MBNA Rewards World Elite MasterCard Rewards You And Saves Money
When an individual applies for a credit card, they want one that is going to reward them rather than hurt them. The MBNA Rewards World Elite MasterCard comes with a number of perks that save money through rewards and exclusive offers. It can also be used anywhere where MasterCard is accepted.
The MBNA Rewards World Elite MasterCard is a credit card that is geared toward helping individuals get the most out of their card. Rather than simply charging money to the card and making payments, it does much more than that. For instance, cardholders earn points for every dollar spent on the card. These points can then be used at an excellent redemption value for things such as travel expenses. This is a way in which cardholders can get back some of the money they spend.
Fees And Interest
The fees are rather simple. They start with the annual fee, which is low. However, this fee is waived the first year and is then charged on the anniversary date of the card starting with the second year.
The other main cost of the card is the interest rate. The rate is not low, but it is not the highest either. It is rather standard for a rewards card. However, the rate does go up by a certain percentage if payments are made late. In order to get the rate to go back down, 12 consecutive on-time monthly payments have to be made.
If you wish to avoid paying interest on the card, you have a 21-day grace period in which you can do that. You cannot avoid the interest on balance transfers, cash advances, and access cheques and deposits, but you can save money on interest if you choose to pay off the balance within that grace period and this has no effect on your point earnings. In other words, you can save money while earning money saving points. This could possibly offset the interest that cannot be eliminated.
For those who like to travel to other countries, there is a foreign currency conversion fee that is a percentage of each transaction amount. This fee is charged after the currency is converted to Canadian dollars.
Other fees include a wire transfer fee, balance transfer fee, access cheque or deposit fee, and a cash advance fee. All of these are charged as a small percentage of the transaction amount or a minimum dollar amount if the percentage does not meet the minimum fee amount.
As for the account fees, there is an over the credit limit fee if the card exceeds its credit limit, a returned payment fee if the payment does not go through, a returned access cheque fee, and an inactive credit balance fee. The way the inactive credit balance fee works is if the account has been inactive and has a credit balance. The fee is charged annually on the date that the card was last inactive. In order to avoid this fee, all you have to do is use the card annually.
The last fee is the extra copy of the account statement fee or sales draft fee. It is very small, but you can sign up for online account management and see these items online.
Online Account Management
Online account management is a very valuable tool because you can keep track of what is happening with your account. You can check your balance, see your available credit, and even evaluate your transactions. If you want to make your payment online in your own time, you can do that online as well. Through online account management, you are able to track all of the activity in the account, review offers, see what constitutes eligible purchases, and much more so that you can get the most out of your card. You can access your account anywhere you have an Internet connection.
World Elite Benefits
The World Elite Benefits are unique because you can get price protection, which is a service that allows you to ensure you get the best deal on something. This gives you an additional money saving tool that you would not have otherwise. Depending on how you use the card, you can offset any fees and interest to a certain extent or completely.
The second World Elite Benefit is the Concierge Service. Concierge Service gives you a number of conveniences that can save you time and even money. If you need a gift purchased for someone, then you can have the Concierge service do it for you so you don’t have to take the time out of your busy schedule.
World Offers are the third benefit. You can take advantage of some exclusive offers that will save you even more money. It is important to keep track of the offers that are afforded to you because the list can change. Knowing what is available to you can ensure that you get the most out of these deals.
Another benefit is the optional CreditWise coverage. You choose during the application process whether or not you wish to add this insurance to your account. You do have the opportunity to view a specimen of the Certificate of Insurance before you commit to coverage. That way if you become ill, lose your job, become disabled, or experience another qualifying event that prevents you from paying your bill, you have protection.
If you opt for this coverage at the end of the very easy application, then it will immediately go into effect. You can also opt to transfer balances from high interest cards to this card on the application. Overall, the application process is fast and easy so that you can get your card as soon as possible and start earning points.
What you receive is a card that helps you take care of your financial interests. From balance transfers to rewards points, you are afforded a number of advantages that can save you money in the long-term. In turn, you are able to make your card work for you.
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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.
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