Amazon’s competitive edge in customer satisfaction is significantly enhanced by its commitment to low prices, making it a go-to choice for many shoppers. The MBNA Amazon.ca Rewards Mastercard complements this advantage by offering additional savings for Amazon.ca shoppers, making it an exceptionally appealing option for Amazon Prime members due to the substantial benefits they stand to gain.
The card entices new users with a welcome offer of 5% cash back on eligible purchases at Amazon.ca, Whole Foods Market, grocery stores, and restaurants during the first six months, up to a maximum spend of $3,000. For Amazon Prime members, the card offers an elevated cash back rate of 2.5% on purchases at Amazon.ca and Whole Foods Market, along with up to 2.5% back on foreign currency transactions, effectively negating foreign transaction fees. Non-Prime members receive 1.5% back at these locations and 1% back on all other purchases. The card also features a no-annual-fee policy, making it an attractive option for those who frequent Amazon.ca.
However, for individuals not subscribed to Amazon Prime, the card’s appeal may be lessened due to more attractive offerings available in the market that provide better rewards, more favorable terms for foreign currency transactions, and more flexible rewards redemption policies. Prospective cardholders should weigh these aspects against their shopping habits and preferences to determine the most suitable credit card option for their needs.
Lazy to read? Here is a short summary, The MBNA Amazon.ca Rewards Mastercard offers valuable rewards for Amazon Prime members and frequent Amazon.ca shoppers, with benefits like up to 2.5% cash back, no annual fee, and special perks for Prime subscribers.
Here’s a well-structured table that summarizes the pros and cons of the Amazon credit card you mentioned:
Pros and cons of this Amazon credit card
MBNA Amazon.ca Rewards Mastercard Pros and Cons
| Pros | Cons |
|---|---|
| No annual fee | Earning maximum rewards requires paying for Amazon Prime |
| Good returns on Amazon.ca, Whole Foods Market stores, and foreign currency transactions | Other cards have higher earn rates on non-Amazon.ca purchases |
| Competitive welcome bonus | Rewards points are only redeemable for Amazon.ca gift cards |
| Serviceable for regular Costco and No Frills shoppers | Relatively few Whole Foods locations in Canada |
Welcome Bonus and Earning Rewards
New cardholders are welcomed with a competitive offer: 5% cash back on up to $3,000 spent at Amazon.ca, Whole Foods Market, grocery stores, and restaurants during the first six months of account opening. This potential $150 cash back sets a solid foundation for savings without any annual fee. Additionally, the offer may include a variable Amazon gift card bonus, which seems to fluctuate based on timing and possibly other factors not explicitly detailed by Amazon or MBNA.
The earning rates after the introductory period are also designed to reward frequent Amazon customers and Prime members, with up to 2.5% cash back on purchases at Amazon.ca, Whole Foods Market, and on foreign currency transactions for Prime members. Non-Prime members earn a slightly lower rate of 1.5% at these retailers and 1% back on all other eligible purchases everywhere else Mastercard is accepted.
Benefits Beyond the Basics
Beyond the attractive cash back rates, the card includes several additional perks such as purchase assurance and extended warranty benefits, offering coverage against damage or theft for new purchases made with the card, as well as doubling the manufacturer’s warranty for up to one additional year on most items. Moreover, cardholders enjoy rental car discounts at Avis and Budget in North America, and Prime members benefit from an effective waiver of foreign transaction fees through an equivalent cash back rate.
Unique Features and Considerations
The rewards earned with this card are in the form of Amazon credits, automatically redeemed as Amazon.ca gift cards once you accumulate 2,000 points. This system, while straightforward, limits flexibility in redemption options, tying the rewards closely to Amazon.ca spending.
For those who often travel or make purchases in foreign currencies, the card offers a unique proposition for Prime members by neutralizing the foreign transaction fee with equivalent cash back. However, those not subscribed to Prime will find a gap in this benefit, potentially paying a net fee on foreign currency transactions.
Who Benefits Most?
This card is most beneficial for avid Amazon.ca shoppers and Amazon Prime members, offering a compelling cash back rate for purchases made on the platform and associated stores like Whole Foods Market. The lack of an annual fee and additional card benefits like purchase assurance, extended warranty, and rental car discounts further enhance its value proposition.
