Changes to the National Bank World Elite MasterCard

I previously wrote a post about the National Bank World Elite MasterCard. Since then, there have been a few slight changes. I will also provide a more in-depth analysis of its benefits. This is actually National Bank’s top credit card to choose from. There is actually a lot of value to be had from this credit card.

Highlights

First of all, below are the highlights of the credit card:

• $150 annual fee
• $50 for supplementary cardholders
• $250 in travel fee reimbursements
• Earn 1.5 point for every $1 spent on purchases between $0 to $40,000
• Earn 2 points for every $1 spent on purchases between $40,001 to $80,000
• Earn 1.5 point for every $1 spent on purchases of $80,001 and more
• Earn a bonus 0.5 point on purchase volumes in foreign currencies
• Access to the National Bank World MasterCard lounge

Annual Fee

One the website, it does say that there is a first year fee waived promotion, but the promotion actually expired on January 31, 2016. The reason they may have left it on the website is that you must activate the credit card before February 29, 2016, to qualify for the first year fee waived. It is a little deceiving, so watch out for that, the fee is not actually waived any more. So if you are looking at this credit card you may want to wait for another promotion instead.

Rewards

The reward redemption structure is as follows:

• 11,000 points = $100
• 50,000 points = $500
• More than 50,000 points: Every additional 10,000 points segment = $100 travel discount

As you can see, you start getting more value from 50,000 points onward. So that’s when you will want to start redeeming your points, rather than loving value below that.

$250 Travel Reimbursements

You will qualify for the following rebate limits:

• $100 for airport parking
• $50 for seat selection
• $100 for airline baggage fees per account and per year

These are not super amazing rebates, but if you happen to be paying for them anyway, then the reimbursement value definitely helps to cover the $150 annual fee.

UPDATE- I would just note that it can be a pain to get all your reimbursements (as per the comment section below). What I would recommend is that constantly provide comments and recommendations to National Bank so that they can improve their reimbursement process, ideally more automated.

Lounge Access

You are entitled to bring 1 guest to access the only National Bank World MasterCard lounge, which is only located at the Montréal–Pierre Elliott Trudeau International Airport (YUL) next to gate 53 in the international departure terminal. Note that this lounge is located in the international pier, so passengers travelling to the United States will not have access to the lounge.

Travel Insurance

There is a host of travel insurance coverage including:

• Extended warranty
• Trip cancellation insurance
• Trip interruption insurance
• Out-of-province-of-residence medical/hospital insurance
• Flight delay insurance
• Baggage insurance in case of theft or loss
• Baggage insurance in case of delay
• Vehicle rental insurance against collision, theft or damage

So these coverages definitely help justify for the $150 annual fee.

Conclusion

Personally, I am really happy to see such a competitive credit card. I think that this is a great credit card for a select group of travellers. Those of you living in Montreal, who travel internationally (other than the United States), you can potentially get a lot of value out of this credit card. Especially if you are paying for bills that you will be reimbursed by work. You can really rack up a lot of points in a hurry that you can use for your personal travels.

The only thing that I would suggest is to wait for a promotional offer, where you either get the first year fee waived or get a sign up bonus.