National Bank World Elite Mastercard review

How the National Bank World Elite earns

The card has three tiers. Groceries and dining earn 5 points per dollar, gas, EV charging, bills and travel earn 2 points, and everything else earns 1 point. The 5x tier covers two of the biggest everyday categories, and the 2x tier picks up much of the rest of a typical budget.

For example, a household spending $600 a month on groceries and $200 on dining earns 4,000 points a month, or 48,000 a year. Add $250 of gas and $150 of bills at 2 points (800 points a month, or 9,600 a year) and $500 of other spending at 1 point (6,000 a year), and the total is 63,600 points.

That household spends $20,400 a year on the card, so it averages about 3.1 points per dollar. Check National Bank’s terms for any spending limits on the bonus categories if your food spending is very high.

The welcome offer

A welcome offer may be available on this card, but our data doesn’t include its current terms, such as how many points it pays or what spending earns it.

Check National Bank’s website for the current offer before you apply, and make sure any spending target fits within your normal grocery and dining budget.

Lounge access

Airport lounge access is the card’s listed perk. Check National Bank’s terms for which lounges are included, how many visits you get and whether guests are covered, since those details decide how much the perk is worth to you.

If you fly only once or twice a year, the lounge access won’t add much, and the card will need to earn its fee mainly through groceries and dining.

Fees, interest and the fine print

The annual fee is $150, which works out to $12.50 a month. That makes it easier to judge against your food budget: at $800 a month on groceries and dining, you earn 4,000 points for every $12.50 of fee. Purchases in a foreign currency carry a 2.5% fee, about $25 per $1,000 spent abroad, which works against the 2x travel rate when you’re paying in another currency.

Purchase interest is 20.99% and cash advances are charged 22.99%. Paying the full balance by the due date avoids purchase interest.

Who it suits, and who should look elsewhere

The card suits people earning at least $80,000 who spend heavily on groceries and dining and want a Mastercard rather than an American Express card for those categories. The 2x tier also rewards households with steady gas and bill payments.

If you don’t meet the income requirement or rarely use airport lounges, a cheaper card with similar food rates may serve you better. Frequent travellers paying in foreign currencies should also look at cards without an FX fee.

How it compares

The MBNA Rewards World Elite Mastercard costs $120 a year and earns up to 5 points per dollar on groceries, with a welcome offer of up to 30,000 MBNA Rewards points. It’s $30 cheaper and also runs on Mastercard.

The American Express Cobalt Card earns 5 points per dollar on eats and food delivery and costs $191.88 a year. It costs more and uses the American Express network, which isn’t accepted everywhere in Canada.

Before you apply

The card is aimed at applicants with a credit score of 720 or higher, and it has an $80,000 personal income requirement. National Bank makes the final decision based on your full credit profile. Confirm the current welcome offer and terms on National Bank’s website before you apply.