However, for those seeking more versatile rewards or who are less frequent Amazon customers, exploring other no-annual-fee cards with broader rewards programs or better returns on everyday spending might prove more advantageous.
Earning rewards on this MBNA Amazon credit card
The card has different earn rates depending on where you shop:
- Unlimited 1.5% back at Amazon.ca and Whole Foods Market stores (regular)
- Unlimited 2.5% back at Amazon.ca, Whole Foods Market stores, and on foreign currency transactions (Amazon Prime and Prime Student members only)
- Unlimited 1% back everywhere else that accepts Mastercard
The MBNA Amazon.ca Rewards Mastercard is crafted for avid Amazon shoppers, offering an attractive rewards system that varies by where you make your purchases and your Amazon Prime membership status. This card awards an unlimited 1.5% back on purchases at Amazon.ca and Whole Foods Market for non-Prime members, a generous 2.5% back for Prime and Prime Student members on the same, and extends the 2.5% to include foreign currency transactions as well. For all other purchases where Mastercard is accepted, cardholders earn an unlimited 1% back.
The membership cost for Amazon Prime is $7.99 monthly or $79.99 annually, with Amazon Prime Student available at $39 annually or $3.99 monthly. The rewards earned with the card, especially when coupled with Prime’s free shipping and other benefits, can potentially offset the cost of the membership for those who shop frequently on Amazon.ca.
This card doesn’t just stop at cash back rewards. It includes additional benefits such as purchase assurance and extended warranty benefits, providing coverage against damage or theft and doubling the manufacturer’s warranty up to an extra year for most items purchased with your card. Furthermore, cardholders enjoy rental car discounts at Avis and Budget in North America and certain insurance benefits, enhancing its value proposition. It’s also worth noting that Prime members effectively don’t pay foreign transaction fees due to the cash back rate matching the fee, making it a more appealing option for those who shop or travel internationally.
The MBNA Amazon.ca Rewards Mastercard positions itself as a strong contender for those who regularly shop on Amazon.ca, offering a high cash back rate on Amazon and Whole Foods purchases, with the added advantage of no annual fee. However, its rewards system is particularly advantageous for Amazon Prime members, making it a less versatile choice for those looking for rewards that extend beyond Amazon purchases or who aren’t interested in subscribing to Prime. For individuals who frequent Amazon and can leverage the Prime membership benefits, this card offers compelling rewards and perks that align well with their shopping habits
Redeeming rewards
The MBNA Amazon.ca Rewards Mastercard rewards its users through a points system, diverging from the typical cashback credit card approach. By spending on the card, users accrue points that are automatically converted into Amazon.ca gift cards once a threshold of 2,000 points is reached, equating to $20 in gift card value. This points-based system translates the earn rates of 1%, 1.5%, and for Prime members, an elevated 2.5% at Amazon.ca and Whole Foods Market, as well as on foreign currency transactions, into tangible rewards that can be redeemed on future Amazon.ca purchases.
For non-Prime members, the base earn rate is 1% back on eligible purchases, including foreign currency transactions, with a slight increase to 1.5% back at Amazon.ca and Whole Foods Market. It’s important to note, however, that the 1% return on foreign transactions may not fully offset the typical foreign transaction fee of 2.5%, effectively still imposing a cost on international purchases. Prime members enjoy a more lucrative return of 2.5% back on these categories, potentially nullifying the foreign transaction fee through reward accumulation.
The card also features an attractive welcome offer, granting new cardholders 5% back on Amazon.ca, Whole Foods, grocery stores, and restaurants for the initial six months, up to the first $3,000 spent. This effectively caps the welcome bonus at $150. One of the unique advantages of this card is the ability to start using it immediately in its digital form upon approval, facilitating instant access to the benefits.
However, the redemption of rewards is limited to Amazon.ca purchases, contrasting with more flexible cash back cards that allow direct credit towards card statements or deposits into bank accounts. Despite this limitation, Amazon’s extensive product range ensures cardholders have a wide array of options for utilizing their rewards.
For those considering the card, it’s essential to weigh how the reward structure aligns with your shopping habits and preferences. The card’s value is maximized for frequent Amazon.ca shoppers and Amazon Prime members, leveraging the higher earn rates and offsetting Prime membership costs with earned rewards. For non-Prime members or those seeking flexibility in reward redemption, exploring other no-annual-fee cards with broader benefits might prove more beneficial.
