National Bank of Canada World Elite Mastercard review
Find out if recent changes improve this champion travel credit card in our National Bank World Elite Mastercard review.
Find out if recent changes improve this champion travel credit card in our National Bank World Elite Mastercard review.
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 | Personal income of $80,000 or household income of $150,000 |
Interest rates | 20.99% on purchases, 22.49% on cash advances, 22.49% on balance transfers |
Point value | Varies, from a low of $0.004 on statement credits up to a high of $0.01 on travel |
Welcome offer | This card does not have a welcome bonus at this time. |
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.
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. Other travel-related perks like a discount on lounge access round out the package.
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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National bank have special perks for Engineers. Since I’m a professional engineer bank waived the yearly fee making it a no fee card. It’s an unbeatable card in my situation with all the premium card benefits and no annual fee.
Hope it may help others in the same field …
I have NBC world elite card and the $150 annual fee waived with NBC’s unique “Professionals Package”. I’m a Professional Engineer. It’s a good card. That’s the only reason I got this card since I don’t have to pay the yearly $150 and I can use it in Costco.
Cons is their customer service. NBC not alone in this regard. Every other card issuers in Canada have the same problem.
Without good customer service it doesn’t matter what the perks and earn rates are.
If card issuers can’t provide customer service when I stranded, especially, when I’m traveling I won’t keep that card.
This is where Amex cobalt is the king of card because Amex exceptional around the clock customer service. I wouldn’t leave home without Amex in my wallet. I may even forget my drive license but not Amex.
It would have been a perfect card if lower annual fee and or Forex.