[ANALYSIS] MBNA More Rewards MasterCard

We recently wrote about the MBNA More Rewards loyalty program and where we can earn these types of rewards. Another way of earning the rewards would be to sign-up for the More Rewards MasterCard offered by MBNA.

Here are the highlights of the card:

• No Annual Fee
• Earn 25,000 bonus points after your first qualifying purchase
• Earn 4 points per $1 spent at participating locations such as Save-On-Foods, Overwaitea Foods, Cooper’s Foods, PriceSmart Foods, or Urban Fare stores
• Earn 3 points per $1 spent on all other purchases

Points will be earned under the More Rewards loyalty program. They will be accumulated until the cardholder decides to redeem points for rewards. We will discuss the types of rewards More Rewards offer in another post.

With the current earnings rate, you will be earning approximately 1.5% cash back for every dollar spent at participating locations, which is quite rewarding in comparison to current credit cards which focus on a high groceries return. Moreover, the 25,000 sign-up bonus is equivalent to about $75, which is much higher than the $25 sign-up bonus offered by the Walmart Rewards MasterCard.

Let’s take a look at some current grocery focussed credit cards:

You can see that for the More Rewards MasterCard,  the $75 sign-up bonus makes a big difference in return. You are pretty much getting $75 without paying anything. That seems like a pretty sweet deal. In comparison with the other credit cards, More Rewards can be used at many locations and awards can be redeemed in many ways, unlike the Walmart Rewards MasterCard, in which only Walmart dollars can be redeemed. The More Rewards MasterCard seems to win the competition.