Quick overview of the ManulifeMONEY+ Visa Platinum* Card
The ManulifeMONEY+ Visa Platinum* Card is a grocery rewards credit card from Manulife Bank, Canada’s first branchless bank. The card earns up to 2% cash back on grocery purchases, provides an introductory APR offer on balance transfers and more for $0 annual fee.
Who can benefit from the ManulifeMONEY+ Visa Platinum* Card?
The ManulifeMONEY+ Visa Platinum* Card makes sense if you are looking for a straightforward cash back credit card and already have an investment or insurance account through Manulife.
Pros and cons
Pros
-
No annual fee
-
2% cash back rate on groceries is competitive
-
Introductory APR on balance transfers
-
$500,000 in travel accident insurance
Cons
-
Grocery category capped at $15,000 per year
-
Base rewards rate of 0.5% cash back is lower than average
-
Insurance protection is basic
ManulifeMONEY+ Visa Platinum* Card welcome bonus
The ManulifeMONEY+ Visa Platinum* doesn’t offer the same sort of welcome bonus as other cash back cards. Instead of bonus points, new accounts also enjoy a special 1.99% introductory APR on balance transfers for the first six months. After that, expect a regular balance transfer APR of 22.99%, which is pretty standard for a cash back card of this type. Keep in mind that any balances you transfer will incur a balance transfer fee of 3% of the dollar amount for each transfer.
How to earn rewards with the ManulifeMONEY+ Visa Platinum* Card
- Earn 2% cash back at grocery stores
- Earn 0.5% cash back on everything else
The 2% cash back category is decent, although there is a spending cap hidden away in the terms and conditions: “You will earn 2% cash back on the first $15,000 you spend annually at merchants classified in the Visa network as Grocery Stores & Supermarkets (Merchant Code: 5411).” That cap works out to $1,250/month or $288/week in grocery spending before the rewards drop to 0.5% back. And while that sounds advantageous, remember that the estimated average annual grocery bill for a Canadian family in 2024 is $16,297.20.
In comparison, the American Express Cobalt® Card earns 5x points per $1 spent on groceries with no cap, although it does come with a $155.88 annual fee. The PC® World Elite Mastercard® is another no annual fee card without a grocery cap, but it only earns its 30x points (equal to 3% cash back) at Loblaws grocery stores, significantly reducing the card’s reach.
How to redeem
Redeeming rewards with the ManulifeMONEY+ Visa Platinum* Card is simple. In fact, it’s so simple, you really don’t have to do anything at all. Cash back rewards are automatically posted to your account four times a year (in March, June, September and December). Cash back rewards do not contribute to your minimum payment. Instead, rewards offset the total balance and new statement balance periods.
Key benefits of the ManulifeMONEY+ Visa Platinum* Card
- No annual fee and accelerated cash back: The biggest benefit of the ManulifeMONEY+ Visa Platinum* Card is the lack of an annual fee. There are plenty of great grocery rewards credit cards out there, but many of those cards charge an annual fee in order to earn more than just the bare minimum number of rewards per dollar spent on your weekly shopping bill. Cash back rewards with the ManulifeMONEY+ Visa Platinum* Card are simple enough: use your card to make purchases at grocery stores and earn 2% back on the first $15,000 in grocery spending per year; use it anywhere else Visa is accepted and earn 0.5% cash back per $1 spent.
- Travel insurance protection: The ManulifeMONEY+ Visa provides travel accident insurance coverage, which is something you typically don’t see with no annual fee rewards card. That policy provides up to $500,000 in coverage should you (the cardholder and any insured persons) be injured when a covered trip is charged to your ManulifeMONEY+ account. It’s not a rare feature, but it’s still nice to have.
- $1,000 minimum credit limit: Manulife credit cards come with at least a $1,000 minimum credit limit. While a $1,000 credit limit might not seem generous, it’s a generous starting limit when you consider the fact that many larger banks give starting credit limits of $500 or below on occasion.
ManulifeMONEY+ Visa Platinum* Card insurance coverage
Manulife credit cards come with robust travel and purchase protections built-in. The $0 annual fee option, the ManulifeMONEY+ Visa Platinum* comes with significantly fewer insurance protections than its $139 annual fee sibling, but still offers more than just the bare essentials:
- Purchase protection: 90 days
- Extended warranty: 1 year
- Travel accident insurance: Up to $500,000
The above-mentioned PC® World Elite Mastercard offers comparable insurance coverage to the ManulifeMONEY+ Visa Platinum* Card, with the noted exception of car rental insurance, something the Manulife card lacks.