Other notable perks of the MBNA Amazon Mastercard
Because this card falls under MBNA’s Platinum Plus umbrella, cardholders are entitled to a number of special benefits:
- Purchase assurance: Get coverage on most items you purchase with your card for the first 90 days.
- Extended warranty coverage: Doubles most purchases’ warranties for up to one year.
- MBNA payment plan: Pay for eligible purchases of $100 or more by making monthly instalment payments. Payment plan terms can be 6, 12, or 18 months.
- Rental car discounts: 10% off at Canadian and U.S. Avis Rent A Car and Budget Rent A Car locations; 5% off at other international branches.
- Rental car insurance: Up to 31 days of coverage if you charge the rental car to your card in full.
- Common carrier accidental death and dismemberment benefits: Up to $1,000,000 in coverage underwritten by TD Life Insurance.
Furthermore, you automatically upgrade to Mastercard’s World Elite status if you apply for this card with a personal annual income over $80,000 or a household income of $150,000 or more. This unlocks extra Mastercard perks like price protection, more travel insurance, extra rental car insurance, and concierge support.
Note that purchase assurance and extended warranty benefits have a slight catch. To qualify for either perk, you must make the full purchase with your credit card, so using a gift card for part of your purchase voids coverage. This means you should avoid using the Amazon.ca gift cards you earn on purchases like electronics or appliances, where an extended warranty can be clutch.
MBNA Amazon.ca Rewards Mastercard: Interest rates and fees
The MBNA Amazon.ca Rewards Mastercard doesn’t charge an annual fee. Interest rates are fairly standard: 19.99% for purchases, 22.99% for balance transfers and access cheques, and 22.99% for cash advances. These rates increase by 5% (up to a maximum 29.99%) if you make two late minimum payments within 12 consecutive statement periods. Other fees include:
- Foreign transaction: 2.5% (1.5% after factoring in the 1% in rewards)
- ATM and over-the-counter cash advance: 1% (minimum fee of $7.50)
- Over credit limit: $29
- Returned payment: $20
- Returned access cheque: $20
- Extra copy of account statement or sales draft: $2.50
Eligibility requirements
To be eligible for the MBNA Amazon.ca Rewards Mastercard, applicants must meet specific criteria set by MBNA, a division of Toronto Dominion Bank. This credit card application process is conducted directly on Amazon.ca, requiring an Amazon.ca account to start. Prospective cardholders must be Canadian residents and have reached the age of majority in their province or territory. While Amazon and MBNA do not explicitly state the credit score needed for approval, it’s inferred that an average to good credit score, typically around 650 or higher, may be sufficient for this no annual fee card. This information suggests that the card is accessible to a wide range of applicants, aiming to provide benefits to regular Amazon shoppers without stringent financial prerequisites.
The card offers several appealing features, including no annual fee, cash back rewards up to 2.5% on Amazon.ca and Whole Foods Market purchases, and additional perks such as automatic redemption of points for Amazon gift cards, basic insurance coverages, and no minimum income requirements. It also provides enhanced benefits for Amazon Prime members, including increased cash back rates and coverage for foreign transaction fees, making it an attractive option for those who frequently shop on Amazon and can thus benefit from the Prime membership. These details highlight the card’s aim to reward loyal Amazon customers and encourage more frequent use of Amazon.ca for various purchases.
How does this MBNA Amazon credit card compare to the competition?
Here’s a table comparing the features of the Amazon.ca Rewards Mastercard, Home Trust Preferred Visa, and SimplyCash™ Card from American Express:
Credit Card Features Comparison
| Feature | Amazon.ca Rewards Mastercard | Home Trust Preferred Visa | SimplyCash™ Card from American Express |
|---|---|---|---|
| Welcome Offer | 5% at Amazon.ca, grocery stores, and restaurants (up to $150 back) for the first six months | None | 4% cash back (up to $200) for your first six months |
| Annual Fee | $0 | $0 | $0 |
| Enhanced Cash Back Rates | 1.5%-2.5% at Amazon.ca, Whole Foods, and on foreign currency transactions | N/A | N/A |
| Regular Cash Back Rate | 1.00% | 1.00% | 1.25% |
| Main Perk | Boosted Amazon.ca cash back rate | No foreign transaction fees | High regular cash back rate |
The Amazon.ca Rewards Mastercard is a great option for those who routinely shop at Amazon.ca and Whole Foods, and who prefer not to pay an annual fee for their credit card. However, there are other no annual fee cards in Canada that might be more of a draw, depending on what attracted you to the Amazon.ca card in the first place.
