National Bank World Elite Mastercard Review 2024

• New cardholders can earn up to 40,000 points upon enrollment as part of National Bank’s welcome bonus. (a $1,460 value)* *Promotion valid until January 31, 2024. Minimum purchases and insurance product required.
• Cardholders earn 5 points per dollar on eligible grocery and dinging purchases until they reach a gross monthly spending limit of $2,500 (they then earn 2 points per dollar on grocery and dining purchases).
• Cardholders earn 2 points per dollar on gas, electric vehicle charging, recurring bill payments and travel purchases.
• Cardholders earn 1 point per dollar on all other purchases.
• Points can be redeemed for flights, hotel stays, statement credits, investments and even paying off your mortgage.
• Cardholders have free and unlimited access to the National Bank Lounge at the Montreal-Trudeau Airport.
• Cardholders have access to myriad coverage options, including $5 million in medical travel insurance, purchase protection, trip cancellation/interruption insurance and more.
• NBC World Elite Mastercard holders have mobile device coverage up to $1,000 in the event of accidental breakage, loss or theft—up to two years from the date the device was purchased.
• The credit card comes with a minimum credit limit of $5,000, subject to credit approval by National Bank.

The National Bank World Elite Mastercard is a card designed for Canadians that enjoy the thrill of flying and have an income to prove it. National Bank’s top tier Mastercard has steep income requirements of $80,000 per person or $150,000 per household like other World Elite credit cards, and has a relatively standard annual fee of $150. But, according to Forbes Advisor Canada’s research, we think this fee is definitely worth it.

Until January 31, 2024, new cardholders can earn up to 40,000 points towards their next flight, merchandise  purchase,  as statement credit towards their credit balance or even to invest in an RRSP if they so choose. The card also has an equally notable earning potential: Purchases towards gas and groceries (we all know how expensive these are nowadays) earn 5 points per dollar spent, up to a $2,500 monthly limit. Other purchases, like travel, gas and electric charges and recurring bills, earn two points per dollar—also pretty respectable.

In addition, the card also comes with multiple types of insurance coverage for all kinds of contingencies, ranging from out-of-province medical insurance to purchase protection up to 180 days following the purchase date of an item charged to the card. Sure, the card is definitely for globetrotters, but its flexibility and impressive annual net earnings of over $700 make it a valuable card for many consumers.

• Cardholders can earn five points per dollar on grocery and dining purchases, until they reach a gross monthly spending cap of $2,500.
• New credit card owners can earn up to 40,000 points on approval from National Bank’s welcome bonus ( must apply by January 31, 2024).
• Travelers can receive $150 annually in travel expense reimbursements.

Earning Rewards

National Bank’s World Elite Mastercard has both an impressive welcome bonus and solid earning potential. First-time cardholders receive 15,000 points just for signing up, 3,000 points for signing up for credit card payment insurance, 1,000 points each month they spend $2,500 or more up to 12,000 points and 10,000 points if they have spent $20,000 or more in the first 14 months of owning the card. While the welcome bonus terms are not exactly easy to wrap your head around, they’re mostly based on purchasing amounts—not uncommon compared to other credit cards.

Aside from the welcome promotion, cardholders earn five points per dollar spent on groceries and dining, up to a monthly gross spending threshold of $2,500 inclusive of all spending categories. Once this threshold is met, all other grocery and dining purchases will earn two points per dollar for the remainder of the month. Cardholders also earn two points per dollar spent on gas, electric vehicle charging, recurring bill payments and À la carte Travel purchases. All other purchases earn one point per dollar.

Though inflation is cooling, grocery prices are still high, which cardholders can take advantage of in terms of earning the maximum amount of points per dollar. Few rewards-based credit cards, have groceries and dining purchases earning this many points per dollar spent.

Redeeming Rewards

Redeeming points earned from the card is a bit complex as there are many ways to redeem. Cardholders can redeem their points for travel, hotel stays, giftcards, merchandise purchased through their À la Carte boutique, statement credits, paying down their mortgage, saving on National Bank’s banking packages or even investing in a registered savings account like a TFSA or RRSP. Things get a bit more complex regarding travel purchases, as cardholders can both redeem points through an airline or agency of their choosing, or book through À la carte Travel to save even more. Additionally, if you forget to redeem points for a trip after you’ve purchased tickets, you can still redeem points to reimburse yourself after the fact.

While the bevy of redemption options is helpful and offers credit card owners to be strategic with their spending, some people might not enjoy the number crunching required.

Rewards Potential

According to credit card data collected by Forbes Advisor, we estimate Canadians spend around $27,851.70 per year using their credit card. Under National Bank’s rewards program, the World Elite Mastercard can earn up to $748.92 in net earnings after taking into account the $120 annual fee.

For context, BMO’s Cashback World Elite Mastercard earns around $490.07, and TD’s Platinum Travel Visa Card earns $292.82. Compared to its peers,  the National Bank  World Elite Mastercard  holds up quite well.

