National Bank World Elite Mastercard Review: $150 Fee Refunded
Loading article…
The National Bank World Elite® Mastercard® costs $150 a year, and until November 4, 2026, that first-year fee comes back to you as a statement credit. In exchange, the card pays 5 points per dollar on groceries and restaurants, adds a $150 annual travel credit, and opens the National Bank Lounge at Montréal-Trudeau. All figures in this review are as of October 20, 2026.
It is the travel card our readers apply for most often across the network. Below, we break down the welcome offer, the earn rates and their cap, the insurance, and who should pick another card. For the wider picture, start with our credit cards hub or our ranking of the best travel credit cards.
Exclusive
- Annual feeNo annual fee the first year
- $0 $150
- Our valuationMilesopedia first-year estimate First-year valueAnnual fee rebated$150Total$150Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $150
- Welcome offer$150 annual fee rebated
- First Year Annual Fee Rebate
- Ends Nov 4, 2026
Apply Now
on National Bank's website
Welcome offer: first-year fee refunded
The current welcome offer is not a points bonus. National Bank refunds the $150 first-year annual fee for the primary cardholder when you apply through a Milesopedia network link during the promotion, which runs from June 30 to November 4, 2026.
The bank charges the fee to your new account first, then credits it back within five months of account opening. The conditions are strict, so read them before you apply:
- Apply as primary cardholder: through a Milesopedia network link, between June 30 and November 4, 2026.
- No recent National Bank Mastercard: you must not have held a National Bank personal Mastercard as primary cardholder in the last 24 months.
- Keep the account in good standing: pay fees and minimum payments on time until the refund posts, within five months of opening.
- Primary card only: the $50 fee on an additional card is not refunded.
Earn rates and point value
The card earns National Bank À la carte Rewards points. Groceries and restaurants carry the top rate, but the 5-point tier has a monthly ceiling tied to your total spending.
| Category | Points per $1 | Condition |
|---|---|---|
| Groceries and restaurants | 5 | Until total gross purchases reach $2,500 in the month, then 2 points |
| Gas and EV charging | 2 | Eligible purchases |
| Recurring bill payments | 2 | Eligible purchases |
| À la carte Travel | 2 | Bookings through National Bank's travel agency |
| All other purchases | 1 | No cap |
The cap works on gross purchases, not on grocery spending alone. Once your total monthly purchases on the account reach $2,500, groceries and restaurants drop to 2 points per dollar for the rest of that statement. A household that puts $2,000 a month on the card, including $800 of food, keeps the full 5 points on that $800.
What a point is worth
National Bank's rewards rules set different values depending on how you redeem:
- À la carte Travel bookings: 10,000 points = $100, or 1 cent per point
- Travel booked elsewhere, under 55,000 points: 12,000 points = $100, about 0.83 cent per point
- Travel booked elsewhere, 55,000 points or more: 11,000 points = $100, about 0.91 cent per point
At 1 cent per point, the 5x rate on food returns 5% in travel value. Plug your own budget into our rewards calculator to see what the card earns for you.
Travel credit and lounge access
Every year, the card reimburses up to $150 of travel expenses charged to it. The eligible categories are:
- Airport parking
- Baggage fees
- Seat selection
- Access to airport lounges
- Airline ticket upgrades
The credit alone matches the annual fee if you use it in full. In practice, one round trip with a checked bag and paid seat selection usually gets you most of the way.
The card also gives free and unlimited access to the National Bank Lounge at Montréal-Trudeau, for you, one guest, and two children aged 12 or under. Bring the physical card and your boarding pass; since October 5, 2026, National Bank limits each visit to 2 hours. Outside Montréal, the card includes membership in the Mastercard lounge network of more than 1,300 airport lounges, but those visits are paid. The travel credit can cover them.
Insurance coverage
The insurance package is one of the deepest at this fee level. According to National Bank's product page and the card's certificate, as of October 20, 2026:
- Emergency medical outside your province: up to $5,000,000 per person, for 60 days if you are 54 or under, 31 days from 55 to 64, and 15 days from 65 to 75
- Trip cancellation: up to $2,500 per person
- Trip interruption: up to $5,000 per person
- Flight delay over 4 hours: up to $500 per person
- Delayed baggage over 6 hours: up to $500 per person
- Lost or stolen baggage: up to $1,000 per person
- Mobile device: up to $1,000 for accidental breakage, loss or theft, for 2 years after purchase
- Car rental: collision, theft and damage for rentals of 48 days or less
Purchase protection lasts 180 days, and the extended warranty triples the manufacturer's warranty, up to 2 additional years. Always read the insurance certificate before you travel, since each coverage has its own conditions. Our credit card insurance guide explains how these protections work.
