National Bank World Elite Mastercard Review
In this National Bank World Elite Mastercard review, I’m going to go over why the card is greatly underappreciated and why it’s easily one of the best travel credit cards in Canada.
National Bank credit cards don’t get much attention outside of Quebec, but it’s a huge financial institution with some great products. When you look at the benefits that come with the National Bank World Elite Mastercard, you’ll quickly realize that it’s a card worth considering.
The card recently went through a complete overhaul, which made it significantly better. From the welcome bonus to best in class travel insurance, read my National Bank World Elite Mastercard review now for the full details.
National Bank World Elite Mastercard
- $150 annual fee
- Earn 5 points per $1 spent on grocery and restaurant purchases up to $2,500 per month. Then earn 2 points per $1 spent
- Earn 2 points per $1 spent on gas, electric vehicle charging, recurring bills and à la carte Travel
- Earn 1 point per $1 spent on all other purchases
- Unlimited access to National Bank Lounge at Montreal-Trudeau airport
- Annual $150 travel credit
Welcome bonus and earn rate
We can’t have a National Bank World Elite Mastercard review without talking about the welcome bonus. What’s odd is that the National Bank World Elite Mastercard doesn’t always offer a welcome bonus. Occasionally, they have an offer of 50,000 – 70,000 points, but not always. For a card that has an annual fee of $150, you should rightfully expect some kind of welcome bonus.
As for the earning rate, it’s quite generous. You’ll earn 5 points per $1 spent on grocery and restaurant purchases. However, there is a monthly spending cap of $2,500. After that, you’ll earn 2 points per $1 spent on grocery and restaurant purchases. You’ll also earn 2 points per $1 spent on gas, electric vehicle charging, recurring bills and à la carte Travel. All other purchases earn you 1 point per $1 spent. Even though there’s a cap on the points you can earn on grocery and restaurant purchases, the National Bank World Elite Mastercard still has one of the best earn rates in Canada.
Benefits and perks
The National Bank World Elite Mastercard competes with some of the best travel credit cards in Canada. It has many features you’d expect from a mid-tier card and a few more that may surprise you.
$150 annual travel credit
This card gives you an annual $150 travel credit, which can be used on things such as seat selection, airport parking, lounge access, baggage fees, and airline upgrades. Remember, the annual fee is $150, so this card is basically free.
Airport lounge access
The other significant travel benefit is unlimited access to the National Bank Lounge at Montreal-Trudeau Airport for the primary cardholder and one guest. While some people may find it odd that this card only gives you lounge access in Montreal, that’s where NBC has its headquarters. In addition, Dragon Pass and Priority Pass don’t give access to the National Bank Lounge, so it’s nice to see there is a credit card that does offer access.
Mobile device insurance
When you purchase a mobile device (phone or tablet) with your National Bank World Elite Mastercard, you’re covered from loss, theft, or damage for up to two years from the purchase date. If you’re on a subsidized plan, you need to pay your bill with your card for your insurance to be valid.
Travel insurance
- Emergency Medical Insurance – $5,000,000 – 60 days under age 55, 31 days for ages 55 – 64, 15 days for 65 – 75
- Trip cancellation – $2,500 per person
- Trip interruption – $5,000 per person
- Flight Delay Insurance $500 per person – 4 hours +
- Baggage Delay Insurance $500 per person – 6 hours +
- Lost or Stolen Baggage Insurance – $1,000 per person
- Car Rental TheftDamage Insurance – $65,000 – 48 days
Simply put, the National Bank World Elite Mastercard is one of the best credit cards with travel insurance in Canada. In fact, it is the best card with travel insurance, hands down. Why is it so good? Because you get 60 days of travel medical insurance if you’re under the age of 55, 31 days for those aged 55 to 64, and 15 days for those between the ages of 65 and 75. That’s significantly higher than what most other credit cards offer.
It’s worth mentioning that this card doesn’t come with any hotel/motel burglary or travel accident insurance, which is a touch surprising, but it’s definitely not a deal breaker.
Purchase insurance
- Purchase protection – 180 days
- Extended warranty – Triple up to two additional years
- Mobile device insurance – $1,000
Purchase protection covers your purchases from loss, theft, and damage for 180 days from the time of purchase. Other cards typically only give you 90 days of coverage. With the extended warranty, any purchases charged to your National Bank World Elite Mastercard get the manufacturer’s warranty tripled, up to two additional years. This is double what other cards offer.
How to redeem your points
à la carte Rewards is the travel rewards program for NBC. The program is pretty basic, but that’s good for consumers. When booking travel through the NBC à la carte travel portal, 1,000 points will get you $10. That’s a value of 1 cent per point (CPP) and is similar to other programs. It is possible to book travel on your own, but then the value of your points drops to .83 CPP. That’s a significant devaluation, so booking via the travel portal is in your best interests.