If a big part of the Amazon.ca card’s appeal is that it can help you save on foreign transactions, consider the Home Trust Preferred Visa as well. The Amazon.ca card gives 1% back on foreign transactions (unless you have a Prime membership); but since it charges a 2.5% foreign transaction fee, that means you’re still swallowing a 1.5% fee every time you make a payment in a foreign currency. That’s not as beneficial as cards that waive foreign transaction fees entirely. The Home Trust Preferred Visa won’t give you cash back on foreign transactions, but since it won’t charge you fees either, you’ll still come out ahead on your purchases abroad, even when you shop online.
If the sheer cash back is what’s pulling you toward the Amazon.ca card, take a look at your shopping habits. Do Amazon.ca and Whole Foods represent a huge chunk of your purchases, or is your spending spread out among a variety of retailers? If the latter, the SimplyCash™ Card from American Express has a slightly higher cash back rate for non-Amazon purchases than the Amazon.ca Rewards Mastercard. An extra 0.25% might not seem like much, but it adds up over time: if you spend $1,500 a month, that’s an added $45 in cash back over the course of a year. And that’s not even factoring in the more lucrative welcome offer from the Amex.
You can check out other competing cards by reviewing our lists of the best no-annual-fee cards in Canada and the best credit cards for Amazon.ca purchases.
Should you apply for the MBNA Amazon.ca Rewards Mastercard?
Deciding whether to apply for the MBNA Amazon.ca Rewards Mastercard involves considering various aspects of the card’s offerings and how they align with your shopping habits and financial goals. This card is especially lucrative for those who frequently shop on Amazon.ca or at Whole Foods Market, offering an unlimited 1.5% cash back on purchases made at these retailers. For Amazon Prime members, the benefits are even more attractive, with an increased cashback rate of 2.5% on these purchases and on foreign currency transactions, essentially eliminating foreign transaction fees for Prime members. The card also features a welcoming bonus of 5% cash back on Amazon.ca, Whole Foods, grocery stores, and restaurants for the first six months up to a spend of $3,000, making it an enticing option for new cardholders.
The card’s appeal extends beyond just the cash back rates. It includes benefits such as no annual fee, automatic redemption of points for Amazon.ca gift cards once you accumulate 2,000 points, basic insurance coverage, and special discounts on car rentals with Avis and Budget in Canada. These features make it a competitive option among no-annual-fee cards, particularly for those already integrated into the Amazon ecosystem.
However, the card’s advantages are predominantly skewed towards Amazon Prime members, making it less valuable for individuals who aren’t subscribed to Prime or don’t regularly shop on Amazon.ca. For non-Prime members, while the card still offers cash back on all purchases, the rates are not as competitive as some other no-annual-fee cards available in the market. Moreover, the rewards are somewhat rigid, being redeemable only for Amazon.ca gift cards, which may limit their utility for some users.
For individuals debating between this card and another no-annual-fee option, it might be worthwhile to consider applying for both. This strategy allows you to maximize rewards by using the MBNA Amazon.ca Rewards Mastercard for Amazon.ca and Whole Foods purchases to benefit from the higher cash back rates, while leveraging another card for all other purchases to take advantage of different rewards programs. This approach ensures you can enjoy a broader range of benefits across your spending.
Ultimately, the decision to apply for the MBNA Amazon.ca Rewards Mastercard should be based on your specific shopping preferences, Prime membership status, and how much value you place on the card’s rewards and benefits relative to other available credit card options. For more detailed insights and comparisons, it’s beneficial to review comprehensive sources like Money We Have and Finder Canada, which offer in-depth analyses of the card’s features and benefits.
FAQ: MBNA Amazon.ca Rewards Mastercard
Is the MBNA Amazon Credit Card worth it?
