If you’re looking for a travel credit card with extended travel insurance, you’ll want to take a look at the National Bank World Elite Mastercard. It comes with 60 days of travel medical insurance as well as additional travel insurance that’s top of the class.
There’s no doubt travel insurance is important for some people, but it’s not the only thing you look for when deciding on the best travel credit cards in Canada. Read my National Bank World Elite Mastercard review now to find out if this credit card is a good fit for you.
National Bank World Elite Mastercard benefits
- $150 annual fee
- Earn 1.5 points per $1 spent on your first $40,000 in purchases
- Earn 2 points per $1 spent on purchases from $40,001 to $80,000
- Earn 1.5 points per $1 spent on all purchases over $80,000
- $250 yearly credit for travel fees (seat selection, airport parking, baggage fees)
- Comprehensive travel insurance package included (60 days)
- Purchase protection (180 days)
- Extended Warranty (2 years)
- Unlimited access to the National Bank lounge at Montreal (YUL) airport
From an earnings perspective, the National Bank World Elite Mastercard is lucrative since it acts like a cash-back card, but you use your points to redeem travel.
You’ll earn 1.5 points per dollar spent on your first $40,000 in purchases, 2 points per dollar spent on purchases from $40,001 to $80,000 and 1.5 points on all purchases over $80,000.
That means if you spent $100,000 on your card annually, you’d earn $1,700 on rewards based on the following.
- First $40,000 X 1.5 = 60,000 points = $600 in rewards
- Next $40,000 X 2 = 80,000 points = $800 in rewards
- Next $20,000 X 1.5 = 30,000 points = $300 in rewards
The $250 yearly credit for travel fees is nice, but not great since it’s restricted to fee reimbursements such as seat selection, airport parking, and baggage fees.
If you’re looking for comprehensive travel insurance, then the National Bank World Elite Mastercard is an excellent choice since it covers you for 60 days if you’re under the age of 55, 31 days if you’re between the ages of 55 -64, and 15 days for those aged 65 – 74.
The included purchases protection protects you from loss, theft, and damage for 180 days while the extended warranty doubles or triples the manufacturer warranty up to two additional years.
How National Bank À la carte points works
When it comes to your rewards, National Bank has an À la carte points program which gives you flexibility.
1,000 points = $10 in rewards
If you plan on using your rewards for travel, you have the option to book through the À la carte travel agency which is full service. Alternatively, you can charge your travel to your National Bank World Elite Mastercard and then use your points for a statement credit.
Alternatively, you can also use your points to redeem gift cards or merchandise. National Bank clients can also use their points on a variety of financial products such as investing in their RRSP or TFSA or paying down their mortgage.
How the National Bank World Elite Mastercard compares to others
From an earning potential, the National Bank World Elite Mastercard is comparable to the Scotia Momentum VISA Infinite card which is a cash-back card. The Scotiabank card uses multipliers so you earn 4% cash-back per $1 spent on gas station and grocery store purchases, 2% on store purchases and recurring bill payments, and 1% back on all other purchases.
As for travel credit cards, you could argue that the National Bank card is similar to the American Express Gold Rewards card, but the Amex also uses categories for increased earnings. When using your Amex Gold Rewards card, you’ll earn 2 points per $1 spent on grocery, gas, pharmacy, and travel while all other purchases earn you 1 point per dollar spent.
The one major downside of the National Bank World Elite Mastercard is that there is no signup bonus. If it came with a bonus in the $200 – $400 range, it would easily rank as one of the best travel credit cards in Canada.
My National Bank World Elite Mastercard review is positive. The odds are that if you’re considering this card, you’re likely looking for extended travel medical insurance. The earning potential is good, but the lack of a signup bonus is a bit disappointing.