updated Jul 05, 2016
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The MBNA Smart Cash Credit Card is the MBNA card that should belong to your wallet if you often spend on gas and groceries. In my opinion, this MasterCard (MA) is one of the best cash back cards in Canada if you are a Canadian looking for a great way to save money on everyday spending. For those of you who like getting your rewards in the form of cold, hard cash, and are looking for a high percentage of cash back when you spend, read my detailed review of this card below. I'll give you a rundown of the main pros and cons of the MBNA Smart Cash Credit Card, one of the best credit cards for cash rewards in Canada.
Things We Like About It
No annual fee. If you are thrifty like me, you'll like that this card doesn't have any annual fee.
1.99% introductory annual interest rate on balance transfers, including cheque cash advances. You will enjoy the benefits of having a 1.99% intro annual interest rate on balance transfers and cheque cash advances during your first 10 months as a cardholder, after that you will have to pay the standard rate, which is 19.99%. To enjoy the intro rate offer, remember to make your balance transfer or cheque cash advance within the first 90 days.
Receive 5% cash back when purchasing eligible gas and groceries during the first 6 months, up to a maximum of $600 per month. This 5% rebate offer will indeed save you a lot of money even if it is only for the first 6 months. If you spend $600 a month for the first 6 months on gas and groceries, you'll already earn $180 in cash back, savings that only this Smart Cash MasterCard can give you! Any amount in excess will earn you 2% cash back.
Receive 2% cash back when purchasing gas and groceries after the first 6 months, up to a maximum of $600 per month. Any amount above $600 per month will get a 1% cash back. Despite the maximum cap on 2%, it's still a very decent deal. For example, if you spend $600 a month for 12 months on gas and groceries, you'll earn more than $210 in cash rebates, even without considering the 5% offer for the first 6 months!
Receive 1% cash back on all other purchases, with no maximum rebate.
Get your cash back after you've accumulated at least $50. You will get a cheque in increments of $50.
24/7 fraud protection. MBNA will monitor suspicious activity on your account so that you can be protected against fraud.
Free online access to your credit card account. By accessing your credit card account online and for free, you can regularly track your spending and expenses.
Our Least Favorite Things About This Card
No introductory annual interest rate on purchases. Once you carry a balance from one month to another, you'll pay an annual interest rate of 19.99% on purchases. Repay your balance in full each month so that you pay no interest charges.
With no annual fee and a solid cash back program, the MBNA Smart Cash Credit Card is a great card for Canadians who want to earn cash rewards in exchange for their spending. This card seems to be one of the best credit cards of this kind since it offers you generous cash back (up to 5% on gas and groceries for the first 6 months, 2% thereafter and 1% on any other purchases), as well as a very low introductory annual interest rate for 10 months on balance transfers and cheque cash advances.
To be approved, you need to be a Canadian resident with a Canadian credit file, and have a total household income of at least $35,000. So if you're looking for a good card that offers a high percentage of cash back (especially for gas and groceries), I would strongly suggest you get the MBNA Smart Cash Credit Card
Ivan Daniel is a writer at GET.com a lifestyle and personal finance website. Email: firstname.lastname@example.org.
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Anne-Marie Siebert Dumas
I have one
November 11 2014 at 02:17
I have this card as well and unfortunately there is a monthly cap on how many points you can earn per month. Go pass that cap and you're using the card for nothing. Of course not everyone is going to make big purchases every month BUT on months that you do, you want to know that the hard earned cash that you spend will go towards points that will benefit you in the long run. There is a max. amount of points you can earn. Eg. Pay phone bills, cable bill, internet bills, more bills, buy an air plane ticket, TV, sofa, other purchases With all these big and small purchases accumulating each month, it would be nice to know that every one of your dollars is accounted for. They have the MBNA Rewards card but the downside is $1 = 1 point, rather than $2 = 1 point on gas and groceries. Hope that helps. Cheers! =)
February 08 2015 at 07:16
Very upsad with this card! I purchased a plane ticket that should have costed me only about $1600, but because they have a different conversoin rate they charged me $1700! Now, the conversion rate USD to CND is 1.3, but MBNA is charging 2.5! That is a rip off! Dissatisfied with their service and will not use their card again and would never recommend it. Their revards program is not very sutisfying ether. You really have to spend a lot to get your $50 back.
August 19 2015 at 03:54
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At GET.com we compare credit cards and rate them objectively based on the credit card's features, interest rates and fees.
Cards are rated by our team based primarily on the basis of value for money to the cardholder. The GET.com team rates each card based on its annual fee, rewards, benefits, bonus, introductory APR, ongoing APR, flexibility (in how its benefits can be used and how rewards are earned and redeemed), and other card features.