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Harley-Davidson Mastercard Review
25 Oct 2018

Harley-Davidson Mastercard | Credit Card Review

Many Canadians are avid fans of motorcycles and the art of riding them. Many of these people also need credit cards. The Harley-Davidson MasterCard allows these individuals to get a credit card that will bring them the chance to earn reward points they can put toward motorcycle merchandise, equipment, and even services.

Indulge your motorcycle interest by choosing a credit card that earns you points towards free Harley-Davidson merchandise with every purchase.

 

General Information

You Are Interested If You are a big motorcycle fan and want to sign up for a card that will get you rewards related to this passion of yours.
Brief Description The Harley-Davidson MasterCard is a modified rewards card that lets you earn points to put toward merchandise, parts and motorcycle services at any Harley-Davidson store.
Main Requirements This card is an offshoot of the Platinum Plus MasterCard and carries the same requirements – a moderate income and fair credit score should suffice.

Card Details

Network Mastercard.
Provider MBNA.
Card Type This is a specialized rewards card with points that can only be exchanged for credit with a certain retailer (in this case, Harley-Davidson).

Fees and Interest

Purchase Interest Rate Regular charges to this card will be charged 19.99% interest per year.
Cash Advance Receiving advance cash will cost you 24.99% in interest on that amount.
Balance Transfer Balance transfers will be charged 21.99% interest after the promotional 1.99% introductory period.

Eligibility

Income Requirements This card has the same eligibility requirements as the basic Platinum Plus card – a low-to-moderate income, paired with decent credit, should be enough to get you approved.
Household Income Requirements See above.
Annual Fee There is no annual fee for this card.

Rewards

Welcome Bonus New customers can pay only 1.99% interest on balance transfers in the first 10 months of holding the Harley-Davidson MasterCard.
How To Earn Points Every purchase you make with this card gets you 1 Harley-Davidson Genuine Rewards point for every $2 spent, regardless of what you bought.
Benefits The Harley-Davidson MasterCard comes with all the extra insurance (trip cancellation, personal effects, rental car insurance and even some life insurance) that the standard Platinum Plus card comes with, as well as 1 entry per purchase into a quarterly draw for a Harley-Davidson motorcycle.

About MBNA Harley-Davidson MasterCard

Main Features

The Harley-Davidson MasterCard doesn’t stand out much in terms of rates, and that’s both good and bad. You won’t find yourself owing excessive amounts of interest on any charges should you happen to carry a balance for a while – at least, nothing that compares unfavourably to other cards. However, you also won’t get a particularly good deal on interest rates with one notable exception (more on that later). If getting a low-interest card is your primary goal, this one isn’t for you.

There’s no denying that most people get this card for the reward system more than any other feature, though, so let’s take a closer look at that. This card is obviously meant for people who regularly purchase Harley-Davidson products and services, so it is restricted to those stores only. You can receive 1 reward point for every $2 you spend on the Harley-Davidson MasterCard, no matter what it is you spent that money on. Every 1,000 of these points translates into $10 of Harley Chrome Cash, which is what this brand calls their in-store credit.

At this rate, you’ll be able to amass about $30 in Chome Cash over the year by charging just $500 a month to your card in all 12 calendar months. This may seem like a lot, but remember, all spending is eligible for rewards. This means that you can use your Harley-Davidson MasterCard to pay bills, buy groceries, eat out, purchase items online, or whatever else you spend your money on in a typical month and still get the rewards points. As long as you know you can pay off your balance at the end of the month, there’s no downside to charging as much as you can to this card to build up points.

Once you have these points, you can spend them at any Harley-Davidson retail outlet in Canada. Whether you want a branded T-shirt or other paraphernalia or want to invest in some high-quality gear for your bike excursions, you can pay for the things you want at least partially with this Chrome Cash. Even if these items are things you want but not things you would normally buy, this is an opportunity for you to give in to what you want and get yourself the motorcycle goods and services you’ve been eyeing. You can’t use the money for anything else, so there’s no reason to feel guilty about it.

While you cannot purchase a full-fledged Harley-Davidson motorcycle with your points, this card may still be your ticket to getting one – assuming you get very, very lucky. Every quarter (3 months), MBNA runs a prize draw for a real Harley-Davidson bike that can only be entered by holders of this card. Every single purchase you make with your Harley-Davidson MasterCard earns you one entry into this draw. This means that if you use your card a lot, you’ll find yourself with many ballots in your name by the end of the quarterly period. You should never get your hopes up too much on a thing like this given that the outcome isn’t certain, but this contest is a nice bonus for cardholders who are sure to be big fans of the brand. Who’s to say you won’t eventually be the one who gets lucky?

The rewards this card will get you will be the most appealing part of the Harley-Davidson MasterCard for most, but there actually are also some impressive financial benefits to this card as well. The current welcome bonus offers 1.99% interest for a full 10 months on all new balance transfers. For someone with a balance of $500 that they would normally be paying 20% interest on, that amounts to a savings of about $90 a month for a total of $900 saved in that introductory period. Not only is this a low estimate (many people carry far more than $500 in debts at one time), but it’s also not factoring in the additional cost of compounding debt that you would incur if you didn’t pay that bill for that entire span of time. While it’s not quite as good as the 0% interest offers that some other MBNA cards come with at the moment, that last $10 or so that you still have to pay under this reduced rate is rather insignificant in the grand scheme of things. This card can still help you save tremendously in certain circumstances. However, be sure to take advantage of that extra time to significantly reduce your debt, as the 21.99% you’ll be paying on that balance later can add up fast.

Conclusions

The Harley-Davidson MasterCard is a welcome spin on the usual rewards cards that MBNA offers, and like those other offerings, it’s got the fair rates and easy rewards you want. Harley-Davidson fans are sure to appreciate the value this card will bring them, and even people who frequently purchase gifts for motorcycle fans might get a good amount of use out of it. The reward rates are somewhat low considering how restricted your redemption options are, but you shouldn’t be choosing this card if the reward options aren’t to your taste. Combined with the potential savings on that introductory balance transfer rate, you’ve got a solid credit card that lets you enjoy the pleasures of a branded card and stay financially prudent at the same time.

About MBNA

MBNA is a Canadian credit card company that has been owned by TD Canada Trust for several years now. They provide a wide range of credit card options for many different types of consumers. They’ve constructed several interesting variations on their standard rewards card, including this one; others are available for retailers like Nordstrom’s. They also provide a range of standard rewards card themed around a multitude of sports teams, post-secondary schools or professional associations. The bottom line is that you can count on this company to deliver both a great functional product and one that is cool and fun to use; you’ll get both of these things in the Harley-Davidson MasterCard.

What We Think

The Harley-Davidson MasterCard is one of those polarizing products that is completely useless to some, but an utterly exciting prospect to others. You probably knew which one you were as soon as you started reading; if not, you surely do by now. As long as you appreciate the type of rewards you’ll get with it, this card is worthwhile and provides a great excuse for you to treat yourself once in a while without impacting your actual budget. Other credit cards are probably more practical in the long run, but if you want to have some fun with your card for a change and happen to be a motorcycle enthusiast, we know you’ll appreciate this card.