Do you often spend on gas and groceries and are looking for a credit card that provides you decent savings on that? If yes, your search ends with the MBNA Smart Cash card. While this card has undergone several changes in the last few years that are actually for worse, it still gives its members the best bang for their buck due to several reasons. In fact, the MBNA holds the reputation of being one of the best cards in the Canadian market, mainly because it lets you earn the highest cash rewards on all purchases in Canada at a nominal annual fee of $39.
Talking about the benefits, the Smart Cash card lets you earn 5% cash back on gas and groceries for the first 6 months (up to a maximum spending of $400 per month). This means you could actually save up to $120 in the first 6 months of your membership if you take advantage of this deal properly.
Once the welcome period of 6 months is over, you start earning 2% on gas and grocery purchases. All other purchases earn you cash back of 1%. But, there is a catch! The card comes with spending caps, which means the cash back rewards are limited to a monthly expenditure of $1,250. So if you are a shopaholic and your monthly expenses are more than that, then this restriction can be a major downfall for you and you might have to look for another cash back card.
Keeping this disadvantage aside, the card offers great flexibility on reward redemption. It lets you redeem your accumulated rewards anytime by cheque, direct deposit, or statement credit, the way you want. To sweeten the deal, the MBNA Smart Cash card comes with 7 different types of purchase and travel insurance. Apart from that, you also get to enjoy a promotional interest rate of 1.99% for 10 months on balance transfers.
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Key Features:
- Enjoy flexible rewards at a low annual fee of $39.
- Earn 5% cash back on gas and grocery purchases for the first 6 months (up to a maximum spending of $400 per month).
- Earn 2% cash back on gas and grocery purchases after the first 6 months (up to a maximum spending of $400 per month).
- Earn 1% cash back on all other purchases (up to a maximum spending of $1250 per month).
- Redeem your cash anytime by cheque, direct deposit, or statement credit.
- Enjoy promotional rate for 1.99% on balance transfers for the first 10 months.
- Travel and purchase insurance benefits.