Fees and eligibility
Here is what the card costs once the promotion ends:
| Item | Amount |
|---|---|
| Annual fee | $150 (refunded in year 1 under the current promotion) |
| Additional card | $50 |
| Purchase interest rate | 20.99% |
| Cash advance and balance transfer rate | 22.49% |
| Foreign currency conversion | 2.5% |
| Minimum income | $80,000 personal or $150,000 household |
National Bank also accepts applicants who charge $25,000 a year to their cards as existing clients, or who hold $400,000 in investable assets, instead of meeting the income test.
Who this card is for
- Households with a big food budget: 5 points per dollar on groceries and restaurants, up to $2,500 of total monthly purchases.
- Travellers who check bags or pick seats: the $150 annual credit covers baggage fees, seat selection, parking, lounges, and upgrades.
- Montréal-Trudeau flyers: unlimited National Bank Lounge access for you, a guest, and two children.
- Long trips: emergency medical coverage up to 60 days for travellers aged 54 or under.
Who should look elsewhere
- Frequent shoppers abroad: the 2.5% foreign currency conversion fee adds up quickly on trips outside Canada.
- Incomes under $80,000: you need $80,000 personal or $150,000 household income, unless you qualify through spending or assets.
- Very high monthly spenders: once total purchases reach $2,500 in a month, food drops from 5 to 2 points per dollar.
- Recent National Bank Mastercard holders: if you held one as primary cardholder in the last 24 months, the fee refund does not apply.
How it compares
Within National Bank's lineup, the National Bank World Mastercard costs $115 a year and asks for $50,000 of personal income or $80,000 for a household, but it gives up the lounge and the full travel credit. You can see every option in our ranking of the best National Bank credit cards.
If you spend a lot abroad, the 2.5% conversion fee is the weak spot. The Scotiabank Passport Visa Infinite+ Card charges no foreign transaction fee for the same $150, and our ranking of cards with no foreign transaction fee lists the alternatives.
Conclusion
The National Bank World Elite Mastercard pays 5 points per dollar on the two budget lines nearly every household carries, and it backs that up with a $150 travel credit and an insurance package built for long trips. With the first-year fee refunded until November 4, 2026, year one costs nothing if you meet the conditions.
The two catches are the $2,500 monthly cap on the 5x tier and the 2.5% conversion fee. Check both against your budget, then compare the card side by side with others in our credit card comparison tool. The full terms are on National Bank's World Elite Mastercard page.
Offers change often. Subscribe to our newsletter to catch the next one.
Frequently asked questions about the National Bank World Elite Mastercard
What is the current welcome offer?
As of October 20, 2026, National Bank refunds the $150 first-year annual fee for the primary cardholder who applies through a Milesopedia network link between June 30 and November 4, 2026. The credit appears on your statement within five months of account opening, if the account stays open and in good standing. You are not eligible if you held a National Bank personal Mastercard as primary cardholder in the last 24 months. See the card's product page for the full details.
How does the 5 points per dollar cap work?
You earn 5 points per dollar on eligible groceries and restaurants until your total gross purchases on the account reach $2,500 in the month. After that, groceries and restaurants earn 2 points per dollar. The counter includes all purchases, not only food, so heavy spenders hit it sooner. Our rewards calculator helps you estimate your real return.
What does the $150 travel credit cover?
The annual credit reimburses up to $150 of travel expenses charged to the card in five categories: airport parking, baggage fees, seat selection, airport lounge access, and airline ticket upgrades. It resets every year. Used in full, it offsets the entire $150 annual fee from the second year onward.
Does the card charge foreign transaction fees?
Yes. The card charges a 2.5% foreign currency conversion fee, as of October 20, 2026. On $3,000 of purchases abroad, that adds $75 to your bill. If you travel often outside Canada, compare it with the best cards with no foreign transaction fee.
What income do I need to qualify?
National Bank requires $80,000 of personal income or $150,000 of household income. Existing clients can also qualify by charging $25,000 a year to their cards, or by holding $400,000 in investable assets. If you fall short, browse the other National Bank credit cards.
Which airport lounges can I use?
You get free and unlimited access to the National Bank Lounge at Montréal-Trudeau, with one guest and two children aged 12 or under. Elsewhere, the card includes membership in the Mastercard network of more than 1,300 airport lounges, where visits are paid. The $150 travel credit can reimburse those visits. Our best travel credit cards ranking compares cards with more free visits.
Read next
