The MBNA Smart Cash World MasterCard is an excellent credit card with favorable rewards rates for gas and grocery purchases. New cardholders get 5% cash back on their gas and grocery purchase for the first six months (up to a maximum of $500). After the introductory period ends, the cash back rewards on groceries and gas become 2% (up to $500 in gas and groceries).
In this review, I’ll take you through all the features and benefits of the MBNA Smart Cash World Mastercard and explain why it’s ranked one of Canada’s best cash back cards.
Key card details
- $39 annual fee
- Price protection insurance
- Concierge service
- Free supplementary cards
- Competitive introductory earn rate
- Apply through this secure link for a $50 cash back rebate
- Standard Annual Interest Rates of 19.99% on purchases, 22.99% on balance transfers and access cheques, and 24.99% on cash advances
- Apply through this secure link for a $50 cash back rebate
MBNA Smart Cash World Mastercard Benefits
1. Competitive introductory earn rate
This card has one of the best promotional cash back rates in Canada. As a new card holder, you’ll receive 5% back on the first $500 you spend on eligible gas and groceries for the first six months.
2. Low annual fee
The MBNA Smart Cash World Mastercard has a low annual fee, which is something to consider if you don’t want to shell out big bucks for your credit card.
You’ll pay only $39 per annum to access cash back rewards.
3. Incredible Insurance Package
Some of the insurance coverage that comes with this card include:
- Extended Warranty – doubles the manufacturer warranty by up to 1 year.
- Purchase Protection – If an item you purchase with the card is damaged or stolen within 90 days, you are covered by MBNA’s purchase protection policy.
- Travel Accident – Up to a maximum of $1,000,000.
- Trip Interruption – Up to a maximum of $2,000.
- Price Protection – If you use the card to buy something and then find it cheaper somewhere else, MBNA will refund you the difference – up to $500 at a time. This benefit is only available for things purchased in Canada, and there is a $1,000 yearly limit.
- Car Rental insurance
- Car Rental Accident – Up to a maximum of $200,000
How to earn cash back rewards
Earning rewards is money in the bank. There’s nothing that makes you feel better than spending your money and getting something back, whether it’s cash back or rewards.
The MBNA Smart Cash World Mastercard reward structure is as follows:
- For the first six months, get 5% Cash Back on eligible petrol and grocery purchases (until the total gas and food purchases in the corresponding month hit $500).
- After that, you’ll get 2% Cash Back on eligible petrol and grocery purchases (until your total gas and grocery spending for the month hits $500).
- All other eligible purchases will earn you 1% Cash Back.
MBNA Smart Cash World Mastercard Downsides
Now, before signing up, you need to be aware of the following drawbacks:
One major drawback of this card is the minimum income requirement. The card has a $60,000 personal or $100000 minimum yearly income criteria. Not every Canadian can afford this high-income requirement.
However, the platinum plus version requires no income requirement and has no annual fee. Something to consider as a possible option.
Another disadvantage? The 2% cash back rewards on gas and groceries are capped at $500 monthly. Even though this isn’t the best deal, you will still receive 1% cash back on all transactions without restrictions.
In conclusion
Cash back credit cards are no longer a trend. Smart consumers are beginning to embrace these rewards for their different uses over cash and other discounts. The best cash back credit cards give you rewards that will allow you to offset your spending costs and build up some savings.
Overall, the MBNA Smart Cash World Mastercard is an incredible option for earning cash back rewards on every day purchases.