ATB World Elite Mastercard® review

Feb 11, 2025

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Overall rating

First year value

$0

At a glance

The ATB World Elite Mastercard® is a premium rewards credit card available exclusively to Alberta residents, offering accelerated earn rates on categories such as travel, groceries, gas, digital streaming services, subscriptions, and entertainment. Cardholders benefit from extensive insurance coverage as well, making it attractive for frequent travelers seeking comprehensive benefits.

Highlights

$120

Annual fee

$120 annual fee is waived for the first year; $35 annual fee each additional card

Interest Rates

20.99%

Purchase APR

22.99%

Cash advance APR

Eligibility

Good

Recommended credit score

$80,000

Required annual personal income

$150,000

Required annual household income

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

Pros

  • Flexible reward redemption options

  • Includes 15 types of insurance coverage

  • Four complimentary airport lounge passes yearly

  • Mastercard World Elite benefits

Cons

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 , 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

up to 15,000 points

Welcome Bonus

$679.02

First Year Value

$529.02

Annual Value

Welcome Bonus: Earn up to 15,000 Membership Rewards® points* by earning 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 on your Card in your first year as a new Cardmember. This could add up to 15,000 points in a year.*

Learn More Apply Now On American Express' Secure Site

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

up to $1,300* value

Welcome Bonus

$926

First Year Value

$0

Annual Value

Welcome Bonus: Earn up to $1,300* in value in the first 12 months, including up to 40,000 bonus Scene+ points* Expires Jul 01, 2025

Learn More Apply Now On Scotiabank's Secure Site

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:

  • Rates, fees and other information are effective as of January 3, 2025. Subject to change.

    Conditions Apply. Visit here for the Scotiabank Passport® Visa Infinite* Card to learn more.

    *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. Like other cards from smaller provincial banks (like the Vancity enviro Visa Infinite*), the card offers decent rewards and solid travel perks. 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. 

Vancity enviro Visa Infinite*

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

  • What does Mastercard World Elite mean?

    +

    Mastercard credit cards have three tiers: Standard, World and World Elite, with World Elite cards offering the highest benefits. World Elite perks may include extended warranty and purchase protection, car rental insurance, Mastercard Global Service and Mastercard Zero Liability.

  • Does the ATB World Elite Mastercard® have airport lounge access?

    +

    Yes, the ATB World Elite Mastercard® offers 4 complimentary lounge visits each year for each primary cardholder to over 1,300+ lounges worldwide.

  • How hard is it to get a World Elite Mastercard®?

    +

    World Elite Mastercards are considered premium rewards credit cards and are more challenging to qualify for than regular, no-annual-fee credit cards. Most World Elite cards require applicants to have good to excellent credit and meet a minimum personal or household income threshold.

Colin Graves Freelance Writer

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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