Find out if recent changes improve this champion travel credit card in our National Bank World Elite Mastercard review.
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National Bank’s World Elite Mastercard has long earned accolades for its included insurance, robust points program and unique and valuable perks, making it a solid choice as a travel card. With the fall 2022 restructuring of its rewards program and other adjustments affecting insurance and the reimbursement of travel expenses, it’s time to revisit the card to see if it’s still a great pick.
We’ll get into the details below in our National Bank World Elite Mastercard review, but here are some highlights. This card still offers one of the very best travel insurance packages on the market—particularly for the hard-to-insure older market between 65 and 75 years old. The points program has been simplified, making rewards redemption easier, and you can still use your points toward a wide variety of options, from statement credits to travel. And speaking of travel, this card still gets you exclusive benefits like free airport lounge stays (at Montréal-Pierre Elliott Trudeau International Airport only) and annual rebates on travel expenses.
| Annual fee | $150 |
| Best features | Comprehensive travel insurance, even for older travellers between 65 and 75 years old |
| Earn rate | 5 points per $1 spent on groceries and at restaurants (up to the first $2,500 in gross monthly purchases charged to the account, regardless of the purchase category, and 2 points per $1 after); 2 points per $1 spent on gas and EV charging, recurring payments and À la carte Travel service; 1 point per $1 on everything else |
| Income requirement | $80,000 personal or $150,000 household |
| Interest rates | Purchases 20.99%, cash advances 22.49%, balance transfers 22.49% |
| Point value | Varies, from a low of $0.004 on statement credits up to a high of $0.01 on travel |
| Welcome offer | 30,000 bonus reward points when you charge a net purchase amount of $5,000 to your card within the first three months of opening your account; 30,000-point first-year anniversary bonus; 10,000 bonus points if you opt into credit card payment insurance. First-year annual fee reimbursed to primary cardholder. Conditions apply; promotion ends June 30, 2023. |
| Who it’s good for | World travellers, particularly those who are older; cardholders who want to use rewards points for RRSP or TFSA investments |
We take a close look at the new National Bank World Elite Mastercard and weigh the pros and cons to see whether it’s a top-tier travel rewards credit card.
When you use your National Bank World Elite Mastercard, you earn rewards points to redeem for a variety of rewards including gift cards, statement credits, merchandise, experiences, travel or even investments in your registered retirement savings plan (RRSP) or tax-free savings account (TFSA) at National Bank of Canada.
Redemptions are dead simple. Once you’ve accumulated enough rewards points for your desired reward, visit the National Bank online rewards boutique. There, you can browse or search for your item and redeem your points.
You can take advantage of National Bank travel rewards in two ways. Book your trip using your points on the À la carte Travel Agency, or redeem points against travel expenses already charged to your card. Either way, you can use your rewards points.
If the National Bank World Elite Mastercard piques your interest, it’s worth comparison shopping. (Check out our full list of “Best credit cards in Canada.”)
With its rewards program and included insurance, the Scotiabank Gold American Express is a solid alternative and has the additional benefit of a low $12,000 minimum personal income requirement. This card charges no foreign exchange fee, which could save you 2.5% to 3% on purchases made in another currency, and it also entices new cardholders with a welcome offer of up to 40,000 bonus Scene+ points (a $400 value).
The TD First Class Travel Visa Infinite is not only a strong rewards card in terms of travel insurance, but it also gets you a 4.5% rate of return on travel spending. The welcome offer of up to 100,000 TD points (a $500 value) is more than enough to garner attention, and other travel-related perks like a discount on lounge access round out the package.
A card with a head-turning welcome offer, the American Express Cobalt Card gives you the opportunity to earn up to 30,000 points in your first year (a value of $300), and you can pay for almost anything with points. When it comes to included insurance, the Cobalt turns heads with up to $5 million in travel emergency medical, $250,000 of travel accident coverage, flight and baggage delay, lost or stolen luggage, up to $500 in hotel burglary protection, and up to $85,000 in car rental theft and damage coverage. One thing to note is that as an American Express card, it won’t be as widely accepted as Visa cards or Mastercards.
Back to the National Bank World Elite Mastercard. This credit card has a lot going for it, including an excellent insurance package, boosted earn rates and travel rebates. However, the $150 annual fee is a touch higher than those of other cards in its category, which makes room for other contenders.
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