 Hello everyone, this is Amit Dan and on this channel you'll find financial travel and more videos. If you like what you see, please do the thumbs up and consider subscribing. Thank you. Hello everyone, this is Amit Dan of amitdan.com. Today I'll have another episode of rate card video and I'll be talking about the devaluation happening to the MBNA World Elite Rewards MasterCard. The MBNA World Elite Rewards MasterCard is a very popular cashback or rewards rate card which gives you two points per dollar spent flat without any categories or anything. So what it means that you'd earn 2% return on all purchases. However, this is going to change. There's going to be a brutal devaluation coming to this card and I'll talk about that. Now I was kind of expecting or this is not surprising to me that this card is going to be devalued because since TD took over MBNA great cards everything has been very bad. Before MBNA used to offer great cards with lots of points and rewards and more options but TD started cutting them one by one and due to the fact that TD has already devalued its TD cashback first class Visa Infinite card. So it is not surprising that TD is going to develop this card as well because since TD took over things are not going bad for this great card or even all other MBNA great cards. So I was kind of expecting this but the terms and conditions of this devaluation is totally out of line because it's a heavy devaluation and I'm going to go through these changes one by one. Now stay until the end of the video because I'll be giving you some alternate options or some other yours great cards which gives you simple cashbacks and if you are looking to switch from MBNA World Elite Mastercard you can look at these cashback yours great cards. So stay until the end so let's go to the MBNA letter which most of MBNA World Elite Mastercard customers receive. I do not have any MBNA World Elite rewards great cards so I had to collect this letter from someone else and I'll be talking about these changes while we are looking at this letter. So let's take a look at it and see what MBNA has to say. Hello everyone. This is the letter MBNA viewers mastercard account holders received from MBNA about the devaluation. Now let me just zoom in a little bit so I can show you exactly what are changing. Okay so this should be good enough. So the first thing you can see that the NOLF used to be $89 and now it is going to be $120. So that's a 35% increase and this increase will apply to the NOLF after September 1st, 2018. So this is just one increase and then they're increasing the reverse structure which is going to be right here. So let's take a look here. As of February 1st, 2019 your MBNA viewers program is changing and here is how. Okay so currently you can redeem points at a rate of 100 points per $1 for cash reward or for travel redemption. So right now it doesn't make any difference whether you're redeeming for cash rewards or travel rewards. You're still getting $1 per 100 points which comes to a 2% flat return on everything because this card gives you 2 points per dollar spent. However going forward points will be redeemed for cash reward at the rate of 120 points per $1 for example 1200 points equal $100. So what this means that if you are redeeming cash viewers then instead of 100 points per $1 you will require 120 points per $1. So if you do the math it comes to 1.67% return on this card which I wrote down right here. So from 2% this card is devaluing to 1.67% which is a brutal devaluation. And just not only that the annual fee is going to be a 35% increase as well. So it's kind of like a double-edged sword devaluation. So this is totally not acceptable for most of the MBNA viewers or lead master card. So let's see what else they have to say. So currently a minimum 5,000 points is required to obtain cash viewers and going forward you will require a minimum of 6,000 points to redeem for cash. So they're also changing the minimum points requirement to do a cash redemption from 5,000 to 6,000 points. So that's another bad thing. Let's take a look on the back of the letter. Okay so here's what stays the same. You'll continue to earn 2 MBNA viewers points for every $1 which you already know. The amount of points required for redeem for travel will stay the same. 100 points to redeem for $1 in travel redemption. So what they're doing here is that they're not devaluing the travel redemption requirement. So if you're redeeming these points for travel purposes then you're going to get still 2% flat return. But most of the credit card owners who are holding this card actually they were holding it as a cashback. They're not holding it as a travel viewers card. So this is not going to, this would only apply to a very few of the card holders. But if you are using this card only for travel purposes or travel redemptions then it's not going through devaluation except the annual fee increase. Which is a 35% from $89 to $120. So even let's say if you're only redeeming for travel purposes you may want to think twice paying $120 instead of $89. So let's see what we have here. Marching dies and gift options will remain as indicated. Okay we don't need that. Insurance coverage is not changing. The card doesn't provide not many insurances anyway so it wouldn't matter. And your credit card account number will remain the same. We know that. And there's no change to any regularly recurring bill payments set up on your account which is common sense. And other terms and conditions. Okay so they're actually giving you an option here. You know that you know when this card is going through devaluation a lot of people do not want to stay in this program and want to keep this MB&A Rewards Wargate MasterCard. So they're giving actually an option to redeem for cash rewards at the current rate which is 2% or 100 points per dollar until let's take a look here. You may redeem your existing points for cash rewards until the MB&A Rewards Program changes take effect on February 19. In fact from September 1, 2018 to January 31, 2019 you will temporarily waive the minimum points needed for cash rewards from 5000 to 1000. Okay so these are right here. So they know that lots of people will leave this card and you know cancel this card. So they are going to be giving you the same rate of return which is 2% until February 1, 2019. And not only that instead of like you know waiting to redeem for 5000 dollars which is the minimum requirement right now. They're lowering to 1000 MB&A points until that time. So they are doing this because they already know that you know people are not going to stay to this card and they will cancel and get out of this card. But what I don't understand is that you know if they know so much why they don't want to like you know