The MBNA Amazon.ca Rewards Mastercard can be highly valuable for frequent Amazon.ca shoppers and Amazon Prime members, offering cash back on purchases made on Amazon.ca and Whole Foods Market, with enhanced benefits for Prime members. It features no annual fee, making it an attractive option for those looking to earn rewards on their everyday spending without additional costs. For detailed insights, compare the card’s benefits to your spending habits and preferences.
Who is eligible for the Amazon Mastercard in Canada?
Eligibility for the Amazon Mastercard in Canada typically includes being a Canadian resident, having reached the age of majority in your province or territory, and meeting creditworthiness criteria. While specific credit score requirements may not be explicitly stated, a fair to good credit score is generally expected to qualify. For more information, visit MBNA’s official Amazon.ca Rewards Mastercard page.
How hard is it to get an Amazon Mastercard?
Obtaining an Amazon Mastercard can vary in difficulty depending on your credit score and financial history. Applicants with a fair to good credit score and a stable financial background are more likely to be approved. It’s advisable to check your credit score and review the card’s eligibility requirements before applying.
Can Amazon Rewards Mastercard be used anywhere?
Yes, the Amazon Rewards Mastercard can be used anywhere Mastercard is accepted. This includes a wide range of retailers, both online and in physical stores, globally. This makes it a versatile card for everyday use, not limited to Amazon.ca purchases.
Is the Amazon Mastercard a good card?
The Amazon Mastercard can be a good card for those who frequently shop on Amazon.ca or at Whole Foods Market, especially for Prime members who benefit from higher cash back rates and no foreign transaction fees on purchases. Its value depends on your shopping habits and how much you spend on Amazon.ca and affiliated stores. Evaluate the card’s benefits relative to your spending patterns to determine its value for you.
What is the foreign transaction fee for the MBNA credit card?
The foreign transaction fee for MBNA credit cards, including the Amazon.ca Rewards Mastercard, is typically around 2.5% of the purchase amount in Canadian dollars for transactions made in a foreign currency. However, Amazon Prime members using the Amazon.ca Rewards Mastercard receive 2.5% back on foreign currency transactions, effectively offsetting this fee.
For more information and resources, consider visiting MBNA’s official site or reaching out directly to their customer service for specific questions about the Amazon.ca Rewards Mastercard.
Conclusion
The MBNA Amazon.ca Rewards Mastercard stands out as a particularly advantageous option for Amazon Prime members and frequent shoppers on Amazon.ca, thanks to its reward structure that includes up to 2.5% cash back on purchases made at Amazon.ca and Whole Foods Market. The card’s appeal is further bolstered by a no-annual-fee policy and a welcome offer that provides 5% cash back on a range of purchases up to a certain limit, setting a strong foundation for savings right from the start.
For those without an Amazon Prime membership, the card’s benefits may not seem as compelling when compared to other no-annual-fee credit cards in the market that offer broader rewards and more flexible redemption options. The rewards, redeemable solely as Amazon.ca gift cards, offer limited flexibility but guarantee direct value for Amazon.ca shoppers.
The inclusion of additional benefits such as purchase assurance, extended warranty, rental car discounts, and an effective strategy to avoid foreign transaction fees for Prime members, enhances the card’s value proposition. It positions the MBNA Amazon.ca Rewards Mastercard as a competitive choice among no-annual-fee credit cards, especially for those deeply integrated into the Amazon ecosystem.
However, the card’s true value and suitability largely depend on individual shopping habits and preferences. Prime members who frequently shop at Amazon.ca will find this card to offer unparalleled benefits, making it an essential component of their financial toolkit. For others, a comparative analysis with other credit cards might reveal more suitable alternatives, depending on their specific needs and spending patterns.
In conclusion, the MBNA Amazon.ca Rewards Mastercard offers compelling rewards for a specific demographic. Its zero annual fee, combined with the cashback rates and additional perks, make it an attractive option for Amazon Prime members and frequent shoppers on Amazon.ca. Those outside this group might find better value elsewhere, underscoring the importance of aligning credit card choices with personal spending habits and reward preferences. For individuals considering this card, a detailed examination of its benefits against other available options is advisable to ensure it aligns with their financial goals and shopping habits.