Another redemption worth mentioning is financial products such as mortgage payments or contributions to your National Bank Registered Retirement Savings Plan or Tax-Free Savings Account. Although you only get a CPP of .83, if you’re investing for the long term, the value of your contributions could grow.
National Bank World Elite Mastercard elgibility
- You’re a Canadian citizen or permanent resident.
- You’re at least the age of majority in your province or territory.
- You have a minimum annual personal gross income of $80,000 or a household income of $150,000.
Just like every other credit card provider, there’s no stated credit score required. That said, you likely want yours to be at least 700 before applying.
How the National Bank World Elite Mastercard compares
National Bank World Elite Mastercard vs. American Express Cobalt Card
Now it’s time to go over the comparable cards in my National Bank World Elite Mastercard review. It’s quite clear that the NBC card is looking to compete with the American Express Cobalt Card.
With the Cobalt card, you earn 5 points per $1 spent on eats and drinks, 3 points on streaming services, 2 points on travel (including gas), and 1 point on all other purchases. That’s very similar to the NBC card. When it comes to overall insurance, the NBC card cleanly beats the Cobalt card. That said, American Express Membership Rewards are better than NBC à la carte Rewards since you can transfer your points to Aeroplan and Marriott Bonvoy.
National Bank World Elite Mastercard vs. Scotiabank Gold American Express Card
Another comparable card is the Scotiabank Gold American Express Card. The Scotiabank card has a higher earn rate, but it depends on where you shop. You’ll get 6 Scene+ points per $1 spent at Empire-owned supermarkets, 5 points on grocery, dining, and entertainment purchases, 3 points on gas and daily transit purchases, and 1 point on everything else. Scene+ is very similar to NBC à la carte Rewards, as your points have a standard value of 1 CPP. However, with Scene+, you don’t need to go through their travel portal. You get the same value for your points even if you book it on your own.
Final thoughts
My National Bank World Elite Mastercard review is positive. The recent changes to the earn rate make this card one of the best travel credit cards in Canada. This card is ideal for people in the following situations:
- You want excellent travel insurance – This card arguably offers the best travel medical and extended travel insurance.
- You travel a lot from Montreal – The included access to the National Bank Lounge at Montreal-Trudeau Airport is an excellent perk.
- You want to use your points on travel – NBC à la carte Rewards is pretty simple, but it’ll give you access to all types of travel.
Don’t forget that the annual travel credits are worth the same as the annual fee, so it’s like it has no annual fee.
Thanks Barry this looked good initially because I turn 65 in March. 15 days of insurance is still better than the 5 or so I’ll get for Scotiabank World Elite Mastercard. But there is a company that allows those days to be used before starting their insurance outside Canada. The earn rate also looked good and typically I’d spend almost $80,000 per year. Also their categories looked good, but when you compared to the Scotiabank Momentum card…. Does Scotiabank world Elite gain more points then Momentum or another card? Thanks Barb
Barb,
It really comes down to your categories. You say you spend $80K a year on your card, but on what categories e.g. groceries, gas, etc.?
As for the insurance, I typically recommend anyone over 65 to get a separate travel insurance policy from an insurance policy. The underwriting is better compared to credit cards.
Thank you for your speedy response Barry. I also appreciated you recommending Robb Engen as a for fee financial planner. He is very thorough and answers any questions promptly. I have been reading all sorts of financial information on blogs, I wish I’d know some of this stuff at least 7 years ago but now I know a fair bit and glad I have a second opinion on some strategies. Thank you. Barb
Barry, can you please explain your comment about the underwriting being better on a separate travel insurance policy than on credit card travel insurance?
Susan,
Generally, when you get a separate insurance policy, the underwriting applies at the time you get the policy. So if you go on a trip and haven’t had any medical issues before then, your insurance is all good.
Now let’s say you’re relying on credit card insurance. You go on a trip and make a claim. The insurance companies checks your medical records and sees you went to a doctor two months ago. They may deny your claim.
Generally, I prefer separate policies as you can find out exactly what you’re covered for before you depart.
Don’t the underwriters cover this off by excluding pre-existing conditions? I mean, if I go to a doctor for X ailment and on my trip a month later make a claim for Y ailment, are you saying you’ve seen credit card insurance deny the claim in these situations? I find this very alarming, I always read the fine print of the policy on cc insurance and have taken for granted that I will be covered as per the limitations of the written policy.
Susan,
But with a separate policy, the pre-existing clause may not matter if you’ve been healthy for a year. Credit card insurance can literally use a random doctor visit to exclude you from anything. That said, it comes down to the individual policy.