check the certificate for limits and exclusions.

• Mobile device insurance up to $1,000
• Purchase protection (90 days)
• Extended warranty (up to 1 additional year)

Who it suits, and who should look elsewhere

The Platinum Plus suits households that want to earn points on groceries, dining and recurring bills without paying a fee, and who would use mobile device coverage.

Heavy spenders may run into the $10,000 annual cap in a category, and frequent travellers will want a card that includes travel insurance.

It can also suit MBNA Rewards World Elite cardholders who want to keep earning in the same program without paying an annual fee.

How it compares

The MBNA Rewards World Elite Mastercard is the step up in the same program. It costs $120 a year, earns 5 points per dollar on groceries, and offers a welcome bonus of up to 30,000 MBNA Rewards points. It’s the better choice if your grocery spending is high enough to justify the fee.

The Scotiabank Scene+ Visa Card is another no-fee option, earning 2 Scene+ points per dollar on groceries at Sobeys group stores, with a welcome offer of up to 5,000 Scene+ points. It suits people who already shop at those grocers.

Before you apply

The recommended credit score is 720 or higher, and MBNA makes the final decision based on your full credit profile. Confirm the current welcome offer, earn rates and caps on the MBNA website before you apply.