Optional balance protection
Manulife also provides optional balance protection insurance. This coverage protects you from hardships with paying your credit card bill should illness, injury or unemployment impact your ability to pay on time. This coverage costs $0.99 for every $100 of your monthly total average daily balance.
Extra benefits of the ManulifeMONEY+ Visa Platinum* Card
- Offers Visa Zero-liability, in case of fraud on your account
- Mobile wallet compatibility with Apple Play, Google Pay, Samsung Pay, FitBit Pay and Garmin Pay
- Access to the Manulife mobile app
How does the ManulifeMONEY+ Visa Platinum* Card compare?
Scotia Momentum® Visa* Card
3.7
Fair
Suggested credit scoreto receive the latest news, tips and offers by email
Pros
-
Cash back rewards: Earn 2% cash back on gas, groceries, drug stores, and recurring bill payments, and 1% on all other eligible purchases.
-
Annual cap benefits: The 2% cash back applies up to $25,000 spent annually in key categories, allowing for substantial rewards accumulation.
-
Purchase security and extended warranty: Offers protection for new purchases against theft, loss, or damage and extends the manufacturer's warranty.
-
Supplementary cards available: Although there's a fee, additional cards can be useful for shared expenses.
Cons
-
Annual fee: The card has an annual fee of $39.
-
High interest rate: The card has a high interest rate of 19.99% on purchases and 22.99% on cash advances.
-
Limited rewards categories: The card’s rewards categories are limited to groceries, gas, and recurring bill payments.
-
Rewards paid out annually: Cash back rewards are paid out annually as a statement credit.
-
$25,000 annual cap for 2% cash back: The 2% cash back rate applies up to the first $25,000 spent annually on gas station, grocery store and drugstore purchases, and on recurring payments.
Eligibility
Fair
Recommended Credit Score
Recommended Credit Score
Fair
2%
cash back for every $1 you spend on all eligible gas stations, grocery store, drug store purchases and recurring bill payments.
1%
cash back on all other eligible purchases.
25%
savings off base rates at participating AVIS locations and at participating Budget locations in North America.
90
days of purchase security on most items purchased with your card.
1
extra year on top of manufacturer's warranty.
cash back for every $1 you spend on all eligible gas stations, grocery store, drug store purchases and recurring bill payments.
2%
cash back on all other eligible purchases.
1%
savings off base rates at participating AVIS locations and at participating Budget locations in North America.
25%
days of purchase security on most items purchased with your card.
90
extra year on top of manufacturer's warranty.
1
19.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR
$39
Annual Fee $15 for each supplementary card
2.5%
Foreign Transaction Fee
Purchase APR
19.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$39
Foreign Transaction Fee
2.5%
Pros
-
Cash back rewards: Earn 2% cash back on gas, groceries, drug stores, and recurring bill payments, and 1% on all other eligible purchases.
-
Annual cap benefits: The 2% cash back applies up to $25,000 spent annually in key categories, allowing for substantial rewards accumulation.
-
Purchase security and extended warranty: Offers protection for new purchases against theft, loss, or damage and extends the manufacturer's warranty.
-
Supplementary cards available: Although there's a fee, additional cards can be useful for shared expenses.
Cons
-
Annual fee: The card has an annual fee of $39.
-
High interest rate: The card has a high interest rate of 19.99% on purchases and 22.99% on cash advances.
-
Limited rewards categories: The card’s rewards categories are limited to groceries, gas, and recurring bill payments.
-
Rewards paid out annually: Cash back rewards are paid out annually as a statement credit.
-
$25,000 annual cap for 2% cash back: The 2% cash back rate applies up to the first $25,000 spent annually on gas station, grocery store and drugstore purchases, and on recurring payments.
Eligibility
Fair
Recommended Credit Score
Recommended Credit Score
Fair
2%
cash back for every $1 you spend on all eligible gas stations, grocery store, drug store purchases and recurring bill payments.
1%
cash back on all other eligible purchases.
25%
savings off base rates at participating AVIS locations and at participating Budget locations in North America.
90
days of purchase security on most items purchased with your card.
1
extra year on top of manufacturer's warranty.
cash back for every $1 you spend on all eligible gas stations, grocery store, drug store purchases and recurring bill payments.
