Quick overview of the ATB World Elite Mastercard®
The ATB World Elite Mastercard® is a premium rewards credit card available to Alberta residents through regional bank ATB Financial. Cardholders can earn bonus rewards points in several popular spending categories, including travel, grocery and gasoline, streaming subscriptions and entertainment. However, the card’s most attractive perks may be the extensive insurance coverage and complimentary airport lounge access.
Similar cards have more attractive welcome bonuses, though ATB World Elite’s offer is easy to qualify for — all you need to do is make a purchase with your new card. Drawbacks include a low standard earning rate and the fact that eligibility is limited to Alberta residents. Also, the $50,000 yearly spending cap on accelerated earnings may be a turn-off for high spenders.
Who’s the ATB World Elite Mastercard® for?
The ATB World Elite Mastercard® is a solid choice for Alberta residents looking for a travel rewards credit card with excellent insurance coverage and airport lounge access. If you open an all-inclusive ATB Advantage chequing account, the annual fee can be waived beyond the first year. However, the card’s modest welcome offer, low standard 2x earn rate and $50,000 yearly spending cap on accelerated earnings make it less appealing to cardholders looking to maximize rewards.
Pros and cons
Pros
-
Flexible reward redemption options
-
Includes 15 types of insurance coverage
-
Four complimentary airport lounge passes yearly
-
Mastercard World Elite benefits
Cons
-
The card is only available to Alberta residents
-
Mediocre welcome bonus
-
ATB My Rewards points offer lower value than other popular rewards programs
-
$50,000 yearly spending cap on accelerated earn rate
ATB World Elite Mastercard® welcome bonus
The ATB World Elite Mastercard® includes a bonus of 40,000 points, which breaks down as follows:
The first year annual fee is waived ($120 value) plus you'll receive 40,000 welcome bonus points ($200 value) when you make your first purchase.
Offer available on new ATB World Elite Mastercard accounts where the cardholder had no previous ATB World Elite Mastercard. Fee waiver applies to the 1st year only and is a $120 value. This offer is subject to change or withdrawal at any time and without notice. On approved credit, conditions apply.
How to earn ATB My Rewards points with the ATB World Elite Mastercard®
When you spend with the ATB World Elite Mastercard®, you earn ATB My Rewards points, which can be redeemed in various ways. Cardholders earn 8 points for every $1 spent on airlines, hotels, motels and car rental companies, 6 points for every $1 spent on eligible purchases on groceries, gas, digital streaming services and/or subscriptions, and entertainment and 2 points for every $1 spent on any other purchases. In other words, the card should appeal to those who spend significant money on travel, gas and groceries.
For example, let’s say you spend $500 monthly on travel, $1,000 on groceries, $300 on gas, $50 on eligible streaming subscriptions and $1,000 on all other purchases during the first year. If you include the 40,000-point welcome bonus, you’ll earn 209,200 points, worth approximately $1,050.
That sounds good, but there are a couple of potential drawbacks to keep in mind. First, you must shop at participating merchants to earn the bonus points. While the list includes most major brands, there are exclusions. For example, Costco and Walmart are not included in the grocery store category to earn bonus rewards.
Also, there's the $50,000 yearly spending cap on accelerated earnings, above which the rate drops to the standard 2 points per dollar. If you think your spending will exceed this limit, you may want to consider a different rewards credit card.
How to redeem ATB My Rewards points
ATB allows you to spend your My Rewards points in several ways, including on travel and popular merchandise, to fund an investment, deposit cash to an ATB account, or pay down your credit card or ATB loan balance. You can even donate your points to charity or transfer them to an eligible ATB rewards account.
ATB My Rewards points are worth 0.5 cents each. To determine your points' value, divide your point balance by 200. For example, 40,000 points ÷ 200 = $200. Unlike some credit card reward programs, ATB My Rewards have the same redemption value regardless of how you use them, e.g. travel, merchandise, account deposit, credit card payment, etc.
You can access and redeem your ATB My Rewards through ATB’s Personal Online Banking portal.
