Credit cards can be useful tools when it comes to managing your personal finances and building good credit. Not just any credit card will do; choose carefully. One card that might be useful for some is the MBNA Smart Cash MasterCard.
Review: MBNA Smart Cash MasterCard
One of the most generous cash back Canadian credit cards available is the MBNA Smart Cash MasterCard. In order to get this card, you will need good credit. (There are other MBNA credit card options for those with less than sterling credit.) Some of the details related to this Canadian credit card include:
- 1.99% balance transfer for 10 months
- 1.99% on cash advance cheques for 10 months
- Up to 5% cash back on gas and groceries for six months; 3% back after six months
- Up to 1% cash back for qualifying net retail purchases
- No annual fee
There are also additional features that you can enjoy when you use the MBNA Smart Cash MasterCard. Cardholders receive fraud protection around the clock, as well as insurance protection covering travel accident and car rental insurance. You can also receive extended warranty protection on purchases made with this credit card, as well as other purchase protection.
MBNA Smart Cash Rewards Program
This Canadian credit card comes with one of the most generous rewards programs available. The first six months allows you to earn up to 5% cash back on your grocery and gas purchases. Be careful, though: There are limits to how much you can get in cash back during that first six months. After six months, you only receive up to 3% cash back for gas and groceries. Other everyday purchases can earn you up to 1% cash back.
With an interest rate of 19.99%, after the 1.99% introductory rate expires, it is important to understand that carrying a balance can be a bad idea. The interest rate would negate the value of your cash back rewards. Make sure that you strive to pay off your balance at the end of each month so that your MBNA credit card is a great financial tool, and not a hindrance.
Canadian Credit Card Balance Transfer
One of the advantages that the MBNA smart cash MasterCard has is its low introductory rate. You can transfer higher balances to your MBNA credit card at 1.99%. You can also use the cash advance cheques to transfer other balances within the 10 month intro period for the same rate. This can allow you time to reduce your principal and demolish some of your debt.
Be warned, though, that missing a payment could mean a revocation of your introductory rate. Also, understand that you should have a plan to pay off as much of your debt before the 10 month intro period ends. Otherwise you will be paying the regular rate.
Bottom Line
The MBNA Smart Cash MasterCard provides ample opportunities for you to earn cash back. It is one of the best Canadian rewards credit cards available.
There’s discussion about economic recovery like it was a good thing. The last thing we want is to go back to where we were, with the banks in charge because they’re the only money supply. We need to end that monopoly and have a publicly-owned money supply.
When do I get my 5% cash back ? I have paid my first 2 bills in full