make this card more attractive not devaluing or even adding more features. So it looks like you know they don't care that you know they don't want to stay in business or they don't care whether how many people are signing up for this card. Because it looks like to me that TD is you know doesn't worry about like you know it's credit card section of business or credit card business. Probably TD is concentrating on somewhere else. So that's why TD is like you know devaluing and cutting benefits for all credit cards one by one. And MB&A is the credit cards department which has gone through the most brutal devaluation. Not just for this card for all other MB&A credit cards. And they're becoming less attractive because they're losing features. You know they're losing insurance benefits. They're increasing annual fees. So everything is a negative for all MB&A or most of the MB&A cards. So it looks like to me TD doesn't care about this card or other TD cards, TD credit cards anymore. Okay. So now that's the part about MB&A Rewards World Elite Mastercard. Now like most other customers you may not want to hold onto this card after the devaluation date. So which is February 1, 2019. Now if you're thinking what other credit cards out there which would give you very similar you know rate of return. Then I'm going to show you a few cards, a few alternative cards that can give you the same rate of returns or even better. Rate of returns. So just give me a second let me get my laptop here. Okay. So here I have put through some Canadian credit cards which gives you cashback which are better than MB&A. And which has very similar or better Rewards structure than MB&A. So if you're considering to switch here for options I have. There are more options but I'm just like giving only four options because I don't want to go through give you too many options to confuse you. So these four credit cards are very good to you know take a look at and you can choose from one of these if you'd like. And again I'd like to clarify myself that I do not do any paid or affiliated review or affiliated recommendations. So all my credit card reviews and videos are non-affiliated, unbiased and honest. Unlike other Canadian websites like outside 99% you know who are reviewing credit cards or giving a recommendation those are actually affiliated credit card reviews. So they're working for the credit card companies and they're making money off you because they're giving you a link to sign up under each of their articles. So whenever you're you know reading those articles and signing up using their links they make money and they get. So they're not going to give you honest recommendations because it's in their best interest to you know try to make you sign up for those credit cards. They're recommending but here on my channel or my website amitdown.com all the links all the reviews everything is non-affiliated and unbiased. So I do not give any affiliated links I do not make any money and I do not work for the credit card company. I work for you to give you the honest opinions. So these are my four recommendations. So the first card which comes very close to the MB&A World's Elite MasterCard is the Simply Cash Preferred Card for American Express. So now this card has $99 an old fee and it gives you a 2% flat return on everything. So let me just take a look here. So if you see right here on 2% cashback on everything but for the first six months you'd get 5% cashback. So I'm not going to count on that because that's just temporarily for five months but after that you'd earn 2% cashback on everything. And then old fees 99% and there's I believe there's no you know no limit on what kind of there's no limit on how much cash you can earn. So it's which is right here and it has actually more insurance than the MB&A World Elite MasterCard which are right here. So this is a very good card you can look at instead of the MB&A World Elite MasterCard. Now the second card I have here is the Scotia Momentum Visa Infinite credit card. So this card has let's look at the annual fee which is $99 and it's giving you 4% cashback on gas and groceries. And then it's giving you 2% cashback on pharmacy purchases and 2% on recurring bill payments and then you would earn 1% on everything else. And this card actually is packed with insurance and stuff and it's a Visa Infinite Series card. So you'd get the Visa Infinite Concierge benefit and it has actually lots of insurances. So this is another card you can look at Scotia Momentum Visa Infinite. Now I have a free cashback credit card which is the Rogers World Elite MasterCard. It has 1.75% cashback on all eligible purchases. But if you buy something from Rogers then you get 2% cashback and if you're buying in foreign currency then you get 4% cashback. For general day to day transactions you're going to get 1.75% cashback. So which is a very good cashback given the fact that there's no annual fee. So this card has no annual fee. It's a World Series MasterCard. Minimum income requirement is $80,000 or $150,000 annual or $80,000 personal. So it has a higher minimum income requirement. But it's a very good card for a no annual fee with 1.75% cashback on everything. And this card actually has some other benefits as well. It even has travel insurances. For example trip interruption, trip cancellation, emergency medical. And the good thing is this has no annual fee. So I don't think there's any other Canadian credit card which gives you these travel insurances without a no annual fee. So this is another card you can take a look at. Rogers World Elite MasterCard. The last card I have here is the Tangerine Moneyback credit card. So this credit card actually gives you 2% cashback on two categories. But you'll get another category for 2% if you deposit your rewards into a Tangerine Savings account. So 2% for everyone else. But if you have a Tangerine Bank account and you deposit your cashback, then you're going to get three categories in which you can earn 2%. And the problem with this card is that everything else is only half percent cashback. So if you have this card, I would avoid this card for other purchases except these 2% categories. So this is another card you can take a look at. Tangerine Moneyback credit card. So that's all for today. If you like what you see, please give it a thumbs up and consider subscribing. And there will be more credit card travel videos coming up. So I'll see you shortly. And hopefully you will find your right card. And on this channel there are lots of credit card reviews and unbiased opinions. So just, you know, if this article is not enough for you, just go through the credit card section and then see all other reviews and what other cards out there available for you. Thank you. Goodbye for now.