ATB World Elite Mastercard® key benefits
Despite its mediocre welcome bonus, the ATB World Elite Mastercard® has some stand-out benefits, particularly its extensive insurance coverages, flexible reward redemptions and four complimentary airport lounge visits annually.
ATB World Elite Mastercard® insurance coverage
Most travel credit cards come with complimentary insurance coverage, but few offer as many different types as the ATB World Elite Mastercard®, which includes 15 coverages in addition to price protection and travel assistance services. Here is a complete list of insurance coverage provided with the card:
| Insurance coverage | What it covers* | How long | Coverage limits |
|---|---|---|---|
| Car rental collision damage waiver insurance | Protects against loss due to damage or theft of a rental vehicle | Coverage during the car rental period | Doesn’t cover vehicles with a cash value over $65,000 |
| Common carrier accidental death and dismemberment insurance | Covers cardholders and immediate family members who sustain death or accidental body injury while occupying a common carrier as a fare-paying passenger | Coverage when the insured person is occupying a common carrier | $750,000 maximum benefit payable from one accident |
| Delayed luggage insurance | Reimburses insured person for reasonable expenses if checked luggage is not delivered within four hours of flight arrival | N/A | $500 total per trip |
| Extended warranty | Doubles the original manufacturer's warranty period up to 1 year on most items purchased with the card | 1 year | N/A |
| Event ticket protection insurance | Covers the non-refundable portion of event tickets due to a covered cause, such as death, medical emergency, or other catastrophe | Claims must be filed no later than 24 hours after the event | $1,000 |
| Flight delay insurance | Reimburses all insured persons for necessary expenses if a scheduled flight is delayed four hours or more | N/A | $500 total per trip |
| Hotel/motel burglary Insurance | Protects insured against theft of most items of personal property from a hotel or motel room in Canada and the US | N/A | $1,000 per occurrence |
| Lost luggage insurance | Reimburses insured person for direct physical loss of checked baggage | N/A | Maximum $1,000 per trip |
| Mobile device insurance | Protects mobile devices against loss, theft, accidental damage, or mechanical breakdown | 2 years from the date of purchase | $1,500 |
| Personal effects insurance | Protects against loss, damage, or theft of personal effects while they are in transit during a trip with a rental car | Duration of car rental period | $1,000 per insured person |
| Travel emergency medical insurance | Covers the cost of emergency medical treatment up to $2 million per insured | First 22 consecutive days of a trip | $2,000,000 per insured person |
| Trip interruption/delay insurance | Covers insured against losses if a trip is interrupted or delayed as a result of a covered cause | N/A | $1,000 per trip |
| Trip cancellation insurance | Covers insured against losses if a trip is canceled as a result of a covered medical or non-medical cause | N/A | $1,000 per person; $5,000 per trip |
* For full insurance coverage details, see the ATB World Elite Mastercard Certificate of Insurance and Statement of Services
Extra benefits of the ATB World Elite Mastercard®
The ATB World Elite Mastercard® offers several benefits beyond the welcome bonus, insurance coverage and airport lounge access. These include car rental discounts of up to 25% at participating Avis and Budget locations, price protection service for the primary cardholder and 24/7 Travel Assistance services. The latter benefit includes emergency cash transfers, lost document and ticket replacement, pre-trip information and legal referrals and payment assistance.
What people have to say about the ATB World Elite Mastercard®
There’s not much commentary online regarding the ATB World Elite Mastercard®. This isn’t entirely surprising, given that ATB is not a large national financial institution, and the card is only available to Alberta residents. Most comments on Reddit pertain to a previous welcome offer that ATB quickly rescinded and a complaint about the low value of ATB World Elite points.
How the ATB World Elite Mastercard® compares
ATB World Elite Mastercard® vs. American Express Cobalt® Card
American Express Cobalt® Card
4.9
up to 15k pts
Welcome offerFair
Suggested credit scoreEarn up to 15,000 Welcome Bonus Membership Rewards® points* – that’s up to $150 in value.
