MBNA WorldPoints MasterCard Credit Card
World Points is a reward program spearheaded by the Bank of America which permits cardholders to collect points when they make use of their credit card for different purposes. Bank of America presents debit and credit cards with World Points which accumulate for every dollar spent and you can exchange these points for varieties of choices like merchandise, cash, gift cards, travel and a lot more.
You gather some points when you use the card when you shop at the WorldPoints mall which has over 250 online retailers listed. You can shop for jewelry, apparel, electronics and lots of items that you can choose from found in this mall and receive bonus points. The World Point program lists different merchants and retailers. Thus, when you shop at these places you accrue points depending on the reward program of the merchant. Several places give a one bonus point on every $1 spent while others give you anything from 2 to 6,600 points with Home Depot carrying two points and Direct TV carrying 6,600 points over every $1 spent.
When you desire to convert World Points, you can do it in so many ways. If you want gift cards, you can exchange your points at World Points gift card retailers like Gap, Amazon, Hertz or Best Buy and other affiliated merchants. You can purchase merchandise using your points and get different products like kitchen appliances, cameras, golf equipment, tools, home furnishings, jewelry and fashion products. You can also convert your points and obtain products of well known top brands and get everything from cards to laptops as per your desire, the only requirement you should be certain of is having the sufficient points to acquire the item.
You can decide for a hospitality suite, a tour of the vineyards or an autographed item if you wish to convert your points with VIP events and memorabilia. Those who are fascinated in travel can utilize their points for partner travel opportunities, cruises and vacation packages or book a flight or hotel reservation as per your desire from the 60,000 top hotels and resorts worldwide. You can use your world points for cash by identifying what is more preferable for you. A direct deposit into a checking account or a check will be mailed to you. You can also contribute your points to a range of charities like the Make-A-Wish Foundation, the Susan G. Komen for the cure or to WWF.
With the MBNA WorldPoints MasterCard Credit Card, you can earn 1 WorldPoints for every $1 purchase you have made in net retail purchases. 1,000 bonus WorldPoints after you have made your first purchase using the card. Another 1,000 WorldPoints will be instantly rewards in your account every anniversary date of the card company. When you redeem your WorldPoints, you can choose from travel, merchandise and gift certificates. And lastly, the card does not charge any annual fee. This means that aside from getting so many rewards, you can save some cash coming from the no annual fee benefit of the card.
Annual Interest Rates of the Card
MBNA WorldPoints MasterCard does have a standard rate 19.99% for purchases. If you avail its balance transfer feature, the rate is at 19.99% including cheque cash advances. The same rate goes for cash advances as well as cash equivalents. For the default rate, your interest rate will increase by 5% if you pay off your balance late more than once within the 12 consecutive billing cycles. However, if you pay off the minimum amount on time for 12 consecutive billing cycles having the rate increase already, your current interest rates will be reduced by 5%. This means that it is necessary for you to take note of your due date and pay off your balance to keep away from interest rate increase. The following interest rate being presented will be applied on the day your account has been activated.
Credit Card Interest-Free Grace Period
The cardholder is given an interest-free grace period on new purchases you have made for at least 21 days. This will pursue if you can pay off the total balance found on your billing statement before or on the due date. For balance transfer, cash advances or cash equivalents, the interest-free grace period is not available. Only allow for purchases transactions only. Every cardholder must take advantage of this grace period since it does not charge you interest which in turn can be considered as a savings for you.
Minimum Payment of the Credit Card
The minimum payment for this card will be the sum of the current payment due plus the past due amount. This is subjected to a minimum of $15. The current payment due will be the sum of 1% of your balance not including the new interest charges. If the balance is less than $15, the minimum payment will equal the balance. In this way, the credit cardholder will not get into trouble with paying off the balance but if this goes on for quite sometime and the cardholder experiences financial problems, this could be dangerous for your credit status. You will have a huge debt with the card company.
Foreign Currency Conversion
The card company will bill you for all transactions in Canadian dollars. Any transactions that the cardholder has made in a foreign currency will be converted to Canadian dollars utilizing the currency conversion rate established by MasterCard. This conversion rate reflects the fee retained by MasterCard as a cost of performing the conversion service. In addition to the conversion rate, the company will charge an extra fee of 2.5% of the transaction amount after the amount has been converted.
Annual and Other Fees
The credit card does not have any annual fee. If ever there is an annual fee charged, it will be charged on your first statement and annually afterwards on your anniversary date. The card does have other fees to charge on. Transaction fees are given once you are going to avail cash advance including automated teller machine and over the counter advances. The rat is at 1% of the amount of cash advance having a minimum fee of $7.50. For balance transfer including cheque and cash advances, the rate is also 1% of the amount transferred or advanced having the same minimum fee under cash advances. For cash equivalents and wired transfer, the rate and minimum fee are more or less the same at 1% with $7.50 fee.
The card also has account fees. When you go beyond your credit limit, you will be charged $25 per billing cycle. In time of return occurrence, the fee would only be $20 per transaction as well as return cheque cash advance. In case you lost your monthly statement or sales draft, you can get another copy for only $2.50. For inactive balance cases, you will still be charged starting on the date that your account was last active. The fee is at $25.
See Also
Best Credit Cards Canada
Best Balance Transfer Credit Cards Canada
Best Cash Back Credit Cards Canada
Best Capital One Credit Cards Canada
Best MasterCard Credit Cards Canada
Best MBNA Credit Cards Canada
Best Visa Credit Cards Canada
Best Secured Credit Cards Canada
Travel Credit Cards Canada
External Links
Applycreditcard-online.com
Creditcards.redflagdeals.com
Canadian-finance.ca
