MBNA Smart Cash MasterCard Review

MBNA Smart Cash MasterCard

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MBNA Smart Cash MasterCard
7 / 10 Our Vote
{{ reviewsOverall }} / 10 Card Users's Vote (0 votes)
Pros
1 reward point for each $1 of purchases
5% on grocery and gas purchases (first 6 months)
Cons
Cash back rate drops
Wait for your cash back rewards to reach $50
Summary

TD offers MBNA Smart Cash MasterCard as a no fee card with great cash back rate. The cash back rate is the highest in the category at 5% for the first 6 months. This credit card would be ideal for anyone who wants to avoid an annual fee and still reap the benefits of cash back. If this card is your primary card then you may earn a decent amount of cash. Redemption is also very easy and you don’t have to worry about how to redeem or call to check on options. They send you a cheque once the cash back earnings reach $50 at the end of the month.

You may also transfer balances to this card at a promotional rate of 1.99% for the first 10 months. Though there may be other cards that offer a 0% balance transfer rate there are also some competitors that offer no balance transfer promotional at all.

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Our Review on MBNA Smart Cash MasterCard

MBNA Smart Cash MasterCard Pros

The MBNA Smart Cash MasterCard has many benefits as follows.

  • This one card gives many rewards and you may not have to carry multiple cards.
  • You may collect 1 reward point for each $1 of purchases that you make and that are eligible.
  • The cash back rate of 5% on grocery and gas purchases for the first 6 months is one of the best in the market. Thereafter the rate drops to 2% cash back on gas and grocery purchases up to a maximum limit of $400 per month, which is still a good deal. After you reach this limit then you may earn 1% on purchases everywhere.  They send you a cheque when you earn $50 in rewards. No need to call or check online about how to redeem your points.
  • No charge for supplementary cards so more people could use the card and earn more rewards.
  • You may transfer balances from other high rate cards to this card for a promotional rate of 1.99%. This offer is available for 10 months from the time you open a new account.
  • The card also comes with some insurance coverage such as purchase assurance and warranty extended.

MBNA Smart Cash MasterCard Cons

  • The initial cash back rate drops from 5% to 2% and then to 1% so you have some tiers and categories to keep in mind.
  • There are other competitors who offer 0% promotional rate on balance transfers. So a 1.99% rate on this card for balance transfers for just 10 months may not be as good a deal for some. Thereafter the rate of balance transfer increases to 21.99%.
  • You have to wait for your cash back rewards to reach $50 value before you could use that cash. They send you a cheque at end of month.

 MBNA Smart Cash MasterCard Overview

Annual Fee:$0.00
Interest Rate:19.99%
Balance Transfer:1.99%
*21.99% after 10 months
Cash Advance:24.99%
Credit Score:Good
Rewards:5.00%
*up to first 6 months
OtherInsurance coverage, extended warranty, purchase protection

MBNA Smart Cash MasterCard Features & Benefits

Annual Fee

You pay no annual fee on The MBNA Smart Cash MasterCard.

Interest Rate

They charge 19.99% annual interest rate on purchases.

Balance Transfer

There is an option to transfer the balances that you carry on other credit cards or loan companies to the MBNA Smart Cash MasterCard. They will charge promotional rate of 1.99% for the first 10 months from the time you open the account. After 10 months the rate of interest on balance transfers increases to 21.99% on any remaining balance that you carry.

Cash Advances

The rate of interest on cash advances that you get with this card is 24.99%. You may get this cash advance with this card at an ATM, bank or another location.

Credit Score Rating

To qualify the eligibility for this card you may have a good rating for your credit score.

Insurance Features

BenefitCoverage limits
Accidental Death & dismemberment (common carrier)$1,000,000
Sudden home return$2,000
Accidental Death & dismemberment (rental vehicles)$200,000
Personal Effectsper insured $1000 up to $2000 per account

The accidental death & dismemberment benefit covers you and your immediate family. If you have to return home from a trip due to an unexpected reason then you may claim for that expense. You may also claim for accidental death & dismemberment coverage while using a rental vehicle.  During the period that you rent your car, you may claim for theft, loss or damage to your personal effects up to a maximum of $2000 per account and up to $1000 per person that is insured.Coverage Summary

They also offer purchase assurance for up to 90 days for most items that you buy from the time you purchase them.  You may use this benefit up to a limit of $60000 per account that accumulates over a lifetime. The manufacturer warranties double up when you purchase items with this card and this extends to up to 1 extra year. Apart from these benefits, you may also enjoy collision waiver benefits for rental vehicles, balance protection, and identity protection.

Where Can You Use MBNA Smart Cash MasterCard

The MBNA Smart Cash MasterCard gets acceptance at all point of sale and merchant terminals that accepts MasterCard. You may search for the nearest location for an ATM where you may use this card on the website link ATM locator service. MasterCard is widely accepted worldwide at most point of sale terminals as well by online payment merchants. So you may use this card at most places that you usually shop and your favorite retailers.

MBNA Smart Cash MasterCard Reward Redemption

Once your cash back earnings reach up to $50 then they send you a cheque at the end of the month. You do not have to call customer service or the rewards department to redeem your cash back as they send this cheque automatically.

MBNA Smart Cash MasterCard Contact Information

  • Customer Service Number: 1888-876-6262
  • Card Application: 1877-862-7759 or 1877-428-6060 and priority code DAAR92.
  • Fax Number: 1800-871-0994
  • Payment Mailing Address: P.O. Box 4369, Station A, Toronto, ON M5W 3P2.
  • Pre-Authorized Debit Mailing Address: O. Box 9625, Station T, Ottawa, ON K1G 9Z9
  • Head Office Address: P.O. Box 9625, Station T, Ottawa, ON K1G 9Z9

*Rate and product information are subject to change at any time and does not constitute financial advice. Please contact the supplier for complete details.

MBNA is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.


Resources:

https://www.mbna.ca/credit-cards/view-all-cards/

https://www.mbna.ca/contact-us/cards/


 

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