2%
cash back on all other eligible purchases.
1%
savings off base rates at participating AVIS locations and at participating Budget locations in North America.
25%
days of purchase security on most items purchased with your card.
90
extra year on top of manufacturer's warranty.
1
19.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR
$39
Annual Fee $15 for each supplementary card
2.5%
Foreign Transaction Fee
Purchase APR
19.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$39
Foreign Transaction Fee
2.5%
The Scotia Momentum Mastercard is another no annual fee card choice that earns cash back on groceries. The card earns 1% cash back on eligible gas stations, grocery stores, drug stores and recurring payments and 0.5% back on all other purchases. The Movementum Visa also comes with a low purchase interest rate of 7.99% for the first six months compared with the ManulifeMONEY+ Card’s 1.99% intro balance transfer offer.
Conditions Apply. Visit here for the Scotiabank Momentum® Visa 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.
MBNA Rewards Platinum Plus® Mastercard®
4.0
up to 10K pts
Welcome offerGood
Suggested credit scoreEarn 4 points per $1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases until $10,000 is spent annually. You could also receive up to 10,000 bonus points.
Pros
-
No annual fee
-
Accelerated rewards on groceries, restaurants, and more
-
Simple point structure with flexible redemption options
-
Generous introductory bonus of up to 10,000 points
-
No cap on total points earned
Cons
-
Lower cash back redemption rate compared to designated cash back cards
-
Limited benefits beyond rewards
-
Points system may not appeal to cash back enthusiasts
-
Higher earning categories have a spending cap of $10,000 annually
-
Better suited for travel rewards than cash back
Eligibility
Good
Recommended Credit Score
Recommended Credit Score
Good
10,000
Get up to 10,000 MBNA Rewards points†† as an introductory bonus (see details below)
Get up to 10,000 MBNA Rewards points†† as an introductory bonus (see details below)
10,000
19.99%
Purchase APR
22.99%
Balance Transfer Rate
24.99%
Cash Advance APR
$0
Annual Fee
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
19.99%
Balance Transfer Rate
22.99%
Cash Advance APR
24.99%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Pros
-
No annual fee
-
Accelerated rewards on groceries, restaurants, and more
-
Simple point structure with flexible redemption options
-
Generous introductory bonus of up to 10,000 points
-
No cap on total points earned
Cons
-
Lower cash back redemption rate compared to designated cash back cards
-
Limited benefits beyond rewards
-
Points system may not appeal to cash back enthusiasts
-
Higher earning categories have a spending cap of $10,000 annually
-
Better suited for travel rewards than cash back
Eligibility
Good
Recommended Credit Score
Recommended Credit Score
Good
10,000
Get up to 10,000 MBNA Rewards points†† as an introductory bonus (see details below)
Get up to 10,000 MBNA Rewards points†† as an introductory bonus (see details below)
10,000
19.99%
Purchase APR
22.99%
Balance Transfer Rate
24.99%
Cash Advance APR
$0
Annual Fee
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
19.99%
Balance Transfer Rate
22.99%
Cash Advance APR
24.99%
Annual Fee
$0
Foreign Transaction Fee
2.5%
The no annual fee MBNA Rewards Platinum Plus® Mastercard® offers a similar earn rate to the ManulifeMONEY+ Card. This card earns two MBNA Rewards points for every $1 spent†† in several categories, including groceries, restaurants, digital media, memberships and household utilities and one MBNA Rewards point for every $1 spent†† on any eligible purchase made with the card. Unlike the Manulife Card, the MBNA Platinum Plus comes with up to $1,000 in mobile device protection.
‡, ††, ✪, ***, Terms and Conditions apply.
This offer is not available for residents of Quebec.
Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.
The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.
Is the ManulifeMONEY+ Visa Platinum* Card worth it?
The ManulifeMONEY+ Visa Platinum* appeals to a niche audience — namely, those who already have an account with Manulife and want a basic cash back credit card that offers enhanced rewards without an annual fee. And if that sounds like you, then it’s likely a match made in heaven.
Eligibility requirements
The ManulifeMONEY+ Visa Platinum is available to Canadian residents of the age of majority in their territory or province. There are no personal or household income requirements but you’ll need at least a good credit score when applying for the card.
American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.
Cory Santos is a finance writer, editor and credit card expert with nearly a decade of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, St. Louis Post-Dispatch, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk.
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