• Wide-ranging insurance and coverage options: National Bank World Elite cardholders have access to robust medical insurance coverage, rental vehicle insurance for up to 48 days, baggage insurance for delay or theft and trip cancellation/interruption insurance.
• Flexible redemption program: Unlike other rewards programs, National Bank cardholders can redeem their points for travel, hotel stays, various merchandise, statement credits, paying down their National Bank mortgage or investing in TFSAs or RRSPs through the À La Carte Extras program.
• Purchase peace of mind: Cardholders have their purchases covered from theft or damage for 180 days following the purchase date, and can potentially triple the manufacturer’s warranty on most new items (up to a maximum of two years).

Interest Rates

• Regular APR: 20.99%
• Cash Advance APR: 22.49%
• Balance Transfer APR: 22.49%

Fees

• Cash Advance Fee: Undisclosed
• Balance Transfer Fee: Undisclosed
• Foreign Transaction Fee: 2.50%
• Annual Fee: $150
• Any Other Fees: $50 supplementary card fee

National Bank World Elite Mastercard vs. National Bank Platinum Mastercard

National Bank’s Platinum Mastercard is the lower-tier credit card for Canadians that can’t necessarily meet the stringent income requirements of the World Elite tier. In contrast to National Bank’s World Elite Mastercard, the Platinum Mastercard has no income requirements and a much smaller annual fee of $70. But, its earning potential is halved as well. The Platinum card only earns two points per dollar spent on groceries and dining, up to a monthly spending limit of $1,000.

The result of less points earned? The card earns half of what its bigger brother does, coming in at just over $300 in net earnings.

To be fair, the card is a decent option for those that can’t meet high income requirements, and does have solid earning potential for a lower-tier card. But, compared to a card that has better earning potential, travel perks and insurance coverage, it’s not worth switching for—if you are eligible for National Bank’s World Elite option.

National Bank World Elite Mastercard vs. MBNA Rewards World Elite Mastercard

The MBNA Rewards World Elite Mastercard is a closer comparison to the National Bank  World Elite, though National Bank’s card is more geared towards travelers. Both credit cards have the same income requirements and comparable annual fees. Plus, MBNA’s offering also earns five points per dollar spent on grocery and dining —but with a much higher spending cap of $50,000 per category annually. Both credit cards also have similar welcome bonuses, with MBNA’s promotion offering up to 20,000 in MBNA Rewards Points ($165 cash-back value) compared to National Bank’s 40,000.

Looking at the fine print, while MBNA’s card might earn the same  amount of points on groceries and dining, at five points per dollar,  that’s where the similarity ends: It also gives you five points per dollar on digital media subscriptions and utility purchases, but all ll other purchases only earn one point per dollar spent. That dip in earning potential means MBNA’s offering earns nearly $200 less in net earnings per year.

In addition, National Bank’s World Elite card has  benefits that are more catered to travelers, offering 10  times the trip interruption/delay coverage and over double the medical travel insurance coverage.

Realistically, both cards are good options for high-income Canadians. But, if you are a frequent traveler, we recommend still going with National Bank’s World Elite Mastercard over the MBNA Rewards World Elite Mastercard.

National Bank World Elite Mastercard vs. WestJet RBC World Elite Mastercard

Another very comparable card is RBC’s Westjet World Elite Mastercard. It carries the same income requirements, a closely-matched annual fee and similar travel medical and trip insurance coverage. In this sense, both cards are marketed to frequent flyers. Case in point, RBC’s card offers an annual round-trip voucher anywhere Westjet flies, and National Bank will reimburse cardholders’ travel expenses every year up to $150.

Though both cards have similar target audiences, their earning potential is quite different—and that’s where National Bank’s offering comes out ahead. RBC’s Westjet card offers 2% cash back in Westjet dollars when spending on travel options through Westjet, and 1.5% cash back in Westjet dollars on all other purchases. In annual net earnings, the card will earn approximately $311.69 per year—substantially less than its National Bank rival at over $700 in potential net annual earnings.

Yes, both cards have similar travel benefits and perks, but the National Bank World Elite Mastercard is a better choice for those wanting more earning potential and more flexibility in how they can redeem their points.

When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With this card, the scoring model used takes into account factors such as, but not limited to, rewards rates and categories, fees, any available welcome bonus, and other benefits and features. Keep in mind, what may be best for some people might not be right for you. Conduct informed research before deciding which cards will best help you achieve your financial goals.

National Bank’s top-of-the-line Mastercard is a good option for Canadians with high annual incomes that are often 10,000 feet above the ground. Though its eligibility requirements are strict thanks to its World Elite designation, this credit card comes with impressive earning potential, travel coverage and loads of lifestyle perks.

In contrast, consumers that meet the eligibility requirements, but are not frequent travelers won’t get the most out of this card. They would be better served with a card that has similar earning potential but fewer travel-oriented perks, such as the CIBC Dividend Visa Infinite Card. 

Related: Best credit cards in Canada