Pros
-
High earn rates (up to 5% return on spending!)
-
Flexible month-by-month fee structure
-
Free supplementary cards
-
1:1 points transfer with selected hotels, airlines and frequent flyer programs
Cons
-
Accelerated earn rates only apply to purchases in Canada (not to purchases made abroad)
-
Amex has a more limited merchant acceptance rate than Visa and Mastercard
-
Slightly higher than average annual fee
Eligibility
Fair
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Fair
Required Annual Personal Income
$0
Required Annual Household Income
$0
5x
the points on eligible eats & drinks purchases in Canada
3x
the points on eligible streaming subscriptions in Canada
2x
the points on eligible gas, transit & ride share in Canada
1x
the points on everything else
1
additional Membership Rewards point for every $1 you charge on eligible hotel or car rental bookings made with American Express Travel
$100 USD
Get up to $100 USD hotel credit to use on amenities like dining, spa or other leisure facilities when charged to the room
the points on eligible eats & drinks purchases in Canada
5x
the points on eligible streaming subscriptions in Canada
3x
the points on eligible gas, transit & ride share in Canada
2x
the points on everything else
1x
additional Membership Rewards point for every $1 you charge on eligible hotel or car rental bookings made with American Express Travel
1
Get up to $100 USD hotel credit to use on amenities like dining, spa or other leisure facilities when charged to the room
$100 USD
21.99%
Purchase APR
21.99%
Cash Advance APR
$155.88
Annual Fee 12.99/month
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
21.99%
Cash Advance APR
21.99%
Annual Fee
$155.88
Foreign Transaction Fee
2.5%
Pros
-
High earn rates (up to 5% return on spending!)
-
Flexible month-by-month fee structure
-
Free supplementary cards
-
1:1 points transfer with selected hotels, airlines and frequent flyer programs
Cons
-
Accelerated earn rates only apply to purchases in Canada (not to purchases made abroad)
-
Amex has a more limited merchant acceptance rate than Visa and Mastercard
-
Slightly higher than average annual fee
Eligibility
Fair
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Fair
Required Annual Personal Income
$0
Required Annual Household Income
$0
5x
the points on eligible eats & drinks purchases in Canada
3x
the points on eligible streaming subscriptions in Canada
2x
the points on eligible gas, transit & ride share in Canada
1x
the points on everything else
1
additional Membership Rewards point for every $1 you charge on eligible hotel or car rental bookings made with American Express Travel
$100 USD
Get up to $100 USD hotel credit to use on amenities like dining, spa or other leisure facilities when charged to the room
the points on eligible eats & drinks purchases in Canada
5x
the points on eligible streaming subscriptions in Canada
3x
the points on eligible gas, transit & ride share in Canada
2x
the points on everything else
1x
additional Membership Rewards point for every $1 you charge on eligible hotel or car rental bookings made with American Express Travel
1
Get up to $100 USD hotel credit to use on amenities like dining, spa or other leisure facilities when charged to the room
$100 USD
21.99%
Purchase APR
21.99%
Cash Advance APR
$155.88
Annual Fee 12.99/month
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
21.99%
Cash Advance APR
21.99%
Annual Fee
$155.88
Foreign Transaction Fee
2.5%
The American Express Cobalt® Card earns a whopping 5% at eligible restaurants, cafes, bars, grocery stores and food delivery apps in Canada. Additionally, Amex membership rewards are easily transferable 1:1 to other popular loyalty programs, such as Aeroplan and Hilton Honors.
However, the ATB World Elite has a higher earning rate for travel, more insurance coverage and offers airport lounge passes — Amex Cobalt does not. If you want to maximize your earnings by eating out and buying groceries, the Amex Cobalt might be the better choice. If travel perks are your top priority, stick with the ATB Financial credit card.
