The National Bank World Elite Mastercard is one of the best World Elite Mastercards on the market. It differentiates itself from the others by giving extra annual travel credits and the best travel insurance coverage I’ve seen. Get ready to be amazed.
- How to earn points with your National Bank World Elite Mastercard
- What can you buy with your National Bank World Elite Mastercard points?
- Use your points to buy eco-friendly products, donate to charity or get or high-end gear
- Paying off your mortgage or line of credit with points
- Redeeming your points for investments
- Repay your credit card balance with points
- National Bank World Elite Mastercard travel benefits
- Use your points to book travel or to get reimbursed for travel
- National Bank World Elite annual travel credit
- National Bank World Elite Mastercard gives you Boingo and some lounge access
- World Elite travel insurance
- Travel emergency Medical insurance
- Trip cancellation insurance and trip interruption insurance
- Lost, stolen, delayed or damaged luggage
- Other World Elite Mastercard insurances
- Should you get the National Bank World Elite Mastercard?
- National Bank World Elite Mastercard Rating
- Annual fee: $150
- Interest rate on purchase: 20.99%
- Interest rate on cash advances: 22.49%
How to earn points with your National Bank World Elite Mastercard
Earning points with your National Bank World Elite Mastercard is easy. First, Mastercard is accepted nearly everywhere. The National Bank’s World Elite Card lets you earn up to 2 points per dollar spent. As usual, we read the fine print. The base earn rate is really 1.5 points per dollar spent if your annual charges range from $0 to $40,000. You earn 2 points per dollar spent for all of your purchases beyond $40,000 and up to $80,000. For some reason, anything you spend over $80,000 drops down to 1.5 points per dollar.
Is this good? Well, it isn’t bad since there is no reward limit. Also, if you add a supplementary card, the primary cardholder’s points add up even faster.
What can you buy with your National Bank World Elite Mastercard points?
The whole point of rewards points is to stretch the money you spend. With the National Bank World Elite Mastercard, you get access to the À la carte program. Not only does it offer products but also experiences. National Bank has added one heck of a reward option: paying off your mortgage with points.
Use your points to buy eco-friendly products, donate to charity or get or high-end gear
You can use your points to buy things through the National Bank’s online rewards boutique. There are 11 categories, including travel, to choose from. It has everything from gift cards to charities. Your rewards can get you a kayak, movie tickets, a luxury rental, or gas cards.
Paying off your mortgage or line of credit with points
If you have a mortgage with the National Bank or one of its subsidiaries, you can apply your points balance toward paying down your mortgage principal. The minimum redemption is 12,000 points. That means that you spent $8,000 to get your 12,000 points. You then turn that into $100 down on your mortgage principal. I am getting ahead of myself here, but that $8,000 earned you $100, which is a 1.25% return. That is more than you get with most chequing accounts.Then you paid off debt with the money. You are a financial wizard-in-training.
Redeeming your points for investments
You can level up your financial wizardry and invest your Rewards points interest earning National Bank investments. Put your rewards cash back in registered retirement savings plans (RRSP) or tax-free savings accounts (TFSA). You can also go the self-directed route and use the National Bank Direct Brokerage (NBDB) to exchange your 12,000 point minimum. Here are the investment accounts that you can use:
- Promotional fixed-rate National Bank GIC
- NBC Optimarket GIC
- TFSA cash balance
- Promotional fixed-rate National Bank GIC
- Conventional fixed-rate National Bank GIC
- National Bank Progressive RRSP
- National Bank mutual funds
Repay your credit card balance with points
You can repay your credit card balance with points. However, the redemption values are not as great. Your 12,500 points only gives you $50 toward your credit card debt. In terms of benefit, it pays to use your points for investments or to pay down your mortgage. Of course, if you need to use it for your credit card, do it!
- Annual fee: $150
- Interest rate on purchase: 20.99%
- Interest rate on cash advances: 22.49%
National Bank World Elite Mastercard travel benefits
The Mastercard World Elite program excels in travel. It is airline and travel perk neutral, which means that you are never required to use your points with any one specific airline or hotel. However, National Bank differentiates itself with its World Elite travel benefits.
Use your points to book travel or to get reimbursed for travel
You can use your points to book travel through the À la carte Travel Agency. However, you can also use points to get your vacation reimbursed. You earn $100 in travel credits for every 10,000 points you accumulate.
National Bank World Elite annual travel credit
Every year, National Bank World Elite cardholders get a $250 credit to make travel better. You can use the money like this: a maximum redemption for airport parking is $100, another $100 for baggage fees, and $50 for seat selection. You have a limited time window to claim the expenses, plus you had to pay for the travel with the Card.
National Bank World Elite Mastercard gives you Boingo and some lounge access
Boingo is not a code word for anything. Boingo is the free internet service found in many airports. Your National Bank World Elite Mastercard gives you access to it. If you are flying overseas from an Aéroports de Montréal hub, your Card also gives you access to the on-site National Bank lounge. You can also buy entries for your guests. The cost is $40 per adult and $25 per child older than 3; children under 3 years old get in for free.
World Elite travel insurance
Credit cards, especially those with annual fees or travel affinity perks, often provide travel insurances to its customers. You must always read the terms and conditions. If you are ineligible for coverage or if you are traveling longer than your credit card’s duration limit, you can always buy your own travel insurance.
Travel emergency Medical insurance
However, the National Bank World Elite Mastercard has a 60-day travel insurance policy for people ages 54 and younger. The number of days drops to 31 days if you are between 55 and 64, and to 15 days if you are between ages 65 and 75. That is a game changer. Each eligible person is covered for up to $5,000,000 in approved emergency medical expenses. As usual, read the terms and conditions to make sure what is included and excluded in your coverage.
Trip cancellation insurance and trip interruption insurance
Believe it or not, not every credit card offers trip cancellation or trip interruption insurance. The National Bank World Elite Mastercard offers both. The trip cancellation also includes flight delay insurance. In the case of trip cancellation, each person can get a maximum of $2,500 in compensation. For flight delays, each person receives a maximum of $500. Trip interruption insurance has a maximum payout of $5,000 per person.
Lost, stolen, delayed or damaged luggage
The National Bank World Elite Mastercard insures you for any lost, stolen, delayed or damaged luggage. The maximum for delayed luggage is $500. Otherwise, the coverage is $1,000 per person, per trip.
Other World Elite Mastercard insurances
Most credit cards offer extended warranty and purchase protection insurances. The National Bank World Elite Mastercard is no exception. They also offer Zero Liability insurance.
- Annual fee: $150
- Interest rate on purchase: 20.99%
- Interest rate on cash advances: 22.49%
Should you get the National Bank World Elite Mastercard?
If you have the minimum personal income of $80,000 or the minimum household income of $150,000 needed to qualify, then this card should be in your wallet. It is accepted anywhere and the issuer is one of Canada’s big banks. The options to use your points on consumer products as well as financial investments and repayments just makes sense. Plus, the travel benefits included with the National Bank World Elite Mastercard are on-par with the most elite card schemes in Canada.
National Bank World Elite Mastercard Rating
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Benefits and perks of the National Bank World Elite Mastercard
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About The Author: Stefani Balinsky
Stefani Balinsky is the Editor in Chief at Hardbacon. She has been writing professionally since her days at McGill University and her summer internship at the Just for Laughs Festival. She has multiple degrees from McGill University and her PMP from the Project Management Institute. She loves data and research as much as she loves a good story. She has held marketing positions in publishing, health, and fintech companies. She also has an entrepreneurial mindset that feeds her curiosity.
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