ATB World Elite Mastercard® vs. Scotiabank Passport® Visa Infinite Card
Scotiabank Passport® Visa Infinite* Card
4.3
up to 35K pts
Welcome offerExcellent
Suggested credit scoreEarn up to $1,100* in value in the first 12 months, including up to 35,000 bonus Scene+ points
Expires
Jan 3, 2025
Pros
-
No FX fees means the card saves you significant expenses on foreign transaction fees
-
Earn up to 3x Scene+ points per $1 spent on eligible purchases
-
Flexible and straightforward redemption program
-
Visa acceptance globally compared to American Express, especially outside major cities.
-
Enjoy six annual visits to airport lounges
-
Robust insurance offerings, including extended travel emergency medical coverage
-
Access to Visa Infinite Program benefits, with added advantages like a free supplementary card
Cons
-
High annual fee
-
Limited rewards categories for earning reward max rate on purchases
-
Primarily best for travel within Canada
Eligibility
Excellent
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$60,000
Required Annual Household Income
$100,000
3x
Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating Co-ops and more
2x
Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including ride shares, buses, subways, taxis and more)
1x
Scene+ point for every $1 spent on all other eligible everyday purchases
Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating Co-ops and more
3x
Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including ride shares, buses, subways, taxis and more)
2x
Scene+ point for every $1 spent on all other eligible everyday purchases
1x
20.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR
$150
Annual Fee First supplementary Card is $0/year ($50/year on each additional Card)
0%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$150
Foreign Transaction Fee
0%
Pros
-
No FX fees means the card saves you significant expenses on foreign transaction fees
-
Earn up to 3x Scene+ points per $1 spent on eligible purchases
-
Flexible and straightforward redemption program
-
Visa acceptance globally compared to American Express, especially outside major cities.
-
Enjoy six annual visits to airport lounges
-
Robust insurance offerings, including extended travel emergency medical coverage
-
Access to Visa Infinite Program benefits, with added advantages like a free supplementary card
Cons
-
High annual fee
-
Limited rewards categories for earning reward max rate on purchases
-
Primarily best for travel within Canada
Eligibility
Excellent
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$60,000
Required Annual Household Income
$100,000
3x
Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating Co-ops and more
2x
Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including ride shares, buses, subways, taxis and more)
1x
Scene+ point for every $1 spent on all other eligible everyday purchases
Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating Co-ops and more
3x
Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including ride shares, buses, subways, taxis and more)
2x
Scene+ point for every $1 spent on all other eligible everyday purchases
1x
20.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR
$150
Annual Fee First supplementary Card is $0/year ($50/year on each additional Card)
0%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$150
Foreign Transaction Fee
0%
The Scotiabank Passport® Visa Infinite Card is similar to the ATB World Elite in that it offers several types of insurance coverage and airport lounge access (6 complimentary passes per year.) However, it also waives the foreign transaction fee, whereas the ATB World Elite charges a hefty 2.9%. If you travel frequently, you may earn more with the ATB World Elite due to its 8x points per dollar spent on travel purchases. Otherwise, the Scotiabank Passport® Visa Infinite is a more well-rounded card.
Disclosures:
- *See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
Is the ATB World Elite Mastercard® worth it?
The ATB World Elite Mastercard® is an excellent choice for ATB clients who spend a lot of money on travel, gas and groceries. With an ATB Advantage Account, you can avoid paying the annual fee while benefiting from the many insurance coverages and airport lounge passes the card offers. However, if your priority is to secure the largest welcome bonus or maximize your rewards-earning capability, other premium rewards cards have more to offer.
ATB World Elite Mastercard® eligibility criteria
The ATB World Elite Mastercard® is available to Alberta residents at least 18 years of age. The card is only meant for personal use (no business purchases), and to qualify, you cannot have declared bankruptcy within the past five years. As a premium rewards credit card, there is also a minimum income threshold of $80,000 per individual or $150,000 per household. If you don’t meet the income requirement, you can still qualify if you have invested assets of $400,000 or more.
FAQs
Colin Graves is a Winnipeg-based financial writer and editor whose work has been featured in publications such as Time, MoneySense, MapleMoney, Retire Happy, The College Investor, and more. Before becoming a full-time writer, Colin was a bank manager for over 15 years.
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